- Mercantile Bank Corp. reports robust Q3 2023 results with significant net interest income increase and ongoing loan expansion. The bank maintains a strong capital position despite a potentially challenging economic landscape. Recent board changes potentially set a new strategic direction for Mercantile Bank Corp.
Mercantile Bank Corp 's (NASDAQ: MBWM) third-quarter results of 2023 were nothing short of impressive, underpinned by a notable increase in net income with substantial contributors being higher levels of mortgage banking income and interest rate swap income.
The bank posted net income of $20.9 million, a significant upturn from $16.0 million in the corresponding period the previous year. Cumulative net income for the first three quarters was $62.2 million, up from $39.3 million during the same timeframe in the previous year.
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