Losses are shrinking at Mercantile Bank Corp. in Grand Rapids, Mich.
The $1.6 billion-asset company reported Tuesday that it narrowed its fourth-quarter loss by 85% from a year earlier, to $5.3 million. For the year it narrowed its loss by 72%, to $14.6 million. The loan-loss provision for the quarter fell 73% from a year earlier, to $6.8 million. Nonperforming assets remain elevated at 5.3% of total assets, but have been declining. At Dec. 31 they were $86.1 million, a 22.5% decrease from a year earlier.