OverviewSuggest Edit

Mercantile Bank operates as the bank holding company for Mercantile Bank of Michigan that provides commercial banking services for small- to medium-sized businesses and individuals. It accepts various deposit products, including checking, savings and term certificate accounts, time deposits, certificates of deposit, as well as repurchase agreements. The Company also offers commercial and industrial loans, vacant land, land development, residential construction loans, owner occupied real estate, non-owner occupied real estate, multi-family and residential rental property loans, single-family residential real estate loans, home equity line of credit programs, and consumer loans, such as loans for new and used automobiles, boats and credit cards, as well as overdraft protection for its checking account customers.

TypePublic
Founded1997
HQGrand Rapids, US
Websitemercbank.com
Employee Ratings4.1

Latest Updates

Employees (est.) (Dec 2018)585
Job Openings15
Revenue (FY, 2018)$161 M(+12%)
Share Price (Mar 2019)$30.9 (-4%)

Key People/Management at Mercantile Bank

Matthew Bonacorsi

Matthew Bonacorsi

Vice President, Commercial Lender
Alan Bruder

Alan Bruder

Vice President, Commercial Lender
Marcus Brussee

Marcus Brussee

Vice President, Commercial Lender
Joshua Bush

Joshua Bush

Vice President, Commercial Lender
Lisa Carriveau

Lisa Carriveau

Senior Vice President, Commercial Lender
David Celeskey

David Celeskey

Vice President, Commercial Lender
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Mercantile Bank Office Locations

Mercantile Bank has an office in Grand Rapids
Grand Rapids, US (HQ)
310 Leonard St NW
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Mercantile Bank Financials and Metrics

Mercantile Bank Revenue

Mercantile Bank's revenue was reported to be $160.99 m in FY, 2018
USD

Revenue (FY, 2018)

161.0m

Gross profit (FY, 2018)

139.1m

Gross profit margin (FY, 2018), %

86.4%

Net income (FY, 2018)

42.0m

EBIT (FY, 2018)

119.0m

Market capitalization (22-Mar-2019)

507.7m

Closing stock price (22-Mar-2019)

30.9

Cash (31-Dec-2018)

75.4m

EV

828.6m
Mercantile Bank's current market capitalization is $507.7 m.
Annual
USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017FY, 2018

Revenue

58.2m89.1m128.4m139.5m144.5m161.0m

Revenue growth, %

53%26%5%

Cost of goods sold

11.2m12.6m15.8m21.9m

Gross profit

117.2m126.9m128.7m139.1m
Quarterly
USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Revenue

16.4m15.1m20.8m31.8m31.7m32.8m36.0m34.2m35.0m34.6m34.9m37.6m39.4m38.9m40.2m

Cost of goods sold

2.7m2.5m2.9m2.9m2.6m2.9m3.0m3.0m3.3m3.2m3.7m4.4m4.8m5.1m5.6m

Gross profit

13.7m12.6m17.8m28.9m29.1m29.9m33.0m31.2m31.7m31.4m31.2m33.2m34.6m33.8m34.5m

Gross profit Margin, %

84%83%86%91%92%91%92%91%91%91%89%88%88%87%86%
Annual
USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017FY, 2018

Cash

147.0m172.7m89.9m183.6m200.1m75.4m

Accounts Receivable

3.6m

Inventories

1.1b2.3b2.4b2.6b2.8b

PP&E

24.9m48.8m46.9m45.5m46.0m48.3m
Quarterly
USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Cash

125.9m109.9m118.9m132.3m148.8m138.4m103.8m101.2m107.0m141.7m53.0m101.6m177.1m211.2m125.7m80.0m

Inventories

1.1b1.1b2.1b2.1b2.1b2.2b2.2b2.3b2.4b2.4b2.4b2.5b2.6b2.6b2.6b2.7b

PP&E

25.2m24.9m49.0m48.6m48.4m47.9m47.5m46.0m45.6m45.2m45.8m46.0m45.6m46.3m47.1m48.1m

Goodwill

50.9m50.9m49.5m49.5m49.5m49.5m49.5m49.5m49.5m49.5m49.5m49.5m49.5m49.5m
Annual
USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017FY, 2018

Net Income

17.0m17.3m27.0m31.9m31.3m42.0m

Depreciation and Amortization

2.2m7.6m11.7m9.6m10.4m9.8m

Inventories

Accounts Payable

Quarterly
USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Net Income

3.5m3.6m1.5m5.9m6.6m13.2m20.5m8.5m7.4m23.8m7.6m15.0m23.3m10.9m20.3m30.5m

Depreciation and Amortization

5.6m8.6m2.8m6.7m2.5m5.4m7.8m2.5m4.9m7.3m

Cash From Operating Activities

15.1m25.6m10.1m22.2m7.6m15.7m24.8m13.0m21.4m34.9m

Purchases of PP&E

(4.9m)(8.3m)(17.9m)(130.4m)(14.7m)(24.1m)(50.3m)(13.3m)(31.1m)(35.7m)
USDY, 2018

EV/EBIT

7 x

EV/CFO

13.4 x

Revenue/Employee

275.2k

Financial Leverage

9 x
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Mercantile Bank Operating Metrics

Mercantile Bank's Total Loans was reported to be $2.5b in Q2, 2017.
FY, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017Q2, 2017

ATMs

53 48 49

Bank Branches

53 48 49

Non-performing Loans

$29.43 m$26.27 m$8.10 m$8.21 m$5.44 m$4.84 m$5.17 m$4.67 m$5.94 m$7.29 m$6.45 m

Total Loans

$2.09 b$2.12 b$2.17 b$2.22 b$2.28 b$2.30 b$2.38 b$2.41 b$2.38 b$2.44 b$2.53 b
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Mercantile Bank Online and Social Media Presence

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Mercantile Bank News and Updates

International Financial Entity License Granted for Digital Asset Custodian San Juan Mercantile Bank & Trust

SAN JUAN, Puerto Rico, March 12, 2019 /PRNewswire/ -- The San Juan Mercantile Exchange, Inc. (SJMX) and the San Juan Mercantile Bank & Trust International Corp. (SJMBT) today announced that SJMBT has received its license to operate from the Puerto Rico Office of the Commission of...

Mercantile Bank Corporation Announces Strong Fourth Quarter and Full Year 2018 Results

GRAND RAPIDS, Mich., Jan. 22, 2019 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") reported net income of $11.6 million, or $0.70 per diluted share, for the fourth quarter of 2018, compared with net income of $8.0 million, or $0.48 per diluted share, for the...

Mercantile Bank Corporation Increases Regular Cash Dividend

GRAND RAPIDS, Mich., Jan. 22, 2019 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") announced today that on January 17, 2019, its Board of Directors declared a regular quarterly cash dividend of $0.26 per common share, payable on March 20, 2019, to holders of...

Mercantile Bank Corporation Announces Fourth Quarter and Full Year 2018 Results Conference Call and Webcast

GRAND RAPIDS, Mich., Jan. 8, 2019 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) will hold a conference call to discuss fourth quarter and full year 2018 results on Tuesday, January 22, 2019, at 10:00 a.m. Eastern Time. Interested parties may access the conference call by...

Mercantile Bank Corporation Reports Strong Third Quarter 2018 Results

GRAND RAPIDS, Mich., Oct. 16, 2018 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") reported net income of $10.1 million, or $0.61 per diluted share, for the third quarter of 2018, compared with net income of $8.3 million, or $0.51 per diluted share, for the...

Mercantile Bank Corporation Declares Cash Dividend of $1.00 Per Share

GRAND RAPIDS, Mich., Oct. 16, 2018 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") announced today that on October 11, 2018, its Board of Directors declared a regular quarterly cash dividend of $0.25 per common share and a special cash dividend of $0.75 per...
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Mercantile Bank Frequently Asked Questions

  • When was Mercantile Bank founded?

    Mercantile Bank was founded in 1997.

  • Who are Mercantile Bank key executives?

    Mercantile Bank's key executives are Matthew Bonacorsi, Alan Bruder and Marcus Brussee.

  • How many employees does Mercantile Bank have?

    Mercantile Bank has 585 employees.

  • What is Mercantile Bank revenue?

    Latest Mercantile Bank annual revenue is $161 m.

  • What is Mercantile Bank revenue per employee?

    Latest Mercantile Bank revenue per employee is $275.2 k.

  • Who are Mercantile Bank competitors?

    Competitors of Mercantile Bank include Investors Bancorp, Green Bancorp and Fidelity Southern Corporation.

  • Where is Mercantile Bank headquarters?

    Mercantile Bank headquarters is located at 310 Leonard St NW, Grand Rapids.

  • Where are Mercantile Bank offices?

    Mercantile Bank has an office in Grand Rapids.

  • How many offices does Mercantile Bank have?

    Mercantile Bank has 1 office.