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Mercantile Bank Corporation

Mercantile Bank Corporation

MBWM · NASDAQ · Financial Services / Banks - Regional

61.25USD+0.14 (+0.23%)

Price History

Full chart

Market Stats

Previous Close61.11
Open61.29
Day Range61.11 – 61.49
52-Week Range41.51 – 62.95
Volume152.98K
Market Cap1.04B
P/E (TTM)10.40
Forward P/E10.87
EPS5.77
Dividend Yield2.60%
Beta0.81
50-Day Avg60.19
200-Day Avg54.08

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.

Company Details

  • SectorFinancial Services
  • IndustryBanks - Regional
  • CEOMr. Raymond E. Reitsma
  • Employees827
  • Headquarters310 Leonard Street NW, Grand Rapids, MI, United States, 49504, USA
  • Websitehttps://www.mercbank.com

Leadership

  • Mr. Raymond E. ReitsmaPresident, CEO & Director · b. 1963
  • Mr. Charles E. ChristmasExecutive VP, CFO & Treasurer · b. 1966
  • Mr. Scott P. SetlockExecutive VP, COO & Secretary · b. 1982
  • Mr. Brett E. HooverExecutive VP & Chief Human Resource Officer · b. 1971
  • Mr. Mark S. AugustynExecutive VP & Chief Commercial Banking Officer of the Mercantile Bank · b. 1968
  • Sonali D. AllenSenior VP and Chief Compliance & Community Development Officer of Mercantile Bank
  • Mr. Jeff KaiserSenior VP & Head of Risk Management Department
  • Mr. Douglas J. HoltropExecutive VP & Senior Lending Officer of Mercantile Bank
  • Ms. Tara M. RandallExecutive VP & Chief Experience Officer of Mercantile Bank
  • Mr. Justin M. KarlExecutive VP & Senior Lending Officer of Mercantile Bank

Financials

Income Statement

Currency: USD1998-12-311999-12-312000-12-312001-12-312002-12-312003-12-312004-12-312005-12-312006-12-312007-12-312008-12-312009-12-312010-12-312011-12-312012-12-312013-12-312014-12-312015-12-312016-12-312017-12-312018-12-312019-12-312020-12-312021-12-312022-12-312023-12-312024-12-312025-12-31
Total Revenue8.69M23.67M38.03M46.50M50.69M59.02M73.32M107.79M142.52M150.05M128.35M112.47M97.39M78.35M67.91M65.11M99.15M128.37M139.50M144.54M160.99M185.29M193.49M198.66M213.92M303.50M361.89M371.80M
Growth (%)-+172.38%+60.68%+22.28%+9.00%+16.44%+24.24%+47.01%+32.22%+5.28%-14.46%-12.38%-13.41%-19.55%-13.32%-4.12%+52.27%+29.47%+8.67%+3.62%+11.38%+15.10%+4.42%+2.67%+7.68%+41.88%+19.24%+2.74%
Cost of Revenue8.20M15.37M26.41M30.57M26.98M27.15M31.27M50.63M81.45M99.69M96.06M112.58M63.59M26.73M10.12M3.59M8.34M10.15M15.49M18.75M23.00M35.55M40.12M15.13M30.14M85.51M137.82M133.75M
Gross Profit488.00K8.30M11.61M15.93M23.70M31.87M42.05M57.16M61.07M50.36M32.29M-109.00K33.79M51.62M57.80M61.53M90.81M118.21M124.00M125.80M137.99M149.74M153.37M183.52M183.77M217.99M224.07M238.05M
Gross Margin5.62%35.07%30.54%34.25%46.77%54.00%57.36%53.03%42.85%33.56%25.16%-0.10%34.70%65.88%85.10%94.49%91.59%92.09%88.90%87.03%85.71%80.81%79.27%92.38%85.91%71.82%61.92%64.03%
Operating Expense1.60M5.90M7.51M9.45M12.78M18.07M23.20M31.12M32.26M38.36M42.13M46.49M47.16M41.49M39.62M36.40M65.61M79.38M77.12M79.72M86.17M89.28M98.52M109.81M107.98M115.29M125.79M135.96M
Operating Income-1.11M2.40M4.10M6.47M10.92M13.80M18.86M26.05M28.81M12.00M-9.84M-46.60M-13.36M10.12M18.17M25.13M25.20M38.83M46.89M46.08M51.82M60.46M54.85M73.72M75.79M102.70M98.29M102.09M
Operating Margin-12.76%10.14%10.78%13.92%21.55%23.38%25.72%24.16%20.22%8.00%-7.66%-41.43%-13.72%12.92%26.76%38.59%25.41%30.25%33.61%31.88%32.19%32.63%28.35%37.11%35.43%33.84%27.16%27.46%
EBITDA-839.00K2.90M4.69M7.12M12.29M15.75M20.56M28.60M31.70M15.08M-7.06M-44.02M-10.92M12.32M20.41M27.33M32.81M50.48M56.46M56.44M61.59M70.01M64.27M87.39M88.73M114.19M108.79M106.50M
EBITDA Margin-9.66%12.25%12.33%15.32%24.25%26.68%28.03%26.53%22.24%10.05%-5.50%-39.14%-11.22%15.73%30.05%41.98%33.09%39.33%40.48%39.05%38.26%37.79%33.22%43.99%41.48%37.63%30.06%28.64%
Net Income-1.11M2.10M2.79M4.48M7.76M10.02M13.72M17.90M19.85M8.97M-4.96M-52.09M-13.32M37.48M12.54M17.03M17.33M27.02M31.91M31.27M42.02M49.46M44.14M59.02M61.06M82.22M79.59M88.75M
Net Income Margin-12.76%8.87%7.35%9.64%15.30%16.97%18.71%16.61%13.93%5.98%-3.86%-46.31%-13.67%47.84%18.46%26.16%17.48%21.05%22.88%21.64%26.10%26.69%22.81%29.71%28.55%27.09%21.99%23.87%
R&D-------------00000000-------
R&D as % of Total Revenue-------------0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%-------
Interest Expense5.63M13.40M24.56M28.20M23.98M23.35M26.59M46.84M75.67M88.62M74.86M53.58M31.79M19.83M13.22M10.79M11.34M11.15M12.59M15.79M21.90M33.80M26.07M19.43M23.59M77.81M130.42M129.15M
Interest Expense % of Total Revenue64.78%56.62%64.59%60.65%47.31%39.56%36.27%43.45%53.10%59.06%58.33%47.64%32.65%25.31%19.46%16.56%11.44%8.69%9.03%10.93%13.60%18.24%13.47%9.78%11.03%25.64%36.04%34.74%

Balance Sheet

Currency: USD1998-12-311999-12-312000-12-312001-12-312002-12-312003-12-312004-12-312005-12-312006-12-312007-12-312008-12-312009-12-312010-12-312011-12-312012-12-312013-12-312014-12-312015-12-312016-12-312017-12-312018-12-312019-12-312020-12-312021-12-312022-12-312023-12-312024-12-312025-12-31
Total Assets216.24M368.00M512.75M698.68M921.86M1.20B1.54B1.84B2.07B2.12B2.21B1.91B1.63B1.43B1.42B1.43B2.89B2.90B3.08B3.29B3.36B3.63B4.44B5.26B4.87B5.35B6.05B6.84B
Total Liabilities189.54M340.00M480.89M627.22M842.02M1.07B1.39B1.68B1.90B1.94B2.03B1.77B1.51B1.27B1.28B1.27B2.57B2.57B2.74B2.92B2.99B3.22B4.00B4.80B4.43B4.83B5.47B6.11B
Total Equity26.70M28.00M31.85M71.46M79.83M130.20M141.62M155.13M171.91M178.16M174.37M140.10M125.94M165.00M146.59M153.32M328.14M333.80M340.81M365.87M375.25M416.56M441.55M456.56M441.41M522.14M584.53M724.88M
Cash6.46M13.70M11.69M14.47M23.40M16.31M20.66M36.21M51.10M29.14M16.75M18.90M16.27M22.04M31.12M23.54M161.53M89.29M183.60M200.10M75.35M233.73M626.01M975.16M96.77M130.53M393.01M473.32M
Total Debt17.00M16.00M16.06M16.00M65.91M163.15M225.92M377.14M226.58M328.27M416.93M257.48M109.79M114.56M132.75M98.93M276.06M277.93M221.54M384.26M499.72M503.56M559.93M693.35M640.19M836.26M648.25M825.88M
Net Debt10.54M2.30M4.36M1.53M42.51M146.84M205.25M340.93M175.48M299.13M400.18M238.58M93.52M57.38M101.63M54.45M114.53M188.63M36.24M184.16M424.36M269.82M-66.08M-281.81M543.42M705.73M255.24M352.56M

Cash Flow

Currency: USD1998-12-311999-12-312000-12-312001-12-312002-12-312003-12-312004-12-312005-12-312006-12-312007-12-312008-12-312009-12-312010-12-312011-12-312012-12-312013-12-312014-12-312015-12-312016-12-312017-12-312018-12-312019-12-312020-12-312021-12-312022-12-312023-12-312024-12-312025-12-31
Operating Cash Flow420.00K3.10M8.05M4.39M10.02M13.61M18.27M26.10M27.83M19.36M13.63M-8.78M29.60M22.51M17.03M28.68M14.41M36.00M34.60M38.66M61.74M44.77M37.88M64.57M119.86M66.61M101.12M17.97M
Investing Cash Flow-194.06M-144.40M-140.09M-185.42M-216.03M-295.87M-330.86M-288.69M-216.59M-82.82M-111.81M242.57M271.68M227.72M66.73M-12.42M64.76M-96.20M-96.56M-191.47M-210.48M-92.84M-398.81M-495.51M-555.00M-395.93M-425.44M-105.70M
Financing Cash Flow192.99M148.40M136.50M182.86M214.19M270.71M316.83M278.54M203.39M41.51M94.55M-237.86M-258.82M-238.05M-24.13M-5.30M-53.40M-22.65M155.66M169.31M24.00M206.45M753.20M780.09M-443.25M363.08M586.79M168.04M
Capital Expenditure1.08M1.90M1.10M5.99M3.53M4.29M10.52M7.68M5.91M3.51M673.00K44.00K118.00K556.00K571.00K326.00K2.17M1.08M2.02M5.42M6.32M13.48M8.99M5.60M3.02M6.69M8.53M6.76M
Free Cash Flow-660.00K1.20M6.95M-1.60M6.49M9.31M7.76M18.42M21.92M15.85M12.96M-8.82M29.48M21.95M16.46M28.36M12.26M34.92M32.58M33.24M55.42M31.28M28.89M58.97M116.84M59.93M92.59M11.21M
Dividends Paid----1.00K1.84M2.56M3.19M4.04M4.68M2.58M1.12M610.00K1.62M1.27M3.89M24.46M9.52M18.73M12.05M27.50M17.11M17.93M18.52M19.60M21.00M22.47M23.95M
FCF to OCF-157.14%38.71%86.34%-36.38%64.79%68.45%42.46%70.58%78.76%81.86%95.06%100.50%99.60%97.53%96.65%98.86%85.08%97.00%94.15%85.97%89.77%69.88%76.27%91.32%97.48%89.96%91.56%62.37%
Dividend Paid to FCF----0.02%19.81%32.94%17.31%18.41%29.51%19.94%-12.69%2.07%7.38%7.72%13.71%199.48%27.25%57.50%36.24%49.62%54.69%62.07%31.41%16.78%35.05%24.27%213.68%

Earnings

Report DateMar 31, 1998Jun 30, 1998Nov 18, 1998Jan 14, 1999Mar 31, 1999Jul 15, 1999Oct 11, 1999Jan 12, 2000Apr 20, 2000Jul 11, 2000Oct 11, 2000Jan 10, 2001Apr 12, 2001Jul 11, 2001Oct 10, 2001Jan 8, 2002Apr 10, 2002Jul 10, 2002Oct 9, 2002Jan 7, 2003Apr 9, 2003Jul 9, 2003Oct 7, 2003Jan 7, 2004Apr 8, 2004Jul 8, 2004Oct 7, 2004Jan 12, 2005Apr 7, 2005Jul 7, 2005Oct 10, 2005Jan 11, 2006Apr 12, 2006Jul 12, 2006Oct 11, 2006Jan 10, 2007Apr 11, 2007Jul 11, 2007Oct 10, 2007Jan 9, 2008Apr 9, 2008Jul 16, 2008Oct 14, 2008Jan 14, 2009Apr 15, 2009Jul 21, 2009Oct 20, 2009Jan 19, 2010Apr 20, 2010Jul 20, 2010Oct 19, 2010Jan 18, 2011Apr 19, 2011Jul 19, 2011Oct 18, 2011Jan 17, 2012Apr 17, 2012Jul 17, 2012Oct 16, 2012Jan 15, 2013Apr 16, 2013Jul 16, 2013Oct 15, 2013Jan 21, 2014Apr 22, 2014Jul 22, 2014Oct 21, 2014Jan 20, 2015Apr 21, 2015Jul 21, 2015Oct 20, 2015Jan 19, 2016Apr 19, 2016Jul 19, 2016Oct 18, 2016Jan 17, 2017Apr 18, 2017Jul 18, 2017Oct 17, 2017Jan 16, 2018Apr 17, 2018Jul 17, 2018Oct 16, 2018Jan 22, 2019Apr 16, 2019Jul 16, 2019Oct 15, 2019Jan 21, 2020Apr 21, 2020Jul 21, 2020Oct 20, 2020Jan 19, 2021Apr 20, 2021Jul 20, 2021Oct 19, 2021Jan 18, 2022Apr 19, 2022Jul 19, 2022Oct 18, 2022Jan 17, 2023Apr 18, 2023Jul 18, 2023Oct 17, 2023Jan 16, 2024Apr 16, 2024Jul 16, 2024Oct 15, 2024Jan 21, 2025Apr 22, 2025Jul 22, 2025Oct 21, 2025Jan 20, 2026Apr 21, 2026Jul 21, 2026Oct 20, 2026
EPS Estimate--0.100.11-0.130.160.160.150.170.190.200.240.220.230.250.230.240.310.340.300.350.350.370.360.400.400.480.480.540.510.520.550.610.610.600.520.460.430.28-0.51-0.11-0.16--0.03-0.31-0.37-0.58-0.65-0.37-0.12-0.29-0.130.120.210.330.260.270.340.310.330.350.370.390.400.450.430.400.370.390.400.390.400.420.450.460.430.450.480.500.560.570.610.610.590.600.630.650.470.270.430.550.710.780.850.860.740.760.981.201.161.101.151.241.141.161.171.141.181.251.381.371.311.341.35
EPS Actual-0.54-0.140.040.060.100.140.160.210.140.200.220.260.250.190.240.230.240.260.330.340.330.380.320.360.350.370.430.530.510.550.510.540.580.600.610.540.510.260.280.01-0.44-0.310.130.04-0.53-0.66-0.65-0.78-0.35-0.08-0.67-0.500.120.270.300.300.280.360.300.350.500.460.400.630.440.320.400.390.390.390.450.430.520.460.480.490.460.450.510.480.660.570.610.700.720.710.770.820.650.540.660.930.871.120.950.940.730.741.011.371.311.271.301.251.341.171.221.221.211.391.461.401.461.53-
Surprise---60.00%-45.45%-7.69%0.00%31.25%-6.67%17.65%15.79%30.00%4.17%-13.64%4.35%-8.00%4.35%8.33%6.45%0.00%10.00%8.57%-8.57%-2.70%-2.78%-7.50%7.50%10.42%6.25%1.85%0.00%3.85%5.45%-1.64%0.00%-10.00%-1.92%-43.48%-34.88%-96.43%13.73%-181.82%181.25%--1666.67%-112.90%-75.68%-34.48%46.15%78.38%-458.33%-72.41%192.31%125.00%42.86%-9.09%7.69%33.33%-11.76%12.90%51.52%31.43%8.11%61.54%10.00%-28.89%-6.98%-2.50%5.41%0.00%12.50%10.26%30.00%9.52%6.67%6.52%6.98%0.00%6.25%-4.00%17.86%0.00%0.00%14.75%22.03%18.33%22.22%26.15%38.30%100.00%53.49%69.09%22.54%43.59%11.76%9.30%-1.35%-2.63%3.06%14.17%12.93%15.45%13.04%0.81%17.54%0.86%4.27%7.02%2.54%11.20%5.80%2.19%11.45%14.18%-
Timing--Pre-market-------Pre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-market-Pre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-marketPre-market

Key Statistics & Ratios

Market Cap1.04B
Enterprise Value1.39B
Trailing P/E10.40
Forward P/E10.87
PEG Ratio1.63
Price / Sales3.93
Price / Book1.34
EPS5.77
Book Value43.68
Revenue (TTM)263.91M
Gross Profit (TTM)263.91M
Profit Margin36.08%
Operating Margin45.55%
Return on Equity13.73%
Return on Assets1.47%
Shares Outstanding17.29M
Shares Float16.84M
Beta0.81
Dividend Yield2.60%
Dividend Rate1.56
Payout Ratio26.67%

Analyst Ratings

Buy
Based on 5 analystsTarget 63.17
  • Strong Buy
    1
  • Buy
    1
  • Hold
    3

Ownership Breakdown

Institutions
71.00%
Insiders
3.10%
Retail / Other
25.90%

Top Institutional Holders

  • BlackRock Inc
    1.39M8.03%
  • Wellington Management Company LLP
    1.09M6.29%
  • Dimensional Fund Advisors, Inc.
    1.05M6.06%
  • Vanguard Capital Management, LLC
    704.32K4.07%
  • American Century Companies Inc
    625.01K3.62%
  • State Street Corp
    502.47K2.91%
  • Renaissance Technologies Corp
    472.21K2.73%
  • Geode Capital Management, LLC
    435.01K2.52%
  • NorthStar Asset Management, Inc.
    383.18K2.22%
  • LSV Asset Management
    280.79K1.62%
  • Vanguard Portfolio Management, LLC
    275.32K1.59%
  • Northern Trust Corp
    232.60K1.35%
  • Tributary Capital Management, LLC
    218.15K1.26%
  • Two Sigma Investments LLC
    213.74K1.24%
  • Hotchkis & Wiley Capital Management LLC
    191.15K1.11%

Top Fund Holders

  • Avantis US Small Cap Value ETF
    549.94K3.18%
  • Vanguard MStar Total Stk Mkt Idx Invest
    520.14K3.01%
  • iShares Russell 2000 ETF
    468.11K2.71%
  • DFA US Small Cap Value I
    233.92K1.35%
  • Fidelity Small Cap Index
    187.07K1.08%

Dividends

20263×
0.40Sep 4, 20260.39Jun 5, 20260.39Mar 6, 2026
20254×
0.38Dec 5, 20250.38Sep 5, 20250.37Jun 6, 20250.37Mar 7, 2025
20244×
0.36Dec 6, 20240.36Sep 6, 20240.35Jun 7, 20240.35Feb 29, 2024
20234×
0.34Nov 30, 20230.34Aug 31, 20230.33Jun 1, 20230.33Mar 2, 2023
20224×
0.32Dec 1, 20220.32Sep 1, 20220.31Jun 2, 20220.31Mar 3, 2022
20214×
0.30Dec 2, 20210.30Sep 2, 20210.29Jun 3, 20210.29Mar 4, 2021
20201×
0.28Dec 3, 2020

Stock Splits

  • Apr 19, 200721:20
  • Apr 20, 200621:20
  • Jul 14, 200521:20
  • Apr 14, 200421:20
  • Jan 15, 200321:20
  • Jan 16, 200221:20
  • Jan 17, 200121:20