14, 2009 probes (GLOBE NEWSWIRE) artifical putting greens details — Mercantile BankCorporation (Nasdaq:MBWM) (“Mercantile” or the “Company”) reported fourthquarter 2008 net income of $0.3 million, or $0 Platanos&Collard Greens .04 per diluted share, comparedwith net income of $0.1 million, or $0.01 per diluted share, for the fourthquarter of 2007. For the twelve months ended December 31, 2008, Mercantilereported a net loss of $5.0 million, or $0.59 per diluted share, compared withnet income of $9.0 million, or $1.06 per diluted share, for the 2007 12-monthperiod. Mercantile’s 2008 performance has been impacted primarily by a loweraverage net interest margin relative to 2007 due to declining interest rates,and a higher provision for loan and lease losses taken in response todeteriorating asset quality.Mercantile returned to profitability for the second half of 2008. The netinterest margin expanded during the most recent two quarters from its secondquarter low point, and the provision for loan and lease losses declined fromthat recorded during the first six months as fewer new problem assets wereidentified Platanos&Collard Greens – broadwaybox .
Loans outstanding rose modestly year over year.Michael Price, Chairman and CEO of Mercantile Bank Corporation, stated, “Creditquality still remains our major concern and we continue to be relentlesslyvigilant in the identification and management of problem assets Platanos&Collard Greens – platanosandcollardgreens . We beganactively working with our borrowers as soon as our local economy began to showsigns of weakness — over six quarters ago — and by now, we have developed aconstructive dialogue with the majority of our borrowers, which has strengthenedour relationships and enhanced our ability to resolve complex issues artificial backyard putting greens . Althoughnonaccrual loans increased this quarter, the vast majority of these loans hadbeen previously identified and workout plans were already in place with actionstaken to minimize losses.”It took several quarters for our fixed rate liabilities to reprice downward andcatch up with our more interest-sensitive loan portfolio artificial golf green . Our net interestmargin bottomed-out in the second quarter of 2008, and has since expanded ineach of the two successive quarters artificial golf greens .
We anticipate quarterly margin improvementwell into 2009 as we continue to reprice maturing deposits at lower interestrates . Our loan yields have also recently stabilized — despite falling interestrates — as a result of several pricing initiatives we implemented over the pastyear artificial golf putting green . Lastly, we are particularly pleased that we appear to have settled into aperiod of more rational lending practices within our markets, enabling us tostructure and price our loans to more closely reflect market risks artificial golf putting greens . This tooshould have a positive impact on our earnings performance in future periods.”Operating ResultsTotal revenue for 2008, consisting of net interest income and noninterestincome, was $53 Platanos&Collard Greens tickets – broadwaybox .5 million, a decline of 12.9 percent from the $61.4 millionreported for 2007 .
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