Form 8-K

8-K — MERCANTILE BANK CORP

Accession: 0001437749-26-023919

Filed: 2026-07-21

Period: 2026-07-21

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 — mbwm20260604_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (ex_972194.htm)

EX-99.2 — EXHIBIT 99.2 (ex_972195.htm)

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8-K — FORM 8-K

8-K (Primary)

Filename: mbwm20260604_8k.htm · Sequence: 1

mbwm20260604_8k.htm

false

0001042729

2026-07-21

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): July 21, 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 July 21, 2026, Mercantile Bank Corporation (the “Company”) issued a press release announcing earnings and other financial results for the quarter ended June 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 Second Quarter 2026 conference call on Tuesday, July 21, 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 July 21, 2026, reporting financial results and earnings for the quarter ended June 30, 2026.

99.2

Mercantile Bank Corporation Conference Call & Webcast Presentation dated July 21, 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: July 21, 2026

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: ex_972194.htm · Sequence: 2

ex_972194.htm

Exhibit 99.1

Mercantile Bank Corporation Announces Strong Second Quarter 2026 Results

Net interest income expansion, strong commercial loan growth, and sustained strength in asset quality metrics and capital levels highlight the quarter

GRAND RAPIDS, Mich., July 21, 2026 – Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") reported net income of $25.9 million, or $1.50 per diluted share, for the second quarter of 2026, compared with net income of $22.6 million, or $1.39 per diluted share, for the second quarter of 2025. Net income during the first six months of 2026 totaled $48.6 million, or $2.82 per diluted share, compared with net income of $42.2 million, or $2.60 per diluted share, during the first six months of 2025. Excluding non-recurring costs associated with the acquisition of Eastern Michigan Financial Corporation and the previously announced core and digital banking system conversion (a non-GAAP measurement), adjusted net income was $26.4 million, or $1.53 per diluted share, for the second quarter of 2026, and $51.7 million, or $2.99 per diluted share, for the first six months of 2026. Using these non-GAAP measures, adjusted earnings per diluted share increased $0.14, or 10 percent, in the second quarter of 2026, and $0.39, or 15 percent, in the first six months of 2026, compared to the respective 2025 periods.

“We are very pleased to report another quarter of strong financial performance as we continue to successfully navigate our way through the extended and ongoing period of uncertain global economic conditions and heightened geopolitical concerns,” said Ray Reitsma, President and Chief Executive Officer of Mercantile. “Our robust operating results were driven by increased net interest income, reflecting strong commercial loan growth and a higher net interest margin, a negative provision for credit losses, a significant increase in treasury management fees, a reduction in wholesale funds, and continuing strength in asset quality metrics. As evidenced by the ongoing expansion of local deposits, we remain committed to funding earning asset growth with local deposit generation.”

Second quarter highlights include:

●

Return on average assets of 1.5 percent and return on average equity of 14.0 percent

●

Tangible book value per common share of $38.42 as of June 30, 2026, up 9 percent (annualized) and over 7 percent since December 31, 2025, and June 30, 2025, respectively

●

Net revenue growth of nearly 13 percent compared to the prior-year second quarter, including net interest income expansion of nearly 16 percent

●

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

●

Noteworthy increases in treasury management fees and payroll services fees of approximately 29 percent and 9 percent, respectively

●

Continued strength in commercial loan pipeline

●

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

●

Significant reduction in loan-to-deposit ratio from approximately 100 percent as of June 30, 2025, to approximately 93 percent as of June 30, 2026, primarily reflecting strong local deposit generation and the onboarding of Eastern Michigan Bank’s deposit portfolio

●

Notable decreases in brokered deposits of $110 million during the first six months of 2026, and $179 million during the twelve months ended June 30, 2026, leaving a balance of only $20.1 million that is scheduled to mature in late 2026

●

Robust tangible and regulatory capital positions

Operating Results

Net revenue, consisting of net interest income and noninterest income, was $68.8 million during the second quarter of 2026, up $7.8 million, or 12.8 percent, from $61.0 million during the prior-year second quarter. Net interest income during the current-year second quarter was $57.3 million, up $7.8 million, or 15.7 percent, from $49.5 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 $5.9 million during the second quarter of 2026. Noninterest income totaled $11.5 million during the second quarter of 2026, virtually unchanged from the level recorded during the second quarter of 2025; increases in treasury management fees, bank owned life insurance income, and payroll services fees were offset by reductions in interest rate swap and mortgage banking income. Eastern Michigan Bank generated $0.6 million in noninterest income during the second quarter of 2026, primarily consisting of deposit service charges.

The net interest margin was 3.59 percent in the second quarter of 2026, up from 3.48 percent in the prior-year second quarter. The yield on average earning assets was 5.42 percent during the current-year second quarter, a decline from 5.75 percent during the respective 2025 period. The decreased yield largely stemmed from a lower yield on loans and a change in earning asset mix, which more than offset an improved yield on securities resulting from the reinvestment of relatively low-yielding bonds and portfolio expansion activities, along with the positive impact resulting from the addition of Eastern Michigan Bank’s securities portfolio. The yield on loans was 6.01 percent during the second quarter of 2026, down from 6.29 percent during the second quarter of 2025, mainly due to reduced interest rates on variable-rate commercial loans resulting from the Federal Open Market Committee (“FOMC”) lowering 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. Reflecting a strategic initiative to lower the loan-to-deposit ratio and the impact of Eastern Michigan Bank’s liquid balance sheet, relatively higher-yielding loans represented a decreased percentage of earning assets and relatively lower-yielding securities accounted for an increased percentage of earning assets in the second quarter of 2026 compared to the second quarter of 2025. The yield on securities equaled 3.36 percent during the second quarter of 2026, up from 2.82 percent during the prior-year second quarter. The yield on other interest-earning assets, primarily consisting of funds on deposit with the Federal Reserve Bank of Chicago, declined from 4.91 percent during the second quarter of 2025 to 4.04 percent during the respective 2026 period, reflecting the decreased interest rate environment.

During the second quarter of 2026, the cost of funds was 1.83 percent, down from 2.27 percent during the second quarter of 2025, mainly 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, primarily stemming from the addition of Eastern Michigan Bank’s deposit base, and a reduction in brokered deposits also contributed to the reduced cost of funds. The latter reflects a strategy to refine the deposit base whereby the reliance on the brokered deposit market and other higher-priced deposit-only relationships is reduced.

Mercantile recorded provisions for credit losses of negative $1.8 million and positive $1.6 million during the second quarters of 2026 and 2025, respectively. The negative provision expense recorded during the current-year second quarter mainly reflected the elimination of a $2.7 million specific allocation associated with the resolution of a nonperforming commercial construction loan, which was partially offset by changes in the economic forecast, allocations necessitated by net loan growth, and an increase in qualitative factor allocations. The recording of net loan recoveries and sustained strength in loan quality metrics during both periods positively impacted necessary provision levels.

Noninterest income totaled $11.5 million during the second quarter of 2026, up slightly from the level recorded during the prior-year second quarter. Growth in treasury management fees, bank owned life insurance income, and payroll services fees was offset by lower levels of interest rate swap and mortgage banking income. The increases in treasury management and payroll services fees largely resulted from new commercial customer acquisitions and customers’ expanded use of products and services, as well as a modified fee schedule. The reduction in interest rate swap income primarily reflected a lower volume of new swap transactions, while the decrease in mortgage banking income mainly resulted from accelerated mortgage servicing rights amortization resulting from an increased level of payoffs, a change in the quarter-end fair value of commitments to originate salable residential mortgage loans and a lower percentage of loans originated with the intent to sell.

Noninterest expense totaled $39.4 million during the second quarter of 2026, compared to $33.4 million during the second quarter of 2025. Excluding non-recurring costs aggregating $0.5 million related to the core and digital banking system conversion and $0.1 million associated with the acquisition of Eastern Michigan Financial Corporation, noninterest expense increased $5.4 million during the current-year second quarter compared to the respective 2025 period. Eastern Michigan Bank’s noninterest expense totaled $4.0 million during the second quarter of 2026, including salary and benefit costs of $1.8 million and core deposit intangible asset amortization of $0.9 million. The remaining increase in noninterest expense largely reflected higher salary and benefit costs, along with cost inflation and an expanded balance sheet and branch network. A $1.4 million decrease in allocations to the reserve for unfunded loan commitments, mainly reflecting a lower level of commercial loan commitments that have been accepted by customers, positively impacted noninterest expense during the second quarter of 2026.

Federal income tax expense was $5.3 million during the second quarter of 2026, compared to $3.3 million during the prior-year second quarter. The increase in federal income tax expense primarily 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 16.9 percent and 12.9 percent during the second 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 robust increase in net interest income during the second quarter of 2026 resulted from strong commercial loan growth and an improved net interest margin, which was largely driven by a reduced cost of funds and the upward repricing of matured fixed-rate loans and securities. As demonstrated by the solid growth in treasury management and payroll services fees, we continue to be successful in our efforts to cultivate new customer relationships and further develop existing clients’ relationships. We remain focused on expanding our balance sheet in a cost-effective fashion while continuing to deliver excellent service and market-leading products and services to our clients. Total overhead expense, excluding costs associated with the core and digital banking system conversion and acquisition of Eastern Michigan Financial Corporation, as a percentage of net revenue during the second quarter of 2026 approximated the level during the prior-year second quarter.”

Balance Sheet

Total assets were $6.82 billion as of June 30, 2026, down $15.7 million from December 31, 2025. Total loans increased $98.9 million, or an annualized 8.2 percent, during the second quarter of 2026, and $93.7 million, or an annualized 3.9 percent, during the first six months of 2026, primarily reflecting commercial loan portfolio expansion of $115 million, or an annualized 11.7 percent, and $132 million, or an annualized 6.8 percent, during the respective periods. Commercial loans grew in both 2026 periods despite the full payoffs and partial paydowns of certain larger relationships, which aggregated $121 million during the second quarter of 2026, and $301 million during the first six months of 2026. The payoffs and paydowns, which mainly resulted from sales of assets, secondary market refinancings, and customers using excess cash flows generated within their operations to make line of credit reductions, subsided as anticipated during the second quarter of 2026 compared to the first quarter of 2026, although remaining above the historical average of approximately $50 million per quarter. 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 increases in existing credit relationships, remained strong across all segments during the first six months of 2026. Residential mortgage loans were down $17.7 million and $40.3 million during the second quarter and first six months of 2026, respectively, while other consumer loans increased $1.6 million and $2.3 million during the respective periods.

During the first six months of 2026, interest-earning deposits declined $149 million, and securities available for sale were up $23.3 million. The reduction in interest-earning deposits primarily resulted from funds being used to originate loans, purchase securities, and payoff matured brokered deposits and Federal Home Loan Bank of Indianapolis (“FHLBI”) advances.

As of June 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 $236 million and $47.4 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 58 percent of total commercial loans as of June 30, 2026, a level that has remained relatively consistent with prior periods and in line with our expectations.

Total deposits equaled $5.30 billion as of June 30, 2026, compared to $5.28 billion as of December 31, 2025. Local deposits grew $122 million, or an annualized 4.8 percent, during the first six months of 2026, while brokered deposits decreased $110 million. The increase in local deposits, which occurred despite the normal level of seasonal noninterest-bearing deposit withdrawals by customers to make bonus and tax payments and partnership distributions, reflected successful client acquisition efforts and net growth in various existing deposit relationships. The loan-to-deposit ratio equaled 93 percent as of June 30, 2026, down from 100 percent as of June 30, 2025, largely due to an increase in local deposits. As of June 30, 2026, wholesale funds, consisting of FHLBI advances and brokered deposits, were $325 million, or approximately 6 percent of total funds, compared to approximately 8 percent and 10 percent as of December 31, 2025, and June 30, 2025, respectively. Noninterest-bearing checking accounts represented approximately 27 percent of total deposits as of June 30, 2026.

Mr. Reitsma noted, “We are very pleased with the growth in the commercial loan portfolio during the second quarter and first six months of 2026, especially when factoring in the level of payoffs and line of credit paydowns during the periods. Our commercial loan pipeline remains robust, which combined with ongoing conversations with existing and potential borrowers, should provide us with meaningful opportunities to originate loans in forthcoming periods. We remain committed to funding lending opportunities with local deposit generation.”

Asset Quality

Nonperforming assets totaled $5.8 million, or 0.1 percent of total assets, as of June 30, 2026, compared to $7.9 million, or 0.1 percent of total assets, as of December 31, 2025, and $9.7 million, or 0.2 percent of total assets, as of June 30, 2025. The decreases in nonperforming assets during the first six months of 2026 and twelve months ended June 30, 2026, mainly reflected the resolution of a nonperforming commercial construction loan, which had been placed on nonaccrual during the second quarter of 2025 and represented approximately 57 percent and 35 percent of total nonperforming assets as of June 30, 2025, and December 31, 2025, respectively. Specific allocations totaling $5.5 million and ultimately equaling the full loan balance were made during the second and third quarters of 2025, with the loan balance charged down by $2.8 million during the fourth quarter of 2025. During the second quarter of 2026, the loan’s remaining book balance of $2.7 million was paid off, eliminating the remaining specific allocation balance, and a recovery of $0.2 million was recorded. The level of past due loans remains minimal. During the second quarter of 2026, loan charge-offs were nominal, while recoveries of prior period loan charge-offs equaled $0.5 million, providing for net loan recoveries of $0.5 million, or an annualized 0.04 percent of average total loans.

Mr. Reitsma remarked, “As reflected by ongoing low levels of nonperforming assets, past due loans, and loan charge-offs, our asset quality metrics remained robust during the second quarter of 2026. We remain committed to underwriting all loan types in a disciplined manner and identifying any deteriorating commercial loan relationships or emerging systemic or sector-specific credit problems as soon as possible to limit the impact of such on our overall financial health. Our sound collection and conservative charge-off practices were evident during the current-year second quarter with the full resolution of a significant nonperforming commercial construction loan, which represented our largest nonperforming loan as of March 31, 2026. The resiliency of our commercial loan clients during the extended and ongoing period of uncertain macro-economic conditions has been noteworthy.”

Capital Position

Shareholders’ equity totaled $755 million as of June 30, 2026, up $30.2 million from December 31, 2025. Mercantile Bank and Eastern Michigan Bank each maintained “well-capitalized” positions as of June 30, 2026, with total risk-based capital ratios of 13.5 percent and 23.1 percent, respectively. As of June 30, 2026, Mercantile Bank and Eastern Michigan Bank had approximately $205 million and $36.3 million, respectively, in excess of the 10 percent minimum regulatory threshold required to be categorized as a “well-capitalized” institution.

Mercantile reported 17,285,911 total shares outstanding as of June 30, 2026.

Mr. Reitsma concluded, “Our ongoing strong financial condition enabled us to continue our regular cash dividend program, and as demonstrated by our announcement of an increased third quarter 2026 cash dividend, we remain committed to building shareholder value through meaningful cash returns. Based on the continuing strength of our operating results, asset quality measures, capital levels and loan funding opportunities, along with the expected realization of solid financial performance in upcoming periods, we believe we are positioned to successfully address any challenges arising from the prolonged and ongoing period of unstable economic and operating conditions. Our steadfast focus on meeting customers’ needs has been instrumental in retaining established relationships and fostering new relationships, and we believe a similar focus in future periods as planned should provide us with ample opportunities to originate loans and generate local deposits.”

Investor Presentation

Mercantile has prepared presentation materials that management intends to use during its previously announced second quarter 2026 conference call on Tuesday, July 21, 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 $6.8 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 ($0.1 million and $0.4 million during the second quarter and first six months of 2026, respectively), and (ii) the previously announced core and digital banking system conversion ($0.5 million and $3.5 million during the second quarter and first six 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; 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)

JUNE 30,

DECEMBER 31,

JUNE 30,

2026

2025

ASSETS

Cash and due from banks

69,802

54,755

98,900

Interest-earning deposits and Federal Funds sold

271,129

418,569

197,172

Total cash and cash equivalents

340,931

473,324

296,072

Securities available for sale

1,125,529

1,102,230

826,415

Mortgage loans held for sale

31,272

17,160

27,569

Loans

4,915,553

4,821,888

4,698,019

Allowance for credit losses

(55,441

)

(58,191

)

(58,375

)

Loans, net

4,860,112

4,763,697

4,639,644

Premises and equipment, net

60,727

62,468

54,792

Bank owned life insurance

116,578

105,342

95,012

Goodwill

73,689

72,656

49,473

Core deposit intangible, net

17,307

20,388

Other assets

193,345

217,954

192,011

Total assets

6,819,490

6,835,219

6,180,988

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits:

Noninterest-bearing

1,420,591

1,339,666

1,180,801

Interest-bearing

3,875,797

3,944,786

3,529,671

Total deposits

5,296,388

5,284,452

4,710,472

Securities sold under agreements to repurchase

217,470

232,291

242,785

Federal Home Loan Bank advances

305,322

326,221

356,221

Subordinated debentures

51,358

51,015

50,672

Subordinated notes

89,829

89,657

89,486

Term note

25,000

30,000

Accrued interest and other liabilities

78,999

96,699

99,833

Total liabilities

6,064,366

6,110,335

5,549,469

SHAREHOLDERS' EQUITY

Common stock

352,339

349,431

302,294

Retained earnings

434,786

399,448

364,991

Accumulated other comprehensive income/(loss)

(32,001

)

(23,995

)

(35,766

)

Total shareholders' equity

755,124

724,884

631,519

Total liabilities and shareholders' equity

6,819,490

6,835,219

6,180,988

MERCANTILE BANK CORPORATION

CONSOLIDATED REPORTS OF INCOME

(Unaudited)

(dollars in thousands except per share data)

THREE MONTHS ENDED

SIX MONTHS ENDED

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

INTEREST INCOME

Loans, including fees

73,293

73,613

145,190

145,343

Investment securities

9,174

5,414

18,023

10,372

Other interest-earning assets

4,229

2,931

8,909

6,582

Total interest income

86,696

81,958

172,122

162,297

INTEREST EXPENSE

Deposits

23,140

25,725

46,386

50,918

Short-term borrowings

1,488

1,919

2,967

3,682

Federal Home Loan Bank advances

2,595

2,897

5,151

5,795

Other borrowed money

2,215

1,938

4,459

3,875

Total interest expense

29,438

32,479

58,963

64,270

Net interest income

57,258

49,479

113,159

98,027

Provision for credit losses

(1,800

)

1,600

(3,600

)

3,700

Net interest income after provision for credit losses

59,058

47,879

116,759

94,327

NONINTEREST INCOME

Service charges on accounts

2,663

1,967

5,147

3,806

Mortgage banking income

3,188

3,969

6,168

6,620

Credit and debit card income

2,921

2,350

5,509

4,551

Interest rate swap income

443

1,230

1,106

1,310

Payroll services

854

783

1,948

1,823

Earnings on bank owned life insurance

776

561

1,441

1,104

Other income

653

602

1,868

950

Total noninterest income

11,498

11,462

23,187

20,164

NONINTEREST EXPENSE

Salaries and benefits

24,608

20,711

48,287

40,268

Occupancy

2,261

2,155

4,677

4,273

Furniture and equipment

988

826

1,950

1,613

Data processing costs

4,617

3,599

9,044

7,369

Core conversion costs

536

3,458

Acquisition costs

394

Core deposit intangible amortization

865

1,731

Other expense

5,406

6,088

11,942

10,960

Total noninterest expense

39,375

33,379

81,483

64,483

Income before federal income tax expense

31,181

25,962

58,463

50,008

Federal income tax expense

5,254

3,344

9,851

7,853

Net Income

25,927

22,618

48,612

42,155

Basic earnings per share

1.50

1.39

2.82

2.60

Diluted earnings per share

1.50

1.39

2.82

2.60

Average basic shares outstanding

17,278,057

16,239,919

17,257,766

16,219,064

Average diluted shares outstanding

17,278,057

16,239,919

17,257,766

16,219,064

MERCANTILE BANK CORPORATION

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)

Quarterly

Year-To-Date

(dollars in thousands except per share data)

2026

2025

2nd Qtr

1st Qtr

4th Qtr

3rd Qtr

2nd Qtr

2026

2025

EARNINGS

Net interest income

57,258

55,901

51,015

52,002

49,479

113,159

98,027

Provision for credit losses

(1,800

)

(1,800

)

(700

)

200

1,600

(3,600

)

3,700

Noninterest income

11,498

11,688

11,056

10,388

11,462

23,187

20,164

Noninterest expense

39,375

42,107

36,726

34,750

33,379

81,483

64,483

Net income before federal income tax expense

31,181

27,282

26,045

27,440

25,962

58,463

50,008

Net income

25,927

22,685

22,841

23,758

22,618

48,612

42,155

Basic earnings per share

1.50

1.32

1.40

1.46

1.39

2.82

2.60

Diluted earnings per share

1.50

1.32

1.40

1.46

1.39

2.82

2.60

Average basic shares outstanding

17,278,057

17,237,249

16,263,884

16,249,267

16,239,919

17,257,766

16,219,064

Average diluted shares outstanding

17,278,057

17,237,249

16,263,884

16,249,267

16,239,919

17,257,766

16,219,064

PERFORMANCE RATIOS

Return on average assets

1.52

1.35

1.44

1.50

1.43

1.41

Return on average equity

13.97

12.54

13.50

14.72

13.27

14.05

Net interest margin (fully tax-equivalent)

3.59

3.55

3.43

3.49

3.48

3.57

3.49

Efficiency ratio

57.27

62.30

59.17

55.70

54.77

59.76

54.56

Full-time equivalent employees

827

766

770

683

692

827

692

YIELD ON ASSETS / COST OF FUNDS

Yield on loans

6.01

6.04

6.12

6.35

6.29

6.02

6.29

Yield on securities

3.36

3.27

2.96

2.90

2.82

3.31

2.78

Yield on other interest-earning assets

4.04

4.00

4.25

4.63

4.91

4.02

4.85

Yield on total earning assets

5.42

5.52

5.74

5.75

5.42

5.75

Yield on total assets

5.09

5.20

5.41

5.44

5.09

5.44

Cost of deposits

1.74

1.77

2.04

2.20

2.24

1.76

2.23

Cost of borrowed funds

3.57

3.58

3.56

3.61

3.57

3.62

Cost of interest-bearing liabilities

2.53

2.54

2.87

3.06

3.09

2.54

3.09

Cost of funds (total earning assets)

1.83

1.87

2.09

2.25

2.27

1.85

2.27

Cost of funds (total assets)

1.72

1.75

1.97

2.12

2.15

1.74

2.15

MORTGAGE BANKING ACTIVITY

Total mortgage loans originated

159,105

127,939

141,451

136,840

141,921

287,044

242,317

Purchase mortgage loans originated

126,798

68,769

85,973

107,993

111,247

195,567

192,741

Refinance mortgage loans originated

32,307

59,170

55,478

28,847

30,674

91,477

49,576

Mortgage loans originated with intent to sell

107,447

105,873

116,886

111,334

112,323

213,320

192,776

Income on sale of mortgage loans

3,156

3,049

3,375

3,482

3,219

6,205

5,674

CAPITAL

Tangible equity to tangible assets

9.87

9.41

9.37

9.72

9.49

9.87

9.49

Tier 1 leverage capital ratio

11.04

10.61

11.30

10.90

10.93

11.04

10.93

Common equity risk-based capital ratio

11.44

11.27

11.01

11.33

10.90

11.44

10.90

Tier 1 risk-based capital ratio

12.25

12.09

11.83

12.20

11.75

12.25

11.75

Total risk-based capital ratio

14.65

14.59

14.35

14.87

14.37

14.65

14.37

Tier 1 capital

749,048

723,395

704,776

685,440

666,068

749,048

666,068

Tier 1 plus tier 2 capital

896,267

872,668

854,876

835,263

814,796

896,267

814,796

Total risk-weighted assets

6,116,615

5,981,420

5,958,763

5,617,005

5,670,571

6,116,615

5,670,571

Book value per common share

43.68

42.66

42.19

40.46

38.87

43.68

38.87

Tangible book value per common share

38.42

37.34

36.78

37.41

35.82

38.42

35.82

Cash dividend per common share

0.39

0.38

0.37

0.78

0.74

ASSET QUALITY

Gross loan charge-offs

2,842

172

101

Recoveries

514

351

206

726

147

865

322

Net loan charge-offs (recoveries)

(504

)

(346

)

2,636

(554

)

(109

)

(850

)

(221

)

Net loan charge-offs (recoveries) to average loans

(0.04

(0.03

0.23

(0.05

(0.01

(0.04

(0.01

Allowance for credit losses

55,441

56,736

58,191

59,129

58,375

55,441

58,375

Allowance to loans

1.13

1.18

1.21

1.28

1.24

1.13

1.24

Nonperforming loans

5,803

7,543

7,870

9,844

9,743

5,803

9,743

Other real estate/repossessed assets

Nonperforming loans to total loans

0.12

0.16

0.21

0.12

0.21

Nonperforming assets to total assets

0.09

0.11

0.12

0.16

0.09

0.16

NONPERFORMING ASSETS - COMPOSITION

Commercial:

Commercial & industrial

942

1,122

1,393

1,509

1,727

942

1,727

Land development & construction

201

Owner occupied comm'l R/E

953

494

517

953

Non-owner occupied comm'l R/E

2,732

5,532

Multi-family & residential rental

Total commercial

1,895

4,348

4,843

7,041

7,259

1,895

7,259

Retail:

1-4 family mortgages

3,811

3,114

2,971

2,767

2,484

3,811

2,484

Other consumer

Total retail

3,908

3,195

3,027

2,803

2,484

3,908

2,484

Total nonperforming assets

5,803

7,543

7,870

9,844

9,743

5,803

9,743

NONPERFORMING ASSETS - RECON

Beginning balance

7,543

7,870

9,844

9,743

5,361

7,870

5,743

Additions

1,284

410

1,299

426

5,792

1,694

6,215

Return to performing status

(12

)

(27

)

(12

)

Principal payments

(3,016

)

(725

)

(466

)

(222

)

(1,385

)

(3,741

)

(2,129

)

Sale proceeds

Loan charge-offs

)

(2,807

)

(76

)

(25

)

(86

)

Valuation write-downs

Ending balance

5,803

7,543

7,870

9,844

9,743

5,803

9,743

LOAN PORTFOLIO COMPOSITION

Commercial:

Commercial & industrial

1,537,029

1,429,830

1,374,522

1,337,729

1,375,368

1,537,029

1,375,368

Land development & construction

119,386

119,560

117,373

70,806

67,520

119,386

67,520

Owner occupied comm'l R/E

803,884

799,066

778,869

729,451

725,106

803,884

725,106

Non-owner occupied comm'l R/E

1,091,844

1,101,758

1,110,674

1,091,210

1,134,012

1,091,844

1,134,012

Multi-family & residential rental

498,253

485,175

537,224

521,111

519,152

498,253

519,152

Total commercial

4,050,396

3,935,389

3,918,662

3,750,307

3,821,158

4,050,396

3,821,158

Retail:

1-4 family mortgages

750,526

768,237

790,857

780,917

799,426

750,526

799,426

Other consumer

114,631

113,067

112,369

83,936

77,435

114,631

77,435

Total retail

865,157

881,304

903,226

864,853

876,861

865,157

876,861

Total loans

4,915,553

4,816,693

4,821,888

4,615,160

4,698,019

4,915,553

4,698,019

END OF PERIOD BALANCES

Loans

4,915,553

4,816,693

4,821,888

4,615,160

4,698,019

4,915,553

4,698,019

Securities

1,125,529

1,125,433

1,102,230

855,138

826,415

1,125,529

826,415

Other interest-earning assets

327,399

577,619

458,548

457,373

246,254

327,399

246,254

Total earning assets (before allowance)

6,368,481

6,519,745

6,382,666

5,927,671

5,770,688

6,368,481

5,770,688

Total assets

6,819,490

6,945,035

6,835,219

6,308,487

6,180,988

6,819,490

6,180,988

Noninterest-bearing deposits

1,420,591

1,331,947

1,339,666

1,182,775

1,180,801

1,420,591

1,180,801

Interest-bearing deposits

3,875,797

4,087,571

3,944,786

3,629,038

3,529,671

3,875,797

3,529,671

Total deposits

5,296,388

5,419,518

5,284,452

4,811,813

4,710,472

5,296,388

4,710,472

Total borrowed funds

690,554

704,853

730,778

739,688

740,685

690,554

740,685

Total interest-bearing liabilities

4,566,351

4,792,424

4,675,564

4,368,726

4,270,356

4,566,351

4,270,356

Shareholders' equity

755,124

736,947

724,884

657,630

631,519

755,124

631,519

AVERAGE BALANCES

Loans

4,891,868

4,828,031

4,627,544

4,668,173

4,695,367

4,860,126

4,662,415

Securities

1,128,063

1,119,988

880,619

841,853

803,264

1,124,048

783,291

Other interest-earning assets

413,729

467,991

426,758

433,055

235,965

440,710

269,956

Total earning assets (before allowance)

6,433,660

6,416,010

5,934,921

5,943,081

5,734,596

6,424,884

5,715,662

Total assets

6,851,065

6,837,239

6,296,341

6,294,841

6,061,819

6,844,190

6,040,109

Noninterest-bearing deposits

1,376,108

1,318,537

1,227,100

1,215,918

1,152,631

1,347,481

1,149,359

Interest-bearing deposits

3,956,008

3,999,141

3,599,012

3,610,600

3,463,067

3,977,456

3,452,840

Total deposits

5,332,116

5,317,678

4,826,112

4,826,518

4,615,698

5,324,937

4,602,199

Total borrowed funds

707,080

712,240

720,499

749,679

749,811

709,645

744,250

Total interest-bearing liabilities

4,663,088

4,711,381

4,319,511

4,360,279

4,212,878

4,687,101

4,197,090

Shareholders' equity

744,193

733,366

671,029

640,495

616,229

738,809

605,248

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v3.26.1

Document And Entity Information

Jul. 21, 2026

Document Information [Line Items]

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Mercantile Bank Corporation

Document, Type

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Document, Period End Date

Jul. 21, 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

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Local Phone Number

406-3000

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Common Stock

Trading Symbol

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NASDAQ

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dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- 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

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- 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

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

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

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- 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:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- 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

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- 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

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

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Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- 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

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- 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

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- 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:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- 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

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- 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

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

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Data Type:

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Balance Type:

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