Mercantile Bank Q3 2024 EPS $1.22; loans grow 10.3% annualized, deposits up 30%

MERCANTILE BANK CORP

2024-Q3 EPS reported $3.72

Net income of $19.6M ($1.22 diluted EPS) vs $20.9M ($1.30) in Q3 2023; net revenue $58.0M.
Net interest margin 3.52% (down from 3.98%); provision for credit losses reduced to $1.1M from $3.3M.
Total loans increased $115M annualized 10.3% led by commercial; local deposits rose $339M (33.7% annualized).
Loan-to-deposit ratio improved to 102% from 110% at Dec 2023; nonperforming assets remain low at 0.2% of assets.
Total assets $5.92B; capital well-capitalized with total risk-based capital ratio 13.9%.

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