Mercantile Bank Corp
NASDAQ:MBWM

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Mercantile Bank Corp Logo
Mercantile Bank Corp
NASDAQ:MBWM
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Price: 50.39 USD 2.75% Market Closed
Market Cap: 813.3m USD
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Intrinsic Value

The intrinsic value of one MBWM stock under the Base Case scenario is 55.88 USD. Compared to the current market price of 50.39 USD, Mercantile Bank Corp is Undervalued by 10%.

The Intrinsic Value is calculated as the average of DCF and Relative values:

MBWM Intrinsic Value
55.88 USD
Undervaluation 10%
Intrinsic Value
Price
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Valuation Backtest
Mercantile Bank Corp

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Backtest Conclusion
Very Attractive
Current Valuation
+45%
Avg Valuation
-12%
Worst Valuation
-49%
Best Valuation
+45%

Stock is trading at its lowest valuation over the past 5 years.

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Fundamental Analysis

Economic Moat
Mercantile Bank Corp

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Financials
Annual
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Balance Sheet Decomposition
Mercantile Bank Corp

Net Loans 4.5B
Investments 1B
PP&E 54.2m
Intangibles 49.5m
Other Assets 295.7m
Total Deposits 4.5B
Short Term Debt 220.9m
Long Term Debt 139.4m
Other Liabilities 517.6m
Earnings Calls

In Q3 2024, the company reported a net income of $19.6 million, slightly down from $20.9 million last year, while total noninterest income surged by 27%. Mortgage banking income increased by 49%, supplemented by a 20% rise in payroll services. With loan growth at approximately 10% this year, the bank's loan-to-deposit ratio improved to 102% from 110% at year-end 2023. Looking ahead, the bank anticipates loan growth of 4% to 6% and projects a net interest margin between 3.35% and 3.45%, forecasting continued cautious optimism despite an anticipated economic slowdown.

What is Earnings Call?

Wall St
Price Targets

MBWM Price Targets Summary
Mercantile Bank Corp

Wall Street analysts forecast MBWM stock price to drop over the next 12 months.

According to Wall Street analysts, the average 1-year price target for MBWM is 49.85 USD with a low forecast of 48.48 USD and a high forecast of 52.5 USD.

Lowest
Price Target
48.48 USD
4% Downside
Average
Price Target
49.85 USD
1% Downside
Highest
Price Target
52.5 USD
4% Upside
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Dividends

Dividend Yield
Lowest
Average
Highest
Dividend Per Share
N/A
Growth 3Y
Growth 5Y
Growth 10Y
Dividend Safety Score
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Unsafe
Unsafe
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Safe
0
25
50
75
100
Previous Payment
-
Today
Next Payment
-
Today
Nov 24, 2024
Previous Payment
-
Next Payment
-
Ex-Dividend Date
-
Shareholder Yield

Current shareholder yield for MBWM is .

Shareholder yield represents the total return a company provides to its shareholders, calculated as the sum of dividend yield, buyback yield, and debt paydown yield. What is shareholder yield?

Shareholder Yield
Dividend Yield
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Buyback Yield
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Ownership

MBWM Insider Trading
Buy and sell transactions by insiders

Cumulative Transactions Amount
Period Sold Bought Net
3 Months
6 Months
9 Months
12 Months
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Profile

Mercantile Bank Corp Logo
Mercantile Bank Corp

Country

United States of America

Industry

Banking

Market Cap

813.4m USD

Dividend Yield

2.78%

Description

Mercantile Bank Corp. operates as a bank holding company for Mercantile Bank of Michigan. The company is headquartered in Grand Rapids, Michigan and currently employs 585 full-time employees. Its bank is a state banking company. The company provides commercial banking services primarily to small- to medium-sized businesses and retail banking services. The company makes secured and unsecured commercial, construction, mortgage, and consumer loans, and accepts checking, savings, and time deposits. The company provides a range of personal banking services, such as checking, savings, certificate of deposit, health savings, cards, loans, online, and mobile services. The company offers a range of loans, such as home equity loans, personal loans, overdraft protection, and student loans. The company also enables customers to conduct certain loan and deposit transactions on a personal computer and through mobile applications. The company provides a range of 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.

Contact

MICHIGAN
Grand Rapids
310 Leonard St NW
+16164063000.0
ir.mercbank.com

IPO

1997-10-24

Employees

585

Officers

President, CEO & Director
Mr. Raymond E. Reitsma
Executive VP, CFO & Treasurer
Mr. Charles E. Christmas
Executive VP & Chief Human Resource Officer
Mr. Brett E. Hoover
Executive VP, COO & Secretary
Mr. Scott P. Setlock
Senior VP and Chief Compliance & Community Development Officer of Mercantile Bank
Sonali D. Allen
Chief Commercial Banking Officer of Mercantile Bank
Mr. Mark S. Augustyn
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Senior VP & Head of Risk Management Department
Mr. Jeff Kaiser
Senior VP & Chief Retail Banking Officer of Mercantile Bank
Tara M. Randall
Executive VP & Senior Lending Officer of Mercantile Bank
Mr. Justin M. Karl
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See Also

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What is the Intrinsic Value of one MBWM stock?

The intrinsic value of one MBWM stock under the Base Case scenario is 55.88 USD.

Is MBWM stock undervalued or overvalued?

Compared to the current market price of 50.39 USD, Mercantile Bank Corp is Undervalued by 10%.

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