Mercantile Bank reports Q3 EPS $1.46, consensus $1.38

Reports Q3 revenue $62.4M, consensus $61.4M. Reports Q3 tangible book value per share $37.41. “We are very pleased to report another quarter of robust financial performance, especially when taking into consideration the lengthy and ongoing period of uncertain macro-economic conditions,” said Ray Reitsma, president and CEO of Mercantile. “Our strong operating results reflected net interest income expansion, a stable and healthy net interest margin, solid growth in certain core noninterest income categories, a notable decline in federal income tax expense, strong local deposit growth, and continuing strength in asset quality metrics and capital measures. The growth in local deposits provided for a reduction in our loan-to-deposit ratio, the lowering of which remains an important strategic goal.”