Mercantile Bank Corporation (MBWM) Balance Sheet
MBWM balance sheet, 2025
December 31, 2025 · U.S. dollars$6.84B assets = $6.11B liabilities + $724.9M equity
Both columns are drawn to the same scale: what MBWM owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MBWM financial health
Descriptive bands, not a rating. Fiscal 2025.
MBWM balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $3.08B2016 | $6.84B2025 | +9.3%/yr | |
| Total liabilities | $2.74B2016 | $6.11B2025 | +9.3%/yr | |
| Shareholders’ equity | $340.8M2016 | $724.9M2025 | +8.7%/yr | |
| Cash & short-term investments | $511.7M2016 | $1.58B2025 | +13.3%/yr | |
| Total debt | $221.5M2016 | $825.9M2025 | +15.7%/yr | |
| Net cash (debt) | $290.1M2016 | $749.7M2025 | +$459.6M | |
| Working capital | $2.63B2016 | −$3.94B2025 | −$6.6B | |
| Book value per share | $20.892016 | $44.572025 | +8.8%/yr | |
| Debt / equity | 0.652016 | 1.142025 | +0.49 | |
| Shares outstanding | 16.3M2016 | 16.3M2025 | −0.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MBWM assets
MBWM liabilities and equity
MBWM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MBWM balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.58B | $1.12B | $747.6M | $699.7M | $1.57B | $1.01B | $568.4M | $412.7M | $535.8M | $511.7M |
| Cash & equivalents | $473.3M | $393.0M | $130.5M | $96.8M | $975.2M | $626.0M | $233.7M | $75.4M | $200.1M | $183.6M |
| Short-term investments | $1.10B | $730.4M | $617.1M | $602.9M | $592.7M | $387.3M | $334.7M | $337.4M | $335.7M | $328.1M |
| Receivables | $0 | $0 | $0 | $3.87B | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $701,000 | $452,000 | $811,000 | $2.3M | $469,000 |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.14B |
| Total current assets | $1.58B | $1.12B | $747.6M | $699.7M | $1.57B | $1.01B | $568.4M | $412.7M | $535.8M | $2.65B |
| Property, plant & equipment (net) | $62.5M | $53.4M | $50.9M | $51.5M | $57.3M | $59.0M | $57.3M | $48.3M | $46.0M | $45.5M |
| Goodwill & intangible assets | $93.0M | $61.9M | $60.8M | $50.1M | $50.8M | $51.9M | $53.3M | $55.0M | $57.1M | $59.4M |
| Long-term investments | $857.6M | $730.4M | $617.1M | $602.9M | $592.7M | $3.57B | $3.17B | $3.07B | $2.54B | $2.36B |
| Other non-current assets | $4.25B | $4.08B | $3.88B | $3.47B | $2.99B | $0 | $0 | $0 | $108.7M | $0 |
| Total assets | $6.84B | $6.05B | $5.35B | $4.87B | $5.26B | $4.44B | $3.63B | $3.36B | $3.29B | $3.08B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $78.2M | $24.6M | $24.3M | $22.4M | $25.2M | $14.2M | $15.2M |
| Short-term debt | $232.3M | $121.5M | $229.7M | $194.3M | $197.5M | $118.4M | $102.7M | $103.5M | $118.7M | $176.7M |
| Deferred revenue | — | — | — | −$197.6M | −$266.8M | −$114.1M | −$120.3M | −$118.3M | −$124.5M | −$161.5M |
| Total current liabilities | $5.52B | $4.82B | $4.13B | $3.99B | $4.31B | $3.55B | $2.82B | $2.59B | $2.66B | $15.2M |
| Long-term debt | $496.9M | $526.7M | $606.5M | $137.6M | $121.9M | $47.6M | $46.9M | $46.2M | $45.5M | $44.8M |
| Other long-term liabilities | $96.7M | $121.0M | $93.9M | $308.3M | $374.0M | $394.0M | $354.0M | $350.0M | $220.0M | $175.0M |
| Total liabilities | $6.11B | $5.47B | $4.83B | $4.43B | $4.80B | $4.00B | $3.22B | $2.99B | $2.92B | $2.74B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $349.4M | $299.7M | $295.1M | $290.4M | $285.8M | $302.0M | $305.0M | $308.0M | $309.8M | $305.5M |
| Retained earnings (deficit) | $399.4M | $334.6M | $277.5M | $216.3M | $174.5M | $134.0M | $107.8M | $75.5M | $61.0M | $40.9M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$24.0M | −$49.8M | −$50.5M | −$65.3M | −$3.7M | $5.5M | $3.7M | −$8.2M | −$4.9M | −$5.6M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $724.9M | $584.5M | $522.1M | $441.4M | $456.6M | $441.6M | $416.6M | $375.2M | $365.9M | $340.8M |
| Key figures | ||||||||||
| Total debt | $825.9M | $648.2M | $836.3M | $640.2M | $693.4M | $559.9M | $503.6M | $499.7M | $384.3M | $221.5M |
| Net cash (debt) | $749.7M | $475.1M | −$88.6M | $59.5M | $874.5M | $453.4M | $64.8M | −$87.0M | $151.6M | $290.1M |
| Working capital | −$3.94B | −$3.70B | −$3.38B | −$3.29B | −$2.74B | −$2.54B | −$2.25B | −$2.18B | −$2.12B | $2.63B |
| Tangible book value | $631.8M | $522.6M | $461.3M | $391.4M | $405.7M | $389.6M | $363.2M | $320.2M | $308.8M | $281.4M |
| Book value per share | $44.57 | $36.24 | $32.60 | $27.83 | $28.56 | $27.14 | $25.39 | $22.60 | $22.19 | $20.89 |
| Shares outstanding | 16.3M | 16.1M | 16.0M | 15.9M | 16.0M | 16.3M | 16.4M | 16.6M | 16.5M | 16.3M |
| Current ratio | 0.29 | 0.23 | 0.18 | 0.18 | 0.36 | 0.29 | 0.20 | 0.16 | 0.20 | 173.97 |
| Quick ratio | 0.29 | 0.23 | 0.18 | 1.15 | 0.36 | 0.29 | 0.20 | 0.16 | 0.20 | 33.60 |
| Debt / equity | 1.14 | 1.11 | 1.60 | 1.45 | 1.52 | 1.27 | 1.21 | 1.33 | 1.05 | 0.65 |
| Equity / assets | 10.6% | 9.7% | 9.8% | 9.1% | 8.7% | 10.0% | 11.5% | 11.2% | 11.1% | 11.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.20B | $1.47B | $1.58B | $1.07B | $867.2M | $918.9M | $1.12B | $1.03B | $845.5M | $846.4M | $747.6M | $858.3M |
| Cash & equivalents | $69.8M | $579.3M | $473.3M | $477.0M | $296.1M | $385.5M | $393.0M | $328.5M | $197.6M | $237.2M | $130.5M | $266.0M |
| Short-term investments | $1.13B | $892.9M | $1.10B | $591.6M | $571.1M | $533.5M | $730.4M | $703.4M | $647.9M | $609.2M | $617.1M | $592.3M |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $51,000 |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $1.20B | $1.47B | $1.58B | $1.07B | $867.2M | $918.9M | $1.12B | $1.03B | $845.5M | $846.4M | $747.6M | $858.3M |
| Property, plant & equipment (net) | $60.7M | $61.9M | $62.5M | $56.2M | $54.8M | $53.7M | $53.4M | $54.2M | $50.2M | $50.8M | $50.9M | $52.2M |
| Goodwill & intangible assets | $91.0M | $91.9M | $93.0M | $49.5M | $49.5M | $49.5M | $49.5M | $49.5M | $49.5M | $49.5M | $49.47B | $49.7M |
| Long-term investments | $1.11B | $892.9M | $857.6M | $591.6M | $571.1M | $533.5M | $730.4M | $703.4M | $647.9M | $609.2M | $617.1M | $592.3M |
| Other non-current assets | $4.36B | $4.43B | $4.25B | $4.54B | $4.64B | $4.59B | $4.10B | $4.08B | $4.01B | $3.91B | $0 | $3.70B |
| Total assets | $6.82B | $6.95B | $6.84B | $6.31B | $6.18B | $6.14B | $6.05B | $5.92B | $5.60B | $5.47B | $5.36B | $5.25B |
| Liabilities | ||||||||||||
| Accounts payable | — | — | — | — | — | — | — | — | — | — | — | $106.7M |
| Short-term debt | $217.5M | $310.5M | $232.3M | $332.4M | $333.7M | $302.1M | $121.5M | $220.9M | $221.9M | $228.6M | $229.7M | $164.1M |
| Deferred revenue | — | — | — | — | — | — | — | — | — | — | — | −$148.5M |
| Total current liabilities | $5.51B | $5.73B | $5.52B | $5.14B | $5.04B | $4.98B | $4.82B | $4.68B | $4.37B | $4.24B | $4.13B | $4.17B |
| Long-term debt | $370.6M | $392.8M | $496.9M | $405.7M | $405.5M | $446.1M | $526.7M | $556.5M | $566.2M | $586.0M | $606.5M | $596.3M |
| Other long-term liabilities | $178.6M | $85.3M | $96.7M | $100.9M | $99.8M | $102.8M | $121.0M | $100.5M | $116.6M | $106.9M | $93.9M | $0 |
| Total liabilities | $6.06B | $6.21B | $6.11B | $5.65B | $5.55B | $5.53B | $5.47B | $5.33B | $5.05B | $4.93B | $4.84B | $4.77B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $352.3M | $350.6M | $349.4M | $303.5M | $302.3M | $300.7M | $299.7M | $298.7M | $297.6M | $296.1M | $295.1M | $294.0M |
| Retained earnings (deficit) | $434.8M | $415.5M | $399.4M | $382.7M | $365.0M | $348.3M | $334.6M | $320.7M | $306.8M | $293.6M | $277.5M | $262.8M |
| Accumulated other comprehensive income | −$32.0M | −$29.2M | −$24.0M | −$28.5M | −$35.8M | −$40.7M | −$49.8M | −$36.1M | −$53.2M | −$53.0M | −$50.5M | −$73.6M |
| Total shareholders' equity | $755.1M | $736.9M | $724.9M | $657.6M | $631.5M | $608.3M | $584.5M | $583.3M | $551.2M | $536.6M | $522.1M | $483.2M |
| Key figures | ||||||||||||
| Total debt | $687.7M | $703.3M | $825.9M | $738.1M | $739.2M | $748.2M | $648.2M | $777.4M | $788.1M | $814.6M | $840.0M | $760.4M |
| Net cash (debt) | $507.7M | $769.0M | $749.7M | $330.5M | $128.0M | $170.7M | $475.1M | $254.5M | $57.4M | $31.8M | −$92.3M | $97.9M |
| Working capital | −$4.32B | −$4.26B | −$3.94B | −$4.08B | −$4.18B | −$4.06B | −$3.70B | −$3.64B | −$3.52B | −$3.39B | −$3.38B | −$3.31B |
| Tangible book value | $664.1M | $645.1M | $631.8M | $608.2M | $582.0M | $558.9M | $535.1M | $533.8M | $501.7M | $487.2M | −$48.95B | $433.5M |
| Book value per share | $43.76 | $42.75 | $44.57 | $40.52 | $38.94 | $37.56 | $36.21 | $36.15 | $34.18 | $33.29 | $32.54 | $30.17 |
| Shares outstanding | 17.3M | 17.2M | 16.3M | 16.2M | 16.2M | 16.2M | 16.1M | 16.1M | 16.1M | 16.1M | 16.0M | 16.0M |
| Current ratio | 0.22 | 0.26 | 0.29 | 0.21 | 0.17 | 0.18 | 0.23 | 0.22 | 0.19 | 0.20 | 0.18 | 0.21 |
| Quick ratio | 0.22 | 0.26 | 0.29 | 0.21 | 0.17 | 0.18 | 0.23 | 0.22 | 0.19 | 0.20 | 0.18 | 0.21 |
| Debt / equity | 0.91 | 0.95 | 1.14 | 1.12 | 1.17 | 1.23 | 1.11 | 1.33 | 1.43 | 1.52 | 1.61 | 1.57 |
| Equity / assets | 11.1% | 10.6% | 10.6% | 10.4% | 10.2% | 9.9% | 9.7% | 9.9% | 9.8% | 9.8% | 9.7% | 9.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
MBWM financial position
At the end of fiscal 2025 (December 31, 2025), Mercantile Bank had total assets of $6.8 billion (up 12.9% from a year earlier), total liabilities of $6.1 billion and shareholders' equity of $724.9 million. It held $1.6 billion in cash and short-term investments against $825.9 million of debt, a net cash position of $749.7 million. Its current ratio was 0.29. In the latest quarter (ended June 30, 2026) total assets were $6.8 billion and equity $755.1 million.
Related: MBWM income statement, MBWM cash flow statement, MBWM key metrics. See the MBWM stock overview for the latest quote and news.
MBWM balance sheet FAQ
What are Mercantile Bank's total assets?
Mercantile Bank reported total assets of $6.8 billion at the end of fiscal 2025 (December 31, 2025), compared with $6.1 billion a year earlier.
How much debt does Mercantile Bank have?
Mercantile Bank had $825.9 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.14.
How much cash does Mercantile Bank have?
Mercantile Bank held $1.6 billion in cash and short-term investments at the end of fiscal 2025; with $825.9 million of debt that is net cash of $749.7 million.
What is Mercantile Bank's book value?
Mercantile Bank's shareholders' equity (book value) was $724.9 million at the end of fiscal 2025, or $44.57 per share.
What is Mercantile Bank's current ratio?
Mercantile Bank had current assets of $1.6 billion and current liabilities of $5.5 billion, a current ratio of 0.29 (current liabilities exceed current assets).
How much goodwill does Mercantile Bank have?
Mercantile Bank carried $93.0 million of goodwill and intangible assets, 1.4% of total assets, at the end of fiscal 2025.