Business
Mercantile Bank Corporation Announces Strong Fourth Quarter and Full-Year 2022 Results
Substantial increase in net interest income, solid loan growth, and continuing strength in asset quality metrics highlight 2022 GRAND RAPIDS, Mich., Jan. 17,
About this update from Mercantile Bank Corporation
[{"type":"text","content":"Substantial increase in net interest income, solid loan growth, and continuing strength in asset quality metrics highlight 2022\nGRAND RAPIDS, Mich., Jan. 17, 2023 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) (\"Mercantile\") reported net income of $21.8 million, or $1.37 per diluted share, for the fourth quarter of 2022, compared with net income of $11.6 million, or $0.74 per diluted share, for the respective prior-year period. For the full-year 2022, Mercantile reported net income of $61.1 million, or $3.85 per diluted share, compared with net income of $59.0 million, or $3.69 per diluted share, for the full-year 2021.\n\"The momentum generated during the first nine months of 2022 was sustained in the fourth quarter, resulting in another year of outstanding operating results,\" said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile. \"Our robust financial results during 2022 reflect a significantly higher level of net interest income, strong growth in commercial loans and residential mortgage loans, increases in treasury management fee income revenue streams, disciplined overhead cost management, solid capital levels, and ongoing strength in asset quality metrics. The increased net interest income, in large part reflecting an improved net interest margin, more than offset a substantial decline in mortgage banking income. Our team's focus on meeting the banking needs of existing customers and cultivating new client relationships has been paramount to our financial success, and we look forward to continuing to serve as a trusted advisor and helping our customers navigate through the challenges associated with the current operating environment.\"\nFull-year highlights include:\nSignificant increase in net interest income depicting net interest margin expansion and loan growthNoteworthy increases in treasury management fee incomeStrong commercial loan and residential mortgage loan growthOngoing strength in commercial loan pipelineSustained low levels of nonperforming assets and loan charge-offsSolid capital positionAnnounced first quarter 2023 regular cash dividend of $0.33 per common share, an increase of over 3 percent from the regular cash dividend paid during the fourth quarter of 2022Operating Results\nTotal revenue, which consists of net interest income and noninterest income, was $58...