Mercantile Bank Corporation (MBWM) Income Statement
MBWM 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMBWM revenue and net income
Where MBWM's revenue goes
2025Each bar shows an amount and its share of revenue. MBWM kept 23.9% of revenue as net income.
MBWM profit margins
MBWM growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +2.7% | +20.2% | +14.0% | +11.2% |
| Gross profit | +6.2% | +9.0% | +9.2% | +7.3% |
| Operating income | +3.9% | +10.4% | +13.2% | +10.1% |
| Net income | +11.5% | +13.3% | +15.0% | +12.6% |
| EPS (diluted) | +10.3% | +12.4% | +14.5% | +12.6% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MBWM quarterly EPS vs estimates
Mercantile Bank beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 20, 2026 (estimate $1.35).
MBWM income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $371.8M | $361.9M | $303.5M | $213.9M | $198.7M | $193.5M | $185.3M | $161.0M | $144.5M | $139.5M |
| Cost of revenue | $133.7M | $137.8M | $85.5M | $30.1M | $15.1M | $40.1M | $35.6M | $23.0M | $18.7M | $15.5M |
| Gross profit | $238.1M | $224.1M | $218.0M | $183.8M | $183.5M | $153.4M | $149.7M | $138.0M | $125.8M | $124.0M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $110.3M | $82.0M | $72.6M | $67.8M | $69.4M | $62.2M | $64.5M | $62.0M | $56.2M | $54.3M |
| Total operating expenses | $136.0M | $125.8M | $115.3M | $108.0M | $109.8M | $98.5M | $89.3M | $86.2M | $79.7M | $77.1M |
| Operating income | $102.1M | $98.3M | $102.7M | $75.8M | $73.7M | $54.8M | $60.5M | $51.8M | $46.1M | $46.9M |
| Interest income | $330.2M | $321.5M | $255.8M | $181.8M | $143.5M | $148.3M | $158.3M | $142.0M | $125.5M | $118.5M |
| Interest expense | $129.2M | $130.4M | $77.8M | $23.6M | $19.4M | $26.1M | $33.8M | $21.9M | $15.8M | $12.6M |
| Income before taxes | $102.1M | $98.3M | $102.7M | $75.8M | $73.7M | $54.8M | $60.5M | $51.8M | $46.1M | $46.9M |
| Income taxes | $13.3M | $18.7M | $20.5M | $14.7M | $14.7M | $10.7M | $11.0M | $9.8M | $14.8M | $15.0M |
| Net income | $88.8M | $79.6M | $82.2M | $61.1M | $59.0M | $44.1M | $49.5M | $42.0M | $31.3M | $31.9M |
| EBITDA | $107.9M | $108.8M | $114.2M | $88.7M | $87.4M | $64.3M | $70.0M | $61.6M | $56.4M | $56.5M |
| EPS (diluted) | $5.46 | $4.95 | $5.13 | $3.85 | $3.88 | $2.78 | $3.02 | $2.54 | $1.90 | $1.95 |
| Gross margin | 64.0% | 61.9% | 71.8% | 85.9% | 92.4% | 79.3% | 80.8% | 85.7% | 87.0% | 88.9% |
| Operating margin | 27.5% | 27.2% | 33.8% | 35.4% | 37.1% | 28.3% | 32.6% | 32.2% | 31.9% | 33.6% |
| Net margin | 23.9% | 22.0% | 27.1% | 28.5% | 29.7% | 22.8% | 26.7% | 26.1% | 21.6% | 22.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $98.2M | $96.5M | $93.3M | $96.0M | $93.4M | $89.0M | $92.7M | $93.1M | $88.6M | $87.6M | $82.1M | $80.4M |
| Cost of revenue | $29.4M | $27.7M | $31.9M | $33.8M | $34.1M | $33.9M | $35.6M | $36.2M | $35.3M | $30.7M | $27.0M | $25.5M |
| Gross profit | $68.8M | $68.8M | $61.4M | $62.2M | $59.3M | $55.1M | $57.0M | $56.9M | $53.3M | $56.9M | $55.1M | $54.9M |
| Sales, general & admin | $24.6M | $27.1M | $21.8M | $21.1M | $19.6M | $19.6M | $25.6M | $20.3M | $17.9M | $18.2M | $22.2M | $17.3M |
| Total operating expenses | $37.6M | $41.5M | $36.7M | $34.8M | $33.4M | $31.1M | $33.8M | $32.3M | $29.7M | $29.9M | $29.9M | $28.9M |
| Operating income | $31.2M | $27.3M | $24.6M | $27.4M | $26.0M | $24.0M | $23.2M | $24.6M | $23.5M | $27.0M | $25.2M | $26.0M |
| Interest income | $86.7M | $85.4M | $82.3M | $85.6M | $82.0M | $80.3M | $82.5M | $83.4M | $78.9M | $76.7M | $73.8M | $71.2M |
| Interest expense | $29.4M | $29.5M | $31.2M | $33.6M | $32.5M | $31.8M | $34.1M | $35.1M | $31.8M | $29.4M | $25.2M | $22.2M |
| Income before taxes | $31.2M | $27.3M | $24.6M | $27.4M | $26.0M | $24.0M | $23.2M | $24.6M | $23.5M | $27.0M | $25.2M | $26.0M |
| Income taxes | $5.3M | $4.6M | $1.8M | $3.7M | $3.3M | $4.5M | $3.6M | $4.9M | $4.7M | $5.4M | $5.2M | $5.1M |
| Net income | $25.9M | $22.7M | $22.8M | $23.8M | $22.6M | $19.5M | $19.6M | $19.6M | $18.8M | $21.6M | $20.0M | $20.9M |
| EBITDA | $32.4M | $29.0M | $26.0M | $28.8M | $27.4M | $25.7M | $25.6M | $27.2M | $26.2M | $29.8M | $27.8M | $28.9M |
| EPS (diluted) | $1.53 | $1.46 | $1.40 | $1.46 | $1.39 | $1.21 | $1.22 | $1.22 | $1.17 | $1.34 | $1.25 | $1.30 |
| Gross margin | 70.0% | 71.3% | 65.8% | 64.8% | 63.5% | 61.9% | 61.6% | 61.1% | 60.1% | 65.0% | 67.2% | 68.3% |
| Operating margin | 31.8% | 28.3% | 26.4% | 28.6% | 27.8% | 27.0% | 25.1% | 26.4% | 26.6% | 30.8% | 30.7% | 32.3% |
| Net margin | 26.4% | 23.5% | 24.5% | 24.7% | 24.2% | 21.9% | 21.2% | 21.1% | 21.2% | 24.6% | 24.4% | 25.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MBWM's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MBWM financial results
In fiscal year 2025 (ended December 31, 2025), Mercantile Bank reported revenue of $371.8 million, up 2.7% from the year before. It had net income of $88.8 million (up 11.5%), a net profit margin of 23.9%. Diluted earnings per share came to $5.46. Over five years revenue grew at an average rate of 14.0% a year.
See the MBWM stock overview for the latest quote and news, or the MBWM chart for price history and technical indicators.
MBWM income statement FAQ
What is Mercantile Bank's annual revenue?
Mercantile Bank reported total revenue of $371.8 million for fiscal year 2025, which ended on December 31, 2025. That was up 2.7% from $361.9 million the previous year.
Is Mercantile Bank profitable?
Yes. Mercantile Bank reported net income of $88.8 million in fiscal 2025, a net profit margin of 23.9%; its operating margin was 27.5%.
What is Mercantile Bank's gross margin?
Mercantile Bank's gross margin was 64.0% in fiscal 2025: for every $100 of revenue, Mercantile Bank kept $64 after the direct cost of its products and services.
How fast is Mercantile Bank growing?
Revenue grew 14.0% a year on average over the last five fiscal years, from $193.5 million to $371.8 million.
What are Mercantile Bank's earnings per share?
Mercantile Bank earned $5.46 per diluted share in fiscal 2025, compared with $4.95 a year earlier.
When will Mercantile Bank report its next earnings?
Mercantile Bank is expected to report results for the quarter ending September 30, 2026 on October 20, 2026 before the market opens.
When does Mercantile Bank's fiscal year end?
Mercantile Bank's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.