Mercantile Bank Corporation (MBWM) reported net income of $19.6 million, or $1.22 per share, for the third quarter of 2024, compared with net income of $20.9 million, or $1.30 per share, for the third quarter of 2023. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $1.17, for the quarter. Analysts' estimates typically exclude special items.
Net revenue was $58.0 million during the third quarter of 2024, compared to $58.2 million, last year. Net interest income was $48.3 million, down 1.4%. Analysts on average had estimated $56.83 million in revenue.
On October 10, 2024, the company's Board declared a regular quarterly cash dividend of $0.36 per common share, payable on December 18, 2024, to holders of record as of December 6, 2024. The dividend represents an increase of nearly 6 percent from the cash dividend paid during the fourth quarter of 2023.
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May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.