Mercantile Bank Corporation (MBWM) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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MBWM Revenue Growth
Revenue Breakdown (FY 2025)
MBWM's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
MBWM Revenue Analysis (2014–2025)
As of May 6, 2026, Mercantile Bank Corporation (MBWM) generated trailing twelve-month (TTM) revenue of $371.8 million, reflecting modest growth of +0.7% year-over-year. The most recent quarter (Q4 2025) recorded $93.3 million in revenue, down 2.8% sequentially.
Looking at the longer-term picture, MBWM's 5-year compound annual growth rate (CAGR) stands at +14.0%, indicating consistent double-digit revenue growth. The company achieved its highest annual revenue of $371.8 million in 2025, representing a new all-time high.
Revenue diversification analysis shows MBWM's business is primarily driven by Credit and Debit Card (42%), Service Charges on Deposit and Sweep Accounts (38%), and Payroll Processing (16%).
When compared to Financial Services sector peers including IBCP, CZWI, and UVSP. Compare MBWM vs IBCP →
MBWM Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| MBWMCurrent | $372M | +0.7% | +14.0% | 27.5% | |
 IBCP | $315M | - | - | 25.8% | |
 CZWI | $90M | - | - | 7.0% | |
 UVSP | $518M | - | - | 21.9% | |
 FITB | $13.0B | - | - | 22.3% | |
 HBAN | $12.5B | - | - | 21.5% |
MBWM Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $371.8M | - | $238.1M | 64.0% | $102.1M | 27.5% |
| 2024 | $361.9M | - | $224.1M | 61.9% | $98.3M | 27.2% |
| 2023 | $303.5M | - | $218.0M | 71.8% | $102.7M | 33.8% |
| 2022 | $213.9M | - | $183.8M | 85.9% | $75.8M | 35.4% |
| 2021 | $198.7M | - | $183.5M | 92.4% | $73.7M | 37.1% |
| 2020 | $193.5M | - | $153.4M | 79.3% | $54.8M | 28.3% |
| 2019 | $185.3M | - | $149.7M | 80.8% | $60.5M | 32.6% |
| 2018 | $161.0M | - | $138.0M | 85.7% | $51.8M | 32.2% |
| 2017 | $144.5M | - | $125.8M | 87.0% | $46.1M | 31.9% |
| 2016 | $139.5M | - | $124.0M | 88.9% | $46.9M | 33.6% |
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Start ComparisonMBWM — Frequently Asked Questions
Quick answers to the most common questions about buying MBWM stock.
Is MBWM's revenue growth accelerating or slowing?
MBWM revenue growth slowed to +0.7%, below the 5-year CAGR of +14.0%. TTM revenue is $372M. The deceleration marks a shift from historical growth rates.
What is MBWM's long-term revenue growth rate?
Mercantile Bank Corporation's 5-year revenue CAGR of +14.0% reflects the variable expansion pattern. Current YoY growth of +0.7% is near this long-term average.
How is MBWM's revenue distributed by segment?
MBWM reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.