Mercantile Bank Corp (MBWM) Financial Statements
Industry: State Commercial Banks
In fiscal 2025, Mercantile Bank reported revenue of $242.7M, up 4.8% from $231.5M the year before. Net income was $88.8M (a 36.6% net margin), or $5.47 per diluted share. Net interest income was $201.0M, and the efficiency ratio (noninterest expense / revenue) was 56.0%. Operating activities generated $18.0M of cash. At fiscal year end, Mercantile Bank held $6.84B in total assets against $6.11B in total liabilities.
Open the full interactive Mercantile Bank financials → Quarterly statements, key ratios, valuation history and price charts.
Mercantile Bank Key Stats
| Share Price | $58.03 |
|---|---|
| Market Cap | $1.00B |
| P/E Ratio | 10.6 |
| Revenue YoY Growth | +4.8% |
| 52-Week Range | $41.89 – $62.14 |
| Shares Outstanding | 17.3 million (basic, 2026 Q2) |
Mercantile Bank Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Net Interest Income | $122.2M | $124.1M | $158.2M | $193.5M | $191.1M | $201.0M |
| Provision for Credit Losses | $14.1M | -$4.3M | $6.5M | $7.7M | $7.4M | $3.2M |
| Noninterest Income | $45.2M | $56.2M | $32.1M | $32.1M | $40.4M | $41.6M |
| Noninterest Expense | $98.5M | $110.9M | $108.0M | $115.3M | $125.8M | $136.0M |
| Revenue | $167.4M | $180.3M | $190.3M | $225.7M | $231.5M | $242.7M |
| Pre-Tax Income | $54.8M | $73.7M | $75.8M | $102.7M | $98.3M | $103.5M |
| Income Tax | $10.7M | $14.7M | $14.7M | $20.5M | $18.7M | $14.7M |
| Net Income | $44.1M | $59.0M | $61.1M | $82.2M | $79.6M | $88.8M |
| Diluted EPS | $2.71 | $3.69 | $3.85 | $5.13 | $4.93 | $5.47 |
Mercantile Bank Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $62.4M | $62.1M | $67.6M | $68.8M |
| Net Income | $23.8M | $22.8M | $22.7M | $25.9M |
| Diluted EPS | $1.46 | — | $1.32 | $1.50 |
Mercantile Bank Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Loans (Net) | $3.18B | $3.42B | — | — | — | — |
| Total Assets | $4.44B | $5.26B | $4.87B | $5.35B | $6.05B | $6.84B |
| Deposits | $3.41B | $4.08B | $3.71B | $3.90B | $4.70B | $5.28B |
| Total Long-Term Debt | $441.6M | $447.6M | $396.9M | $556.9M | $476.4M | $415.9M |
| Total Liabilities | $4.00B | $4.80B | $4.43B | $4.83B | $5.47B | $6.11B |
| Shareholders' Equity | $441.6M | $456.6M | $441.4M | $522.1M | $584.5M | $724.9M |
Mercantile Bank Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $37.9M | $64.6M | $119.9M | $66.6M | $101.1M | $18.0M |
| Cash From Investing | -$398.8M | -$495.5M | -$555.0M | -$395.9M | -$425.4M | -$105.7M |
| Cash From Financing | $753.2M | $780.1M | -$443.3M | $363.1M | $586.8M | $168.0M |
Figures from Mercantile Bank's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Mercantile Bank financials page for every line item.
Mercantile Bank Company Profile
| Ticker | MBWM |
|---|---|
| Exchange | Nasdaq |
| Industry | State Commercial Banks |
| Headquarters | Grand Rapids, Michigan |
| Incorporated in | Michigan |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001042729 |
Frequently Asked Questions
What was Mercantile Bank's revenue in fiscal 2025?
Mercantile Bank (MBWM) reported revenue of $242.7M for fiscal 2025.
What is Mercantile Bank's annual revenue history?
Mercantile Bank's annual revenue by fiscal year: 2020: $167.4M; 2021: $180.3M; 2022: $190.3M; 2023: $225.7M; 2024: $231.5M; 2025: $242.7M.
What was Mercantile Bank's net income in fiscal 2025?
Mercantile Bank reported net income of $88.8M for fiscal 2025.
What was Mercantile Bank's earnings per share (EPS) in fiscal 2025?
Mercantile Bank's diluted EPS was $5.47 for fiscal 2025 (adjusted for any later stock splits).
What was Mercantile Bank's revenue last quarter?
In its most recent reported quarter (2026 Q2), Mercantile Bank reported revenue of $68.8M.
How much debt does Mercantile Bank have?
Mercantile Bank reported $415.9M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Mercantile Bank are outstanding?
Mercantile Bank reported a weighted average of 17.3 million basic shares outstanding in 2026 Q2.
What is Mercantile Bank's market cap?
Based on its latest closing price, Mercantile Bank (MBWM) has a market capitalization of about $1.00B.
When does Mercantile Bank's fiscal year end?
Mercantile Bank's fiscal year end, as registered with the SEC, is December 31.
Where is Mercantile Bank headquartered?
Mercantile Bank lists its business address in Grand Rapids, Michigan in its SEC filings.