Mercantile Bank reports Q3 EPS $1.30, consensus $1.16

Reports Q3 revenue $58.2M, consensus $53.31M. “We are very pleased with our third quarter financial results, especially when considering the challenging operating conditions and uncertain economic environment that we continued to face,” said Robert Kaminski, president and CEO of Mercantile. “Our strong operating results were propelled by enhanced net interest income, which was up nearly 16 percent in the third quarter of 2023 compared to the respective prior-year period primarily due to a higher net interest margin and growth in the commercial loan and residential mortgage loan portfolios. As evidenced by the ongoing loan portfolio expansion and strength in asset quality metrics, we remain committed to employing sound underwriting standards to meet the credit needs of our existing customers and foster loan relationships with new clients. We believe our strong capital position will allow us to endure any issues stemming from shifting economic conditions.”