Mercantile Bank Corporation MBWM R2K

Financial Services · Banks - Regional · United States

https://www.mercbank.com

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank that provides commercial and retail banking services to small- to medium-sized businesses and individuals in the United States. The company accepts various deposit products, such as checking, savings, and term certificate accounts; time deposits; and certificates of deposit. It also provides commercial and industrial loans; vacant land, land development, and residential construction loans; owner and non-owner occupied real estate loans; multi-family and residential rental property loans; single-family residential real estate loans; home equity line of credit programs; consumer loans, such as new and used automobile and boat loans, and credit cards, as well as overdraft protection services; and residential mortgage and instalment loans. In addition, the company offers courier services and safe deposit boxes; and insurance products, such as private passenger automobile, homeowners, personal inland marine, boat owners, recreational vehicle, dwelling fire, umbrella policies, small business, and life insurance products. Mercantile Bank Corporation was incorporated in 1997 and is headquartered in Grand Rapids, Michigan.

Market & Price

Market Cap

$915.37M

Current Price

$52.99

High / Low (52W)

$54.52 / $42.06

Beta

0.83

Valuation

Stock P/E

9.50

Industry PE

12.01

Forward P/E

8.97

PEG Ratio

1.63

Book Value

$42.66

Price to Book

1.24

P/S

3.62

EV/EBITDA

Dividend Yield

2.94%

Profitability & Returns

ROCE

ROE

13.66%

ROA

1.40%

Profit Margin

36.37%

Op Margin

41.00%

EPS (Latest Qtr)

$1.32

EPS (TTM)

$5.58

Balance Sheet & Liquidity

Debt/Equity

Quick Ratio

Current Ratio

Debt

$726.09M

Total Assets

$6.84B

Current Assets

Working Capital

Ownership

Promoter Holding

3.10%

Chg in Prom Hold

FII / Inst Holding

69.06%

Chg in FII Hold

Financial Snapshot

Enterprise Value

$1.04B

Total Revenue (TTM)

$252.69M

EBITDA

Free Cash Flow

Operating Cash Flow

$49.26M

Shares Outstanding

17.27M

Gross Margin

0.00%

Payout Ratio

27.24%

Growth (CAGR)

Revenue 5Y

8.43%

Profit 5Y

13.28%

Revenue (YoY)

25.80%

Earnings (YoY)

9.10%

PROS

Excellent profit margin of 36.4%.
Profit CAGR of 13.3% over 5 years.
Attractive dividend yield of 2.94%.
In a confirmed uptrend (50-DMA above 200-DMA).

CONS

No notable concerns flagged.

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Financial Services).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	MBWM Mercantile Bank Corporation R2K	52.99	9.50	$915.37M	2.94%	-	13.66%	8.43%	13.28%
2	JPM JPMorgan Chase & Co. SPX	299.31	14.33	$802.00B	2.00%	-	16.47%	12.50%	14.83%
3	V Visa Inc. SPX	326.36	28.48	$620.65B	0.82%	38.38%	60.35%	10.92%	10.28%
4	MA Mastercard Incorporated SPX	493.98	28.57	$436.47B	0.70%	61.47%	-	13.82%	14.66%
5	MS Morgan Stanley SPX	208.00	18.84	$328.08B	1.92%	-	16.39%	9.52%	15.20%
6	GS The Goldman Sachs Group, Inc. SPX	1,025.56	18.73	$302.55B	1.76%	-	14.55%	7.16%	15.11%
7	WFC Wells Fargo & Company SPX	77.54	11.98	$237.29B	2.32%	-	12.03%	4.02%	15.98%
8	BLK BlackRock, Inc. SPX	1,046.88	26.32	$162.51B	2.19%	4.89%	11.90%	10.65%	2.36%
9	SCHW The Charles Schwab Corporation SPX	87.35	17.37	$151.91B	1.47%	-	19.08%	4.83%	7.21%

Quarterly Results

Figures in USD.

Metric	Sep 2015	Dec 2015	Mar 2016	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Mar 2023	Jun 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	57.25M	60.94M	62.39M	62.07M	67.59M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	31.79M	32.48M	33.64M	31.24M	29.52M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	24.05M	25.96M	27.44M	26.05M	27.28M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4.51M	3.34M	3.68M	3.21M	4.60M
Net Income	7.34M	-	8.55M	7.43M	7.84M	8.09M	7.62M	7.34M	8.34M	7.98M	10.88M	9.45M	10.12M	11.57M	11.82M	11.71M	12.60M	13.32M	10.67M	8.70M	10.69M	14.08M	14.24M	18.09M	15.05M	11.64M	11.49M	11.74M	16.03M	20.97M	20.36M	20.86M	21.56M	18.79M	-	19.54M	22.62M	23.76M	22.84M	22.68M
Diluted EPS	0.45	0.40	0.52	0.46	0.48	0.49	0.46	0.45	0.51	0.48	0.66	0.57	0.61	0.70	0.72	0.71	0.77	0.81	0.65	0.54	0.66	0.86	0.87	1.12	0.95	0.74	0.73	0.74	1.01	1.31	1.27	1.30	1.34	1.17	-	1.21	1.39	1.46	1.40	1.32

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	190.32M	225.69M	231.47M	242.65M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	23.59M	77.81M	130.42M	129.15M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	75.79M	102.70M	98.29M	103.49M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	14.73M	20.48M	18.69M	14.74M
Net Income	-52.09M	-13.32M	37.48M	12.54M	17.03M	17.33M	27.02M	31.91M	31.27M	42.02M	49.46M	44.14M	-	61.06M	82.22M	79.59M	88.75M
Diluted EPS	-6.23	-1.72	4.07	1.30	1.95	1.28	1.62	1.96	1.90	2.53	3.01	2.71	-	3.85	5.13	4.93	5.47

Compounded Sales Growth

5 Years:	8.43%
1 Year:	25.80%

Compounded Profit Growth

5 Years:	13.28%
1 Year:	9.10%

Stock Price Performance

1 Year:	+23.88%
6 Months:	+15.10%
3 Months:	+3.35%
1 Month:	+4.54%

Balance Sheet (Annual)

Figures in USD.

Metric	Dec 2008	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	-	1.63B	1.43B	1.42B	1.43B	2.89B	2.90B	3.08B	3.29B	3.36B	3.63B	4.44B	-	4.87B	5.35B	6.05B	6.84B
Current Assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash & Equivalents	25.80M	21.73M	64.20M	76.37M	136.00M	-	-	-	-	-	-	-	-	-	96.77M	130.53M	393.01M	473.32M
Inventory	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Receivables	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Liabilities	-	-	1.51B	1.27B	1.28B	1.27B	2.57B	2.57B	2.74B	2.92B	2.99B	3.22B	4.00B	-	4.43B	4.83B	5.47B	6.11B
Current Liabilities	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Long Term Debt	-	-	-	-	-	-	-	-	-	-	-	-	-	-	445.85M	606.52M	526.73M	496.89M
Total Debt	-	-	-	-	-	-	-	-	-	-	-	-	-	-	445.85M	606.52M	526.73M	496.89M
Total Equity	174.37M	140.10M	125.94M	165.00M	146.59M	153.32M	328.14M	333.80M	340.81M	365.87M	375.25M	416.56M	441.55M	-	441.41M	522.14M	584.53M	724.88M
Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-	-	-	-	15.99M	16.13M	16.15M	17.18M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	-8.78M	29.60M	22.51M	17.03M	28.68M	14.41M	36.00M	34.60M	38.66M	61.74M	44.77M	37.88M	-	119.86M	66.61M	101.12M	17.97M
Investing Cash Flow	242.57M	271.68M	227.72M	66.73M	-12.42M	64.76M	-96.20M	-96.56M	-191.47M	-210.48M	-92.84M	-398.81M	-	-555.00M	-395.93M	-425.44M	-105.70M
Financing Cash Flow	-237.86M	-258.82M	-238.05M	-24.13M	-5.30M	-53.40M	-22.65M	155.66M	169.31M	24.00M	206.45M	753.20M	-	-443.25M	363.08M	586.79M	168.04M
Capital Expenditure	-	-	-	-	-	-	-	-	-	-	-	-	-	-3.02M	-6.69M	-8.53M	-6.76M
Free Cash Flow	-	-	-	-	-	-	-	-	-	-	-	-	-	116.84M	59.93M	92.59M	11.21M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-	-	-	-	-878.39M	33.76M	262.48M	80.31M
Share Buybacks	-	-	-	-	0	0	15.76M	3.73M	0	5.94M	7.18M	6.59M	21.38M	0	0	-	-

Ratios (Annual)

Figures in %.

Metric	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Margin %	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Margin %	-	-	-	-	-	-	-	-	-	-	-	-	-	32.1%	36.4%	34.4%	36.6%
ROE %	-37.2%	-10.6%	22.7%	8.6%	11.1%	5.3%	8.1%	9.4%	8.5%	11.2%	11.9%	10.0%	-	13.8%	15.7%	13.6%	12.2%
ROCE %	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Shareholding Pattern

Insiders

3.10%

Institutions

69.06%

Public Float

71.27%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Blackrock Inc.	8.04%	1.39M	$73.59M
2	Wellington Management Group, LLP	6.88%	1.19M	$63.01M
3	Dimensional Fund Advisors LP	5.98%	1.03M	$54.73M
4	Vanguard Capital Management LLC	4.08%	704.32K	$37.32M
5	American Century Companies Inc	3.25%	561.47K	$29.75M
6	State Street Corporation	2.91%	502.47K	$26.63M
7	Renaissance Technologies, LLC	2.73%	472.21K	$25.02M
8	Geode Capital Management, LLC	2.52%	435.01K	$23.05M
9	North Star Asset Management Inc.	2.22%	383.18K	$20.30M
10	LSV Asset Management	1.64%	283.19K	$15.01M

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MBWM · Financial Services