Mercantile Bank Q3 2022 net income $16.0M ($1.01 EPS), up from $15.1M ($0.95) YoY; NIM expands to 3.56%

MERCANTILE BANK CORP

2022-Q3 EPS reported $2.48

Net income of $16.0M ($1.01 diluted EPS) vs $15.1M ($0.95) in Q3 2021.
Net interest income $42.4M, up 36% YoY; net interest margin 3.56% vs 2.71%.
Total revenue $49.6M vs $46.7M; noninterest income $7.3M (down from $15.6M) due to lower mortgage banking.
Loans grew $427M YTD; core commercial +$232M, residential mortgage +$233M.
Nonperforming assets $1.4M (<0.1% of total assets); no loan charge-offs in Q3.

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