Mercantile Bank (US:MBWM)2021-10-19 14:42Financial Performance - Net income reached $474 million YTD, a 576% increase from the previous year[2] - Total revenue amounted to $1351 million YTD, driven by increased net interest income (NII) and strong noninterest income growth[2] - Noninterest income accounted for approximately 32% of total revenue, up from 25% in the prior year period, fueled by mortgage banking activities and swap fee income[2,23] - The efficiency ratio improved to 574% YTD, compared to 599% in the prior year period[2] Loan Portfolio - Net commercial loans (excluding PPP loans) experienced an annualized growth of 16% during the first nine months of 2021[2] - Core commercial loans increased by an annualized 25% in 3Q 2021, primarily driven by C&I (Commercial & Industrial) loans[2,30] - Total deposits reached $387 billion, supported by strong local deposit growth, with noninterest-bearing deposits comprising 43% of total deposits[2,38] Strategic Initiatives - The company is focused on expanding the usage of Treasury Management products and services[4] - The company aims to expand customer utilization of digital banking services[5] - The company is focused on cultivating new market growth utilizing knowledgeable staff along with digital products and services in Southeast, MI, Midland, MI, Petoskey, MI, and Cincinnati, OH[9]