Mercantile Bank (MBWM.OB) reported a decrease in profit for the fourth quarter compared to the previous year, yet surpassed Wall Street expectations.
The company achieved a net income of $19.63 million, translating to $1.22 per share. This is slightly lower than the $20.03 million, or $1.25 per share, recorded in the fourth quarter of the prior year.
According to analysts' consensus, as compiled by Thomson Reuters, expectations were set at $1.14 per share. It is important to note that these estimates typically do not account for special items.
Revenue for the quarter saw an increase of 2.8%, rising to $58.5 million from $56.9 million the previous year.
A summarized glance at Mercantile Bank's earnings under Generally Accepted Accounting Principles (GAAP):
- Earnings for Q4: $19.63 million, compared to $20.03 million last year.
- Earnings per Share (EPS) for Q4: $1.22, compared to $1.25 last year.
- Revenue for Q4: $58.5 million, compared to $56.9 million last year.
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