MERCANTILE BANK CORP

MBWM

MERCANTILE BANK CORP

MBWM

Insider Sentiment (TTM):

Last Purchase:2025-10-31Last Sale:2025-11-13Shares Purchased (TTM):1,000Shares Sold (TTM):4,577

Institutional Sentiment:

As of:2026-03-31Institutional Shares Owned:11,169,697Shares Outstanding:17,237,249Institutional Ownership Pct.:64.80%

Earnings Market Reaction:

Filing Date:2026-07-31Price on Filing Date:N/APrevious Close:N/A% Change:N/A

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Financial Statements

10‑Q10‑K

Values in Millions ($)	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30
Assets
Cash And Due From Banks	70	48	55	59	99	70	57	88	62	53	70	65
Interest Bearing Deposits In Banks	271	531	419	418	197	315	336	241	136	185	60	201
Cash Cash Equivalents And Federal Funds Sold	341	579	473	477	296	385	393	329	198	237	131	266
Available For Sale Securities Debt Securities	1,126	1,125	1,102	855	826	788	730	703	648	609	617	592
Federal Home Loan Bank Stock	-	-	-	22	22	22	22	22	22	22	22	22
Notes Receivable Gross	4,916	4,817	4,822	4,615	4,698	4,637	4,601	4,553	4,438	4,322	4,304	4,104
Financing Receivable Allowance For Credit Losses	-55	-57	-58	-59	-58	-57	-54	-57	-55	-52	-50	-48
Notes Receivable Net	4,860	4,760	4,764	4,556	4,640	4,580	4,546	4,496	4,383	4,270	4,254	4,056
Property Plant And Equipment Net	61	62	62	56	55	54	53	54	50	51	51	52
Bank Owned Life Insurance	117	106	105	95	95	94	94	86	86	86	86	82
Goodwill	74	74	73	49	49	49	49	49	49	49	49	49
Finite Lived Intangible Assets Net	17	18	20	-	-	-	0	-	-	-	-	0
Other Assets	193	199	218	181	170	154	170	148	145	127	126	121
Assets	6,819	6,945	6,835	6,308	6,181	6,141	6,052	5,917	5,602	5,466	5,353	5,251
Noninterest Bearing Domestic Deposit Demand	1,421	1,332	1,340	1,183	1,181	1,173	1,265	1,182	1,120	1,135	1,248	1,310
Interest Bearing Deposit Liabilities Domestic	3,876	4,088	3,945	3,629	3,530	3,508	3,434	3,274	3,027	2,873	2,653	2,591
Deposits	5,296	5,420	5,284	4,812	4,710	4,682	4,698	4,456	4,147	4,008	3,901	3,901
Securities Sold Under Agreements To Repurchase	217	220	232	251	243	242	122	221	222	229	230	164
Federal Home Loan Bank Advances Long Term	305	315	326	346	356	366	387	417	427	447	468	458
Junior Subordinated Debenture Owed To Unconsolidat…	51	51	51	51	51	51	50	50	50	50	50	49
Junior Subordinated Notes	90	90	90	90	89	89	89	89	89	89	89	89
Accrued Liabilities Current And Noncurrent	79	85	97	101	100	103	121	101	117	107	94	107
Liabilities	6,064	6,208	6,110	5,651	5,549	5,533	5,468	5,334	5,051	4,929	4,831	4,768
Stockholders Equity
Preferred Stock Value	0	0	0	0	0	0	0	0	0	0	0	0
Common Stock Value	352	351	349	303	302	301	300	299	298	296	295	294
Retained Earnings Accumulated Deficit	435	415	399	383	365	348	335	321	307	294	278	263
Accumulated Other Comprehensive Income Loss Net Of…	-32	-29	-24	-29	-36	-41	-50	-36	-53	-53	-50	-74
Stockholders Equity	755	737	725	658	632	608	585	583	551	537	522	483
Liabilities And Stockholders Equity	6,819	6,945	6,835	6,308	6,181	6,141	6,052	5,917	5,602	5,466	5,353	5,251
Preferred Stock No Par Value	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Shares Authorized	1	1	1	1	1	1	1	1	1	1	1	1
Preferred Stock Shares Outstanding	-	-	0	0	0	0	0	0	0	0	0	0
Preferred Stock Shares Issued	0	0	-	-	-	-	-	-	-	-	-	-
Common Stock No Par Value	0	0	0	0	0	0	0	0	0	0	0	0
Common Stock Shares Authorized	40	40	40	40	40	40	40	40	40	40	40	40
Common Stock Shares Issued	17	17	17	16	16	16	16	16	16	16	16	16
Shares Outstanding	17	17	17	16	16	16	16	16	16	16	16	16

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Earnings Market Reaction

10‑Q10‑K

Fiscal Year	Q1 1 Month	Q1 2 Month	Q1 3 Month	Q2 1 Month	Q2 2 Month	Q2 3 Month	Q3 1 Month	Q3 2 Month	Q3 3 Month	Q4 1 Month	Q4 2 Month	Q4 3 Month
2026	0.46%	4.22%	12.07%	-	-	-	-	-	-	-	-	-
2025	0.14%	1.39%	12.30%	11.39%	6.58%	-1.13%	4.36%	13.82%	15.50%	-5.13%	4.70%	-2.73%
2024	-0.99%	-3.25%	25.85%	4.92%	0.57%	3.77%	16.62%	5.89%	3.05%	-7.70%	-12.29%	-8.41%
2023	-	-	-	-7.49%	-12.56%	-11.66%	0.81%	18.56%	13.67%	1.40%	-0.85%	9.65%
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Performance and Valuation Metrics

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Metrics	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30
Leverage & Debt
Interest Coverage TTM	-0.48	-0.49	-0.49	-0.49	-0.50	-0.50	-0.09	0.40	1.06	2.09	2.32	2.73
Per Share Metrics
Diluted EPS TTM	5.51	5.33	-	5.26	5.01	4.79	-	4.96	5.04	5.14	-	5.24
Free Cash Flow Per Share TTM	4.19	2.86	1.05	4.44	2.52	3.57	6.26	2.10	4.87	5.51	4.13	6.93
Dividend Per Share TTM	1.47	1.43	1.39	1.45	1.43	1.41	1.39	1.37	1.35	1.33	1.30	1.29
Margin Metrics
Gross Profit Margin TTM	-1,074.10%	-1,187.91%	-1,302.74%	-1,259.09%	-1,319.77%	-1,355.18%	-1,378.47%	-1,948.22%	-1,865.39%	-1,845.47%	-1,714.98%	-1,137.29%
Operating Profit Margin TTM	1,061.32%	1,083.32%	1,124.07%	1,036.30%	1,039.91%	1,044.44%	1,114.23%	1,537.82%	1,657.11%	1,879.62%	2,073.05%	2,142.08%
Net Profit Margin TTM	902.64%	932.82%	963.97%	880.49%	865.59%	849.69%	902.31%	1,226.95%	1,323.68%	1,503.09%	1,659.61%	1,723.93%
Growth Metrics
Net Revenue Growth (1Y)	12.17%	7.92%	4.38%	49.00%	53.23%	65.71%	78.06%	33.83%	20.78%	-0.05%	-16.77%	-17.14%
Net Income Growth (1Y)	16.97%	18.48%	11.51%	6.93%	0.20%	-6.32%	-3.19%	-4.75%	2.61%	17.38%	34.64%	65.01%
EPS Growth (1Y)	9.94%	11.33%	4.79%	6.20%	-0.52%	-6.78%	-3.32%	-5.46%	1.85%	16.49%	33.55%	63.40%
Valuation Metrics
P/E TTM	10.42	9.40	9.17	8.35	8.98	8.72	8.61	8.35	7.56	6.97	7.30	5.38
P/B TTM	1.31	1.17	1.12	1.09	1.16	1.11	1.17	1.15	1.11	1.08	1.15	0.93
P/S TTM	94.06	87.70	88.42	73.55	77.72	74.11	77.66	102.47	100.10	104.77	121.11	92.73
Market Cap	992.11M	864.03M	814.13M	714.59M	730.86M	676.50M	685.06M	668.08M	614.31M	577.19M	599.98M	451.79M
Enterprise Value	1.01B	905.34M	849.03M	745.56M	721.44M	695.58M	717.39M	669.55M	641.59M	613.64M	618.55M	476.13M
Calculated Values
Free Cash Flow TTM	72.33M	49.26M	17.97M	72.18M	40.99M	57.91M	101.12M	33.96M	78.50M	88.79M	66.61M	110.98M
Net Debt	20.03M	41.31M	34.90M	30.98M	-9.41M	19.08M	32.32M	1.46M	27.28M	36.45M	18.56M	24.33M
Per-Share and Margin
EPS TTM
Adjusted EPS TTM
Cash Flow Per Share TTM
Pretax Margin TTM
Stock Comp to Revenue TTM
Turnover Ratios and Averages
Average Assets
Average Equity
Average Inventory
Average Receivables
Average Accounts Payables
Inventory Turnover TTM
Payables Turnover TTM
Days Inventory Outstanding TTM
Days Payables Outstanding TTM
Cash Conversion Cycle TTM
Working Capital to Revenue
Deferred Revenue to Revenue
Growth Rates
Total Assets Growth (1Y)
Total Assets Growth (3Y)
Total Assets Growth (5Y)
Dividends Paid Growth (1Y)
Dividends Paid Growth (3Y)
Dividends Paid Growth (5Y)
EPS Growth (3Y)
EPS Growth (5Y)
Net Income Growth (3Y)
Net Income Growth (5Y)
Net Profit Margin Growth (1Y)
Net Profit Margin Growth (3Y)
Net Profit Margin Growth (5Y)
Net Revenue Growth (3Y)
Net Revenue Growth (5Y)
Deferred Revenue Growth (1Y)
Retained Earnings Growth (1Y)
Credit, Liquidity, Returns, Payout
Cash Ratio
Net Working Capital
Debt to EBITDA TTM
Net Debt to EBITDA TTM
Net Debt to Equity
Altman A
Altman B
Altman C
Altman D
Altman E
Altman Z-Score
ROA TTM
ROE TTM
NOPAT TTM
ROIC TTM
Effective Tax Rate TTM
Payout Ratio TTM
Dilution Ratio
Retained Earnings to Equity
Treasury Stock to Equity
Treasury Stock Change (1Y)
Accrued to Current Liabilities
NCAV
NCAV Per Share TTM
Valuation Ratios
P/CF TTM
PEG Ratio
Dividend Yield TTM
Free Cash Flow Yield TTM
EV EBITDA TTM
EV EBIT TTM
EV Revenue TTM
EV FCF TTM
Stock Compensation TTM
Adjusted Net Income TTM
Billings TTM
Total Debt
Invested Capital

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Insider Transactions

2025-11-13Sale

Owner: Price, Michael H

Title: -

Shares: 4,577

Price/Share: $45.83

Value: $209,763.91

Shares Owned: 11,898

Relationship: Director

Ownership: Direct

2025-10-31Purchase

Owner: Sanchez, Nelson F

Title: -

Shares: 1,000

Price/Share: $43.50

Value: $43,500.00

Shares Owned: 3,502

Relationship: Director

Ownership: Indirect

2025-08-18Purchase

Owner: Ramaker, David B

Title: -

Shares: 1,500

Price/Share: $46.71

Value: $70,065.00

Shares Owned: 15,014

Relationship: Director

Ownership: Direct

2025-07-29Purchase

Owner: Williams, Shoran R

Title: -

Shares: 200

Price/Share: $47.29

Value: $9,458.00

Shares Owned: 5,266

Relationship: Director

Ownership: Direct

2025-05-02Sale

Owner: Kaminski, Robert B

Title: -

Shares: 250

Price/Share: $42.85

Value: $10,712.50

Shares Owned: 77,986

Relationship: Director

Ownership: Direct

Filed Date	Owner	Relationship	Title	Ownership	Purchase/Sale	No. Shares	Price Per Share	Value	Shares Owned	Document Type
2025-11-13	Price, Michael H	Director	-	Direct	Sale	4,577	45.83	$209,763.91	11,898	4
2025-10-31	Sanchez, Nelson F	Director	-	Indirect	Purchase	1,000	43.50	$43,500.00	3,502	4
2025-08-18	Ramaker, David B	Director	-	Direct	Purchase	1,500	46.71	$70,065.00	15,014	4
2025-07-29	Williams, Shoran R	Director	-	Direct	Purchase	200	47.29	$9,458.00	5,266	4
2025-05-02	Kaminski, Robert B	Director	-	Direct	Sale	250	42.85	$10,712.50	77,986	4
2025-04-02	Kaminski, Robert B	Director	-	Direct	Sale	250	43.14	$10,785.00	78,236	4
2025-03-03	Kaminski, Robert B	Director	-	Direct	Sale	250	48.11	$12,027.50	78,486	4
2025-02-26	Sanchez, Nelson F	Director	-	Direct	Sale	100	47.31	$4,731.00	2,216	4
2025-02-26	Sanchez, Nelson F	Director	-	Indirect	Purchase	212	47.00	$9,964.00	2,502	4
2025-02-20	Sanchez, Nelson F	Director	-	Indirect	Purchase	393	47.75	$18,765.75	2,290	4
2025-02-19	Sanchez, Nelson F	Director	-	Indirect	Purchase	191	48.00	$9,168.00	1,897	4
2025-02-19	Macdonald, Richard D	Director	-	Direct	Purchase	511	48.92	$24,998.12	1,725	4
2025-02-11	Kaminski, Robert B	Director	-	Indirect	Sale	1,000	50.22	$50,220.00	11,810	4
2025-02-06	Kaminski, Robert B	Director	-	Indirect	Sale	1,000	49.82	$49,820.00	12,810	4
2025-02-05	Price, Michael H	Director	-	Direct	Sale	6,372	48.41	$308,468.52	15,184	4
2025-02-04	Sanchez, Nelson F	Director	-	Indirect	Purchase	189	47.50	$8,977.50	1,511	4
2025-02-03	Kaminski, Robert B	Director	-	Direct	Sale	250	47.54	$11,885.00	86,730	4
2025-01-31	Williams, Shoran R	Director	-	Direct	Purchase	123	49.28	$6,061.44	4,147	4
2025-01-29	Sanchez, Nelson F	Director	-	Indirect	Purchase	103	48.50	$4,995.50	1,135	4
2025-01-27	Kaminski, Robert B	Director	-	Indirect	Sale	3,000	50.16	$150,480.00	13,810	4
2025-01-02	Kaminski, Robert B	Director	-	Direct	Sale	250	44.61	$11,152.50	86,980	4
2024-12-02	Kaminski, Robert B	Director	-	Direct	Sale	250	49.60	$12,400.00	87,230	4
2024-11-25	Kaminski, Robert B	Director	-	Indirect	Sale	5,800	51.75	$300,150.00	19,810	4
2024-11-14	Kaminski, Robert B	Director	-	Indirect	Sale	4,000	49.51	$198,040.00	25,610	4
2024-11-04	Kaminski, Robert B	Director	-	Direct	Sale	250	42.51	$10,627.50	94,480	4
2024-10-02	Kaminski, Robert B	Director	-	Direct	Sale	250	41.77	$10,442.50	94,730	4
2024-09-03	Kaminski, Robert B	Director	-	Direct	Sale	250	46.05	$11,512.50	94,980	4
2024-08-26	Price, Michael H	Director	-	Direct	Sale	5,000	45.57	$227,850.00	21,556	4
2024-08-02	Kaminski, Robert B	Director	-	Direct	Sale	250	43.66	$10,915.00	95,230	4
2024-07-22	Kaminski, Robert B	Director	-	Indirect	Sale	2,000	48.01	$96,020.00	29,610	4
2024-07-19	Price, Michael H	Director	-	Direct	Sale	5,000	47.08	$235,400.00	26,556	4
2024-07-02	Kaminski, Robert B	Director	-	Direct	Sale	250	39.83	$9,957.50	95,480	4
2024-06-11	Sanchez, Nelson F	Director	-	Indirect	Purchase	139	35.90	$4,990.10	1,032	4
2024-06-06	Sanchez, Nelson F	Director	-	Indirect	Purchase	135	37.10	$5,008.50	620	4
2024-03-11	Sanchez, Nelson F	Director	-	Direct	Purchase	100	36.51	$3,651.00	1,265	4
2023-07-26	Price, Michael H	Director	-	Direct	Sale	4,000	34.29	$137,160.00	30,080	4
2023-04-21	Ramaker, David B	Director	-	Direct	Purchase	3,000	28.98	$86,940.00	10,394	4
2023-02-16	Worthington, Robert T.	Officer	SVP, CRO, SECRETARY, AND GC	Direct	Sale	2,484	34.75	$86,319.00	8,815	4
2023-01-20	Ramaker, David B	Director	-	Direct	Purchase	1,500	33.33	$49,995.00	7,394	4
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Institutional Ownership

No data available for chart

2026-03-31

64.80%

Inst. Shares: 11,169,697

Shares Outstanding: 17,237,249

2025-12-31

59.99%

Inst. Shares: 10,339,813

Shares Outstanding: 17,237,249

2025-09-30

62.52%

Inst. Shares: 10,159,095

Shares Outstanding: 16,249,267

2025-06-30

60.63%

Inst. Shares: 9,846,784

Shares Outstanding: 16,239,919

2025-03-31

60.69%

Inst. Shares: 9,831,110

Shares Outstanding: 16,197,978

Date	Institutional Shares Owned	Shares Outstanding	Institutional Ownership %
2026-03-31	11,169,697	17,237,249	64.80%
2025-12-31	10,339,813	17,237,249	59.99%
2025-09-30	10,159,095	16,249,267	62.52%
2025-06-30	9,846,784	16,239,919	60.63%
2025-03-31	9,831,110	16,197,978	60.69%
2024-12-31	9,751,315	16,197,978	60.20%
2024-09-30	9,477,607	16,138,320	58.73%
2024-06-30	9,358,029	16,122,813	58.04%
2024-03-31	8,208,112	16,118,858	50.92%
2023-12-31	7,935,453	16,118,858	49.23%
2023-09-30	7,658,639	16,018,419	47.81%
2023-06-30	7,554,526	16,003,372	47.21%
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MERCANTILE BANK CORP (MBWM) — SEC Financial Statements & Analysis

MERCANTILE BANK CORP (MBWM) is a state commercial banks company, incorporated in MI. MERCANTILE BANK CORP trades on Nasdaq as: MBWM. Based on its latest SEC filing (Form 10-Q, period ending 2026-06-30), MERCANTILE BANK CORP reported a 12.17% year-over-year revenue growth, a Gross Profit Margin of -1074.10% (TTM), a Price-to-Sales (P/S) ratio of 94.06x (TTM), a Price-to-Book (P/B) ratio of 1.31x (TTM), at a market cap of $992.11M. Figures below are sourced from SEC EDGAR, as-filed.

Net Revenue TTM Growth 1Y: 12.17%
Gross Profit Margin TTM: -1074.10%
P/S TTM: 94.06x
P/B TTM: 1.31x
Market Cap: $992.11M

Data as of 2026-06-30 · Source: SEC EDGAR

Frequently Asked Questions

What industry is MERCANTILE BANK CORP in?

MERCANTILE BANK CORP (MBWM) operates in the State Commercial Banks industry.

What is MBWM's market cap?

MERCANTILE BANK CORP (MBWM) has a market capitalization of $992.11M as of 2026-06-30.

What is MBWM's P/E ratio?

MERCANTILE BANK CORP (MBWM)'s trailing twelve month P/E ratio is 10.42x as of 2026-06-30.

What exchange does MBWM trade on?

MERCANTILE BANK CORP (MBWM) trades on the Nasdaq.

Where is MERCANTILE BANK CORP incorporated?

MERCANTILE BANK CORP is incorporated in MI.