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News Release QUINCY, IL --(BUSINESS WIRE)--March 30, 2005-- Mercantile Bancorp, Inc., (AMEX: MBR), a multi-bank holding company based in Quincy, Illinois, announced today consolidated net income for the year ended December 31, 2004 was $8,318,000 compared to $8,311,000 for 2003. Dan S. Dugan, Chairman, President and CEO of Mercantile Bancorp, Inc., said, “The year 2004 was a landmark one for Mercantile Bancorp witnessed by application for public registration of the Company, application to list its shares on The American Stock Exchange, and surpassing $1 billion in assets, which represents nearly a 15 percent increase over the year-ago period. Also, in early 2004 we acquired a majority position in Mid-America Bancorp, Inc., Leawood, KS (Kansas City), which we continue to believe has tremendous potential for future growth and profitability.” The Company’s February 2004 purchase of additional shares of common stock of Mid-America resulted in majority ownership, and the Company has consolidated Mid-America into its financial statements effective February 29, 2004. The Company’s ownership percentage was 54.6% as of December 31, 2004. For the year ended December 31, 2003, the Company’s pre-tax loss, including amortization of the core deposit intangible, from its equity method investment in Mid-America was $76,000. Mid-America represented approximately $137,000 or 1.6% of the Company’s net income for 2004. Factors affecting net income in 2004 were a $3,332,000 increase in net interest income and a $741,000 decrease in provision for loan losses, offset somewhat by a $662,000 decrease in noninterest income, a $2,892,000 increase in noninterest expense and a $404,000 increase in provision for income taxes. Basic earnings per share were $4.24 and $4.23 for the years ended December 31, 2004 and 2003, respectively. Total assets at December 31, 2004 were $1,040,553,000 compared with $906,160,000 at December 31, 2003, an increase of $134,393,000 or 14.8%, primarily attributable to growth of the loan portfolio. Total loans, including loans held for sale, at December 31, 2004 were $772,089,000 compared with $642,556,000 at December 31, 2003, an increase of $129,533,000 or 20.2%. Total deposits at December 31, 2004 were $873,427,000 compared with $758,183,000 at December 31, 2003, an increase of $115,244,000 or 15.2%. Mid-America represented approximately $65,215,000 or 8.4% of the Company’s total loans, $64,248,000 or 7.4% of the Company’s total deposits and $81,246,000 or 7.8% of the Company’s assets as of December 31, 2004. Total stockholders’ equity at December 31, 2004 was $85,982,000 compared with $80,034,000 at December 31, 2003, an increase of $5,948,000 or 7.4%. Weighted average shares remained unchanged at 1,963,680 for the years ended December 31, 2004 and 2003, respectively. Book value per share at December 31, 2004 was $43.79 compared with $40.76 at December 31, 2003, an increase of $3.03 or 7.4%. The combination of regular quarterly dividends and a special one-time dividend resulted in total cash dividends paid to shareholders of $1,453,000 or $.74 per share for the year 2004 compared with $1,375,000 or $.70 per share for 2003. The loan portfolio reflects the ratio of non-performing loans to total loans declining, and the allowance for loan losses, as a percentage of total loans, increasing slightly as of December 31, 2004, compared with December 31, 2003. Nonperforming loans to loans decreased to .58% of loans as of December 31, 2004 from .81% of loans as of December 31, 2003. The allowance for loan losses as a percentage of total loans increased to .92% as of December 31, 2004 from .91% as of December 31, 2003. The provision for loan losses decreased $741,000 to $1,746,000 for 2004 from $2,487,000 for 2003. About Mercantile Bancorp, Inc. The Company’s Board of Directors declared April 8, 2005, as the record date for purposes of determining stockholders entitled to vote at the Company’s Annual Meeting of Stockholders, which will be held at 2 p.m. on Monday, May 23, 2005 at the offices of Mercantile Trust & Savings Bank, 440 Maine Street, Quincy, Illinois. Mercantile’s common stock is traded on the American Stock Exchange under the symbol MBR. This release contains information and “forward-looking statements” that relate to matters that are not historical facts and which are usually preceded by the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “except,” “target” and similar expressions. These forward-looking statements are subject to significant risks, assumptions and uncertainties. Because of these and other uncertainties, our actual results may be materially different from those described in these forward-looking statements. The 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. Questions regarding this information should be directed to Dan S. Dugan at (217) 223-7300, or by e-mail at investor.relations@mercbanx.com.
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