Mercantile Bank Corporation
ir.mercbank.comWhat Do They Do?
Provides commercial banking services to small and medium-sized businesses and retail banking services, including loans and deposit accounts.
10-K for FY2025, filed Feb 27, 2026Our banks are state banking companies that operate under the laws of the State of Michigan, pursuant to charters issued by the Michigan…View ↗
How Do They Make Money?
The banks earn interest and dividends on loans, securities and other financial instruments; customers also pay fees for account services, card transactions and payroll processing. Service fees are generally charged monthly or by activity, and payroll fees are collected as each payroll run is completed.
10-K for FY2025, filed Feb 27, 2026Our primary sources of revenue are derived from interest and dividends earned on loans, securities and other financial instruments that are…View ↗
We generally satisfy our performance obligations on contracts with customers as services are rendered, and the transaction prices are…View ↗
Service Charges on Deposit and Sweep Accounts: We earn fees from deposit and sweep customers for account maintenance, transaction-based and…View ↗
Credit and Debit Card Fees: We earn interchange income on our cardholder debit and credit card usage. Interchange income is primarily…View ↗
Payroll Processing Fees: We earn fees from providing payroll processing services for our commercial clients. Fees are assessed for…View ↗
$330.2M
-
10-K for FY2025, filed Feb 27, 2026
$330.2M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Credit and Debit Card
Usage-based
10-K for FY2025, filed Feb 27, 2026 |
40%
FY2022: 48%
|
Credit and Debit Card, FY2025
$9.2M Sources
|
Usage-based |
|
Service Charges on Deposit and Sweep Accounts
|
36%
FY2022: 35%
|
Service Charges on Deposit and Sweep Accounts, FY2025
$8.1M Sources
|
|
|
Payroll Processing
Usage-based
10-K for FY2025, filed Feb 27, 2026 |
15%
FY2022: 13%
|
Payroll Processing, FY2025
$3.5M Sources
|
Usage-based |
|
Interest Rate Swap Fees
|
8.6% |
Interest Rate Swap Fees, FY2025
$2M Sources
|
Who Are Their Customers?
The banks serve small and medium-sized businesses and retail customers through office locations, personal computers and mobile applications.
10-K for FY2025, filed Feb 27, 2026Our banks are state banking companies that operate under the laws of the State of Michigan, pursuant to charters issued by the Michigan…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 27 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 27, 2026
10-K for FY2025, filed Feb 27, 2026
$88.8MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 31, 2026
$25.9MView ↗
- ▲ +15%
- vs $22.6M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 31, 2026
Open tableView ↗
Growing. Revenue grew 2.3x in 4 years, from $143.5M in FY2021 to $330.2M in FY2025, about 23% a year.
Eastern Michigan banking
The latest report describes Eastern Michigan Bank operating alongside Mercantile Bank, with banking operations centered in eastern Michigan; the older report described one bank centered in western and central Michigan.
10-K for FY2022, filed Mar 3, 2023 10-K for FY2025, filed Feb 27, 2026Our bank is a state banking company that operates under the laws of the State of Michigan, pursuant to a charter issued by the Michigan…View ↗
Community development investing
The latest report describes a subsidiary investing in community development tax credits; the older report's business section describes banking and insurance activities.
10-K for FY2022, filed Mar 3, 2023 10-K for FY2025, filed Feb 27, 2026Mercantile Bank Corporation is a registered bank holding company under the Bank Holding Company Act of 1956, as amended (the “Bank Holding…View ↗
Mercantile Bank Corporation is a registered bank holding company under the Bank Holding Company Act of 1956, as amended (the “Bank Holding…View ↗
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