Mercantile Bank Corporation (MBWM)

Mercantile Bank Corporation Declares Regular Cash DividendApril 21, 2026 5:00 AM
PR Newswire (US)

Board of Directors declares $0.39 regular quarterly cash dividend on common stock,
resulting in a current annual yield of approximately 2.9% percent GRAND RAPIDS, Mich., April 21, 2026 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") announced today that on April 16, 2026, its Board of Directors declared a regular quarterly cash dividend of $0.39 per common share, payable on June 17, 2026, to holders of record as of June 5, 2026. The $0.39 cash dividend is 5.4 percent higher than the cash dividend paid during the second quarter of 2025.







"Our sustained strength in financial performance metrics during the first quarter of 2026 empowered us to continue our regular cash dividend program and once again provide shareholders with worthwhile cash returns on their investments," said Ray Reitsma, President and Chief Executive Officer of Mercantile. "Although macro-economic conditions remain uncertain and geopolitical issues have intensified, we believe our solid balance sheet composition and asset quality measures, together with the realization of robust operating results in forthcoming periods as expected, will allow us to continue to build shareholder value while providing ample capital support to meet asset growth objectives."About Mercantile Bank CorporationBased in Grand Rapids, Michigan, Mercantile Bank Corporation is the bank holding company for Mercantile Bank and Eastern Michigan Bank. Mercantile Bank and Eastern Michigan Bank provide 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, knowledgeable staff, and commitment to the communities they serve, Mercantile Bank and Eastern Michigan Bank together comprise one of the largest Michigan-based banking organizations with total combined assets of $6.9 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, X (formerly Twitter) @MercBank, and LinkedIn @merc-bank.Forward-Looking StatementsThis 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 difficulties and delays in the integration of Mercantile Bank and Eastern Michigan Bank and achieving anticipated synergies, cost savings and other benefits from the transaction; 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; 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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Original: Mercantile Bank Corporation Declares Regular Cash Dividend

Mercantile Bank Corporation Announces Solid First Quarter 2026 ResultsApril 21, 2026 5:05 AM
PR Newswire (US)

Growth in net interest income and key fee income categories with ongoing strength in asset quality measures and capital levels highlight the quarterGRAND RAPIDS, Mich., April 21, 2026 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") reported net income of $22.7 million, or $1.32 per diluted share, for the first quarter of 2026, compared with net income of $19.5 million, or $1.21 per diluted share, for the respective prior-year period. 







Excluding after-tax one-time costs associated with the year-end 2025 acquisition of Eastern Michigan Financial Corporation and previously announced core and digital banking system conversion (a non-GAAP measurement), net income improved to $25.2 million, or $1.46 per diluted share, for the first quarter of 2026.  Earnings per diluted share increased $0.25, or approximately 21 percent, in the first quarter of 2026 compared to the first quarter of 2025 using this non-GAAP basis."Our financial performance remained strong during the first quarter of 2026, further demonstrating our ability to effectively administer the prolonged period of global economic uncertainty and increasing geopolitical tensions," said Ray Reitsma, President and Chief Executive Officer of Mercantile.  "The solid operating results reflected increased net interest income, an improved net interest margin, strong growth in treasury management fees, interest rate swap income, mortgage banking income, and payroll services fees, a negative provision for credit losses, robust local deposit growth, and sustained strength in asset quality and capital measures.  The strong net growth in local deposits, which occurred despite the typical level of seasonal deposit withdrawals, provided for a further reduction in our loan-to-deposit ratio.  The first quarter of 2026 represented the initial period of financial performance that included Eastern Michigan Bank's operating results."First quarter highlights include:Return on average assets of 1.4 percent and return on average equity of 12.5 percent, and 1.5 percent and 14.0 percent, respectively, on a non-GAAP basisTangible book value per common share of $37.34 as of March 31, 2026, up $0.56, or approximately 2 percent, since December 31, 2025, and $2.92, or over 8 percent, since March 31, 2025Net revenue expansion of over 18 percent compared to the prior-year first quarter, including net interest income growth of over 15 percentIncreased net interest margin primarily reflecting lower cost of funds and continued repricing of matured fixed rate loans and securitiesNotable increases in treasury management fees, mortgage banking income, and payroll services fees of approximately 26 percent, 12 percent, and 5 percent, respectivelyDecline in effective tax rate from approximately 19 percent during the first quarter of 2025 to 17 percent during the first quarter of 2026 largely due to an increase in aggregate tax benefits derived from the acquisition of transferable energy tax credits and net benefits from low-income housing and historical tax credit investmentsContinued strength in commercial loan pipelineSustained low levels of nonperforming assets, past due loans, and loan charge-offsNotable reduction in loan-to-deposit ratio from approximately 99 percent as of March 31, 2025, and 91 percent as of December 31, 2025, to approximately 89 percent as of March 31, 2026, mainly reflecting robust local deposit growthStrong tangible and regulatory capital positionsOperating ResultsNet revenue, consisting of net interest income and noninterest income, was $67.6 million during the first quarter of 2026, up $10.3 million, or 18.1 percent, from $57.3 million during the prior-year first quarter.  Net interest income during the first three months of 2026 was $55.9 million, up $7.4 million, or 15.1 percent, from $48.5 million during the respective 2025 period primarily due to growth in earning assets and a slightly higher net interest margin.  Eastern Michigan Bank's net interest income totaled $5.9 million during the first quarter of 2026.  Noninterest income totaled $11.7 million during the current-year first quarter, up $3.0 million, or 34.3 percent, from $8.7 million during the first quarter of 2025.   The increase in noninterest income mainly reflected higher levels of treasury management fees, interest rate swap income, and mortgage banking income.  Eastern Michigan Bank generated $0.5 million in noninterest income during the first three months of 2026, largely reflecting treasury management fees.The net interest margin was 3.55 percent in the first quarter of 2026, up from 3.47 percent in the prior-year first quarter.  The yield on average earning assets was 5.42 percent during the first three months of 2026, a decrease from 5.73 percent during the respective 2025 period.  The lower yield mainly stemmed from a reduced yield on loans and a change in earning asset mix, which more than offset an improved yield on securities resulting from the reinvestment of relatively low-yielding bonds and portfolio expansion activities, along with the positive impact resulting from the addition of Eastern Michigan Bank's securities portfolio.   The yield on loans was 6.04 percent during the first quarter of 2026, down from 6.28 percent during the first quarter of 2025, primarily due to reduced interest rates on variable-rate commercial loans resulting from the Federal Open Market Committee ("FOMC") lowering the targeted federal funds rate.  The FOMC decreased the targeted federal funds rate by 25 basis points in each of September, October, and December of 2025, during which time average variable-rate commercial loans represented approximately 77 percent of average total commercial loans.  Denoting the success of a strategic initiative to lower the loan-to-deposit ratio and increase on-balance sheet liquidity and reflecting the impact of Eastern Michigan Bank's liquid balance sheet, higher-yielding loans represented a decreased percentage of earning assets and lower-yielding securities accounted for an increased percentage of earning assets in the first quarter of 2026 compared to the first quarter of 2025. The yield on securities equaled 3.27 percent during the first quarter of 2026, up from 2.73 percent during the prior-year first quarter.  The yield on other interest-earning assets, largely consisting of funds on deposit with the Federal Reserve Bank of Chicago, declined from 4.80 percent during the first three months of 2025 to 4.00 percent during the respective 2026 period, reflecting the decreased interest rate environment.During the first quarter of 2026, the cost of funds was 1.87 percent, down from 2.26 percent during the first quarter of 2025, mainly due to lower rates paid on money market accounts and time deposits, reflecting the decreased interest rate environment.  An increase in low-cost deposit products as a percentage of total funding sources, primarily stemming from the onboarding of Eastern Michigan Bank's deposit base, also contributed to the reduced cost of funds.Mercantile recorded a negative provision for credit losses of $1.8 million during the first quarter of 2026, compared to a positive provision for credit losses of $2.1 million during the first quarter of 2025.  The negative provision expense recorded during the current-year first quarter mainly reflected improvements to the economic forecast, changes in loan mix, decreases to the residential mortgage loan portfolio, and a decline in specific allocations, which reduced the calculated allowance for credit losses by $0.6 million, $0.4 million, $0.2 million, and $0.2 million, respectively.Noninterest income totaled $11.7 million during the first quarter of 2026, up $3.0 million, or 34.3 percent, from $8.7 million during the prior-year first quarter.  The increase mainly reflected higher levels of treasury management fees, interest rate swap income, mortgage banking income, bank owned life insurance income, and payroll services fees.  The increases in treasury management and payroll services fees primarily resulted from new commercial client acquisitions and effective marketing endeavors leading to customers' amplified use of products and services, as well as a modified fee schedule.  The growth in interest rate swap income mainly reflected a higher volume of new swap transactions, while the increase in mortgage banking income largely resulted from higher production and an increased percentage of loans originated with the intent to sell.  Noninterest income during the first three months of 2026 included $0.4 million in interest from the Internal Revenue Service on federal income tax payments made during 2024 that were subsequently refunded due to offsetting purchased energy tax credits. Noninterest expense totaled $42.1 million during the first quarter of 2026, compared to $31.1 million during the first quarter of 2025.  Excluding one-time costs aggregating $2.9 million related to the core and digital banking system conversion and $0.3 million associated with the acquisition of Eastern Michigan Financial Corporation, noninterest expense increased $7.8 million, or 25.0 percent, during the first three months of 2026 compared to the respective 2025 period.  The increase in noninterest expense mainly resulted from higher salary and benefit costs.  A $1.2 million increase in allocations to the reserve for unfunded loan commitments, largely reflecting a significantly higher level of commercial loan commitments that have been accepted by customers, also contributed to the increase in noninterest expense.  The remaining increase in noninterest expense largely reflects cost inflation and the increased cost of a larger balance sheet and branch network.  Eastern Michigan Bank's noninterest expense totaled $4.0 million during the first three months of 2026, including salary and benefit costs of $1.7 million, core deposit intangible asset amortization of $0.9 million, and data processing costs of $0.4 million.Federal income tax expense was $4.6 million during the first quarter of 2026, compared to $4.5 million during the respective 2025 period.  The $0.1 million increase in federal income tax expense primarily resulted from a higher level of income before federal income tax.  The acquisition of transferable energy tax credits and the net benefits from low-income housing and historic tax credit investments provided for aggregate tax benefits of $0.8 million and $0.3 million during the first three months of 2026 and 2025, respectively.  The recording of the tax benefits positively impacted Mercantile's effective tax rate, which equaled 16.9 percent during the first quarter of 2026, down from 18.8 percent during the prior-year first quarter.  Mr. Reitsma commented, "The notable increase in net interest income during the first quarter of 2026 reflected solid earning asset growth and a lower cost of funds.  Our net interest margin, which remained healthy during the quarter, has been relatively steady over the past seven quarters despite a declining interest rate environment, reflecting the success of interest rate risk mitigation strategies employed to achieve an interest rate agnostic position.  We are very pleased with the higher levels of treasury management fees, interest rate swap income, mortgage banking income, and payroll services fees, and will continue our efforts to expand existing customers' relationships and gain new client relationships to enhance noninterest income revenue streams.   Growing our balance sheet in a cost-conscious manner while continuing to provide our customers with outstanding service and market-leading products and services to meet their needs remain important strategic objectives.  Excluding costs related to the core and digital banking system conversion and acquisition of Eastern Michigan Financial Corporation, overhead costs as a percentage of net revenue during the first quarter of 2026 increased only slightly compared to the first quarter of 2025."Balance SheetTotal assets were $6.95 billion as of March 31, 2026, up $110 million from December 31, 2025.  Total loans decreased $5.2 million, or 0.1 percent, during the first quarter of 2026, reflecting a net decline in residential mortgage loans, which more than offset net growth in both commercial loans and other consumer loans.  Commercial loans grew $16.7 million, or an annualized 1.7 percent, during the first three months of 2026, despite the full payoffs and partial paydowns of certain larger relationships, which aggregated $180 million during the period and were significantly higher than the historical average of approximately $50 million per quarter.  The payoffs and paydowns mainly stemmed from sales of assets, secondary market refinancings, and customers using excess cash flows generated within their operations to make line of credit reductions.  Payoffs and paydowns during 2025 were also well above historical levels, totaling approximately $363 million and averaging about $91 million per quarter.  Commercial loan originations, consisting of loans to new clients and expansions of existing credit relationships, remained solid across all segments during the first quarter of 2026.  During the first three months of 2026, residential mortgage loans were down $22.6 million, while other consumer loans increased $0.7 million.  Interest-earning deposits and securities available for sale were up $112 million and $23.2 million, respectively, during the first quarter of 2026. As of March 31, 2026, unfunded commitments on commercial construction and development loans, which are expected to be funded over the next 12 to 18 months, and residential construction loans, which are expected to be largely funded over the next 12 months, totaled $240 million and $32 million, respectively.Commercial and industrial loans and owner-occupied commercial real estate loans together represented approximately 57 percent of total commercial loans as of March 31, 2026, a level that has remained relatively consistent with prior periods and in line with our expectations.Total deposits equaled $5.42 billion as of March 31, 2026, compared to $5.28 billion as of December 31, 2025.  Local deposits grew $185 million, or an annualized 14.6 percent, during the first quarter of 2026, while brokered deposits decreased $50.4 million.  The increase in local deposits, which occurred despite the customary level of seasonal noninterest-bearing deposit withdrawals by customers to make bonus and tax payments and partnership distributions, reflected successful customer acquisition efforts and net growth in various existing deposit relationships.  The loan-to-deposit ratio equaled 89 percent as of March 31, 2026, down from 91 percent as of year-end 2025 and 99 percent as of March 31, 2025, largely reflecting increases in local deposits.  As of March 31, 2026, wholesale funds were $395 million, or approximately 7 percent of total funds, compared to about 8 percent and 10 percent as of December 31, 2025, and March 31, 2025, respectively.  Noninterest-bearing checking accounts represented approximately 25 percent of total deposits as of March 31, 2026.Mr. Reitsma noted, "The commercial loan portfolio expanded during the first quarter of 2026 despite elevated levels of payoffs and line of credit paydowns, reflecting sustained strength in loan originations.  We expect payoffs and paydowns to revert to historical levels during the remainder of 2026.  Based on our current pipeline and continuing discussions with existing and prospective borrowers, we believe plentiful opportunities to book commercial loans will exist in future periods.  We are pleased with the notable growth in local deposits and the associated decline in our loan-to-deposit ratio during the current-year first quarter, and we will continue our efforts to fund loan originations and investment purchases through local deposit expansion."Asset QualityNonperforming assets totaled $7.5 million, or 0.1 percent of total assets, as of March 31, 2026, compared to $7.9 million, or 0.1 percent of total assets, as of December 31, 2025, and $5.4 million, or less than 0.1 percent of total assets, as of March 31, 2025.  The level of past due loans remains minimal.  During the first quarter of 2026, loan charge-offs were nominal, while recoveries of prior period loan charge-offs equaled $0.4 million, providing for net loan recoveries of $0.3 million, or an annualized 0.03 percent of average total loans.Mr. Reitsma remarked, "Our asset quality measures remained strong during the first quarter of 2026 as evidenced by ongoing low levels of nonperforming assets, past due loans, and loan charge-offs.  We remain focused on underwriting loans across all portfolio segments in a sound and disciplined manner and detecting any weakening credit relationships and evolving systemic or sector-specific credit issues as soon as possible to minimize the impact of such on our overall financial position.  Our borrowers have continued to operate effectively during the prolonged and continuing period of uncertain macro-economic conditions and heightened geopolitical concerns."Capital Position Shareholders' equity totaled $737 million as of March 31, 2026, up $12.1 million from December 31, 2025.  Mercantile Bank and Eastern Michigan Bank maintained "well-capitalized" positions as of March 31, 2026, with total risk-based capital ratios of 13.8 percent and 21.5 percent, respectively.  As of March 31, 2026, Mercantile Bank and Eastern Michigan Bank had approximately $215 million and $29.6 million, respectively, in excess of the 10 percent minimum regulatory threshold required to be categorized as a "well-capitalized" institution.Mercantile reported 17,274,356 total shares outstanding as of March 31, 2026.Mr. Reitsma concluded, "Our sustained financial strength allowed us to continue our regular cash dividend program and once again provide shareholders with meaningful cash returns on their investments.  We believe we are well positioned to effectively address any issues emerging from the ongoing uncertainty surrounding macro-economic and operating conditions as a result of continuing strength in our operating results, asset quality metrics, and capital measures, along with the attainment of solid financial performance in future periods as anticipated.  Our unwavering commitment to meet clients' needs has proven to be successful in retaining existing and securing new relationships, and we believe the continuation of these efforts will afford us with plentiful opportunities to originate loans and generate local deposits in future periods." Investor PresentationMercantile has prepared presentation materials that management intends to use during its previously announced first quarter 2026 conference call on Tuesday, April 21, 2026, at 10:00 a.m. Eastern Time, and from time to time thereafter in presentations about the company's operations and performance.  These materials, which are available for viewing in the Investor Relations section of Mercantile's website at www.mercbank.com, have been furnished to the U.S. Securities and Exchange Commission concurrently with this press release.About Mercantile Bank CorporationBased in Grand Rapids, Michigan, Mercantile Bank Corporation is the bank holding company for Mercantile Bank and Eastern Michigan Bank.  Mercantile Bank and Eastern Michigan Bank provide 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, knowledgeable staff, and a commitment to the communities they serve, Mercantile Bank and Eastern Michigan Bank together comprise one of the largest Michigan-based banking organizations with total combined assets of approximately $6.9 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, X (formerly Twitter) @MercBank, and LinkedIn @merc-bank.Reconciliation of U.S. GAAP to Non-GAAP Financial MeasuresThis news release contains certain non-GAAP financial measures, including adjusted net income and adjusted diluted earnings per share, each of which excludes after-tax costs associated with (i) Mercantile's acquisition of Eastern Michigan Financial Corporation that was completed during the fourth quarter of 2025 ($0.2 million), and (ii) the previously announced core and digital bank system conversion ($2.3 million).  These non-GAAP financial measures are identified in this news release where they appear.  We believe that presenting these non-GAAP financial measures provides investors, analysts, and other interested parties with meaningful supplementary information to assess Mercantile's underlying operational performance by removing the effect of costs we consider to be non-recurring in nature and not reflective of Mercantile's core operating results.  These non-GAAP financial measures are used by management to evaluate Mercantile's ongoing operations, for internal planning and forecasting purposes, and to assess period-over-period comparability.  Management believes it is useful for the reader to review these non-GAAP adjusted measures alongside the GAAP measures.  Our definition of these adjusted financial measures may differ from similarly named measures used by others.  These non-GAAP measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for our GAAP measures.  Our net income and diluted earnings per share are presented on a GAAP-basis in the first paragraph of this release.Forward-Looking StatementsThis 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 difficulties and delays in the integration of Mercantile Bank and Eastern Michigan Bank and achieving anticipated synergies, cost savings and other benefits from the transaction; 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; 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.MERCANTILE BANK CORPORATIONCONSOLIDATED BALANCE SHEETS(Unaudited)








MARCH 31,
DECEMBER 31,
MARCH 31,

2026
2025
2025






ASSETS





   Cash and due from banks$48,431,000$54,755,000$70,320,000   Interest-earning deposits and Federal Funds sold
530,873,000
418,569,000
315,140,000      Total cash and cash equivalents
579,304,000
473,324,000
385,460,000






   Securities available for sale
1,125,433,000
1,102,230,000
787,583,000   Mortgage loans held for sale
21,748,000
17,160,000
15,192,000






   Loans
4,816,693,000
4,821,888,000
4,636,549,000   Allowance for credit losses
(56,736,000)
(58,191,000)
(56,666,000)      Loans, net
4,759,957,000
4,763,697,000
4,579,883,000






   Premises and equipment, net
61,861,000
62,468,000
53,693,000   Bank owned life insurance
105,862,000
105,342,000
94,417,000   Goodwill
73,689,000
72,656,000
49,473,000   Core deposit intangible asset, net
18,173,000
20,388,000
0   Other assets
199,008,000
217,954,000
175,499,000






      Total assets$6,945,035,000$6,835,219,000$6,141,200,000













LIABILITIES AND SHAREHOLDERS' EQUITY





   Deposits:





      Noninterest-bearing$1,331,947,000$1,339,666,000$1,173,499,000      Interest-bearing
4,087,571,000
3,944,786,000
3,508,286,000         Total deposits
5,419,518,000
5,284,452,000
4,681,785,000






   Securities sold under agreements to repurchase
219,513,000
232,291,000
242,102,000   Federal Home Loan Bank advances
315,322,000
326,221,000
366,221,000   Subordinated debentures
51,186,000
51,015,000
50,501,000   Subordinated notes
89,743,000
89,657,000
89,400,000   Term note
27,500,000
30,000,000
0   Accrued interest and other liabilities
85,306,000
96,699,000
102,845,000         Total liabilities
6,208,088,000
6,110,335,000
5,532,854,000






SHAREHOLDERS' EQUITY





   Common stock
350,645,000
349,431,000
300,732,000   Retained earnings
415,499,000
399,448,000
348,281,000   Accumulated other comprehensive income/(loss)
(29,197,000)
(23,995,000)
(40,667,000)      Total shareholders' equity
736,947,000
724,884,000
608,346,000






      Total liabilities and shareholders' equity$6,945,035,000$6,835,219,000$6,141,200,000
MERCANTILE BANK CORPORATIONCONSOLIDATED REPORTS OF INCOME(Unaudited)









THREE MONTHS ENDED
THREE MONTHS ENDED

March 31, 2026
March 31, 2025







INTEREST INCOME






   Loans, including fees
$71,897,000

$71,730,000   Investment securities

8,849,000


4,957,000   Other interest-earning assets

4,680,000


3,651,000      Total interest income

85,426,000


80,338,000







INTEREST EXPENSE






   Deposits

23,247,000


25,192,000   Short-term borrowings

1,479,000


1,763,000   Federal Home Loan Bank advances

2,556,000


2,898,000   Other borrowed money

2,243,000


1,937,000      Total interest expense

29,525,000


31,790,000







      Net interest income

55,901,000


48,548,000







Provision for credit losses

(1,800,000)


2,100,000







      Net interest income after






         provision for credit losses

57,701,000


46,448,000







NONINTEREST INCOME






   Service charges on accounts

2,484,000


1,839,000   Mortgage banking income

2,980,000


2,651,000   Credit and debit card income

2,588,000


2,201,000   Interest rate swap income

663,000


80,000   Payroll services

1,094,000


1,040,000   Earnings on bank owned life insurance

665,000


543,000   Other income

1,214,000


348,000      Total noninterest income

11,688,000


8,702,000







NONINTEREST EXPENSE






   Salaries and benefits

23,679,000


19,557,000   Occupancy

2,416,000


2,118,000   Furniture and equipment

962,000


787,000   Data processing costs

4,430,000


3,770,000   Core conversion costs

2,915,000


0   Acquisition costs

300,000


0   Core deposit intangible amortization

865,000


0   Other expense

6,540,000


4,872,000      Total noninterest expense

42,107,000


31,104,000







      Income before federal income






         tax expense

27,282,000


24,046,000







Federal income tax expense

4,597,000


4,509,000







      Net Income
$22,685,000

$19,537,000







   Basic earnings per share

$1.32


$1.21   Diluted earnings per share

$1.32


$1.21







   Average basic shares outstanding

17,237,249


16,197,978   Average diluted shares outstanding

17,237,249


16,197,978
MERCANTILE BANK CORPORATIONCONSOLIDATED FINANCIAL HIGHLIGHTS(Unaudited)












Quarterly(dollars in thousands except per share data)
2026
2025
2025
2025
2025

1st Qtr
4th Qtr
3rd Qtr
2nd Qtr
1st QtrEARNINGS









   Net interest income$55,901
51,015
52,002
49,479
48,548   Provision for credit losses$(1,800)
(700)
200
1,600
2,100   Noninterest income$11,688
11,056
10,388
11,462
8,702   Noninterest expense$42,107
36,726
34,750
33,379
31,104   Net income before federal income









      tax expense$27,282
26,045
27,440
25,962
24,046   Net income$22,685
22,841
23,758
22,618
19,537   Basic earnings per share$1.32
1.40
1.46
1.39
1.21   Diluted earnings per share$1.32
1.40
1.46
1.39
1.21   Average basic shares outstanding
17,237,249
16,263,884
16,249,267
16,239,919
16,197,978   Average diluted shares outstanding
17,237,249
16,263,884
16,249,267
16,239,919
16,197,978










PERFORMANCE RATIOS









   Return on average assets
1.35 %
1.44 %
1.50 %
1.50 %
1.32 %   Return on average equity
12.54 %
13.50 %
14.72 %
14.72 %
13.34 %   Net interest margin (fully tax-equivalent)
3.55 %
3.43 %
3.49 %
3.48 %
3.47 %   Efficiency ratio
62.30 %
59.17 %
55.70 %
54.77 %
54.33 %   Full-time equivalent employees
766
770
683
692
662










YIELD ON ASSETS / COST OF FUNDS









   Yield on loans
6.04 %
6.12 %
6.35 %
6.29 %
6.28 %   Yield on securities
3.27 %
2.96 %
2.90 %
2.82 %
2.73 %   Yield on other interest-earning assets
4.00 %
4.25 %
4.63 %
4.91 %
4.80 %   Yield on total earning assets
5.42 %
5.52 %
5.74 %
5.75 %
5.73 %   Yield on total assets
5.09 %
5.20 %
5.41 %
5.44 %
5.43 %   Cost of deposits
1.77 %
2.04 %
2.20 %
2.24 %
2.23 %   Cost of borrowed funds
3.58 %
3.56 %
3.61 %
3.61 %
3.62 %   Cost of interest-bearing liabilities
2.54 %
2.87 %
3.06 %
3.09 %
3.08 %   Cost of funds (total earning assets)
1.87 %
2.09 %
2.25 %
2.27 %
2.26 %   Cost of funds (total assets)
1.75 %
1.97 %
2.12 %
2.15 %
2.14 %










MORTGAGE BANKING ACTIVITY









   Total mortgage loans originated$127,939
141,451
136,840
141,921
100,396   Purchase/construction mortgage loans originated$68,769
85,973
107,993
111,247
81,494   Refinance mortgage loans originated$59,170
55,478
28,847
30,674
18,902   Mortgage loans originated with intent to sell$105,873
116,886
111,334
112,323
80,453   Income on sale of mortgage loans$3,049
3,375
3,482
3,219
2,455










CAPITAL









   Tangible equity to tangible assets
9.41 %
9.37 %
9.72 %
9.49 %
9.17 %   Tier 1 leverage capital ratio
10.61 %
11.30 %
10.90 %
10.93 %
10.75 %   Common equity risk-based capital ratio
11.27 %
11.01 %
11.33 %
10.90 %
10.90 %   Tier 1 risk-based capital ratio
12.09 %
11.83 %
12.20 %
11.75 %
11.78 %   Total risk-based capital ratio
14.59 %
14.35 %
14.87 %
14.37 %
14.44 %   Tier 1 capital$723,395
704,776
685,440
666,068
647,795   Tier 1 plus tier 2 capital$872,668
854,876
835,263
814,796
794,143   Total risk-weighted assets$5,981,420
5,958,763
5,617,005
5,670,571
5,499,046   Book value per common share$42.66
42.19
40.46
38.87
37.47   Tangible book value per common share$37.34
36.78
37.41
35.82
34.42   Cash dividend per common share$0.39
0.38
0.38
0.37
0.37










ASSET QUALITY









   Gross loan charge-offs$5
2,842
172
38
63   Recoveries$351
206
726
147
175   Net loan charge-offs (recoveries)$(346)
2,636
(554)
(109)
(112)   Net loan charge-offs (recoveries) to average loans
(0.03 %)
0.23 %
(0.05 %)
(0.01 %)
(0.01 %)   Allowance for credit losses$56,736
58,191
59,129
58,375
56,666   Allowance to loans
1.18 %
1.21 %
1.28 %
1.24 %
1.22 %   Nonperforming loans$7,543
7,870
9,844
9,743
5,361   Other real estate/repossessed assets$0
0
0
0
0   Nonperforming loans to total loans
0.16 %
0.16 %
0.21 %
0.21 %
0.12 %   Nonperforming assets to total assets
0.11 %
0.12 %
0.16 %
0.16 %
0.09 %










NONPERFORMING ASSETS - COMPOSITION









   Commercial:









      Commercial & industrial$1,122
1,393
1,509
1,727
2,257      Land development & construction$0
201
0
0
0      Owner occupied comm'l R/E$494
517
0
0
41      Non-owner occupied comm'l R/E$2,732
2,732
5,532
5,532
0      Multi-family & residential rental$0
0
0
0
0         Total commercial$4,348
4,843
7,041
7,259
2,298   Retail:









      1-4 family mortgages$3,114
2,971
2,767
2,484
3,063      Other consumer$81
56
36
0
0         Total retail$3,195
3,027
2,803
2,484
3,063   Total nonperforming assets$7,543
7,870
9,844
9,743
5,361










NONPERFORMING ASSETS - RECON









   Beginning balance$7,870
9,844
9,743
5,361
5,743   Additions$410
1,299
426
5,792
423   Return to performing status$(12)
0
(27)
0
0   Principal payments$(725)
(466)
(222)
(1,385)
(744)   Sale proceeds$0
0
0
0
0   Loan charge-offs$0
(2,807)
(76)
(25)
(61)   Valuation write-downs$0
0
0
0
0   Ending balance$7,543
7,870
9,844
9,743
5,361










LOAN PORTFOLIO COMPOSITION









   Commercial:









      Commercial & industrial$1,429,830
1,374,522
1,337,729
1,375,368
1,314,383      Land development & construction$119,560
117,373
70,806
67,520
68,790      Owner occupied comm'l R/E$799,066
778,869
729,451
725,106
705,645      Non-owner occupied comm'l R/E$1,101,758
1,110,674
1,091,210
1,134,012
1,183,728      Multi-family & residential rental$485,175
537,224
521,111
519,152
479,045         Total commercial$3,935,389
3,918,662
3,750,307
3,821,158
3,751,591   Retail:









      1-4 family mortgages$768,237
790,857
780,917
799,426
817,212      Other consumer$113,067
112,369
83,936
77,435
67,746         Total retail$881,304
903,226
864,853
876,861
884,958         Total loans$4,816,693
4,821,888
4,615,160
4,698,019
4,636,549










END OF PERIOD BALANCES









   Loans$4,816,693
4,821,888
4,615,160
4,698,019
4,636,549   Securities$1,125,433
1,102,230
855,138
826,415
787,583   Other interest-earning assets$577,619
458,548
457,373
246,254
351,846   Total earning assets (before allowance)$6,519,745
6,382,666
5,927,671
5,770,688
5,775,978   Total assets$6,945,035
6,835,219
6,308,487
6,180,988
6,141,200   Noninterest-bearing deposits$1,331,947
1,339,666
1,182,775
1,180,801
1,173,499   Interest-bearing deposits$4,087,571
3,944,786
3,629,038
3,529,671
3,508,286   Total deposits$5,419,518
5,284,452
4,811,813
4,710,472
4,681,785   Total borrowed funds$704,853
730,778
739,688
740,685
749,711   Total interest-bearing liabilities$4,792,424
4,675,564
4,368,726
4,270,356
4,257,997   Shareholders' equity$736,947
724,884
657,630
631,519
608,346










AVERAGE BALANCES









   Loans$4,828,031
4,627,544
4,668,173
4,695,367
4,629,098   Securities$1,119,988
880,619
841,853
803,264
763,095   Other interest-earning assets$467,991
426,758
433,055
235,965
304,325   Total earning assets (before allowance)$6,416,010
5,934,921
5,943,081
5,734,596
5,696,518   Total assets$6,837,239
6,296,341
6,294,841
6,061,819
6,018,158   Noninterest-bearing deposits$1,318,537
1,227,100
1,215,918
1,152,631
1,144,781   Interest-bearing deposits$3,999,141
3,599,012
3,610,600
3,463,067
3,443,770   Total deposits$5,317,678
4,826,112
4,826,518
4,615,698
4,588,551   Total borrowed funds$712,240
720,499
749,679
749,811
738,628   Total interest-bearing liabilities$4,711,381
4,319,511
4,360,279
4,212,878
4,182,398   Shareholders' equity$733,366
671,029
640,495
616,229
594,145



View original content to download multimedia:https://www.prnewswire.com/news-releases/mercantile-bank-corporation-announces-solid-first-quarter-2026-results-302747777.htmlSOURCE Mercantile Bank Corporation

Original: Mercantile Bank Corporation Announces Solid First Quarter 2026 Results

Mercantile Bank Corporation Named Crain's Grand Rapids Business M&A Deal of the Year in Finance and BankingMarch 17, 2026 11:44 AM
PR Newswire (US)

GRAND RAPIDS, Mich., March 17, 2026 /PRNewswire/ -- Mercantile Bank Corporation ("Mercantile") has been recognized by Crain's Grand Rapids Business with a 2026 M&A Award for Deal of the Year in the Finance and Banking category. The award highlights the company's successful acquisition of Eastern Michigan Financial Corporation, which closed on December 31, 2025.







Crain's M&A Awards celebrate the sophistication and caliber of West Michigan dealmaking, recognizing transactions that drive innovation, resilience, and long-term economic growth. Mercantile's acquisition of Eastern Michigan Financial Corporation was selected for its transformational impact, strong financial performance, and commitment to preserving local leadership while expanding opportunity across Michigan.The cash and stock transaction, valued at approximately $95.8 million, combined two Michigan-founded financial institutions with shared values and a deep commitment to serving families, businesses, and communities. As of closing, the combined organization reported $6.8 billion in total assets, strengthening Mercantile's position as the largest bank founded, headquartered, and operated in Michigan by total assets."We're grateful to Crain's Grand Rapids for this recognition and proud of what our teams accomplished together, which reflects both the strategic intent behind this partnership and the disciplined execution that brought it to life," said Ray Reitsma, President and Chief Executive Officer of Mercantile. "By bringing together two institutions with strong deposit franchises, shared values, and deep Michigan roots, we enhanced our ability to support businesses, families, and communities across the state while creating meaningful and long-term value for our shareholders."The acquisition expanded Mercantile's statewide footprint and a strengthened funding position to enable Mercantile to deploy capital more efficiently, support small and mid-sized businesses, expand community development lending, and maintain the relationship-based banking model valued by its customers. Importantly, the transaction preserved local leadership and decision-making, ensuring continuity for customers and communities served.Crain's M&A Awards spotlight transactions that strengthen West Michigan's business ecosystem and set the stage for future growth. Mercantile's Deal of the Year recognition reflects a combination of financial performance, strategic foresight, and a commitment to sustaining Michigan-based banking for generations to come.About Mercantile Bank Corporation
Based in Grand Rapids, Michigan, Mercantile Bank Corporation is the bank holding company for Mercantile Bank and Eastern Michigan Bank. Mercantile Bank and Eastern Michigan Bank provide 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, knowledgeable staff, and a commitment to the communities they serve, Mercantile Bank and Eastern Michigan Bank, as combined, comprise one of the largest Michigan-based banking organizations with total combined assets of approximately $6.8 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, X (formerly Twitter) @MercBank, and LinkedIn @merc-bank.



View original content to download multimedia:https://www.prnewswire.com/news-releases/mercantile-bank-corporation-named-crains-grand-rapids-business-ma-deal-of-the-year-in-finance-and-banking-302716201.htmlSOURCE Mercantile Bank Corporation

Original: Mercantile Bank Corporation Named Crain's Grand Rapids Business M&A Deal of the Year in Finance and Banking

~ Tuesday! $MBWM ~ Q2 Earnings expected today or coming soon! In Charts and Links Below!

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Mercantile Bank Corp. (Public, NASDAQ:MBWM) Watch this stock
Find more results for MBWM
Dow Jones 12,880.09 2.20%
Nasdaq 2,935.05 3.00%
Financial 2.34%
MBWM 18.45 1.15%








18.45 +0.21 (1.15%)
Jun 29 - Close
NASDAQ real-time data - Disclaimer
Currency in USD Range 18.17 - 18.46
52 week 7.51 - 18.46
Open 18.32
Vol / Avg. 71,487.00/71,818.00
Mkt cap 158.86M
P/E 4.36
Div/yield -
EPS 4.23
Shares 8.61M
Beta 0.50
Inst. own 33%

~ Tuesday! $MBWM ~ Q1 Earnings posted, pending or coming soon! In Charts and Links Below!

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Mercantile Bank Corporation is a bank holding company. The Company wholly owns Mercantile Bank of Michigan (the Bank). The Bank is a state banking company. The Bank’s primary service area is the Kent and Ottawa County areas of West Michigan, which includes the City of Grand Rapids in the State of Michigan. The Bank, through its seven offices, provides commercial banking services primarily to small- to medium-sized businesses and retail banking services in and around the Grand Rapids, Holland and Lansing areas. The Bank makes secured and unsecured commercial, construction, mortgage and consumer loans, and accepts checking, savings and time deposits. The Bank owns seven automated teller machines (ATM). It also enables customers to conduct certain loan and deposit transactions by telephone and personal computer. Courier service is provided to certain commercial customers, and safe deposit facilities are available at each of its office locations. The Bank does not have trust powers.

http://www.google.com/finance?q=MBWM