Mercantile Bank Q2 net income $20.4M, EPS $1.27, up from $0.74 YoY; net interest margin expands to 4.05%

MERCANTILE BANK CORP

2023-Q2 EPS reported $2.58

Net income $20.4M ($1.27 diluted EPS) up from $11.7M ($0.74) in Q2 2022; revenue $55.2M, +31% YoY.
Net interest margin expanded to 4.05% (Q2 2022: 2.88%); loan yield 6.19% vs 3.97% on variable-rate repricing.
Total loans grew annualized 6.9% in H1; commercial loans +$56.8M, residential +$78.2M YTD; NPAs $2.8M.
Capital well-capitalized; total risk-based capital ratio 13.7%; Board approved increased Q3 2023 cash dividend.

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 0.99

MERCANTILE BANK CORP reported second quarter of 2023 results: net income $20.4 million, EPS $1.27 per diluted share.

Period: second quarter of 2023
Net income: $20.4 million
EPS: $1.27 per diluted share
Result: reported results

Exact text from the filing

Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") reported net income of $20.4 million, or $1.27 per diluted share, for the second quarter of 2023, compared with net income of $11.7 million, or $0.74 per diluted share, for the respective prior-year period.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.99

MERCANTILE BANK CORP reported first six months of 2023 results: net income $41.3 million, EPS $2.58 per diluted share.

Period: first six months of 2023
Net income: $41.3 million
EPS: $2.58 per diluted share
Result: reported results

Exact text from the filing

Net income during the first six months of 2023 totaled $41.3 million, or $2.58 per diluted share, compared with net income of $23.2 million, or $1.47 per diluted share, during the first six months of 2022.

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MERCANTILE BANK CORP filing history →

Source: SEC EDGAR

accession 0001437749-23-020092

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