Mercantile Bank Q4 net income $20.0M ($1.25 EPS); full-year EPS $5.13, up 33%

MERCANTILE BANK CORP

2023-FY EPS reported $5.13

Q4 2023 net income $20.0M ($1.25 diluted EPS) vs $21.8M ($1.37) in Q4 2022; full-year net income $82.2M ($5.13) vs $61.1M ($3.85).
Total revenue $226M in 2023, up 18.6% YoY; net interest margin 4.05% vs 3.32% in 2022.
Loans grew $387M (9.9%) in 2023; nonperforming assets remain low at $3.6M (0.1% of assets).
Board declared increased Q1 2024 cash dividend, up ~3% from Q4 2023 and ~6% from Q1 2023.

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 quarter and year ended December 31, 2023 results: net income $20.0 million, or $1.25 per diluted share, for the fourth quarter of 2023.

Period: the quarter and year ended December 31, 2023
Net income: $20.0 million, or $1.25 per diluted share, for the fourth quarter of 2023
Result: reported results

Exact text from the filing

Mercantile Bank Corporation Announces Strong Fourth Quarter and Full-Year 2023 Results

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MERCANTILE BANK CORP reported full-year 2023 results: revenue $226 million during 2023, net income $82.2 million, or $5.13 per diluted share, for the full-year 2023.

Period: full-year 2023
Revenue: $226 million during 2023
Net income: $82.2 million, or $5.13 per diluted share, for the full-year 2023
Result: reported results

Exact text from the filing

For the full-year 2023, Mercantile reported net income of $82.2 million, or $5.13 per diluted share, compared with net income of $61.1 million, or $3.85 per diluted share, for the full-year 2022.

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MERCANTILE BANK CORP filing history →

Source: SEC EDGAR

accession 0001437749-24-001324

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