Mercantile Bank Corporation (NASDAQ: MBWM) has reported net income of $19.5 million, or $1.21 per diluted share, for the first quarter of 2025, compared with net income of $21.6 million, or $1.34 per diluted share, for the first quarter of 2024. This represents a decrease in net income of $2.1 million or 9.7% and a decrease in diluted earnings per share of $0.13 or 9.7% from the prior-year first quarter.
Net interest income during the first three months of 2025 was $48.6 million, up $1.2 million, or 2.5 percent, from $47.4 million during the respective 2024 period. However, noninterest income totaled $8.7 million during the first quarter of 2025, compared to $10.9 million during the first quarter of 2024, representing a decrease of $2.2 million or 20.2%.
The net interest margin was 3.47 percent in the first quarter of 2025, down from 3.74 percent in the prior-year first quarter. The yield on average earning assets was 5.74 percent during the current-year first quarter, a decrease from 6.06 percent during the respective 2024 period.
Total assets were $6.14 billion, up $89.0 million from December 31, 2024. Total loans increased $35.8 million, or an annualized 3.2 percent, during the first quarter of 2025, primarily reflecting growth in commercial loans of $44.3 million.
Nonperforming assets totaled $5.4 million, or less than 0.1 percent of total assets, at March 31, 2025, compared to $5.7 million, or less than 0.1 percent of total assets, at December 31, 2024, and $6.2 million, or 0.1 percent of total assets, at March 31, 2024.
Shareholders’ equity totaled $608 million as of March 31, 2025, up $23.8 million from December 31, 2024.
Today the company's shares have moved 3.9% to a price of $41.82. For the full picture, make sure to review Mercantile Bank's 8-K report.
