Mercantile Bk Corp Stock Price, News & Analysis

Mercantile Bank Corporation (NASDAQ: MBWM) reported a net income of $14.1 million ($0.87 per diluted share) for Q4 2020, up from $13.3 million ($0.81 per diluted share) YoY. For the full year, net income totaled $44.1 million ($2.71 per diluted share), down from $49.5 million ($3.01 per diluted share) in 2019. Key points include a 20% increase in total revenue to $46.2 million in Q4 and a strong capital position with total assets reaching $4.44 billion. The company also announced a 3.6% increase in its first quarter 2021 dividend to $0.29 per share.

Mercantile Bank Corporation (NASDAQ: MBWM) declared a quarterly cash dividend of $0.29 per share on January 14, 2021, payable on March 17, 2021. This represents a 4% increase from the $0.28 dividend in Q4 2020. CEO Robert B. Kaminski, Jr. highlighted the bank's strong financial position amid COVID-19 challenges, emphasizing their commitment to rewarding shareholders. The bank has assets of approximately $4.4 billion and operates 44 banking offices.

Mercantile Bank Corporation (NASDAQ: MBWM) will hold a conference call on January 19, 2021, at 10:00 a.m. Eastern Time to discuss its fourth quarter and full year 2020 results. Interested parties can join the call at 1-844-868-8844 or access the live webcast at ir.mercbank.com. Mercantile Bank, based in Grand Rapids, Michigan, operates 39 banking offices and manages assets of approximately $4.4 billion.

Mercantile Bank of Michigan has launched its first mortgage lending center in Cincinnati, marking a significant expansion beyond Michigan. This new office aims to strengthen its lending operations by offering a diverse range of mortgage products, including home purchases, refinancing, and new construction loans. The bank emphasizes its commitment to exceptional service and innovative loan options to enhance customer experience in the Cincinnati Tri-State Area. Mercantile Bank operates 39 offices and has approximately $4.4 billion in assets.

Lake Trust Credit Union has announced plans to purchase the Hastings branch of Mercantile Bank of Michigan for approximately $16 million in deposits. The acquisition, which includes a 4,300 square-foot branch, aims to enhance member experience and accessibility. The deal is expected to close in early 2021, with Lake Trust transitioning to the new location following renovations. Mercantile, based in Grand Rapids, operates 39 branches in Michigan with total assets around $4.4 billion. Lake Trust aims to serve its community better through this strategic acquisition.

Mercantile Bank Corporation (NASDAQ: MBWM) reported a net income of $10.7 million for Q3 2020, down from $12.6 million in Q3 2019. Year-to-date net income totaled $30.1 million, compared to $36.1 million in the same period last year. Total revenue rose to $42.8 million, an 11.8% increase, driven by a 99.3% surge in noninterest income, mostly from mortgage banking. However, net interest income fell to $29.5 million, a 6.6% decline. Total assets reached $4.42 billion, up 21.7% from the end of 2019. The company maintained a strong capital position with a 13.5% risk-based capital ratio.

On October 15, 2020, Mercantile Bank Corporation (NASDAQ: MBWM) declared a quarterly cash dividend of $0.28 per share, scheduled for payment on December 16, 2020. Shareholders of record as of December 4, 2020 will receive this dividend. Despite challenges from the COVID-19 pandemic, the bank's financial position remains robust. President Robert B. Kaminski, Jr. emphasized a commitment to evaluating future cash dividends to maintain adequate capital levels.

Mercantile Bank Corporation (NASDAQ: MBWM) will conduct a conference call on October 20, 2020, at 10:00 a.m. Eastern Time to discuss its third quarter 2020 results. Interested listeners can join by dialing 1-844-868-8844 (passcode: 10148325) or via live webcast at ir.mercbank.com. The bank, based in Grand Rapids, Michigan, manages approximately $4.3 billion in assets and operates 40 banking offices.

Mercantile Bank Corporation (NASDAQ: MBWM) announced the immediate appointments of David B. Ramaker, Michael S. Davenport, and Shoran Reid Williams to its Board of Directors. Ramaker, former CEO of Chemical Bank, brings extensive banking experience, having grown Chemical Financial Corporation's assets from $3 billion to $18 billion. Davenport, CEO of Jireh Metal Products, contributes over 13 years in banking, while Williams adds over 26 years in litigation experience. CEO Robert B. Kaminski, Jr. expressed confidence that their expertise will enhance the Board's effectiveness and support Mercantile's strategic goals.