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US : Mercantile Bank Corporation - MBWM | 4Q First Look: Revenue-driven EPS and PTPPI Beat

    Contributors
    Ken Kohut
    Daniel Tamayo
    CGS-CIMB
    19 January 2021
    Published byCGS-CIMB

    Similar to last couple of quarters, we are encouraged by revenue exceeding expectations (mortgage-driven) and a larger balance sheet than forecast, but note NIM compressed more than expected once again (ex. PPP forgiveness fees). While credit trends are trending much better than expected earlier in