Mercantile Bank Corporation (NASDAQ:MBWM) has market worth of 582.14M along 16.82M outstanding shares. The stock moved 1.50% to $34.61 in recent session. The recent traded volume was 36615 shares. The stock had closed at $34.1 on the previous day. The stock has recorded a weekly performance of 2.31% and monthly performance is -2.12%. Shares have moved -7.58% over the last quarter and changed -2.73% over the recent six months. The shares registered yearly performance at 8.56% and YTD move seen at -2.15%.
Mercantile Bank Corporation (NASDAQ: MBWM) announced net income of $10.9 million, or $0.66 per diluted share, for the first quarter of 2018, compared with net income of $7.6 million, or $0.46 per diluted share, for the respective prior-year period. The successful collection of certain problem commercial loan relationships during the first quarter of 2018 increased reported net income by approximately $1.7 million, or $0.10 per diluted share, while a bank owned life insurance claim during the first quarter of 2017 increased reported net income by approximately $1.1 million, or $0.06 per diluted share; excluding the impacts of these transactions, diluted earnings per share increased $0.16, or 40.0 percent, during the current-year first quarter compared to the prior-year first quarter.
Net income during the first three months of 2018 also benefited from a reduction in the corporate federal income tax rate, which was lowered from 35 percent to 21 percent on January 1, 2018 as a result of the enactment of the Tax Cuts and Jobs Act. Mercantile’s effective tax rate during the first quarter of 2018 was 19.0 percent, down from 30.7 percent during the prior-year first quarter.
Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile said that we are very pleased with our first quarter 2018 financial results, which reflect the continued success of various strategic initiatives. Our strong financial performance reflects a robust net interest margin, controlled overhead costs, and sound asset quality. In light of our current loan pipelines and healthy financial position, we are confident that the strong operating performance achieved during the first three months of the year will continue during future periods.
In terms of profitability, Mercantile Bank Corporation has an operating margin of 85.00% and a net profit margin of 24.90%. Return on assets come to 1.00% and return on investment coming to 22.70% while Return on equity come to 8.70%.