MBWM

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Mercantile Bank Corp.

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Key Metrics

Previous Close: $59.57
52-Week Range: $42.75 – $62.39
Market Cap: $1.03B
P/E (TTM): 10.51
EPS (TTM): 5.69
Dividend Yield: 2.62%

Advanced Metrics

Price/Book: 1.37
PEG Ratio: 1.63
Return on Equity: 13.73%
Return on Assets: 1.47%
Gross Margin: 0.00%
Operating Margin: 45.55%
Profit Margin: 36.08%
Current Ratio: —
Debt/Equity: —
Total Debt: $709.51M
Free Cash Flow: —
Revenue Growth: 18.90%
Earnings Growth: 7.90%
Enterprise Value: $1.38B

MBWM Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$190.32M	$225.69M	$231.47M	$242.65M
Selling, General & Admin	$67.81M	$72.62M	$82.03M	$87.58M
Pretax Income	$75.79M	$102.70M	$98.29M	$103.49M
Income Tax	$14.73M	$20.48M	$18.69M	$14.74M
Net Income	$61.06M	$82.22M	$79.59M	$88.75M
Diluted EPS	3.85	5.13	4.93	5.47
Diluted Shares	15.86M	16.02M	16.13M	16.24M

MBWM Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$96.77M	$130.53M	$393.01M	$473.32M
Total Assets	$4.87B	$5.35B	$6.05B	$6.84B
Long-Term Debt	$445.85M	$606.52M	$526.73M	$496.89M
Total Debt	$445.85M	$606.52M	$526.73M	$496.89M
Total Liabilities	$4.43B	$4.83B	$5.47B	$6.11B
Retained Earnings	$216.31M	$277.53M	$334.65M	$399.45M
Shareholders' Equity	$441.41M	$522.14M	$584.53M	$724.88M
Net Debt	$349.08M	$475.99M	$133.72M	$23.57M

MBWM Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$119.86M	$66.61M	$101.12M	$17.97M
Capital Expenditure	-$3.02M	-$6.69M	-$8.53M	-$6.76M
Free Cash Flow	$116.84M	$59.93M	$92.59M	$11.21M
Depreciation & Amortisation	$12.95M	$11.50M	$10.51M	$5.80M
Stock-Based Compensation	$3.38M	$3.38M	$3.32M	$3.47M
Investing Cash Flow	-$555.00M	-$395.93M	-$425.44M	-$105.70M
Financing Cash Flow	-$443.25M	$363.08M	$586.79M	$168.04M
Dividends Paid	-$19.60M	-$21.00M	-$22.47M	-$23.95M
Share Repurchases	$0.00	$0.00	—	—
Net Change in Cash	-$878.39M	$33.76M	$262.48M	$80.31M

MBWM Income statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$60.94M	$62.39M	$62.07M	$67.59M	—
Selling, General & Admin	$20.71M	$21.09M	$26.21M	$23.68M	—
Pretax Income	$25.96M	$27.44M	$26.05M	$27.28M	—
Income Tax	$3.34M	$3.68M	$3.21M	$4.60M	—
Net Income	$22.62M	$23.76M	$22.84M	$22.68M	—
Diluted EPS	1.39	1.46	1.40	1.32	1.50
Diluted Shares	16.24M	16.25M	16.26M	17.24M	17.28M

MBWM Balance Sheet statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$385.46M	$296.07M	$477.02M	$473.32M	$579.30M
Total Assets	$6.14B	$6.18B	$6.31B	$6.84B	$6.95B
Long-Term Debt	$446.12M	$405.48M	$405.74M	$496.89M	$392.81M
Total Debt	$506.12M	$496.38M	$486.64M	$496.89M	$483.75M
Total Liabilities	$5.53B	$5.55B	$5.65B	$6.11B	$6.21B
Retained Earnings	$348.28M	$364.99M	$382.68M	$399.45M	$415.50M
Shareholders' Equity	$608.35M	$631.52M	$657.63M	$724.88M	$736.95M
Net Debt	$120.66M	$200.31M	$9.62M	$23.57M	—

MBWM Cash Flow statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	-$2.98M	-$7.80M	$23.11M	$5.65M	$28.31M
Capital Expenditure	-$1.54M	-$2.36M	-$2.64M	-$227.00K	-$938.00K
Free Cash Flow	-$4.51M	-$10.17M	$20.47M	$5.42M	$27.37M
Depreciation & Amortisation	$1.65M	$1.42M	$1.34M	$1.39M	$1.70M
Stock-Based Compensation	$786.00K	$937.00K	$929.00K	$821.00K	$971.00K
Investing Cash Flow	-$82.03M	-$95.26M	$63.63M	$7.96M	-$24.74M
Financing Cash Flow	$77.45M	$13.68M	$94.22M	-$17.30M	$102.41M
Dividends Paid	-$5.90M	-$5.91M	-$6.07M	-$6.07M	-$6.63M
Net Change in Cash	-$7.55M	-$89.39M	$180.95M	-$3.69M	$105.98M

Market Snapshot

About

Mercantile Bank Corp. is a bank holding company operating as a commercial bank serving businesses and individuals in Michigan. The company provides traditional banking services including commercial lending, mortgage banking, deposit products, and trust services. Mercantile focuses on relationship banking with small to mid-sized businesses and professionals.