MERCANTILE BANK CORP MBWM
Mercantile Bank Corporation is a registered bank holding company under the Bank Holding Company Act of 1956, as amended (the "Bank Holding Company Act"). Unless the text clearly suggests otherwise, references to "us," "we," "our," or "the company" include Mercantile Bank Corporation and its wholly owned subsidiaries. As a bank holding company, we are subject to regulation by the Board of Governors of the Federal Reserve System (the "Federal Reserve Board"). We were organized on July 15, 1997, under the laws of the State of Michigan, primarily for the purpose of holding all of the stock of Mercantile Bank, and of such other subsidiaries as we may acquire or establish. Mercantile Bank commenced business on December 15, 1997. During the third quarter of 2013, we filed an election to become a financial holding company, which election became effective April 14, 2014. Mercantile Insurance Center, Inc. ("our insurance company"), a subsidiary of Mercantile Bank, commenced operations during 2002 to offer insurance products. Mercantile Community Partners ("MCP"), our subsidiary, began operations during 2023 to invest in community development tax credit investments. On July 22, 2025, we entered into a merger agreement with Eastern Michigan Financial Corporation, the bank holding company for Eastern Michigan Bank. Eastern Michigan Financial Corporation shareholders had the right to receive 0.7116 shares of Mercantile Bank Corporation stock and $32.32 in exchange for each share of Eastern Michigan Financial Corporation stock they owned. The merger was completed on December 31, 2025, and Eastern Michigan Bank operates alongside Mercantile Bank Corporation's existing bank, Mercantile Bank (collectively, "our banks"). We plan for our banks to operate alongside each other until the conversion of our core processor is completed in the first quarter of 2027, at which time we plan to consolidate Eastern Michigan Bank into Mercantile Bank. Prior to completing the merger, we were required to obtain approval from the Federal Reserve Board, which we did on December 16, 2025. See Note 17 – Business Combinations for additional information regarding the merger. Our expenses have generally been paid using cash dividends from Mercantile Bank. Our principal source of future operating funds is expected to be dividends from our banks.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $330.2M | $321.5M | $271.4M | $181.8M | $143.5M | $148.3M | $158.3M | $142.0M | $125.5M | $118.5M |
| Interest expense | $201.0M | $191.1M | $193.5M | $158.2M | $19.4M | $26.1M | $33.8M | $21.9M | $15.8M | $12.6M |
| Pre-tax income | $103.5M | $98.3M | $102.7M | $75.8M | $73.7M | $54.8M | $60.5M | $51.8M | $46.1M | $46.9M |
| Income tax | $14.7M | $18.7M | $20.5M | $14.7M | $14.7M | $10.7M | $11.0M | $9.8M | $14.8M | $15.0M |
| Net income | $88.8M | $79.6M | $82.2M | $61.1M | $59.0M | $44.1M | $49.5M | $42.0M | $31.3M | $31.9M |
| EPS, basic | 5.47 | 4.93 | 5.13 | 3.85 | 3.69 | 2.71 | 3.01 | 2.53 | 1.90 | 1.96 |
| EPS, diluted | 5.47 | 4.93 | 5.13 | 3.85 | 3.69 | 2.71 | 3.01 | 2.53 | 1.90 | 1.96 |
| Shares, diluted (wtd. avg.) | 16.2M | 16.1M | 16.0M | 15.9M | 16.0M | 16.3M | 16.4M | 16.6M | 16.5M | 16.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $54.8M | $57.0M | $70.4M | $61.9M | $59.4M | $62.8M | $53.3M | $64.9M | $55.1M | $50.2M |
| Property, plant and equipment | $62.5M | $53.4M | $50.9M | $51.5M | $57.3M | $59.0M | $57.3M | $48.3M | $46.0M | $45.5M |
| Goodwill | $72.7M | $49.5M | $49.5M | $49.5M | $49.5M | $49.5M | $49.5M | $49.5M | $49.5M | $49.5M |
| Other intangibles | $20.4M | $0 | — | $583.0K | $1.4M | $2.4M | $3.8M | $5.6M | $7.6M | $10.0M |
| Total assets | $6.84B | $6.05B | $5.35B | $4.87B | $5.26B | $4.44B | $3.63B | $3.36B | $3.29B | $3.08B |
| Total liabilities | $6.11B | $5.47B | $4.83B | $4.43B | $4.80B | $4.00B | $3.22B | $2.99B | $2.92B | $2.74B |
| Retained earnings | $399.4M | $334.6M | $277.5M | $216.3M | $174.5M | $134.0M | $107.8M | $75.5M | $61.0M | $40.9M |
| Total equity | $724.9M | $584.5M | $522.1M | $441.4M | $456.6M | $441.6M | $416.6M | $375.2M | $365.9M | $340.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $18.0M | $101.1M | $66.6M | $119.9M | $64.6M | $37.9M | $44.8M | $61.7M | $38.7M | $34.6M |
| Depreciation and amortisation | $5.8M | $10.5M | $11.5M | $12.9M | $13.7M | $9.4M | $9.6M | $9.8M | $10.4M | $9.6M |
| Stock-based compensation | $3.5M | $3.3M | $3.4M | $3.4M | $3.8M | $2.3M | $2.9M | $2.4M | $2.0M | $1.5M |
| Investing cash flow | -$105.7M | -$425.4M | -$395.9M | -$555.0M | -$495.5M | -$398.8M | -$92.8M | -$210.5M | -$191.5M | -$96.6M |
| Financing cash flow | $168.0M | $586.8M | $363.1M | -$443.3M | $780.1M | $753.2M | $206.4M | $24.0M | $169.3M | $155.7M |
| Dividends paid | $24.0M | $22.5M | $21.0M | $19.6M | $18.5M | $17.9M | $17.1M | $27.5M | $12.0M | $18.7M |
| Buybacks | — | — | $0 | $0 | $21.4M | $6.6M | $7.2M | $5.9M | $0 | $3.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-005997.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $118.5M | $125.5M | $142.0M | $158.3M | $148.3M | $143.5M | $181.8M | $271.4M | $321.5M | $330.2M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $31.9M | $31.3M | $42.0M | $49.5M | $44.1M | $59.0M | $61.1M | $82.2M | $79.6M | $88.8M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 6022
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