Mercantile Bank Corporation Increases Regular Cash Dividend

Rhea-AI Summary

On January 13, 2022, Mercantile Bank Corporation (NASDAQ: MBWM) announced a $0.31 quarterly cash dividend per common share, payable on March 16, 2022. This represents a 3% increase from the previous $0.30 dividend paid in Q4 2021. The financial strength exhibited during the COVID-19 pandemic has enabled the bank to maintain its dividend program while achieving significant growth in its loan portfolio in 2021. Mercantile Bank holds approximately $5.2 billion in assets and operates 44 banking offices.

Positive

• Increased cash dividend to $0.31 from $0.30, reflecting financial stability.
• Strong loan portfolio growth in 2021 amidst the pandemic.

Negative

• Ongoing evaluation of economic conditions may impact future dividend payments.

GRAND RAPIDS, Mich., Jan. 18, 2022 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") announced today that on January 13, 2022, its Board of Directors declared a regular quarterly cash dividend of $0.31 per common share, payable on March 16, 2022, to holders of record as of March 4, 2022.  The $0.31 cash dividend represents an increase of over 3 percent from the $0.30 regular cash dividend paid during the fourth quarter of 2021.

"We are very pleased that our strong financial standing prior to and during the ongoing COVID-19 pandemic has enabled us to continue our regular cash dividend program and provide shareholders with competitive dividend yields," said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile.  "In addition to allowing for the continued payment of cash dividends, our sustained financial strength provided ample support for the tremendous growth in our loan portfolio during 2021.  We will continue to diligently monitor the possible impacts of the pandemic and associated economic conditions on our financial position and evaluate and adjust future cash dividend payments as believed necessary to ensure our capital levels remain sufficient to meet capital management objectives."

About Mercantile Bank Corporation

Based in Grand Rapids, Michigan, Mercantile Bank Corporation is the bank holding company for Mercantile Bank of Michigan.  Mercantile provides banking services to businesses, individuals and governmental units, and differentiates itself on the basis of service quality and the expertise of its banking staff.  Mercantile has assets of approximately $5.2 billion and operates 44 banking offices.  Mercantile Bank Corporation's common stock is listed on the NASDAQ Global Select Market under the symbol "MBWM."

Forward-Looking Statements

This news release contains statements or information that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will," and similar references to future periods.  Any such statements are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the results expressed in forward-looking statements. Factors that might cause such a difference include changes in interest rates and interest rate relationships; increasing rates of inflation and slower growth rates; significant declines in the value of commercial real estate; market volatility; demand for products and services; the degree of competition by traditional and nontraditional financial services companies; changes in banking regulation or actions by bank regulators; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; potential cyber-attacks, information security breaches and other criminal activities; litigation liabilities; governmental and regulatory policy changes; the outcomes of existing or future contingencies; trends in customer behavior as well as their ability to repay loans; changes in local real estate values; damage to our reputation resulting from adverse publicity, regulatory actions, litigation, operational failures, and the failure to meet client expectations and other facts; changes in the method of determining Libor and the phase-out of Libor; changes in the national and local economies, including the ongoing disruption to financial market and other economic activity caused by the COVID-19 pandemic; and other factors, including those expressed as risk factors, disclosed from time to time in filings made by Mercantile with the Securities and Exchange Commission. Mercantile undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.  Investors are cautioned not to place undue reliance on any forward-looking statements contained herein.

FOR FURTHER INFORMATION:
AT MERCANTILE BANK CORPORATION:
Robert B. Kaminski, Jr.	Charles Christmas
President & CEO	Executive Vice President & CFO
616-726-1502	616-726-1202
rkaminski@mercbank.com	cchristmas@mercbank.com

 

View original content:https://www.prnewswire.com/news-releases/mercantile-bank-corporation-increases-regular-cash-dividend-301461421.html

SOURCE Mercantile Bank Corporation

FAQ

What is the dividend amount declared by Mercantile Bank Corporation?

Mercantile Bank Corporation declared a dividend of $0.31 per common share.

When will the dividend for MBWM be paid?

The dividend will be payable on March 16, 2022.

What was the previous dividend amount for Mercantile Bank Corporation?

The previous dividend amount was $0.30 per common share.

What factors may affect future dividends for MBWM?

Future dividends may be affected by economic conditions and the ongoing impacts of the COVID-19 pandemic.