MBWM FINANCIAL STATEMENTS

Mercantile Bank Corporation — balance sheet, income statement and cash flow trends

MBWMMercantile Bank Corporation

🇺🇸 USA · NASDAQ · Financial Services · Banks - Regional

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue379.3 M $+4.4%

Gross Profit251.7 M $+13.2%

Operating Income105.3 M $+10.5%

EBITDA111.2 M $+6.2%

Net Income91.9 M $+18.5%

Peer Comparison· Banks - Regional

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
MBWM	—	—	—	24.2%
SKBNK	—	—	—	14.2%
LLOY	—	—	—	25.9%
LB	—	—	—	1.4%
NWG	—	—	—	20.1%
TSKB	—	—	—	54.9%
Industry median	—	67.2%	20.4%	20.6%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity736.9 M $11%
Current Liabilities219.5 M $3%
Long-term Liabilities6 B $86%

Key Figures

YoY change

Total Assets6.9 B $+13.1%

Total Liabilities6.2 B $+12.2%

Total Equity736.9 M $+21.1%

Cash & ST Investments48.4 M $-94.7%

Total Debt703.3 M $-6.0%

Net Debt654.8 M $+80.5%

Peer Comparison· Banks - Regional

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
MBWM	0.22	95.4%	5.89	10.6%
SKBNK	—	0.0%	-13.41	5.9%
LLOY	0.12	209.8%	5.39	5.0%
LB	0.01	744.5%	280.57	5.3%
NWG	0.25	17.0%	-14.68	5.2%
TSKB	—	0.0%	-0.47	13.4%
Industry median	0.31	38.0%	-0.58	11.0%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
MBWM	0.22	95.4%	5.89	10.6%
CCNE	0.67	37.2%	2.49	10.4%
BFST	0.17	38.8%	-6.73	11.1%
CPF	0.14	17.1%	-7.01	7.9%
HBNC	1.48	54.6%	-1.71	10.6%
TRST	0.49	22.2%	1.14	10.3%
Industry median	0.31	38.0%	-0.58	11.0%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow49.3 M $-14.9%

Capital Expenditures6.2 M $-28.4%

Free Cash Flow43.1 M $-12.6%

Dividends Paid-24.7 M $-208.1%

Peer Comparison· Banks - Regional

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
MBWM	13.0%	11.4%	1.6%	53.6%
SKBNK	14.2%	31.2%	17.0%	100.0%
LLOY	—	—	0.0%	—
LB	-1.8%	-3.5%	1.7%	-134.2%
NWG	—	—	0.0%	—
TSKB	54.9%	71.9%	17.0%	100.0%
Industry median	23.6%	22.1%	1.5%	111.4%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
MBWM	13.0%	11.4%	1.6%	53.6%
CCNE	16.6%	15.5%	1.1%	88.8%
BFST	17.3%	16.7%	0.6%	99.1%
CPF	26.3%	24.8%	1.5%	118.5%
HBNC	88.2%	84.2%	4.0%	-57.2%
TRST	24.2%	21.0%	3.2%	107.9%
Industry median	23.6%	22.1%	1.5%	111.4%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 2, 26. This content is for informational purposes only and is not investment advice.