Mercantile Bank tops Q3 revenue estimates
MBWM•Mercantile Bank reported Q3 revenue of $73.20 million, up 17% year over year and above the $71.03 million estimate. Adjusted EPS was $1.42, also above estimates, despite falling year over year.
1. Quarterly results
Q3 revenue rose 17% year over year to $73.20 million, beating analysts’ $71.03 million estimate. Adjusted EPS fell year over year to $1.42 but topped the $1.35 estimate; net income was $24.07 million.
2. Growth and outlook
Mercantile Bank said net interest income increased 17%, driven by earning asset growth and a higher net interest margin. Treasury management fees rose 28%, which the company attributed to new commercial customers and clients’ expanded use of its services. The company expects its core and digital banking system conversion to finish in Q1 2027 and anticipates continued commercial loan growth based on its current pipeline.
