latest news releases from the newsroom
Mercantile Bank Corporation
Mercantile Bank Corporation Reports First Quarter 2009 Results
GRAND RAPIDS, Mich., April 15, 2009 (GLOBE NEWSWIRE) -- Mercantile Bank Corporation (Nasdaq:MBWM) ("Mercantile") reported a net loss of $4.5 million, or ($0.53) per diluted share for the first quarter of 2009 compared with a net loss of $3.7 million, or ($0.44) per diluted share, for the first quarter of 2008. Mercantile's profit performance was primarily impacted by a large provision for loan and lease losses taken in response to additional deterioration in the quality of its loan portfolio. The increase in first quarter problem loans reflects the increasingly pervasive impact of the declining Michigan economy. The majority of the increase in nonperforming loans consists of commercial real estate and loans associated with the automotive industry.