Symbols / MBWM Stock $50.68 +0.52% Mercantile Bank Corporation

Financial Services • Banks - Regional • United States • NMS
MBWM (Stock) Chart
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About

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.

Stock Fundamentals
Scroll to Statements
Market Cap 875.46M Enterprise Value 999.42M Income 91.90M Sales 252.69M Book/sh 42.66 Cash/sh 33.53
Dividend Yield — Payout — Employees 766 IPO — P/E 9.08 Forward P/E 8.58
PEG 1.63 P/S 3.46 P/B 1.19 P/C — EV/EBITDA — EV/Sales 3.96
Quick Ratio — Current Ratio — Debt/Eq — LT Debt/Eq — EPS (ttm) 5.58 EPS next Y 5.91
EPS Growth 9.10% Revenue Growth 25.80% Earnings 2026-07-21 ROA 1.40% ROE 13.66% ROIC —
Gross Margin 0.00% Oper. Margin 41.00% Profit Margin 36.37% Shs Outstand 17.27M Shs Float 16.72M Short Float 2.10%
Short Ratio 2.89 Short Interest — 52W High 55.77 52W Low 41.28 Beta 0.87 Avg Volume 108.14K
Volume 85.56K Target Price $59.33 Recom Buy Prev Close $50.42 Price $50.68 Change 0.52%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$59.33
Mean price target
2. Current target
$50.68
Latest analyst target
3. DCF / Fair value
$83.70
Fallback: EPS × 15 (assumed fair P/E). No FCF data; use with …
Ratings
Current target
$50.68
Low
$57.00
High
$62.00
Mean
$59.33

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-01-21 main Keefe, Bruyette & Woods Outperform → Outperform $57
2026-01-07 main Raymond James Outperform → Outperform $54
2025-10-22 reit Raymond James Outperform → Outperform $52
2025-07-24 up Raymond James Market Perform → Outperform $55
2025-07-23 main Piper Sandler Neutral → Neutral $56
2025-07-23 main Keefe, Bruyette & Woods Outperform → Outperform $56
2025-04-23 main Piper Sandler Neutral → Neutral $48
2025-01-22 main Keefe, Bruyette & Woods Outperform → Outperform $57
2024-12-04 main Keefe, Bruyette & Woods Outperform → Outperform $56
2024-07-17 reit Keefe, Bruyette & Woods Outperform → Outperform $51
2024-07-17 main Piper Sandler Neutral → Neutral $53
2024-04-17 reit Keefe, Bruyette & Woods Outperform → Outperform $47
2023-03-07 up Piper Sandler Neutral → Overweight $40
2023-01-18 down Raymond James Outperform → Market Perform —
2022-10-19 main Raymond James — → Outperform $38
2022-10-06 down Raymond James Strong Buy → Outperform $35
2022-03-02 up Raymond James Outperform → Strong Buy $44
2022-01-19 up Raymond James Market Perform → Outperform $44
2020-09-29 main Piper Sandler — → Neutral $20
2018-07-18 main Keefe, Bruyette & Woods Outperform → Outperform $41
News
RSS: Latest MBWM news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-02-13 REITSMA RAYMOND E Chief Executive Officer — 1,808 $0.00 $0
2026-02-13 CHRISTMAS CHARLES E Chief Financial Officer — 1,326 $0.00 $0
2026-02-05 REITSMA RAYMOND E Chief Executive Officer — 11,338 $0.00 $0
2026-02-05 HOOVER BRETT Officer — 2,832 $0.00 $0
2026-02-05 SETLOCK SCOTT P Chief Operating Officer — 3,406 $0.00 $0
2026-02-05 RANDALL TARA M Officer — 2,730 $0.00 $0
2026-02-05 AUGUSTYN MARK S Officer — 4,312 $0.00 $0
2026-02-05 CHRISTMAS CHARLES E Chief Financial Officer — 4,243 $0.00 $0
2026-01-06 SCHWEIHOFER STEVEN Director — 321 $0.00 $0
2025-12-31 SCHWEIHOFER STEVEN Director — 5,282 $0.00 $0
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
242.65
+4.83%
231.47
+2.56%
225.69
+18.58%
190.32
Operating Revenue
242.65
+4.83%
231.47
+2.56%
225.69
+18.58%
190.32
Selling General And Administration
87.58
+6.77%
82.03
+12.94%
72.62
+7.10%
67.81
Selling And Marketing Expense
1.66
+3.74%
1.60
+2.49%
1.56
+8.30%
1.45
General And Administrative Expense
85.91
+6.83%
80.42
+13.17%
71.06
+7.08%
66.36
Salaries And Wages
83.20
+6.77%
77.92
+13.26%
68.80
+5.65%
65.12
Other Gand A
—
—
—
—
Reconciled Depreciation
5.80
-44.82%
10.51
-8.62%
11.50
-11.19%
12.95
Total Unusual Items
-1.81
0.00
0.00
0.00
Total Unusual Items Excluding Goodwill
-1.81
0.00
0.00
0.00
Special Income Charges
-1.81
0.00
0.00
0.00
Other Special Charges
—
—
—
1.51
Restructuring And Mergern Acquisition
1.81
0.00
0.00
—
Net Income
88.75
+11.51%
79.59
-3.19%
82.22
+34.64%
61.06
Pretax Income
103.49
+5.30%
98.29
-4.30%
102.70
+35.50%
75.79
Net Interest Income
201.04
+5.21%
191.09
-1.27%
193.54
+22.31%
158.24
Interest Expense
129.15
-0.97%
130.42
+67.60%
77.81
+229.79%
23.59
Interest Income
330.19
+2.70%
321.50
+18.48%
271.36
+49.23%
181.84
Gain On Sale Of Security
1.96
-39.03%
3.21
-18.65%
3.95
+13.13%
3.49
Gain On Sale Of Business
—
—
0.00
0.00
Tax Provision
14.74
-21.15%
18.69
-8.73%
20.48
+39.08%
14.73
Tax Rate For Calcs
0.00
-25.11%
0.00
-4.43%
0.00
+1.53%
0.00
Tax Effect Of Unusual Items
-0.26
0.00
0.00
0.00
Net Income Including Noncontrolling Interests
88.75
+11.51%
79.59
-3.19%
82.22
+34.64%
61.06
Net Income From Continuing Operation Net Minority Interest
88.75
+11.51%
79.59
-3.19%
82.22
+34.64%
61.06
Net Income From Continuing And Discontinued Operation
88.75
+11.51%
79.59
-3.19%
82.22
+34.64%
61.06
Net Income Continuous Operations
88.75
+11.51%
79.59
-3.19%
82.22
+34.64%
61.06
Normalized Income
90.31
+13.46%
79.59
-3.19%
82.22
+34.64%
61.06
Net Income Common Stockholders
88.75
+11.51%
79.59
-3.19%
82.22
+34.64%
61.06
Diluted EPS
5.47
+10.95%
4.93
-3.90%
5.13
+33.25%
3.85
Basic EPS
5.47
+10.95%
4.93
-3.90%
5.13
+33.25%
3.85
Basic Average Shares
16.24
+0.67%
16.13
+0.72%
16.02
+0.98%
15.86
Diluted Average Shares
16.24
+0.67%
16.13
+0.72%
16.02
+0.98%
15.86
Diluted NI Availto Com Stockholders
88.75
+11.51%
79.59
-3.19%
82.22
+34.64%
61.06
Insurance And Claims
2.71
+8.73%
2.50
+10.58%
2.26
+82.24%
1.24
Occupancy And Equipment
11.87
-3.97%
12.36
-2.02%
12.61
+5.33%
11.98
Other Non Interest Expense
34.70
+10.49%
31.41
+4.51%
30.05
+6.58%
28.20
Line Item Trend 2023-12-31
Total Assets
5,353.22
Cash And Cash Equivalents
130.53
Cash Financial
70.41
Other Short Term Investments
617.09
Net PPE
50.93
Gross PPE
94.72
Accumulated Depreciation
-43.79
Land And Improvements
12.78
Buildings And Improvements
56.78
Machinery Furniture Equipment
25.16
Goodwill And Other Intangible Assets
49.47
Goodwill
49.47
Other Intangible Assets
—
Investments And Advances
617.09
Total Liabilities Net Minority Interest
4,831.08
Payables And Accrued Expenses
—
Payables
—
Accounts Payable
—
Long Term Debt And Capital Lease Obligation
606.52
Long Term Debt
606.52
Stockholders Equity
522.14
Common Stock Equity
522.14
Capital Stock
295.11
Common Stock
295.11
Preferred Stock
0.00
Share Issued
16.13
Ordinary Shares Number
16.13
Treasury Shares Number
0.00
Retained Earnings
277.53
Gains Losses Not Affecting Retained Earnings
-50.49
Other Equity Adjustments
-50.49
Total Equity Gross Minority Interest
522.14
Total Capitalization
1,128.67
Invested Capital
1,128.67
Total Debt
606.52
Net Debt
475.99
Net Tangible Assets
472.67
Tangible Book Value
472.67
Cash Cash Equivalents And Federal Funds Sold
130.53
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
17.97
-82.23%
101.12
+51.80%
66.61
-44.43%
119.86
Cash Flow From Continuing Operating Activities
17.97
-82.23%
101.12
+51.80%
66.61
-44.43%
119.86
Net Income From Continuing Operations
88.75
+11.51%
79.59
-3.19%
82.22
+34.64%
61.06
Depreciation Amortization Depletion
5.80
-44.82%
10.51
-8.62%
11.50
-11.19%
12.95
Depreciation And Amortization
5.80
-44.82%
10.51
-8.62%
11.50
-11.19%
12.95
Other Non Cash Items
8.40
-30.89%
12.16
+220.66%
-10.08
-152.06%
19.36
Stock Based Compensation
3.47
+4.73%
3.32
-2.01%
3.38
+0.21%
3.38
Deferred Tax
2.08
+625.19%
-0.40
+80.50%
-2.04
-50.48%
-1.35
Deferred Income Tax
2.08
+625.19%
-0.40
+80.50%
-2.04
-50.48%
-1.35
Operating Gains Losses
-12.56
-6.86%
-11.76
-94.06%
-6.06
+23.86%
-7.96
Unrealized Gain Loss On Investment Securities
0.06
+131.03%
-0.20
-178.99%
0.26
+671.11%
-0.04
Gain Loss On Sale Of PPE
0.02
+134.29%
-0.07
-114.80%
0.47
+97.91%
0.24
Change In Working Capital
-81.24
-16314.97%
0.50
+102.47%
-20.27
-178.18%
25.92
Change In Receivables
-0.13
+91.85%
-1.59
+63.16%
-4.33
+29.76%
-6.17
Changes In Account Receivables
-0.13
+91.85%
-1.59
+63.16%
-4.33
+29.76%
-6.17
Change In Payables And Accrued Expense
-22.01
-178.91%
27.89
+95.71%
14.25
-56.18%
32.52
Change In Payable
-22.01
-178.91%
27.89
+95.71%
14.25
-56.18%
32.52
Change In Account Payable
-22.01
-178.91%
27.89
+95.71%
14.25
-56.18%
32.52
Change In Other Current Assets
-59.10
-129.08%
-25.80
+14.55%
-30.19
-6808.24%
-0.44
Investing Cash Flow
-105.70
+75.15%
-425.44
-7.45%
-395.93
+28.66%
-555.00
Cash Flow From Continuing Investing Activities
-105.70
+75.15%
-425.44
-7.45%
-395.93
+28.66%
-555.00
Net PPE Purchase And Sale
-6.76
+17.98%
-8.25
-35.44%
-6.09
-26373.91%
-0.02
Purchase Of PPE
-6.76
+20.70%
-8.53
-27.56%
-6.69
-121.64%
-3.02
Sale Of PPE
0.00
-100.00%
0.28
-52.68%
0.60
-80.03%
2.99
Capital Expenditure
-6.76
+20.70%
-8.53
-27.56%
-6.69
-121.64%
-3.02
Net Investment Purchase And Sale
-136.05
-21.65%
-111.84
-2762.25%
4.20
+104.72%
-89.03
Purchase Of Investment
-203.37
-17.13%
-173.62
-770.66%
-19.94
+81.37%
-107.01
Sale Of Investment
67.32
+8.97%
61.78
+155.89%
24.14
+34.24%
17.98
Net Business Purchase And Sale
53.57
0.00
0.00
0.00
Purchase Of Business
—
—
0.00
0.00
Gain Loss On Sale Of Business
—
—
0.00
0.00
Net Other Investing Changes
2.79
+152.12%
-5.35
+20.83%
-6.76
-91.96%
-3.52
Financing Cash Flow
168.04
-71.36%
586.79
+61.62%
363.08
+181.91%
-443.25
Cash Flow From Continuing Financing Activities
168.04
-71.36%
586.79
+61.62%
363.08
+181.91%
-443.25
Net Issuance Payments Of Debt
-30.86
+61.82%
-80.83
-150.63%
159.65
+412.47%
-51.09
Issuance Of Debt
50.00
+400.00%
10.00
-95.83%
240.00
+459.34%
42.91
Repayment Of Debt
-80.86
+10.97%
-90.83
-13.03%
-80.35
+14.52%
-94.00
Long Term Debt Issuance
50.00
+400.00%
10.00
-95.83%
240.00
+459.34%
42.91
Long Term Debt Payments
-80.86
+10.97%
-90.83
-13.03%
-80.35
+14.52%
-94.00
Net Long Term Debt Issuance
-30.86
+61.82%
-80.83
-150.63%
159.65
+412.47%
-51.09
Net Common Stock Issuance
0.77
-4.69%
0.81
-9.09%
0.89
+2.77%
0.87
Common Stock Payments
—
—
0.00
0.00
Common Stock Dividend Paid
-23.95
-6.58%
-22.47
-6.99%
-21.00
-7.15%
-19.60
Cash Dividends Paid
-23.95
-6.58%
-22.47
-6.99%
-21.00
-7.15%
-19.60
Repurchase Of Capital Stock
—
—
0.00
0.00
Proceeds From Stock Option Exercised
0.13
+156.00%
0.05
+11.11%
0.04
-44.44%
0.08
Changes In Cash
80.31
-69.40%
262.48
+677.46%
33.76
+103.84%
-878.39
Beginning Cash Position
393.01
+201.08%
130.53
+34.89%
96.77
-90.08%
975.16
End Cash Position
473.32
+20.44%
393.01
+201.08%
130.53
+34.89%
96.77
Free Cash Flow
11.21
-87.89%
92.59
+54.50%
59.93
-48.71%
116.84
Interest Paid Supplemental Data
129.43
+0.16%
129.23
+79.42%
72.02
+230.92%
21.77
Income Tax Paid Supplemental Data
44.84
+109.54%
21.40
-13.88%
24.85
+121.88%
11.20
Common Stock Issuance
0.77
-4.69%
0.81
-9.09%
0.89
+2.77%
0.87
Issuance Of Capital Stock
0.77
-4.69%
0.81
-9.09%
0.89
+2.77%
0.87
Sale Of Business
53.57
0.00
0.00
—
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