2023-04-18 05:03:26 ET
- Mercantile Bank press release ( NASDAQ: MBWM ): Q1 GAAP EPS of $1.31 beats by $0.15 .
- Revenue of $55.3M (+37.6% Y/Y) beats by $1.77M .
- The net interest margin was 4.28 percent in the first quarter of 2023, up from 2.57 percent in the prior-year first quarter.
- The yield on average earning assets was 5.35 percent during the first three months of 2023, an increase from 2.99 percent during the respective 2022 period.
- Mercantile recorded provisions for credit losses of $0.6 million and $0.1 million during the first quarters of 2023 and 2022, respectively.
- Total deposits, consisting entirely of local deposits, were $3.60 billion at March 31, 2023, representing a decline of $115 million, or 3.1 percent, from December 31, 2022
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Mercantile Bank GAAP EPS of $1.31 beats by $0.15, revenue of $55.3M beats by $1.77M