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Mercantile Bank Corporation Announces Strong Fourth Quarter and Full Year 2019 Results

GRAND RAPIDS, Mich., Jan. 21, 2020 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") reported net income of $13.3 million, or $0.81 per diluted share, for the fourth quarter of 2019, compared with net income of $11.6A million, or $0.70 per diluted share, for the respective prior-year period.A  For the full year 2019, Mercantile reported net income of $49.5 million, or $3.01 per diluted share, compared with net income of $42.0 million, or $2.53 per diluted share, for the full year 2018.Net gains and losses on sales and write-downs of former branch facilities decreased reported net income during the fourth quarter of 2019 by approximately $0.3 million, or $0.02 per diluted share.A  Interest income related to purchased loan accounting entries increased net income during the fourth quarter of 2019 by $0.2 million, or $0.01 per diluted share, and net income during the fourth quarter of 2018 by $0.5 million, or $0.03 per diluted share.A  Excluding the impacts of these transactions, diluted earnings per share increased $0.15, or 22.4 percent, during the fourth quarter of 2019 compared to the respective 2018 period.Bank owned life insurance claims and the net impact of gains and losses on sales and write-downs of former branch facilities increased reported net income during 2019 by approximately $2.7 million, or $0.16 per diluted share.A  Interest income related to purchased loan accounting entries increased net income during 2019 by $1.1 million, or $0.07 per diluted share, and net income during 2018 by $3.2 million, or $0.19 per diluted share.A  Excluding the impacts of these transactions, diluted earnings per share increased $0.44, or 18.8 percent, during 2019 compared to 2018.Fourth quarter and full year highlights include:

Strong earnings and capital position



Solid growth in key fee income categories



Controlled overhead costs



Strong asset quality



Net loan growth of $104 million, or nearly 4 percent, during the full year



Sustained strength in commercial and residential mortgage loan pipelines



Announced first quarter 2020 regular cash dividend of $0.28 per common share, an increase of 3.7 percent from the regular cash dividend paid during the fourth quarter of 2019

"We are very pleased to report another year of strong operating performance," said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile.A  "Our robust financial results during 2019 reflect continued growth in the loan portfolio, increases in certain noninterest income revenue streams, controlled overhead costs, and sound asset quality.A  Based on our strong capital position and healthy commercial loan and residential mortgage loan pipelines and prospects, we believe that the solid financial performance achieved during 2019 will continue in future periods."
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