Mercantile Bank Corp. in Grand Rapids has revised its fourth-quarter results to reflect a 65% increase in its provision for loan losses.
The $2 billion-asset company said Friday that the additional $10 million in provision expenses led it to report a loss of $36.4 million for the fourth quarter.
In January it had announced a $26.4 million loss for the quarter, compared with earnings of $300,000 a year earlier.
Mercantile said the revision stemmed from a re-evaluation of the adequacy of its allowance for loan losses that was completed following the initial release of its results.
The revision did not change Mercantile's level of nonperforming assets or its chargeoff levels.
Chargeoffs totaled $7.8 million in the quarter.
Mercantile reported nonperforming assets of $112 million, or 5.8% of total assets, at the end of the quarter, up 95% from a year earlier.
