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Mercantile Bank (MBWM) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 30, 2026 · Mercantile Bank (MBWM) Q3 2026 earnings results →

Q3 2026 Revenue up 17% year over year to $73.2M · 33¢ of every $1 of revenue kept as net profit · operating margin 39.5%

Mercantile Bank made $73.2M in Q3 2026 (+17% Y/Y): Net interest income $60.9M, Noninterest income $12.3M. Operating margin 39.5%, net earnings $24.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 30, 2026.

Revenue$73.2M
Year over year+17%
Operating margin39.5%
Net earnings$24.1M
Operating cash flow$47.1M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $73.2M in Q3 2026, up 17% year over year and up 6% from the previous quarter. Net interest income was the largest line at 83% of revenue. Net interest income added $8.9M year over year (up 17%), 82% of the total change.

Operating profit was $28.9M, a 39.5% margin (down 4.4 points year over year). Of the extra revenue versus a year earlier, 14% reached operating profit, below the 44% margin then. Total costs grew 27% against revenue growth of 17%. The fastest-growing cost line was Credit loss provision (+250%). Net earnings were $24.1M, up 1% year over year. The effective tax rate was 16.8%.

Operating cash flow was $47.1M (up 104% year over year), 196% of net earnings. Non-cash charges added back $1.2M of depreciation and amortization and $1.0M of share-based compensation. Working capital and other items added $20.8M.

Quarterly history

QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 30, 2026$73.2M+17%39.5%$24.1M$47.1M

Charts

Mercantile Bank: where the cash came from (+) and went (−), TTM to Q3 2026Mercantile Bank: where the cash came from (+) and went (−), TTM to Q3 2026Other financing$254MOther investing−$172MCash drawn (+) / kept (−)−$151MOperating cash flow$96.3MDividends−$26.2MShares issued$214K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Mercantile Bank: profit against cash, quarter by quarterMercantile Bank: profit against cash, quarter by quarterNet incomeOperating cash flow$19.6M$59.9MQ4 2024$19.5M−$3.0MQ1 2025$22.6M−$7.8MQ2 2025$23.8M$23.1MQ3 2025$22.8M$5.6MQ4 2025$22.7M$28.3MQ1 2026$25.9M$15.3MQ2 2026$24.1M$47.1MQ3 2026
Latest (Q3 2026): Net income $24.1M, Operating cash flow $47.1M.
Mercantile Bank: diluted shares by fiscal yearMercantile Bank: diluted shares by fiscal year16MFY202016MFY202116MFY202216MFY202316MFY2024
-0.9% since FY2020: buybacks shrank the count.
Mercantile Bank in its industry: growth against margin (133 companies, SIC 6022)Mercantile Bank in its industry: growth against margin (133 companies, SIC 6022)revenue growth, year over year →↑ operating marginmedian +9%median 40%BNYSTTFITBMTBFCNCAALLYCFGNTRSWALBPOPEWBCWTFCCOLBSSBCBSHASBHWCAUBGBCIUBSIABCBHTHHOMBUCBRNSTFBPCATYFIBKCUBIFHBIBOCMBINSBCFBOHCVBFBUSEEFSCOFGLOBFBKFFINSFBSMCHBCCBFBNCGABCBYSYBTPEBOTCBKOBKSTBAFMBHRBCAACNOBAMALMCBQCRHOSBCFMNBBFSTUVSPTMPCCNEMSBIHBTEQBKCTBICPFTHFFMPBSBSILKFNIBCPEGBNSPFIWASHCCBGCOFSCWBCHBIAACNBGSBCFSBCTRSTCIVBFCBCMCBSFBIZINBKBWBCBANMVBFBSRRCZNCCFFIRBBISTRUNTYBWFGBMRCRRBIPCBFCBMCHMGCZFSNWFLWTBAMYFWAVBHOPBKUSCBFCCOEBMTCOSOFXNCPKBKISBAPEBKBPRNBRBSHNVRMNSBFVCBCCFNSBFGJMSBBOTJNWPPFUSBAUBNJUVFMBWM (+17%, 40%)
State Commercial Banks; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Mercantile Bank

Based in Grand Rapids, Michigan, Mercantile Bank Corporation is the bank holding company for Mercantile Bank and Eastern Michigan Bank. Mercantile Bank and Eastern Michigan Bank provide financial products and services in a professional and personalized manner designed to make banking easier for businesses, individuals, and governmental units. Distinguished by exceptional service, knowledgeable staff, and a commitment to the communities they serve, Mercantile Bank and Eastern Michigan Bank together comprise one of the largest Michigan-based banking organizations with total combined assets of approximately $6.8 billion. Mercantile Bank Corporation's common stock is listed on the NASDAQ Global Select Market under the symbol "MBWM." For more information about Mercantile, visit www.mercbank.com, and follow us on Facebook, Instagram, X (formerly Twitter) @MercBank, and LinkedIn @merc-bank.

In its own words, from its 8-K, filed Jul 21, 2026.

Mercantile Bank against its State Commercial Banks peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +17% against the peers' median +12%. Operating margin: 39.5% against the peers' median 34.7%.

CompanyQuarterRevenueY/YOp. margin
MBWM Mercantile BankQ3 2026$73.2M+17%39.5%
BNY Bank of New York MellonQ3 2026$5.7B+12%38.5%
STT State StreetQ3 2026$4.0B+13%34.7%
FITB Fifth Third BancorpQ3 2026$3.3B+42%33.8%
MTB M&T BankQ3 2026$2.5B+0.9%39.7%
FCNCA First Citizens BancsharesQ3 2026$2.4B0%33.1%
ALLY Ally FinancialQ3 2026$2.3B+8%24.3%
CFG Citizens Financial GroupQ3 2026$2.3B+10%34.6%
NTRS Northern TrustQ3 2026$2.3B+13%34.7%

Source: Mercantile Bank 10-Q on SEC EDGAR · CIK 1042729 · State Commercial Banks

Guidance and outlook

Mercantile Bank: what its forward-looking statements are about (10-Q filed 2026-10-30)Mercantile Bank: what its forward-looking statements are about (10-Q filed 2026-10-30)Other9Demand2Costs1Buybacks & dividends1
13 statements; tone -0.15 (−1 all cautious, +1 all confident); 2 hedged.
Mercantile Bank: outlook statements against the filing beforeMercantile Bank: outlook statements against the filing beforeConfident2Cautious4

13F: who owns MBWM and who is buying

Largest holders of MBWM (13F)Largest holders of MBWM (13F)BlackRock$88.1MWellington Management Group LLP$62.5MDimensional Fund Advisors LP$60.1MVanguard Group$51.3MVanguard Capital Management LLC$42.2MAmerican Century Companies$35.9MState Street$34.4MGeode Capital Management, LLC$26.8MRenaissance Technologies LLC$25.6MVanguard Portfolio Management LLC$16.7M
Funds' net buying of MBWM by quarter (13F)Funds' net buying of MBWM by quarter (13F)−$2.8M2024-09$2.2M2024-12$4.6M2025-03$1.6M2025-06$1.7M2025-09$8.8M2025-12$45.9M2026-03$15.3M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

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History

Every quarter: Q3 2026 results

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