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Home CompaniesMercantile Bank Corporation

Mercantile Bank Corporation

Financial Services Banks - Regional
PortfolioPortfolio WatchlistWatchlist
Company price
61.83 USD 1.26 ( 2.08%)
Last update at 2026-11-09T17:33:00Z
VOLUME
37637
Market Cap
1067.75M
P/E
10.78

Momentum Score

…

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.

Source: TradingView
The charts and visual representations are sourced from TradingView through embedded widgets. For any issues with chart display, please visit the TradingView website

Day Price Range
61.04
Low
61.87
High
52 Week Price Range
41.51
Low
62.42
High

Momentum Score

…
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A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.

Score - Rating
>= 1 - Low / > 1 but < 2 - Below Average / > 2 but < 3 - Average / > 3 but < 4 - Above Average / > 4 - High
AI Summary

Mercantile Bank Corporation operates as a regional commercial bank offering lending, deposit and treasury services to small and medium-sized businesses and retail customers. Long-term growth may be supported by measured loan portfolio expansion, increased local economic activity, and growth in fee-based services, which could make the company attractive to investors seeking regional banking exposure.
Material risks include exposure to interest-rate volatility and loan-credit deterioration, competitive pressure for deposits and lending, and sensitivity to regional economic slowdowns or regulatory changes that could erode margins.

Risk Score
Medium

Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.

Key Metrics*

Previous Close
60.57
Dividend Yield
2.51%
Revenue TTM
263.91M
Revenue Per Share
15.75
Gross Profit TTM
263.91M
Debt / Equity
1.14
ROE
13.73%
Net Debt
352.56M
ROCE
7.74%
Diluted EPS TTM
5.73

Key Financials*

Income Statement

Balance Sheet

Change in Cash

Total Operating Cash

Dividends Paid

Breakdown 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Type yearly yearly yearly yearly yearly
Date 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Income before tax 102.09M 98.29M 102.70M 75.79M 73.72M
Net income 88.75M 79.59M 82.22M 61.06M 59.02M
Selling general administrative 15.27M 80.42M 71.06M 77.48M 77.55M
Selling and marketing expenses 95.07M 1.60M 1.56M 1.45M 1.18M
Gross profit 238.05M 224.07M 217.99M 190.32M 179.22M
Reconciled depreciation 5.80M 10.51M 11.95M 12.95M 13.68M
Ebit 102.09M 98.29M 102.70M 99.39M 73.72M
Ebitda 106.50M 108.79M 114.19M 112.33M 87.39M
Depreciation and amortization 4.41M 10.51M 11.50M 12.95M 13.68M
Operating income 102.09M 98.29M 102.70M 99.39M 73.72M
Other operating expenses 269.71M 263.61M 200.80M -90.94M -105.51M
Interest expense 129.15M 130.42M 77.81M 23.59M 19.43M
Tax provision 14.74M 18.69M 20.37M 14.73M 14.70M
Interest income 330.19M 321.50M 255.83M 181.84M 143.49M
Net interest income 201.04M 191.09M 195.55M 158.24M 124.06M
Income tax expense 13.34M 18.69M 20.48M 14.73M 14.70M
Total revenue 371.80M 361.89M 303.50M 190.32M 179.22M
Total operating expenses 135.96M 125.79M 115.29M -90.94M -105.51M
Cost of revenue 133.75M 137.82M 85.51M - -
Total other income expense net - -221.61M 102.70M -23.59M -19.43M
Net income from continuing ops 88.75M 79.59M 83.99M 61.06M 59.02M
Net income applicable to common shares - - - 61.06M 59.02M
Breakdown 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Type yearly yearly yearly yearly yearly
Date 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Total assets 6835.22M 6052.16M 5360.06M 4872.62M 5257.75M
Intangible assets 20.39M 12.47M 11.34M 0.58M 1.35M
Other current assets - - 150.23M 19.04M 2988.98M
Total liab 6110.34M 5467.64M 4837.91M 4431.21M 4801.19M
Total stockholder equity 724.88M 584.53M 522.14M 441.41M 456.56M
Other current liab 5284.45M 4698.37M 1623.75M -78.21M -24.64M
Common stock 349.43M 299.70M 295.11M 290.44M 285.75M
Capital stock 349.43M 299.70M 295.11M 290.44M 285.75M
Retained earnings 399.45M 334.65M 277.53M 216.31M 174.54M
Other liab - - - 45.47M 14.81M
Good will 72.66M 49.47M 49.47M 49.47M 49.47M
Other assets - 5212.11M 0.00M 3468.44M 2988.98M
Cash 473.32M 393.01M 130.53M 96.77M 975.16M
Total current liabilities 5516.74M 4819.89M 1945.44M 78.21M 24.64M
Net debt 352.56M 255.24M 709.42M 349.08M -479.27M
Short term debt 232.29M 121.52M 321.69M 308.26M 374.00M
Short long term debt total 825.88M 648.25M 839.95M 445.85M 495.89M
Other stockholder equity - 1495.19M - -65.34M 285.75M
Property plant equipment - - - 51.48M 57.30M
Total current assets 1575.55M 1123.36M 150.23M 699.71M 1567.90M
Long term investments 857.63M 730.35M 617.09M 602.94M 592.74M
Net tangible assets - - - 391.35M 405.74M
Short term investments 1102.23M 730.35M 617.09M 602.94M 592.74M
Net receivables - - - 3874.37M -
Long term debt 496.89M 526.73M 606.52M 445.85M 495.89M
Accounts payable - - - 78.21M 24.64M
Accumulated other comprehensive income -24.00M -49.83M -50.49M -65.34M -3.73M
Common stock total equity - - - 290.44M 285.75M
Retained earnings total equity - - - 216.31M 174.54M
Non currrent assets other 340.46M 263.75M 4982.36M -704.47M -700.87M
Non current assets total 5259.66M 4928.80M 5209.82M 704.47M 700.87M
Long term debt total - - - 137.59M 121.89M
Breakdown 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Type yearly yearly yearly yearly yearly
Date 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Investments -136.05M -425.44M -249.05M -551.17M -486.18M
Change to liabilities - - - 32.52M 0.34M
Total cashflows from investing activities -105.70M -425.44M -395.93M -555.00M -495.51M
Net borrowings -30.86M -80.83M 159.65M -54.22M 132.73M
Total cash from financing activities 168.04M 586.79M 363.08M -443.25M 780.09M
Change to operating activities - - - 32.09M -15.94M
Net income 88.75M 79.59M 82.22M 61.06M 59.02M
Change in cash 80.31M 262.48M 33.76M -878.39M 349.15M
Begin period cash flow 393.01M 130.53M 96.77M 975.16M 626.01M
End period cash flow 473.32M 393.01M 130.53M 96.77M 975.16M
Total cash from operating activities 17.97M 101.12M 66.61M 119.86M 64.57M
Issuance of capital stock 0.77M 0.81M 0.89M 0.87M 0.88M
Depreciation 5.80M 10.51M 11.50M 12.95M 13.68M
Other cashflows from investing activities -16.46M -305.06M -393.45M -0.81M -3.73M
Dividends paid 23.95M 22.47M 21.00M -19.60M -18.52M
Change to account receivables -0.13M -1.59M -4.33M -6.17M 1.53M
Sale purchase of stock - - 390.08M 0.95M -21.38M
Other cashflows from financing activities 221.96M 689.28M 223.55M -330.52M 839.12M
Change to netincome - - - 19.73M 6.64M
Capital expenditures 6.76M 8.53M 6.69M 3.02M 5.60M
Change receivables - - - -6.17M 1.53M
Cash flows other operating - - - -0.23M -16.63M
Cash and cash equivalents changes - - - -878.39M 349.15M
Change in working capital -81.24M 0.50M -20.27M 25.92M -14.42M
Stock based compensation 3.47M 3.32M 3.38M 3.38M 3.78M
Other non cash items -0.90M 7.60M -8.18M 17.91M 0.49M
Free cash flow 11.21M 92.59M 59.93M 116.84M 58.97M

Peer Comparison*

Sector: Financial Services Industry: Banks - Regional

Stock Name
Change
(USD)
Price
(USD)
Trailing
PE (x)
Forward
PE (x)
Price Sales
TTM (x)
Price to Book Value (x)
Enterprise Value
to Revenue (x)
MBWM
Mercantile Bank Corporation		 1.26
2.08%		 61.83 10.78 10.87 4.05 1.40 5.87
DBSDY
DBS Group Holdings Ltd ADR		 3.79
1.76%		 219.67 20.00 17.57 7.54 3.17 13.19
CIHHF
China Merchants Bank Co Ltd Class H		 0.03
0.45%		 6.69 7.70 7.10 0.55 0.83 3.51
CIHKY
China Merchants Bank Co Ltd		 0.11
0.32%		 34.84 7.79 7.20 0.55 0.85 3.51
UNCFF
UniCredit SpA		 5.05
5.86%		 91.30 11.53 10.27 5.72 1.83 8.22

Profile*

Mercantile Bank Corporation

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.

310 Leonard Street NW, Grand Rapids, MI, United States, 49504

616 406 3000

https://www.mercbank.com

827

Name Title Year Born
Mr. Robert B. Kaminski Jr. Pres, CEO & Director 1962
Mr. Charles E. Christmas Exec. VP, CFO & Treasurer 1966
Mr. Raymond E. Reitsma Exec. VP & COO 1963
Mr. Robert T. Worthington Sr. VP, Chief Risk Officer, Gen. Counsel & Sec. 1975
Mr. Brett Hoover Human Resource Director & Sr. VP 1970
Mr. Mark S. Augustyn Sr. VP & Chief Lending Officer of Mercantile Bank of Michigan NA
Mr. Jeff Kaiser Sr. VP & Head of Risk Management Department NA
Mr. Robert B. Kaminski Jr. President, CEO & Director 1962
Mr. Charles E. Christmas Executive VP, CFO & Treasurer 1966
Mr. Brett E. Hoover Executive VP & Chief Human Resource Officer 1971

Disclaimer - (*)This information, including any data, is sourced from Unicorn Data Services SAS, trading as EOD Historical Data (“EODHD”) on an ‘as is’ basis, using their API. We cannot guarantee the completeness or validity of the information and data provided on this page, as well as via the API. In some cases, the data may include analyst ratings or recommendations sourced through the EODHD API, which are intended solely for general information purposes.
This information does not consider your personal objectives, financial situation, or needs. Kalkine is not liable for any errors or omissions in the information provided or for any actions taken in reliance on it. You should seek advice from a financial adviser, stockbroker or other professional adviser (including taxation and legal advice) as necessary before acting on this information.

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