MBWM Home Investment Highlights Valuation & Metrics Price Chart Why The Stock Moved Return vs. Risk About MBWM Interactive Breakdown Better Bets vs. MBWM Peer Outperformance Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Clinical Pipeline Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Investor Activity (13F) Trade Sentinel Investor Videos Industry Resource Links External Quote Links

    Mercantile Bank (MBWM)

    Market Price (11/6/2026): $59.08 | Market Cap: $1.0 BilSector: Financials | Industry: Regional Banks

    Mercantile Bank (MBWM)

    Market Price (11/6/2026): $59.08
    Market Cap: $1.0 Bil
    Sector: Financials
    Industry: Regional Banks

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 2.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.2%, FCF Yield is 9.0%

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -101%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 35%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 34%

    Low stock price volatility
    Vol 12M is 24%

    Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, and Digital Payments.

    Trading close to highs
    Dist 52W High is -3.0%, Dist 3Y High is -3.0%

    Key risks
    MBWM key risks include [1] merger integration challenges and potential regulatory hurdles following its recent acquisition of Eastern Michigan Financial Corporation and [2] significant liquidity exposure, Show more.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 2.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.2%, FCF Yield is 9.0%
    1 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -101%
    2 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 35%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 34%
    3 Low stock price volatility
    Vol 12M is 24%
    4 Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, and Digital Payments.
    5 Trading close to highs
    Dist 52W High is -3.0%, Dist 3Y High is -3.0%
    6 Key risks
    MBWM key risks include [1] merger integration challenges and potential regulatory hurdles following its recent acquisition of Eastern Michigan Financial Corporation and [2] significant liquidity exposure, Show more.

    MBWM in ETFs

    Weight = MBWM's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.04%
    VIG0.00%
    KRE0.26%
    AVUV0.11%
    IWN0.07%
    ESML0.06%
    +7 more covered ETFs

    Valuation & Metrics

    FYE: 12/31MBWM [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$271.6 Mil—
    FY 2026 Sales$282.3 Mil—
    FY 2027 Sales$303.2 Mil—
    FY 2026 Sales Growth3.9%—
    FY 2027 Sales Growth7.4%8.7%
    EARNINGS
    LTM Net Income (GAAP) [3]$95.5 Mil—
    FY 2026 Net Income (Non-GAAP)$90.7 Mil—
    FY 2027 Net Income (Non-GAAP)$95.2 Mil—
    FY 2027 Net Income Growth4.9%13.5%
    FY 2026 EPS (Non-GAAP)$5.57—
    FY 2027 EPS (Non-GAAP)$5.86—
    FY 2027 EPS Growth5.2%—
    VALUATION
    FY 2026 P/S3.63.1
    FY 2027 P/S3.4—
    FY 2026 P/E11.318.1
    FY 2027 P/E10.7—

    [1] MBWM forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 11/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    MBWMS&P 500
    REVENUE GROWTHGOOD
    Rev LTM ($ Bil)0.3
    Rev Chg Q17.3%8.9%
    Rev Chg LTM13.6%8.6%
    Rev Chg 3Y Avg6.3%6.3%
    PROFITABILITYVERY GOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.1
    Net Inc LTM ($ Bil)0.1
    CFO/Rev LTM35.5%21.5%
    Net Inc Mgn35.2%13.5%
    VALUATIONLOW
    P/S3.83.3
    P/CFO10.615.7
    P/FCF11.020.6
    P/E10.722.9

    AI Analysis | Feedback

    MetricValueDateSource
    Net Interest Margin3.50%9302025Link
    Loan-to-Deposit Ratio99%3312025Link
    Nonperforming Assets to Total Assets0.1%3312025Link
    Total Risk-Based Capital Ratio14.3%10312025Link
    Percentage of Commercial Loans with Variable Rates73%4222025Link
    Mortgage Origination Volume Growth26%3312025Link
    Percentage of Mortgages Originated for Sale80%3312025Link
    Efficiency Ratio54.8%6302025Link
    Common Equity Tier 1 (CET1) Ratio11.0%10312025Link
    Number of Locations4010212025Link
    Tangible Book Value Per Share$37.419302025Link

    Price Chart

    Recent
    10/20/2026Earnings ReleaseRev: $73 Mil (A) vs. $70 Mil (E)
    EPS: 1.42 (A) vs. $1.35 (E)
    Upcoming
    12/04/2026DividendAmount: $0.40
    Payment On: 12/16/2026
    1/19/2027Earnings ReleaseRev: $72 Mil (E)
    EPS: $1.39 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 11/1/2026

    Mercantile Bank (MBWM) stock has remained largely at the same level since 7/31/2026 because of the following key factors:

    1. Strong Fiscal Q3 2026 Financial Results: Mercantile Bank Corporation reported robust financial performance for fiscal Q3 2026 (ended September 30, 2026), with adjusted diluted earnings per share (EPS) of $1.42, exceeding the consensus analyst estimate of $1.35. Revenue also surpassed expectations, coming in at $73.2 million against estimates of approximately $70.6 million to $70.8 million. This marked the eighth consecutive quarter of beating EPS estimates.

    2. Significant Net Interest Margin (NIM) Expansion: The bank experienced a notable expansion in its net interest margin, which increased to 3.73% in fiscal Q3 2026 from 3.49% in fiscal Q3 2025. This improvement was primarily driven by a lower cost of funds, healthy commercial loan growth, and the favorable repricing of matured fixed-rate loans and securities.

    Show more
    Updated on 11/1/2026

    Mercantile Bank (MBWM) stock has remained largely at the same level since 7/31/2026 because of the following key factors:

    1. Strong Fiscal Q3 2026 Financial Results: Mercantile Bank Corporation reported robust financial performance for fiscal Q3 2026 (ended September 30, 2026), with adjusted diluted earnings per share (EPS) of $1.42, exceeding the consensus analyst estimate of $1.35. Revenue also surpassed expectations, coming in at $73.2 million against estimates of approximately $70.6 million to $70.8 million. This marked the eighth consecutive quarter of beating EPS estimates.

    2. Significant Net Interest Margin (NIM) Expansion: The bank experienced a notable expansion in its net interest margin, which increased to 3.73% in fiscal Q3 2026 from 3.49% in fiscal Q3 2025. This improvement was primarily driven by a lower cost of funds, healthy commercial loan growth, and the favorable repricing of matured fixed-rate loans and securities.

    3. Robust Deposit Growth and Improved Funding Mix: Mercantile Bank demonstrated strong deposit growth, with total deposits increasing by 17% year-over-year as of September 30, 2026. This included a 22% growth in non-interest-bearing deposits. The influx of lower-cost local deposits, which grew at an annualized pace of 11.4% through the first nine months of fiscal 2026, allowed the bank to reduce its reliance on higher-cost brokered deposits, thereby enhancing its overall funding profile and contributing to margin expansion.

    4. Increased Shareholder Returns Through Dividend Hike: On July 16, 2026 (announced July 21, 2026), the Board of Directors declared an increased regular quarterly cash dividend of $0.40 per common share. This represented a 2.6% increase from the dividend paid in fiscal Q2 2026 and a 5.3% increase compared to fiscal Q3 2025, signaling management's confidence in the bank's sustained profitability and commitment to shareholder value.

    Show less
    Holding a concentrated position? Know your true downside before the momentum shifts.
    Protect Your Wealth →

    Stock Movement Drivers

    Fundamental Drivers

    The 1.0% change in MBWM stock from 7/31/2026 to 11/5/2026 was primarily driven by a 4.1% change in the company's Total Revenues ($ Mil).
    (LTM values as of)731202611052026Change
    Stock Price ($)59.6960.261.0%
    Change Contribution By: 
    Total Revenues ($ Mil)2612724.1%
    Net Income Margin (%)36.5%35.2%-3.7%
    P/E Multiple10.810.90.7%
    Shares Outstanding (Mil)17170.0%
    Cumulative Contribution1.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2026 to 11/5/2026
    ReturnCorrelation
    MBWM1.0% 
    Market (SPY)-1.9%27.6%
    Sector (XLF)1.0%64.3%

    Fundamental Drivers

    The 19.1% change in MBWM stock from 4/30/2026 to 11/5/2026 was primarily driven by a 17.6% change in the company's P/E Multiple.
    (LTM values as of)430202611052026Change
    Stock Price ($)50.6060.2619.1%
    Change Contribution By: 
    Total Revenues ($ Mil)24327211.9%
    Net Income Margin (%)36.6%35.2%-3.8%
    P/E Multiple9.310.917.6%
    Shares Outstanding (Mil)1617-5.9%
    Cumulative Contribution19.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    4/30/2026 to 11/5/2026
    ReturnCorrelation
    MBWM19.1% 
    Market (SPY)2.3%18.8%
    Sector (XLF)10.7%56.7%

    Fundamental Drivers

    The 41.5% change in MBWM stock from 10/31/2025 to 11/5/2026 was primarily driven by a 34.8% change in the company's P/E Multiple.
    (LTM values as of)1031202511052026Change
    Stock Price ($)42.5860.2641.5%
    Change Contribution By: 
    Total Revenues ($ Mil)23927213.6%
    Net Income Margin (%)35.8%35.2%-1.7%
    P/E Multiple8.110.934.8%
    Shares Outstanding (Mil)1617-6.0%
    Cumulative Contribution41.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2025 to 11/5/2026
    ReturnCorrelation
    MBWM41.5% 
    Market (SPY)8.4%23.7%
    Sector (XLF)11.1%50.4%

    Fundamental Drivers

    The 101.8% change in MBWM stock from 10/31/2023 to 11/5/2026 was primarily driven by a 80.6% change in the company's P/E Multiple.
    (LTM values as of)1031202311052026Change
    Stock Price ($)29.8660.26101.8%
    Change Contribution By: 
    Total Revenues ($ Mil)21927224.3%
    Net Income Margin (%)36.2%35.2%-2.9%
    P/E Multiple6.010.980.6%
    Shares Outstanding (Mil)1617-7.4%
    Cumulative Contribution101.8%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2023 to 11/5/2026
    ReturnCorrelation
    MBWM101.8% 
    Market (SPY)81.3%39.7%
    Sector (XLF)85.5%58.8%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    MBWM Return34%-1%26%14%12%28%172%
    Peers Return35%-31%-4%-20%-11%-8%-42%
    S&P 500 Return27%-19%24%23%16%12%105%

    Monthly Win Rates [3]
    MBWM Win Rate58%33%58%42%50%64% 
    Peers Win Rate62%48%52%40%56%50% 
    S&P 500 Win Rate75%42%67%75%67%45% 

    Max Drawdowns [4]
    MBWM Max Drawdown-15%-22%-34%-19%-25%-11% 
    Peers Max Drawdown-24%-41%-51%-39%-38%-38% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: NEWT, ATLO, GBC, SHFS, SMBC.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 11/5/2026 (YTD)

    How Low Can It Go

    EventMBWMS&P 500
    2025 US Tariff Shock
      % Loss-20.1%-18.8%
      % Gain to Breakeven25.2%23.1%
      Time to Breakeven82 days79 days
    2023 SVB Regional Banking Crisis
      % Loss-30.7%-6.7%
      % Gain to Breakeven44.3%7.1%
      Time to Breakeven76 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-13.7%-24.5%
      % Gain to Breakeven15.9%32.4%
      Time to Breakeven29 days427 days
    2020 COVID-19 Crash
      % Loss-41.0%-33.7%
      % Gain to Breakeven69.5%50.9%
      Time to Breakeven336 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-18.5%-19.2%
      % Gain to Breakeven22.7%23.8%
      Time to Breakeven29 days105 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-20.4%-17.9%
      % Gain to Breakeven25.7%21.8%
      Time to Breakeven81 days123 days

    Compare to FITB, MTB, HBAN, CFG, RF

    In The Past

    Mercantile Bank's stock fell -20.1% during the 2025 US Tariff Shock. Such a loss loss requires a 25.2% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventMBWMS&P 500
    2025 US Tariff Shock
      % Loss-20.1%-18.8%
      % Gain to Breakeven25.2%23.1%
      Time to Breakeven82 days79 days
    2023 SVB Regional Banking Crisis
      % Loss-30.7%-6.7%
      % Gain to Breakeven44.3%7.1%
      Time to Breakeven76 days31 days
    2020 COVID-19 Crash
      % Loss-41.0%-33.7%
      % Gain to Breakeven69.5%50.9%
      Time to Breakeven336 days140 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-20.4%-17.9%
      % Gain to Breakeven25.7%21.8%
      Time to Breakeven81 days123 days
    2008-2009 Global Financial Crisis
      % Loss-79.6%-53.4%
      % Gain to Breakeven390.1%114.4%
      Time to Breakeven1135 days1085 days

    Compare to FITB, MTB, HBAN, CFG, RF

    In The Past

    Mercantile Bank's stock fell -20.1% during the 2025 US Tariff Shock. Such a loss loss requires a 25.2% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Mercantile Bank (MBWM)

    Mercantile Bank Corporation (MBWM) operates as the bank holding company for Mercantile Bank of Michigan, providing comprehensive commercial and retail banking services. The company primarily caters to small and medium-sized businesses, as well as individual customers, within the United States. Its operations are concentrated in Michigan, where it maintains 44 banking offices and is headquartered in Grand Rapids.

    The bank's core financial offerings include a broad spectrum of deposit products, such as checking, savings, term certificate accounts, time deposits, and certificates of deposit. On the lending side, Mercantile Bank provides commercial and industrial loans; various real estate loans for vacant land, development, construction, owner-occupied, non-owner-occupied, multi-family, and single-family properties; home equity lines of credit; and consumer loans for automobiles, boats, and credit cards, alongside residential mortgage and installment loans.

    In addition to its principal banking activities, Mercantile Bank extends its services to include courier facilities, safe deposit boxes, and overdraft protection. The company also offers a diverse portfolio of insurance products, covering private passenger automobile, homeowners, personal inland marine, boat owners, recreational vehicle, dwelling fire, umbrella, small business, and life insurance policies. These services, combined with its network of ATMs and video banking machines, position Mercantile Bank as a well-rounded financial partner for its target market.

    AI Analysis | Feedback

    Analogy 1: It's like a smaller, Michigan-focused JPMorgan Chase, providing comprehensive banking services.

    Analogy 2: The Michigan equivalent of a full-service Wells Fargo, but on a regional scale.

    AI Analysis | Feedback

    • Checking Accounts: Accounts designed for daily transactions and easy access to funds.
    • Savings Accounts: Accounts for accumulating funds and earning interest.
    • Certificates of Deposit (CDs) / Time Deposits: Accounts holding a fixed amount for a fixed period, typically with higher interest rates.
    • Commercial & Industrial Loans: Financing provided to businesses for various operational and expansion needs.
    • Real Estate Loans: Loans for acquiring, developing, constructing, or renting residential and commercial properties.
    • Home Equity Line of Credit (HELOC): A revolving line of credit secured by a borrower's home equity.
    • Consumer Loans: Personal loans for items such as automobiles, boats, and other personal expenses.
    • Credit Cards: Revolving credit lines offered for personal or business use.
    • Residential Mortgage Loans: Loans specifically for purchasing single-family residential properties.
    • Insurance Products: A range of insurance policies including auto, home, life, and business coverage.
    • Safe Deposit Facilities: Secure storage options for valuables and important documents.
    • Courier Services: Delivery services for banking-related documents or items.
    • ATM & Video Banking Services: Automated and video-assisted access to banking transactions.

    AI Analysis | Feedback

    Mercantile Bank (MBWM) primarily serves the following major customer categories:

    • Small- to Medium-Sized Businesses: These customers utilize a range of commercial banking services, including commercial and industrial loans, real estate loans (owner-occupied, non-owner-occupied, multi-family, residential rental property), vacant land and land development loans, residential construction loans, and business deposit products. The bank also offers small business insurance products and courier services to this segment.
    • Individuals: Retail customers are served with a variety of personal banking products. This includes deposit accounts like checking, savings, and term certificates; various consumer loans such as single-family residential real estate loans, home equity lines of credit, new and used automobile and boat loans, and credit cards; residential mortgage and installment loans; and personal insurance products like private passenger automobile, homeowners, and life insurance.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    Raymond E. Reitsma
    President and Chief Executive Officer

    Mr. Reitsma was appointed President and Chief Executive Officer of Mercantile Bank Corporation and Mercantile Bank, effective June 1, 2024. He has been with the Bank for over 22 years, beginning his tenure in 2003 as a Commercial Loan Manager. Prior to his current role, he served as Executive Vice President of Mercantile since May 2018 and as Chief Operating Officer of Mercantile from January 2022 through December 2023. Mr. Reitsma was instrumental in the preparation, transition, and integration periods surrounding the merger with Firstbank Corporation. He holds a B.A. in Business Administration from Calvin College and an MBA in Finance from Michigan State University.

    Charles E. Christmas
    Executive Vice President, Chief Financial Officer and Treasurer

    Mr. Christmas joined Mercantile Bank in 1998 and brings over 35 years of banking experience. Before his current position as Executive Vice President and Chief Financial Officer, he served as Senior Vice President and Chief Financial Officer of Mercantile and the Bank from 2000 to 2015. He has also served as Treasurer of Mercantile since 2000. Prior to joining Mercantile, Mr. Christmas spent over ten years as a bank examiner with the Federal Deposit Insurance Corporation (FDIC). He earned a Bachelor of Science degree in Accountancy from Ferris State University.

    Scott P. Setlock
    Executive Vice President, Chief Operating Officer and Secretary

    Mr. Setlock was appointed Executive Vice President, Chief Operating Officer, and Secretary of Mercantile Bank Corporation effective January 1, 2024, and has served as Executive Vice President, Chief Operating Officer of the Bank since January 1, 2022. With nearly 20 years at the Bank, his experience includes roles in Commercial Credit, Commercial Credit Management, Commercial Lending, and Mortgage Lending Management.

    Mark S. Augustyn
    Executive Vice President, Chief Commercial Banking Officer

    Mr. Augustyn is the Executive Vice President, Chief Commercial Banking Officer of Mercantile Bank, a role he has held since January 2024. He is one of the founding lending officers of the Bank. His extensive career at the Bank, starting in 1997, includes serving as a Commercial Lender, Commercial Loan Manager, Regional Commercial Loan Manager, and Chief Lending Officer before his current role.

    Brett E. Hoover
    Executive Vice President, Chief Human Resource Officer

    Mr. Hoover serves as the Executive Vice President, Chief Human Resource Officer of the Bank.

    AI Analysis | Feedback

    The key risks to Mercantile Bank (MBWM) are:

    1. Credit Risk and Regional Economic Sensitivity: Mercantile Bank primarily serves small-to-medium businesses and individuals in Michigan. A significant downturn in the Michigan economy or in the specific sectors to which the bank lends could lead to increased loan defaults across its commercial, real estate, and consumer loan portfolios. This heightened credit risk directly impacts the bank's asset quality, capital, and profitability, posing a fundamental threat to its core lending business.
    2. Interest Rate Risk: As a financial institution, Mercantile Bank's profitability is heavily dependent on its net interest margin, which is the difference between the interest earned on its assets (like loans) and the interest paid on its liabilities (like deposits). Significant, rapid, or sustained adverse movements in interest rates—such as a sharp rise in deposit costs not offset by an increase in loan rates, or a prolonged period of very low rates compressing margins—could severely impact the bank's earnings and financial performance.
    3. Cybersecurity Risk: As a bank handling sensitive customer financial data and facilitating numerous transactions, Mercantile Bank is a prime target for cyberattacks. A successful cybersecurity breach could result in significant financial losses due to fraud, theft of funds, or remediation costs. Additionally, it could lead to severe reputational damage, loss of customer trust, and substantial regulatory penalties, all of which could fundamentally disrupt its operations and financial stability.

    AI Analysis | Feedback

    The emergence of digital-first financial institutions (fintechs and neobanks) and the expansion of large technology companies into financial services pose a clear emerging threat. These entities often offer banking services with lower overhead costs due to a lack of physical branches, leading to competitive pricing, higher interest rates on deposits, or lower loan rates. They also typically provide a more streamlined, technology-driven user experience through mobile apps and online platforms, which can attract customers, particularly younger demographics and tech-savvy small businesses, away from traditional branch-based banks like Mercantile Bank.

    AI Analysis | Feedback

    Mercantile Bank (MBWM), a Michigan-based institution, serves small- to medium-sized businesses and individuals. The addressable markets for its main products and services within Michigan are sized as follows: * Commercial Banking: The commercial banking industry in Michigan is projected to have a market size of $23.6 billion in 2026. This encompasses deposits and the issuance of consumer, commercial, and industrial loans. * Residential Mortgages: In 2022, mortgage lenders collectively originated $54.5 billion in residential mortgage volume across Michigan. * Deposits: The total deposits held at community bank branches in Michigan amounted to approximately $58.04 billion as of December 2024. For all banks operating in Michigan, total deposits were $311 billion in 2024. * Small Business Loans: Michigan banks provided $16.7 billion in small business loans in 2024. * Insurance Products: The overall insurance industry spending in Michigan reaches $37.1 billion, reflecting its direct and indirect economic output, jobs, and earnings. Specifically, the Health & Medical Insurance industry in Michigan is estimated to be a $51.3 billion market in 2026.

    AI Analysis | Feedback

    Mercantile Bank (MBWM) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and operational strengths:

    1. Commercial Loan Growth: Mercantile Bank has consistently highlighted a strong commercial loan pipeline and anticipates continued expansion in this area. The bank projects a 5-7% annualized loan growth and is actively focused on expanding its commercial lending team, particularly in Southeast Michigan.
    2. Growth in Noninterest Income: The company has demonstrated significant increases across various noninterest income streams. Key drivers include treasury management fees, mortgage banking income, interest rate swap income, and payroll services fees. For example, the first quarter of 2024 saw total noninterest income grow by 56%, with mortgage banking income up 93%, interest rate swaps increasing 29%, and service charges on accounts rising 56%.
    3. Strategic Expansion through Acquisitions: The acquisition of Eastern Michigan Financial Corporation, completed on December 31, 2025, is a significant driver. This strategic move is expected to broaden the range of financial solutions available to clients and expand Mercantile Bank's footprint in East and Southeast Michigan.
    4. Local Deposit Growth: Mercantile Bank emphasizes its focus on solid core local deposit growth. This strategy is crucial for enhancing asset quality, improving on-balance sheet liquidity, and providing a stable, lower-cost funding base for anticipated asset growth and loan expansion.
    5. Net Interest Margin Stability: Despite varying interest rate environments, Mercantile Bank has demonstrated effective execution of its strategy to maintain a steady net interest margin. Management projects net interest margin stability in the upcoming quarters, which is vital for sustained net interest income.

    AI Analysis | Feedback

    Share Repurchases

    • Mercantile Bank Corporation authorized the renewal of a stock repurchase program in May 2021, allowing for the repurchase of up to $20 million in common stock.

    Share Issuance

    • As part of the merger with Eastern Michigan Financial Corporation, completed on December 31, 2025, Eastern shareholders received 0.7116 shares of Mercantile common stock for each of their shares, in addition to cash.

    Outbound Investments

    • Mercantile Bank Corporation completed the acquisition of Eastern Michigan Financial Corporation on December 31, 2025.
    • This acquisition involved Eastern Michigan Financial Corporation, which had $572 million in total assets.
    • The merger expanded Mercantile Bank's presence, increasing its total number of banking offices to 54.

    Capital Expenditures

    • In the 12 months ending September 2024, capital expenditures for Mercantile Bank were -$7.13 million.

    Peer Outperformance in Regional Banks

    MBWM has outperformed 82% of its 262 Regional Banks peers over 5Y. Among the peers that beat it are FBP and BPOP. Regional Banks ranks 8th of 18 industries in Financials by median 5Y return.
    Share of Regional Banks constituents that MBWM has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    65%
    of 281 industry peers · 36.5% return
    3Y
    54%
    of 273 industry peers · 91.9% return
    5Y
    82%
    of 262 industry peers · 95.1% return
    Regional Banks peers with revenue growth within 4pp of MBWM's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
    Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
    MBWM Mercantile Bank 6.3% 10.9x 36.5%91.9%95.1% —
    FBP First BanCorp 2.9% 10.7x 33.9%101.1%117.2% +22pp
    BPOP Popular 2.8% 10.3x 41.4%144.6%117.1% +22pp
    Price returns, excluding dividends. P/E shown for context only and not used for matching.
    Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is MBWM's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 33.1%75.7%125.1% SPNT 168% · RGA 162% · RNR 141%
    Investment Banking & Brokerage 13 -3.9%89.1%93.1% IBKR 305% · SNEX 152% · GS 141%
    Diversified Banks 12 30.0%140.4%90.3% CM 144% · RY 129% · JPM 127%
    Life & Health Insurance 20 14.3%52.3%75.4% JXN 514% · UNM 224% · FG 188%
    Property & Casualty Insurance 42 18.9%76.8%66.8% TRV 178% · PGR 172% · ACGL 168%
    Multi-Sector Holdings 3 10.1%53.8%59.4% BRK-B 99% · VOYA 59% · JEF 37%
    Multi-line Insurance 9 9.5%71.4%59.4% AIZ 105% · GNW 104% · L 98%
    Regional Banks ← 263 30.0%87.5%46.7% CBC 268% · FCNCA 176% · NIC 136%
    Insurance Brokers 15 5.5%13.4%33.4% LIFE 287% · ARX 89% · WTW 56%
    Financial Exchanges & Data 15 20.6%37.2%27.9% CBOE 183% · VIRT 131% · CME 71%
    Asset Management & Custody Banks 83 -5.9%22.8%12.3% VCTR 210% · AAMI 207% · WT 205%
    Consumer Finance 30 2.9%81.0%8.1% ENVA 330% · FCFS 130% · ECPG 111%
    Commercial & Residential Mortgage Finance 14 -46.5%36.8%2.5% FNMA 327% · FMCC 293% · ACT 158%
    Diversified Financial Services 4 -1.6%20.1%-1.1% FRHC 153% · EQH 71%
    Specialized Finance 3 15.8%31.5%-19.7% HASI -20% · CACC -24%
    Transaction & Payment Processing Services 17 19.3%9.1%-29.4% V 103% · MA 94% · CPAY 83%
    Mortgage REITs 35 -18.0%-6.1%-37.2% RITM 36% · DX 17% · AGNC 10%
    Diversified Capital Markets 20 -47.1%-8.5%-70.1% LPLA 83% · TW 38% · RIOT -53%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

    Latest Trefis Analyses

    Title
    0ARTICLES

    Recent Active Movers

    Top Gainers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    ULHUniversal Logistics0.869.2%97.6%
    CRCTCricut1.949.7%95.1%
    ARRYArray Technologies0.848.9%-42.5%
    DNUTKrispy Kreme0.843.7%14.4%
    GDYNGrid Dynamics1.142.6%49.9%
    APPAppLovin119.639.7%-47.2%
    EVEREverQuote1.133.0%12.3%
    AGLAgilon Health1.932.4%560.8%
    CPRICapri2.331.6%-13.4%
    GPKGraphic Packaging3.431.0%-20.8%

    Top Losers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    VCYTVeracyte1.9-54.0%-43.0%
    MNTNMNTN0.3-52.2%-60.6%
    FRMIFermi1.0-46.5%-80.9%
    NRIXNurix Therapeutics1.7-45.3%-21.8%
    LITELumentum43.5-44.6%38.3%
    ACDCProFrac0.5-44.1%-30.3%
    PCTPureCycle Technologies0.3-43.5%-78.1%
    INTCIntel274.0-43.2%41.6%
    OFRMOnce Upon a Farm PBC0.4-42.7%-56.5%
    AESIAtlas Energy Solutions0.7-42.5%-43.5%

    Top Gainers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    BMBLBumble0.8139.2%67.5%
    GDYNGrid Dynamics1.176.5%49.9%
    ULHUniversal Logistics0.872.3%97.6%
    TDOCTeladoc Health1.769.2%34.4%
    SGRYSurgery Partners3.069.0%50.0%
    LQDALiquidia4.066.8%29.0%
    ENOVEnovis1.662.5%7.4%
    BRZEBraze5.161.0%33.6%
    UPBDUpbound1.559.3%51.6%
    COAGHemab Therapeutics1.458.8%34.0%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    CIFRCipher Digital2.3-61.9%-62.4%
    AAOIApplied Optoelectronics3.8-61.7%34.5%
    FRMIFermi1.0-61.5%-80.9%
    MXLMaxLinear4.0-58.7%154.2%
    AESIAtlas Energy Solutions0.7-57.3%-43.5%
    FPSForgent Power Solutions4.7-55.2%-37.2%
    STRLSterling Infrastructure7.5-54.3%-20.2%
    LITELumentum43.5-54.1%38.3%
    AXTIAXT2.2-54.0%124.6%
    ICHRIchor1.0-54.0%52.1%

    More From Trefis

    Research & Analysis

    Invest in Strategies

    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    MBWMNEWTATLOGBCSHFSSMBCMedian
    NameMercanti.NewtekOneAmes Nat.Georgia .SHF Southern. 
    Mkt Price59.0810.6034.0033.770.0469.8733.89
    Mkt Cap1.00.30.3---0.3
    Rev LTM27227773---272
    Op Inc LTM-------
    FCF LTM93-74021---21
    FCF 3Y Avg61-37317---17
    CFO LTM96-73922---22
    CFO 3Y Avg67-37319---19

    Growth & Margins

    MBWMNEWTATLOGBCSHFSSMBCMedian
    NameMercanti.NewtekOneAmes Nat.Georgia .SHF Southern. 
    Rev Chg LTM13.6%7.8%21.3%---13.6%
    Rev Chg 3Y Avg6.3%26.8%8.1%---8.1%
    Rev Chg Q17.3%7.0%18.5%---17.3%
    QoQ Delta Rev Chg LTM4.1%1.7%4.3%---4.1%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM35.5%-267.4%30.3%---30.3%
    CFO/Rev 3Y Avg26.8%-138.6%30.2%---26.8%
    FCF/Rev LTM34.3%-267.5%28.9%---28.9%
    FCF/Rev 3Y Avg24.2%-138.7%27.9%---24.2%

    Valuation

    MBWMNEWTATLOGBCSHFSSMBCMedian
    NameMercanti.NewtekOneAmes Nat.Georgia .SHF Southern. 
    Mkt Cap1.00.30.3---0.3
    P/S3.81.14.2---3.8
    P/Op Inc-------
    P/EBIT-------
    P/E10.74.613.1---10.7
    P/CFO10.6-0.413.7---10.6
    Total Yield11.7%31.6%10.2%---11.7%
    Dividend Yield2.5%10.0%2.6%---2.6%
    FCF Yield 3Y Avg7.3%-103.1%8.5%---7.3%
    D/E0.51.80.1---0.5
    Net D/E-1.00.6-1.6----1.0

    Returns

    MBWMNEWTATLOGBCSHFSSMBCMedian
    NameMercanti.NewtekOneAmes Nat.Georgia .SHF Southern. 
    1M Rtn0.4%-5.3%5.4%-11.8%-94.8%-2.4%-3.9%
    3M Rtn-3.0%-27.9%9.0%-11.8%-98.3%-10.0%-10.9%
    6M Rtn15.2%-20.1%20.8%-11.8%-99.3%1.1%-5.3%
    12M Rtn33.9%7.5%64.7%-11.8%-99.9%31.9%19.7%
    3Y Rtn88.1%-15.6%114.9%-11.8%-100.0%67.3%27.8%
    1M Excs Rtn3.2%-1.7%8.1%-10.3%-92.1%-0.1%-0.9%
    3M Excs Rtn-1.2%-19.4%10.5%-10.9%-97.0%-8.2%-9.6%
    6M Excs Rtn10.5%-24.8%16.0%-16.6%-105.9%-3.6%-10.1%
    12M Excs Rtn24.8%-5.9%55.1%-25.3%-118.5%17.7%5.9%
    3Y Excs Rtn16.1%-90.5%42.6%-95.2%-214.6%-0.6%-45.5%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q32026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q4
    Period End9/30/20266/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/2023
    Filing Date10/30/20267/31/20265/1/20262/27/202610/31/20258/1/20255/2/20253/3/202511/1/20248/2/20245/3/20243/1/2024
    Key Financials Quarterly            
    Total Revenue736968626261575958575857
    Net Income242623232423202020192220
    EPS1.391.501.321.401.461.391.211.221.221.171.341.25
    Key Financials TTM            
    Total Revenue TTM272261253243239235230231230230229226
    Net Income TTM969592898681788080818382
    Growth Rates Quarterly            
    Total Revenue Growth17.3%12.8%18.1%6.0%7.6%7.4%-1.7%2.8%-0.4%2.8%5.2%-2.5%
    Net Income Growth1.3%14.6%16.1%16.4%21.1%20.4%-9.4%-2.0%-5.9%-7.7%2.8%-8.1%
    Margins Quarterly            
    Net Income Margin32.9%37.7%33.6%36.8%38.1%37.1%34.1%33.5%33.8%33.1%37.0%35.2%
    Cash & Debt            
    Total Cash1,5171,4541,4721,3311,0698679199901,032846846748
    Total Debt469472484497487496506527556566586607
    Net Debt / (Cash)-1,048-982-988-834-582-371-413-463-475-279-260-141
    Cash Flows Quarterly            
    FCF from Operations471528623-8-360-8940-7
    Cash Flows TTM            
    FCF from Operations TTM9672491872415810134788967
    Returns to Shareholders Quarterly            
    Dividends777666666665
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-----------77.4%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-----------79.4%

    Segment Financials

    Revenue by Segment
    $ Mil20242023202220212020
    Single segment231226190179167
    Total231226190179167


    Assets by Segment
    $ Mil2025
    Mercantile Bank6,242
    All Other1,015
    Eastern Michigan Bank572
    Intercompany Eliminations-993
    Total6,835


    Price Behavior

    Price Behavior
    Market Price$60.26 
    Market Cap ($ Bil)1.0 
    First Trading Date07/20/1999 
    Distance from 52W High-3.0% 
       50 Days200 Days
    DMA Price$59.76$55.10
    DMA Trendindeterminateup
    Distance from DMA0.8%9.4%
     3M1YR
    Volatility18.4%23.6%
    Downside Capture7.5830.30
    Upside Capture20.7168.62
    Correlation (S&P 500)10.4%21.9%
    MBWM Betas & Captures as of 10/31/2026

     1M2M3M6M1Y3Y
    Beta-0.180.190.270.230.400.83
    Up Beta-1.76-0.710.61-0.250.250.78
    Down Beta0.04-0.10-0.04-0.030.160.77
    Up Capture2%43%24%57%62%81%
    Bmk +ve Days12182862130427
    Stock +ve Days11193070133381
    Down Capture-36%35%28%31%43%96%
    Bmk -ve Days10253664121325
    Stock -ve Days11243456118368

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with MBWM
    MBWM41.0%23.6%1.38-
    Sector ETF (XLF)11.1%15.2%0.4750.7%
    Equity (SPY)9.5%13.6%0.4123.5%
    Gold (GLD)3.6%28.7%0.11-0.5%
    Commodities (DBC)37.7%21.2%1.40-30.1%
    Real Estate (VNQ)12.0%14.2%0.5543.2%
    Bitcoin (BTCUSD)-20.8%43.3%-0.42-1.2%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with MBWM
    MBWM15.8%31.6%0.50-
    Sector ETF (XLF)9.1%18.4%0.3657.8%
    Equity (SPY)11.3%17.3%0.4840.7%
    Gold (GLD)17.5%19.1%0.74-1.1%
    Commodities (DBC)8.0%19.6%0.293.8%
    Real Estate (VNQ)1.2%18.9%-0.0543.0%
    Bitcoin (BTCUSD)5.9%51.5%0.2915.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with MBWM
    MBWM12.4%34.2%0.43-
    Sector ETF (XLF)13.3%22.1%0.5467.7%
    Equity (SPY)14.9%18.0%0.7049.7%
    Gold (GLD)12.0%16.5%0.59-4.7%
    Commodities (DBC)7.6%18.1%0.3315.3%
    Real Estate (VNQ)5.7%20.7%0.2348.2%
    Bitcoin (BTCUSD)61.3%66.2%1.0113.2%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date10152026
    Short Interest: Shares Quantity0.6 Mil
    Short Interest: % Change Since 9302026-10.4%
    Average Daily Volume0.1 Mil
    Days-to-Cover Short Interest5.1 days
    Basic Shares Quantity17.3 Mil
    Short % of Basic Shares3.2%

    Returns Analyses

    Earnings Returns History

    Updated 10/29/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    10/20/20261.1%4.7% 
    7/21/20263.5%1.7%5.6%
    4/21/2026-3.4%-3.7%-4.4%
    1/20/20260.8%1.6%7.4%
    10/21/20250.6%0.3%-2.0%
    7/22/2025-1.8%-2.1%-3.6%
    4/22/20253.5%4.9%14.2%
    1/21/20255.8%13.3%10.0%
    ...
    SUMMARY STATS   
    # Positive171715
    # Negative889
    Median Positive3.2%4.7%10.0%
    Median Negative-2.2%-2.4%-4.0%
    Max Positive12.2%15.3%19.2%
    Max Negative-3.7%-4.1%-15.9%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    10/20/20261.1%4.7% 
    7/21/20263.5%1.7%5.6%
    4/21/2026-3.4%-3.7%-4.4%
    1/20/20260.8%1.6%7.4%
    10/21/20250.6%0.3%-2.0%
    7/22/2025-1.8%-2.1%-3.6%
    4/22/20253.5%4.9%14.2%
    1/21/20255.8%13.3%10.0%
    10/15/20242.7%-0.1%15.7%
    7/16/202412.1%10.6%-4.0%
    4/16/2024-3.7%2.8%10.3%
    1/16/2024-1.9%9.0%-4.0%
    10/17/20237.4%2.2%19.2%
    7/18/202312.2%15.3%15.1%
    4/18/2023-2.5%-3.7%-15.9%
    1/17/20234.3%-2.7%-1.7%
    10/18/2022-1.7%1.6%7.1%
    7/19/20224.5%6.1%14.1%
    4/19/20221.4%-4.1%-8.1%
    1/18/20222.5%2.4%1.0%
    10/19/20212.8%4.5%8.5%
    7/20/20212.6%7.6%8.3%
    4/20/2021-3.7%-1.2%-1.0%
    1/19/2021-1.4%-0.0%2.6%
    10/20/20203.2%10.7%14.2%
    SUMMARY STATS   
    # Positive171715
    # Negative889
    Median Positive3.2%4.7%10.0%
    Median Negative-2.2%-2.4%-4.0%
    Max Positive12.2%15.3%19.2%
    Max Negative-3.7%-4.1%-15.9%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    09/30/202610/30/202610-Q
    06/30/202607/31/202610-Q
    03/31/202605/01/202610-Q
    12/31/202502/27/202610-K
    09/30/202510/31/202510-Q
    06/30/202508/01/202510-Q
    03/31/202505/02/202510-Q
    12/31/202403/03/202510-K
    09/30/202411/01/202410-Q
    06/30/202408/02/202410-Q
    03/31/202405/03/202410-Q
    12/31/202303/01/202410-K
    09/30/202311/03/202310-Q
    06/30/202308/04/202310-Q
    03/31/202305/05/202310-Q
    12/31/202203/03/202310-K
     Collapse to Preview
    Report DateFiling DateFiling
    09/30/202610/30/202610-Q
    06/30/202607/31/202610-Q
    03/31/202605/01/202610-Q
    12/31/202502/27/202610-K
    09/30/202510/31/202510-Q
    06/30/202508/01/202510-Q
    03/31/202505/02/202510-Q
    12/31/202403/03/202510-K
    09/30/202411/01/202410-Q
    06/30/202408/02/202410-Q
    03/31/202405/03/202410-Q
    12/31/202303/01/202410-K
    09/30/202311/03/202310-Q
    06/30/202308/04/202310-Q
    03/31/202305/05/202310-Q
    12/31/202203/03/202310-K
    09/30/202211/04/202210-Q
    06/30/202208/05/202210-Q
    03/31/202205/06/202210-Q
    12/31/202103/04/202210-K
    09/30/202111/05/202110-Q
    06/30/202108/06/202110-Q
    03/31/202105/07/202110-Q
    12/31/202003/05/202110-K
    09/30/202011/06/202010-Q
    06/30/202008/07/202010-Q
    03/31/202005/11/202010-Q
    12/31/201903/02/202010-K

    Insider Activity

    Updated 5/27/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Price, Michael H DirectSell1117202545.844,577209,799545,376Form
    2Sanchez, Nelson F IRABuy1104202543.501,00043,500152,337Form
    3Ramaker, David B DirectBuy819202546.711,50070,065701,304Form
    4Williams, Shoran RDirectBuy730202547.282009,457249,003Form
    5Kaminski, Robert BDirectSell506202542.8525010,7123,341,568Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Price, Michael H DirectSell1117202545.844,577209,799545,376Form
    2Sanchez, Nelson F IRABuy1104202543.501,00043,500152,337Form
    3Ramaker, David B DirectBuy819202546.711,50070,065701,304Form
    4Williams, Shoran RDirectBuy730202547.282009,457249,003Form
    5Kaminski, Robert BDirectSell506202542.8525010,7123,341,568Form

    Industry Resources

    External Quote Links


    Prefer one of these to Trefis? Tell us why.
    Core Cache Last Updated: 11/5/2026