Board declares $0.36 regular quarterly cash dividend on common stock, providing for a current annual yield of approximately 3.4 percent

GRAND RAPIDS, Mich., July 16, 2024 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ:MBWM) ("Mercantile") announced today that on July 11, 2024, its Board of Directors declared a regular quarterly cash dividend of $0.36 per common share, payable on September 18, 2024, to holders of record as of September 6, 2024. The $0.36 cash dividend represents increases of nearly 3 percent and 6 percent from the cash dividends paid during the second quarter of 2024 and third quarter of 2023, respectively.

"The Board of Directors' declaration of an increased third quarter cash dividend is a testament to our ongoing commitment to enhance shareholder value through worthwhile cash returns," said Ray Reitsma, President and Chief Executive Officer of Mercantile. "Our financial metrics have remained strong during the lengthy period of uncertain economic and operating conditions, which coupled with the realization of solid financial results in future periods as anticipated, should allow us to continue to reward shareholders with competitive dividend yields while maintaining sufficient capital levels to meet asset growth objectives."

About Mercantile Bank Corporation

Based in Grand Rapids, Michigan, Mercantile Bank Corporation is the bank holding company for Mercantile Bank. Mercantile provides financial products and services in a professional and personalized manner designed to make banking easier for businesses, individuals, and governmental units. Distinguished by exceptional service, a knowledgeable staff, and a commitment to the communities it serves, Mercantile is one of the largest Michigan-based banks with assets of approximately $5.6 billion. Mercantile Bank Corporation's common stock is listed on the NASDAQ Global Select Market under the symbol "MBWM." For more information about Mercantile, visit www.mercbank.com, and follow us on Facebook, Instagram, and X (formerly Twitter) @MercBank and LinkedIn @merc-bank.

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 or recession; significant declines in the value of commercial real estate; market volatility; demand for products and services; climate impacts; labor markets; the degree of competition by traditional and nontraditional financial services companies; changes in banking regulation or actions by bank regulators; changes in tax laws and other laws and regulations applicable to us; 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; the transition from LIBOR to SOFR; changes in the national and local economies; unstable political and economic environments; disease outbreaks, such as the COVID-19 pandemic or similar public health threats, and measures implemented to combat them; 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.

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SOURCE Mercantile Bank Corporation

Mercantile Bank Corporation Increases Regular Cash Dividend