Mercantile Bank Q4 net income down to $19.6M ($1.22); full-year EPS $4.93, declares higher dividend

MERCANTILE BANK CORP

2024-FY EPS reported $4.93

Q4 2024 net income $19.6M ($1.22 diluted EPS) vs $20.0M ($1.25) in Q4 2023; full-year net income $79.6M ($4.93) vs $82.2M ($5.13).
Net interest margin fell to 3.41% in Q4 from 3.92% a year ago; cost of funds rose to 2.40% from 2.03%.
Total loans grew 6.9% in 2024, led by commercial loans up 8.5% ($292M); local deposits up $816M, cutting loan-to-deposit ratio to 98%.
Nonperforming assets remained low at $5.7M (0.1% of total assets); full-year net charge-offs $2.9M (0.07% of avg loans).
Board declared increased Q1 2025 regular cash dividend; total risk-based capital ratio 13.9%, well above 'well-capitalized' threshold.

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