Mercantile Bank Corp. in Grand Rapids, Mich., reported sharply higher income, loans, and deposits.
Second-quarter profits totaled $4.7 million, 43% more than a year earlier, the $1.71 billion-asset company said Thursday. The 7-year-old company earned $9.1 million in the half, a 47% increase.
Loans and leases of $1.42 billion at midyear were 20% higher than a year earlier. Gerald R. Johnson Jr., its chairman and chief executive officer, said in a press release that commercial credits accounted for almost all the growth.
Mercantile's net interest margin widened for the third consecutive quarter, to 3.52%. It was 3.43% at the end of 2004. Deposits jumped more than 26% on a quarter-over-quarter basis, to $1.32 billion.
"We have demonstrated our ability to achieve strong growth in assets, revenue, and bottom-line profits ... while investing in infrastructure and staff," Mr. Johnson said.
