MBWM Stock - Mercantile Bank Corporation
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Financial Statements
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| Revenue | $361.89M | $303.50M | $213.92M | $198.66M | $193.49M |
| Gross Profit | $224.07M | $217.99M | $183.77M | $183.52M | $153.37M |
| Gross Margin | 61.9% | 71.8% | 85.9% | 92.4% | 79.3% |
| Operating Income | $98.29M | $102.70M | $75.79M | $73.72M | $54.85M |
| Net Income | $79.59M | $82.22M | $61.06M | $59.02M | $44.14M |
| Net Margin | 22.0% | 27.1% | 28.5% | 29.7% | 22.8% |
| EPS | $4.93 | $5.13 | $3.85 | $3.69 | $2.71 |
Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services to small- to medium-sized businesses and individuals in the United States. It accepts various deposit products, including checking, savings, and term certificate accounts; time deposits; and certificates of deposit. The company also offers commercial and industrial loans; vacant land, land development, and residential construction loans; owner and non-owner-occupied real estate loans; multi-family and residential rental property loans; single-family residential real estate loans; home equity line of credit programs; and consumer loans, such as new and used automobile and boat loans, and credit cards, as well as overdraft protection services; and residential mortgage and instalment loans. In addition, it provides courier services and safe deposit facilities; and insurance products, such as private passenger automobile, homeowners, personal inland marine, boat owners, recreational vehicle, dwelling fire, umbrella policies, small business, and life insurance products, as well as owns 22 automated teller machines and 19 video banking machines. As of January 18, 2022, the company operated 44 banking offices. Mercantile Bank Corporation was incorporated in 1997 and is headquartered in Grand Rapids, Michigan.
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Price Targets
Recent Analyst Actions
| Date | Firm | Action | Rating | Price Target |
|---|---|---|---|---|
| December 18th 2025 | Hovde Group | Reiterated | Outperform | $56← $53 |
| July 24th 2025 | Raymond James | Upgrade | Outperform | $55 |
| January 22nd 2025 | Hovde Group | Upgrade | Outperform | $54 |
| May 8th 2024 | Janney | Downgrade | Neutral | - |
| March 4th 2024 | Hovde Group | Downgrade | Market Perform | - |
| January 16th 2024 | Janney | Upgrade | Buy | - |
| March 7th 2023 | Piper Sandler | Upgrade | Overweight | $40← $38 |
| January 18th 2023 | Raymond James | Downgrade | Market Perform | - |
| October 6th 2022 | Raymond James | Downgrade | Outperform | $35← $44 |
| July 28th 2022 | Hovde Group | Upgrade | Outperform | $41 |
Earnings History & Surprises
MBWMEPS Surprise History
Quarterly EPS Details
| Period | Report Date | Estimated EPS | Actual EPS | Surprise | Result |
|---|---|---|---|---|---|
Q2 2026 | Apr 20, 2026 | — | — | — | — |
Q1 2026 | Jan 20, 2026 | $1.34 | — | — | — |
Q4 2025 | Oct 21, 2025 | $1.38 | $1.46 | +5.8% | ✓ BEAT |
Q3 2025 | Jul 22, 2025 | $1.23 | $1.39 | +13.0% | ✓ BEAT |
Q2 2025 | Apr 22, 2025 | $1.19 | $1.21 | +1.7% | ✓ BEAT |
Q1 2025 | Jan 21, 2025 | $1.15 | $1.22 | +6.1% | ✓ BEAT |
Q4 2024 | Oct 15, 2024 | $1.17 | $1.22 | +4.3% | ✓ BEAT |
Q3 2024 | Jul 16, 2024 | $1.16 | $1.17 | +0.9% | ✓ BEAT |
Q2 2024 | Apr 16, 2024 | $1.14 | $1.34 | +17.5% | ✓ BEAT |
Q1 2024 | Jan 16, 2024 | $1.24 | $1.25 | +0.8% | ✓ BEAT |
Q4 2023 | Oct 17, 2023 | $1.15 | $1.30 | +13.0% | ✓ BEAT |
Q3 2023 | Jul 18, 2023 | $1.10 | $1.27 | +15.5% | ✓ BEAT |
Q2 2023 | Apr 18, 2023 | $1.16 | $1.31 | +12.9% | ✓ BEAT |
Q1 2023 | Jan 17, 2023 | $1.20 | $1.37 | +14.2% | ✓ BEAT |
Q4 2022 | Oct 18, 2022 | $0.98 | $1.01 | +3.1% | ✓ BEAT |
Q3 2022 | Jul 19, 2022 | $0.76 | $0.74 | -2.6% | ✗ MISS |
Q2 2022 | Apr 19, 2022 | $0.72 | $0.73 | +1.4% | ✓ BEAT |
Q1 2022 | Jan 18, 2022 | $0.86 | $0.94 | +9.3% | ✓ BEAT |
Q4 2021 | Oct 19, 2021 | $0.85 | $0.95 | +11.8% | ✓ BEAT |
Q3 2021 | Jul 20, 2021 | $0.78 | $1.07 | +37.2% | ✓ BEAT |
Latest News
Reported Earlier, Mercantile Bank And Eastern Michigan Financial Announce Receipt Of All Regulatory Approvals For Merger
📈 PositiveRaymond James Reiterates Outperform on Mercantile Bank, Lowers Price Target to $52
➖ NeutralMercantile Bank Q3 EPS $1.46 Beats $1.37 Estimate, Sales $62.390M Beat $61.332M Estimate
📈 PositiveFrequently Asked Questions about MBWM
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