Mercantile Bank Q1 net income $21.0M ($1.31 EPS) vs $11.5M ($0.73) YoY; NIM expands to 4.28%

MERCANTILE BANK CORP

2023-Q1 EPS reported $1.31

Net interest income rose 56.7% to $48.4M, driven by NIM expansion to 4.28% from 2.57%.
Total revenue $55.3M (+37.8% YoY); noninterest income down to $7.0M from $9.3M.
Total loans grew $48.9M (5.1% annualized); deposits declined $115M (3.1%) but remain stable.
Nonperforming assets remain low at $8.4M (0.2% of total assets); net loan recoveries negligible.
Regular cash dividend increased over 3% to $0.33 per share; total risk-based capital ratio 13.8%.

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 the first quarter of 2023 results: revenue $55.3 million, net income $21.0 million, EPS $1.31 per diluted share.

Period: the first quarter of 2023
Revenue: $55.3 million
Net income: $21.0 million
EPS: $1.31 per diluted share
Result: reported results

Exact text from the filing

percent from the regular cash dividend paid during the fourth quarter of 2022 Operating Results Total revenue, which consists of net interest income and noninterest income, was $55.3 million during the first quarter of 2023, up $15.2 million, or 37.8 percent, from $40.1 million during the prior-year first quarter. Net interest income during the first quarter of 2023

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Source: SEC EDGAR

accession 0001437749-23-010501

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