Mercantile Bank Corporation (MBWM) Revenue History
Annual and quarterly revenue from 1998 to present
MBWM Revenue Over Time (1998–2025)
MBWM Revenue Growth History
21 of 27 years with positive growth- FY1998 revenue growth
- N/A
- FY1999 revenue growth
- +172.4%
- FY2000 revenue growth
- +60.7%
- FY2001 revenue growth
- +22.3%
- FY2002 revenue growth
- +9.0%
- FY2003 revenue growth
- +16.4%
- FY2004 revenue growth
- +24.2%
- FY2005 revenue growth
- +47.0%
- FY2006 revenue growth
- +32.2%
- FY2007 revenue growth
- +5.3%
- FY2008 revenue growth
- -14.5%
- FY2009 revenue growth
- -12.4%
- FY2010 revenue growth
- -13.4%
- FY2011 revenue growth
- -19.5%
- FY2012 revenue growth
- -13.3%
- FY2013 revenue growth
- -4.1%
- FY2014 revenue growth
- +52.3%
- FY2015 revenue growth
- +29.5%
- FY2016 revenue growth
- +8.7%
- FY2017 revenue growth
- +3.6%
- FY2018 revenue growth
- +11.4%
- FY2019 revenue growth
- +15.1%
- FY2020 revenue growth
- +4.4%
- FY2021 revenue growth
- +2.7%
- FY2022 revenue growth
- +7.7%
- FY2023 revenue growth
- +41.9%
- FY2024 revenue growth
- +19.2%
- FY2025 revenue growth
- +2.7%
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2025 | $93.3M | — |
| Q3 2025 | $96.0M | — |
| Q2 2025 | $93.4M | — |
| Q1 2025 | $89.0M | — |
| Q4 2024 | $92.7M | — |
| Q3 2024 | $93.1M | — |
| Q2 2024 | $88.6M | — |
| Q1 2024 | $87.6M | — |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
MBWM's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
MBWM Revenue Analysis (1998–2025)
Current Revenue & Growth
As of June 21, 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.
Historical Growth Trajectory
MBWM's 5-year compound annual growth rate (CAGR) stands at +14.0%, indicating consistent double-digit revenue growth. The 3-year CAGR of +20.2% exceeds the 5-year average, indicating an acceleration in the most recent period. Mercantile Bank Corporation's highest annual revenue of $371.8 million was recorded in 2025, an all-time high.
Revenue by Segment
MBWM's revenue is primarily driven by Credit and Debit Card (42%), Service Charges on Deposit and Sweep Accounts (38%), and Payroll Processing (16%). The diversified mix across segments reduces dependence on any single product line, which can support more resilient revenue in downturns.
Peer Comparison
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 | $12.9B | - | - | 24.9% | |
 HBAN | $12.5B | - | - | 21.5% |
MBWM Historical Revenue Data (1998–2025)
| 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% |
| 2015 | $128.4M | - | $118.2M | 92.1% | $38.8M | 30.3% |
| 2014 | $99.1M | - | $90.8M | 91.6% | $25.2M | 25.4% |
| 2013 | $65.1M | - | $61.5M | 94.5% | $25.1M | 38.6% |
| 2012 | $67.9M | - | $57.8M | 85.1% | $18.2M | 26.8% |
| 2011 | $78.4M | - | $51.6M | 65.9% | $10.1M | 12.9% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
28+ years return with dividends reinvested.
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Peer Comparison
Compare growth, multiples, and margins vs sector.
MBWM — 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 is slowing. TTM revenue is $372M, up +0.7% year-over-year — below the 5-year CAGR of +14.0%. The deceleration suggests maturing end-markets or increased competition.
What is MBWM's revenue history from 1998 to 2026?
Mercantile Bank Corporation (MBWM) revenue history spans 1998 to 2026. TTM revenue as of 2026 is $372M, growing at +0.7% YoY. The 5-year CAGR is +14.0%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is MBWM's long-term revenue growth rate (CAGR)?
Mercantile Bank Corporation's 5-year revenue CAGR of +14.0% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of +0.7% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for MBWM.
Why does MBWM's quarterly revenue fluctuate?
MBWM quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Mercantile Bank Corporation's revenue data from 1998 to 2026 shows full historical quarterly detail on this page.
How is MBWM's revenue distributed by segment?
MBWM reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does MBWM's revenue compare to industry peers?
Mercantile Bank Corporation (MBWM) with TTM revenue of $372M and +0.7% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.