Mercantile Bank Q1 net income $22.7M ($1.32 diluted); adjusted EPS $1.46, revenue up 18% YoY

MERCANTILE BANK CORP

2026-Q1 EPS reported $1.32

GAAP net income $22.7M ($1.32 diluted) vs $19.5M ($1.21) a year ago; adjusted net income $25.2M ($1.46).
Net revenue $67.6M (+18.1% YoY); net interest margin 3.55% vs 3.47%.
Negative provision for credit losses $1.8M vs positive $2.1M last year.
Loan-to-deposit ratio 89% vs 91% at Dec 2025 and 99% at Mar 2025; local deposits grew 14.6% annualized.
Tangible book value $37.34/share, up $0.56 from Dec 2025; asset quality remains low NPAs at 0.1% of assets.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MERCANTILE BANK CORP reported the first quarter of 2026 results: revenue $67.6 million, net income $22.7 million, EPS $1.32 per diluted share.

Period: the first quarter of 2026
Revenue: $67.6 million
Net income: $22.7 million
EPS: $1.32 per diluted share
Result: reported results

Exact text from the filing

robust local deposit growth ● Strong tangible and regulatory capital positions Operating Results Net revenue, consisting of net interest income and noninterest income, was $67.6 million during the first quarter of 2026, up $10.3 million, or 18.1 percent, from $57.3 million during the prior-year first quarter. Net interest income during the first three months of

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Source: SEC EDGAR

accession 0001437749-26-012888

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