Mercantile Bank Corp. in Holland, Mich., reported record third-quarter earnings Thursday, despite a $845,000 charge taken in connection with the early payment of $16 million of trust-preferred securities.
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The $1.5 billion-asset company's profits rose 40% from a year earlier, to $3.1 million. For the first nine months of the year its earnings rose 32%, to $9.2 million.
Mercantile reported big increases in both loans and deposits. Its loan portfolio rose 28%, to $1.2 billion as of Sept. 30, while deposits jumped 29%, to $1.14 billion.
Asset quality remained exceptional - $3 million, or 0.2%, of Mercantile's assets were nonperforming as of Sept. 30.
