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Grand Rapids, Michigan-based commercial bank offering business, mortgage and retail banking across Michigan.
Grand Rapids, Michigan-based commercial bank offering business, mortgage and retail banking across Michigan.
Earns the spread between loan interest and deposit costs, with commercial lending the core, plus smaller fees from mortgages and services. A network concentrated in West Michigan ties results to local business conditions.
Moat: narrow (scale, distribution). Established West Michigan branch franchise and long local relationships.
Headquarters: Grand Rapids, Michigan, US · Founded: 1997 · Employees: 744
Size Mercantile Bank (MBWM) is a United States Financials company (Regional Banks) with a market value of $1.05B, the 2218th largest of 3,117 United States companies the cockpit tracks. Shares closed at $60.57 on 6 Nov 2026.
Performance Over six months the shares gained 16.2%, against +7.6% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 5.4% over the last twelve months (peer median +9.9%); the operating margin is 42.4% (peer median 35.6%).
Valuation It trades at 1.41× book value against a peer median of 1.17× (7th most expensive of 21).
Price implies The share price implies a return on equity of about 11.5%; Mercantile Bank delivers 13.6%, so the price asks less than the business earns today.
Short interest Short interest is 3.2% of the free float (15 Oct 2026).
Next results Next results expected around 19 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $391M | $372M | $362M | $304M | $214M |
| Revenue growth | — | +3% | +19% | +42% | — |
| Net income | $95.5M | $88.8M | $79.6M | $82.2M | $61.1M |
| Free cash flow | $93.3M | $11.2M | $92.6M | $59.9M | $117M |
| Capital expenditure | $13.0M | $6.76M | $15.5M | $10.2M | $7.52M |
| Total debt | $670M | $733M | $653M | $840M | $644M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Mercantile Bank MBWM | $1.05B | +16% | +5% | 14% | 1.41× | 11.5% |
| Independent Bank IBCP | $802M | +5% | +3% | 14% | 1.39× | 10.6% |
| Old National Bancorp ONB | $9.43B | +3% | +18% | 12% | 1.17× | 10.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MBWM | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.1% | +3.1% | 9th highest of 21 |
| 6-month return | +16.2% | +7.6% | 4th highest of 20 |
| Return on equity | 13.6% | 10.8% | 6th highest of 21 |
| Price / book | 1.41× | 1.17× | 7th most expensive of 21 |
| Trailing P/E | 10.8× | 11.7× | 8th cheapest of 21 |
| ROE the price implies | 11.5% | 9.0% | 5th most demanding of 21 |
| ROE delivered | 13.6% | 10.2% | 6th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Mercantile Bank MBWM | United States | $1.05B | +16% | +5% | 14% | 1.41× | 11.5% | 13.6% |
| Forbright FRBT | United States | $1.04B | n/a | +11% | 11% | 1.01× | 6.4% | n/a |
| Business First Bancshares BFST | United States | $1.04B | +16% | +7% | 10% | 1.02× | 8.6% | 10.1% |
| MetroCity Bankshares MCBS | United States | $1.04B | +10% | +25% | 17% | 1.78× | 12.2% | 16.9% |
| Bank of Jiujiang 6190.HK | Hong Kong | $1.06B | +55% | -2% | 1% | 0.20× | 3.5% | 1.5% |
| CNB Financial CCNE | United States | $1.06B | +15% | +26% | 13% | 1.24× | 9.0% | 13.2% |
| Eagle Bancorp EGBN | United States | $1.03B | +28% | -11% | 5% | 0.89× | 9.0% | 4.7% |
| Horizon Bancorp HBNC | United States | $1.07B | +13% | +424% | 16% | 1.52× | 12.0% | 15.7% |
| San ju San Financial 7322.T | Japan | $1.08B | +1% | +23% | 5% | 0.72× | 6.9% | 5.4% |
| Southside Bancshares SBSI | United States | $1.01B | +2% | +9% | 12% | 1.54× | 10.1% | 11.8% |
| Northeast Bank NBN | United States | $1.08B | +1% | +9% | 20% | 1.72× | 11.8% | 20.0% |
| Five Star Bancorp FSBC | United States | $1.08B | +6% | +18% | 15% | 1.75× | 10.4% | 14.8% |
| Equity Bancshares EQBK | United States | $1.00B | +7% | +53% | 12% | 1.23× | 10.4% | 12.1% |
| Univest Financial UVSP | United States | $1.10B | +4% | +2% | 10% | 1.16× | 9.1% | 10.0% |
| First Bank of Toyama 7184.T | Japan | $1.12B | +10% | +14% | 10% | 0.90× | 7.9% | 10.2% |
| Central Pacific Financial CPF | United States | $974M | +10% | +4% | 15% | 1.68× | 13.2% | 14.9% |
| TOMONY 8600.T | Japan | $1.13B | +6% | +12% | 6% | 0.60× | 4.5% | 5.9% |
| Hanmi Financial HAFC | United States | $964M | +8% | +3% | 11% | 1.19× | 9.4% | 11.4% |
| Aktia Bank AKTIA.HE | Finland | $963M | +3% | +1% | 2% | 1.32× | 7.6% | 1.8% |
| Heritage Financial HFWA | United States | $1.15B | +3% | +22% | 8% | 1.06× | 7.8% | 7.8% |
| Miyazaki Bank 8393.T | Japan | $1.16B | +8% | +8% | 7% | 0.77× | 6.2% | 7.0% |