MBWM - NASDAQ

Mercantile Bank Corporation

MBWM·NASDAQ

$50.91

-3.7%

Financial ServicesBanks - Regional

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services to small- to medium-sized businesses and individuals in the United States. It accepts various deposit products, including checking, savings, and term certificate accounts; time deposits; and certificates of deposit. The company also offers commercial and industrial loans; vacant land, land development, and residential construction loans; owner and non-owner-occupied real estate loans; multi-family and residential rental property loans; single-family residential real estate loans; home equity line of credit programs; and consumer loans, such as new and used automobile and boat loans, and credit cards, as well as overdraft protection services; and residential mortgage and instalment loans. In addition, it provides courier services and safe deposit facilities; and 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, as well as owns 22 automated teller machines and 19 video banking machines. As of January 18, 2022, the company operated 44 banking offices. Mercantile Bank Corporation was incorporated in 1997 and is headquartered in Grand Rapids, Michigan.

Statements Value Model

At a Glance

Live Snapshot

Market Cap$879.44M

EPS5.4600

P/E Ratio9.32

Earnings Date07/21/2026

6.84B

Assets

13%

3Y+40.0%

5Y+54.0%

10Y+122.0%

6.11B

Total Liabilities

12%

3Y+38.0%

5Y+53.0%

10Y+123.0%

724.88M

Total Equity

24%

3Y+64.0%

5Y+64.0%

10Y+113.0%

Mercantile Bank Corporation Funding & Solvency Profile

MBWM · NASDAQ

Current Assets

Cash & Cash Equivalents473.32M

Net Receivables0.00

Inventory0.00

Other Current Assets0.00

Total Current Assets2 B

Non-Current Assets

Property, Plant & Equipment62.47M

Goodwill & Intangible Assets93.04M

Long-Term Investments4.76B

Other Non-Current Assets340.46M

Total Non-Current Assets5 B

Total Assets

6.84B

Financial Health Analysis

Current Ratio

0.29x

Warning: Liquidity concerns. Current assets may not be sufficient to cover short-term obligations.

Debt-to-Equity Ratio

8.43x

High financial leverage. Heavy reliance on debt may indicate increased financial risk and potential solvency concerns.

Working Capital

-3941189000

Negative working capital indicates short-term liabilities exceed short-term assets—potential liquidity stress.

Asset Composition

23% Current

Capital-intensive business with significant long-term investments in property, equipment, or intangibles.

Financial Health Insight

Financial stress indicators: Both liquidity and leverage metrics raise concerns. The company may face challenges meeting obligations and should focus on strengthening its balance sheet.

Mercantile Bank Corporation Balance Sheet

MBWM • NASDAQ

Mercantile Bank Corporation Balance Sheet	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017	Dec 2016	Dec 2015	Dec 2014	Dec 2013	Dec 2012	Dec 2011	Dec 2010	Dec 2009	Dec 2008	Dec 2007	Dec 2006
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents	473.3M	393M	130.5M	96.8M	975.2M	626M	233.7M	75.4M	200.1M	183.6M	89.3M	161.5M	23.5M	31.1M	22M	16.3M	18.9M	16.8M	29.1M	51.1M
Short-Term Investments	1.1B	730.4M	617.1M	602.9M	592.7M	387.3M	334.7M	337.4M	335.7M	328.1M	347M	432.9M	131.2M	138.3M	173M	9.6M	1.5M	0.0	0.0	0.0
Cash & Short-Term Investments	1.6B	1.1B	747.6M	699.7M	1.6B	1B	568.4M	412.7M	535.8M	511.7M	436.3M	594.4M	154.7M	169.4M	195M	25.9M	20.4M	16.8M	29.1M	51.1M
Net Receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.6M	3.9M	4.4M	5.9M	7.1M	8.5M	10M	10.3M
Accounts Receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.6M	3.9M	4.4M	5.9M	7.1M	8.5M	10M	10.3M
Total Current Assets	1.6B	1.1B	747.6M	699.7M	1.6B	1B	568.4M	412.7M	535.8M	511.7M	436.3M	594.4M	158.4M	173.3M	199.4M	31.8M	27.5M	25.4M	39.1M	61.4M
NON-CURRENT ASSETS
Property, Plant, and Equipment (Net)	62.5M	53.4M	50.9M	51.5M	57.3M	59M	57.3M	48.3M	46M	45.5M	46.9M	48.8M	24.9M	25.9M	26.8M	27.9M	29.7M	32.3M	34.4M	33.5M
Goodwill	72.7M	49.5M	49.5M	49.5M	49.5M	49.5M	49.5M	49.5M	49.5M	49.5M	49.5M	49.5M	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Intangible Assets	20.4M	0.0	11.3M	583K	1.4M	2.4M	3.8M	5.6M	7.6M	10M	12.6M	15.6M	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Goodwill & Intangible Assets	93M	49.5M	60.8M	50.1M	50.8M	51.9M	53.3M	55M	57.1M	59.4M	62.1M	65.1M	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Long-Term Investments	4.8B	4.6B	4.3B	3.9B	3.4B	3.2B	2.8B	2.7B	2.5B	2.4B	2.3B	2.1B	1B	1B	1B	1.4B	1.7B	2.1B	976.4M	1.9B
Tax Assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	17.8M	22M	26M	0.0	0.0	0.0	0.0	0.0
Other Non-Current Assets	340.5M	263.7M	221.4M	193.4M	147.5M	134.7M	121.1M	117.1M	108.7M	105.4M	96.3M	115.8M	195.5M	189.2M	145.1M	144.2M	115.4M	93.4M	1.1B	53.1M
Total Non-Current Assets	5.3B	4.9B	4.6B	4.2B	3.7B	3.4B	3.1B	3B	2.8B	2.6B	2.5B	2.3B	1.3B	1.2B	1.2B	1.6B	1.9B	2.2B	2.1B	2B
Total Assets	6.8B	6.1B	5.4B	4.9B	5.3B	4.4B	3.6B	3.4B	3.3B	3.1B	2.9B	2.9B	1.4B	1.4B	1.4B	1.6B	1.9B	2.2B	2.1B	2.1B
LIABILITIES
CURRENT LIABILITIES
Total Payables	0.0	0.0	0.0	78.2M	24.6M	24.3M	22.4M	25.2M	14.2M	15.2M	16.4M	12.3M	7.4M	8.4M	4.2M	0.0	0.0	0.0	23.8M	0.0
Accounts Payable	0.0	0.0	0.0	78.2M	24.6M	24.3M	22.4M	25.2M	14.2M	15.2M	16.4M	12.3M	7.4M	8.4M	4.2M	0.0	0.0	0.0	23.8M	0.0
Accrued Expenses	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	4.2M	5.9M	7.2M	17.1M	0.0	0.0
Short Term Debt	232.3M	121.5M	229.7M	194.3M	197.5M	118.4M	102.7M	103.5M	118.7M	131.7M	154.8M	167.6M	69.3M	64.8M	72.6M	0.0	2.6M	94.4M	111.3M	95.3M
Other Current Liabilities	5.3B	4.7B	3.9B	3.7B	4.1B	3.4B	2.7B	2.5B	2.5B	2.4B	2.3B	2.3B	1.1B	1.1B	1.1B	1.3B	1.4B	1.6B	1.6B	1.6B
Total Current Liabilities	5.5B	4.8B	4.1B	4B	4.3B	3.6B	2.8B	2.6B	2.7B	2.5B	2.4B	2.5B	1.2B	1.2B	1.2B	1.3B	1.4B	1.7B	1.7B	1.7B
NON-CURRENT LIABILITIES
Long Term Debt	593.6M	526.7M	606.5M	445.8M	495.9M	441.6M	400.9M	396.2M	265.5M	219.8M	123.2M	108.5M	78M	68M	79.4M	109.8M	254.9M	322.5M	217M	131.3M
Other Non-Current Liabilities	0.0	121M	93.9M	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-4.2M	117M	99.8M	0.0	0.0	21.9M
Total Non-Current Liabilities	593.6M	647.7M	700.4M	445.8M	495.9M	441.6M	400.9M	396.2M	265.5M	219.8M	123.2M	108.5M	78M	68M	75.3M	226.8M	354.6M	322.5M	217M	153.2M
Total Liabilities	6.1B	5.5B	4.8B	4.4B	4.8B	4B	3.2B	3B	2.9B	2.7B	2.6B	2.6B	1.3B	1.3B	1.3B	1.5B	1.8B	2B	1.9B	1.9B
SHAREHOLDERS' EQUITY
Preferred Stock	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	20.3M	20.1M	19.8M	0.0	0.0	0.0
Common Stock	349.4M	299.7M	295.1M	290.4M	285.8M	302M	305M	308M	309.8M	305.5M	304.8M	317.9M	163M	166.1M	172.8M	0.0	0.0	0.0	0.0	0.0
Additional Paid-In Capital	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	172.8M	172.7M	172.4M	172.4M	172.9M	161.2M
Retained Earnings	399.4M	334.6M	277.5M	216.3M	174.5M	134M	107.8M	75.5M	61M	40.9M	27.7M	10.2M	-4.1M	-21.1M	-32.6M	-68.8M	-54.2M	-1.3M	4.9M	11.8M
Accumulated Other Comprehensive Income/Loss	-24M	-49.8M	-50.5M	-65.3M	-3.7M	5.5M	3.7M	-8.2M	-4.9M	-5.6M	1.3M	16K	-5.6M	1.7M	3.3M	825K	859K	3.3M	269K	-1.1M
Other Total Stockholders' Equity	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	-171.7M	0.0	1.1M	0.0	0.0	0.0
Total Stockholders' Equity	724.9M	584.5M	522.1M	441.4M	456.6M	441.6M	416.6M	375.2M	365.9M	340.8M	333.8M	328.1M	153.3M	146.6M	165M	125.9M	140.1M	174.4M	178.2M	171.9M
Total Equity	724.9M	584.5M	522.1M	441.4M	456.6M	441.6M	416.6M	375.2M	365.9M	340.8M	333.8M	328.1M	153.3M	146.6M	165M	125.9M	140.1M	174.4M	178.2M	171.9M
SUMMARY
Total Liabilities & Equity	6.8B	6.1B	5.4B	4.9B	5.3B	4.4B	3.6B	3.4B	3.3B	3.1B	2.9B	2.9B	1.4B	1.4B	1.4B	1.6B	1.9B	2.2B	2.1B	2.1B
Total Investments	5.9B	5.3B	4.9B	4.5B	4B	3.6B	3.2B	3.1B	2.9B	2.7B	2.6B	2.5B	1.2B	1.2B	1.2B	1.4B	1.7B	2.1B	976.4M	1.9B
Total Debt	825.9M	648.2M	836.3M	640.2M	693.4M	559.9M	503.6M	499.7M	384.3M	351.5M	277.9M	276.1M	147.3M	132.8M	152M	109.8M	257.5M	416.9M	328.3M	226.6M
Net Debt	352.6M	255.2M	705.7M	543.4M	-281.8M	-66.1M	269.8M	424.4M	184.2M	167.9M	188.6M	114.5M	123.8M	101.6M	130M	93.5M	238.6M	400.2M	299.1M	175.5M
Shares Outstanding	16,253,544	16,253,544	16,253,544	16,253,544	16,253,544	16,253,544	16,253,544	16,253,544	16,253,544	16,253,544	16,253,544	16,253,544	16,253,544	16,253,544	16,253,544	16,253,544	16,253,544	16,253,544	16,253,544	16,253,544

SEC Filings

MBWM - Filing history and reports

Filing Type	Filing Date	Period Ending	Fiscal Year	Actions
8-K 8-K 2026 N/A	May 21, 2026	May 21, 2026	2026	View Filing
10-Q 10-Q 2026 Q1 Q1	May 01, 2026	March 31, 2026	2026	View Filing
8-K 8-K 2026 N/A	April 21, 2026	April 21, 2026	2026	View Filing
DEF 14A DEF 14A 2026 N/A	April 02, 2026	May 21, 2026	2026	View Filing
8-K 8-K 2026 N/A	March 19, 2026	March 19, 2026	2026	View Filing
10-K 10-K 2025 FY FY	February 27, 2026	December 31, 2025	2025	View Filing
8-K/A 8-K/A 2026 (Amended) N/A	January 20, 2026	January 20, 2026	2026	View Filing
8-K 8-K 2026 N/A	January 20, 2026	January 20, 2026	2026	View Filing
8-K 8-K 2025 N/A	December 31, 2025	December 24, 2025	2025	View Filing
8-K 8-K 2025 N/A	December 19, 2025	December 19, 2025	2025	View Filing

Showing 1 to 10 of 366 filings

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