Mercantile Bancorp, Inc. (NYSE Amex: MBR)
-- Higher Net Interest Income in Second Quarter and First Half of 2010
-- Operational Income Improves, Loan Loss Provision Narrows
-- Focus on Driving Core Deposit Growth
-- Strong Expense Controls Contribute to Net Interest Margin Increase
Mercantile Bancorp, Inc. (NYSE Amex: MBR) today reported results
for second quarter and six months 2010. For the quarter ended June
30, 2010, the Company reported an unaudited net loss from both
continuing and discontinued operations of $4.5 million or $(0.51)
per share compared with a net loss of $52.0 million or $(5.98) per
share in second quarter 2009. The Company's 2009 financial
statements have been restated to reflect discontinued operations
due to the sale or exchange for debt of three of its subsidiary
banks in December 2009 and February 2010.
The second quarter 2010 results reflected a 25% decrease in the
Company's loan loss provision and a 20% increase in net interest
income. Provision for loan losses was $7.2 million for second
quarter 2010, compared to $9.5 million in the same period a year
ago. Net interest income was $6.3 million in the current quarter,
compared with $5.2 million in the prior year. In second quarter
2009, the Company also recorded a $30.4 million goodwill impairment
loss (adjusted to reflect only the Company's continuing
operations). Since that date, the Company has carried no goodwill
on its balance sheet.
On a consecutive quarter basis, the Company's second quarter
2010 net interest income of $6.3 million reflected an increase of
over $6.1 million in first quarter 2010. This was the third
consecutive quarter-over-quarter improvement in net interest
income, reflecting both improved cost of funds management at its
banks and reduced debt at the Company. Total noninterest income in
second quarter 2010 was $2.2 million compared with $1.9 million in
first quarter 2010 and $2.1 million in second quarter 2009.
"Although our banks continue to work through select asset
quality issues, we have been encouraged by the Company's steadily
improving income from operations and the ongoing ability to
identify opportunities to reduce operating expense," said Ted T.
Awerkamp, President and CEO. "We are energized by the operating
strength of Mercantile Bank, our largest subsidiary bank, and
interest income growth and expense reductions at Heartland Bank.
Royal Palm Bank, which continues to battle a very difficult
Southwest Florida economy, demonstrated improvement in net interest
income and net interest margin while reducing year-over-year
losses.
"We believe we have demonstrated success in matching resources
and strategies to a leaner, more focused business model following
the sale and debt exchange of three banks since December of 2009."
The Company announced in second quarter 2010 a reduction in force
and early retirement program to further match its human resources
to the requirements of a smaller, leaner organization. "For several
years, we have been implementing selective programs to reduce
workforce with as little impact as possible on our employees and no
impact on our quality of service," said Awerkamp.
Second quarter and first half 2010 results were negatively
impacted by a loan loss provision of $2.0 million to increase the
specific reserve to 50% of the carrying value of subordinated
debentures (essentially a bank-to-bank loan) held by two of the
Company's subsidiary banks. The issuer of the debentures is a
financial institution in a weakened capital position, although it
is current on all interest payments due on the debentures. While
this institution is actively seeking a sale or merger, the Company
deemed it prudent to reserve half of the $4.5 million exposure.
"These debentures are current and performing credits, and as
such, the banks were not required to reserve for a potential loss
at this time," explained Awerkamp. "The issuing institution had
strong capital ratios one year ago, and they may find a buyer or
merger partner, in which case the loan should remain viable.
However, given the number of failures of community banks in
weakened capital positions, we wanted to be aggressive in reserving
for a potential loss and transparent in reporting the Company's
exposure to an at-risk credit. Although the additional loss reserve
partially obscures our Company's improved operating performance, it
was the right thing to do."
"In first half 2010, the Company focused on trimming loans at
all three subsidiary banks to create stronger, more diversified
loan portfolios," explained Awerkamp. He added: "We intend to focus
on quality loan growth in the future, however, our top priority in
the first half of 2010 was to focus on just quality."
Total assets at June 30, 2010 declined to $1.0 billion, compared
with $1.4 billion at December 31, 2009, primarily reflecting
elimination of the assets held by the two subsidiary banks sold in
February 2010, as well as the previously mentioned reduction of
loan portfolios at the remaining subsidiaries. Total loans, net of
allowance for losses, for continuing operations at June 30, 2010
were $703.4 million versus $757.8 million at December 31, 2009 as
the Company continued to eliminate troubled loans and specific
lending relationships that were not able to meet stronger credit
standards.
Total deposits for continuing operations at June 30, 2010
decreased to $868.2 million compared with $954.5 million at
December 31, 2009, reflecting decreased funding required for the
loan portfolio that allowed for a reduction in higher-cost time
deposits, with a focus on further developing core deposit
relationships.
During second quarter 2010, Mercantile Bank committed further
attention and resources to historically strong core deposit
development and relationship banking with both retail and business
customers. Leveraging the Company's technology and processing
capabilities developed during the past several years, the Company
is working with Heartland Bank and Royal Palm Bank to build similar
relationship-driven, deposit-focused teams.
First Half Results, Status of Other Real Estate Owned
For the first six months of 2010, the Company reported a net
loss of $3.5 million or $(0.40) per share compared with a net loss
of $52.9 million or $(6.08) per share in first half 2009. Compared
with the prior year, first half 2010 results partially
reflected:
-- A significantly lower loan loss provision;
-- Lower total interest expense;
-- A decline in salaries and employee benefits expense;
-- Growth in income from fiduciary activities, brokerage fees, customer
service charges and other fees;
-- A $566,000 mark-to-market non-cash write down in the value of equity
investments, compared with $2.5 million in first half 2009;
-- The aforementioned $2.0 million provision for an at-risk credit to a
troubled financial institution; and,
-- A $3.2 million income from discontinued operations, including a gain
of $4.3 million on the sale of two subsidiaries in February 2010.
First half 2009 results partially reflected:
-- A $30.4 million goodwill impairment loss;
-- A special FDIC insurance premium in second quarter 2009.
"A combination of the continued low-interest rate environment
and our ability to manage and re-set rates on time and money market
accounts led to a company-wide margin improvement as well as
year-over-year margin improvements at all three subsidiary banks,"
explained Awerkamp. "While we trimmed loans and lending
relationships significantly on a continuing operations comparison,
our ability to maintain relative year-over-year stability in
interest income from loans and fees on loans was encouraging."
In first half 2010, the Company generated $20.2 million in
interest income and fees from loans, compared with $22.7 million in
first half 2009. Net interest margin for the first half of 2010 was
2.58% compared with 1.90% a year ago. Allowance for loan losses as
a percentage of total loans at June 30, 2010 was 3.11%, compared
with 2.43% at June 30, 2009.
"Even with our drive to improve loan quality that led to a
reduction in total loans, and continued reserving for potential
loan losses, our total loss provision represented a manageable
percentage when compared with our total loan portfolio," noted
Awerkamp.
As of June 30, 2010, the Company held $24.7 million in other
real estate owned (OREO). Approximately $20.3 million or 82% was in
construction, land development and other land (primarily unimproved
land), 10% or $2.6 million was in commercial real estate and 7% or
approximately $1.7 million was residential real estate. Mercantile
Bank had $17.8 million in OREO at June 30, 2010, representing a
significant increase from $2.8 million held at the end of first
half 2009.
"Mercantile Bank has moved a number of properties through its
pipeline and is positioned to seek buyers," noted Awerkamp.
"Heartland Bank, with $3.1 million in land-related real estate, has
less than half the OREO of last year following some sales. Royal
Palm has a mix of construction and land, residential and commercial
real estate and has been able to move some properties to OREO
status. However, Florida's legal process of resolving and
foreclosing assets is taking years to receive clear title, so the
move of assets to OREO at Royal Palm Bank continues to be a slow
process."
The Company is closely monitoring market conditions and pricing.
Management believes a number of properties in OREO, particularly a
number of larger development properties, are attractive and high
quality, and is working closely with the subsidiary banks to
analyze opportunities.
"We want to exercise patience in selling properties,
particularly raw land, that are significantly devalued in today's
soft real estate market," said Awerkamp. "Under mark-to-market
accounting rules, the Company has written down real estate values
based on current appraisals. Although our banks are actively
seeking buyers, we feel the Company has the capital strength to
avoid liquidating quality properties at steep discounts. We remain
sensitive to the long-term outlook for a slow recovery in property
values, but we are not rushing to sell key holdings at today's
depressed valuations."
Subsidiary Bank Operating Highlights
Mercantile Bank, which represents approximately 75% of the
Company's assets, continues to generate solid performance despite
relatively flat loan demand, noted Awerkamp. The bank's served
markets, including Quincy, Illinois, St. Joseph, Missouri and
Carmel, Indiana, did not suffer dramatic economic declines that
were seen in other areas of the country, but did not show
meaningful growth in first half 2010.
For the six months of 2010, the bank recorded net interest
income of $11.1 million, a 9.3% increase compared with $10.2
million in first half 2009. A 39% reduction in interest expense
contributed to a rise in net interest margin of 3.21% compared with
2.80% for the same period in 2009.
Deposits grew to $623.5 million at June 30, 2010, compared with
$607.2 million the prior year. The Bank's efficiency ratio improved
dramatically to 64.8% in first half 2010 compared with 84.5% in
first half 2009.
"The Mercantile Bank team has done an outstanding job of
managing expenses and building deposits in an essentially no-growth
economy," said Awerkamp. "There were meaningful gains in the bank's
trust division business, and the drive to build core deposits and
expand customer relationships are very encouraging signs."
Heartland Bank, the wholly-owned subsidiary of Mid-America
Bancorp, Inc., in which the Company holds a 55.5% ownership,
continued to make operational improvements in first half 2010, said
Awerkamp. Net interest income rose to $1.3 million compared with
$1.1 million in first half 2009, interest expense declined to $1.8
million versus $2.6 million the prior year's first half and the
bank reduced its non-interest expense to $2.3 million compared with
$3.1 million in first half 2009.
The bank continues reducing loans on its balance sheet as part
of an ongoing focus to maintain the highest quality lending
relationships and capital management. Total deposits declined,
reflecting a dramatic reduction in brokered deposits. However, the
Bank increased its core deposits in first half 2010 compared with
first half 2009.
"Heartland has made significant strides in stabilizing its
financial condition and we anticipate in the next several months,
the Bank will return to operating profitability," explained
Awerkamp. "The Bank is regularly monitoring loan quality and
working with at-risk lending customers. While Heartland faces
continuing concerns related to a small number of large loans, we
believe the overall picture is more positive than at any time in
the past two years."
Royal Palm Bank has continued to make progress in working
through its asset quality issues over the past two years, according
to management. In the six months of 2010, the bank recorded net
interest income of $1.5 million, a slight increase over the same
period in 2009. Loan loss provision declined significantly to $3.1
million for the six months of 2010, compared with $7.4 million in
first half 2009.
As noted previously by management, the Southwest Florida economy
and real estate market remains extremely depressed and the Florida
legal foreclosure process slow. Management notes, however, that as
construction- and development-related activities and jobs have
declined, the high net worth market and the businesses that serve
these individuals shows signs of rebounding.
"Royal Palm has had a tradition of providing services to the
historically affluent market surrounding Naples and Marco Island,"
explained Awerkamp. "There is some anticipation that Royal Palm can
call on its traditional strengths serving this market to
participate in the area's rebound."
He explained the Company's ability to support Royal Palm as the
Florida market begins recovery could position the bank to renew its
leadership position and attract and expand customer relationships
and deposits. "It is somewhat a war of attrition in Southwest
Florida, and many banks have not been able to withstand the
downturn. Our goal is to provide the support needed to position
Royal Palm as one of the survivors and winners in this historically
attractive market."
Awerkamp concluded: "While there is no doubt the economy will
continue to challenge banks throughout the country, we are taking
the steps needed to maintain the Company's capital strength and
provide the support required by our subsidiary banks. We believe
our success at our subsidiary banks in expanding net interest
margin, expanding core deposits and managing operating expenses
will be continuing trends in second half 2010."
Investor Relations Update
In addition to notification of shareholder materials,
shareholders and those who wish to closely follow Company news may
now enroll to receive email notice of news and updates at the time
of release. Register at the Company's website or directly at the
following address:
http://www.mercbanx.com/shareholders/enroll.php.
About Mercantile Bancorp
Mercantile Bancorp, Inc. is a Quincy, Illinois-based bank
holding company with majority-owned subsidiaries consisting of one
bank in Illinois and one each in Kansas and Florida, where the
Company conducts full-service commercial and consumer banking
business, engages in mortgage banking, trust services and asset
management, and provides other financial services and products. The
Company also operates Mercantile Bank branch offices in Missouri
and Indiana. In addition, the Company has minority investments in
seven community banks in Missouri, Georgia, Florida, Colorado,
California, and Tennessee. Further information is available on the
company's website at www.mercbanx.com.
Forward-Looking Statements
This press release may contain "forward-looking statements"
which reflect the Company's current views with respect to future
events and financial performance. The Private Securities Litigation
Reform Act of 1995 ("the Act") provides a safe harbor for
forward-looking statements that are identified as such and are
accompanied by the identification of important factors that could
cause actual results to differ materially from the forward-looking
statements. For these statements, the Company, together with its
subsidiaries, claims the protection afforded by the safe harbor in
the Act. Forward-looking statements are not based on historical
information, but rather are related to future operations,
strategies, financial results or other developments.
Forward-looking statements are based on management's expectations
as well as certain assumptions and estimates made by, and
information available to, management at the time the statements are
made. Those statements are based on general assumptions and are
subject to various risks, uncertainties and other factors that may
cause actual results to differ materially from the views, beliefs
and projections expressed in such statements. These risks,
uncertainties and other factors that may cause actual results to
differ from expectations, are set forth in our Annual Report on
Form 10-K for the year ended December 31, 2009 and Forms 10Q for
the quarters ended March 31, 2010 and June 30, 2010, as on file
with the Securities and Exchange Commission, and include, among
other factors, the following: general business and economic
conditions on both a regional and national level; fluctuations in
real estate values; the level and volatility of the capital
markets, interest rates, and other market indices; changes in
consumer and investor confidence in, and the related impact on,
financial markets and institutions; estimates of fair value of
certain Company assets and liabilities; federal and state
legislative and regulatory actions; various monetary and fiscal
policies and governmental regulations; changes in accounting
standards, rules and interpretations and their impact on the
Company's financial statements. The words "believe," "expect,"
"anticipate," "project," and similar expressions often signify
forward-looking statements. You should not place undue reliance on
any forward-looking statements. Any forward-looking statements in
this release speak only as of the date of the release, and we do
not assume any obligation to update the forward-looking statements
or to update the reasons why actual results could differ from those
contained in the forward-looking statements.
MERCANTILE BANCORP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, December 31,
2010 2009
------------ ------------
(In Thousands)
(Unaudited)
ASSETS
Cash and cash equivalents $ 79,204 $ 121,267
Securities 124,443 130,484
Loans held for sale 2,199 681
Loans, net of allowance for loan losses 701,204 757,138
Premises and equipment 24,767 25,670
Interest receivable 3,720 3,962
Cash surrender value of life insurance 15,288 15,011
Goodwill - -
Other 57,967 50,277
Discontinued operations, assets held for
sale - 285,992
------------ ------------
Total assets $ 1,008,792 $ 1,390,482
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $ 868,173 $ 954,524
Short-term borrowings 13,823 30,740
Long-term debt 76,858 87,030
Interest payable 5,461 4,114
Other 4,682 4,827
Discontinued operations, liabilities held
for sale - 264,044
------------ ------------
Total liabilities 968,997 1,345,279
------------ ------------
Total Mercantile Bancorp, Inc. stockholders'
equity 38,005 41,302
------------ ------------
Noncontrolling Interest 1,790 3,901
------------ ------------
Total equity 39,795 45,203
------------ ------------
Total liabilities and equity $ 1,008,792 $ 1,390,482
============ ============
MERCANTILE BANCORP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Six Months Ended
--------------------
June 30, June 30,
2010 2009
--------- ---------
(In Thousands)
(Unaudited)
Interest Income:
Loans and fees on loans $ 20,233 $ 22,727
Securities:
Taxable 1,896 2,302
Tax exempt 506 480
Other 140 169
--------- ---------
Total interest income 22,775 25,678
--------- ---------
Interest Expense:
Deposits 8,059 12,014
Short-term borrowings 237 1,169
Long-term debt 2,058 2,442
--------- ---------
Total interest expense 10,354 15,625
--------- ---------
Net Interest Income 12,421 10,053
Provision for Loan Losses 11,140 12,303
--------- ---------
Net Interest Income After Provision for
Loan Losses 1,281 (2,250)
--------- ---------
Noninterest Income:
Fiduciary activities 1,163 1,136
Brokerage fees 656 440
Customer service fees 783 782
Other service charges and fees 369 240
Net gains on loan sales 218 889
Other 936 592
--------- ---------
Total noninterest income 4,125 4,079
--------- ---------
Noninterest Expense:
Salaries and employee benefits 8,694 8,802
Net occupancy expense 1,224 1,191
Equipment expense 1,169 1,216
Deposit insurance premium 1,072 1,698
Professional fees 956 1,545
Postage and supplies 275 301
Net gains (losses) on sales of assets (8) 11
Losses on foreclosed assets 382 1,555
Other than temporary losses on
available-for-sale and cost method investments 566 2,546
Goodwill Impairment Loss - 30,417
Other 2,925 2,951
--------- ---------
Total noninterest expense 17,255 52,233
--------- ---------
Income (Loss) from Continuing Operations Before
Income Taxes (11,849) (50,404)
Income Tax Expense (Benefit) (3,037) (7,350)
--------- ---------
Income (Loss) from Continuing Operations (8,812) (43,054)
Income (Loss) from Discontinued Operations 3,210 (10,795)
Less: Net Income (Loss) attributable to
Noncontrolling Interest (2,111) (927)
--------- ---------
Net Income (Loss) attributable to Mercantile
Bancorp, Inc. $ (3,491) $ (52,922)
========= =========
MERCANTILE BANCORP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
--------------------
June 30, June 30,
2010 2009
--------- ---------
(In Thousands)
(Unaudited)
Interest Income:
Loans and fees on loans $ 9,995 $ 11,323
Securities:
Taxable 926 1,119
Tax exempt 296 236
Other 50 86
--------- ---------
Total interest income 11,267 12,764
--------- ---------
Interest Expense:
Deposits 3,888 5,683
Short-term borrowings 50 619
Long-term debt 1,045 1,235
--------- ---------
Total interest expense 4,983 7,537
--------- ---------
Net Interest Income 6,284 5,227
Provision for Loan Losses 7,150 9,518
--------- ---------
Net Interest Income After Provision for
Loan Losses (866) (4,291)
--------- ---------
Noninterest Income:
Fiduciary activities 582 568
Brokerage fees 357 247
Customer service fees 418 417
Other service charges and fees 230 133
Net gains on loan sales 126 372
Other 487 350
--------- ---------
Total noninterest income 2,200 2,087
--------- ---------
Noninterest Expense:
Salaries and employee benefits 4,289 4,338
Net occupancy expense 626 591
Equipment expense 606 631
Deposit insurance premium 601 1,088
Professional fees 465 986
Postage and supplies 127 125
Net gains (losses) on sales of assets - 1
Losses on foreclosed assets 170 1,453
Other than temporary losses on
available-for-sale and cost method investments 566 2,546
Goodwill Impairment Loss - 30,417
Other 1,397 1,510
--------- ---------
Total noninterest expense 8,847 43,686
--------- ---------
Income (Loss) from Continuing Operations Before
Income Taxes (7,513) (45,890)
Income Tax Expense (Benefit) (1,847) (5,666)
--------- ---------
Income (Loss) from Continuing Operations (5,666) (40,224)
Income (Loss) from Discontinued Operations 13 (12,460)
Less: Net Income (Loss) attributable to
Noncontrolling Interest (1,178) (638)
--------- ---------
Net Income (Loss) attributable to Mercantile
Bancorp, Inc. $ (4,475) $ (52,046)
========= =========
MERCANTILE BANCORP, INC.
SELECTED FINANCIAL HIGHLIGHTS
Six Months Ended
------------------------
June 30, June 30,
2010 2009
----------- -----------
(Dollars In Thousands
except share data)
(Unaudited)
EARNINGS AND PER SHARE DATA
Basic Earnings Per Share $ (0.40) $ (6.08)
Weighted average shares outstanding 8,703,330 8,703,330
Cash dividends paid per share N/A N/A
Book value per share $ 4.37 $ 5.40
Tangible book value per share (1) (3) $ 4.25 $ 5.27
Ending number of common shares
outstanding 8,703,330 8,703,330
AVERAGE BALANCES
Assets $ 1,137,671 $ 1,811,689
Securities (3) $ 127,642 $ 128,848
Loans (2) (3) $ 757,136 $ 848,732
Earning assets (3) $ 971,186 $ 1,068,371
Deposits (3) $ 901,862 $ 960,560
Interest bearing liabilities (3) $ 902,761 $ 1,048,816
Stockholders' equity $ 41,802 $ 98,550
END OF PERIOD FINANCIAL DATA
Net interest income (3) $ 12,421 $ 10,054
Loans (2) (3) $ 726,011 $ 834,700
Allowance for loan losses (3) $ 22,608 $ 23,352
PERFORMANCE RATIOS
Return on average assets (0.62%) (5.89%)
Return on average equity (16.84%) (108.29%)
Net interest margin (3) 2.58% 1.90%
Interest spread (3) 2.42% 1.84%
Efficiency ratio (3) 104% 370%
Allowance for loan losses to loans (2)
(3) 3.11% 2.43%
Allowance as a percentage of
non-performing loans (3) 59% 37%
Average loan to deposit ratio (3) 84% 88%
Dividend payout ratio N/A N/A
ASSET QUALITY
Net charge-offs (3) $ 7,383 $ 7,989
Non-performing loans (3) $ 38,373 $ 50,820
Other non-performing assets (3) $ 24,766 $ 16,409
(1) Net of goodwill and core deposit intangibles
(2) Loans include loans held for sale and nonaccrual loans
(3) 2009 column restated for discontinued operations and
assets/liabilities transferred to Held-for-Sale
MERCANTILE BANCORP, INC.
SELECTED FINANCIAL HIGHLIGHTS
Three Months Ended
------------------------
June 30, June 30,
2010 2009
----------- -----------
(Dollars In Thousands
except share data)
(Unaudited)
EARNINGS AND PER SHARE DATA
Basic Earnings Per Share $ (0.51) $ (5.98)
Weighted average shares outstanding 8,703,330 8,703,330
Cash dividends paid per share N/A N/A
Book value per share $ 4.37 $ 5.40
Tangible book value per share (1) (3) $ 4.25 $ 5.27
Ending number of common shares
outstanding 8,703,330 8,703,330
AVERAGE BALANCES
Assets $ 1,031,272 $ 1,812,841
Securities (3) $ 126,700 $ 127,546
Loans (2) (3) $ 741,609 $ 847,707
Earning assets (3) $ 944,647 $ 1,068,841
Deposits (3) $ 881,073 $ 952,500
Interest bearing liabilities (3) $ 878,087 $ 1,044,704
Stockholders' equity $ 40,863 $ 98,462
END OF PERIOD FINANCIAL DATA
Net interest income (3) $ 6,284 $ 5,227
Loans (2) (3) $ 726,011 $ 834,700
Allowance for loan losses (3) $ 20,608 $ 23,352
PERFORMANCE RATIOS
Return on average assets (1.74%) (11.52%)
Return on average equity (43.9%) (212.0%)
Net interest margin (3) 2.67% 1.96%
Interest spread (3) 2.51% 1.90%
Efficiency ratio (3) 104% 597%
Allowance for loan losses to loans (2)
(3) 3.11% 2.43%
Allowance as a percentage of
non-performing loans (3) 59% 37%
Average loan to deposit ratio (3) 84% 89%
Dividend payout ratio N/A N/A
ASSET QUALITY
Net charge-offs (3) $ 3,459 $ 3,366
Non-performing loans (3) $ 38,373 $ 50,820
Other non-performing assets (3) $ 24,766 $ 16,409
(1) Net of goodwill and core deposit intangibles
(2) Loans include loans held for sale and nonaccrual loans
(3) 2009 column restated for discontinued operations and
assets/liabilities transferred to Held-for-Sale
Contact: Ted T. Awerkamp President & CEO (217) 223-7300
ted.awerkamp@mercbanx.com
Mercantile Bancorp (AMEX:MBR)
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