Mercantile Bank Corporation (NASDAQ:MBWM) unveiled its second quarter earnings results on Tuesday 21st July 2020 before market open.
The commercial banking services provider, reported $ 0.54 income per share for the quarter, beat the consensus estimate of $ 0.32 income per share by $ 0.22 or 68.75 percent.
The quarterly earnings reduced 23.94 percent compared with the same quarter last year.
The firm had revenue of $ 41.55 million for the quarter, compared to the consensus estimate of $ 36.61 million. The revenues outshined analysts estimates by $ 4.94 million or 13.49 percent.
The financial report showed revenues expanded 10.95 percent versus second quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile, commented, We are pleased with our financial performance during the second quarter of 2020, especially when taking into consideration the unique and persistent challenges presented by the COVID-19 pandemic. The tremendous efforts of the Mercantile team allowed us to successfully navigate through these challenges, including meeting customers banking needs while working remotely. We also increased our loan loss reserve during the quarter to reflect the potential deterioration in our loan portfolio stemming from the pandemic and associated weakened economic conditions.
