Mercantile Bancorp Inc. of Quincy, Ill., reported Friday that its first-quarter earnings fell 3%, to $2 million.
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Earnings per share fell 2%, to $1.03.
The $1.1 billion-asset company blamed a 14% increase in its noninterest expenses, to $6.9 million. Those expenses were higher because of salary, overhead, and promotional costs of its expanded bank network and higher regulatory costs, Mercantile said.
Net interest income rose 14%, to $8.3 million. Noninterest income was nearly flat at $1.98 million. Loan-loss provisions rose 37%, to $501,000.
