Mercantile Bank Q1 net income $19.5M ($1.21 EPS) down from $1.34 YoY; NII up 2.5%

MERCANTILE BANK CORP

2025-Q1 EPS reported $1.21

Net income $19.5M ($1.21 diluted EPS) vs $21.6M ($1.34) in Q1 2024.
Net interest income $48.6M (+2.5% YoY); net interest margin 3.47% vs 3.74%.
Noninterest income $8.7M (down from $10.9M); treasury management and mortgage banking fees rose, swap income fell.
Nonperforming assets $5.4M (0.1% of total assets); net loan recoveries $0.1M, annualized 0.01% of avg loans.
Total loans grew 3.2% annualized; deposits down $16.6M in Q1; loan-to-deposit ratio 99%.

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