Mercantile Bank
Runs Michigan-focused community banks with commercial lending, deposits, mortgages, and treasury services.
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Profile
Operates Mercantile Bank and Eastern Michigan Bank, earning mainly from collateral-backed commercial and residential lending, deposits, treasury services, payments, mortgages, and related banking fees. Its footprint is concentrated in Michigan, with current execution shaped by Eastern integration, commercial real estate exposure, funding, regulation, cybersecurity, and rates.
Built as a Grand Rapids community-bank holding company, the business owns Mercantile Bank and Eastern Michigan Bank. The banks serve Michigan customers through checking, savings, and term deposits; commercial, residential mortgage, and installment loans; treasury management; cards; merchant services; mortgage banking; payroll; and related banking services.
The model is concentrated in Michigan and centered on collateral-backed lending, with commercial loans tied to borrower operating cash flow. Income is mainly interest-driven, with fee streams from mortgages, deposit services, cards, payroll processing, and swaps.
Execution depends on local relationship banking, internally developed leadership, and integrating acquired Michigan banks without losing deposits, customers, employees, or service continuity. Current structure remains two bank segments until the planned Eastern Michigan Bank consolidation and core-system conversion.
Company facts
Categories
Key statistics
Year to date +26.5% · Average volume (30d) 119.2K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 22, 2026 | Piper Sandler | Reiterate | Neutral | $60 | $65 | |
| Jul 22, 2026 | Hovde Group | Downgrade | Outperform | Market Perform | $62 | |
| Jun 26, 2026 | Piper Sandler | Reiterate | Neutral | $57 | $60 | |
| Jan 21, 2026 | Piper Sandler | Target | $55.50 | $57 | ||
| Jan 21, 2026 | Raymond James | Target | $54 | $57 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 21, 2026Q2 FY26 | $1.32 | $1.53 | +15.9% | $68.8M | $68.8M | −0.1% | −3.15% |
| Apr 21, 2026Q1 FY26 | $1.33 | $1.46 | +9.8% | $67.4M | $67.6M | +0.3% | −1.96% |
| Jan 20, 2026Q4 FY25 | $1.37 | $1.40 | +2.2% | $62.0M | $62.1M | +0.2% | +5.77% |
| Oct 21, 2025Q3 FY25 | $1.38 | $1.46 | +5.8% | $61.3M | $62.4M | +1.7% | +0.78% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $89.0M | $93.4M | $96.0M | $93.3M | $96.5M | $98.2M | |
| Gross profit | $55.2M | $59.3M | $62.2M | $61.4M | $68.8M | $68.8M | |
| Operating income | $24.0M | $26.0M | $27.4M | $24.6M | $27.3M | $31.2M | |
| Net income | $19.5M | $22.6M | $23.8M | $22.8M | $22.7M | $25.9M | |
| Diluted EPS | $1.21 | $1.39 | $1.46 | $1.40 | $1.32 | $1.50 | |
| Gross margin | 61.9% | 63.5% | 64.8% | 65.8% | 71.3% | 70.0% | |
| Operating margin | 27.0% | 27.8% | 28.6% | 26.4% | 28.3% | 31.8% |
Fiscal years (4-quarter sums)FY21 $198.7M · FY22 $213.9M · FY23 $303.5M · FY24 $361.9M · FY25 $371.8M
Revenue by product · Q4 FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $1.20B · Total debt $687.7M · Total assets $6.82B · Shareholders' equity $755.1M
Dividends
Raised for 11 straight years — most recently to $0.39 from $0.38 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 5, 2026 | Jun 5 | Jun 17 | $0.39 | |
| Mar 6, 2026 | Mar 6 | Mar 18 | $0.39 | raised from $0.38 |
| Dec 5, 2025 | Dec 5 | Dec 17 | $0.38 | |
| Sep 5, 2025 | Sep 5 | Sep 17 | $0.38 | raised from $0.37 |
| Jun 6, 2025 | Jun 6 | Jun 18 | $0.37 | |
| Mar 7, 2025 | Mar 7 | Mar 19 | $0.37 | raised from $0.36 |
| Dec 6, 2024 | Dec 6 | Dec 18 | $0.36 | |
| Sep 6, 2024 | Sep 6 | Sep 18 | $0.36 | raised from $0.35 |
Ownership
Shares outstanding 17.27M · Float 16.61M · 96.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 1.53M | 8.88% | 13F | Aug 7, 2026 |
| Wellington Management Group LLP | 1.09M | 6.30% | 13F | Aug 14, 2026 |
| Dimensional Fund Advisors LP | 1.05M | 6.06% | 13F | Aug 11, 2026 |
| Vanguard Capital Management LLC | 735.6K | 4.26% | 13F | Aug 13, 2026 |
| American Century Companies Inc | 625.0K | 3.62% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Nov 13, 2025 | Michael H. Price | director | −4,577 | $45.84 |
| Oct 31, 2025 | Nelson F. Sanchez | director | +1,000 | $43.50 |
Peers
- Huntington Bancshares
Large Michigan regional bank with broad business and retail overlap
- Fifth Third
Scaled regional bank in Michigan business, deposits, payments, and mortgage
- Independent Bank
Grand Rapids-based Michigan community bank with near-direct overlap
- ChoiceOne Financial Services
Michigan community-bank peer across business, mortgage, and deposits
- Old National Bancorp
Midwest regional bank with Michigan branches and commercial breadth
- First Merchants
Indiana-Michigan-Ohio bank with treasury and mortgage overlap
- Wintrust Financial
West Michigan entrant via Macatawa with commercial and mortgage overlap
- Horizon Bancorp
Indiana/Michigan community bank with treasury and retail overlap
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Mercantile Bank | $60.21 | −0.05% | $1.04B | 10.6 | 10.9 | 2.7 | +12.8% |
| Huntington Bancshares | $16.95 | +0.18% | $34.19B | 12.6 | 9.8 | 2.4 | +47.4% |
| Fifth Third | $54.60 | +0.14% | $49.43B | 18.6 | 11.9 | 3.3 | +45.2% |
| Independent Bank | $36.86 | −0.03% | $759.5M | 10.7 | 9.8 | 2.4 | +17.0% |
| ChoiceOne Financial Services | $33.36 | +0.18% | $498.7M | 9.2 | 9.0 | 2.7 | −4.1% |
| Old National Bancorp | $25.85 | +0.02% | $9.89B | 11.4 | 9.5 | 2.5 | +12.3% |
| First Merchants | $41.93 | −0.02% | $2.63B | 13.4 | 9.9 | 2.4 | +23.2% |
| Wintrust Financial | $161.72 | +5.73% | $10.32B | 12.1 | 11.6 | 2.4 | +10.1% |
| Horizon Bancorp | $19.56 | +0.05% | $1.00B | — | 9.1 | 10.5 | +16.1% |
| Median | 12.1 | 9.8 | 2.4 | +16.5% |