Mercantile Bank Shares Rise on 4Q Revenue Growth, Dividend Bump

Dow Jones

2025/01/22

By Katherine Hamilton

Mercantile Bank shares rose Tuesday after the bank recorded revenue growth for its fourth quarter and initiated a higher quarterly dividend.

The stock advanced 3% to $45.61. It is up 11% over the past 12 months.

The Grand Rapids, Mich.-based bank said fourth-quarter profit was $19.6 million, or $1.22 a share, down from $20 million, or $1.25 a share, in the same period of 2023. Quarterly revenue rose about 2.8% to $58.5 million.

Mercantile's annual revenue rose about 2.6% in all of 2024 to $231 million, up from $226 million in 2023. Its annual profit fell to about $79.6 million, down from $82.2 million in 2023.

Local deposits grew more than 20% in 2024, which helped fund loan growth and reduce wholesale funding sources, Chief Executive Ray Reitsma said. This helped the bank in its effort to lower its loan-to-deposit ratio, which rose from 2021 to 2023 as deposits shrank following the Covid-19 pandemic.

Noninterest income for 2024 grew 26% year over year due to increases in income from mortgage banking, service charges and payroll services.

The company's board also said it would initiate a quarterly dividend of 37 cents, which would be an annual yield of about 3.3% based on Friday's closing price of $44.21. The dividend will be payable on March 19 to shareholders of record as of March 7. The new dividend is a 2.8% increase from the previous quarter.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

January 21, 2025 12:44 ET (17:44 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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It is up 11% over the past 12 months. \n</p>\n<p>\n  The Grand Rapids, Mich.-based bank said fourth-quarter profit was $19.6 million, or $1.22 a share, down from $20 million, or $1.25 a share, in the same period of 2023. Quarterly revenue rose about 2.8% to $58.5 million. \n</p>\n<p>\n  Mercantile's annual revenue rose about 2.6% in all of 2024 to $231 million, up from $226 million in 2023. Its annual profit fell to about $79.6 million, down from $82.2 million in 2023. \n</p>\n<p>\n  Local deposits grew more than 20% in 2024, which helped fund loan growth and reduce wholesale funding sources, Chief Executive Ray Reitsma said. 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It is up 11% over the past 12 months. \n</p>\n<p>\n  The Grand Rapids, Mich.-based bank said fourth-quarter profit was $19.6 million, or $1.22 a share, down from $20 million, or $1.25 a share, in the same period of 2023. Quarterly revenue rose about 2.8% to $58.5 million. \n</p>\n<p>\n  Mercantile's annual revenue rose about 2.6% in all of 2024 to $231 million, up from $226 million in 2023. Its annual profit fell to about $79.6 million, down from $82.2 million in 2023. \n</p>\n<p>\n  Local deposits grew more than 20% in 2024, which helped fund loan growth and reduce wholesale funding sources, Chief Executive Ray Reitsma said. This helped the bank in its effort to lower its loan-to-deposit ratio, which rose from 2021 to 2023 as deposits shrank following the Covid-19 pandemic. \n</p>\n<p>\n  Noninterest income for 2024 grew 26% year over year due to increases in income from mortgage banking, service charges and payroll services. \n</p>\n<p>\n  The company's board also said it would initiate a quarterly dividend of 37 cents, which would be an annual yield of about 3.3% based on Friday's closing price of $44.21. The dividend will be payable on March 19 to shareholders of record as of March 7. The new dividend is a 2.8% increase from the previous quarter. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Katherine Hamilton at katherine.hamilton@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  January 21, 2025 12:44 ET (17:44 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"MBWM","symbol_name":"莫肯特尔银行","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2505204744","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2505204744","pubTimestamp":1737481440,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Mercantile Bank shares rose Tuesday after the bank recorded revenue growth for its fourth quarter and initiated a higher quarterly dividend.The stock advanced 3% to $45.61. It is up 11% over the past 12 months.The Grand Rapids, Mich.-based bank said fourth-quarter profit was $19.6 million, or $1.22 a share, down from $20 million, or $1.25 a share, in the same period of 2023. Quarterly revenue rose about 2.8% to $58.5 million.Mercantile's annual revenue rose about 2.6% in all of 2024 to $231 million, up from $226 million in 2023. Its annual profit fell to about $79.6 million, down from $82.2 million in 2023.The company's board also said it would initiate a quarterly dividend of 37 cents, which would be an annual yield of about 3.3% based on Friday's closing price of $44.21. The dividend will be payable on March 19 to shareholders of record as of March 7. The new dividend is a 2.8% increase from the previous quarter.","collect":0,"end_time":0,"defaultTopTitle":"","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"MBWM":"莫肯特尔银行"},"translate_title":"商业银行股价因第四季度收入增长和股息增加而上涨","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MBWM":1},"content_text":"By Katherine Hamilton \n\n\n \n\n\n  Mercantile Bank shares rose Tuesday after the bank recorded revenue growth for its fourth quarter and initiated a higher quarterly dividend. \n\n\n  The stock advanced 3% to $45.61. It is up 11% over the past 12 months. \n\n\n  The Grand Rapids, Mich.-based bank said fourth-quarter profit was $19.6 million, or $1.22 a share, down from $20 million, or $1.25 a share, in the same period of 2023. Quarterly revenue rose about 2.8% to $58.5 million. \n\n\n  Mercantile's annual revenue rose about 2.6% in all of 2024 to $231 million, up from $226 million in 2023. Its annual profit fell to about $79.6 million, down from $82.2 million in 2023. \n\n\n  Local deposits grew more than 20% in 2024, which helped fund loan growth and reduce wholesale funding sources, Chief Executive Ray Reitsma said. This helped the bank in its effort to lower its loan-to-deposit ratio, which rose from 2021 to 2023 as deposits shrank following the Covid-19 pandemic. \n\n\n  Noninterest income for 2024 grew 26% year over year due to increases in income from mortgage banking, service charges and payroll services. \n\n\n  The company's board also said it would initiate a quarterly dividend of 37 cents, which would be an annual yield of about 3.3% based on Friday's closing price of $44.21. The dividend will be payable on March 19 to shareholders of record as of March 7. The new dividend is a 2.8% increase from the previous quarter. \n\n\n \n\n\n  Write to Katherine Hamilton at katherine.hamilton@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  January 21, 2025 12:44 ET (17:44 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}