Mercantile Bank Corporation (MBWM) Stock

Mercantile Bank Corporation (MBWM) is a Financials stock trading at $59.54 (as of 2026-08-21), with a market capitalization of $1.03B and a trailing P/E of 10.8. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Mercantile Bank Corporation (MBWM) is a bank holding company for Mercantile Bank of Michigan, providing commercial and retail banking services, including deposit products, commercial and consumer lending, and related banking services such as courier services and safe deposit facilities. It also offers insurance products and operates automated teller machines and video banking machines.

Understand Mercantile Bank Corporation: how it makes money

Mercantile Bank Corporation provides commercial and retail banking, taking deposits (checking, savings, term certificate accounts) and making loans (including commercial and construction and other real estate lending) to earn income primarily from its lending activity.

Bank profit is structurally driven by how deposits are deployed into earning loans (captured by the Loan to Deposit Ratio) while credit losses remain controlled (captured by Non-Performing Loans).

Business quality (Solid): In the latest reported quarter (2026-03-31), the bank reported a 31.9% operating margin, with Non-Performing Loans reported at 0.0 USD_B and a Loan to Deposit Ratio of 89.0 percent, suggesting profitability supported by strong credit performance and a fairly tight funding-to-loans balance.

Valuation: At 10× earnings, MBWM trades 24% below the Banking average (13×). Note: one-time items can distort reported P/E.

Bull case

  • Credit performance appears strong: Non-Performing Loans are reported as 0.0 USD_B.
  • Funding-to-loan deployment is in a relatively tight range: The Loan to Deposit Ratio is 89.0 percent.
  • Pipeline indicators suggest ongoing loan activity: Commercial Construction Loan Commitments Pipeline is 0.32 USD_B, and Commitments to Make Loans are 0.3 USD_B.

Bear case

  • Construction and real estate credit can be cyclical: The bank shows exposure indicators such as Non-Owner Occupied Office Exposure of 0.27 USD_B and construction-related commitment measures (for example, Commercial Construction Loan Commitments Pipeline of 0.32 USD_B).
  • Deposit stickiness and insurance coverage risk may matter: Uninsured Deposit Level is 48.0 percent, which can increase sensitivity to funding conditions if uninsured deposits move.
Valuation — source: SEC EDGAR (first-party)
Price$59.54
Market Cap$1.03B
P/E Ratio10.8
EV / EBITDA8.7
Price / Book1.36
Price / Sales3.03
DCF Value (model)$113.62
DCF Upside vs Price90.8%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$330.19M
Net Margin26.9%
Revenue Growth (YoY)5.8%
EPS Growth (YoY)7.9%
Valuation vs Sector & Industry
Stock P/E10.8
Sector P/E (Financials)15.1
Industry P/E (Banking)13.0
vs Sector-28.4%
vs Industry-16.7%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($70.13M)
Institutional Holders Tracked10
Company
SectorFinancials
IndustryBanking
CEORaymond E. Reitsma
Employees662
CountryUS
IPO Date1999-07-20

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MBWM earnings history · MBWM institutional & insider holders · MBWM KPIs & operating metrics · MBWM financials · MBWM investor presentations & press releases · MBWM SEC filings · MBWM peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.