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Mercantile Bank
Mercantile Bank (MBWM) investor relations material
Mercantile Bank Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Jan, 2026
Executive summary
Completed the acquisition of Eastern Michigan Bank/Financial Corporation on December 31, 2025, expanding deposit base, assets, and market presence in East and Southeast Michigan.
Achieved 11% year-over-year EPS growth, reaching $5.47 in 2025, with ROAA at 1.4% and ROAE at 14.1%.
Reported net income of $22.8 million ($1.40 per diluted share) for Q4 2025 and $88.8 million for the year.
Maintained strong credit quality, with nonperforming assets at 0.12% of total assets and net loan charge-offs at 0.04% of average loans.
Integration of the acquisition is underway, with positive early cultural alignment and focus on deposit and loan growth.
Financial highlights
Net interest margin was 3.47% for 2025 (Q4 at 3.43%), down from 3.58% in 2024, supported by asset mix and funding strategies.
Net interest income for 2025 was $201 million, up 5.2% year-over-year; noninterest income was $41.6 million, up 3%.
Tangible book value per share rose to $36.78, up 11% from year-end 2024.
Allowance for credit losses was 1.21% of loans at year-end 2025.
Loan-to-deposit ratio improved to 91% at year-end 2025, down from 98% in 2024.
Outlook and guidance
Projecting 5%-7% annualized loan growth per quarter in 2026, with net interest margin expected between 3.55% and 3.80%.
Overhead costs expected at $37.5–40 million per quarter, with a federal tax rate of 17% and continued tax credit benefits.
Non-interest expense projections include investments in Southeast Michigan expansion and digital banking upgrades.
Minimal cost savings from the acquisition expected in 2026; significant efficiencies anticipated in 2027 with core processor switch.
No rate changes expected in 2026.
Is the lower effective tax rate sustainable?
Organic loan growth outlook given high paydowns?
Key Eastern acquisition integration challenges and synergy targets?
What drives NIM expansion beyond Q1 2026
Core processor switch benefits beyond cost savings
What triggers 2026 share repurchase activity?
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Next Mercantile Bank earnings date
Q1 202621 Apr, 2026
Mercantile Bank
Next Mercantile Bank earnings date
Q1 202621 Apr, 2026
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Frequently asked questions
Mercantile Bank Corporation is a bank holding company that provides commercial and retail banking services through its subsidiary Mercantile Bank of Michigan. The company offers lending, deposit, treasury management, and private banking services to businesses, individuals, and governmental units. Mercantile Bank operates primarily within Michigan. The company is headquartered in Grand Rapids, Michigan, and its shares are listed on the NASDAQ.
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