Mercantile Bank Corp. in Grand Rapids, Mich., returned to profitability in the first quarter after two years of losses.
The $1.58 billion-asset company said Tuesday that it swung to a $1.1 million profit after reporting from a $3 million loss a year earlier. It posted a $5 million loss for the fourth quarter.
Mercantile's net interest margin expanded 28 basis points from the fourth quarter and 39 basis points from a year earlier, to 3.64%.
The company's loan-loss provision fell 68% from the fourth quarter and 74% from a year earlier, to $2.2 million. Nonperforming assets fell 12% from the fourth quarter and 35% from a year earlier, to $76.1 million.