Logo

MBWM

Mercantile Bank Corporation

MBWM

Mercantile Bank Corporation • NASDAQ
$45.98 ▼ -1.05% (-0.49)
Market Cap $747.34 M
52w High $51.89
52w Low $37.76
Dividend Yield 1.48%
P/E 8.72
Volume 25.61K
Outstanding Shares 16.25M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $96.031M ▲ $34.75M ▲ $23.758M ▲ 24.74% ▲ $1.46 ▲ $28.784M ▲
Q2-2025 $93.42M ▲ $33.379M ▲ $22.618M ▲ 24.211% ▲ $1.39 ▲ $27.379M ▲
Q1-2025 $89.04M ▼ $31.104M ▼ $19.537M ▼ 21.942% ▲ $1.21 ▼ $25.693M ▲
Q4-2024 $92.658M ▼ $33.806M ▲ $19.626M ▲ 21.181% ▲ $1.22 $25.585M ▼
Q3-2024 $93.079M $32.303M $19.618M 21.077% $1.22 $27.223M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.069B ▲ $6.308B ▲ $5.651B ▲ $657.63M ▲
Q2-2025 $867.187M ▼ $6.181B ▲ $5.549B ▲ $631.519M ▲
Q1-2025 $918.943M ▼ $6.141B ▲ $5.533B ▲ $608.346M ▲
Q4-2024 $1.123B ▲ $6.052B ▲ $5.468B ▲ $584.526M ▲
Q3-2024 $1.032B $5.917B $5.334B $583.311M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $22.618M ▲ $-7.805M ▼ $-95.262M ▼ $13.679M ▼ $-89.388M ▼ $-10.166M ▼
Q1-2025 $19.537M ▼ $-2.976M ▼ $-82.025M ▲ $77.451M ▼ $-7.55M ▼ $-4.513M ▼
Q4-2024 $19.626M ▲ $59.858M ▲ $-102.961M ▲ $107.567M ▼ $64.464M ▼ $59.268M ▲
Q3-2024 $19.618M ▲ $-8.089M ▼ $-153.87M ▲ $292.876M ▲ $130.917M ▲ $-13.699M ▼
Q2-2024 $18.786M $9.112M $-155.436M $106.722M $-39.602M $8.243M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Credit and Debit Card
Credit and Debit Card
 $0 ▲$0 ▲$0 ▲$0 ▲
Customer Service
Customer Service
 $0 ▲$0 ▲$0 ▲$0 ▲
Payroll Processing
Payroll Processing
 $0 ▲$0 ▲$0 ▲$0 ▲
Service Charges on Deposit and Sweep Accounts
Service Charges on Deposit and Sweep Accounts
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue and profit have generally trended upward over the past five years, with a clear step-up since the pandemic period. Earnings have roughly doubled versus earlier years, although profit per share has been fairly flat over the last two years, suggesting growth has paused after a strong run. Margins look healthy and relatively stable, which fits a disciplined, relationship-focused regional bank. Overall, the income statement shows a solid, mature franchise with good profitability but less acceleration recently, likely reflecting a tougher rate and credit environment.

Balance Sheet

Balance Sheet The balance sheet has expanded steadily, showing a growing franchise with a larger base of loans and deposits. Equity has also built up over time, which provides a stronger capital cushion. Debt levels rose and then pulled back more recently, pointing to some balance sheet optimization and slightly less reliance on wholesale funding. Cash levels have moved around from year to year, with very high liquidity during the pandemic and more normalized levels now. In simple terms, the bank looks reasonably well-capitalized with a traditional, conservatively built balance sheet for a regional lender.

Cash Flow

Cash Flow Cash generation from the core business has been consistently positive, though somewhat uneven from year to year, which is common in banking. Free cash flow has also been positive throughout the period, and the bank spends relatively little on hard capital projects, reflecting the service and technology-heavy nature of the business. This pattern suggests the franchise is self-funding, with enough internal cash to support operations, modest investment, and shareholder returns, while not being overly dependent on external financing for day-to-day needs.

Competitive Edge

Competitive Edge Mercantile operates as a community-focused regional bank with deep roots in Michigan, leaning heavily on close relationships with local businesses and households. Its strengths include local market knowledge, disciplined credit culture, and a diversified mix of revenue that goes beyond simple lending, including treasury management and mortgage-related fees. This creates a meaningful moat versus large national banks that may be less personalized. However, the bank remains geographically concentrated and faces competition from both bigger banks and digital-first players, so continued execution on service quality and risk management is critical.

Innovation and R&D

Innovation and R&D Instead of classic laboratory-style R&D, Mercantile’s “innovation” comes from technology upgrades and new service platforms. The long-term core system modernization with Jack Henry is a major undertaking aimed at improving efficiency, integration, and digital offerings. The MercForce workforce solution and an expanded treasury management suite show a push to provide more integrated, sticky services to business customers. The recent acquisition of Eastern Michigan Bank, which already runs on Jack Henry, should support this transition but adds integration and execution risk. Overall, the bank is actively modernizing, but the full benefits will take several years to realize and will depend on smooth implementation.

Summary

Mercantile Bank Corporation presents as a profitable, steadily growing regional bank that leans on relationship banking and disciplined credit to underpin its financials. The income statement shows solid profitability with more modest recent growth, while the balance sheet appears sound and gradually stronger over time. Cash flows are consistently positive and adequate for the bank’s needs. Competitively, its edge lies in local expertise and tailored business services, offset by regional concentration and rising competition. The multi-year technology overhaul and integration of an acquisition are key swing factors: they offer meaningful upside in efficiency and service quality but also introduce execution and integration risks that will bear watching over the next few years.

NEWS

October 21, 2025 · 5:05 AM UTC

Mercantile Bank Corporation Announces Strong Third Quarter 2025 Results

Read more

October 21, 2025 · 5:00 AM UTC

Mercantile Bank Corporation Declares Regular Cash Dividend

Read more

September 30, 2025 · 11:09 AM UTC

Mercantile Bank Corporation Announces Third Quarter 2025 Results Conference Call and Webcast

Read more