Mercantile Bank Q2 net income $11.7M ($0.74 EPS) down 35% YoY; loan growth and NIM expansion offset mortgage fee decline

MERCANTILE BANK CORP

2022-Q2 EPS reported $1.47

Net income $11.7M, EPS $0.74 vs $18.1M, $1.12 in Q2 2021; H1 net income $23.2M ($1.47) vs $32.3M ($2.00) YoY.
Net interest income $34.3M (+11.2% YoY); NIM 2.88% (up from 2.76% in Q2 2021 and 2.57% in Q1 2022).
Core commercial loan annualized growth 10.2% in Q2; residential mortgage loans increased $101M in Q2.
Nonperforming assets $1.8M, 0.04% of total assets; net loan recoveries of $0.3M in Q2.
Board declared increased Q3 2022 regular cash dividend; total risk-based capital ratio 13.4% (well-capitalized).

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