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

Dow Jones

Jan 22, 2025

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)

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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. 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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"}}}