Mercantile Bank (MBWM) has announced an increase in net profit for the second quarter compared to the previous year.
The company reported a total bottom line of $25.93 million, resulting in earnings per share (EPS) of $1.50. This marks an improvement over the $22.62 million, or $1.39 per share, recorded during the same period last year.
When excluding certain items, Mercantile Bank’s adjusted earnings reached $26.4 million, or $1.53 per share, for the quarter.
Total revenue for the period grew by 12.8%, rising to $68.76 million from $60.94 million in the prior year.
Mercantile Bank GAAP Financial Highlights:
-Net Earnings: $25.93 million vs. $22.62 million last year.
-EPS: $1.50 vs. $1.39 last year.
-Revenue: $68.76 million vs. $60.94 million last year.