Mercantile Bank Corporation (NASDAQ: MBWM) reported third‑quarter 2025 net income of $23.8 million, or $1.46 per diluted share, up 21% from $19.6 million ($1.22 EPS) in the same quarter of 2024. Total revenue, comprising net interest income and non‑interest income, reached $62.4 million, a $4.4 million (7.6%) increase over the prior year’s $58.0 million.
Net interest income rose to $52.0 million, up $3.7 million (7.7%) from $48.3 million, while non‑interest income increased to $10.4 million, up $0.7 million (7.5%) from $9.7 million. The net interest margin stood at 3.50%, slightly below the 3.52% recorded in Q3 2024, and the yield on average earning assets was 5.75% versus 6.08% in the prior year.
On the balance sheet, total assets were $6.31 billion, up $256 million from December 31 2024, and total deposits reached $4.81 billion, an increase of $111 million. The loan‑to‑deposit ratio declined to 96% from 98% at year‑end 2024, reflecting stronger local deposit growth. Non‑performing assets were 0.2% of total assets, and the bank’s risk‑based capital ratio was 14.3%, well above the 10% “well‑capitalized” threshold.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.