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Mercantile Bank Corp
Mercantile Bank Corp. operates as a bank holding company for Mercantile Bank of Michigan. The company is headquartered in Grand Rapids, Michigan and currently employs 585 full-time employees. Its bank is a state banking company. The company provides commercial banking services primarily to small- to medium-sized businesses and retail banking services. The company makes secured and unsecured commercial, construction, mortgage, and consumer loans, and accepts checking, savings, and time deposits. The company provides a range of personal banking services, such as checking, savings, certificate of deposit, health savings, cards, loans, online, and mobile services. The company offers a range of loans, such as home equity loans, personal loans, overdraft protection, and student loans. The company also enables customers to conduct certain loan and deposit transactions on a personal computer and through mobile applications. The company provides a range of insurance products, such as private passenger automobile, homeowners, personal inland marine, boat owners, recreational vehicle, dwelling fire, umbrella policies, small business, and life insurance products.
Mercantile Bank Corp. operates as a bank holding company for Mercantile Bank of Michigan. The company is headquartered in Grand Rapids, Michigan and currently employs 585 full-time employees. Its bank is a state banking company. The company provides commercial banking services primarily to small- to medium-sized businesses and retail banking services. The company makes secured and unsecured commercial, construction, mortgage, and consumer loans, and accepts checking, savings, and time deposits. The company provides a range of personal banking services, such as checking, savings, certificate of deposit, health savings, cards, loans, online, and mobile services. The company offers a range of loans, such as home equity loans, personal loans, overdraft protection, and student loans. The company also enables customers to conduct certain loan and deposit transactions on a personal computer and through mobile applications. The company provides a range of insurance products, such as private passenger automobile, homeowners, personal inland marine, boat owners, recreational vehicle, dwelling fire, umbrella policies, small business, and life insurance products.
EPS Growth: Earnings per share rose 20% quarter-over-quarter, reaching $1.46 in Q3 2025.
Strong Credit Quality: Asset quality remains very strong, with low past dues and nonperforming loans, and net recoveries in 7 of the last 8 quarters.
Stable Net Interest Margin: Net interest margin held steady at 3.5%, despite a nearly 100 basis point drop in SOFR over the last year.
Loan & Deposit Growth: Annualized deposit growth was 9% in Q3, while loan balances contracted due to anticipated paydowns but are expected to rebound, with Q4 loan growth guidance of 5–7% annualized.
Fee Income Strength: Key fee categories like treasury management and mortgage banking posted double-digit growth year-to-date.
Eastern Michigan Acquisition: Management expects the acquisition to deliver double-digit earnings accretion with most cost saves starting in 2027.
Effective Tax Rate: Tax credits drove the Q3 effective tax rate down to 13%, with a forecast of 15% for Q4.
Guidance Reaffirmed: Loan growth, margin stability, and moderate expense increases are expected for Q4, including $1 million in acquisition-related costs.
