Mercantile Bank reports Q3 EPS $1.22, consensus $1.17

Reports Q3 revenue $58M, consensus $56.83M. Reports Q3 tangible book value per share $33.07.Reports Q3 CET1 capital ratio 11.42%. “We are very pleased to report another quarter of strong financial performance, especially when taking into consideration the challenges associated with recent economic and operating conditions,” said Ray Reitsma, president and CEO of Mercantile. “The notable increases in local deposits and commercial loans during the quarter depict our continuing focus on relationship banking, meeting the needs of current customers, and attracting new clients. Our strong operating results reflect an ongoing healthy net interest margin, solid growth in several noninterest income revenue streams, and sustained strength in asset quality metrics, along with the local deposit base and commercial loan portfolio expansions. The growth in local deposits provided for a reduction in our loan-to-deposit ratio, the lowering of which remains a key strategic initiative.”