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MBWM stock logo

MBWM

Mercantile Bank Corporation

$59.57
-0.31
 (-0.52%)
Exchange:  NASDAQ
Market Cap:  1.029B
Shares Outstanding:  3.121M
Delayed data
Calculate MBWM Intrinsic Value
5-year outlook →
Overview
Earnings
Financials
Valuation
Chart

About The Company

Sector:  Financial Services
Industry:  Banks – Regional
   
CEO:  Raymond E. Reitsma
Full Time Employees:  765
Address: 
310 Leonard Street NW
Grand Rapids
MI
49504
US
Website:  https://www.mercbank.com
Mercantile Bank Corporation serves as the parent holding company for Mercantile Bank of Michigan, providing a full spectrum of commercial and personal banking solutions to small and mid-sized businesses, as well as individual customers, across the United States. The institution facilitates a diverse range of deposit offerings, including checking, savings, term certificates, time deposits, and certificates of deposit (CDs). Its extensive lending portfolio encompasses commercial and industrial financing; loans for vacant land, property development, and new home construction; mortgages for both owner-occupied and investment real estate (such as multi-family and rental properties); single-family residential loans; home equity lines of credit (HELOCs); and various consumer loans, including funding for new and pre-owned vehicles, watercraft, credit cards, and overdraft protection, alongside residential mortgage and installment options. Beyond core banking, Mercantile Bank supplies additional conveniences like courier services and secure deposit boxes. It also markets a comprehensive array of insurance policies, such as coverage for private auto, homeowners, personal inland marine, boat owners, recreational vehicles, dwelling fire, umbrella liability, small business needs, and life insurance. The bank’s infrastructure further includes 22 automated teller machines (ATMs) and 19 video banking machines. As of January 18, 2022, the company maintained 44 branch locations. Established in 1997, Mercantile Bank Corporation’s main office is situated in Grand Rapids, Michigan.

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Revenue Segmentation

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EPS

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Earnings Call

Full text

Earnings transcript

Read the complete earnings call transcript.

AI summary

Key takeaways

Short, structured highlights from the call so you can focus on what matters.

2026/07/21 — 2 quarter 2026

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Income Statement
Balance Sheet
Cash Flow Statement
Analyst Estimates

Income Statement

Year202320242025
Revenue303,501361,891371,801
Gross Profit217,988224,075238,052
EBITDA114,195108,791106,501
Operating Income102,69998,286102,093
Net Income82,21779,59388,754

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(* All numbers are in thousands)

Balance Sheet

Year202320242025
Total Assets5,353,2246,052,1616,835,219
Total Liabilities4,831,0795,475,0736,110,335
Total Stockholders Equity522,145584,526724,884
Total Debt836,259648,248825,883
Cash and Cash Equivalents130,533393,010473,324

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(* All numbers are in thousands)

Cash Flow Statement

Year202320242025
Operating Cash Flow66,613101,1180
Capital Expenditure-6,687-8,5300
Free Cash Flow59,92692,5880
Net Income82,21779,59388,753
Net Change in Cash33,761262,477-393,010

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(* All numbers are in thousands)

Analyst Estimates

Fiscal Year2027Research AccessResearch AccessResearch AccessResearch Access
Estimated Revenue (Low)294,298.910Research AccessResearch AccessResearch AccessResearch Access
Estimated Revenue (High)299,589.901Research AccessResearch AccessResearch AccessResearch Access
Estimated Revenue (Avg)296,125.800Research AccessResearch AccessResearch AccessResearch Access
Estimated Ebitda (Low)107,010.739Research AccessResearch AccessResearch AccessResearch Access
Estimated Ebitda (High)108,934.609Research AccessResearch AccessResearch AccessResearch Access
Estimated Ebitda (Avg)107,675.018Research AccessResearch AccessResearch AccessResearch Access
Estimated Net Income (Low)91,253.893Research AccessResearch AccessResearch AccessResearch Access
Estimated Net Income (High)96,269.513Research AccessResearch AccessResearch AccessResearch Access
Estimated Net Income (Avg)93,761.703Research AccessResearch AccessResearch AccessResearch Access
Estimated SGA Expense (Low)84,125.720Research AccessResearch AccessResearch AccessResearch Access
Estimated SGA Expense (High)85,638.156Research AccessResearch AccessResearch AccessResearch Access
Estimated SGA Expense (Avg)84,647.939Research AccessResearch AccessResearch AccessResearch Access
Estimated EPS (Avg)5.770Research AccessResearch AccessResearch AccessResearch Access
Estimated EPS (High)5.920Research AccessResearch AccessResearch AccessResearch Access
Estimated EPS (Low)5.610Research AccessResearch AccessResearch AccessResearch Access
Number of Analysts (Estimated Revenue)4Research AccessResearch AccessResearch AccessResearch Access
Number of Analysts (Estimated EPS)5Research AccessResearch AccessResearch AccessResearch Access

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(* All numbers are in thousands)

Current Key Metrics

?Revenue
 (TTM)
: 
361.891M  ?P/S
 (TTM)
: 
2.68
?Net Income
 (TTM)
: 
79.593M  ?P/E
 (TTM)
: 
10.49
?Enterprise Value
 (TTM)
: 
1.685B  ?EV/FCF
 (TTM)
: 
24.7
?Dividend Yield
 (TTM)
: 
2.58%  ?Payout Ratio
 (TTM)
: 
26.69%
?ROE
 (TTM)
: 
13.25%  ?ROIC
 (TTM)
: 
1.37%
?Net Debt
 (TTM)
: 
595.675M  ?Debt/Equity
 (TTM)
: 
0.95
?P/B
 (TTM)
: 
1.4  ?Current Ratio
 (TTM)
: 
0.22

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Forward P/E Ratios

?

Forward P/E (Avg EPS estimate) — log in with Research Access for high/low estimates and the interactive table.

Forward P/E 1YResearch AccessResearch AccessResearch AccessResearch Access
11.07Research AccessResearch AccessResearch AccessResearch Access

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SWOT Analysis

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At what price to buy it? -
Intrinsic Value Calculator

Based on current fundamentals and analyst forecasts, MARKETSnap estimates MBWM intrinsic value between $58.68 – $84.46 per share. This depends on revenue growth, margins, and discount rate.

This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.

[intrinsic_calculator]

Common questions about MBWM valuation

Is Mercantile Bank Corporation (MBWM) overvalued or undervalued right now?

MARKETSnap estimates intrinsic value for Mercantile Bank Corporation (MBWM) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.

Is MBWM a buy, hold, or sell for long-term investors?

MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether MBWM trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.

What is MBWM’s P/E ratio?

You can see MBWM’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.

How is intrinsic value calculated for MBWM?

MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.

Is MBWM a good long-term investment?

Whether MBWM fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.

MBWM

1-day price chart preview. Log in for 1W through 5Y ranges and period tabs.

Daily snapshot

-0.52
MARKETSnap

Trading Metrics:

Open: 59.45   Previous Close: 59.88
Day Low: 59   Day High: 59.82
Year Low: 42.75   Year High: 62.39
Price Avg 50: 58.57   Price Avg 200: 52.6
Volume: 20858   Average Volume: 129389

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See in Nexus

Relevant news

Mercantile Bank Q2 Earnings Call Highlights
21-07-2026 14:04
Mercantile Bank Q2 Earnings Call Highlights
Mercantile Bank Corporation Announces Strong Second Quarter 2026 Results
21-07-2026 05:05
Mercantile Bank Corporation Announces Strong Second Quarter 2026 Results
Mercantile Bank Corporation Increases Regular Cash Dividend
21-07-2026 05:00
Mercantile Bank Corporation Increases Regular Cash Dividend
Mercantile Bank Corporation Announces Solid First Quarter 2026 Results
21-04-2026 05:05
Mercantile Bank Corporation Announces Solid First Quarter 2026 Results
Mercantile Bank Corporation Declares Regular Cash Dividend
21-04-2026 05:00
Mercantile Bank Corporation Declares Regular Cash Dividend
Mercantile Bank (NASDAQ:MBWM) Stock Price Crosses Above 200 Day Moving Average   – Should You Sell?
07-04-2026 03:21
Mercantile Bank (NASDAQ:MBWM) Stock Price Crosses Above 200 Day Moving Average – Should You Sell?

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