MERCANTILE BANK CORP's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), MERCANTILE BANK CORP reported net income of $88.8M (+11.5% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Loans, including fees | $291.4M | $293.2M | $253.1M | $166.8M |
| Securities, taxable | $17.5M | $11.9M | $9.0M | $7.6M |
| Securities, tax-exempt | $5.0M | $4.1M | $3.7M | $2.7M |
| Interest-earning deposits | $16.3M | $12.3M | $5.5M | $4.7M |
| Total interest income | $330.2M | $321.5M | $271.4M | $181.8M |
| Deposits | $102.5M | $101.4M | $55.4M | $10.0M |
| Short-term borrowings | $7.5M | $7.7M | $2.8M | $294.0K |
| Federal Home Loan Bank advances | $11.4M | $13.0M | $11.4M | $7.1M |
| Subordinated debentures and other borrowings | $7.8M | $8.3M | $8.2M | $6.1M |
| Total interest expense | $129.2M | $130.4M | $77.8M | $23.6M |
| Net interest income | $201.0M | $191.1M | $193.5M | $158.2M |
| Provision for credit losses | $3.2M | $7.4M | $7.7M | $6.5M |
| Net interest income after provision for credit losses | $197.8M | $183.7M | $185.8M | $151.7M |
| Mortgage banking activities | $13.0M | $12.3M | $7.6M | $8.7M |
| Noninterest revenue | $23.6M | $19.5M | $17.2M | $17.2M |
| Earnings on bank owned life insurance | $3.3M | $2.6M | $1.5M | $1.7M |
| Other income | $2.5M | $3.6M | $2.7M | $1.9M |
| Total noninterest income | $41.6M | $40.4M | $32.1M | $32.1M |
| Salaries and benefits | $83.2M | $77.9M | $68.8M | $65.1M |
| Data processing | $15.3M | $13.8M | $11.6M | $12.4M |
| Occupancy | $8.5M | $8.6M | $9.2M | $8.4M |
| Furniture and equipment rent, depreciation and maintenance | $3.4M | $3.7M | $3.5M | $3.6M |
| FDIC insurance costs | $2.7M | $2.5M | $2.3M | $1.2M |
| Advertising | $1.7M | $1.6M | $1.6M | $1.4M |
| Charitable foundation contributions | $1.1M | $1.7M | $666.0K | $1.5M |
| Acquisition costs | $1.8M | — | — | — |
| Other expense | $18.4M | $15.9M | $17.8M | $14.3M |
| Total noninterest expense | $136.0M | $125.8M | $115.3M | $108.0M |
| Income before federal income tax expense | $103.5M | $98.3M | $102.7M | $75.8M |
| Federal income tax expense | $14.7M | $18.7M | $20.5M | $14.7M |
| Net income | $88.8M | $79.6M | $82.2M | $61.1M |
| Basic (in dollars per share) | $5.47 | $4.93 | $5.13 | $3.85 |
| Diluted (in dollars per share) | $5.47 | $4.93 | $5.13 | $3.85 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Loans, including fees | $73.3M | $71.9M | $75.0M | $74.0M |
| Securities, taxable | $7.7M | $7.4M | $5.0M | $4.7M |
| Securities, tax-exempt | $1.5M | $1.4M | $1.3M | $1.2M |
| Other interest-earning assets | $4.2M | $4.7M | $4.3M | $2.1M |
| Total interest income | $86.7M | $85.4M | $85.6M | $82.0M |
| Deposits | $23.1M | $23.2M | $26.8M | $25.7M |
| Short-term borrowings | $1.5M | $1.5M | $2.0M | $1.9M |
| Federal Home Loan Bank advances | $2.6M | $2.6M | $2.9M | $2.9M |
| Subordinated debt and other borrowings | $2.2M | $2.2M | $2.0M | $1.9M |
| Total interest expense | $29.4M | $29.5M | $33.6M | $32.5M |
| Net interest income | $57.3M | $55.9M | $52.0M | $49.5M |
| Provision for credit losses | ($1.8M) | ($1.8M) | $200.0K | $1.6M |
| Net interest income after provision for credit losses | $59.1M | $57.7M | $51.8M | $47.9M |
| Noninterest revenue | $7.2M | $7.1M | $5.9M | $6.5M |
| Mortgage banking income | $3.2M | $3.0M | $3.1M | $4.0M |
| Earnings on bank owned life insurance | $776.0K | $665.0K | $858.0K | $561.0K |
| Other income | $653.0K | $1.2M | $827.0K | $602.0K |
| Total noninterest income | $11.5M | $11.7M | $10.4M | $11.5M |
| Salaries and benefits | $24.6M | $23.7M | $21.1M | $20.7M |
| Occupancy | $2.3M | $2.4M | $2.1M | $2.2M |
| Furniture and equipment depreciation, rent and maintenance | $988.0K | $962.0K | $846.0K | $826.0K |
| Data processing costs | $4.6M | $4.4M | $3.9M | $3.6M |
| Core conversion costs | $536.0K | $2.9M | — | — |
| Acquisition costs | $94.0K | $300.0K | $606.0K | — |
| Core deposit intangible amortization | $865.0K | $865.0K | — | — |
| Other expense | $5.4M | $6.5M | $5.8M | $6.1M |
| Total noninterest expense | $39.4M | $42.1M | $34.8M | $33.4M |
| Income before federal income tax expense | $31.2M | $27.3M | $27.4M | $26.0M |
| Federal income tax expense | $5.3M | $4.6M | $3.7M | $3.3M |
| Net income | $25.9M | $22.7M | $23.8M | $22.6M |
| Basic earnings per share (in dollars per share) | $1.50 | $1.32 | $1.46 | $1.39 |
| Diluted earnings per share (in dollars per share) | $1.50 | $1.32 | $1.46 | $1.39 |
| Average basic shares outstanding (in shares) | 17.3M | 17.2M | 16.2M | 16.2M |
| Average diluted shares outstanding (in shares) | 17.3M | 17.2M | 16.2M | 16.2M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and due from banks | $54.8M | $57.0M | $70.4M | $61.9M |
| Interest-earning deposits | $418.6M | $336.0M | $60.1M | $34.9M |
| Total cash and cash equivalents | $473.3M | $393.0M | $130.5M | $96.8M |
| Securities available for sale | $1.1B | $730.4M | $617.1M | $602.9M |
| Mortgage loans held for sale | $17.2M | $15.8M | $18.6M | $3.6M |
| Loans | $4.8B | $4.6B | $4.3B | $3.9B |
| Allowance for credit losses | ($58.2M) | ($54.5M) | ($49.9M) | ($42.2M) |
| Loans, net | $4.8B | $4.5B | $4.3B | $3.9B |
| Premises and equipment, net | $62.5M | $53.4M | $50.9M | $51.5M |
| Bank owned life insurance | $105.3M | $93.8M | $85.7M | $80.7M |
| Goodwill | $72.7M | $49.5M | $49.5M | $49.5M |
| Core deposit intangible | $20.4M | — | — | $583.0K |
| Other Assets | $218.0M | $148.4M | $125.6M | $95.0M |
| Total assets | $6.8B | $6.1B | $5.4B | $4.9B |
| Noninterest-bearing | $1.3B | $1.3B | $1.2B | $1.6B |
| Interest-bearing | $3.9B | $3.4B | $2.7B | $2.1B |
| Total deposits | $5.3B | $4.7B | $3.9B | $3.7B |
| Securities sold under agreements to repurchase | $232.3M | $121.5M | $229.7M | $194.3M |
| Federal Home Loan Bank advances | $326.2M | $387.1M | $467.9M | $308.3M |
| Subordinated debentures | $51.0M | $50.3M | $49.6M | $49.0M |
| Subordinated notes | $89.7M | $89.3M | $89.0M | $88.6M |
| Term note | $30.0M | — | — | — |
| Accrued interest and other liabilities | $96.7M | $121.0M | $93.9M | $78.2M |
| Total liabilities | $6.1B | $5.5B | $4.8B | $4.4B |
| Preferred stock, no par value; 1,000,000 shares authorized; 0 shares outstanding at December 31, 2025 and December 31, 2024 | 0 | 0 | 0 | 0 |
| Common stock, no par value; 40,000,000 shares authorized; 17,181,096 shares outstanding at December 31, 2025 and 16,146,374 shares outstanding at December 31, 2024 | 349.4M | 299.7M | 295.1M | 290.4M |
| Retained earnings | $399.4M | $334.6M | $277.5M | $216.3M |
| Accumulated other comprehensive gain/(loss) | ($24.0M) | ($49.8M) | ($50.5M) | ($65.3M) |
| Total shareholders’ equity | $724.9M | $584.5M | $522.1M | $441.4M |
| Total liabilities and shareholders’ equity | $6.8B | $6.1B | $5.4B | $4.9B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and due from banks | $69.8M | $48.4M | $58.6M | $98.9M |
| Interest-earning deposits and Federal Funds sold | $271.1M | $530.9M | $418.4M | $197.2M |
| Total cash and cash equivalents | $340.9M | $579.3M | $477.0M | $296.1M |
| Securities available for sale | $1.1B | $1.1B | $855.1M | $826.4M |
| Mortgage loans held for sale | $31.3M | $21.7M | $17.4M | $27.6M |
| Loans | $4.9B | $4.8B | $4.6B | $4.7B |
| Allowance for credit losses | ($55.4M) | ($56.7M) | ($59.1M) | ($58.4M) |
| Loans, net | $4.9B | $4.8B | $4.6B | $4.6B |
| Premises and equipment, net | $60.7M | $61.9M | $56.2M | $54.8M |
| Bank owned life insurance | $116.6M | $105.9M | $94.8M | $95.0M |
| Goodwill | $73.7M | $73.7M | $49.5M | $49.5M |
| Core deposit intangible | $17.3M | $18.2M | — | — |
| Other assets | $193.3M | $199.0M | $180.9M | $170.5M |
| Total assets | $6.8B | $6.9B | $6.3B | $6.2B |
| Noninterest-bearing | $1.4B | $1.3B | $1.2B | $1.2B |
| Interest-bearing | $3.9B | $4.1B | $3.6B | $3.5B |
| Total deposits | $5.3B | $5.4B | $4.8B | $4.7B |
| Securities sold under agreements to repurchase | $217.5M | $219.5M | $251.5M | $242.8M |
| Federal Home Loan Bank advances | $305.3M | $315.3M | $346.2M | $356.2M |
| Subordinated debentures | $51.4M | $51.2M | $50.8M | $50.7M |
| Subordinated notes | $89.8M | $89.7M | $89.6M | $89.5M |
| Term note | $25.0M | $27.5M | — | — |
| Accrued interest and other liabilities | $79.0M | $85.3M | $100.9M | $99.8M |
| Total liabilities | $6.1B | $6.2B | $5.7B | $5.5B |
| Preferred stock, no par value; 1,000,000 shares authorized; none issued | 0 | 0 | 0 | 0 |
| Common stock, no par value; 40,000,000 shares authorized; 17,285,911 shares issued and outstanding at June 30, 2026, and 17,181,096 shares issued and outstanding at December 31, 2025 | 352.3M | 350.6M | 303.5M | 302.3M |
| Retained earnings | $434.8M | $415.5M | $382.7M | $365.0M |
| Accumulated other comprehensive income (loss) | ($32.0M) | ($29.2M) | ($28.5M) | ($35.8M) |
| Total shareholders’ equity | $755.1M | $736.9M | $657.6M | $631.5M |
| Total liabilities and shareholders’ equity | $6.8B | $6.9B | $6.3B | $6.2B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $88.8M | $79.6M | $82.2M | $61.1M |
| Depreciation and amortization | $5.8M | $10.5M | $11.5M | $12.9M |
| Provision for credit losses | $3.2M | $7.4M | $7.7M | $6.5M |
| Deferred income tax expense (benefit) | $2.1M | ($397.0K) | ($2.0M) | ($1.4M) |
| Stock-based compensation expense | $3.5M | $3.3M | $3.4M | $3.4M |
| Stock grants to directors for retainer fees | $444.0K | $423.0K | $350.0K | $359.0K |
| Proceeds from sales of mortgage loans held for sale | $435.1M | $384.8M | $196.2M | $237.8M |
| Origination of mortgage loans held for sale | ($423.9M) | ($370.2M) | ($204.7M) | ($217.0M) |
| Net gain on sales of mortgage loans held for sale | ($12.6M) | ($11.8M) | ($6.5M) | ($8.2M) |
| Loss from sale of mortgage loans | $0 | $112.0K | — | — |
| Net gain from sales and valuation write-downs of foreclosed assets | $0 | ($290.0K) | ($419.0K) | ($69.0K) |
| Net (gain) loss from sale and write-downs on former bank premises | $0 | ($83.0K) | $2.0K | $275.0K |
| Net loss from sales and disposals of premises and equipment | $24.0K | $13.0K | $471.0K | ($36.0K) |
| Earnings on bank owned life insurance | ($3.3M) | ($2.6M) | ($1.5M) | ($1.7M) |
| Net (gain) loss on instruments designated at fair value and related derivatives | $63.0K | ($203.0K) | $257.0K | ($45.0K) |
| Accrued interest receivable | ($130.0K) | ($1.6M) | ($4.3M) | ($6.2M) |
| Change in other assets | ($59.1M) | ($25.8M) | ($30.2M) | ($437.0K) |
| Change in other liabilities | ($22.0M) | $27.9M | $14.3M | $32.5M |
| Net cash from operating activities | $18.0M | $101.1M | $66.6M | $119.9M |
| Purchases of securities available for sale | ($203.4M) | ($173.6M) | ($19.9M) | ($107.0M) |
| Proceeds from maturities, calls and repayments of securities available for sale | $67.3M | $61.8M | $24.1M | $18.0M |
| Loan originations and payments, net | ($19.3M) | ($309.8M) | ($387.3M) | ($462.4M) |
| Proceeds from sale of mortgage loans | $0 | $9.8M | — | — |
| Net cash received from acquisition of Eastern Michigan Financial Corp. | $53.6M | — | — | — |
| Purchases of Federal Home Loan Bank stock | $0 | $0 | ($3.8M) | — |
| Purchases of bank owned life insurance | $0 | ($7.0M) | ($3.5M) | ($4.5M) |
| Proceeds from bank owned life insurance death benefit claims | $2.8M | $1.4M | $0 | $628.0K |
| Purchases of premises and equipment and lease activity | ($6.8M) | ($8.5M) | ($6.7M) | ($3.0M) |
| Proceeds from sales of former bank premises | $0 | $283.0K | $598.0K | $3.0M |
| Proceeds from sales of foreclosed assets | $0 | $290.0K | $531.0K | $69.0K |
| Net cash for investing activities | ($105.7M) | ($425.4M) | ($395.9M) | ($555.0M) |
| Net increase in time deposits | $5.0M | $159.7M | $422.8M | ($57.2M) |
| Net (decrease) increase in all other deposits | $106.1M | $637.7M | ($234.7M) | ($313.2M) |
| Net (decrease) increase in securities sold under agreements to repurchase | $110.8M | ($108.2M) | $35.4M | ($3.1M) |
| Proceeds from term note issuance | $30.0M | — | — | — |
| Proceeds from Federal Home Loan Bank advances | $20.0M | $10.0M | $240.0M | $28.3M |
| Maturities of Federal Home Loan Bank advances | ($80.9M) | ($90.8M) | ($80.4M) | ($94.0M) |
| Employee stock purchase plan | $128.0K | $50.0K | $45.0K | $45.0K |
| Dividend reinvestment plan | $772.0K | $810.0K | $891.0K | $867.0K |
| Cash dividends on common stock | ($24.0M) | ($22.5M) | ($21.0M) | ($19.6M) |
| Net cash from financing activities | $168.0M | $586.8M | $363.1M | ($443.3M) |
| Net change in cash and cash equivalents | $80.3M | $262.5M | $33.8M | ($878.4M) |
| Cash and cash equivalents at beginning of period | $393.0M | $130.5M | $96.8M | $975.2M |
| Cash and cash equivalents at end of period | $473.3M | $393.0M | $130.5M | $96.8M |
| Interest | $129.4M | $129.2M | $72.0M | $21.8M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $48.6M | $22.7M | $65.9M | $42.2M |
| Depreciation and amortization | $2.9M | $1.7M | $4.4M | $3.1M |
| Accretion of acquired loans | ($310.0K) | ($168.0K) | — | — |
| Provision for credit losses | ($3.6M) | ($1.8M) | $3.9M | $3.7M |
| Stock-based compensation expense | $2.0M | $971.0K | $2.7M | $1.7M |
| Stock grants to directors for retainer fees | $472.0K | $16.0K | $444.0K | $434.0K |
| Proceeds from sales of mortgage loans held for sale | $203.0M | $101.2M | $313.2M | $190.4M |
| Origination of mortgage loans held for sale | ($210.9M) | ($102.7M) | ($305.6M) | ($196.4M) |
| Net gain from sales of mortgage loans held for sale | ($6.2M) | ($3.1M) | ($9.2M) | ($5.7M) |
| Net loss from sales and disposals of premises and equipment | $85.0K | $76.0K | — | — |
| Earnings on bank owned life insurance | ($1.4M) | ($665.0K) | ($2.0M) | ($1.1M) |
| Net loss (gain) on instruments designated at fair value and related derivatives | ($117.0K) | ($17.0K) | $155.0K | $210.0K |
| Accrued interest receivable | ($47.0K) | ($1.5M) | ($1.4M) | ($278.0K) |
| Other assets | $20.5M | $18.6M | ($41.4M) | ($28.3M) |
| Accrued interest payable and other liabilities | ($11.3M) | ($7.0M) | ($18.7M) | ($20.7M) |
| Net cash from (for) operating activities | $43.6M | $28.3M | $12.3M | ($10.8M) |
| Loan originations and payments, net | ($92.5M) | $5.7M | ($13.6M) | ($97.0M) |
| Purchases of securities available for sale | ($81.3M) | ($42.9M) | ($143.2M) | ($104.6M) |
| Purchases of Federal Reserve Bank stock | ($2.2M) | ($2.2M) | — | — |
| Proceeds from maturities, calls and repayments of securities available for sale | $52.8M | $15.4M | $48.6M | $28.2M |
| Purchases of bank owned life insurance | ($10.0M) | — | — | — |
| Proceeds from bank owned life insurance claims | $186.0K | $186.0K | $1.1M | $0 |
| Net purchases of premises and equipment and lease activity | ($1.3M) | ($938.0K) | ($6.5M) | ($3.9M) |
| Net cash for investing activities | ($134.2M) | ($24.7M) | ($113.7M) | ($177.3M) |
| Net increase (decrease) in time deposits | ($111.4M) | ($33.7M) | $29.3M | $51.2M |
| Net increase (decrease) in all other deposits | $123.2M | $168.7M | $84.1M | ($39.1M) |
| Net increase (decrease) in securities sold under agreements to repurchase | ($14.8M) | ($12.8M) | $130.0M | $121.3M |
| Payments on term note | ($5.0M) | ($2.5M) | — | — |
| Payoffs and paydowns of Federal Home Loan Bank advances | ($50.9M) | ($30.9M) | ($60.9M) | ($50.9M) |
| Proceeds from Federal Home Loan Bank advances | $30.0M | $20.0M | $20.0M | $20.0M |
| Employee stock purchase plan | $105.0K | $46.0K | $73.0K | $27.0K |
| Dividend reinvestment plan | $338.0K | $181.0K | $589.0K | $405.0K |
| Payment of cash dividends to common shareholders | ($13.3M) | ($6.6M) | ($17.9M) | ($11.8M) |
| Net cash from (for) financing activities | ($41.8M) | $102.4M | $185.3M | $91.1M |
| Net change in cash and cash equivalents | ($132.4M) | $106.0M | $84.0M | ($96.9M) |
| Cash and cash equivalents at beginning of period | $473.3M | $473.3M | $393.0M | $393.0M |
| Cash and cash equivalents at end of period | $340.9M | $579.3M | $477.0M | $296.1M |
| Interest | $61.7M | $30.9M | $98.0M | $64.3M |
| Federal income taxes | ($10.7M) | ($10.7M) | $0 | $0 |
MERCANTILE BANK CORP score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.