Mercantile Bank Corporation Announces 2008 Third Quarter Results

GRAND RAPIDS, Mich., Oct. 14, 2008 (GLOBE NEWSWIRE) -- Mercantile Bank Corporation (Nasdaq:MBWM) reported net income of $1.1 million, or $0.13 per diluted share, for the third quarter of 2008 compared with net income of $2.4 million, or $0.28 per diluted share, for the third quarter of 2007. For the nine-month 2008 period, a net loss of $5.3 million, or $0.62 per diluted share, was recorded, compared with net income of $8.9 million, or $1.05 per diluted share, for the prior-year nine months. Mercantile returned to profitability during the third quarter of 2008 after reporting net losses for the first two quarters of 2008, primarily reflecting a significantly lower provision for loan and lease losses. Mercantile's year-to-date 2008 performance has been impacted by several factors: net interest margin compression resulting from... [read full story]