Mercantile Bank (MBWM) Tops Q4 EPS by 5c

Mercantile Bank (NASDAQ: MBWM) reported Q4 EPS of $0.70, $0.05 better than the analyst estimate of $0.65.

Fourth quarter and full year highlights include:

• Strong earnings and capital position
• Solid growth in key fee income categories
• Controlled overhead costs
• Strong asset quality
• Net loan growth of $104 million, or nearly 4 percent, during the full year
• Sustained strength in commercial and residential mortgage loan pipelines
• Announced first quarter 2020 regular cash dividend of $0.28 per common share, an increase of 3.7 percent from the regular cash dividend paid during the fourth quarter of 2019

"We are very pleased to report another year of strong operating performance," said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile. "Our robust financial results during 2019 reflect continued growth in the loan portfolio, increases in certain noninterest income revenue streams, controlled overhead costs, and sound asset quality. Based on our strong capital position and healthy commercial loan and residential mortgage loan pipelines and prospects, we believe that the solid financial performance achieved during 2019 will continue in future periods."

For earnings history and earnings-related data on Mercantile Bank (MBWM) click here.

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