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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $243M | - | $89M | $11M | 12.2% | 4.8% | 11.5% |
| 2024 | $231M | - | $80M | $93M | 13.6% | 2.6% | -3.2% |
| 2023 | $226M | - | $82M | $60M | 15.7% | 18.6% | 34.6% |
| 2022 | $190M | - | $61M | $117M | 13.8% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 190.32 | 225.69 | 231.48 | 242.65 |
| Operating Revenue | - | 190.32 | 225.69 | 231.48 | 242.65 |
| Selling General And Administration | - | 67.81 | 72.62 | 82.02 | 87.58 |
| Interest Income | - | 181.84 | 271.36 | 321.50 | 330.19 |
| Interest Expense | - | 23.60 | 77.81 | 130.42 | 129.15 |
| Net Interest Income | - | 158.24 | 193.54 | 191.09 | 201.04 |
| Pretax Income | - | 75.79 | 102.70 | 98.29 | 103.49 |
| Tax Provision | - | 14.73 | 20.48 | 18.69 | 14.74 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | -0.26 |
| Net Income Continuous Operations | - | 61.06 | 82.22 | 79.59 | 88.75 |
| Net Income From Continuing And Discontinued Operation | - | 61.06 | 82.22 | 79.59 | 88.75 |
| Net Income From Continuing Operation Net Minority Interest | - | 61.06 | 82.22 | 79.59 | 88.75 |
| Net Income | - | 61.06 | 82.22 | 79.59 | 88.75 |
| Net Income Common Stockholders | - | 61.06 | 82.22 | 79.59 | 88.75 |
| Net Income Including Noncontrolling Interests | - | 61.06 | 82.22 | 79.59 | 88.75 |
| Normalized Income | - | 61.06 | 82.22 | 79.59 | 90.31 |
| Diluted NI Availto Com Stockholders | - | 61.06 | 82.22 | 79.59 | 88.75 |
| Basic Average Shares | - | 15.86 | 16.02 | 16.13 | 16.24 |
| Diluted Average Shares | - | 15.86 | 16.02 | 16.13 | 16.24 |
| Reconciled Depreciation | - | 12.94 | 11.50 | 10.50 | 5.80 |
| Total Unusual Items | - | 0 | 0 | 0 | -1.82 |
| Total Unusual Items Excluding Goodwill | - | 0 | 0 | 0 | -1.82 |
| Special Income Charges | - | 0 | 0 | 0 | -1.82 |
| Gain On Sale Of Business | 1.06 | 0 | 0 | - | - |
| Other Special Charges | 4.02 | 1.51 | - | - | - |
| Restructuring And Mergern Acquisition | - | - | 0 | 0 | 1.82 |
| Gain On Sale Of Security | - | 3.49 | 3.95 | 3.21 | 1.96 |
| General And Administrative Expense | - | 66.36 | 71.06 | 80.42 | 85.91 |
| Other Gand A | 11.10 | - | - | - | - |
| Salaries And Wages | - | 65.12 | 68.80 | 77.92 | 83.20 |
| Insurance And Claims | - | 1.24 | 2.26 | 2.50 | 2.72 |
| Selling And Marketing Expense | - | 1.44 | 1.56 | 1.60 | 1.66 |
| Occupancy And Equipment | - | 11.98 | 12.61 | 12.36 | 11.87 |
| Other Non Interest Expense | - | 28.20 | 30.05 | 31.40 | 34.70 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Mercantile Bank Corporationthis co. | MBWM | $909M | 10.24↓ discount | 1.25 | 12.2% | - |
| Business First Bancshares, Inc. | BFST | $928M | 10.56 | 1.12 | 10.7% | - |
| Five Star Bancorp | FSBC | $922M | 14.97 | 2.07 | 13.8% | - |
| TrustCo Bank Corp NY | TRST | $920M | 15.05 | 1.34 | 8.9% | - |
| CNB Financial Corporation | CCNE |
| - |
| - |
| - |
| - |
| - |
| - |
| $918M |
| 13.89 |
| 1.13 |
| 8.1% |
| - |
| Central Pacific Financial Corp. | CPF | $908M | 11.72 | 1.53 | 13.1% | - |
| Hanmi Financial Corporation | HAFC | $907M | 11.92 | 1.14 | 9.6% | - |
| Ridgepost Capital, Inc | RPC | $891M | 45.70 | 2.54 | 5.6% | 14.81 |
| Jefferson Capital, Inc. | JCAP | $889M | 4.73 | 1.87 | 39.5% | 10.24 |
| Peer Median | - | 12.90 | 1.44 | 10.1% | 12.53 | |