Mercantile Bank's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Mercantile Bank (MBWM) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Mercantile Bank vs Its Competitors
- TTM: Trailing 12-month revenue of 275M vs 629,364M combined for its competitors (0.0% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+5.4% annualized vs trailing 12 months), vs holding steady (+1.9%) for its tracked peer group.
- Growth: Mercantile Bank generated 16.6% revenue growth year over year in Q3 2026, vs 8.3% for its competitors combined.
- Profitability: Its 33.2% net margin compares with 26.1% for the peer group.
- Scale: Mercantile Bank ranks #78 of 218 companies by market capitalization in the Regional Banks industry, holding 0.1% of industry market cap.
- Peer revenue share: Mercantile Bank accounted for 0.1% of combined revenue among its tracked peer group, up from 0.0% a year earlier.
- Peer differentiation: Revenue per employee of $0.35M compares with $0.50M for the peer group (0.7x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
MBWM Sales vs. its Competitors, Q3 2026
Mercantile Bank reported revenue growth of 16.58 % year on year in Q3 2026, above its competitors' combined revenue growth of 8.34 %.
With a net margin of 33.20 %, Mercantile Bank achieved higher profitability than its competitors (26.09 %).
Mercantile Bank generated 0.05 % of the combined sales of its peer group, up from 0.04 % a year earlier.
API endpoints for this dataset
Mercantile Bank vs. its Competitors, Q3 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Mercantile Bank reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Mercantile Bank and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Mercantile Bank Corporation | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (10) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Mercantile Bank's competitor groups requires a Commercial License.
For context: the Regional Banks industry grew revenue 6.8% year over year, combined, vs 16.6% for Mercantile Bank. Mercantile Bank's share of combined industry revenue moved from 0.04% to 0.04%, a gain of 0.00 percentage points.
Mercantile Bank's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Mercantile Bank Corporation | Yes | Yes | Yes | No |
| Competitors combined (182) | ||||
| Similar-Size Competitors (10) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
MBWM Stock Performance relative to its Competitors
MBWM Stock Performance relative to Similar-Size Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Optimumbank Holdings Inc | 282.9% | Outperformed |
| 2 | Old Point Financial Corp | 282.9% | Outperformed |
| 3 | Eagle Bancorp Inc | 282.9% | Outperformed |
| 4 | Community Ban corp | 282.9% | Outperformed |
| 5 | Lionsgate Studios Corp | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Mercantile Bank's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Mercantile Bank's Comment on Competition and Industry Peers
Publicly Traded Peers of Mercantile Bank Corporation
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Mercantile Bank Corporation |
1,047.02 | 275.22 |
 Jpmorgan Chase and Co |
897,436.67 | 190,733.00 |
 Bank Of America Corporation |
356,921.12 | 122,968.00 |
 Wells Fargo and Company |
256,142.91 | 85,055.00 |
 Citigroup inc |
206,640.54 | 91,360.00 |
 Capital one financial corp |
123,039.77 | 54,798.00 |
| SUBTOTAL | 2,799,010.71 | 877,258.75 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Mercantile Bank Corporation versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Mercantile Bank's Competitors Named by the Company
Competitive relationships identified from Mercantile Bank reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Financial Institutions Inc | Company report | 85% |
| Bank Bradesco | Company report | 85% |
| Independent Bank Corporation | Company report | 85% |
| Macatawa Bank Corp | Company report | 85% |
| Choiceone Financial Services Inc | Company report | 85% |
| Northern Trust Corporation | Company report | 85% |
| First Federal Of Northern Michigan Bancorp, Inc. | Company report | 85% |
| Wesbanco Inc | Company report | 85% |
| Regions Financial Corporation | Company report | 85% |
| Fifth Third Bancorp | Company report | 85% |
| Byline Bancorp Inc | Company report | 85% |
| NORTHPOINTE BANCSHARES INC | Company report | 85% |
| City Holding Company | Company report | 85% |
| First Horizon Corp | Company report | 85% |
| 1st Source Corp | Company report | 85% |
| First Federal Of Northern Michigan Bancorp, Inc. | Company report | 85% |
| Zions Bancorporation National Association | Company report | 85% |
| First Financial Corporation | Company report | 85% |
| Horizon Bancorp Inc | Company report | 85% |
| Fentura Financial Inc | Company report | 85% |
| Southern Michigan Bancorp Inc | Company report | 85% |
| Connectone Bancorp Inc | Company report | 85% |
| Peoples United Financial Inc | Company report | 85% |
| Birmingham Bloomfield Bancshares | Company report | 85% |
| Level One Bancorp inc | Company report | 85% |
| Capital one financial corp | Company report | 85% |
Company report basis, confidence, active dates and source counts for Mercantile Bank's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Mercantile Bank's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Citigroup inc | Markets 29.42 % |
| Capital one financial corp | Credit Card 74.32 % |
| D r Horton Inc | HomeBuildingOps 94.14 % |
| Citizens Financial Group Inc | Consumer Banking 73.64 % |
| First Citizens Bancshares Inc | Commercial Bank 46.42 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
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Mercantile Bank's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Mercantile Bank Corporation | 1,047 | 350,151 | 121,532 |
| Jpmorgan Chase and Co | 897,437 | 598,825 | 204,714 |
| Bank Of America Corporation | 356,921 | 577,315 | 150,793 |
| Wells Fargo and Company | 256,143 | 355,879 | 96,699 |
| Citigroup inc | 206,641 | 404,248 | 80,004 |
| Capital one financial corp | 123,040 | 718,191 | 142,595 |
| PEERS TOTAL | 2,797,964 | 495,408 | 132,222 |
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Mercantile Bank's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Lionsgate Studios Corp | UNITED STATES 64.70 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Mercantile Bank's Position in Industry Market Structure
Market-capitalization share and concentration across all 198 companies in Mercantile Bank's industry classification, broader than the peer set above. Market cap in millions of $.Mercantile Bank ranks #78 of 198 companies by market capitalization in its industry, holding 0.14 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 516, indicating a unconcentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Bank Of Nova Scotia | 113,512 | 15.05 % |
| 2 | Deutsche Bank Aktiengesellschaft | 69,917 | 9.27 % |
| 3 | Fifth Third Bancorp | 48,582 | 6.44 % |
| 4 | State Street Corp | 46,533 | 6.17 % |
| 5 | Ita Unibanco Holding S a | 1,234 | 5.2% |
| 6 | M and t Bank Corporation | 1,234 | 5.2% |
| 7 | Northern Trust Corporation | 1,234 | 5.2% |
| 8 | Citizens Financial Group Inc | 1,234 | 5.2% |
| 9 | First Citizens Bancshares Inc | 1,234 | 5.2% |
| 10 | East West Bancorp inc | 1,234 | 5.2% |
| 78 | Mercantile Bank Corporation | 1,047 | 0.14 % |
Market cap and industry share for the rest of Mercantile Bank's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-06.
Mercantile Bank's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 73 | Heritage Financial Corp | 1,179 | 26.01 % |
| 74 | Univest Financial Corporation | 1,132 | 36.43 % |
| 75 | Horizon Bancorp Inc | 1,068 | 30.56 % |
| 76 | Cnb Financial Corp | 1,055 | 45.98 % |
| 77 | Business First Bancshares Inc | 1,234 | 12.3% |
| 78 | Mercantile Bank Corporation | 1,047 | 32.38 % |
| 79 | Metrocity Bankshares inc | 1,234 | 12.3% |
| 80 | Eagle Bancorp Inc | 1,234 | 12.3% |
| 81 | Southside Bancshares Inc | 1,234 | 12.3% |
| 82 | Equity Bancshares Inc | 1,234 | 12.3% |
| 83 | Central Pacific Financial Corp | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Mercantile Bank's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-06. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Mercantile Bank's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Regional Banks industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (2 companies). See the full Regional Banks industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | - | 56.54 % (avg) | - |
| Operating Margin | - | industry median | - |
| EBITDA Margin | 67.83 % | 50.49 % (avg) | +17.3 pp |
| Capital Intensity (Capex / Revenue) | 1.10 % | 1.38 % (avg) | -0.3 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Mercantile Bank's Valuation vs Competitive Position
Valuation multiples vs the Regional Banks industry average (2 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Regional Banks industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 10.6x | - | - |
| EV / EBITDA | 6.7x | - | - |
| P/B | 1.4x | - | - |
| Return on Equity | 12.91 % | industry aggregate | 1.35 % |
| Return on Invested Capital | - | 4.16 % (avg) | - |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Mercantile Bank's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 9.69 % | 8.51 % | 2.42 % | 20.35 % | -0.44 % | - | 2.67 % | 6.86 % |
| Operating Margin | 37.55 % | 40.38 % | 35.76 % | 39.94 % | 41.24 % | - | - | - |
| Return on Invested Capital | 4.91 % | 4.96 % | 4.22 % | 5.42 % | 2.25 % | - | 1.55 % | 1.53 % |
| P/E | 12.2x | 11.8x | 9.7x | 9.8x | 8.8x | 6.8x | 9.4x | 8.4x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Mercantile Bank's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Mercantile Bank falls in the Question Mark quadrant: relative market share of 0.01x vs its largest competitor, in an industry growing revenue 12.1% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Mercantile Bank's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 516 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 1.10 % vs industry average 1.38 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Mercantile Bank's dedicated Suppliers and Customers pages, not here.
Mercantile Bank's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Mercantile Bank falls in the Medium attractiveness / Medium strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Mercantile Bank's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Latest-quarter revenue run-rate is accelerating (+5.4% annualized vs trailing 12 months).
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Low relative market share vs the industry leader (0.01x).
Opportunities
- Industry revenue growing at a healthy 12.1% median pace.
Threats
No rule matched.
Methodology: see Methodology: SWOT Analysis.
Mercantile Bank's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Mercantile Bank Corporation | 0.06 | 1.43 | 0.61 |
| Jpmorgan Chase and Co | 0.15 | 0.42 | 1.41 |
| Bank Of America Corporation | 0.10 | 0.52 | 1.27 |
| Wells Fargo and Company | 0.11 | 0.80 | 1.16 |
| Citigroup inc | 0.07 | 0.40 | 1.78 |
| Capital one financial corp | 0.05 | 1.03 | 0.58 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Mercantile Bank's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Mercantile Bank Corporation | Q3 2026 | +16.6 % | +1.3 % |
| Jpmorgan Chase and Co | Q3 2026 | +10.2 % | +9.0 % |
| Bank Of America Corporation | Q3 2026 | +3.2 % | -16.8 % |
| Wells Fargo and Company | Q3 2026 | +5.4 % | +6.9 % |
| Citigroup inc | Q2 2026 | +14.3 % | +44.6 % |
| Capital one financial corp | Q3 2026 | +29.3 % | +12.0 % |
| PEERS TOTAL | +8.9 % | +8.3 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Mercantile Bank's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Mercantile Bank Corporation | Q3 2026 | +250.0 % | -41.5 % |
| Jpmorgan Chase and Co | Q3 2026 | -12.8 % | - |
| Bank Of America Corporation | Q3 2026 | - | - |
| Wells Fargo and Company | Q3 2026 | +31.5 % | - |
| Citigroup inc | Q2 2026 | - | -11.6 % |
| Capital one financial corp | Q3 2026 | +7.4 % | +1.3 % |
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Mercantile Bank's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Mercantile Bank Corporation | 1.38% | 1.44% | 12.91% |
| Jpmorgan Chase and Co | 1.34% | 1.65% | 17.70% |
| Bank Of America Corporation | 0.93% | 1.18% | 10.69% |
| Wells Fargo and Company | 1.04% | 1.23% | 12.78% |
| Citigroup inc | 0.66% | 0.69% | 8.46% |
| Capital one financial corp | 1.61% | 1.59% | 9.69% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Mercantile Bank's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Mercantile Bank Corporation | 10.78 | 3.80 |
| Jpmorgan Chase and Co | 14.07 | 4.71 |
| Bank Of America Corporation | 11.79 | 2.90 |
| Wells Fargo and Company | 11.91 | 3.01 |
| Citigroup inc | 12.90 | 2.26 |
| Capital one financial corp | 11.48 | 2.25 |
| PEERS AVERAGE | 11.95 | 3.19 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.