Mercantile Bancorp Announces Second Quarter 2008 Results

Loans, Trust and Brokerage Businesses Grow; Gain on Sale of Equity Investment Contributes to Net Income; Loan Sales, Fees Rise on Increased Refinancing Activity QUINCY, IL--(Marketwire - July 23, 2008) - Mercantile Bancorp, Inc. today reported unaudited net income of $1.3 million or $0.15 per share for the quarter ended June 30, 2008 compared with net income of $2.4 million or $0.27 per share (adjusted for a 3-for-2 split in December 2007) in second quarter 2007. The Company had $1.7 billion in assets compared with $1.4 billion a year ago, half of the increase reflecting the contribution from HNB Financial Services, Inc., acquired late last year, and the remainder being organic growth. Total loans at June 30, 2008 were $1.2 billion, up 19 percent from $1 billion a year ago and deposits rose 25 percent to $1.4 billion versus... [read full story]