Mercantile Bank Q2 net income $18.8M ($1.17 EPS); dividend increased

MERCANTILE BANK CORP

2024-Q2 EPS reported $2.50

Net income $18.8M ($1.17 diluted EPS) vs $20.4M ($1.27) in Q2 2023; H1 net income $40.3M ($2.50) vs $41.3M ($2.58).
Net interest margin 3.63% (down from 4.05% YoY); net interest income $47.1M vs $47.6M.
Total loans grew $134M (6.3% annualized) and local deposits $261M (14.0% annualized) in H1 2024.
Nonperforming assets $9.1M (0.2% of assets) vs $3.6M at Dec 2023; net loan recoveries of $0.3M in Q2.
Board declared an increased regular quarterly cash dividend for Q3 (amount not disclosed).

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