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MBWMMercantile Bank Corporation
$58.68$1.0B
Overview & Tools
OverviewChart Terminal ↗Visualize
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Analyst TargetsPrice History
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Income StatementBalance SheetCash FlowRatios & Margins
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MBWM logo

Mercantile Bank Corporation

MBWM
NASDAQ · Regional Banks
$58.68
At close - Sep 23, 4:00 PM EDT - USD
Market Cap$1.01B
P/E10.7x
52W High$62.95
Volume77.31K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Accelerating NII Growth Masks Deposit Repricing Risk

Mercantile Bank is experiencing accelerating earnings momentum, with Q2 2026 EPS of $1.50 beating consensus by 10% and net interest income up 15.7% year-over-year to $57.3M, driven by commercial loan growth and disciplined expense management (efficiency ratio ...

GrowthAccelerating
ProfitabilityStrong
ValuationAttractive
TechnicalsMixed
Explore valuation models
MARKET ACTION

MBWM price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

11/12 Beats

EPS beat 11 of last 12 quarters

02

Valuation risk

-19% Peers

P/E is 19% below peer median

03

Market leadership

RS 76 · Avg

Average momentum (RS Rating: 76)

04

Mixed Trend

Mixed

Price < 50DMA but > 200DMA

Next CatalystEstimated earnings · Oct 21

Market performance

Price History →

Trailing total returns as of 9/24/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
MBWM+25.73%
S&P 500 (^GSPC)+12.39%
1-Year Return
MBWM+30.19%
S&P 500 (^GSPC)+15.77%
3-Year Return
MBWM+99.68%
S&P 500 (^GSPC)+73.25%
5-Year Return
MBWM+113.94%
S&P 500 (^GSPC)+67.04%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y High
10.7x
Forward P/EExpansion
10.6x
EV/EBITDA100th %ile
12.8x
FCF YieldCash Flow
1.1%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
10.7x
8.8x
100th· High
EV/EBITDA
12.8x
10.7x
100th· High
Price/FCF
90.4x
9.5x
100th· High
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$50.88-13.3%
Base (Fair)$91.37+52.2%
Bull$143.28+144.2%
$50.88 Bear$91.37 Base$143.28 Bull
Current Market Price: $58.68
Trades at a 35.8% discount to Base DCF ($91.37)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$243M+4.8% YoY
Net income
$89M+11.5% YoY
Free cash flow
$11M-87.9% YoY
Operating margin
27.5%+0.3 pts YoY
ROIC (TTM)5.5%
Avg ROIC 5Y-
ROE (TTM)13.6%
Piotroski Score4 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate11/12 (100%)
Revenue Beat Rate9/12 (82%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Jul 21, 2026
$1.53+15.9%
vs $1.32
$69M-0.1%
vs $69M
Q2 2026
Apr 21, 2026
$1.32+4.8%
vs $1.26
$68M+0.3%
vs $67M
Q1 2026
Feb 27, 2026
$1.40
vs —
$93M
vs —
Q1 2026
Jan 20, 2026
$1.40+2.2%
vs $1.37
$62M+0.2%
vs $62M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Zacks Investment Research·2d ago
Mercantile Bank (MBWM) is a Top Dividend Stock Right Now: Should You Buy?

Dividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does Mercantile Bank (MBWM) have what it takes?

Defense World·6d ago
Mercantile Bank (NASDAQ:MBWM) Hits New 1-Year High – Still a Buy?

Mercantile Bank Corporation (NASDAQ: MBWM - Get Free Report)'s share price hit a new 52-week high on Thursday. The company traded as high as $62.95 and last traded at $60.55, with a volume of 202294 shares. The stock had previously closed at $61.77. Wall Street Analyst Weigh In Several analysts recently issued reports on MBWM

Seeking Alpha·Jul 21, 2026
Mercantile Bank Corporation (MBWM) Q2 2026 Earnings Call Transcript

Mercantile Bank Corporation (MBWM) Q2 2026 Earnings Call Transcript

MarketBeat·Jul 21, 2026
Mercantile Bank Q2 Earnings Call Highlights

Mercantile Bank NASDAQ: MBWM reported higher second-quarter earnings and said its year-end 2025 acquisition of Eastern Michigan contributed to stronger deposits, improved liquidity and a stable net interest margin.

Filtered for Mercantile Bank CorporationMore Headlines
04

Compare before deciding

Benchmark MBWM against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Mercantile Bank Corporation (MBWM)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
MBWM logoMBWMMercantile Bank CorporationCurrent
$58.68$1.01B10.754.83%23.87%13.56%2.51%
IBCP logoIBCPIndependent Bank Corporation
$35.30$727.4M10.804.57%22.71%14.12%—
CZWI logoCZWICitizens Community Bancorp, Inc.
$21.23$204.74M14.54-9.39%14.64%6.77%—
UVSP logoUVSPUnivest Financial Corporation
$41.41$1.14B13.109.64%18.89%10.41%—
FITB logoFITBFifth Third Bancorp
$51.69$46.85B14.608.37%15.91%8.86%—
HBAN logoHBANHuntington Bancshares Incorporated
$15.38$31.07B11.0610.58%16.64%8.57%—

Compare MBWM vs Peers

Mercantile Bank Corporation (MBWM) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs IBCP

Most directly comparable listed peer for MBWM.

Scale Benchmark

vs V

Larger-name benchmark to compare MBWM against a more recognizable public peer.

Peer Set

Compare Top 5

vs IBCP, CZWI, UVSP, FITB

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

MBWM SEC Filings & Documents

Mercantile Bank Corporation (MBWM) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Jul 21, 2026·SEC

Material company update

May 21, 2026·SEC

Material company update

Apr 21, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 27, 2026·SEC

FY 2025

Mar 3, 2025·SEC

FY 2024

Mar 1, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Jul 31, 2026·SEC

FY 2025

Oct 31, 2025·SEC

FY 2025

Aug 1, 2025·SEC

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MBWM Frequently Asked Questions

Mercantile Bank Corporation (MBWM) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
How fast is Mercantile Bank Corporation growing?

Mercantile Bank Corporation (MBWM) grew revenue by 4.8% over the past year. Growth has been modest.

Is MBWM profitable?

Yes, Mercantile Bank Corporation (MBWM) is profitable, generating $95.2M in net income for fiscal year 2025 (23.9% net margin).

Dividend & Returns
Does MBWM pay dividends?

Yes, Mercantile Bank Corporation (MBWM) pays a dividend with a yield of 2.51%. This makes it attractive for income-focused investors.

What is MBWM's return on equity?

Mercantile Bank Corporation (MBWM) has a return on equity (ROE) of 13.6%. This is reasonable for most industries.

Industry Metrics
What is Mercantile Bank Corporation's net interest margin?

Mercantile Bank Corporation (MBWM) has a net interest margin (NIM) of 2.9%. NIM has been under pressure due to interest rate environment.

What is Mercantile Bank Corporation's efficiency ratio?

Mercantile Bank Corporation (MBWM) has an efficiency ratio of 36.6%. This is excellent, indicating strong cost control.

What if you invested $1,000 in MBWM back in 1998?

Total return calculator · dividends reinvested · 28+ years of data

See returns →