Mercantile Bank Q1 net income $11.5M ($0.73 EPS) down from $14.2M; core loans up 11% annualized

MERCANTILE BANK CORP

2022-Q1 EPS reported $0.73

Net income $11.5M ($0.73 diluted EPS) vs $14.2M ($0.87) in Q1 2021; revenue $40.2M vs $43.0M.
Net interest income rose 4.6% to $30.9M; net interest margin narrowed to 2.57% from 2.77%.
Core commercial loan growth annualized 11% (~$82M); total loans up $102M, offset by PPP decline.
Nonperforming assets remained low at $1.6M (<0.1% of assets); net loan recoveries $0.1M annualized.
Capital well-capitalized with total risk-based capital ratio 13.8% vs 13.6% year-end.

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