Damon Del Monte

Daniel Tamayo

Nathan Race

Brendan Nosal

Adam Kroll

- Mercantile Bank Corporation (MBWM) reported **net income of $23.8 million**, or **$1.46 per diluted share**, for Q3 2025, representing a **20% quarter-over-quarter earnings per share growth**.  **[0001042729_2193541_1]** **[0001042729_2193541_3]**  Year-to-date 2025 net income totaled **$65.9 million**, or **$4.06 per diluted share**.  **[0001042729_2193541_3]** 
- The company maintained strong asset quality, with an allowance for credit losses at **1.28% of total loans** as of September 30, 2025, and past due loans at **16 basis points** of total loans.  **[0001042729_2193541_1]** **[0001042729_2193541_4]** 
- The loan to deposit ratio improved to **96%** as of September 30, 2025, compared to 102% a year prior, reflecting strong deposit growth.  **[0001042729_2193541_1]**  The net interest margin remained relatively steady, averaging **3.48%** over the past five quarters.  **[0001042729_2193541_4]** 
- Despite a **7% annualized contraction** in loans during Q3 2025, the company projects **mid-single-digit loan growth** for the full year 2025 and **5% to 7% annualized growth** for Q4 2025, supported by **$3.007 billion** in commitments to make loans.  **[0001042729_2193541_1]** **[0001042729_2193541_5]** 
- The planned acquisition of Eastern Michigan Financial Corporation is expected to be **double-digit earnings accretive** with a **mid-three-year earn back period**, though core conversion and full cost savings are anticipated in **February 2027**.  **[0001042729_2193541_2]** **[0001042729_2193541_8]**

Mercantile Bank Corporation (MBWM) Announces Strong Q3 2025 Earnings and Strategic Updates

- Mercantile Bank Corporation announced **net income of $23.8 million, or $1.46 per diluted share**, for the third quarter of 2025, compared to $19.6 million, or $1.22 per diluted share, for the third quarter of 2024.  **[0001042729_2193522_3]** 
- The company achieved a **1.5% return on average assets** and a **14.7% return on average equity** for Q3 2025, with a **13% increase in tangible book value per share** over the last four quarters.  **[0001042729_2193522_2]** 
- The net interest margin remained stable, dropping by only **two basis points to 3.5%** over the last five quarters, and is projected to remain relatively steady for Q4 2025.  **[0001042729_2193522_1]** **[0001042729_2193522_4]** **[0001042729_2193522_6]**  The loan-to-deposit ratio improved to **96%** as of September 30, 2025.  **[0001042729_2193522_1]** 
- Loan growth for 2025 is expected to be in the **mid-single digits**, with Q4 2025 projected at an annualized **5% to 7%**.  **[0001042729_2193522_1]** **[0001042729_2193522_6]**  The planned acquisition of **Eastern Michigan Financial Corporation** is anticipated to close by year-end, bringing **double-digit earnings accretion**.  **[0001042729_2193522_2]** **[0001042729_2193522_6]**

Mercantile Bank Corporation Reports Strong Q3 2025 Earnings and Stable Net Interest Margin

- **MBWM reported strong third-quarter 2025 earnings, with EPS growing by 20% quarter-over-quarter to $1.46**, and a tangible book value per share of **$37.41**, representing a **13% increase** from 3Q24.  **[0001042729_2193377:5]** 
- The company maintained a **stable net interest margin of 3.50%** in 3Q25, despite a lower interest rate environment, and saw **total deposits grow 9% (annualized)**.  **[0001042729_2193377:5]** 
- Asset quality remained strong, with a **nonperforming assets to total assets ratio of 0.16%** and net loan charge-offs to average loans of **(0.05)% annualized** at the end of 3Q25.  **[0001042729_2193377:5]** 
- Capital ratios improved, with the **CET1 capital ratio at 11.4%** and the **total risk-based capital ratio at 14.2%** at the end of 3Q25.  **[0001042729_2193377:5]** 
- For the fourth quarter of 2025, MBWM projects annualized loan growth of **5.00%-7.00%**, a net interest margin between **3.40%-3.50%**, and fee income of **$9.5 million - $10.5 million**.  **[0001042729_2193377:17]**

MBWM Reports Strong Q3 2025 Earnings and Provides Q4 2025 Guidance

- Mercantile Bank Corporation reported **net income of $23.8 million**, or **$1.46 per diluted share**, for the third quarter of 2025, compared with net income of $19.6 million, or $1.22 per diluted share, for the third quarter of 2024.  **[1042729_0001437749-25-031386_ex_847221.htm:0]** 
- Net revenue for the third quarter of 2025 increased by **7.6% to $62.4 million**, with net interest income expanding by **7.7% to $52.0 million** and noninterest income growing by **7.5% to $10.4 million**.  **[1042729_0001437749-25-031386_ex_847221.htm:1]** **[1042729_0001437749-25-031386_ex_847221.htm:1]** **[1042729_0001437749-25-031386_ex_847221.htm:2]** 
- The company's effective tax rate significantly decreased to approximately **13%** in the third quarter of 2025 from approximately 20% in the third quarter of 2024, primarily due to the acquisition of transferable energy tax credits and net benefits from investments in tax credit structures.  **[1042729_0001437749-25-031386_ex_847221.htm:1]** **[1042729_0001437749-25-031386_ex_847221.htm:1]** **[1042729_0001437749-25-031386_ex_847221.htm:2]** 
- As of September 30, 2025, **tangible book value per common share was $37.41**, an increase of approximately **13%** since year-end 2024, and the **loan-to-deposit ratio improved to 96%** from 102% as of September 30, 2024.  **[1042729_0001437749-25-031386_ex_847221.htm:1]** **[1042729_0001437749-25-031386_ex_847221.htm:1]**  Nonperforming assets remained low at **$9.8 million**, or **0.2% of total assets**.  **[1042729_0001437749-25-031386_ex_847221.htm:4]**

Mercantile Bank Corporation Announces Strong Third Quarter 2025 Results

- Mercantile Bank Corporation reported **net income of $23.8 million**, or **$1.46 per diluted share**, for the third quarter of 2025, compared to $19.6 million, or $1.22 per diluted share, in the third quarter of 2024.  **[1042729_20251021DE02243:0]** 
- Net revenue for the third quarter of 2025 was **$62.4 million**, representing a **7.6 percent increase** from $58.0 million in the prior-year period, with net interest income expanding by nearly **8 percent**.  **[1042729_20251021DE02243:0]** 
- As of September 30, 2025, total assets were **$6.31 billion** and total deposits reached **$4.81 billion**, resulting in a reduced loan-to-deposit ratio of **96 percent**.  **[1042729_20251021DE02243:3]** 
- The effective tax rate decreased significantly to approximately **13 percent** in Q3 2025 from 20 percent in Q3 2024, and tangible book value per common share increased to **$37.41**.  **[1042729_20251021DE02243:0]**

- Mercantile Bank Corporation (MBWM) announced a regular quarterly cash dividend of **$0.38** per common share.  **[1042729_20251021DE02240:0]** 
- The dividend is payable on **December 17, 2025**, to shareholders of record as of **December 5, 2025**.  **[1042729_20251021DE02240:0]** 
- This dividend represents an increase of nearly **6 percent** from the cash dividend paid during the fourth quarter of 2024, resulting in a current annual yield of approximately **3.4%**.  **[1042729_20251021DE02240:0]** 
- The company's President and CEO, Ray Reitsma, stated that sustained financial performance enabled the competitive dividend yield and highlighted the commitment to shareholder value and capital support for the recently announced partnership with Eastern Michigan Financial Corporation.  **[1042729_20251021DE02240:0]**

MERCANTILE BANK (MBWM)