Mercantile Bank Q4 net income $21.8M, EPS $1.37; full-year EPS $3.85; dividend raised to $0.33

MERCANTILE BANK CORP

2022-FY EPS reported $3.85

Q4 2022 net income $21.8M ($1.37 diluted EPS) vs $11.6M ($0.74) a year ago; net interest margin expanded to 4.30% from 2.74%.
Full-year 2022 net income $61.1M ($3.85 diluted EPS) vs $59.0M ($3.69) in 2021; total revenue up 5.6% to $190M.
Loans grew $463M (13.4%) in 2022, led by commercial and residential mortgage growth; nonperforming assets remained low at 0.2% of assets.
Board declared Q1 2023 cash dividend of $0.33 per share, a 3% increase from the prior regular dividend of $0.32.
Provision for credit losses was $3.1M in Q4 vs negative $3.4M a year ago; capital ratios remain well-capitalized.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MERCANTILE BANK CORP reported financial results for the quarter and fiscal year ended December 31, 2022.

Period: the quarter and fiscal year ended December 31, 2022
Result: reported results

Exact text from the filing

On January 17, 2023, Mercantile Bank Corporation (the “Company”) issued a press release announcing earnings and other financial results for the quarter and fiscal year ended December 31, 2022.

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Source: SEC EDGAR

accession 0001437749-23-001102

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