Mercantile Bank reports Q4 EPS $1.25, consensus $1.24

Reports Q4 revenue $57M, consensus $56.11M. Reports Q4 CET1 capital ratio 10.99%. Reports Q4 tangible book value per share $29.31. Reports Q4 net charge-offs .01%. “We are very pleased to report another year of outstanding financial results,” said Robert Kaminski, Jr., president and CEO of Mercantile. “Our robust operating performance was driven by a substantial increase in net interest income, which was up approximately 22 percent in 2023 compared to 2022 mainly due to a higher net interest margin and solid commercial loan and residential mortgage loan growth. As demonstrated by the continuing growth in the loan portfolio and sustained strength in asset quality metrics, our lending team remains focused on meeting the credit needs of existing clients and developing relationships with new customers while adhering to sound underwriting practices. We believe our strong overall financial condition positions us to successfully meet challenges arising from changing operating environments.”