Mercantile Bk Corp Stock Price, News & Analysis

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.

Mercantile Bank Corporation (NASDAQ: MBWM) reported Q2 2020 net income of $8.7 million ($0.54/share), down from $11.7 million ($0.71/share) in Q2 2019. Year-to-date, net income was $19.4 million ($1.19/share) versus $23.5 million ($1.43/share) in 2019. Revenue increased 11% to $41.6 million, despite a 1.8% drop in net interest income. Total assets rose 18.8% to $4.31 billion, with loans increasing by $476 million, largely from PPP loan originations. Mercantile maintained strong asset quality and capital ratios while temporarily ceasing stock repurchases to preserve capital amid COVID-19 uncertainties.

Mercantile Bank Corporation (NASDAQ: MBWM) announced a quarterly cash dividend of $0.28 per common share, payable on September 16, 2020. This decision reflects the bank's ongoing financial strength amid challenging circumstances, particularly due to the COVID-19 pandemic. Shareholders of record as of September 4, 2020 will receive the dividend. The bank emphasizes its commitment to capital management and will monitor future dividend payments to maintain adequate capital levels.

Mercantile Bank Corporation will host a conference call on July 21, 2020, at 10:00 a.m. ET to discuss its second quarter 2020 results. Dial-in access is available at 1-844-868-8844 with the passcode 10145860. The conference will also be streamed live on ir.mercbank.com, with an audio archive to follow. Mercantile Bank, based in Grand Rapids, Michigan, has approximately $4.3 billion in assets and operates 40 banking offices. Its stock trades on the NASDAQ under the symbol MBWM.