Mercantile Bank Corporation (MBWM) has announced a net income of $19.6 million, equivalent to $1.22 per share, for the third quarter of 2024. This marks a slight decline from the net income of $20.9 million, or $1.30 per share, recorded in the same quarter of 2023. According to a poll by Thomson Reuters involving five analysts, the anticipated earnings were $1.17 per share for this period, with these estimates generally excluding any special items.
The company's net revenue for the third quarter of 2024 stood at $58.0 million, which is marginally lower than the $58.2 million achieved in the previous year. Net interest income experienced a decrease of 1.4%, totaling $48.3 million. Analysts had, on average, projected revenue to reach $56.83 million.
On October 10, 2024, Mercantile Bank's Board approved a regular quarterly cash dividend of $0.36 per common share. This dividend is scheduled for distribution on December 18, 2024, to shareholders on record as of December 6, 2024. This payout reflects an increase of almost 6% compared to the cash dividend issued in the fourth quarter of 2023.
