Mercantile Bank Q4 2025 EPS $1.40, up 15% YoY; acquires Eastern Michigan Bank with $572M assets

MERCANTILE BANK CORP

2025-FY EPS reported $5.47

Net income Q4 $22.8M ($1.40 EPS) vs $19.6M ($1.22 EPS) a year ago; full year $88.8M ($5.47 EPS) vs $79.6M ($4.93 EPS).
Completed acquisition of Eastern Michigan Financial on Dec 31, adding $572M in assets and $475M in local deposits; loan-to-deposit ratio fell to 91%.
Net interest margin stable at 3.43% in Q4; net interest income rose 5.5% to $51.0M.
Nonperforming assets $7.9M (0.1% of assets); net charge-offs annualized 0.2% in Q4.
Board declared increased Q1 2026 dividend; tangible book value per share rose 11% YoY to $36.78.

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