Mercantile Bank Q1 net income $21.6M ($1.34 EPS); revenue up 5.2% YoY

MERCANTILE BANK CORP

2024-Q1 EPS reported $1.34

Net income of $21.6M ($1.34 diluted EPS) vs $21.0M ($1.31) in Q1 2023.
Total revenue $58.2M, up 5.2% YoY; net interest margin 3.74% (down from 4.28%).
Local deposits grew $102M (11% annualized) vs Q4 2023; total deposits $4.01B.
Nonperforming assets remain low at $6.2M (0.1% of total assets); net loan recoveries $0.4M.
Total risk-based capital ratio 13.8%; bank remains 'well-capitalized' with $196M above threshold.

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 the quarter ended March 31, 2024 results: revenue $58.2 million, net income $21.6 million, EPS $1.34 per diluted share.

Period: the quarter ended March 31, 2024
Revenue: $58.2 million
Net income: $21.6 million
EPS: $1.34 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 first quarter of 2024, up $2.9 million, or 5.2 percent, from $55.3 million during the prior-year first quarter. Net interest income during the first three months of

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Source: SEC EDGAR

accession 0001437749-24-012137

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