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Mercantile Bank Corp. (MBWM)
NASDAQ:MBWM
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Earnings Data
Report Date
Jan 21, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$1.14Last Year’s EPS
$1.25Same Quarter Last Year
Moderate Buy
Based on 2 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 15, 2024
|% Change Since: 5.43%
|Next Earnings Date:Jan 21, 2025
Earnings Call Sentiment|Neutral
The earnings call highlighted strong local deposit growth and improvements in loan-to-deposit ratios, along with increased noninterest income and excellent asset quality. However, challenges such as declining net income, increased noninterest expenses, and net interest margin compression due to Federal Reserve rate cuts were also notable.Company Guidance
During the Mercantile Bank Corporation Q3 2024 earnings call, several key metrics were discussed regarding the bank's strategic focus and financial performance. The bank achieved a significant reduction in its loan-to-deposit ratio from 110% at the end of 2023 to 102% as of September 30, 2024, with an aim to decrease it further to the mid-90% range. This was driven by a $600 million increase in local deposits in the first three quarters of 2024, marking a 21% annualized growth rate. The bank also recorded a 49% increase in mortgage banking income and a 27% growth in total noninterest income in the first nine months of 2024 compared to the same period in 2023. Asset quality remained robust with nonperforming assets at $9.9 million, representing 17 basis points of total assets. Net income for Q3 2024 was $19.6 million, or $1.22 per diluted share, slightly down from $20.9 million, or $1.30 per diluted share, in the prior year period, primarily due to expected lower net interest income and increased noninterest expenses. The bank also noted a strategic emphasis on lowering the loan-to-deposit ratio through deposit growth initiatives, which would likely result in additional margin compression.Strong Local Deposit Growth
Local deposits increased by $600 million in the first 3 quarters of 2024, marking a 21% annualized growth rate. The third quarter alone saw a growth of $339 million.
Improvement in Loan-to-Deposit Ratio
The loan-to-deposit ratio improved to 102% as of September 30, 2024, from 110% at year-end 2023, with a goal to reach the mid-90% range.
Increase in Noninterest Income
Noninterest income grew 27% in the first 9 months of 2024 compared to the same period in 2023, driven by a 49% increase in mortgage banking income and a 46% increase in service charges.
Excellent Asset Quality
Nonperforming assets totaled $9.9 million, representing 17 basis points of total assets, with no commercial real estate in this category.
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MBWM Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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MBWM Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 15, 2024 | $43.09 | $44.27 | +2.74% |
| Jul 16, 2024 | $43.45 | $48.69 | +12.06% |
| Apr 16, 2024 | $34.59 | $33.30 | -3.73% |
| Jan 16, 2024 | $36.57 | $35.87 | -1.91% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Mercantile Bank Corp. (MBWM) report earnings?
Mercantile Bank Corp. (MBWM) is schdueled to report earning on Jan 21, 2025, TBA Not Confirmed.
What is Mercantile Bank Corp. (MBWM) earnings time?
Mercantile Bank Corp. (MBWM) earnings time is at Jan 21, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is MBWM EPS forecast?
MBWM EPS forecast for the fiscal quarter 2024 (Q4) is $1.14.
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