MBWM
Mercantile Bank Corporation49.81
-0.12-0.24%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
FY Q3 '25
NIM tailwinds detailed; loans lumpy
Q&A largely reaffirms the scripted story of NIM stability and mid-single-digit loan growth, but adds color on tailwinds like $90 million in 1%-yielding securities and $160 million in 4.5% CRE loans repricing next year, plus Eastern Michigan's liquidity boost. Q3 paydowns lumped up earlier than flagged, yet the $3.7 billion pipeline hints at Q4 upside beyond 5-7%. Cost savings from the deal skew to 2027 after February core conversion, with $1 million Q4 merger costs baked in. Analysts probed credit—recoveries from old charge-offs, normalized 5-10 bps—and expenses; responses were crisp. Pipeline primed for closings.
Key Stats
Market Cap
809.59MP/E (TTM)
9.45Basic EPS (TTM)
5.27Dividend Yield
0.03%Recent Filings
10-Q
Q3 FY2025 results
Mercantile Bank posted Q3 net income of $23.8M, up 21% y/y, with diluted EPS at $1.46 versus $1.22 (derived). Net interest income climbed 7.7% y/y to $52.0M on 4.5% loan growth to average $4.67B, yet margin slipped to 3.50% from 3.52% as rates eased. Provision fell to $0.2M from $1.1M amid net recoveries; noninterest income rose 7.5% on fees, but expenses grew 7.6% with acquisition costs for the pending Eastern Michigan merger (announced July 2025, ~$90M cash/stock mix, Q4 close targeted). Cash swelled to $477M, FHLBI advances down to $346M (3.22% avg rate), $725M availability. Solid capital: bank at 14.3% total risk-based. Merger integration adds execution risk.
8-K
Q3 net income surges to $23.8M
Mercantile Bank Corporation posted Q3 2025 net income of $23.8 million, up from $19.6 million a year ago, fueled by 7.7% net interest income growth to $52.0 million and treasury/payroll fees jumping 11%/16%. Local deposits rose, slashing the loan-to-deposit ratio to 96% from 102%. Asset quality holds firm. Strong quarters persist.
10-Q
Q2 FY2025 results
Mercantile Bank posted Q2 net income of $22.6M, up 20% y/y, with diluted EPS at $1.39 versus $1.17 (derived from 16.2M shares). Net interest income climbed 5% to $49.5M on 7% loan growth to $4.70B, yet margin slipped to 3.5% amid rate cuts. Noninterest income jumped 18% on mortgage banking and swap fees; expenses rose on salaries, but provision fell to $1.6M. Cash dipped to $296M, FHLBI advances to $356M (3.3% avg rate), with $698M borrowing availability. Signed $95.8M Eastern Michigan deal, cash/stock mix, targeting Q4 close. Solid credit metrics hold. Integration risks loom.
8-K
Mercantile announces $95.8M EFIN merger
Mercantile Bank Corporation signed a merger agreement on July 22, 2025, to acquire Eastern Michigan Financial Corporation for $95.8 million in cash ($32.32/share) and stock (0.7116 shares/share), targeting Q4 2025 close. Eastern's low-cost deposits (42 bps) and excess liquidity (46% loan-to-deposit) bolster Mercantile's balance sheet, expanding its Michigan footprint with 12 branches. Banks run separately until Q1 2027 consolidation. Termination fee: $3.68 million.
8-K
Shareholders approve all proposals
Mercantile Bank shareholders approved all Annual Meeting proposals on May 22, 2025, electing all eleven director nominees with overwhelming majorities, ratifying Plante & Moran as 2025 auditors, and greenlighting a 5% discount Employee Stock Purchase Plan. Say-on-pay passed handily. Most favored annual advisory votes on exec comp.
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