Net interest income expansion, strong commercial loan growth, and sustained strength in asset quality metrics and capital levels highlight the quarter
"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
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 ofJune 30, 2026 , up 9 percent (annualized) and over 7 percent sinceDecember 31, 2025 , andJune 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 ofJune 30, 2026 , primarily reflecting strong local deposit generation and the onboarding ofEastern 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 endedJune 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
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
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
Mercantile recorded provisions for credit losses of negative
Noninterest income totaled
Noninterest expense totaled
Federal income tax expense was
Balance Sheet
Total assets were
During the first six months of 2026, interest-earning deposits declined
As of
Commercial and industrial loans and owner-occupied commercial real estate loans combined represented approximately 58 percent of total commercial loans as of
Total deposits equaled
Asset Quality
Nonperforming assets totaled
Capital Position
Shareholders' equity totaled
Mercantile reported 17,285,911 total shares outstanding as of
Investor Presentation
Mercantile has prepared presentation materials that management intends to use during its previously announced second quarter 2026 conference call on
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.
CONSOLIDATED BALANCE SHEETS | ||||||
(Unaudited) | ||||||
2026 | 2025 | 2025 | ||||
ASSETS | ||||||
Cash and due from banks | $ | 69,802,000 | $ | 54,755,000 | $ | 98,900,000 |
Interest-earning deposits and Federal Funds sold | 271,129,000 | 418,569,000 | 197,172,000 | |||
Total cash and cash equivalents | 340,931,000 | 473,324,000 | 296,072,000 | |||
Securities available for sale | 1,125,529,000 | 1,102,230,000 | 826,415,000 | |||
Mortgage loans held for sale | 31,272,000 | 17,160,000 | 27,569,000 | |||
Loans | 4,915,553,000 | 4,821,888,000 | 4,698,019,000 | |||
Allowance for credit losses | (55,441,000) | (58,191,000) | (58,375,000) | |||
Loans, net | 4,860,112,000 | 4,763,697,000 | 4,639,644,000 | |||
Premises and equipment, net | 60,727,000 | 62,468,000 | 54,792,000 | |||
Bank owned life insurance | 116,578,000 | 105,342,000 | 95,012,000 | |||
| 73,689,000 | 72,656,000 | 49,473,000 | |||
Core deposit intangible, net | 17,307,000 | 20,388,000 | 0 | |||
Other assets | 193,345,000 | 217,954,000 | 192,011,000 | |||
Total assets | $ | 6,819,490,000 | $ | 6,835,219,000 | $ | 6,180,988,000 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Deposits: | ||||||
Noninterest-bearing | $ | 1,420,591,000 | $ | 1,339,666,000 | $ | 1,180,801,000 |
Interest-bearing | 3,875,797,000 | 3,944,786,000 | 3,529,671,000 | |||
Total deposits | 5,296,388,000 | 5,284,452,000 | 4,710,472,000 | |||
Securities sold under agreements to repurchase | 217,470,000 | 232,291,000 | 242,785,000 | |||
| 305,322,000 | 326,221,000 | 356,221,000 | |||
Subordinated debentures | 51,358,000 | 51,015,000 | 50,672,000 | |||
Subordinated notes | 89,829,000 | 89,657,000 | 89,486,000 | |||
Term note | 25,000,000 | 30,000,000 | 0 | |||
Accrued interest and other liabilities | 78,999,000 | 96,699,000 | 99,833,000 | |||
Total liabilities | 6,064,366,000 | 6,110,335,000 | 5,549,469,000 | |||
SHAREHOLDERS' EQUITY | ||||||
Common stock | 352,339,000 | 349,431,000 | 302,294,000 | |||
Retained earnings | 434,786,000 | 399,448,000 | 364,991,000 | |||
Accumulated other comprehensive income/(loss) | (32,001,000) | (23,995,000) | (35,766,000) | |||
Total shareholders' equity | 755,124,000 | 724,884,000 | 631,519,000 | |||
Total liabilities and shareholders' equity | $ | 6,819,490,000 | $ | 6,835,219,000 | $ | 6,180,988,000 |
CONSOLIDATED REPORTS OF INCOME | |||||||||||||
(Unaudited) | |||||||||||||
THREE MONTHS ENDED | THREE MONTHS ENDED | SIX MONTHS ENDED | SIX MONTHS ENDED | ||||||||||
INTEREST INCOME | |||||||||||||
Loans, including fees | $ | 73,293,000 | $ | 73,613,000 | $ | 145,190,000 | $ | 145,343,000 | |||||
Investment securities | 9,174,000 | 5,414,000 | 18,023,000 | 10,372,000 | |||||||||
Other interest-earning assets | 4,229,000 | 2,931,000 | 8,909,000 | 6,582,000 | |||||||||
Total interest income | 86,696,000 | 81,958,000 | 172,122,000 | 162,297,000 | |||||||||
INTEREST EXPENSE | |||||||||||||
Deposits | 23,140,000 | 25,725,000 | 46,386,000 | 50,918,000 | |||||||||
Short-term borrowings | 1,488,000 | 1,919,000 | 2,967,000 | 3,682,000 | |||||||||
| 2,595,000 | 2,897,000 | 5,151,000 | 5,795,000 | |||||||||
Other borrowed money | 2,215,000 | 1,938,000 | 4,459,000 | 3,875,000 | |||||||||
Total interest expense | 29,438,000 | 32,479,000 | 58,963,000 | 64,270,000 | |||||||||
Net interest income | 57,258,000 | 49,479,000 | 113,159,000 | 98,027,000 | |||||||||
Provision for credit losses | (1,800,000) | 1,600,000 | (3,600,000) | 3,700,000 | |||||||||
Net interest income after | |||||||||||||
provision for credit losses | 59,058,000 | 47,879,000 | 116,759,000 | 94,327,000 | |||||||||
NONINTEREST INCOME | |||||||||||||
Service charges on accounts | 2,663,000 | 1,967,000 | 5,147,000 | 3,806,000 | |||||||||
Mortgage banking income | 3,188,000 | 3,969,000 | 6,168,000 | 6,620,000 | |||||||||
Credit and debit card income | 2,921,000 | 2,350,000 | 5,509,000 | 4,551,000 | |||||||||
Interest rate swap income | 443,000 | 1,230,000 | 1,106,000 | 1,310,000 | |||||||||
Payroll services | 854,000 | 783,000 | 1,948,000 | 1,823,000 | |||||||||
Earnings on bank owned life insurance | 776,000 | 561,000 | 1,441,000 | 1,104,000 | |||||||||
Other income | 653,000 | 602,000 | 1,868,000 | 950,000 | |||||||||
Total noninterest income | 11,498,000 | 11,462,000 | 23,187,000 | 20,164,000 | |||||||||
NONINTEREST EXPENSE | |||||||||||||
Salaries and benefits | 24,608,000 | 20,711,000 | 48,287,000 | 40,268,000 | |||||||||
Occupancy | 2,261,000 | 2,155,000 | 4,677,000 | 4,273,000 | |||||||||
Furniture and equipment | 988,000 | 826,000 | 1,950,000 | 1,613,000 | |||||||||
Data processing costs | 4,617,000 | 3,599,000 | 9,044,000 | 7,369,000 | |||||||||
Core conversion costs | 536,000 | 0 | 3,458,000 | 0 | |||||||||
Acquisition costs | 94,000 | 0 | 394,000 | 0 | |||||||||
Core deposit intangible amortization | 865,000 | 0 | 1,731,000 | 0 | |||||||||
Other expense | 5,406,000 | 6,088,000 | 11,942,000 | 10,960,000 | |||||||||
Total noninterest expense | 39,375,000 | 33,379,000 | 81,483,000 | 64,483,000 | |||||||||
Income before federal income | |||||||||||||
tax expense | 31,181,000 | 25,962,000 | 58,463,000 | 50,008,000 | |||||||||
Federal income tax expense | 5,254,000 | 3,344,000 | 9,851,000 | 7,853,000 | |||||||||
Net Income | $ | 25,927,000 | $ | 22,618,000 | $ | 48,612,000 | $ | 42,155,000 | |||||
Basic earnings per share | |||||||||||||
Diluted earnings per share | |||||||||||||
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 | |||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS | ||||||||||||||
(Unaudited) | ||||||||||||||
Quarterly | Year-To-Date | |||||||||||||
(dollars in thousands except per share data) | 2026 | 2026 | 2025 | 2025 | 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 % | 1.50 % | 1.43 % | 1.41 % | |||||||
Return on average equity | 13.97 % | 12.54 % | 13.50 % | 14.72 % | 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 % | 5.42 % | 5.52 % | 5.74 % | 5.75 % | 5.42 % | 5.75 % | |||||||
Yield on total assets | 5.09 % | 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 % | 3.61 % | 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 | 0.39 | 0.38 | 0.38 | 0.37 | 0.78 | 0.74 | ||||||
ASSET QUALITY | ||||||||||||||
Gross loan charge-offs | $ | 10 | 5 | 2,842 | 172 | 38 | 15 | 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 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 | $ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Nonperforming loans to total loans | 0.12 % | 0.16 % | 0.16 % | 0.21 % | 0.21 % | 0.12 % | 0.21 % | |||||||
Nonperforming assets to total assets | 0.09 % | 0.11 % | 0.12 % | 0.16 % | 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 | $ | 0 | 0 | 201 | 0 | 0 | 0 | 0 | ||||||
Owner occupied comm'l real estate | $ | 953 | 494 | 517 | 0 | 0 | 953 | 0 | ||||||
Nonowner occupied comm'l real estate | $ | 0 | 2,732 | 2,732 | 5,532 | 5,532 | 0 | 5,532 | ||||||
Multi-family & residential rental | $ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
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 | $ | 97 | 81 | 56 | 36 | 0 | 97 | 0 | ||||||
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 | $ | 0 | (12) | 0 | (27) | 0 | (12) | 0 | ||||||
Principal payments | $ | (3,016) | (725) | (466) | (222) | (1,385) | (3,741) | (2,129) | ||||||
Sale proceeds | $ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Loan charge-offs | $ | (8) | 0 | (2,807) | (76) | (25) | (8) | (86) | ||||||
Valuation write-downs | $ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
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 real estate | $ | 803,884 | 799,066 | 778,869 | 729,451 | 725,106 | 803,884 | 725,106 | ||||||
Nonowner occupied comm'l real estate | $ | 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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