Mercantile Bank Q4 Results Miss View; Hikes Dividend - Quick Facts

(RTTNews) - Mercantile Bank Corp. (MBWM.OB, MBWM) reported fourth-quarter net income of $6.29 million, up from $5.16 million in the year-ago period. However, earnings per share declined to $0.37 from $0.59 last year on higher average shares outstanding.

The latest quarter's results include after-tax merger-related costs of $0.2 million or $0.01 per share, while the prior-year quarter's results included after-tax merger-related costs of $0.05 per share.

On average, four analysts polled by Thomson Reuters expected the company to earn $0.42 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue, which consists of net interest income and non-interest income, grew 99.5 percent from the prior-year period to $28.5 million. Analysts had a consensus revenue estimate of $29.39 million.

Net interest income increased to $25.17 million from $12.70 million in the prior-year period, while total non-interest income rose to $3.33 million from $1.59 million last year.

Mercantile Bank said that on January 15, 2015 its board of directors declared a regular quarterly cash dividend of $0.14 per common share, payable March 25, 2015 to holders of record as of March 13, 2015.

The $0.14 cash dividend represents an increase of about 17 percent from the $0.12 cash dividend paid during the year-ago quarter.