US · MBWM
Mercantile Bank Corporation
- Sector
- Financial Services · Banks - Regional
- Headquarters
- Grand Rapids, MI 49504
- Website
- mercbank.com
Price · as of 2025-12-31
$51.96
Market cap 887.58M
Valuation summary
Four models, one snapshot. Upside is target ÷ current − 1.
| Valuation method | Value, $ | Upside, % |
|---|---|---|
| Artificial Intelligence(AI) | $71.86 | +38.3% |
| Intrinsic Value(DCF) | $50.98 | -1.89% |
| Graham-Dodd Method(GD) | $67.39 | +29.69% |
| Graham Formula(GF) | $58.98 | +13.52% |
Valuation history
Annual price (USD per share) overlaid with each model's fair value. Y-axis is log scale.
| Year | Price | AI | DCF | Graham-Dodd | Graham Formula |
|---|---|---|---|---|---|
| 2011 | $7.67 | $63.10 | $15.26 | $38.14 | $0.00 |
| 2012 | $9.94 | $50.23 | $15.73 | $22.05 | $0.00 |
| 2013 | $12.31 | $27.44 | $16.83 | $20.68 | $8.04 |
| 2014 | $13.10 | $45.75 | $26.56 | $0.00 | $74.48 |
| 2015 | $15.79 | $35.27 | $43.80 | $16.66 | $58.98 |
| 2016 | $22.72 | $32.30 | $25.23 | $10.43 | $32.04 |
| 2017 | $26.02 | $35.70 | $22.24 | $17.72 | $21.96 |
| 2018 | $25.59 | $30.82 | $23.31 | $7.43 | $48.19 |
| 2019 | $21.95 | $44.62 | $24.32 | $21.81 | $67.77 |
| 2020 | $28.79 | $27.99 | $23.68 | $21.13 | $33.48 |
| 2021 | $31.79 | $21.92 | $50.22 | $26.54 | $39.20 |
| 2022 | $29.57 | $29.06 | $29.97 | $25.42 | $59.29 |
| 2023 | $35.16 | $59.92 | $35.19 | $35.51 | $246.99 |
| 2024 | $44.11 | $29.45 | $47.24 | $36.94 | $130.73 |
| 2025 | $52.54 | $71.86 | $54.97 | $67.39 | $58.98 |
AI valuation
Our deep-learning model estimates Mercantile Bank Corporation's (MBWM) per-share fair value from quarterly fundamentals, sector trend, and historical valuation patterns.
- AI fair value
- $71.86
- Current price
- $51.96
- AI upside
- +38.3%
Methodology and confidence bands appear in the dedicated valuation theory section. The AI score is an estimate, not a recommendation.
Intrinsic value (DCF)
Open DCF calculatorThree textbook valuation models, recomputed daily from the latest financial statements. The DCF uses our Chepakovich model. Graham-Dodd and Graham Formula are conservative reference points.
DCF
$50.98
-1.89% upside
Graham-Dodd
$67.39
+29.69% upside
Graham Formula
$58.98
+13.52% upside
Peer comparison
Same-industry comparables, ranked by market cap.
| Basic Info | Model Valuation | Core Valuation | Profitability | Leverage & Liquidity | Growth | Cash Flow | Dividends | Enterprise Value | Risk | ||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ticker | Company Name | Price | Market Cap | AI Upside | DCF Upside | GD Upside | GF Upside | P/E | P/B | P/S | EV/EBITDA | PEG | P/TBV | Gross Margin | Operating Margin | Net Margin | ROE | ROIC | ROA | Debt/Equity | Interest Coverage | Current Ratio | Quick Ratio | Net Debt/EBITDA | EPS Growth | Sales Growth | FCF Growth | FCF Yield | Op Cash Flow Ratio | Cash ROIC | Dividend Yield | Dividend Payout | Shareholder Yield | EV/EBIT | EV/FCF | EV/Sales | Altman Z-Score |
| MBWM | Mercantile Bank Corporati… | $51.96 | 887.58M | +38% | -2% | +30% | +14% | 9.63 | 1.18 | 2.30 | 0.98 | 89.56 | 1.35 | 64.03% | 27.46% | 23.87% | 13.56% | 209.76% | 1.38% | 1.14 | 0.79 | 0.29 | 0.29 | 3.31 | 1075.00% | 274.00% | -8789.00% | 1.31% | 0.00 | 26.49% | 0.00% | 0.00% | 0.00% | 1.03 | 9.35 | 0.28 | -0.42 |
| AMTB | Amerant Bancorp Inc. | $21.35 | 895.69M | +69% | -2% | +18% | +29% | 17.22 | 0.95 | 1.36 | -7.98 | — | 0.95 | 57.37% | 10.09% | 8.00% | 5.64% | -16.82% | 0.52% | 1.11 | 0.28 | 0.43 | 0.43 | 8.06 | -38636.00% | 1397.00% | 3098.00% | 11.02% | 0.02 | -31.43% | 1.28% | 22.10% | 3.53% | -8.54 | -5.77 | -0.86 | -0.17 |
| BFST | Business First Bancshares… | $27.30 | 808.5M | +103% | -52% | +51% | +112% | 9.31 | 0.91 | 1.60 | -0.26 | 40.48 | 1.08 | 60.92% | 22.15% | 17.16% | 10.36% | 18.38% | 1.09% | 0.61 | 0.59 | 5.62 | 5.62 | 1.18 | 2301.00% | 1184.00% | 5388.00% | 11.25% | 0.07 | 18.74% | 0.00% | 0.00% | 2.93% | -0.27 | -0.33 | -0.06 | 1.14 |
| CCNE | CNB Financial Corporation | $28.01 | 825.63M | -26% | -2% | -6% | +82% | 8.66 | 0.77 | 1.31 | -3.02 | — | 0.84 | 59.11% | 18.71% | 15.16% | 9.23% | 183.63% | 0.91% | 0.24 | 0.49 | 0.16 | 0.16 | -3.93 | -627.00% | 1180.00% | 5319.00% | 11.68% | 0.01 | 185.82% | 4.06% | 35.20% | 50.32% | -3.39 | -4.13 | -0.63 | -0.65 |
| HBNC | Horizon Bancorp, Inc. | $16.84 | 862.5M | +75% | -57% | — | +948% | -4.89 | 1.26 | 8.41 | -6.41 | — | 1.65 | -29.46% | -193.40% | -145.86% | -24.44% | -11.47% | -2.49% | 0.59 | -1.50 | 0.09 | 0.09 | -1.80 | -49375.00% | -7097.00% | 314338.00% | 4.80% | 0.04 | 3.20% | 2.45% | -12.00% | 84.66% | -6.02 | 28.86 | 11.65 | -0.14 |
| HBT | HBT Financial, Inc. | $26.96 | 847.4M | +167% | -19% | +11% | -2% | 11.23 | 1.40 | 2.95 | 0.84 | 140.99 | 1.60 | 80.03% | 35.63% | 26.25% | 13.28% | 46.33% | 1.52% | 0.11 | 1.84 | 0.28 | 0.28 | 0.37 | 796.00% | 284.00% | -10000.00% | 0.00% | 0.00 | 0.00% | 0.00% | 0.00% | 0.00% | 0.88 | — | 0.32 | -0.17 |
| HTB | HomeTrust Bancshares, Inc… | $42.14 | 735.09M | +204% | -23% | -5% | +231% | 10.70 | 1.06 | 1.99 | 1.57 | 74.90 | 1.15 | 65.95% | 23.69% | 18.57% | 10.72% | 37.16% | 1.19% | 0.02 | 0.75 | 0.17 | 0.17 | -3.42 | 1429.00% | 3656.00% | -14940.00% | 4.81% | 0.01 | 19.14% | 1.31% | 14.00% | 30.68% | 1.96 | 4.84 | 0.46 | -0.50 |
| MCB | Metropolitan Bank Holding… | $84.15 | 866.58M | +5% | +146% | +23% | +18% | 12.80 | 1.23 | 1.73 | 3.15 | 110.05 | 1.23 | 52.64% | 19.26% | 13.49% | 9.65% | 13.26% | 0.91% | 0.00 | 0.48 | — | — | -0.12 | 1164.00% | 710.00% | -3919.00% | 9.74% | — | 16.54% | 0.00% | 0.00% | 29.58% | 3.15 | 3.60 | 0.61 | 0.34 |
| NBN | Northeast Bank | $110.88 | 884.57M | +22% | +249% | +1% | +285% | 10.57 | 1.78 | 2.51 | 6.15 | 32.05 | 1.79 | 58.14% | 35.81% | 23.77% | 19.16% | 19.51% | 2.25% | 0.69 | 0.91 | 0.13 | 0.13 | -0.58 | 3298.00% | 3473.00% | 4802613.00% | 6.06% | 0.02 | 12.49% | 0.04% | 0.40% | 22.46% | 6.30 | 14.83 | 2.26 | -0.38 |
| TRST | TrustCo Bank Corp NY | $43.37 | 799.05M | +32% | -16% | +25% | +6% | 13.18 | 1.17 | 2.89 | 7.10 | 49.80 | 1.17 | 67.08% | 29.18% | 21.97% | 8.97% | 12.60% | 0.96% | 0.28 | 0.90 | 0.26 | 0.26 | 1.59 | 2646.00% | 577.00% | -10000.00% | 0.00% | 0.00 | 0.00% | 0.00% | 0.00% | 0.00% | 7.85 | — | 2.29 | 0.08 |
About Mercantile Bank Corporation
Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services to small- to medium-sized businesses and individuals in the United States. It accepts various deposit products, including checking, savings, and term certificate accounts; time deposits; and certificates of deposit. The company also offers commercial and industrial loans; vacant land, land development, and residential construction loans; owner and non-owner-occupied real estate loans; multi-family and residential rental property loans; single-family residential real estate loans; home equity line of credit programs; and consumer loans, such as new and used automobile and boat loans, and credit cards, as well as overdraft protection services; and residential mortgage and instalment loans. In addition, it provides courier services and safe deposit facilities; and insurance products, such as private passenger automobile, homeowners, personal inland marine, boat owners, recreational vehicle, dwelling fire, umbrella policies, small business, and life insurance products, as well as owns 22 automated teller machines and 19 video banking machines. As of January 18, 2022, the company operated 44 banking offices. Mercantile Bank Corporation was incorporated in 1997 and is headquartered in Grand Rapids, Michigan.
- CEO
- Raymond E. Reitsma
- Employees
- 662
- Beta
- 0.90
Disclaimer: Information on this page is provided for educational purposes only and does not constitute investment advice. Upside computed as ($50.98 ÷ $51.96) − 1 = -1.89% (DCF, example).