Mercantile Bank Corp. of Wyoming, Mich., said strong commercial loan growth powered it to net income of $4.4 million in the first quarter, 47% more than a year earlier.
Noninterest expenses rose 33%, to $6.9 million, the $1.7 billion-asset company said Thursday.
Most of the rise was for building a branch in Holland, Mich., and increasing the work force, chief executive officer Gerald Johnson said in its press release. Mercantile had 212 employees on March 31, nearly two dozen more than a year earlier.
Nonperforming assets jumped 86% from Dec. 31, to $5.2 million, but were just 0.38% of total loans, well below the industry average.
