MERCANTILE BANK CORP (MBWM) Form 8-K — Oct 20, 2026
Mercantile Bank Corporation (NASDAQ: MBWM) reported Q3 2026 net income of $24.1 million, or $1.39 per diluted share, versus $23.8 million, or $1.46, a year earlier; adjusted (non-GAAP) EPS was $1.42. Net revenue jumped 17.3% YoY to $73.2 million, driven by net interest income of $60.9 million (+17.1%) with the net interest margin expanding to 3.73% from 3.49%, plus an ~28% increase in treasury management fees. Balance sheet strength stood out: local deposits grew $438 million (annualized 11.4%) year-to-date, brokered deposits fell $110 million, and the loan-to-deposit ratio improved to 88.3% from ~96% a year ago.
Key figures
- Eps
- 1.39
- Revenue
- 73200000
- Net Income
- 24100000
- Revenue Yoy
- 17.3%
- Total Assets
- 7162868000
- Cash Position
- 628498000
- Shares Outstanding
- 17288352
- Total loans
- $4.95 billion
- Cost of funds
- 1.79% vs 2.25% prior-year quarter
- Total deposits
- $5.61 billion
- Efficiency ratio
- 59.50%
- Net interest margin
- 3.73% vs 3.49% prior-year quarter
- Nonperforming assets
- $9.8 million, 0.14% of total assets
- Return on avg assets
- 1.37%
- Return on avg equity
- 12.61%
- Dividend per share q3
- $0.40
- Loan to deposit ratio
- 88.3% (down from ~96% a year ago)
- Noninterest income q3
- $12.3 million (up 18.4% YoY)
- Adjusted net income q3
- $24.5 million
- Net interest income q3
- $60.9 million (up 17.1% YoY)
- Noninterest expense q3
- $43.6 million vs $34.8 million prior year
- Adjusted diluted eps q3
- $1.42
- Adjusted diluted eps ytd
- $4.41 (up $0.32, or 7.8%, vs 2025)
- Brokered deposits remaining
- $20.1 million
- Tangible book value per share
- $37.81
- Provision for credit losses q3
- $0.7 million
- Total risk based capital ratio
- 14.60%
AI analysis
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