Mercantile Bk Corp Stock Price, News & Analysis

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.

Kroll Bond Rating Agency (KBRA) has assigned ratings to Mercantile Bank Corporation (NASDAQ: MBWM), including a senior unsecured debt rating of BBB and subordinated debt rating of BBB-. The ratings reflect Mercantile's consistent earnings performance, averaging a core ROA of approximately 1.30% since 2018, bolstered by strong noninterest income, particularly from mortgage banking. Despite challenges, the company's asset quality remains above peer levels, with NPA and NCO ratios consistently low. The outlook for all long-term ratings is stable.

Mercantile Bank Corporation (NASDAQ: MBWM) reported a net income of $15.1 million ($0.95 per diluted share) for Q3 2021, a 40.8% increase from Q3 2020. For the first nine months, net income reached $47.4 million ($2.95 per diluted share), up 57.6% year-over-year. Key highlights include strong growth in core commercial loans, increased noninterest income of $15.6 million, and a healthy capital position. Total assets rose to $4.96 billion, with total deposits increasing 13.4% to $3.87 billion. Mercantile maintains strong asset quality amid economic challenges.

Mercantile Bank Corporation (NASDAQ: MBWM) declared a quarterly cash dividend of $0.30 per common share on October 14, 2021, payable on December 15, 2021. This dividend reflects the bank's ongoing commitment to providing returns to shareholders amidst the COVID-19 pandemic, as noted by CEO Robert B. Kaminski, Jr. Mercantile, with assets of approximately $4.9 billion and 43 branches, emphasizes its financial strength and diligence in cash management strategies.

Mercantile Bank Corporation (NASDAQ: MBWM) will host a conference call on October 19, 2021, at 10:00 a.m. ET to discuss its third quarter 2021 results. Participants can join by calling 1-844-868-8844 or accessing the live webcast at ir.mercbank.com. The bank, based in Grand Rapids, Michigan, manages approximately $4.8 billion in assets and operates 44 locations, offering comprehensive banking services.

Mercantile Bank Corporation (NASDAQ: MBWM) reported a strong second quarter of 2021, achieving net income of $18.1 million or $1.12 per diluted share, significantly up from $8.7 million or $0.54 per share year-over-year. Total revenue reached $45.4 million, a 9.3% increase, driven by robust mortgage banking income and fee income growth. Core commercial loans rose, contributing to a solid capital position with total assets of $4.76 billion. The bank announced a 3.4% increase in cash dividends for Q3 2021, reflecting confidence in continued growth despite challenges posed by the COVID-19 pandemic.