Mercantile Bk Corp Stock Price, News & Analysis

Mercantile Bank Corporation (NASDAQ: MBWM) reported a net income of $11.5 million for Q1 2022, down from $14.2 million in Q1 2021. Key highlights included an annualized core commercial loan growth of approximately 11% and increased fee income from various segments, despite a decline in mortgage banking revenue due to market changes. Total revenue was $40.2 million, down from $43.0 million year-over-year. The bank maintained strong asset quality, with low nonperforming assets and a capital position that remains 'well-capitalized'.

Mercantile Bank Corporation (NASDAQ: MBWM) declared a regular quarterly cash dividend of $0.31 per share on April 14, 2022, with payment scheduled for June 15, 2022. This dividend results in an annual yield of approximately 3.6%. CEO Robert B. Kaminski, Jr. emphasized the bank's overall financial strength, which supports shareholder value through cash returns, while also committing to monitor the economic landscape to adjust future dividends if necessary.

Mercantile Bank Corporation (NASDAQ: MBWM) will hold a conference call on April 19, 2022, at 10:00 a.m. ET to discuss its first quarter 2022 results. Interested parties can join the call by dialing 1-844-868-8844 or via a live webcast at ir.mercbank.com. Mercantile Bank, based in Grand Rapids, Michigan, has assets of approximately $5.2 billion and operates 44 banking offices, focusing on high-quality banking services.

Mercantile Bank Corporation (NASDAQ: MBWM) reported a net income of $11.6 million ($0.74 per diluted share) for Q4 2021, down from $14.1 million ($0.87 per diluted share) in Q4 2020. Full-year 2021 net income rose to $59 million ($3.69 per diluted share) from $44.1 million ($2.71 per diluted share) in 2020. The decrease in Q4 was attributed to $3.2 million in costs related to The Mercantile Bank Foundation. Key highlights included growth in commercial and residential mortgages, increased fee income, and a cash dividend increase of over 3% for Q1 2022. Total assets reached $5.26 billion, up 18.5% YoY.

On January 13, 2022, Mercantile Bank Corporation (NASDAQ: MBWM) announced a $0.31 quarterly cash dividend per common share, payable on March 16, 2022. This represents a 3% increase from the previous $0.30 dividend paid in Q4 2021. The financial strength exhibited during the COVID-19 pandemic has enabled the bank to maintain its dividend program while achieving significant growth in its loan portfolio in 2021. Mercantile Bank holds approximately $5.2 billion in assets and operates 44 banking offices.

Mercantile Bank Corporation (NASDAQ: MBWM) announced a private placement of an additional $15 million in 3.25% fixed-to-floating subordinated notes due 2032, expanding on a prior $75 million offering from December 2021. The notes will maintain a fixed rate for the first five years, transitioning to a quarterly reset based on SOFR. The proceeds will strengthen the company's ability to support ongoing commercial loan growth. CEO Robert B. Kaminski Jr. expressed optimism about the robust loan pipeline heading into 2022.

Mercantile Bank Corporation (NASDAQ: MBWM) has announced the formation of The Mercantile Bank Foundation, a charitable entity to oversee its philanthropic activities. An initial capital contribution of $4.0 million will be recorded as a noninterest expense in Q4 2021. Over the past two years, the bank has donated $1.6 million to nonprofit organizations. The Foundation aims to provide a stable giving strategy throughout business cycles. Mercantile operates 44 banking offices and has approximately $4.9 billion in assets.

Mercantile Bank Corporation (NASDAQ: MBWM) will hold a conference call on January 18, 2022, at 10:00 a.m. ET to discuss its fourth quarter 2021 results. Interested parties can join by calling 1-844-868-8844 or by visiting ir.mercbank.com for a live webcast. The bank operates with approximately $4.9 billion in assets and has 43 banking offices in Michigan, prioritizing service quality and banking expertise.

Mercantile Bank Corporation (NASDAQ: MBWM) announced the successful pricing of $75 million in subordinated notes due 2031, bearing a 3.25% fixed rate for the first five years, transitioning to a floating rate thereafter. The net proceeds will support corporate purposes, bolstering their commercial loan growth. President Robert B. Kaminski Jr. expressed optimism about the company's loan pipeline into 2022. The placement was managed by Raymond James & Associates, with legal support from Dickinson Wright PLLC and Dinsmore & Shohl LLP.