GRAND RAPIDS, Mich. (AP) — GRAND RAPIDS, Mich. (AP) — Mercantile Bank Corp. (MBWM) on Tuesday reported first-quarter profit of $22.7 million.
The bank, based in Grand Rapids, Michigan, said it had earnings of $1.32 per share. Earnings, adjusted for non-recurring costs, came to $1.46 per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.33 per share.
The holding company for Mercantile Bank of Michigan posted revenue of $97.1 million in the period. Its revenue net of interest expense was $67.6 million, which matched Street forecasts.
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