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Mercantile Bank ( (MBWM) ) has issued an update.
Mercantile Bank Corporation reported strong financial performance for the third quarter of 2024, highlighting robust growth in local deposits and commercial loans, alongside sustained asset quality metrics. Despite a slight year-over-year decline in net income, the bank achieved solid growth in noninterest income, particularly in mortgage banking, treasury management, and payroll service fees. The bank’s strategic focus on relationship banking and expanding its local deposit base contributed to a healthier loan-to-deposit ratio, with an enhanced on-balance sheet liquidity reflecting its commitment to financial stability and growth.
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