Mercantile Bank Corporation Declares Regular Cash Dividend

Rhea-AI Summary

Mercantile Bank (NASDAQ: MBWM) has announced a regular quarterly cash dividend of $0.36 per common share, as declared by its Board of Directors on October 10, 2024. This dividend, payable on December 18, 2024, to shareholders of record as of December 6, 2024, represents a nearly 6 percent increase from the fourth quarter of 2023. The current dividend provides an annual yield of approximately 3.5 percent.

Ray Reitsma, President and CEO of Mercantile, stated that the company's strong financial performance during challenging economic conditions has enabled them to maintain their regular cash dividend program. He expressed confidence in the company's ability to continue rewarding shareholders with competitive dividend yields while supporting projected asset growth.

Positive

• Increased quarterly cash dividend by nearly 6% compared to Q4 2023
• Current annual dividend yield of approximately 3.5%
• Strong financial metrics despite challenging economic conditions
• Commitment to building shareholder value through cash returns
• Confidence in future operating results and ability to support asset growth

Negative

• None.

Board declares $0.36 regular quarterly cash dividend on common stock, providing for a current annual yield of approximately 3.5 percent 

GRAND RAPIDS, Mich., Oct. 15, 2024 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") announced today that on October 10, 2024, its Board of Directors declared a regular quarterly cash dividend of $0.36 per common share, payable on December 18, 2024, to holders of record as of December 6, 2024. The $0.36 cash dividend represents an increase of nearly 6 percent from the cash dividend paid during the fourth quarter of 2023.

"Our demonstrated strength in financial metrics during the protracted period of economic uncertainty and associated challenging operating conditions allowed us to continue our regular cash dividend program," said Ray Reitsma, President and Chief Executive Officer of Mercantile. "We remain committed to building shareholder value through meaningful cash returns and believe that our current financial standing, coupled with the attainment of solid operating results in future periods as expected, should enable us to continue to reward shareholders with competitive dividend yields while providing ample capital support for projected asset growth."

About Mercantile Bank Corporation

Based in Grand Rapids, Michigan, Mercantile Bank Corporation is the bank holding company for Mercantile Bank. Mercantile provides financial products and services in a professional and personalized manner designed to make banking easier for businesses, individuals, and governmental units. Distinguished by exceptional service, a knowledgeable staff, and a commitment to the communities it serves, Mercantile is one of the largest Michigan-based banks with assets of approximately $5.9 billion. Mercantile Bank Corporation's common stock is listed on the NASDAQ Global Select Market under the symbol "MBWM." For more information about Mercantile, visit www.mercbank.com, and follow us on Facebook, Instagram, X (formerly Twitter) @MercBank, and LinkedIn @merc-bank.

Forward-Looking Statements

This news release contains statements or information that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will," and similar references to future periods. Any such statements are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the results expressed in forward-looking statements. Factors that might cause such a difference include changes in interest rates and interest rate relationships; increasing rates of inflation and slower growth rates or recession; significant declines in the value of commercial real estate; market volatility; demand for products and services; climate impacts; labor markets; the degree of competition by traditional and nontraditional financial services companies; changes in banking regulation or actions by bank regulators; changes in tax laws and other laws and regulations applicable to us; changes in prices, levies, and assessments; the impact of technological advances; potential cyber-attacks, information security breaches and other criminal activities; litigation liabilities; governmental and regulatory policy changes; the outcomes of existing or future contingencies; trends in customer behavior as well as their ability to repay loans; changes in local real estate values; damage to our reputation resulting from adverse publicity, regulatory actions, litigation, operational failures, and the failure to meet client expectations and other facts; the transition from LIBOR to SOFR; changes in the national and local economies; unstable political and economic environments; disease outbreaks, such as the COVID-19 pandemic or similar public health threats, and measures implemented to combat them; and other factors, including those expressed as risk factors, disclosed from time to time in filings made by Mercantile with the Securities and Exchange Commission. Mercantile undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise. Investors are cautioned not to place undue reliance on any forward-looking statements contained herein.

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SOURCE Mercantile Bank Corporation

FAQ

What is the new quarterly dividend amount for Mercantile Bank (MBWM)?

Mercantile Bank (MBWM) has declared a regular quarterly cash dividend of $0.36 per common share.

When will Mercantile Bank (MBWM) pay its next dividend?

The next dividend will be paid on December 18, 2024, to shareholders of record as of December 6, 2024.

What is the current annual dividend yield for Mercantile Bank (MBWM)?

The current annual dividend yield for Mercantile Bank (MBWM) is approximately 3.5 percent.

How much has Mercantile Bank (MBWM) increased its dividend compared to Q4 2023?

Mercantile Bank (MBWM) has increased its quarterly cash dividend by nearly 6 percent compared to the fourth quarter of 2023.

What factors enabled Mercantile Bank (MBWM) to maintain its dividend program?

Mercantile Bank (MBWM) maintained its dividend program due to strong financial metrics during the period of economic uncertainty and challenging operating conditions.