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Mercantile Bank Corp. Message Board

  • keeperoftheq keeperoftheq Aug 27, 2010 9:10 AM Flag

    improved net interest margin UP 32%


    A quote from Chuck Chritsmas in the 2nd quarter earning CC transcripts (7th paragraph) states "Despite a reduction in our total earning assets, an improved net interest margin has provided for increased net interest income. Net interest income during the second quarter of 2010 was $2 million higher, an increase of 16% over the second quarter of 2009. (((Our net interest margins during the second quarter of 2010 was 3.31%, compared to 2.50% during the second quarter of 2009, an improvement of 81 basis points, or over 32%.)))

    The improvement is primarily due to a significant decline in our cost of funds. While we expect further reductions in our cost of funds during the remainder of 2010, it will likely be at a much slower pace than during the past several quarters. For the remainder of 2010, we have about $280 million in wholesale funds maturing at an average rate of 1.80%. For perspective, our average rate on new wholesale funds was about 1% during the second quarter. Also contributing to our improved net interest margin has been a very stable yield on assets.

    LOOKS LIKE ike16300 is caught with is short posting lies and fear.

    Get a life ike and next time you post, know what you are talking about.

    This topic is deleted.
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