On Oct. 11, Mercantile Bank
- Net interest income decreased almost 10% for the quarter. Loans increased 5.1% and deposits increased slightly -- 1.6%.
- Non-interest revenue increased 15%. Non-interest expenses rose 19.2% thanks to increases in salaries and benefits expenses.
- The company said it will expand, opening its ninth bank during the fourth quarter.
- Mercantile Bank is given our lowest Motley Fool CAPS rating -- one star. That isn't far off from banking peers like Fifth Third Bancorp
(NASDAQ:FITB) and Macatawa Bank(NASDAQ:MCBC) , which also carry one star, and Huntington Bancshares(NASDAQ:HBAN) , with two stars. CAPS is completely free, so join today to give us your Foolish opinion.
(Figures in thousands, except per-share data)
Income Statement Highlights
Q3 2007 |
Q3 2006 |
Change |
|
---|---|---|---|
Total Revenue |
$15,600 |
$16,900 |
(8.0%) |
Net Interest Income |
$14,051 |
$15,547 |
(9.6%) |
Net Profit |
$2,367 |
$5,202 |
(54.5%) |
EPS* |
$0.28 |
$0.61 |
(54.1%) |
Get back to basics with a look at the income statement.
Ratio Checkup
Q3 2007 |
Q3 2006 |
Change* |
|
---|---|---|---|
Net Interest Margin |
2.86% |
3.34% |
(0.48%) |
Efficiency Ratio |
61.51% |
47.48% |
14.03% |
Nonperforming Assets / Assets |
1.23% |
0.47% |
0.76% |
Return on Average Assets |
0.45% |
1.04% |
(0.59%) |
Return on Average Equity |
5.32% |
12.54% |
(7.22%) |
Find out more about bank performance ratios.
Balance Sheet Highlights
Assets |
Q3 2007 |
Q3 2006 |
Change |
---|---|---|---|
Investments |
$208,174 |
$211,783 |
(1.7%) |
Loans |
$1,796,962 |
$1,710,268 |
5.1% |
Liabilities |
Q3 2007 |
Q3 2006 |
Change |
---|---|---|---|
Deposits |
$1,640,984 |
$1,614,703 |
1.6% |
Total Liabilities |
$1,928,703 |
$1,859,286 |
3.7% |
Learn about bank assets and bank liabilities.
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