Mercantile Bank Corporation (MBWM) - Net Assets
Based on the latest financial reports, Mercantile Bank Corporation (MBWM) has net assets worth $724.88 Million USD as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($6.84 Billion) and total liabilities ($6.11 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check MBWM cash and liquid asset ratio to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $724.88 Million |
| % of Total Assets | 10.61% |
| Annual Growth Rate | 13.01% |
| 5-Year Change | 58.77% |
| 10-Year Change | 112.69% |
| Growth Volatility | 32.63 |
Mercantile Bank Corporation - Net Assets Trend (1998–2025)
This chart illustrates how Mercantile Bank Corporation's net assets have evolved over time, based on quarterly financial data. Also explore MBWM total asset value for the complete picture of this company's asset base.
Annual Net Assets for Mercantile Bank Corporation (1998–2025)
The table below shows the annual net assets of Mercantile Bank Corporation from 1998 to 2025. For live valuation and market cap data, see MBWM stock market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $724.88 Million | +24.01% |
| 2024-12-31 | $584.53 Million | +11.95% |
| 2023-12-31 | $522.14 Million | +18.29% |
| 2022-12-31 | $441.41 Million | -3.32% |
| 2021-12-31 | $456.56 Million | +3.40% |
| 2020-12-31 | $441.55 Million | +6.00% |
| 2019-12-31 | $416.56 Million | +11.01% |
| 2018-12-31 | $375.25 Million | +2.56% |
| 2017-12-31 | $365.87 Million | +7.35% |
| 2016-12-31 | $340.81 Million | +2.10% |
| 2015-12-31 | $333.80 Million | +1.73% |
| 2014-12-31 | $328.14 Million | +114.01% |
| 2013-12-31 | $153.32 Million | +4.59% |
| 2012-12-31 | $146.59 Million | -11.16% |
| 2011-12-31 | $165.00 Million | +31.02% |
| 2010-12-31 | $125.94 Million | -10.11% |
| 2009-12-31 | $140.10 Million | -19.65% |
| 2008-12-31 | $174.37 Million | -2.12% |
| 2007-12-31 | $178.16 Million | +3.63% |
| 2006-12-31 | $171.91 Million | +10.82% |
| 2005-12-31 | $155.12 Million | +9.54% |
| 2004-12-31 | $141.62 Million | +8.77% |
| 2003-12-31 | $130.20 Million | +63.09% |
| 2002-12-31 | $79.83 Million | +11.71% |
| 2001-12-31 | $71.46 Million | +124.35% |
| 2000-12-31 | $31.85 Million | +13.76% |
| 1999-12-31 | $28.00 Million | +4.86% |
| 1998-12-31 | $26.70 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Mercantile Bank Corporation's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 40094800000.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $399.45 Million | 55.11% |
| Common Stock | $349.43 Million | 48.21% |
| Other Comprehensive Income | $-24.00 Million | -3.31% |
| Total Equity | $724.88 Million | 100.00% |
Mercantile Bank Corporation Competitors by Market Cap
The table below lists competitors of Mercantile Bank Corporation ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Shenzhen Sunmoon Microelectronics Co. Ltd. A
SHG:688699
|
$892.75 Million |
|
Focused Photonics Hangzhou Inc
SHE:300203
|
$893.04 Million |
|
Huangshan Tourism Development Co Ltd A
SHG:600054
|
$893.08 Million |
|
LIFETECH SCI.DL-00000125
F:81X
|
$893.41 Million |
|
GIGAVIS LTD (PROPOSED)
KQ:420770
|
$892.52 Million |
|
LIGHTHOUSE PROPERTIES
F:87O
|
$892.27 Million |
|
NGERN TID LOR-NVDR- BA37
F:70V0
|
$891.95 Million |
|
Pakuwon Jati Tbk
JK:PWON
|
$891.74 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Mercantile Bank Corporation's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 584,526,000 to 724,884,000, a change of 140,358,000 (24.0%).
- Net income of 88,754,000 contributed positively to equity growth.
- Other comprehensive income increased equity by 25,830,000.
- Other factors increased equity by 25,774,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $88.75 Million | +12.24% |
| Other Comprehensive Income | $25.83 Million | +3.56% |
| Other Changes | $25.77 Million | +3.56% |
| Total Change | $- | 24.01% |
Book Value vs Market Value Analysis
This analysis compares Mercantile Bank Corporation's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 1.17x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 6.07x to 1.17x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1998-12-31 | $8.56 | $51.96 | x |
| 1999-12-31 | $7.58 | $51.96 | x |
| 2000-12-31 | $8.26 | $51.96 | x |
| 2001-12-31 | $13.08 | $51.96 | x |
| 2002-12-31 | $11.37 | $51.96 | x |
| 2003-12-31 | $17.22 | $51.96 | x |
| 2004-12-31 | $15.87 | $51.96 | x |
| 2005-12-31 | $16.51 | $51.96 | x |
| 2006-12-31 | $19.22 | $51.96 | x |
| 2007-12-31 | $21.07 | $51.96 | x |
| 2008-12-31 | $20.58 | $51.96 | x |
| 2009-12-31 | $16.50 | $51.96 | x |
| 2010-12-31 | $14.80 | $51.96 | x |
| 2011-12-31 | $18.58 | $51.96 | x |
| 2012-12-31 | $16.56 | $51.96 | x |
| 2013-12-31 | $17.57 | $51.96 | x |
| 2014-12-31 | $24.21 | $51.96 | x |
| 2015-12-31 | $20.06 | $51.96 | x |
| 2016-12-31 | $20.89 | $51.96 | x |
| 2017-12-31 | $22.19 | $51.96 | x |
| 2018-12-31 | $22.60 | $51.96 | x |
| 2019-12-31 | $25.39 | $51.96 | x |
| 2020-12-31 | $27.14 | $51.96 | x |
| 2021-12-31 | $28.56 | $51.96 | x |
| 2022-12-31 | $27.83 | $51.96 | x |
| 2023-12-31 | $32.60 | $51.96 | x |
| 2024-12-31 | $36.24 | $51.96 | x |
| 2025-12-31 | $44.57 | $51.96 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Mercantile Bank Corporation utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 12.24%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 23.87%
- • Asset Turnover: 0.05x
- • Equity Multiplier: 9.43x
- Recent ROE (12.24%) is above the historical average (7.08%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1998 | -4.15% | -12.76% | 0.04x | 8.10x | $-3.78 Million |
| 1999 | 7.50% | 8.87% | 0.06x | 13.14x | $-700.00K |
| 2000 | 8.77% | 7.35% | 0.07x | 16.10x | $-390.40K |
| 2001 | 6.27% | 9.64% | 0.07x | 9.78x | $-2.66 Million |
| 2002 | 9.72% | 15.30% | 0.05x | 11.55x | $-226.40K |
| 2003 | 7.69% | 16.97% | 0.05x | 9.24x | $-3.00 Million |
| 2004 | 9.69% | 18.71% | 0.05x | 10.85x | $-440.70K |
| 2005 | 11.54% | 16.61% | 0.06x | 11.85x | $2.39 Million |
| 2006 | 11.54% | 13.93% | 0.07x | 12.02x | $2.66 Million |
| 2007 | 5.03% | 5.98% | 0.07x | 11.91x | $-8.85 Million |
| 2008 | -2.84% | -3.86% | 0.06x | 12.66x | $-22.40 Million |
| 2009 | -37.18% | -46.31% | 0.06x | 13.61x | $-66.10 Million |
| 2010 | -10.57% | -13.67% | 0.06x | 12.96x | $-25.91 Million |
| 2011 | 22.72% | 47.84% | 0.05x | 8.69x | $20.99 Million |
| 2012 | 8.55% | 18.46% | 0.05x | 9.71x | $-2.12 Million |
| 2013 | 11.11% | 26.16% | 0.05x | 9.31x | $1.70 Million |
| 2014 | 5.28% | 17.48% | 0.03x | 8.82x | $-15.48 Million |
| 2015 | 8.09% | 21.05% | 0.04x | 8.70x | $-6.36 Million |
| 2016 | 9.36% | 22.88% | 0.05x | 9.04x | $-2.17 Million |
| 2017 | 8.55% | 21.64% | 0.04x | 8.98x | $-5.31 Million |
| 2018 | 11.20% | 26.10% | 0.05x | 8.96x | $4.50 Million |
| 2019 | 11.87% | 26.69% | 0.05x | 8.72x | $7.80 Million |
| 2020 | 10.00% | 22.81% | 0.04x | 10.05x | $-17.40K |
| 2021 | 12.93% | 29.71% | 0.04x | 11.52x | $13.37 Million |
| 2022 | 13.83% | 28.55% | 0.04x | 11.04x | $16.92 Million |
| 2023 | 15.75% | 27.09% | 0.06x | 10.25x | $30.00 Million |
| 2024 | 13.62% | 21.99% | 0.06x | 10.35x | $21.14 Million |
| 2025 | 12.24% | 23.87% | 0.05x | 9.43x | $16.27 Million |
Industry Comparison
This section compares Mercantile Bank Corporation's net assets metrics with peer companies in the Banks - Regional industry.
Industry Context
- Industry: Banks - Regional
- Average net assets among peers: $552,557,300
- Average return on equity (ROE) among peers: 11.02%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Mercantile Bank Corporation (MBWM) | $724.88 Million | -4.15% | 8.43x | $892.73 Million |
| Ameris Bancorp (ABCB) | $1.46 Billion | 8.31% | 6.86x | $4.95 Billion |
| Ameris Bancorp (ABCB) | $120.94 Million | 10.83% | 9.48x | $5.70 Billion |
| ACNB Corporation (ACNB) | $74.01 Million | 9.97% | 11.77x | $483.21 Million |
| Affinity Bancshares Inc (AFBI) | $129.12 Million | 4.21% | 5.71x | $135.98 Million |
| Alerus Financial Corp (ALRS) | $153.31 Million | 13.22% | 8.01x | $647.19 Million |
| Amalgamated Bank (AMAL) | $535.82 Million | 8.62% | 10.16x | $1.14 Billion |
| Amerant Bancorp Inc. (AMTB) | $901.22 Million | 12.53% | 7.48x | $962.39 Million |
| Arrow Financial Corporation (AROW) | $72.29 Million | 17.85% | 12.85x | $601.02 Million |
| Associated Banc-Corp (ASB) | $2.02 Billion | 12.80% | 9.17x | $5.20 Billion |
| AmeriServ Financial Inc (ASRV) | $65.10 Million | 11.83% | 10.90x | $62.60 Million |
About Mercantile Bank Corporation
Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank that provides commercial and retail banking services to small- to medium-sized businesses and individuals in the United States. The company accepts various deposit products, such as checking, savings, and term certificate accounts; time deposits; and certificates of deposit. It also provides commercial and indust… Read more