MERCANTILE BANK CORP
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
MBWM$61.36-0.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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CONSOLIDATED STATEMENTS OF INCOME
| (Dollars in thousands, except per share data) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Interest income | |||
| Loans, including fees | $291,355 | $291,921 | $252,393 |
| Securities, taxable | 17,544 | 9,917 | 7,611 |
| Securities, tax-exempt | 4,955 | 4,123 | 3,663 |
| Interest-earning deposits | 16,340 | 15,541 | 7,691 |
| Total interest income | 330,194 | 321,502 | 271,358 |
| Interest expense | |||
| Deposits | 102,510 | 101,395 | 55,444 |
| Short-term borrowings | 7,464 | 7,717 | 2,847 |
| Federal Home Loan Bank advances | 11,404 | 13,018 | 11,367 |
| Subordinated debentures and other borrowings | 7,772 | 8,286 | 8,155 |
| Total interest expense | 129,150 | 130,416 | 77,813 |
| Net interest income | 201,044 | 191,086 | 193,545 |
| Provision for credit losses | 3,200 | 7,400 | 7,700 |
| Net interest income after provision for credit losses | 197,844 | 183,686 | 185,845 |
| Noninterest income | |||
| Mortgage banking activities | 13,021 | 12,301 | 7,595 |
| Credit and debit card fees | 9,207 | 8,821 | 8,914 |
| Service charges on deposit and sweep accounts | 8,134 | 6,842 | 4,954 |
| Payroll processing | 3,473 | 3,058 | 2,509 |
| Earnings on bank owned life insurance | 3,293 | 2,555 | 1,500 |
| Interest rate swap program fees | 1,957 | 3,210 | 3,946 |
| Other income | 2,523 | 3,602 | 2,725 |
| Total noninterest income | 41,608 | 40,389 | 32,143 |
| Noninterest expense | |||
| Salaries and benefits | 83,198 | 77,924 | 68,801 |
| Data processing | 15,273 | 13,772 | 11,618 |
| Occupancy | 8,511 | 8,643 | 9,150 |
| Furniture and equipment rent, depreciation and maintenance | 3,357 | 3,716 | 3,464 |
| FDIC insurance costs | 2,715 | 2,497 | 2,258 |
| Advertising | 1,664 | 1,604 | 1,565 |
| Charitable foundation contributions | 1,066 | 1,708 | 666 |
| Acquisition costs | 1,815 | 0 | 0 |
| Other expense | 18,360 | 15,925 | 17,767 |
| Total noninterest expense | 135,959 | 125,789 | 115,289 |
| Income before federal income tax expense | 103,493 | 98,286 | 102,699 |
| Federal income tax expense | 14,740 | 18,693 | 20,482 |
| Net income | $88,753 | $79,593 | $82,217 |
| Earnings per common share: | |||
| Basic | $5.47 | $4.93 | $5.13 |
| Diluted | $5.47 | $4.93 | $5.13 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.