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Mercantile Bank Corp
NASDAQ:MBWM

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Mercantile Bank Corp Logo
Mercantile Bank Corp
NASDAQ:MBWM
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Price: 53.67 USD -0.56% Market Closed
Market Cap: $922.1m
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Financials Section:
Income Statement Balance Sheet Cash Flow Statement

Income Statement

Net Interest Income
+
3Y
+27%
5Y
+65%
10Y
+99%
Non Interest Income
+
3Y
+30%
5Y
-8%
10Y
+160%
Net Income
+
3Y
+45%
5Y
+101%
10Y
+229%

Income Statement
Mercantile Bank Corp

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Income Statement
Currency: USD
Mar-2002 Jun-2002 Sep-2002 Dec-2002 Mar-2003 Jun-2003 Sep-2003 Dec-2003 Mar-2004 Jun-2004 Sep-2004 Dec-2004 Mar-2005 Jun-2005 Sep-2005 Dec-2005 Mar-2006 Jun-2006 Sep-2006 Dec-2006 Mar-2007 Jun-2007 Sep-2007 Dec-2007 Mar-2008 Jun-2008 Sep-2008 Dec-2008 Mar-2009 Jun-2009 Sep-2009 Dec-2009 Mar-2010 Jun-2010 Sep-2010 Dec-2010 Mar-2011 Jun-2011 Sep-2011 Dec-2011 Mar-2012 Jun-2012 Sep-2012 Dec-2012 Mar-2013 Jun-2013 Sep-2013 Dec-2013 Mar-2014 Jun-2014 Sep-2014 Dec-2014 Mar-2015 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Dec-2016 Mar-2017 Jun-2017 Sep-2017 Dec-2017 Mar-2018 Jun-2018 Sep-2018 Dec-2018 Mar-2019 Jun-2019 Sep-2019 Dec-2019 Mar-2020 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Dec-2021 Mar-2022 Jun-2022 Sep-2022 Dec-2022 Mar-2023 Jun-2023 Sep-2023 Dec-2023 Mar-2024 Jun-2024 Sep-2024 Dec-2024 Mar-2025 Jun-2025 Sep-2025 Dec-2025
Revenue
Net Interest Income
18
20
22
24
25
27
29
31
34
36
39
42
46
49
52
55
58
60
61
62
61
59
58
56
52
49
47
46
47
49
50
51
54
56
56
56
56
54
53
51
50
48
47
47
46
46
46
48
47
51
65
78
92
101
101
101
102
104
105
106
105
106
108
110
114
116
118
120
121
122
124
125
124
124
122
122
121
122
123
124
125
129
140
158
176
189
196
194
193
192
191
191
192
195
198
201
Interest Income
45
45
46
48
49
51
53
55
57
60
64
69
75
84
93
102
112
121
130
137
142
145
146
144
140
133
126
121
117
115
111
105
100
96
92
88
84
80
75
71
67
64
62
60
59
58
58
58
58
62
76
89
103
112
112
112
114
116
117
119
118
119
122
126
132
135
138
142
146
151
156
158
158
155
150
148
145
144
144
144
145
148
161
182
206
233
256
271
288
301
313
322
325
328
330
330
Interest Expense
27
25
24
24
24
24
24
23
23
24
25
27
30
34
40
47
54
61
69
76
81
85
88
89
88
84
79
75
71
66
61
54
46
40
36
32
29
26
23
20
18
16
14
13
12
12
11
11
11
11
11
11
12
11
11
11
11
12
12
13
13
13
15
16
17
19
20
22
25
29
32
34
33
31
29
26
24
22
21
19
19
19
20
24
31
44
60
78
95
109
121
130
133
134
132
129
Non Interest Income
2
2
3
3
3
4
4
4
4
4
4
4
4
5
5
6
6
6
6
5
5
6
6
6
6
7
7
7
7
8
7
8
8
8
9
9
8
8
8
7
7
8
8
8
8
8
7
7
7
7
8
10
12
14
15
16
19
19
20
21
20
20
19
19
18
18
18
19
21
23
25
27
27
32
38
45
52
56
58
56
52
45
37
32
30
30
32
32
36
38
39
40
38
40
41
42
Revenue
20
N/A
22
+11%
25
+11%
27
+9%
29
+8%
31
+8%
33
+6%
36
+7%
38
+8%
41
+6%
44
+7%
47
+7%
50
+7%
54
+8%
57
+6%
61
+6%
63
+4%
66
+3%
67
+2%
67
0%
66
-1%
65
-2%
64
-2%
62
-3%
59
-4%
56
-5%
54
-4%
54
-1%
54
+1%
56
+4%
58
+3%
59
+2%
62
+5%
64
+3%
65
+1%
66
+1%
64
-3%
62
-2%
60
-3%
59
-3%
57
-2%
56
-2%
55
-1%
55
-1%
54
-1%
54
-1%
54
+0%
54
+1%
54
-1%
58
+9%
74
+26%
88
+19%
104
+18%
115
+11%
116
+1%
117
+1%
122
+4%
124
+2%
126
+1%
127
+1%
125
-1%
125
+0%
127
+1%
129
+1%
132
+3%
135
+2%
136
+1%
139
+2%
142
+2%
145
+3%
149
+3%
152
+2%
151
0%
155
+3%
160
+3%
167
+5%
174
+4%
177
+2%
181
+2%
180
-1%
177
-2%
174
-2%
177
+2%
190
+7%
206
+8%
219
+6%
227
+4%
226
-1%
229
+1%
230
+1%
230
0%
231
+1%
230
0%
235
+2%
239
+2%
243
+1%
Pre-Tax Income
Loan Loss Provision
(2)
(2)
(3)
(3)
(3)
(3)
(4)
(4)
(4)
(5)
(5)
(5)
(4)
(4)
(4)
(4)
(4)
(5)
(5)
(6)
(6)
(6)
(8)
(11)
(19)
(23)
(22)
(21)
(23)
(28)
(38)
(59)
(57)
(52)
(50)
(32)
(26)
(21)
(12)
(7)
(5)
0
2
3
5
3
4
7
8
7
6
3
2
1
2
1
0
(2)
(3)
(3)
(3)
(3)
(3)
(3)
(2)
(2)
(2)
(1)
(2)
(2)
(2)
(2)
(2)
0
0
0
(0)
3
1
4
5
1
(0)
(7)
(7)
(9)
(9)
(8)
(8)
(10)
(8)
(7)
(8)
(6)
(5)
(3)
Non Interest Expense
(10)
(11)
(12)
(13)
(14)
(15)
(17)
(18)
(19)
(20)
(22)
(23)
(25)
(27)
(29)
(31)
(32)
(33)
(33)
(32)
(33)
(35)
(37)
(38)
(40)
(41)
(42)
(42)
(43)
(44)
(46)
(47)
(47)
(46)
(46)
(47)
(47)
(46)
(44)
(42)
(40)
(40)
(40)
(40)
(39)
(37)
(36)
(36)
(37)
(44)
(55)
(66)
(76)
(80)
(79)
(79)
(80)
(79)
(79)
(77)
(77)
(78)
(78)
(80)
(81)
(83)
(84)
(86)
(87)
(88)
(88)
(89)
(90)
(99)
(107)
(113)
(114)
(109)
(106)
(111)
(111)
(112)
(113)
(108)
(111)
(112)
(114)
(115)
(117)
(119)
(122)
(126)
(127)
(131)
(133)
(136)
Pre-Tax Income
7
N/A
9
+18%
10
+13%
11
+10%
12
+8%
13
+9%
13
-1%
14
+8%
15
+7%
16
+6%
17
+9%
19
+11%
21
+11%
23
+11%
25
+8%
26
+3%
27
+3%
27
+2%
29
+5%
29
0%
28
-3%
23
-16%
19
-19%
12
-37%
(0)
N/A
(8)
-2 624%
(10)
-26%
(10)
+2%
(11)
-13%
(16)
-45%
(26)
-64%
(47)
-78%
(42)
+9%
(34)
+20%
(31)
+9%
(13)
+57%
(9)
+34%
(5)
+44%
4
N/A
10
+142%
13
+27%
16
+24%
17
+5%
18
+8%
20
+11%
20
0%
22
+8%
25
+15%
24
-4%
21
-14%
24
+15%
25
+5%
30
+18%
36
+23%
39
+6%
39
+0%
42
+7%
43
+4%
44
+2%
47
+7%
45
-3%
45
-1%
46
+1%
46
+1%
49
+5%
50
+2%
50
+1%
52
+3%
53
+2%
56
+5%
59
+5%
61
+3%
59
-2%
55
-6%
53
-4%
55
+3%
59
+8%
71
+20%
76
+8%
74
-3%
70
-4%
63
-11%
64
+2%
76
+18%
88
+16%
98
+12%
104
+6%
103
-2%
104
+1%
102
-2%
100
-1%
98
-2%
95
-3%
98
+3%
101
+3%
103
+3%
Net Income
Tax Provision
(2)
(3)
(3)
(3)
(3)
(4)
(4)
(4)
(4)
(4)
(5)
(5)
(6)
(7)
(7)
(8)
(8)
(9)
(9)
(9)
(9)
(7)
(6)
(3)
1
4
5
5
5
7
10
(6)
(8)
(10)
(13)
0
(0)
(1)
(2)
27
26
24
23
(6)
(6)
(6)
(7)
(8)
(8)
(7)
(8)
(8)
(9)
(11)
(12)
(12)
(13)
(13)
(14)
(15)
(14)
(14)
(14)
(14)
(13)
(12)
(10)
(10)
(10)
(11)
(11)
(11)
(11)
(10)
(10)
(11)
(12)
(14)
(15)
(15)
(14)
(13)
(13)
(15)
(17)
(19)
(20)
(20)
(21)
(20)
(20)
(19)
(18)
(16)
(15)
(15)
Income from Continuing Operations
5
6
7
8
8
9
9
10
11
11
12
14
15
17
18
18
18
19
20
20
19
16
13
9
1
(4)
(5)
(5)
(6)
(9)
(16)
(52)
(50)
(44)
(44)
(13)
(9)
(6)
2
38
39
40
40
13
14
14
15
17
16
14
16
17
20
25
27
27
29
30
30
32
31
31
31
33
36
38
40
42
43
45
48
50
48
45
43
44
48
57
61
59
56
50
51
61
71
79
84
82
83
81
80
80
78
81
86
89
Net Income (Common)
5
N/A
6
+18%
7
+13%
8
+12%
8
+8%
9
+10%
9
+1%
10
+8%
11
+8%
11
+6%
12
+8%
14
+12%
15
+10%
17
+10%
18
+7%
18
+0%
18
+3%
19
+2%
20
+5%
20
+0%
19
-3%
16
-15%
13
-17%
9
-33%
1
-89%
(4)
N/A
(5)
-33%
(5)
+3%
(6)
-14%
(9)
-66%
(16)
-70%
(53)
-227%
(51)
+3%
(46)
+11%
(46)
0%
(15)
+68%
(11)
+28%
(7)
+29%
1
N/A
36
+4 049%
38
+4%
39
+2%
38
0%
12
-70%
13
+16%
14
+5%
15
+6%
17
+14%
16
-5%
14
-15%
16
+18%
17
+7%
20
+18%
25
+25%
27
+5%
27
+1%
29
+7%
30
+3%
30
+2%
32
+5%
31
-3%
31
0%
31
+2%
31
0%
35
+10%
37
+6%
38
+5%
42
+9%
43
+2%
45
+5%
48
+5%
50
+4%
48
-2%
45
-6%
43
-4%
44
+2%
48
+8%
57
+20%
61
+8%
59
-4%
56
-5%
50
-11%
51
+2%
61
+20%
71
+15%
79
+12%
84
+6%
82
-2%
83
+1%
81
-2%
80
-2%
80
-1%
78
-3%
81
+5%
86
+5%
89
+4%
EPS (Diluted)
0.77
N/A
0.91
+18%
1.05
+15%
1.16
+10%
1.25
+8%
1.37
+10%
1.34
-2%
1.39
+4%
1.27
-9%
1.34
+6%
1.45
+8%
1.61
+11%
1.78
+11%
1.96
+10%
2.09
+7%
2.1
+0%
2.19
+4%
2.21
+1%
2.32
+5%
2.33
+0%
2.25
-3%
1.91
-15%
1.58
-17%
1.06
-33%
0.11
-90%
-0.46
N/A
-0.61
-33%
-0.59
+3%
-0.67
-14%
-1.11
-66%
-1.9
-71%
-6.23
-228%
-6.04
+3%
-5.37
+11%
-5.38
0%
-1.72
+68%
-1.18
+31%
-0.84
+29%
0.09
N/A
4.07
+4 422%
4.18
+3%
4.25
+2%
4.44
+4%
1.3
-71%
1.53
+18%
1.61
+5%
1.71
+6%
1.95
+14%
1.86
-5%
0.66
-65%
0.95
+44%
1.28
+35%
1.2
-6%
1.5
+25%
1.63
+9%
1.62
-1%
1.76
+9%
1.83
+4%
1.86
+2%
1.96
+5%
1.89
-4%
1.88
-1%
1.91
+2%
1.89
-1%
2.08
+10%
2.2
+6%
2.31
+5%
2.53
+10%
2.6
+3%
2.74
+5%
2.9
+6%
3.01
+4%
2.94
-2%
2.79
-5%
2.66
-5%
2.71
+2%
2.94
+8%
3.54
+20%
3.87
+9%
3.69
-5%
3.54
-4%
3.16
-11%
3.22
+2%
3.85
+20%
4.4
+14%
4.96
+13%
5.25
+6%
5.13
-2%
5.16
+1%
5.05
-2%
4.97
-2%
4.93
-1%
4.8
-3%
5.03
+5%
5.28
+5%
5.47
+4%

See Also

Summary
MBWM intrinsic value, competitors valuation, and company profile.
DCF Valuation
MBWM stock valuation using Discount Cash Flow valuation method.
Relative Valuation
MBWM stock valuation using valuation multiples.
Wall Street Estimates
MBWM price targets and financial estimates made by Wall st analysts.
Profitability Analysis
Detailed analysis of the company's profitability.
Solvency Analysis
Analysis of the financial position and solvency of the company.
Financials
Income Statement, Balance Sheet, Cash Flow Statement.
Discount Rate
MBWM stock discount rate: cost of equity and WACC.
Summary
DCF Valuation
Relative Valuation
Wall Street Estimates
Profitability Analysis
Solvency Analysis
Financials
Discount Rate
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