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Mercantile Bank Corporation (MBWM) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

FINANCIAL SERVICES · BANKS - REGIONAL · DATA UPDATED 2026-09-17

Mercantile Bank Corporation (MBWM) operates in the BANKS - REGIONAL industry and is headquartered in Grand Rapids, United States with about 827 employees. Its market capitalization is roughly $1 billion. In the fiscal year ended 2025-12-31, MBWM reported $372M in revenue and $89M in net income.

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank that provides commercial and retail banking services to small- to medium-sized businesses and individuals in the United States.

Interactive charts & full statements → Open the MBWM valuation workbench →

MBWM Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$384M	$372M	$362M	$304M	$214M	$199M	$193M	$185M	$161M	$145M	$139M	$128M	$99M	$65M	$68M	$78M	$97M	$112M	$128M	$150M	$143M
Gross Profit	$261M	$238M	$224M	$218M	$184M	$184M	$153M	$150M	$138M	$126M	$124M	$118M	$91M	$62M	$58M	$52M	$34M	$0M	$32M	$50M	$61M
Gross Margin %	68.0%	64.0%	61.9%	71.8%	85.9%	92.4%	79.3%	80.8%	85.7%	87.0%	88.9%	92.1%	91.6%	94.5%	85.1%	65.9%	34.7%	-0.1%	25.2%	33.6%	42.9%
Operating Income (EBIT)	$111M	$102M	$98M	$103M	$76M	$74M	$55M	$60M	$52M	$46M	$47M	$39M	$25M	$25M	$18M	$10M	($13M)	($47M)	($10M)	$12M	$29M
Operating Margin %	28.8%	27.5%	27.2%	33.8%	35.4%	37.1%	28.3%	32.6%	32.2%	31.9%	33.6%	30.2%	25.4%	38.6%	26.8%	12.9%	-13.7%	-41.4%	-7.7%	8.0%	20.2%
Net Income	$95M	$89M	$80M	$82M	$61M	$59M	$44M	$49M	$42M	$31M	$32M	$27M	$17M	$17M	$13M	$37M	($13M)	($52M)	($5M)	$9M	$20M
Net Margin %	24.8%	23.9%	22.0%	27.1%	28.5%	29.7%	22.8%	26.7%	26.1%	21.6%	22.9%	21.1%	17.5%	26.2%	18.5%	47.8%	-13.7%	-46.3%	-3.9%	6.0%	13.9%
EBITDA	$117M	$107M	$109M	$114M	$89M	$87M	$64M	$70M	$62M	$56M	$56M	$50M	$33M	$27M	$20M	$12M	($11M)	($44M)	($7M)	$15M	$32M
Earnings Per Share (EPS)	$5.69	$5.46	$4.93	$5.13	$3.85	$3.69	$2.71	$3.01	$2.53	$1.90	$1.96	$1.62	$1.28	$1.95	$1.42	$4.22	$-1.57	$-6.14	$-0.59	$1.06	$2.22
Shares Outstanding (M)	17M	16M	16M	16M	16M	16M	16M	16M	17M	16M	16M	17M	14M	9M	9M	9M	9M	8M	8M	8M	9M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MBWM Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$98M	$97M	$93M	$96M	$93M	$89M	$93M	$93M
Gross Profit	$69M	$69M	$61M	$62M	$59M	$55M	$57M	$57M
Gross Margin %	70.0%	71.3%	65.8%	64.8%	63.5%	61.9%	61.6%	61.1%
Operating Income (EBIT)	$31M	$27M	$25M	$27M	$26M	$24M	$23M	$25M
Operating Margin %	31.8%	28.3%	26.4%	28.6%	27.8%	27.0%	25.1%	26.4%
Net Income	$26M	$23M	$23M	$24M	$23M	$20M	$20M	$20M
Net Margin %	26.4%	23.5%	24.5%	24.7%	24.2%	21.9%	21.2%	21.1%
EBITDA	$33M	$29M	$26M	$29M	$27M	$26M	$26M	$27M
Earnings Per Share (EPS)	$1.50	$1.32	$1.40	$1.46	$1.39	$1.21	$1.22	$1.22
Shares Outstanding (M)	17M	17M	16M	16M	16M	16M	16M	16M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MBWM Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$72M	$18M	$101M	$67M	$120M	$65M	$38M	$45M	$62M	$39M	$35M	$36M	$14M	$29M	$17M	$23M	$30M	($9M)	$14M	$19M	$28M
Capital Expenditures (CapEx)	$4M	$7M	$9M	$7M	$3M	$6M	$9M	$13M	$6M	$5M	$2M	$1M	$2M	$0M	$1M	$1M	$0M	$0M	$1M	$4M	$6M
Free Cash Flow (FCF)	$68M	$11M	$93M	$60M	$117M	$59M	$29M	$31M	$55M	$33M	$33M	$35M	$12M	$28M	$16M	$22M	$29M	($9M)	$13M	$16M	$22M
FCF Margin %	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Dividends Paid	$25M	$24M	$22M	$21M	$20M	$19M	$18M	$17M	$28M	$12M	$19M	$10M	$24M	$4M	$1M	$2M	$1M	$1M	$3M	$5M	$4M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MBWM Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$15M	$28M	$6M	$23M	($8M)	($3M)	$60M	($8M)
Capital Expenditures (CapEx)	$0M	$1M	$0M	$3M	$2M	$2M	$1M	$6M
Free Cash Flow (FCF)	$15M	$27M	$5M	$20M	($10M)	($5M)	$59M	($14M)
FCF Margin %	—	—	—	—	—	—	—	—
Dividends Paid	$7M	$7M	$6M	$6M	$6M	$6M	$6M	$6M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MBWM Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$6.8B	$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
Cash & Cash Equivalents	$70M	$473M	$393M	$131M	$97M	$975M	$626M	$234M	$75M	$200M	$184M	$89M	$162M	$24M	$31M	$22M	$16M	$19M	$17M	$29M	$51M
Total Liabilities	$6.1B	$6.1B	$5.5B	$4.8B	$4.4B	$4.8B	$4.0B	$3.2B	$3.0B	$2.9B	$2.7B	$2.6B	$2.6B	$1.3B	$1.3B	$1.3B	$1.5B	$1.8B	$2.0B	$1.9B	$1.9B
Total Debt (Short + Long-Term)	$588M	$729M	$648M	$836M	$640M	$693M	$166M	$150M	$150M	$164M	$222M	$210M	$222M	$99M	$99M	$115M	$100M	$192M	$347M	$248M	$147M
Total Shareholders' Equity	$755M	$725M	$585M	$522M	$441M	$457M	$442M	$417M	$375M	$366M	$341M	$334M	$328M	$153M	$147M	$165M	$126M	$140M	$174M	$178M	$172M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive MBWM viewer.

Other Companies in BANKS - REGIONAL

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CFFN · Capitol Federal Financial Inc — $1 billion
FSBC · Five Star Bancorp — $1 billion
CCNE · CNB Financial Corporation — $1 billion
EQBK · Equity Bancshares, Inc. — $1 billion
MCBS · MetroCity Bankshares — $1 billion
BFST · Business First Bancshares Inc — $1 billion

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