MBWM financial statements
The full income statement, balance sheet, and cash-flow statement for Mercantile Bank Corporation (MBWM), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 243M+4.8% | 231M+2.6% | 226M+18.6% | 190M+5.6% | 180M+7.7% | ||
| Noninterest income | 41.6M+3.0% | 40.4M+25.7% | 32.1M+0.2% | 32.1M-42.9% | 56.2M+24.5% | |
| Noninterest expense | 136M+8.1% | 126M+9.1% | 115M+6.8% | 108M-2.6% | 111M+12.5% | |
| Provision for credit losses | 3.20M-56.8% | 7.40M-3.9% | 7.70M+17.6% | 6.55M+252.3% | -4.30M-130.6% | |
| Interest expense | — | — | 77.8M+229.8% | 23.6M+21.4% | 19.4M-25.5% | |
| Interest & investment income | 330M+2.7% | 322M+18.5% | 271M+49.2% | 182M+26.7% | 143M-3.2% | |
| Net interest income | 201M+5.2% | 191M-1.3% | 194M+22.3% | 158M+27.6% | 124M+1.5% | |
| Pre-tax income | 103M+5.3% | 98.3M-4.3% | 103M+35.5% | 75.8M+2.8% | 73.7M+34.4% | |
| Income tax | 14.7M-21.1% | 18.7M-8.7% | 20.5M+39.1% | 14.7M+0.2% | 14.7M+37.2% | |
| Net income | 88.8M+11.5% | 79.6M-3.2% | 82.2M+34.6% | 61.1M+3.5% | 59.0M+33.7% | |
| $5.47+11.0% | $4.93-3.9% | $5.13+33.2% | $3.85+4.3% | $3.69+36.2% | ||
| EPS (basic) | $5.47+11.0% | $4.93-3.9% | $5.13+33.2% | $3.85+4.3% | $3.69+36.2% | |
| Weighted-avg shares (basic) | 16.2M+0.7% | 16.1M+0.7% | 16.0M+1.0% | 15.9M-0.8% | 16.0M-1.7% | |
| Weighted-avg shares (diluted) | — | 16.1M+0.7% | 16.0M+1.0% | 15.9M-0.8% | 16.0M-1.7% | |
| Dividends per share | $1.50+7.1% | $1.40+4.5% | $1.34+6.3% | $1.26+6.8% | $1.18+5.4% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 6.84B+12.9% | 6.05B+13.1% | 5.35B+9.9% | 4.87B-7.3% | 5.26B+18.5% | ||
| Property, plant & equipment | 62.5M+16.9% | 53.4M+4.9% | 50.9M-1.1% | 51.5M-10.2% | 57.3M-2.8% | |
| Operating lease right-of-use | 3.90M-11.4% | 4.40M+18.9% | 3.70M | — | — | |
| Goodwill | 72.7M+46.9% | 49.5M+0.0% | 49.5M+0.0% | 49.5M+0.0% | 49.5M+0.0% | |
| Intangible assets | 20.4M | 0.00 | — | 583K-56.8% | 1.35M-44.5% | |
| 6.11B+11.8% | 5.47B+13.2% | 4.83B+9.0% | 4.43B-7.7% | 4.80B+20.2% | ||
| Operating lease liability (total) | 3.90M-11.4% | 4.40M+18.9% | 3.70M | — | — | |
| 725M+24.0% | 585M+11.9% | 522M+18.3% | 441M-3.3% | 457M+3.4% | ||
| Preferred stock | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock | 349M+16.6% | 300M+1.6% | 295M+1.6% | 290M+1.6% | 286M-5.4% | |
| Retained earnings | 399M+19.4% | 335M+20.6% | 278M+28.3% | 216M+23.9% | 175M+30.2% | |
| Accumulated other comprehensive income | -24.0M+51.8% | -49.8M+1.3% | -50.5M+22.7% | -65.3M-1652.2% | -3.73M-168.0% | |
| Total liabilities & equity | 6.84B+12.9% | 6.05B+13.1% | 5.35B+9.9% | 4.87B-7.3% | 5.26B+18.5% | |
| Common shares issued | 17.2M+6.4% | 16.1M+0.1% | 16.1M+0.8% | 16.0M | — | |
| Common shares outstanding | 17.2M+6.4% | 16.1M+0.1% | 16.1M+0.8% | 16.0M+1.0% | 15.8M-3.0% | |
| Shares outstanding (cover) | 17.3M+6.4% | 16.2M+0.7% | 16.1M+0.8% | 16.0M+1.0% | 15.8M-2.6% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 18.0M-82.2% | 101M+51.8% | 66.6M-44.4% | 120M+85.6% | 64.6M+70.5% | ||
| Depreciation & amortization | 5.80M-44.8% | 10.5M-8.6% | 11.5M-11.2% | 12.9M-5.4% | 13.7M+45.1% | |
| Share-based compensation | 3.47M+4.7% | 3.32M-2.0% | 3.38M+0.2% | 3.38M-10.8% | 3.78M+62.8% | |
| Deferred income taxes | 2.08M+625.2% | -397K+80.5% | -2.04M-50.5% | -1.35M-167.0% | 2.02M+148.8% | |
| -106M+75.2% | -425M-7.5% | -396M+28.7% | -555M-12.0% | -496M-24.2% | ||
| Acquisitions | -53.6M | 0.00 | 0.00 | 0.00 | 0.00 | |
| Sales/maturities of investments | 67.3M+9.0% | 61.8M+155.9% | 24.1M+34.2% | 18.0M-77.6% | 80.4M-75.0% | |
| 168M-71.4% | 587M+61.6% | 363M+181.9% | -443M-156.8% | 780M+3.6% | ||
| Long-term debt issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | 0.00-100.0% | 21.4M+224.4% | |
| Dividends paid | 24.0M+6.6% | 22.5M+7.0% | 21.0M+7.2% | 19.6M+5.8% | 18.5M+3.3% | |
| Net change in cash | 80.3M-69.4% | 262M+677.5% | 33.8M+103.8% | -878M-351.6% | 349M-11.0% | |
| Interest paid | 129M+0.2% | 129M+79.4% | 72.0M+230.9% | 21.8M+6.9% | 20.4M-26.5% | |
| Income taxes paid | 44.8M+109.5% | 21.4M-13.9% | 24.9M+121.9% | 11.2M-36.2% | 17.6M+60.3% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 831M+15.1% | 722M+11.6% | 647M+21.8% | 531M-4.3% | 555M+25.6% | |
| P/E | 9.4×+3.2% | 9.1×+17.8% | 7.7×-26.2% | 10.4×+11.0% | 9.4×-6.1% | |
| P/S | 3.4×+9.8% | 3.1×+9.5% | 2.8×-5.1% | 3.0×-2.5% | 3.1×+16.7% | |
| P/B | 1.1×-7.2% | 1.2×-7.7% | 1.3×+4.9% | 1.3×+5.0% | 1.2×+21.5% | |
| Earnings yield | 10.7%-3.1% | 11.0%-15.1% | 13.0%+35.5% | 9.6%-9.9% | 10.6%+6.4% | |
| Dividend yield | 3.1%-0.9% | 3.1%-5.2% | 3.3%-11.8% | 3.8%+11.7% | 3.4%-18.3% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: MBWM’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all MBWM filings on SEC EDGAR → Not investment advice.