Mercantile Bank has reported a net loss of $4.49m, or $0.53 per diluted share, for the first quarter ended March 31, 2009, compared with a net loss of $3.74m, or $0.44 per diluted share, for the first quarter ended March 31, 2008.
According to Mercantile, its 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.
Total revenue for the first quarter of 2009, consisting of net interest income and noninterest income, was $13.8m, up 4.2% from the $13.3m reported for the first quarter of 2008. Net interest income was $11.8m in 2009, compared to $11.38m for the same quarter of 2008, an increase of 3.7%.
Total assets were $2.24 billion as of March 31, 2009, an increase of 5.9% from $2.11 billion as of March 31, 2008.
Michael Price, chairman and CEO of Mercantile Bank, said: We are maintaining our operating efficiencies even though the burden of increased credit and regulatory costs is greater each quarter. Our capital ratios are relatively stable, our funding mix is improving and we remain focused on credit administration. We appreciate the confidence of our customers and value our employees for their continued commitment.
