MBWM
Mercantile Bank Corporation
NASDAQ: MBWM · FINANCIAL SERVICES · BANKS - REGIONAL
$50.69
-2.46% today
Updated 2026-04-29
Market cap
$875.64M
P/E ratio
9.08
P/S ratio
3.47x
EPS (TTM)
$5.58
Dividend yield
2.92%
52W range
$41 – $55
Volume
0.1M
Mercantile Bank Corporation (MBWM) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $142.52M | $150.05M | $128.35M | $112.47M | $97.39M | $78.35M | $67.91M | $65.11M | $99.15M | $128.37M | $139.50M | $144.54M | $160.99M | $185.29M | $193.49M | $198.66M | $213.92M | $303.50M | $361.89M | $371.80M |
| Revenue growth (YoY) | — | +5.3% | -14.5% | -12.4% | -13.4% | -19.5% | -13.3% | -4.1% | +52.3% | +29.5% | +8.7% | +3.6% | +11.4% | +15.1% | +4.4% | +2.7% | +7.7% | +41.9% | +19.2% | +2.7% |
| Cost of revenue | $81.45M | $99.69M | $96.06M | $112.58M | $63.59M | $26.73M | $10.12M | $3.59M | $8.34M | $10.15M | $15.49M | $18.75M | $23.00M | $35.55M | $40.12M | $15.13M | $30.14M | $85.51M | $137.82M | $133.75M |
| Gross profit | $61.07M | $50.36M | $32.29M | $-109000.00 | $33.79M | $51.62M | $57.80M | $61.53M | $90.81M | $118.21M | $124.00M | $125.80M | $137.99M | $149.74M | $153.37M | $183.52M | $183.77M | $217.99M | $224.07M | $238.05M |
| Gross margin | 42.9% | 33.6% | 25.2% | -0.1% | 34.7% | 65.9% | 85.1% | 94.5% | 91.6% | 92.1% | 88.9% | 87.0% | 85.7% | 80.8% | 79.3% | 92.4% | 85.9% | 71.8% | 61.9% | 64.0% |
| R&D | — | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — | — |
| SG&A | $18.98M | $22.88M | $24.89M | $29.02M | $36.12M | $23.45M | $23.76M | $24.53M | $40.75M | $52.01M | $52.70M | $54.58M | $60.40M | $63.07M | $60.94M | $68.27M | $66.36M | $71.06M | $80.42M | $15.27M |
| Operating income | $28.81M | $12.00M | $-9.84M | $-46.60M | $-13.36M | $10.12M | $18.17M | $25.13M | $25.20M | $38.83M | $46.89M | $46.08M | $51.82M | $60.46M | $54.85M | $73.72M | $75.79M | $102.70M | $98.29M | $102.09M |
| Operating margin | 20.2% | 8.0% | -7.7% | -41.4% | -13.7% | 12.9% | 26.8% | 38.6% | 25.4% | 30.3% | 33.6% | 31.9% | 32.2% | 32.6% | 28.3% | 37.1% | 35.4% | 33.8% | 27.2% | 27.5% |
| EBITDA | $31.70M | $15.08M | $-7.06M | $-44.02M | $-10.92M | $12.32M | $20.41M | $27.33M | $32.81M | $50.48M | $56.46M | $56.44M | $61.59M | $70.01M | $64.27M | $87.39M | $88.73M | $114.19M | $108.79M | $106.50M |
| EBITDA margin | 22.2% | 10.1% | -5.5% | -39.1% | -11.2% | 15.7% | 30.1% | 42.0% | 33.1% | 39.3% | 40.5% | 39.0% | 38.3% | 37.8% | 33.2% | 44.0% | 41.5% | 37.6% | 30.1% | 28.6% |
| EBIT | $28.81M | $12.00M | $-9.82M | $-46.60M | $-13.36M | $10.12M | $18.17M | $25.13M | $25.20M | $38.83M | $46.89M | $46.08M | $51.82M | $60.46M | $54.85M | $73.72M | $75.79M | $102.70M | $98.29M | $102.09M |
| Interest expense | $75.67M | $88.62M | $74.86M | $53.58M | $31.79M | $19.83M | $13.22M | $10.79M | $11.34M | $11.15M | $12.59M | $15.79M | $21.90M | $33.80M | $26.07M | $19.43M | $23.59M | $77.81M | $130.42M | $129.15M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $19.85M | $8.97M | $-4.96M | $-52.09M | $-13.32M | $37.48M | $12.54M | $17.03M | $17.33M | $27.02M | $31.91M | $31.27M | $42.02M | $49.46M | $44.14M | $59.02M | $61.06M | $82.22M | $79.59M | $88.75M |
| Net income growth (YoY) | — | -54.8% | -155.3% | -950.4% | +74.4% | +381.5% | -66.6% | +35.9% | +1.7% | +55.9% | +18.1% | -2.0% | +34.4% | +17.7% | -10.8% | +33.7% | +3.5% | +34.6% | -3.2% | +11.5% |
| Profit margin | 13.9% | 6.0% | -3.9% | -46.3% | -13.7% | 47.8% | 18.5% | 26.2% | 17.5% | 21.0% | 22.9% | 21.6% | 26.1% | 26.7% | 22.8% | 29.7% | 28.5% | 27.1% | 22.0% | 23.9% |