The company’s actual results could actually differ materially from any forward-looking statements made today, due to the important factors described in the company’s latest Securities and Exchange Commission Filings. The company assumes no obligation to update any forward looking statements made during the call. If anyone does not already have a copy of the press release issued by Mercantile today, you can access it at the company’s website www.mercbank.com. At this time I would like to turn the call over to Mercantile’s President and Chief Executive Officer. Mike Price. Mike?
Michael H. Price – President and Chief Executive Officer
Thank you Bob, good morning everyone, thank you for joining us to discuss our fourth quarter at full year 2014 results for Mercantile Bank Corporation. I’ll be followed by our CFO Charles E. Christmas who’ll provide details on our financial results, followed by COO Robert B. Kaminski Jr, who’ll read comments regarding group initiatives, merger emigration and essay quality. Hopefully, you’ve all had a chance to review the quarterly performance which was highlighted by return to solid logo, as well as through the progress, that our successful immigration of our first break operations. The fourth quarter results concluded a truly transformational year for our company. As part of our strong capital position, commitment to share will be returned; we also here announced a quarterly cash to the meta 14 times per share. Which was a two cent per share or 17 percent increase from last quarter’s dividend. Looking forward to 2015, we see opportunity to participate in the continuing economic recovery of Michigan as Michigan’s premiere community bank. Our business activity levels report the overall continued gains in employment in through the sixth financial which have been reported for Michigan, particularly the Grand Rapids Market.
Third quarter study of our regional economy found that employment in Michigan grew 5.3 %, but the end of nearly 2500 jobs. An increase in goods producing and government employment, the area of economic indicator was positives, suggesting job growth will continue to the top of the coming months. Letting note that the strength of positive, I will also point out that they are only modestly so. Mercantile growth in the fourth quarter improved from the third quarter, but remains below the gains we saw earlier in the year. We remained very competitive in the market at a rational and disciplined basis. As our emphasis, our relationship banking provides us with a competitive advantage that allows us to gain market share. Our expanded market area as the result of merger also provides us with new opportunities over the coming year. We look for continued low growth in the mid to upper single digits over the coming year. The overall environment continue pressure on the U curve will continue to affect this in several ways. Pressures are met at margins is fact for all banks and we’re no exception. Our outlook is that, for a steady margin over the coming year. Mercantile’s fortunate that our cost of funds to earning assets is reflecting the expected benefit of a merger with First Bank. This ratio stabilize the .44% for both the third and fourth quarters of 2014 ,significantly below Mercantile’s .84 % in 2013 and as a consequence. we’re getting the full earnings that we expected.
