Form 8-K

8-K — MERCANTILE BANK CORP

Accession: 0001437749-26-032974

Filed: 2026-10-20

Period: 2026-10-20

CIK: 0001042729

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — mbwm20260827_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (ex_1010164.htm)

EX-99.2 — EXHIBIT 99.2 (ex_1027753.htm)

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8-K — FORM 8-K

8-K (Primary)

Filename: mbwm20260827_8k.htm · Sequence: 1

mbwm20260827_8k.htm

false

0001042729

2026-10-20

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (date of earliest event reported): October 20, 2026

Mercantile Bank Corporation

(Exact name of registrant as specified in its charter)

Michigan

000-26719

38-3360865

(State or other jurisdiction

of incorporation)

(Commission File

Number)

(IRS Employer

Identification Number)

310 Leonard Street NW, Grand Rapids, Michigan

49504

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code

616-406-3000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

MBWM

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02

Results of Operations and Financial Condition.

Earnings Release

On October 20, 2026, Mercantile Bank Corporation (the “Company”) issued a press release announcing earnings and other financial results for the quarter ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated here by reference.

Item 7.01

Regulation FD Disclosure.

The Company has prepared presentation materials (the “Conference Call & Webcast Presentation”) that management intends to use during its previously announced Third Quarter 2026 conference call on Tuesday, October 20, 2026, at 10:00 am Eastern Time, and from time to time thereafter in presentations about the Company’s operations and performance. The Company may use the Conference Call & Webcast Presentation, possibly with modifications, in presentations to current and potential investors, analysts, lenders, business partners, acquisition candidates, customers, employees and others with an interest in the Company and its business.

A copy of the Conference Call & Webcast Presentation is furnished as Exhibit 99.2 to this report and incorporated here by reference. The Conference Call & Webcast Presentation is also available on the Company's website at http://ir.mercbank.com. Materials on the Company’s website are not part of or incorporated by reference into this report.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number Description

99.1

Press release of Mercantile Bank Corporation dated October 20, 2026, reporting financial results and earnings for the quarter ended September 30, 2026.

99.2

Mercantile Bank Corporation Conference Call & Webcast Presentation dated October 20, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Mercantile Bank Corporation

By:

/s/ Charles E. Christmas

Charles E. Christmas

Executive Vice President, Chief

Financial Officer and Treasurer

Date: October 20, 2026

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: ex_1010164.htm · Sequence: 2

ex_1010164.htm

Exhibit 99.1

Mercantile Bank Corporation Announces Robust Third Quarter 2026 Results

Net interest income growth, loan portfolio expansion, strong local deposit generation, and continued strength in asset quality metrics and capital levels highlight the quarter

GRAND RAPIDS, Mich., October 20, 2026 – Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") reported net income of $24.1 million, or $1.39 per diluted share, for the third quarter of 2026, compared with net income of $23.8 million, or $1.46 per diluted share, for the third quarter of 2025. Net income during the first nine months of 2026 totaled $72.7 million, or $4.21 per diluted share, compared with net income of $65.9 million, or $4.06 per diluted share, during the first nine months of 2025. Excluding non-recurring costs associated with the acquisition of Eastern Michigan Financial Corporation and core and digital banking system conversion and the impacts of other one-time items (non-GAAP measurements), adjusted net income was $24.5 million, or $1.42 per diluted share, for the third quarter of 2026, $24.3 million, or $1.50 per diluted share, for the third quarter of 2025, $76.1 million, or $4.41 per diluted share, for the first nine months of 2026, and $66.4 million, or $4.09 per diluted share, for the first nine months of 2025. Using these non-GAAP measures, adjusted earnings per diluted share increased $0.32, or 7.8 percent, in the first nine months of 2026 compared to the respective 2025 period.

“Our financial performance metrics remained strong during the third quarter of 2026,” said Ray Reitsma, President and Chief Executive Officer of Mercantile. “The robust operating results were fueled by net interest income expansion, reflecting solid earning asset growth and a higher net interest margin, a significant increase in treasury management fees, strong local deposit growth, a relatively low level of provision expense stemming from ongoing strength in asset quality measures, and the maintenance of a sound regulatory capital profile. As evidenced by the growth in the loan and local deposit portfolios, our team members have continued to meet the needs of existing customers and secure new client relationships. At the same time, we have devoted significant efforts and resources on core and digital banking system conversion-related activities to ensure a smooth transition that is expected to occur in the first quarter of 2027, which we believe will provide for a superior experience and a more durable platform for us and our customers. The notable net growth in local deposits provided for a further reduction in our loan-to-deposit ratio. We believe ample opportunities are available to us to expand our presence in Southeast Michigan, and as such, we have made meaningful investments in talented individuals to serve that area and gain market share.”

Third quarter highlights include:

●

Return on average assets of 1.4 percent and return on average equity of 12.6 percent

●

Tangible book value per common share of $37.81 as of September 30, 2026, up nearly 4 percent on an annualized basis since December 31, 2025

●

Net revenue expansion of over 17 percent compared to the prior-year third quarter, including net interest income and noninterest income growth of approximately 17 percent and 18 percent, respectively

●

Improved net interest margin, primarily reflecting lower cost of funds, commercial loan growth, and ongoing upward repricing of matured fixed-rate loans and securities

●

Notable increase in treasury management fees of approximately 28 percent

●

Sustained strength in commercial loan pipeline

●

Continued low level of nonperforming assets and nominal past due loans and loan charge-offs

●

Substantial reduction in loan-to-deposit ratio from approximately 96 percent as of September 30, 2025, to approximately 88 percent as of September 30, 2026, primarily reflecting solid local deposit generation and the onboarding of Eastern Michigan Bank’s deposit portfolio

●

Noteworthy decreases in brokered deposits of $110 million during the first nine months of 2026, and $159 million during the twelve months ended September 30, 2026, leaving a balance of only $20.1 million that is scheduled to mature in late 2026

●

Strong tangible and regulatory capital positions

Operating Results

Net revenue, consisting of net interest income and noninterest income, was $73.2 million during the third quarter of 2026, an increase of $10.8 million, or 17.3 percent, from $62.4 million during the prior-year third quarter. Net interest income during the third quarter of 2026 was $60.9 million, up $8.9 million, or 17.1 percent, from $52.0 million during the respective 2025 period mainly due to growth in earning assets and a higher net interest margin. Eastern Michigan Bank’s net interest income totaled $5.8 million during the third quarter of 2026. Noninterest income totaled $12.3 million during the current-year third quarter, up $1.9 million, or 18.4 percent, from $10.4 million during the third quarter of 2025 primarily due to increases in treasury management fees, interest rate swap income, and mortgage banking income. Eastern Michigan Bank generated $0.5 million in noninterest income during the third quarter of 2026, mainly consisting of deposit service charges.

The net interest margin was 3.73 percent in the third quarter of 2026, up from 3.49 percent in the prior-year third quarter. The yield on average earning assets was 5.52 percent during the third quarter of 2026, a decrease from 5.74 percent during the respective 2025 period. The lower yield largely resulted from a reduced yield on loans, which more than offset an improved yield on securities resulting from the reinvestment of relatively low-yielding bonds and investment portfolio expansion activities, along with the positive impact stemming from the addition of Eastern Michigan Bank’s securities portfolio. The yield on loans was 6.12 percent during the third quarter of 2026, down from 6.35 percent during the third quarter of 2025, mainly due to lower interest rates on variable-rate commercial loans resulting from the Federal Open Market Committee (“FOMC”) reducing the targeted federal funds rate. The FOMC decreased the targeted federal funds rate by 25 basis points in each of September, October, and December of 2025, during which time average variable-rate commercial loans represented approximately 77 percent of average total commercial loans. The yield on securities equaled 3.43 percent during the third quarter of 2026, up from 2.90 percent during the prior-year third quarter. A change in earning asset mix, consisting of a decrease in higher-yielding loans as a percentage of earning assets and an increase in relatively lower-yielding securities as a percentage of earning assets and reflecting a strategic initiative to reduce the loan-to-deposit ratio and the onboarding of Eastern Michigan Bank’s liquid balance sheet, and a lower yield on other interest-earning assets, reflecting the aforementioned decreased interest rate environment, negatively impacted the yield on average earning assets during the third quarter of 2026.

During the third quarter of 2026, the cost of funds was 1.79 percent, down from 2.25 percent during the third quarter of 2025, primarily due to lower rates paid on money market accounts and time deposits, reflecting the decreased interest rate environment. An increase in low-cost deposit products as a percentage of total funding sources, mainly resulting from the addition of Eastern Michigan Bank’s deposit base and successful client acquisition efforts, also contributed to the reduced cost of funds. Furthermore, the expansion of existing deposit relationships and a reduction in brokered deposits positively impacted the cost of funds during the third quarter of 2026. The latter reflects a strategy to refine the deposit base whereby the brokered deposit market will be accessed on a limited basis and reliance on other higher-priced deposit relationships will be lessened.

Mercantile recorded provisions for credit losses of $0.7 million and $0.2 million during the third quarters of 2026 and 2025, respectively. The provision expense recorded during the current-year third quarter primarily reflected increases in specific and qualitative factor allocations of $1.7 million and $0.7 million, respectively, along with allocations of $0.6 million necessitated by net loan growth. These factors were partially offset by decreases in the required reserve of $1.5 million and $0.7 million stemming from an increase in residential mortgage and consumer loan prepayment speeds and a decline in baseline loss allocations, respectively. The recording of net loan recoveries and ongoing strength in loan quality metrics during both periods positively impacted necessary provision levels.

Noninterest income totaled $12.3 million during the third quarter of 2026, up $1.9 million, or 18.4 percent, from $10.4 million during the prior-year third quarter. The increase primarily stemmed from growth in treasury management fees, interest rate swap income, and mortgage banking income. The rise in treasury management fees largely resulted from new commercial customer acquisitions and clients’ expanded use of products and services. The growth in interest rate swap income, which can vary from period to period due to the timing of closing transactions, mainly reflected a higher volume of new swap transactions.

Noninterest expense totaled $43.6 million during the third quarter of 2026, compared to $34.8 million during the third quarter of 2025. Costs related to the core and digital banking system conversion aggregated $0.4 million during the third quarter of 2026, while costs associated with the acquisition of Eastern Michigan Financial Corporation totaled $0.2 million and $0.6 million during the current-year third quarter and third quarter of 2025, respectively. Excluding these non-recurring costs, noninterest expense increased $8.8 million during the third quarter of 2026 compared to the prior-year third quarter. Eastern Michigan Bank’s noninterest expense totaled $4.1 million during the third quarter of 2026, including salary and benefit costs of $1.7 million and core deposit intangible asset amortization of $0.9 million. The remaining increase in noninterest expense largely stemmed from higher salary and benefit costs, mainly reflecting increased bonus accruals, annual merit pay increases, market adjustments, and talent acquisitions to assist with the core and digital banking system conversion and expand deposit and loan market share in Southeast Michigan, along with cost inflation and a larger balance sheet.

Federal income tax expense was $4.9 million during the third quarter of 2026, compared to $3.7 million during the prior-year third quarter. The increase in federal income tax expense mainly resulted from a higher level of income before federal income tax and a lower level of net benefits from transferable energy tax credits. Mercantile’s effective tax rate, which equaled 16.8 percent and 13.4 percent during the third quarters of 2026 and 2025, respectively, has been positively impacted by tax benefits derived from the acquisition of transferable energy tax credits and low-income housing and historic tax credit investments.

Mr. Reitsma commented, “The notable increase in net interest income during the third quarter of 2026 resulted from robust earning asset growth and a higher net interest margin, primarily reflecting a lower cost of funds and the upward repricing of matured fixed-rate loans and securities. We are pleased with the significant increase in treasury management fees, reflecting customers’ expanded use of products and services and our ongoing success in cultivating new client relationships. Meeting asset growth objectives in a cost-effective manner while remaining focused on providing customers with excellent service and market-leading products and services remain important strategic objectives. Excluding costs related to the core and digital banking system conversion and acquisition of Eastern Michigan Financial Corporation, overhead costs as a percentage of net revenue during the third quarter of 2026 increased slightly compared to the third quarter of 2025, in part reflecting investments in personnel to assist with the core and digital banking system conversion and expansion activities in Southeast Michigan.”

Balance Sheet

Total assets were $7.16 billion as of September 30, 2026, up $328 million from December 31, 2025. Total loans increased $37.4 million, or an annualized 3.0 percent, during the third quarter of 2026, and $131 million, or an annualized 3.6 percent, during the first nine months of 2026, primarily reflecting commercial loan portfolio expansion of $20.4 million, or an annualized 2.0 percent, and $152 million, or an annualized 5.2 percent, during the respective periods. Commercial loans grew in both 2026 periods notwithstanding the full payoffs and partial paydowns of certain larger relationships, which aggregated $147 million during the third quarter of 2026, and $448 million during the first nine months of 2026. The payoffs and paydowns, reflecting sales of assets, secondary market refinancings, and customers using excess cash flows generated within their operations to make line of credit reductions, remained above the historical average of approximately $50 million per quarter during the third quarter of 2026. Payoffs and paydowns during 2025 were also well above historical levels, totaling approximately $363 million and averaging about $91 million per quarter. Commercial loan originations, consisting of loans to new customers and growth in existing credit relationships, stayed strong across all segments during the first nine months of 2026. Residential mortgage loans increased $13.2 million during the third quarter of 2026 and declined $27.1 million during the first nine months of 2026, while other consumer loans were up $3.8 million and $6.1 million during the respective periods.

During the first nine months of 2026, interest-earning deposits grew $151 million, and securities available for sale were down $4.2 million. The increase in interest-earning deposits primarily resulted from strong local deposit growth during the third quarter of 2026, while the reduction in securities available for sale mainly reflected an increase in the net unrealized loss on these securities stemming from the recent higher interest rate environment.

As of September 30, 2026, unfunded commitments on commercial construction and development loans, which are expected to be funded over the next 12 to 18 months, and residential construction loans, which are expected to be largely funded over the next 12 months, totaled $266 million and $43.9 million, respectively. The unused balance on construction loans remains relatively stable as new construction loan opportunities are identified and as construction loans shift to term real estate loans upon completion of the projects.

Commercial and industrial loans and owner-occupied commercial real estate loans combined represented approximately 55 percent of total commercial loans as of September 30, 2026, a level that has remained relatively consistent with prior periods and in line with our expectations.

Total deposits equaled $5.61 billion as of September 30, 2026, compared to $5.28 billion as of December 31, 2025. Local deposits grew $438 million, or an annualized 11.4 percent, during the first nine months of 2026, while brokered deposits decreased $110 million. The growth in local deposits, which occurred despite the customary level of seasonal noninterest-bearing deposit withdrawals by customers to make bonus and tax payments and partnership distributions, reflected successful customer acquisition efforts and net growth in various existing deposit relationships. The loan-to-deposit ratio equaled 88.3 percent as of September 30, 2026, down from 92.8 percent and 91.2 percent as of June 30, 2026, and December 31, 2025, respectively, largely due to local deposit portfolio expansion. As of September 30, 2026, wholesale funds, consisting of Federal Home Loan Bank of Indianapolis advances and brokered deposits, were $325 million, or approximately 5 percent of total funds, compared to $457 million, or approximately 8 percent of total funds, as of December 31, 2025. Noninterest-bearing checking accounts represented approximately 26 percent of total deposits as of September 30, 2026, compared to about 25 percent as of year-end 2025.

Mr. Reitsma noted, “The commercial loan portfolio grew during the third quarter and first nine months of 2026 despite elevated levels of payoffs and line of credit paydowns, reflecting ongoing strength in loan originations. Based on our current pipeline and continuing discussions with existing and prospective borrowers, we believe ample opportunities to book commercial loans will exist in upcoming periods. We are pleased with the noteworthy increase in local deposits during the third quarter of 2026 and related decline in our loan-to-deposit ratio and remain focused on funding loan originations and investment purchases through local deposit generation.”

Asset Quality

Nonperforming assets totaled $9.8 million, or 0.1 percent of total assets, as of September 30, 2026, compared to $7.9 million, or 0.1 percent of total assets, as of December 31, 2025, and $9.8 million, or 0.2 percent of total assets, as of September 30, 2025. The level of past due loans remains nominal. During the third quarter of 2026, loan charge-offs were less than $0.1 million, while recoveries of prior period loan charge-offs equaled $0.3 million, providing for net loan recoveries of $0.3 million, or an annualized 0.02 percent of average total loans.

Mr. Reitsma remarked, “Our asset quality measures remained strong during the third quarter of 2026 as evidenced by ongoing low levels of nonperforming assets, past due loans, and loan charge-offs. We remain steadfast in our commitment to underwrite loans across all portfolio segments cautiously and in adherence with internal policy guidelines and identify any weakening commercial loan relationships or emerging sector-specific or systemic credit issues as early as possible to minimize the impact of such on our overall financial condition. Our commercial borrowers have generally continued to operate effectively during the extended and continuing period of uncertain macro-economic conditions, and our residential mortgage loan and consumer loan portfolios have also continued to perform well.”

Capital Position

Shareholders’ equity totaled $744 million as of September 30, 2026, up $19.0 million from December 31, 2025. Positively impacting shareholders’ equity during the first nine months of 2026 was net income of $72.7 million and activity related to the issuance and sale of common stock through various stock-based compensation programs and our dividend reinvestment plan totaling $4.1 million, which was partially offset by a $37.8 million after-tax decrease in the market value of our available for sale securities portfolio, generally reflecting the recent increase in market interest rates, and the payment of cash dividends totaling $20.1 million. Mercantile Bank and Eastern Michigan Bank each maintained “well-capitalized” positions as of September 30, 2026, with total risk-based capital ratios of 13.4 percent and 23.9 percent, respectively. As of September 30, 2026, Mercantile Bank and Eastern Michigan Bank had approximately $200 million and $39 million, respectively, in excess of the 10 percent minimum regulatory threshold required to be categorized as a “well-capitalized” institution.

Mercantile reported 17,288,352 total shares outstanding as of September 30, 2026.

Mr. Reitsma concluded, “Our ongoing financial strength enabled us to continue our regular cash dividend program and once again provide shareholders with meaningful cash returns on their investments. We believe we are well positioned to effectively address any issues emerging from the extended period of unstable economic and operating conditions as a result of sustained strength in our operating results, asset quality metrics, capital levels, and commercial loan funding opportunities, along with the anticipated attainment of solid financial performance in future periods. Our firm commitment to meeting clients’ needs has been successful in retaining existing and fostering new relationships, and we believe the continuation of this commitment will present us with abundant opportunities to originate loans and generate local deposits in upcoming periods. Due to the outstanding efforts of our team members, we are making steady progress regarding the core and digital banking system conversion and expect it to be completed in the first quarter of 2027 as originally planned.”

Investor Presentation

Mercantile has prepared presentation materials that management intends to use during its previously announced third quarter 2026 conference call on Tuesday, October 20, 2026, at 10:00 a.m. Eastern Time, and from time to time thereafter in presentations about the company’s operations and performance. These materials, which are available for viewing in the Investor Relations section of Mercantile’s website at www.mercbank.com, have been furnished to the U.S. Securities and Exchange Commission concurrently with this press release.

About Mercantile Bank Corporation

Based in Grand Rapids, Michigan, Mercantile Bank Corporation is the bank holding company for Mercantile Bank and Eastern Michigan Bank. Mercantile Bank and Eastern Michigan Bank provide financial products and services in a professional and personalized manner designed to make banking easier for businesses, individuals, and governmental units. Distinguished by exceptional service, knowledgeable staff, and a commitment to the communities they serve, Mercantile Bank and Eastern Michigan Bank together comprise one of the largest Michigan-based banking organizations with total combined assets of approximately $7.2 billion. Mercantile Bank Corporation's common stock is listed on the NASDAQ Global Select Market under the symbol "MBWM." For more information about Mercantile, visit www.mercbank.com, and follow us on Facebook, Instagram, X (formerly Twitter) @MercBank, and LinkedIn @merc-bank.

Reconciliation of U.S. GAAP to Non-GAAP Financial Measures

This news release contains certain non-GAAP financial measures, including adjusted net income and adjusted diluted earnings per share, each of which excludes costs associated with (i) Mercantile’s acquisition of Eastern Michigan Financial Corporation that was completed during the fourth quarter of 2025 ($0.2 million and $0.5 million during the third quarter and first nine months of 2026, respectively), and (ii) the previously announced core and digital banking system conversion ($0.4 million and $3.9 million during the third quarter and first nine months of 2026, respectively), on an after-tax basis. These non-GAAP financial measures are identified in this news release where they appear. We believe that presenting these non-GAAP financial measures provides investors, analysts, and other interested parties with meaningful supplementary information to assess Mercantile’s underlying operational performance by removing the effect of costs we consider to be non-recurring in nature and not reflective of Mercantile’s core operating results. These non-GAAP financial measures are used by management to evaluate Mercantile’s ongoing operations, for internal planning and forecasting purposes, and to assess period-over-period comparability. Management believes it is useful for the reader to review these non-GAAP adjusted measures alongside the GAAP measures. Our definition of these adjusted financial measures may differ from similarly named measures used by others. These non-GAAP measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for our GAAP measures. Our net income and diluted earnings per share are presented on a GAAP-basis in the first paragraph of this release.

Forward-Looking Statements

This news release contains statements and information that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “endeavor,” “strategy,” “future,” “likely,” “may,” “should,” “will,” and similar references to future periods. Any such statements are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the results expressed in forward-looking statements. Factors that might cause such a difference include difficulties and delays in the ongoing integration of Mercantile Bank and Eastern Michigan Bank and achieving anticipated synergies, cost savings and other benefits from the transaction; delays, cost overruns, disruptions, or other difficulties in completing the core and digital banking system conversion, or failure to realize its anticipated benefits; changes in interest rates and interest rate relationships; increasing rates of inflation and slower growth rates or recession; significant declines in the value of commercial real estate; market volatility; demand for products and services; climate impacts; labor markets; the degree of competition by traditional and nontraditional financial services companies; changes in banking regulation or actions by bank regulators; changes in tax laws and other laws and regulations applicable to us; changes in prices, levies, and assessments; the impact of technological advances; potential cyber-attacks, information security breaches and other criminal activities; litigation liabilities; governmental and regulatory policy changes; the outcomes of existing or future contingencies; trends in customer behavior as well as their ability to repay loans; changes in local real estate values; damage to our reputation resulting from adverse publicity, regulatory actions, litigation, operational failures, and the failure to meet client expectations and other factors; changes in the national and local economies; unstable political and economic environments; disease outbreaks, such as the COVID-19 pandemic or similar public health threats, and measures implemented to combat them; and other factors, including those expressed as risk factors, disclosed from time to time in filings made by Mercantile with the Securities and Exchange Commission. Mercantile undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Investors are cautioned not to place undue reliance on any forward-looking statements contained herein.

FOR FURTHER INFORMATION:

Raymond Reitsma

Charles Christmas

President and CEO

Executive Vice President and CFO

616-233-2349

616-726-1202

rreitsma@mercbank.com

cchristmas@mercbank.com

MERCANTILE BANK CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(dollars in thousands)

SEPTEMBER 30,

DECEMBER 31,

SEPTEMBER 30,

2026

2025

ASSETS

Cash and due from banks

56,105

54,755

58,593

Interest-earning deposits and Federal Funds sold

572,393

418,569

418,426

Total cash and cash equivalents

628,498

473,324

477,019

Securities available for sale

1,098,016

1,102,230

855,138

Mortgage loans held for sale

22,439

17,160

17,433

Loans

4,952,942

4,821,888

4,615,160

Allowance for credit losses

(56,415

)

(58,191

)

(59,129

)

Loans, net

4,896,527

4,763,697

4,556,031

Premises and equipment, net

60,799

62,468

56,155

Bank owned life insurance

117,407

105,342

94,848

Goodwill

73,689

72,656

49,473

Core deposit intangible, net

16,442

20,388

Other assets

249,051

217,954

202,390

Total assets

7,162,868

6,835,219

6,308,487

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits:

Noninterest-bearing

1,446,357

1,339,666

1,182,775

Interest-bearing

4,165,919

3,944,786

3,629,038

Total deposits

5,612,276

5,284,452

4,811,813

Securities sold under agreements to repurchase

197,453

232,291

251,499

Federal Home Loan Bank advances

305,322

326,221

346,221

Subordinated debentures

51,529

51,015

50,844

Subordinated notes

89,914

89,657

89,571

Term note

22,500

30,000

Accrued interest and other liabilities

140,039

96,699

100,909

Total liabilities

6,419,033

6,110,335

5,650,857

SHAREHOLDERS' EQUITY

Common stock

353,553

349,431

303,463

Retained earnings

452,046

399,448

382,679

Accumulated other comprehensive income/(loss)

(61,764

)

(23,995

)

(28,512

)

Total shareholders' equity

743,835

724,884

657,630

Total liabilities and shareholders' equity

7,162,868

6,835,219

6,308,487

MERCANTILE BANK CORPORATION

CONSOLIDATED REPORTS OF INCOME

(Unaudited)

(dollars in thousands except per share data)

THREE MONTHS ENDED

NINE MONTHS ENDED

September 30, 2026

September 30, 2025

September 30, 2026

September 30, 2025

INTEREST INCOME

Loans, including fees

76,630

74,659

221,820

220,003

Investment securities

9,345

5,855

27,368

16,227

Other interest-earning assets

4,294

5,129

13,203

11,710

Total interest income

90,269

85,643

262,391

247,940

INTEREST EXPENSE

Deposits

23,121

26,817

69,507

77,735

Short-term borrowings

1,430

1,974

4,396

5,656

Federal Home Loan Bank advances

2,611

2,895

7,762

8,689

Other borrowed money

2,207

1,955

6,666

5,831

Total interest expense

29,369

33,641

88,331

97,911

Net interest income

60,900

52,002

174,060

150,029

Provision for credit losses

700

200

(2,900

)

3,900

Net interest income after provision for credit losses

60,200

51,802

176,960

146,129

NONINTEREST INCOME

Service charges on accounts

2,744

2,064

7,874

5,871

Mortgage banking income

3,359

3,066

9,474

9,686

Credit and debit card income

2,912

2,371

8,421

6,922

Interest rate swap income

774

377

1,880

1,687

Payroll services

851

825

2,799

2,648

Earnings on bank owned life insurance

789

858

2,230

1,961

Other income

874

827

2,759

1,777

Total noninterest income

12,303

10,388

35,437

30,552

NONINTEREST EXPENSE

Salaries and benefits

26,853

21,094

75,155

61,362

Occupancy

2,308

2,122

6,985

6,395

Furniture and equipment

1,016

846

2,967

2,458

Data processing costs

4,829

3,945

13,872

11,315

Core conversion costs

438

3,897

Acquisition costs

153

606

547

628

Core deposit intangible amortization

865

2,596

Other expense

7,091

6,137

18,964

17,075

Total noninterest expense

43,553

34,750

124,983

99,233

Income before federal income tax expense

28,950

27,440

87,414

77,448

Federal income tax expense

4,878

3,682

14,729

11,535

Net Income

24,072

23,758

72,685

65,913

Basic earnings per share

1.39

1.46

4.21

4.06

Diluted earnings per share

1.39

1.46

4.21

4.06

Average basic shares outstanding

17,286,048

16,249,267

17,267,297

16,229,243

Average diluted shares outstanding

17,286,048

16,249,267

17,267,297

16,229,243

MERCANTILE BANK CORPORATION

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)

Quarterly

Year-To-Date

(dollars in thousands except per share data)

2026

2025

3rd Qtr

2nd Qtr

1st Qtr

4th Qtr

3rd Qtr

2026

2025

EARNINGS

Net interest income

60,900

57,258

55,901

51,015

52,002

174,060

150,029

Provision for credit losses

700

(1,800

)

(1,800

)

(700

)

200

(2,900

)

3,900

Noninterest income

12,303

11,498

11,688

11,056

10,388

35,437

30,552

Noninterest expense

43,553

39,375

42,107

36,726

34,750

124,983

99,233

Net income before federal income tax expense

28,950

31,181

27,282

26,045

27,440

87,414

77,448

Net income

24,072

25,927

22,685

22,841

23,758

72,685

65,913

Basic earnings per share

1.39

1.50

1.32

1.40

1.46

4.21

4.06

Diluted earnings per share

1.39

1.50

1.32

1.40

1.46

4.21

4.06

Average basic shares outstanding

17,286,048

17,278,057

17,237,249

16,263,884

16,249,267

17,267,297

16,229,243

Average diluted shares outstanding

17,286,048

17,278,057

17,237,249

16,263,884

16,249,267

17,267,297

16,229,243

PERFORMANCE RATIOS

Return on average assets

1.37

1.52

1.35

1.44

1.50

1.41

1.44

Return on average equity

12.61

13.97

12.54

13.50

14.72

13.04

14.28

Net interest margin (fully tax-equivalent)

3.73

3.59

3.55

3.43

3.49

3.62

3.48

Efficiency ratio

59.50

57.27

62.30

59.17

55.70

59.66

54.95

Full-time equivalent employees

812

827

766

770

683

812

683

YIELD ON ASSETS / COST OF FUNDS

Yield on loans

6.12

6.01

6.04

6.12

6.35

6.06

6.31

Yield on securities

3.43

3.36

3.27

2.96

2.90

3.35

2.82

Yield on other interest-earning assets

3.96

4.04

4.00

4.25

4.63

4.00

4.75

Yield on total earning assets

5.52

5.42

5.52

5.74

5.45

5.74

Yield on total assets

5.16

5.09

5.20

5.41

5.11

5.43

Cost of deposits

1.69

1.74

1.77

2.04

2.20

1.73

2.22

Cost of borrowed funds

3.66

3.57

3.58

3.56

3.61

3.60

3.62

Cost of interest-bearing liabilities

2.49

2.53

2.54

2.87

3.06

2.52

3.08

Cost of funds (total earning assets)

1.79

1.83

1.87

2.09

2.25

1.83

2.26

Cost of funds (total assets)

1.68

1.72

1.75

1.97

2.12

1.72

2.14

MORTGAGE BANKING ACTIVITY

Total mortgage loans originated

142,377

159,105

127,939

141,451

136,840

429,421

379,157

Purchase mortgage loans originated

117,615

126,798

68,769

85,973

107,993

313,182

300,734

Refinance mortgage loans originated

24,762

32,307

59,170

55,478

28,847

116,239

78,423

Mortgage loans originated with intent to sell

92,569

107,447

105,873

116,886

111,334

305,889

304,110

Income on sale of mortgage loans

3,215

3,156

3,049

3,375

3,482

9,420

9,156

CAPITAL

Tangible equity to tangible assets

9.24

9.87

9.41

9.37

9.72

9.24

9.72

Tier 1 leverage capital ratio

11.11

11.04

10.61

11.30

10.90

11.11

10.90

Common equity risk-based capital ratio

11.44

11.27

11.01

11.33

11.44

11.33

Tier 1 risk-based capital ratio

12.23

12.25

12.09

11.83

12.20

12.23

12.20

Total risk-based capital ratio

14.60

14.65

14.59

14.35

14.87

14.60

14.87

Tier 1 capital

768,377

749,048

723,395

704,776

685,440

768,377

685,440

Tier 1 plus tier 2 capital

917,167

896,267

872,668

854,876

835,263

917,167

835,263

Total risk-weighted assets

6,283,913

6,116,615

5,981,420

5,958,763

5,617,005

6,283,913

5,617,005

Book value per common share

43.03

43.68

42.66

42.19

40.46

43.03

40.46

Tangible book value per common share

37.81

38.42

37.34

36.78

37.41

37.81

37.41

Cash dividend per common share

0.40

0.39

0.38

1.18

1.12

ASSET QUALITY

Gross loan charge-offs

2,842

172

273

Recoveries

319

514

351

206

726

1,184

1,048

Net loan charge-offs (recoveries)

(273

)

(504

)

(346

)

2,636

(554

)

(1,123

)

(775

)

Net loan charge-offs (recoveries) to average loans

(0.02

(0.04

(0.03

0.23

(0.05

(0.03

(0.02

Allowance for credit losses

56,415

55,441

56,736

58,191

59,129

56,415

59,129

Allowance to loans

1.14

1.13

1.18

1.21

1.28

1.14

1.28

Nonperforming loans

9,742

5,803

7,543

7,870

9,844

9,742

9,844

Other real estate/repossessed assets

Nonperforming loans to total loans

0.20

0.12

0.16

0.21

0.20

0.21

Nonperforming assets to total assets

0.14

0.09

0.11

0.12

0.16

0.14

0.16

NONPERFORMING ASSETS - COMPOSITION

Commercial:

Commercial & industrial

2,880

942

1,122

1,393

1,509

2,880

1,509

Land development & construction

201

Owner occupied comm'l R/E

3,789

953

494

517

3,789

Non-owner occupied comm'l R/E

2,732

5,532

Multi-family & residential rental

Total commercial

6,669

1,895

4,348

4,843

7,041

6,669

7,041

Retail:

1-4 family mortgages

3,049

3,811

3,114

2,971

2,767

3,049

2,767

Other consumer

106

Total retail

3,155

3,908

3,195

3,027

2,803

3,155

2,803

Total nonperforming assets

9,824

5,803

7,543

7,870

9,844

9,824

9,844

NONPERFORMING ASSETS - RECON

Beginning balance

5,803

7,543

7,870

9,844

9,743

7,870

5,743

Additions

6,136

1,284

410

1,299

426

7,830

6,641

Return to performing status

(12

)

(27

)

(12

)

(27

)

Principal payments

(2,086

)

(3,016

)

(725

)

(466

)

(222

)

(5,827

)

(2,351

)

Sale proceeds

Loan charge-offs

(29

)

(2,807

)

(76

)

(37

)

(162

)

Valuation write-downs

Ending balance

9,824

5,803

7,543

7,870

9,844

9,824

9,844

LOAN PORTFOLIO COMPOSITION

Commercial:

Commercial & industrial

1,499,086

1,537,029

1,429,830

1,374,522

1,337,729

1,499,086

1,337,729

Land development & construction

112,646

119,386

119,560

117,373

70,806

112,646

70,806

Owner occupied comm'l R/E

757,329

803,884

799,066

778,869

729,451

757,329

729,451

Non-owner occupied comm'l R/E

1,159,659

1,091,844

1,101,758

1,110,674

1,091,210

1,159,659

1,091,210

Multi-family & residential rental

542,058

498,253

485,175

537,224

521,111

542,058

521,111

Total commercial

4,070,778

4,050,396

3,935,389

3,918,662

3,750,307

4,070,778

3,750,307

Retail:

1-4 family mortgages

763,715

750,526

768,237

790,857

780,917

763,715

780,917

Other consumer

118,449

114,631

113,067

112,369

83,936

118,449

83,936

Total retail

882,164

865,157

881,304

903,226

864,853

882,164

864,853

Total loans

4,952,942

4,915,553

4,816,693

4,821,888

4,615,160

4,952,942

4,615,160

END OF PERIOD BALANCES

Loans

4,952,942

4,915,553

4,816,693

4,821,888

4,615,160

4,952,942

4,615,160

Securities

1,098,016

1,125,529

1,125,433

1,102,230

855,138

1,098,016

855,138

Other interest-earning assets

619,830

327,399

577,619

458,548

457,373

619,830

457,373

Total earning assets (before allowance)

6,670,788

6,368,481

6,519,745

6,382,666

5,927,671

6,670,788

5,927,671

Total assets

7,162,868

6,819,490

6,945,035

6,835,219

6,308,487

7,162,868

6,308,487

Noninterest-bearing deposits

1,446,357

1,420,591

1,331,947

1,339,666

1,182,775

1,446,357

1,182,775

Interest-bearing deposits

4,165,919

3,875,797

4,087,571

3,944,786

3,629,038

4,165,919

3,629,038

Total deposits

5,612,276

5,296,388

5,419,518

5,284,452

4,811,813

5,612,276

4,811,813

Total borrowed funds

668,270

690,554

704,853

730,778

739,688

668,270

739,688

Total interest-bearing liabilities

4,834,189

4,566,351

4,792,424

4,675,564

4,368,726

4,834,189

4,368,726

Shareholders' equity

743,835

755,124

736,947

724,884

657,630

743,835

657,630

AVERAGE BALANCES

Loans

4,967,799

4,891,868

4,828,031

4,627,544

4,668,173

4,896,411

4,664,356

Securities

1,126,018

1,128,063

1,119,988

880,619

841,853

1,124,712

803,026

Other interest-earning assets

424,354

413,729

467,991

426,758

433,055

435,198

324,920

Total earning assets (before allowance)

6,518,171

6,433,660

6,416,010

5,934,921

5,943,081

6,456,321

5,792,302

Total assets

6,957,917

6,851,065

6,837,239

6,296,341

6,294,841

6,882,516

6,125,953

Noninterest-bearing deposits

1,440,772

1,376,108

1,318,537

1,227,100

1,215,918

1,378,920

1,171,789

Interest-bearing deposits

3,999,140

3,956,008

3,999,141

3,599,012

3,610,600

3,984,763

3,506,005

Total deposits

5,439,912

5,332,116

5,317,678

4,826,112

4,826,518

5,363,683

4,677,794

Total borrowed funds

677,906

707,080

712,240

720,499

749,679

698,949

746,080

Total interest-bearing liabilities

4,677,046

4,663,088

4,711,381

4,319,511

4,360,279

4,683,712

4,252,085

Shareholders' equity

757,527

744,193

733,366

671,029

640,495

745,117

617,126

EX-99.2 — EXHIBIT 99.2

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XML — IDEA: XBRL DOCUMENT

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Filename: R1.htm · Sequence: 48

v3.26.3

Document And Entity Information

Oct. 20, 2026

Document Information [Line Items]

Entity, Registrant Name

Mercantile Bank Corporation

Document, Type

8-K

Document, Period End Date

Oct. 20, 2026

Entity, Incorporation, State or Country Code

Entity, File Number

000-26719

Entity, Tax Identification Number

38-3360865

Entity, Address, Address Line One

310 Leonard Street NW

Entity, Address, City or Town

Grand Rapids

Entity, Address, State or Province

Entity, Address, Postal Zip Code

49504

City Area Code

616

Local Phone Number

406-3000

Written Communications

false

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false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

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Common Stock

Trading Symbol

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Security Exchange Name

NASDAQ

Entity, Emerging Growth Company

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duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

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Data Type:

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- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

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Period Type:

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- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

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- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

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Data Type:

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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

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Period Type:

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- Definition

Local phone number for entity.

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No definition available.

+ Details

Name:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Name:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

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Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

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dei_SolicitingMaterial

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Data Type:

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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