MBWM - Earnings call transcript Q1 2024 | Mercantile Bank Corporation

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Operator

Good morning, and welcome to the Mercantile Bank Corporation 2024 First Quarter Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Nichole Kladder, First Vice President, Chief Marketing Officer of Mercantile Bank. Please go ahead.

Nichole Kladder

Good morning, and thank you. Bank financial call quarter results Mercantile discuss webcast of the company's the for to Corporation's and conference to XXXX. Welcome the first

Executive the Vice today Chuck Chief Officer; Operating me is the Kaminski, Reitsma, and Joining President and of Bob and Ray Christmas, and President Chief Executive Officer Chief bank. Financial President Officer;

the open the and We with remarks prepared results will and to quarter's questions. begin a presentation reviewing call

forward-looking on call statements, my is responsibility inform may it revenue, involve this and the well certain and as begin, structure we Before of earnings such you to business. of the projections as that objectives company's capital as plans statements

can during have call. The Mercantile due press Exchange no and already presentation made assumes deck quarter to company's a copy filings. materially differ to you The update Commission it made anyone obligation statements not by any factors XXXX company's If described the company's first results today website and statements at release in access the could issued Securities www.mercbank.com. from company on any actual forward-looking the does the forward-looking of latest today,

Officer, At Kaminski. this would turn Executive to call Bob? to time, Mercantile's Chief and like over President the I Bob

Robert Kaminski

on call the year. all to you Thank and a to start quarter reflected you, strong its Nichole, thanks XXXX today. Mercantile first for the joining released of morning, us conference This earnings, which

Mercantile quarter, revenues $X.XX $XX.X per the earned million. on For share of

[ on commercial payable in long-term quality, $X.XX of asset local and strategic share this our growth, core dividend on solid themes of XX, include deposit cash a continuation pipeline initiatives. per line announced near-term also strong performance XXXX. June focus We Key and demonstrated ] loan strong

first shortly. have details on quarter and Chuck the full Ray performance will the

be. been setting For XX what should a standard the relationship-focused Mercantile bank community Bank for years, has

delivering craft the that to on their that long-term what's we of and developing all is the our Our customer relationships focusing In provide key understand at customers the diligently customers' goals. We help them. our solutions maintaining team work them understand and does. reach customers are to that financial then best them to for center Mercantile, and needs tools

how on a products continues what the operate their institutions to ahead built priority is place higher seem financial client. Mercantile is to advancing optimal This of today. has and for Many

Another desire tenant we is to continue are for make within promote while better and strong This enhance our the where business of to our remarks. clients the develop a company to we do sustainability Mercantile live prepared partnerships manner The will strong my and helps operating our communities work. as which the citizen, communities. we places with corporate Those in serve. and

to call Chuck I'll now for Ray the turn their then over to comments. and Ray?

Raymond Reitsma

will comments cost noninterest asset focus My and Bob. loan loan-to-deposit deposit income on ratio, growth, quality, growth, rightsizing you, Thank our control.

and loan last it the growth pace solid, X been Over while has commercial has with growth mortgage has kept loan growth. loan been total growth strong years, deposit not

bank's to factor We return PPP compared program year-end As ratio XXX% when deposits a is despite a our bank, below the resulting which XXXX has valuation long-term because believe elevated XX% liquidity strong a has were to and to elevated and the of loan-to-deposit the increased at the a XXXX the year-end system. in been at of bank's that the contributing loan-to-deposit excess peer trade ratio, profile. result,

time. of comments model. contribute loan-to-deposit following to embarking alter that element The summarize on that business over path now our the ratio a will management initiatives are a reduced We to

over time. three-pronged approach our We deposit mid-XX% undertaken of objective the base a ratio to into the building with reducing loan-to-deposit have the range

additions municipal and in grow realm will with through relationships personnel we strategic existing this First, public the space.

that business focus small characterizes the underwriting relationship and full more Second, efficient obtaining of banking through additional on this business. an type

to such in opposed as quarter balances an as an XX% despite usage. our partnership total seasonal first past efforts of or the on card transactions increase bonuses, $XXX rate distributions the based customers focus activity These and approximately to pay from customer hurdles, retail a led commercial of quarter taxes. annualized deposits the of growth million, reduced contrary as the pattern first typical Third,

have over loans as past increasing the few for opted Mortgage years grown arms the rate fixed rates environment. borrowers rather than substantially have in

rather encourage our pricing it our sheet. that on turn and in altered can have secondary in than we the We to borrower successfully fixed balance the the executed strategy rate to market sell select funding

The The on growth quarter fourth in in sale million or the a income featured sheet. XXXX and of annualized. quarter quarter and the a nominal X.X% growth mortgage mortgage basis positive outcomes increase increase balance XXX% loans was of XX% first our a commercial annualized. in loan year-over-year during include of loans loan on Commercial $XX

long-term million So somewhat That funding to stands rebuilt. fund construction of been is trend million million, over in of also as established mortgage does line natural $XX the commitments in including years commercial that quarter the usage in our X the has impacted quarter last case would loans current during the pipeline totals. the reduction be as of the the line residential pipeline depressed $XX loans $XXX current near a the commercial

a the at margin than to XXX% future. to as rates some fall deposits of giving compared to of interest correlate point reduces sheet growing Taken greater securities strongly at XXXX, in the XXX% money over size in XXXX. these balances. balance strategies market a net to will effect more net the contribute increase These ratio our with ratio protection together, account should March will produced as our sweep the loan-to-deposit year-end stable margin to This a strategies when and cost asset-sensitive also less of relative interest our XXX% time the of XX, portfolio provide

within $X.X assets. Nonowner-occupied in is Asset office basis XX total have total number loans. X% identify due basis million strong in asset million closely. our quality of X $XXX nonperforming and be points well of deterioration loans. continued and We total standards to totaled class at dollars of loans end remains portfolio. our monitored XX all vigilant exposure this quarter in or monitoring of assets remain very points as Past or borrowers performed and The to represent underwriting

Our line recognize defense observation areas of emerging to in the risk. lenders first of are

a have finances. strong emphasis begun excuse report rating robust, model flow, of systemic borrower fashion. emerging to potential on current to -- challenges experience impacts risk the environment to providing is any continued a continue with date any borrowers' me, emergency customers in cash Our crap our within sensitivity and not our to That results said, any recessionary

the XX%, in the every charges category. income swaps, rate greater from grew first with in banking on transaction XXXX, of reported outlined first upon Total the fixed reduced of market. offset accounts XX% to income levels the quarter a portion for strategies growth growth financing. charges swaps of accounts. during and higher compared noninterest secondary resulting quarter credit sell XX% Mortgage and rate grew interest earlier to ability XX% Income needs originations earnings based and customer and balances Service grew grew XXXX customers' activity to we as our reflecting on met less the

ongoing the and card sector. banking XX% Credit and income to grew our marketplace. an focus, have reports build -- debit been in S&P efficiency control the is Payroll and that debit grew credit continue pressure services X%. in ratios Cost traction offerings as under

is X with that are XX% for We report our preceding the quarter, ratio the efficiency to first consistent quarters. pleased

That my to I the comments. turn concludes will over Chuck. call now

Charles Christmas

Thanks, everybody. Ray, to and good morning

provision net compared Slide noted and The period. quarter with announced level improvement net higher for respective larger share morning, noninterest As of expenses. more million share a of than $X.XX $X.XX primarily income, year first XXXX level we million on for X, or of offset reflects income the of increased $XX.X which this or noninterest per prior a $XX income lower the income net interest diluted diluted expense per of

XXXX Slide first to increased interest and income period, to loans. respective X. the year increased and prior of loans reflecting commercial Turning an environment compared the solid during residential mortgage growth rate on in Interest quarter

reflects the loans of have and respective rate. Our XXX of improved the our X% largely X/X period. first basis of increase with yield an funds approximately XX rate basis yield the since average aggregate combined The a floating loan than point loans commercial loan federal points was impact first of the beginning in XXXX, higher over XXXX the over quarter up quarter XXXX,

Chicago with Federal higher reflecting first the in comprised securities Bank of of average increased during quarter on Reserve to XXXX, reflecting during of first income the Interest in Interest growth income also assets, of to compared yield. the increased which XXXX first securities and the of quarter a on an large the part quarter compared the XXXX, earning on portfolio a quarter of first rate increased of and the deposit balance XXXX environment. vast majority other interest higher is funds

the In recorded compared rate XXXX growth, to deposit in $XX.X enhanced quarter during account of interest quarter the costing from no respective deposits products period. of prior the of increased market to deposit low-cost our time total, the products first deposits or quarter increased and environment, product competition higher We year money transfers XXXX, reflecting the and on for first deposit during up to first deposits. income interest of interest sweep was XXXX million expense compared

higher prior growth the the increased XXX portfolio Federal Our quarter first XXXX XXXX rate year of funds first of during to Bank of advanced trust in of Interest Home higher of preferred XXXX. on the quarter first first the expense quarter borrowed first increased of basis reflecting Interest quarter environment. Loan securities. the deposits reflecting period, other of points also was respective during expense to advances interest higher and our XXXX the compared cost and the XXXX, of than cost interest compared the quarter Indianapolis

of $X In to up of during compared year income quarter first first during period. compared was total, the XXXX. of the million quarter $XX.X Net million XXXX prior interest expense decreased respective -- to the interest the was first XXXX quarter

during the our basis margin in net cost of basis to XX earning quarter XX interest basis assets quarter declined points compared XXXX, funds XXXX of during our that increased first period. was points. time same on yield points XXX although the up Our

in of we of and basis from yield competition increased types through deposit not cost to XXXX of our depositors raised rates latter meaningful July until did costing when part deposit increases FOMC of and points, While funds for experienced began when by products. move materialize balances deposit XXX rate March costing earning the asset to our during period no deposit the of lower to the XXXX higher funds in and growth XXXX, rapid funds begin and the federal

Our margin $X.X early and the during of of provision of first the during expense million peaked XXXX recorded first the $X.X the a million of quarter net XXXX. stages of to quarter XXXX during latter interest part We compared XXXX.

The first expense a specific provision reflects primarily for relationship. a XXXX nonperforming loan allocation quarter commercial

in compared change the to and any commercial growth, quarter loan increased loan $X.X an reflect economic Noninterest factor, to improved a needed primarily portfolio were were composition. to reflecting first allocations reduced loan of and during XXXX in million due first environmental made costs. of allocations quarter XXXX, the benefit compensation Additional while expenses forecast increased changes

nominal portfolio. of U.S. and government purchases Slide investment our XX XXXX, our depict first There to of bonds. the limited on of were municipal portfolio agency #XX bonds bonds quarter through municipal ordinary during information only to maturities investment largely changes and

All available investments categorized remain of our sale. for as

by all bonds of high March securities, state government within which our of about areas. government by which and investment of agencies comprised issued the were U.S. with municipal Michigan percentage of comprised investment comprised of a of the XX, approximately XXXX, bonds of portfolio. XX% As of agency portfolio our within guaranteed XX% only about entities Mortgage-backed are was U.S. X% market all

agency are basis. years bond the A X/X of majority over of municipal segments agency government of on within laddered generally structured maturities a bonds next X The mature the on U.S. significant the totaled of government our with the $XX year-end million as of next years. XX, to compared March XXXX loss March XX net bonds XXXX, municipal unrealized as $XX and over million XX, The XXXX. at maturing million $XX U.S.

on base. our #XX deposit XX Slide depict through data

who and funds a municipalities accounts in monies their U.S. agency that sweep our tables in as that larger is reflect sweep those elected customers calculations will accounts place by to have from include government entities, You account and fully other secured note primarily bonds. deposit we

March of On year-end Slide XXXX. as XXXX, #XX, balances and we depict our deposit XX,

portion to commercial majority a accounts with levels. ] are as Noninterest-bearing accounts bank, accounts. funds and equated commercial large lending are similar companies. soup of deposits deposits As XX, XXXX, of to March relationships, a checking of our commercial of commercial [ these comprised historical A industrial and especially XX% of associated

payments commercial first withdrawals As partnership customers in to by and typical, stages balances declined the reflecting make noninterest-bearing bonus checking during tax early of distributions. account the quarter,

level We XX, and steady uninsured customers quarter during growth experienced from portfolios XX% initial many customers. The market deposits solid growth within from remained and reflecting time has XXXX new our about XXXX, and deposits first existing deposit as March money years. of totaling the over of relatively of

we comprised million of deposit by almost balances over aggregating public balances ago, have When those XX years million the relationships, XX first XX -- of which #XX, on were $XXX those businesses $X individuals relationships $X the XX compared XX% X $XXX have depositors the XX% Of or deposits balances had quarter, entities. billion. of the with and/or Slide million in approximately with end information million. continue of we with had deposit million, more. relationships, with On provide over grown to $X.X XX aggregated balances to $X and At total and About relationships remaining the we of aggregate. relationship

a and We remain capital regulatory in well-capitalized strong position.

risk-based XX.X% to the We of first at of capitalized. $XXX as was million the categorized repurchase first end threshold total the quarter minimum quarter, bank's XXXX. ratio capital during well almost shares cash did be Our the not above

have current available repurchase $X.X We in million our plan.

calculations, in losses did did our regulatory and investment ratios assuming are from that Tier our X #XX, -- capital we gains leverage capital calculation depict the portfolio Slide our and capital include on unrealized net ratio While risk-based adjustment. not total excluded

were While calculations, position ratios our strong. impacted our regulatory the capital pro forma remains capital negatively by

XX%. total XX.X%, As capital from XXXX, ratio declined X to capital our and XX, of XX.X% March our from declines XX.X% ratio Tier to risk-based

as total risk-based capital ratio the measured capital negatively by impacted. also excess is Our

minimum However, a over the capitalized. totaled to million as it well amount $XXX be regulatory strong categorized

declining unchanged XX this for predicated XXXX with during points XX, volatile of forecast remainder basis difficult. year the forecasting by caveat both quarters. latest Slide On and second assumptions we environment quarter rate on then the funds third the interest on share metrics market staying during rate This is key federal conditions our the a the and of performance that fourth making and remain

continue money We interest forecasting quarters our and X% range of we securities Chicago. a of second reflecting in and our deposit continued in portion along large time margin base growth to in the higher part Federal the are loan project costing Bank on deposits of higher asset during in growth X%, with with and to Reserve to market the decline third net invested

be continue of and financial In We prepared expect noninterest pleased Those stable year. first with are all our remarks. relatively very remainder believe faced successfully myriad my income of noninterest XXXX remain closing, to financial expense institutions. positioned by results during quarter this the navigate through to we are we to the operating challenges and condition and well

back I'll Bob. to now over the call turn

Robert Kaminski

comments, Thank now the we'll you, Chuck. call That and open concludes session. Q&A prepared the to management's

Operator

with question first The from Hovde Brendan Instructions] Group. Nosal [Operator comes

Brendan Nosal

how like Maybe opportunities yesterday since there it on just announced thoughts any may here, on and woods pretty your out less a preliminary market transaction you where than to start any to XX the it off in meaningful you're afternoon. dislocation was of talent capitalize arise. know there mercantile were and might that not I hours But might announced. was impact kind and

Raymond Reitsma

is exactly will there take our and Yes. this thought that. opportunity be That employees, some advantage some and will period over time, both to we that surrounding be of may of in seek customers play announcement

Brendan Nosal

I step I of back. think Maybe cut for an the All getting longer But before how about right. the margin keeps Fed and the have XX kind enough curious me last of that are one if or as Perhaps aggressive scenario? Or out. just know more you cuts pushed sensitive on cuts kind months they Fed may margin Fed of Perfect. term. idea once impactful asset been? you still aren't as over Like the taken starts just have the when pain that you margin in meaningfully? cutting very

Charles Christmas

This is Yes. Chuck.

years. one expected, think fully the our last as fully over of was seen, sheet things few we've I that is the balance repriced

get the of X.X%. settle this kind historical has a it's I as stated back of of ago, we of Our average kind as where end to margin minutes expect we down to towards year. sell out few And it its X.X%,

I of environments. think interest portfolio. manage rate asset we along and look clearly, to overall structure FHLB manage our structure changing try through loan portfolios our to our sensitivity with deposit our interest investment and and advances, at the rate

of expectations. market there margin to expected Fed I the is if back rates was this like just comfortable then the maybe in think margin talked very rate several basis some declines our under they a is lower -- is different more them and the with current half clearly, performance out next year XXX scenario, about really being points, I'm raised year. maybe what our interest very

aggressively of Clearly, went faster the to just a catch interest through liabilities, of then if than impact going very else the assets and because our priced bigger would have lower through Fed our what would be upfront would was rates, up. just everything that kind opposite we

think hard a on of of manage grow interest remarks, We Ray working as to rate in meaningful to comments portfolio. his decline in it we environment. interest a but kind deposit commented, changing of helping couple also eye interest made rate environment, an been especially rate in with and that the working as I we've very prepared to risk need can with

Operator

question is Daniel Raymond The with from next James. Tamayo

Daniel Tamayo

that on credit. might for mean but go? NPL reserves you -- few kind Obviously, a reserves see Good to a trends driver what And morning, might guys. things what little was see expect also your just curious trends on NPL thoughts continue from here? I those you just and bit, of noticed where mean guys. Maybe But you basis you up points. I the we took the very low. just first, strong up, still slightly for still where start on very I curious,

Raymond Reitsma

amounts have are we're I'd near we the future, books. the we'll Well, the and that us Obviously, And range and that helping segments future that continue sort our the much the continue customers wouldn't report now. to our all change because strong, in our a reduce in few to foreseeable that expect it economies in But similar good NPL are feel events general, planning a that in very to take planning operate that or are of on we there's of be in that borrowers NPLs in continue and that portfolio, throughout we're quality results. our small. we to credit good so

Charles Christmas

I comments on a using is This the just reserve, model. couple Daniel. loss loan CECL make of would obviously the Chuck,

really which I as independent even there's lot have we And -- a and of is there. use the out input. that third-party to a favorable but the the two most continue some One that everybody knows, think relatively expecting forecasts economic in different forecast, two significant really of areas. is the match obviously would those there's market are there's inputs think be and what forecast, I that Fed really

reserve system loan course, other our portfolio. our predicated of commercial driver through be on highly then big would the the And loan grading is loss

meaningful And grades changes an if would on as see change the to well. the economy. we're Again, our reserve any stay kind impact we commercial that with we see -- that, steady So well. not as to loan portfolio our we the have comments, don't expect calculation within would relatively forecasting in were based grade really significant of really on

Daniel Tamayo

Maybe portfolio. more office That's into little just bit dig color. helpful. the a that all Appreciate I'd

nonowner-occupied Is I correct? office. think guys was million that you heard I $XXX of it say

Unknown Executive

Correct.

Daniel Tamayo

there anything data office those provide else you of the Is rates can LTVs buildings. location of terms of geography or that in of occupancy or portfolio us in Okay. terms on

loans? on curious details have you what other Just those

Raymond Reitsma

ratios have And majority in that debt continue Well, Rapids. and credit flow this that's cash appears the have at all each time. watching terms And of situations loans that them the of something closely. The projects in be the very can them positive stable. We're to coverage change. obviously recourse majority of tenant in those in personal to Grand of of geography, of characteristics, vast terms are

that And so so good. traits, So some those loan so our X% to portfolio. of we're that that watching far, feel closely. sustainability there we But -- is with

Daniel Tamayo

there few have or a Okay. And moved for Grand in been are that the -- last if transactions office you in of Rapids years? have buildings give how much prices any sense there have

Raymond Reitsma

any in mind to but I leap I wrong of think times. recent very about No that, at the can't be moment. could

Operator

from The next DelMonte with Damon question is KBW.

Damon Del Monte

Hope doing everybody is well today.

like Chuck, your the what's in start that I management, looks which with on item the quarters? you that kind thought captured to first, particularly off there is on can -- next was And It outlook income then secondly, it confirm, believe Just in? few quarter. fee categorized this I the strong. wanted treasury line the was other of over is line guess,

Charles Christmas

Yes.

of management, when your They of those in we day-to-day most I credit charges. in think management, there's blended a earnings, of kind types about talk things. of From prongs get most rates treasury service -- our handful of with and fees cash are there. those normal

a it's dominated as their blended products, would flow some products, their very that's capital products, for management cash So customers well our commercial human calculation place. debit needs. as payroll, that and of -- them card also credit We using our by our takes include card

when about treasury about. it's three broad So categories talk we kind think that of management, we

products. the portfolio. our and on, of all all as myriad full management, those been our have loan customers as to a grow expect management of also continue deposit to C&I base, bring especially those as in offer to different treasury able segment continue get them customer are they cash we the grow We to relationships we of

guidance lumpy that for XX, There that not a loan in growth, have obviously. longer-term rate to to But meaningfully commercial upfront, attributes of to gave getting reason pleased can Page kind swap only within the which manage we very On regards credits. interest our very product income be product great, that and for risk primary we quarter is loan from product, just like fee sized the income really, staying of that is income. obviously we're portfolio. -- given in quarter-to-quarter had the was that solid commercial But into

offer -- we're to generally rates too. offer not to going going fixed not We're

solid significant the above positive income interest rate had that, operation tool, quarter provides first management conditions fee and well for banking well, pleased we with feel our we some risk obviously in as very pipeline Very are performed that's what budgeted but the that mortgage upfront. and well. looking a So the that

lumpy stuff whether the [indiscernible] for little equity. our gets Page on item income we bit things. a That investment big the performing of fund well. banking mortgage Those credit. a investments quarter-to-quarter, from thoughts remainder gave small relatively XX, it local that or in private of But we private have The run types the able in XXXX to we the some Michigan-based been do equity quarter, and expecting our that do that statement were a first was solid our some expect CRA other we but -- -- overall for performance. be has are fund makes not of we're income we within to be for very first the to operations and that of income reflect it to of quarter. fee as strong, operating meaningful and Again, relative to some qualify

Damon Del Monte

it. Got

Appreciate it the in Okay. later Xor that rate on maybe management the have is of may I lower clarification the Was captured. are prepared of asset or have then the a outlook the to to function respect to said range and said may just fees color and that it deposits? kind treasury outlook, the of driver cuts Chuck, expectation you the lower how the or in the remarks margin Ray for and the revised And attributable about think with of kind that bring kind margin. more sensitivity of and ongoing on year? of the the outlook efforts

Charles Christmas

bit a cuts Damon. I rate the No, little definitely think on there, there's

think in balanced the of only don't X we're points issues got we've basis a half. mentioned, decline XX timing at when really are have you're back months. significant any well looking say, we that there. But As pretty I couple We over

which And the margin hard and New already have big local our trying that to the going think obviously deposits to grow deposits. the in is the that's there. most going come very the deposit in environment, cost time it, on we're base, which in deposits York you thing obviously in I with this obviously, kind touched we higher of growth in money of the categories, market are in forward

said low-yielding point which extra Those as especially time. expect will the do generally at to checking this having we help that structure. portfolio additional off but in of over Now the investments get our within into those meaningful portfolio, growth years their next accounts customers loan those set benefits. very we investments appreciably, costs the as I costs the payments have some to some noninterest-bearing have our are reinvest after well, in have I paying that January likely set or year, each to whether we C&I rebuild that, put in in do our there's reprice of portfolio, will that we'll and growth current in mature We investment say, of think segment go the also several very loan continue also or as more do some, would our to they deposit

X loans reprice balloons as have able that do some we up maturity for that to we'll are and And coming years X were be that made well. ago

at we while higher would it's in sheet a loan level not the steady. investment is certainly, thing a liquidity get I rate, of portfolio. on next in we which, than guess bad will to on we percent the basis, Fed, addition one more I what the are relatively portfolio over several margin overall rate add lower think of the an stay years, assets it's So as with growing should the balance operating a a

with the well. So overall dampening little current of think a operate of the there's standpoint of a overnight our it's prudent balance to environment, But sheet at bit our higher as level structure, given time. margin that from liquidity we a

Damon Del Monte

Got it.

to outpace just X% of guys way is growth that are front now? is market constrained is targeting you're trying Great. indicative to the Okay. you deposit of opportunities . to achieve? on the Or And of that X% any the loan lastly, in in guide, right growth being then the by that loan kind

Raymond Reitsma

of looking decrease loans. the the does bank very of say, it existing that's where may the this market. within that credits That's We're a select out may that reflect to doesn't And effect. we're overall the look of loan opportunities those have terms be all. pad But a There and dampening that ] opportunities characteristics don't growth. and great our [ have we portfolio a relationship to and for that expect question. in "Hey, the the bit new dialing see selectivity addition not of back at our sliver at think in of the we bank, And we a accompanying new full

Operator

This I to the concludes to for question-and-answer would over like Bob our remarks. turn back Kaminski closing any conference session.

Robert Kaminski

Gary. this a my with Corporation over May. Mercantile final leadership personal as I'll note, of CEO as position. the Bank this last the at you, It's you the years, end interact President been is with call to Thank pleasure my calls and being of in X On retire on conference these

highlights. now reported to company your with second our Our interest quarter company. views July This be you you as important stakeholders. our all. these wishes in Ray Chuck communication you very in calls Thank avenues results This ended. our on call transparency has and and and of for with will much

Operator

you for attending now Thank The conference presentation. today's concluded. has

may now You disconnect.

Mercantile Bank (MBWM) 16 Apr 242024 Q1 Earnings call transcript