Mercantile Bank Q3 net income $20.9M ($1.30 diluted EPS) up 31% YoY; board adds two directors

MERCANTILE BANK CORP

2023-Q3 EPS reported $3.89

Net income $20.9M ($1.30 diluted EPS) vs $16.0M ($1.01) in Q3 2022; net interest income $49.0M, up 15.5%.
Total loans up $188M in first nine months of 2023 (annualized 6.4%); commercial loans +$87M, residential mortgage +$99.1M.
Nonperforming assets at $5.9M (0.11% of assets); one commercial loan relationship on nonaccrual drove increase.
Appointed Amy Sparks (Nuvar CEO, CPA) and Raymond Reitsma (COO) to Board effective Oct 12, 2023.
Capital strong: total risk-based capital ratio 13.9%; Bank well-capitalized with $189M excess over 10% threshold.

item 2.02 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Raymond Reitsma

Director

MBWM · MERCANTILE BANK CORP

Effective: 2023-10-12
Filed: October 17, 2023, 7:59 PM ET

On October 12, 2023, the Board of Directors of Mercantile (the "Board") increased its size from six to eight members and appointed Amy Sparks and Raymond Reitsma to fill the vacancies.

Appointed

Amy Sparks

Director

MBWM · MERCANTILE BANK CORP

Effective: 2023-10-12
Filed: October 17, 2023, 7:59 PM ET

On October 12, 2023, the Board of Directors of Mercantile (the "Board") increased its size from six to eight members and appointed Amy Sparks and Raymond Reitsma to fill the vacancies.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

MERCANTILE BANK CORP reported the quarter ended September 30, 2023 results: revenue $58.2 million, net income $20.9 million, or $1.30 per diluted share, EPS $1.30 per diluted share.

Period: the quarter ended September 30, 2023
Revenue: $58.2 million
Net income: $20.9 million, or $1.30 per diluted share
EPS: $1.30 per diluted share
Result: reported results

Exact text from the filing

assets, past due loans, and loan charge-offs ● Strong capital position Operating Results Total revenue, consisting of net interest income and noninterest income, was $58.2 million during the third quarter of 2023, up $8.6 million, or 17.2 percent, from $49.6 million during the prior-year third quarter. Net interest income during the third quarter of 2023

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Raymond Reitsma was appointed as Director at MERCANTILE BANK CORP.

Action: appointed
Role: Director

Exact text from the filing

On October 12, 2023, the Board of Directors of Mercantile (the "Board") increased its size from six to eight members and appointed Amy Sparks and Raymond Reitsma to fill the vacancies.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Amy Sparks was appointed as Director at MERCANTILE BANK CORP.

Action: appointed
Role: Director

Exact text from the filing

On October 12, 2023, the Board of Directors of Mercantile (the "Board") increased its size from six to eight members and appointed Amy Sparks and Raymond Reitsma to fill the vacancies.

View on SEC.gov

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Source: SEC EDGAR

accession 0001437749-23-028327

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