Mercantile Bank Q4 GAAP EPS $0.74 vs $0.87; adjusted EPS +8%; FY net income $59M up 34%

MERCANTILE BANK CORP

2021-FY EPS reported $3.69

Q4 net income $11.6M ($0.74 diluted) vs $14.1M ($0.87); full year $59.0M ($3.69) vs $44.1M ($2.71).
Excluding foundation formation costs, adjusted diluted EPS increased 8% in Q4 and 43.5% for full year.
Core commercial loans grew $482M in 2021 (Q4 annualized rate ~27%); net loan recoveries of $1.7M.
Board declared Q1 2022 dividend $0.31/share (+3%); repurchased 683K shares for $21.4M in 2021.
Asset quality strong: nonperforming assets $2.5M (0.1% of assets); no other real estate owned.

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