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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