Free Trial

Mercantile Bank (MBWM) Financials

Mercantile Bank logo
$43.86 +0.30 (+0.69%)
Closing price 06/20/2025 04:00 PM Eastern
Extended Trading
$43.84 -0.02 (-0.05%)
As of 06/20/2025 04:20 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
Annual Income Statements for Mercantile Bank

Annual Income Statements for Mercantile Bank

This table shows Mercantile Bank's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders
17 27 32 31 42 49 44 59 61 82 80
Consolidated Net Income / (Loss)
17 27 32 31 42 49 44 59 61 82 80
Net Income / (Loss) Continuing Operations
17 27 29 31 42 49 44 59 61 82 80
Total Pre-Tax Income
25 39 47 46 52 60 55 74 76 103 98
Total Revenue
88 117 110 118 139 151 167 180 190 226 231
Net Interest Income / (Expense)
78 101 106 110 120 125 122 124 158 194 191
Total Interest Income
89 112 118 126 142 158 148 143 182 271 322
Loans and Leases Interest Income
81 104 109 117 132 146 137 135 167 253 293
Investment Securities Interest Income
8.06 8.01 9.01 7.63 8.98 10 10 7.51 10 13 16
Deposits and Money Market Investments Interest Income
0.23 0.22 0.40 1.10 1.24 2.37 0.88 0.93 4.65 5.55 12
Total Interest Expense
11 11 13 16 22 34 26 19 24 78 130
Deposits Interest Expense
8.38 7.59 7.55 9.36 14 21 15 9.11 10 55 101
Short-Term Borrowings Interest Expense
0.12 0.16 0.21 0.19 0.27 0.30 0.17 0.17 0.29 2.85 7.72
Long-Term Debt Interest Expense
2.84 3.41 4.83 6.24 7.76 12 11 10 13 20 21
Total Non-Interest Income
10 16 21 19 19 27 45 56 32 32 40
Other Service Charges
8.84 15 2.90 1.20 8.01 13 33 54 30 17 38
Other Non-Interest Income
1.18 1.11 1.26 7.15 1.29 3.89 1.21 1.16 1.68 1.50 2.56
Provision for Credit Losses
-3.00 -1.00 2.90 2.95 1.10 1.75 14 -4.30 6.55 7.70 7.40
Total Non-Interest Expense
66 79 77 80 86 89 99 111 108 115 126
Salaries and Employee Benefits
34 43 44 45 51 54 60 66 65 69 78
Net Occupancy & Equipment Expense
12 16 10 10 18 19 22 23 24 24 26
Marketing Expense
1.32 1.36 1.59 1.61 1.65 1.45 1.29 1.18 1.45 1.57 1.60
Property & Liability Insurance Claims
1.18 1.72 1.24 0.96 0.93 0.23 1.14 1.82 1.24 2.26 2.50
Other Operating Expenses
12 18 6.81 11 15 15 15 19 16 18 18
Income Tax Expense
7.87 12 15 15 9.80 11 11 15 15 20 19
Basic Earnings per Share
$1.28 $1.63 $1.96 $1.90 $2.53 $3.01 $2.71 $3.69 $3.85 $5.13 $4.93
Weighted Average Basic Shares Outstanding
13.51M 16.61M 16.29M 16.48M 16.42M 16.33M 16.26M 15.84M 16.00M 16.12M 16.23M
Diluted Earnings per Share
$1.28 $1.62 $1.96 $1.90 $2.53 $3.01 $2.71 $3.69 $3.85 $5.13 $4.93
Weighted Average Diluted Shares Outstanding
13.51M 16.61M 16.29M 16.48M 16.42M 16.33M 16.26M 15.84M 16.00M 16.12M 16.23M
Weighted Average Basic & Diluted Shares Outstanding
13.51M 16.61M 16.29M 16.48M 16.42M 16.33M 16.26M 15.84M 16.00M 16.12M 16.23M
Cash Dividends to Common per Share
- - - - - $1.06 $1.12 $1.18 $1.26 $1.34 $1.40

Quarterly Income Statements for Mercantile Bank

This table shows Mercantile Bank's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Income / (Loss) Attributable to Common Shareholders
16 22 21 20 21 20 22 19 20 20 20
Consolidated Net Income / (Loss)
16 22 21 20 21 20 22 19 20 20 20
Net Income / (Loss) Continuing Operations
16 22 21 20 21 20 22 19 20 20 20
Total Pre-Tax Income
20 27 26 25 26 25 27 24 25 23 24
Total Revenue
50 58 55 55 58 57 58 57 58 59 57
Net Interest Income / (Expense)
42 51 48 48 49 49 47 47 48 48 49
Total Interest Income
48 58 60 66 71 74 77 79 83 82 80
Loans and Leases Interest Income
44 54 57 62 65 69 71 73 75 74 72
Investment Securities Interest Income
2.70 2.84 3.01 3.11 3.27 3.31 3.42 3.62 4.20 4.79 5.41
Deposits and Money Market Investments Interest Income
1.62 1.65 0.32 0.80 2.81 1.61 2.03 2.44 3.90 3.94 2.94
Total Interest Expense
5.75 7.62 12 18 22 25 29 32 35 34 32
Deposits Interest Expense
2.30 4.04 7.91 12 16 19 22 25 28 27 25
Short-Term Borrowings Interest Expense
0.05 0.14 0.46 0.91 0.69 0.78 1.65 1.76 2.22 2.09 1.76
Long-Term Debt Interest Expense
3.40 3.44 3.74 5.07 5.36 5.36 5.49 5.34 5.31 5.17 4.84
Total Non-Interest Income
7.28 7.78 6.95 7.65 9.25 8.30 11 9.68 9.67 10 8.70
Service Charges on Deposit Accounts
3.67 - 3.04 3.49 - - - 3.96 4.01 - 5.16
Other Service Charges
3.35 14 3.51 3.75 5.22 4.29 9.70 5.29 5.21 18 3.00
Other Non-Interest Income
0.24 0.37 0.40 0.40 4.02 -3.33 1.17 0.44 0.45 0.50 0.54
Provision for Credit Losses
2.90 3.05 0.60 2.00 3.30 1.80 1.30 3.50 1.10 1.50 2.10
Total Non-Interest Expense
27 29 29 28 29 30 30 30 32 34 31
Salaries and Employee Benefits
17 17 17 16 17 18 18 18 20 21 20
Net Occupancy & Equipment Expense
6.09 6.12 6.27 5.86 6.17 5.93 6.51 6.56 6.52 6.55 6.68
Other Operating Expenses
4.03 2.43 5.63 5.51 5.49 1.14 5.20 5.26 5.49 1.68 4.87
Income Tax Expense
3.94 5.07 5.16 5.01 5.13 5.18 5.42 4.73 4.94 3.60 4.51
Basic Earnings per Share
$1.01 $1.37 $1.31 $1.27 $1.30 $1.25 $1.34 $1.17 $1.22 $1.20 $1.21
Weighted Average Basic Shares Outstanding
15.86M 16.00M 16.00M 16.00M 16.02M 16.12M 16.12M 16.12M 16.14M 16.23M 16.20M
Diluted Earnings per Share
$1.01 $1.37 $1.31 $1.27 $1.30 $1.25 $1.34 $1.17 $1.22 $1.20 $1.21
Weighted Average Diluted Shares Outstanding
15.86M 16.00M 16.00M 16.00M 16.02M 16.12M 16.12M 16.12M 16.14M 16.23M 16.20M
Weighted Average Basic & Diluted Shares Outstanding
15.87M 16.00M 16.00M 16.02M 16.02M 16.12M 16.12M 16.14M 16.14M 16.23M 16.24M
Cash Dividends to Common per Share
$0.32 $0.32 $0.33 $0.33 $0.34 - $0.35 $0.35 $0.36 $0.34 $0.37

Annual Cash Flow Statements for Mercantile Bank

This table details how cash moves in and out of Mercantile Bank's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents
26 -83 94 17 -125 158 392 349 -878 34 262
Net Cash From Operating Activities
14 36 35 39 62 45 38 65 120 67 101
Net Cash From Continuing Operating Activities
14 36 35 39 62 45 38 65 120 67 101
Net Income / (Loss) Continuing Operations
17 27 32 31 42 49 44 59 61 82 80
Consolidated Net Income / (Loss)
17 27 32 31 42 49 44 59 61 82 80
Provision For Loan Losses
-3.00 -1.00 2.90 2.95 1.10 1.75 14 -4.30 6.55 7.70 7.40
Depreciation Expense
7.61 12 9.58 10 9.77 9.55 9.43 14 13 11 11
Non-Cash Adjustments to Reconcile Net Income
0.53 -0.72 -8.22 -3.56 1.14 -5.49 -20 11 13 -15 3.12
Changes in Operating Assets and Liabilities, net
-8.04 -0.95 -1.57 -2.35 7.71 -11 -9.94 -15 26 -20 0.50
Net Cash From Investing Activities
65 -96 -97 -191 -210 -93 -399 -496 -555 -396 -425
Net Cash From Continuing Investing Activities
65 -96 -97 -191 -210 -93 -399 -496 -555 -396 -425
Purchase of Investment Securities
-113 -201 -271 -255 -254 -182 -721 -574 -577 -421 -499
Sale and/or Maturity of Investments
86 104 175 64 43 89 322 79 22 25 74
Net Cash From Financing Activities
-53 -23 156 169 24 206 753 780 -443 363 587
Net Cash From Continuing Financing Activities
-53 -23 156 169 24 206 753 780 -443 363 587
Net Change in Deposits
-70 -0.16 100 147 -59 227 721 686 -370 188 797
Issuance of Debt
0.00 20 110 90 160 44 60 74 43 240 10
Issuance of Common Equity
0.21 0.66 1.60 1.58 1.17 0.73 0.81 0.88 0.87 0.89 0.81
Repayment of Debt
-3.00 -6.00 -3.00 -45 -30 -40 -20 -20 -94 -80 -91
Payment of Dividends
-24 -9.52 -19 -12 -28 -17 -18 -19 -20 -21 -22
Other Financing Activities, Net
44 -12 -22 -13 -15 -0.67 16 79 -3.04 35 -108
Cash Interest Paid
11 12 12 15 22 32 28 20 22 72 129
Cash Income Taxes Paid
2.63 8.00 15 14 10 12 11 18 11 25 21

Quarterly Cash Flow Statements for Mercantile Bank

This table details how cash moves in and out of Mercantile Bank's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Change in Cash & Equivalents
-195 -187 -39 150 58 -135 107 -40 131 64 -7.55
Net Cash From Operating Activities
33 37 18 19 36 -7.30 40 9.11 -8.09 60 -2.98
Net Cash From Continuing Operating Activities
33 37 18 19 36 -7.30 40 9.11 -8.09 60 -2.98
Net Income / (Loss) Continuing Operations
16 22 21 20 21 20 22 19 20 20 20
Consolidated Net Income / (Loss)
16 22 21 20 21 20 22 19 20 20 20
Provision For Loan Losses
2.90 3.05 0.60 2.00 3.30 1.80 1.30 3.50 1.10 1.50 2.10
Depreciation Expense
3.16 3.09 3.05 2.88 2.93 2.64 2.77 2.71 2.67 2.36 1.65
Non-Cash Adjustments to Reconcile Net Income
-1.08 10 0.75 -7.45 1.65 -9.48 3.62 -7.17 -6.44 13 1.00
Changes in Operating Assets and Liabilities, net
12 -1.05 -7.31 1.61 7.71 -22 11 -8.71 -25 23 -27
Net Cash From Investing Activities
-167 -52 -57 -88 -52 -199 -13 -155 -154 -103 -82
Net Cash From Continuing Investing Activities
-167 -52 -57 -88 -52 -199 -13 -155 -154 -103 -82
Purchase of Investment Securities
-171 -57 -59 -97 -55 -210 -20 -174 -167 -138 -89
Sale and/or Maturity of Investments
4.64 4.74 1.70 8.50 3.71 11 6.71 18 13 35 6.83
Net Cash From Financing Activities
-61 -172 0.24 219 73 71 80 107 293 108 77
Net Cash From Continuing Financing Activities
-61 -172 0.24 219 73 71 80 107 293 108 77
Net Change in Deposits
-28 -133 -115 159 144 0.18 107 139 309 242 -17
Issuance of Debt
- - 80 120 - 40 10 - - - 0.00
Issuance of Common Equity
0.22 0.21 0.22 0.23 0.22 0.22 0.20 0.20 0.20 0.20 0.20
Repayment of Debt
-24 -30 -10 -30 -10 -30 -31 -20 -10 -30 -21
Payment of Dividends
-4.98 -5.00 -5.16 -5.17 -5.33 -5.34 -5.53 -5.54 -5.70 -5.70 -5.90
Other Financing Activities, Net
-4.72 -4.25 50 -25 -55 66 -1.11 -6.71 -0.95 -99 121
Cash Interest Paid
6.59 6.39 12 16 21 23 28 31 36 34 32

Annual Balance Sheets for Mercantile Bank

This table presents Mercantile Bank's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets
2,893 2,904 3,083 3,287 3,364 3,633 4,437 5,258 4,873 5,353 6,052
Cash and Due from Banks
44 43 50 55 65 53 63 59 62 70 57
Interest Bearing Deposits at Other Banks
118 46 133 145 10 180 563 916 35 60 336
Trading Account Securities
433 347 328 336 337 335 387 593 603 617 730
Loans and Leases, Net of Allowance
2,069 2,262 2,361 2,539 2,731 2,833 3,156 0.00 -42 -50 -54
Allowance for Loan and Lease Losses
20 16 18 20 22 24 38 - 42 50 54
Loans Held for Sale
- - - - - - 23 16 3.57 19 16
Premises and Equipment, Net
49 47 45 46 48 57 59 57 51 51 53
Goodwill
49 49 49 49 49 49 49 49 49 49 49
Other Assets
105 96 105 109 117 121 135 3,566 4,111 4,487 4,810
Total Liabilities & Shareholders' Equity
2,893 2,904 3,083 3,287 3,364 3,633 4,437 5,258 4,873 5,353 6,052
Total Liabilities
2,565 2,570 2,742 2,921 2,989 3,216 3,996 4,801 4,431 4,831 5,468
Non-Interest Bearing Deposits
559 675 811 866 890 925 1,433 1,678 1,605 1,248 1,265
Interest Bearing Deposits
1,718 1,601 1,564 1,656 1,574 1,765 1,978 2,405 2,108 2,653 3,434
Short-Term Debt
168 155 132 119 104 103 118 197 194 230 122
Other Short-Term Payables
- 16 15 14 25 - 24 25 - 94 121
Long-Term Debt
108 123 220 266 396 401 442 496 446 607 527
Commitments & Contingencies
- - - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
328 334 341 366 375 417 442 457 441 522 585
Total Preferred & Common Equity
328 334 341 366 375 417 442 457 441 522 585
Preferred Stock
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity
328 334 341 366 375 417 442 457 441 522 585
Common Stock
318 305 305 310 308 305 302 286 290 295 300
Retained Earnings
10 28 41 61 75 108 134 175 216 278 335
Accumulated Other Comprehensive Income / (Loss)
0.02 1.26 -5.58 -4.90 -8.24 3.70 5.49 -3.73 -65 -50 -50

Quarterly Balance Sheets for Mercantile Bank

This table presents Mercantile Bank's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2022 Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025
Period end date 6/30/2022 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025
Total Assets
5,059 5,017 4,896 5,138 5,251 5,466 5,602 5,917 6,141
Cash and Due from Banks
89 63 47 69 65 53 62 88 70
Interest Bearing Deposits at Other Banks
390 221 11 139 201 185 136 241 315
Trading Account Securities
604 583 620 609 592 609 648 703 788
Loans and Leases, Net of Allowance
0.00 0.00 0.00 -45 -48 -52 -55 -57 -57
Allowance for Loan and Lease Losses
- - - 45 48 52 55 57 57
Loans Held for Sale
13 14 3.82 12 10 14 22 29 15
Premises and Equipment, Net
51 52 52 52 52 51 50 54 54
Goodwill
49 49 49 49 49 49 49 49 49
Other Assets
3,861 4,033 4,113 4,252 4,329 4,505 4,635 4,752 4,850
Total Liabilities & Shareholders' Equity
5,059 5,017 4,896 5,138 5,251 5,466 5,602 5,917 6,141
Total Liabilities
4,630 4,601 4,429 4,659 4,768 4,929 5,051 5,334 5,533
Non-Interest Bearing Deposits
1,740 1,717 1,377 1,372 1,310 1,135 1,120 1,182 1,173
Interest Bearing Deposits
2,133 2,129 2,221 2,385 2,591 2,873 3,027 3,274 3,508
Short-Term Debt
203 199 227 219 164 229 222 221 242
Other Short-Term Payables
- - - - - 107 117 101 103
Long-Term Debt
499 476 516 606 596 586 566 556 506
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
429 416 467 479 483 537 551 583 608
Total Preferred & Common Equity
429 416 467 479 483 537 551 583 608
Preferred Stock
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity
429 416 467 479 483 537 551 583 608
Common Stock
288 289 292 293 294 296 298 299 301
Retained Earnings
188 200 232 247 263 294 307 321 348
Accumulated Other Comprehensive Income / (Loss)
-48 -72 -56 -62 -74 -53 -53 -36 -41

Annual Metrics And Ratios for Mercantile Bank

This table displays calculated financial ratios and metrics derived from Mercantile Bank's official financial filings.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics
- - - - - - - - - - -
Revenue Growth
61.62% 33.49% -6.13% 7.34% 17.77% 8.91% 10.51% 7.68% 5.57% 18.58% 2.56%
EBITDA Growth
20.03% 53.88% -21.59% 15.68% 34.49% 13.68% -8.20% 35.97% 1.53% 28.69% -4.73%
EBIT Growth
0.28% 54.12% -22.71% 18.08% 46.24% 16.67% -9.28% 34.40% 2.81% 35.50% -4.30%
NOPAT Growth
-31.02% 55.91% 18.11% -2.00% 34.37% 17.69% -10.75% 33.72% 3.46% 34.64% -3.19%
Net Income Growth
1.75% 55.91% 18.11% -2.00% 34.37% 17.69% -10.75% 33.72% 3.46% 34.64% -3.19%
EPS Growth
-34.36% 26.56% 20.99% -3.06% 33.16% 18.97% -9.97% 36.16% 4.34% 33.25% -3.90%
Operating Cash Flow Growth
-49.66% 149.35% -3.89% 11.74% 59.67% -27.49% -15.39% 70.48% 85.62% -44.43% 51.80%
Free Cash Flow Firm Growth
-7,535.06% 106.81% -349.92% 45.59% -212.42% 105.20% -964.54% -140.17% 244.70% -250.40% 205.46%
Invested Capital Growth
100.99% 1.25% 13.18% 8.35% 16.64% 5.16% 8.84% 14.82% -5.94% 25.59% -9.25%
Revenue Q/Q Growth
19.33% 1.03% -12.38% 17.95% 10.44% -1.13% 3.11% -1.87% 7.49% -0.65% 0.69%
EBITDA Q/Q Growth
11.98% 0.75% -26.33% 54.80% 18.96% -6.32% -0.23% -5.02% 14.54% -1.82% -2.04%
EBIT Q/Q Growth
5.04% 0.51% -31.72% 87.32% 23.72% -7.44% -1.36% -6.28% 18.17% -1.59% -1.97%
NOPAT Q/Q Growth
-27.75% -30.06% 5.30% -0.34% 9.35% 3.65% 1.76% -3.97% 19.97% -2.11% -0.51%
Net Income Q/Q Growth
6.98% 0.69% 5.30% -0.34% 45.00% -13.48% 1.76% -3.97% 19.97% -2.11% -0.51%
EPS Q/Q Growth
-13.51% 0.00% 5.95% -1.04% 9.05% 4.15% 1.88% -2.89% 19.20% -2.29% -1.00%
Operating Cash Flow Q/Q Growth
-5.01% 14.23% 6.15% 3.92% 26.53% -4.71% -7.48% 58.50% -6.50% -39.98% 197.75%
Free Cash Flow Firm Q/Q Growth
-11.08% 402.63% 38.12% -14,350.00% -871.74% 104.47% 42.76% -514.53% 322.21% -181.55% 652.30%
Invested Capital Q/Q Growth
5.04% 0.29% -3.70% -0.01% 12.48% -0.19% -2.80% 7.45% -0.81% 9.24% -9.40%
Profitability Metrics
- - - - - - - - - - -
EBITDA Margin
37.37% 43.07% 35.98% 38.78% 44.28% 46.22% 38.39% 48.48% 46.62% 50.60% 47.00%
EBIT Margin
28.70% 33.13% 27.28% 30.01% 37.26% 39.91% 32.76% 40.89% 39.82% 45.50% 42.46%
Profit (Net Income) Margin
19.74% 23.05% 29.00% 26.48% 30.21% 32.65% 26.36% 32.74% 32.08% 36.43% 34.39%
Tax Burden Percent
68.78% 69.58% 68.06% 67.86% 81.09% 81.80% 80.47% 80.07% 80.57% 80.06% 80.98%
Interest Burden Percent
100.00% 100.00% 156.23% 130.04% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate
31.22% 30.42% 31.94% 32.14% 18.91% 18.20% 19.53% 19.93% 19.43% 19.94% 19.02%
Return on Invested Capital (ROIC)
3.83% 4.44% 4.89% 4.34% 5.17% 5.51% 4.59% 5.49% 5.47% 6.74% 6.14%
ROIC Less NNEP Spread (ROIC-NNEP)
3.83% 4.44% 4.89% 4.34% 5.17% 5.51% 4.59% 5.49% 5.47% 6.74% 6.14%
Return on Net Nonoperating Assets (RNNOA)
3.37% 3.72% 4.57% 4.51% 6.17% 6.98% 5.69% 7.66% 8.13% 10.33% 8.24%
Return on Equity (ROE)
7.20% 8.16% 9.46% 8.85% 11.34% 12.49% 10.29% 13.14% 13.60% 17.07% 14.38%
Cash Return on Invested Capital (CROIC)
-63.27% 3.21% -7.47% -3.67% -10.19% 0.48% -3.87% -8.31% 11.60% -15.95% 15.84%
Operating Return on Assets (OROA)
1.17% 1.34% 1.00% 1.11% 1.56% 1.73% 1.36% 1.52% 1.50% 2.01% 1.72%
Return on Assets (ROA)
0.80% 0.93% 1.07% 0.98% 1.26% 1.41% 1.09% 1.22% 1.21% 1.61% 1.40%
Return on Common Equity (ROCE)
7.20% 8.16% 9.46% 8.85% 11.34% 12.49% 10.29% 13.14% 13.60% 17.07% 14.38%
Return on Equity Simple (ROE_SIMPLE)
5.28% 8.09% 9.36% 8.55% 11.20% 11.87% 10.00% 12.93% 13.83% 15.75% 13.62%
Net Operating Profit after Tax (NOPAT)
17 27 32 31 42 49 44 59 61 82 80
NOPAT Margin
19.74% 23.05% 29.00% 26.48% 30.21% 32.65% 26.36% 32.74% 32.08% 36.43% 34.39%
Net Nonoperating Expense Percent (NNEP)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue
53.83% 51.16% 50.14% 48.60% 50.54% 48.95% 49.48% 50.18% 47.76% 41.92% 45.65%
Operating Expenses to Revenue
74.72% 67.72% 70.09% 67.50% 61.95% 58.93% 58.85% 61.50% 56.74% 51.08% 54.34%
Earnings before Interest and Taxes (EBIT)
25 39 30 35 52 60 55 74 76 103 98
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
33 50 40 46 62 70 64 87 89 114 109
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
0.00 0.00 1.31 1.18 0.98 1.16 0.85 1.06 1.11 1.19 1.22
Price to Tangible Book Value (P/TBV)
0.00 0.00 1.58 1.40 1.15 1.33 0.96 1.19 1.25 1.31 1.33
Price to Revenue (P/Rev)
0.00 0.00 4.05 3.67 2.64 3.18 2.23 2.67 2.56 2.75 3.08
Price to Earnings (P/E)
0.00 0.00 13.97 13.84 8.73 9.74 8.46 8.17 7.99 7.54 8.95
Dividend Yield
17.38% 3.39% 3.62% 2.82% 4.20% 3.59% 4.87% 3.84% 4.10% 3.46% 3.22%
Earnings Yield
0.00% 0.00% 7.16% 7.22% 11.45% 10.27% 11.83% 12.25% 12.51% 13.26% 11.17%
Enterprise Value to Invested Capital (EV/IC)
0.00 0.00 0.89 0.82 0.90 0.82 0.31 0.17 0.95 0.98 0.78
Enterprise Value to Revenue (EV/Rev)
0.00 0.00 5.58 5.23 5.69 4.96 1.83 1.11 5.42 5.87 4.18
Enterprise Value to EBITDA (EV/EBITDA)
0.00 0.00 15.51 13.48 12.85 10.73 4.78 2.29 11.62 11.61 8.89
Enterprise Value to EBIT (EV/EBIT)
0.00 0.00 20.45 17.41 15.27 12.43 5.60 2.72 13.61 12.91 9.84
Enterprise Value to NOPAT (EV/NOPAT)
0.00 0.00 19.24 19.73 18.83 15.20 6.96 3.39 16.89 16.13 12.16
Enterprise Value to Operating Cash Flow (EV/OCF)
0.00 0.00 17.74 15.96 12.82 16.79 8.11 3.10 8.61 19.90 9.57
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 0.00 0.00 0.00 0.00 174.53 0.00 0.00 7.97 0.00 4.71
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
0.84 0.83 1.03 1.05 1.33 1.21 1.27 1.52 1.45 1.60 1.11
Long-Term Debt to Equity
0.33 0.37 0.65 0.73 1.06 0.96 1.00 1.09 1.01 1.16 0.90
Financial Leverage
0.88 0.84 0.93 1.04 1.19 1.27 1.24 1.40 1.49 1.53 1.34
Leverage Ratio
8.97 8.76 8.87 9.01 8.97 8.84 9.40 10.80 11.28 10.61 10.31
Compound Leverage Factor
8.97 8.76 13.86 11.72 8.97 8.84 9.40 10.80 11.28 10.61 10.31
Debt to Total Capital
45.69% 45.43% 50.78% 51.23% 57.11% 54.73% 55.91% 60.30% 59.19% 61.56% 52.58%
Short-Term Debt to Total Capital
27.73% 25.30% 19.02% 15.83% 11.83% 11.16% 11.82% 17.17% 17.97% 16.91% 9.86%
Long-Term Debt to Total Capital
17.96% 20.13% 31.75% 35.40% 45.28% 43.57% 44.09% 43.12% 41.22% 44.65% 42.73%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital
54.31% 54.57% 49.22% 48.77% 42.89% 45.27% 44.09% 39.70% 40.81% 38.44% 47.42%
Debt to EBITDA
8.41 5.51 8.88 8.39 8.11 7.19 8.71 7.93 7.21 7.32 5.96
Net Debt to EBITDA
3.15 3.72 4.24 4.02 6.89 3.85 -1.03 -3.22 6.12 6.18 2.35
Long-Term Debt to EBITDA
3.31 2.44 5.55 5.80 6.43 5.73 6.87 5.67 5.02 5.31 4.84
Debt to NOPAT
15.93 10.29 11.02 12.29 11.89 10.18 12.69 11.75 10.48 10.17 8.14
Net Debt to NOPAT
5.96 6.96 5.26 5.89 10.10 5.46 -1.50 -4.77 8.90 8.58 3.21
Long-Term Debt to NOPAT
6.26 4.56 6.89 8.49 9.43 8.11 10.00 8.40 7.30 7.38 6.62
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios
- - - - - - - - - - -
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
-286 19 -49 -27 -83 4.31 -37 -89 129 -195 205
Operating Cash Flow to CapEx
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense
-25.24 1.75 -3.87 -1.68 -3.78 0.13 -1.43 -4.60 5.48 -2.50 1.57
Operating Cash Flow to Interest Expense
1.27 3.23 2.75 2.45 2.82 1.32 1.45 3.32 5.08 0.86 0.78
Operating Cash Flow Less CapEx to Interest Expense
1.27 3.23 2.75 2.45 2.82 1.32 1.45 3.32 5.08 0.86 0.78
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04
Fixed Asset Turnover
2.38 2.45 2.38 2.58 2.95 2.87 2.88 3.10 3.50 4.41 4.44
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
604 612 692 750 875 920 1,001 1,150 1,082 1,358 1,233
Invested Capital Turnover
0.19 0.19 0.17 0.16 0.17 0.17 0.17 0.17 0.17 0.19 0.18
Increase / (Decrease) in Invested Capital
304 7.53 81 58 125 45 81 148 -68 277 -126
Enterprise Value (EV)
0.00 0.00 614 617 791 752 307 200 1,031 1,326 968
Market Capitalization
0.00 0.00 446 433 367 482 373 482 488 620 712
Book Value per Share
$24.29 $20.10 $20.91 $22.19 $22.61 $25.50 $27.20 $29.13 $27.82 $32.58 $36.21
Tangible Book Value per Share
$19.47 $16.36 $17.26 $18.72 $19.30 $22.24 $24.00 $25.89 $24.70 $29.50 $33.15
Total Capital
604 612 692 750 875 920 1,001 1,150 1,082 1,358 1,233
Total Debt
276 278 352 384 500 504 560 693 640 836 648
Total Long-Term Debt
108 123 220 266 396 401 442 496 446 607 527
Net Debt
103 188 168 184 424 270 -66 -282 543 706 255
Capital Expenditures (CapEx)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)
276 278 352 384 500 504 560 693 640 836 648
Total Depreciation and Amortization (D&A)
7.61 12 9.58 10 9.77 9.55 9.43 14 13 11 11
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$1.28 $1.63 $1.96 $1.90 $2.53 $3.01 $2.71 $3.69 $3.85 $5.13 $4.93
Adjusted Weighted Average Basic Shares Outstanding
16.89M 16.23M 16.43M 16.59M 16.42M 16.33M 16.26M 15.84M 16.00M 16.12M 16.23M
Adjusted Diluted Earnings per Share
$1.28 $1.62 $1.96 $1.90 $2.53 $3.01 $2.71 $3.69 $3.85 $5.13 $4.93
Adjusted Weighted Average Diluted Shares Outstanding
16.89M 16.23M 16.43M 16.59M 16.42M 16.33M 16.26M 15.84M 16.00M 16.12M 16.23M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
16.89M 16.23M 16.43M 16.59M 16.42M 16.33M 16.26M 15.84M 16.00M 16.12M 16.23M
Normalized Net Operating Profit after Tax (NOPAT)
21 27 32 31 42 49 44 59 61 82 80
Normalized NOPAT Margin
24.00% 23.05% 29.00% 26.48% 30.21% 32.65% 26.36% 32.74% 32.08% 36.43% 34.39%
Pre Tax Income Margin
28.70% 33.13% 42.61% 39.02% 37.26% 39.91% 32.76% 40.89% 39.82% 45.50% 42.46%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
2.22 3.48 2.38 2.24 2.37 1.79 2.10 3.79 3.21 1.32 0.75
NOPAT to Interest Expense
1.53 2.42 2.53 1.98 1.92 1.46 1.69 3.04 2.59 1.06 0.61
EBIT Less CapEx to Interest Expense
2.22 3.48 2.38 2.24 2.37 1.79 2.10 3.79 3.21 1.32 0.75
NOPAT Less CapEx to Interest Expense
1.53 2.42 2.53 1.98 1.92 1.46 1.69 3.04 2.59 1.06 0.61
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
141.16% 35.22% 58.69% 38.52% 65.44% 34.59% 40.62% 31.39% 32.10% 25.55% 28.23%
Augmented Payout Ratio
141.16% 93.55% 70.39% 38.52% 79.58% 49.12% 55.56% 67.61% 32.10% 25.55% 28.23%

Quarterly Metrics And Ratios for Mercantile Bank

This table displays calculated financial ratios and metrics derived from Mercantile Bank's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Growth Metrics
- - - - - - - - - - -
Revenue Growth
6.35% 29.38% 37.78% 31.21% 17.22% -2.54% 5.23% 2.82% -0.43% 2.78% -1.68%
EBITDA Growth
5.03% 60.24% 64.16% 58.17% 24.97% -7.06% 1.96% -7.17% -5.85% -8.12% -13.66%
EBIT Growth
7.49% 76.56% 82.51% 73.45% 30.11% -6.19% 3.25% -7.30% -5.51% -7.85% -10.89%
NOPAT Growth
6.50% 87.32% 82.51% 73.44% 30.10% -8.13% 2.80% -7.72% -5.93% -2.02% -9.39%
Net Income Growth
6.50% 87.32% 82.51% 73.44% 30.10% -8.13% 2.80% -7.72% -5.93% -2.02% -9.39%
EPS Growth
6.32% 82.67% 79.45% 71.62% 28.71% -8.76% 2.29% -7.87% -6.15% -4.00% -9.70%
Operating Cash Flow Growth
1,189.57% -18.36% -35.22% -12.24% 11.13% -119.69% 122.73% -53.04% -122.20% 920.08% -107.40%
Free Cash Flow Firm Growth
82.99% 165.88% 76.02% -170.02% -3,029.39% -384.93% -300.16% 89.29% 26.25% 156.57% 111.91%
Invested Capital Growth
1.89% -5.94% 4.37% 15.25% 14.04% 25.59% 11.62% 2.69% 9.42% -9.25% 0.40%
Revenue Q/Q Growth
18.04% 17.68% -5.31% -0.25% 5.46% -2.16% 2.25% -2.53% 2.13% 0.99% -2.19%
EBITDA Q/Q Growth
29.55% 29.50% -2.59% -3.21% 2.36% -3.69% 6.86% -11.88% 3.81% -6.01% 0.41%
EBIT Q/Q Growth
36.57% 34.54% -2.74% -2.94% 2.44% -2.99% 7.05% -12.86% 4.42% -5.40% 3.52%
NOPAT Q/Q Growth
36.58% 36.02% -3.81% -2.94% 2.45% -3.95% 7.64% -12.87% 4.43% 0.05% -0.46%
Net Income Q/Q Growth
36.58% 36.02% -3.81% -2.94% 2.45% -3.95% 7.64% -12.87% 4.43% 0.05% -0.46%
EPS Q/Q Growth
36.49% 35.64% -4.38% -3.05% 2.36% -3.85% 7.20% -12.69% 4.27% -1.64% 0.83%
Operating Cash Flow Q/Q Growth
48.34% 13.03% -51.27% 7.40% 87.84% -120.03% 651.27% -77.35% -188.77% 839.99% -104.97%
Free Cash Flow Firm Q/Q Growth
92.50% 2,232.49% -133.02% -411.43% 13.10% -94.16% 53.63% 86.31% -498.17% 248.93% -90.24%
Invested Capital Q/Q Growth
-3.64% -0.81% 11.93% 7.73% -4.65% 9.24% -0.53% -0.88% 1.60% -9.40% 10.04%
Profitability Metrics
- - - - - - - - - - -
EBITDA Margin
46.59% 51.27% 52.74% 51.18% 49.67% 48.90% 51.11% 46.21% 46.97% 43.71% 44.88%
EBIT Margin
40.22% 45.99% 47.23% 45.96% 44.65% 44.27% 46.34% 41.44% 42.37% 39.68% 42.00%
Profit (Net Income) Margin
32.28% 37.31% 37.90% 36.88% 35.83% 35.17% 37.03% 33.10% 33.85% 33.53% 34.13%
Tax Burden Percent
80.26% 81.14% 80.25% 80.25% 80.25% 79.46% 79.90% 79.89% 79.89% 84.49% 81.25%
Interest Burden Percent
100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate
19.74% 18.86% 19.75% 19.75% 19.75% 20.54% 20.10% 20.11% 20.11% 15.51% 18.75%
Return on Invested Capital (ROIC)
5.29% 6.36% 6.57% 6.62% 6.97% 6.51% 6.61% 5.76% 5.98% 5.99% 5.81%
ROIC Less NNEP Spread (ROIC-NNEP)
5.29% 6.36% 6.57% 6.62% 6.97% 6.51% 6.61% 5.76% 5.98% 5.99% 5.81%
Return on Net Nonoperating Assets (RNNOA)
7.87% 9.45% 10.66% 11.15% 11.12% 9.97% 10.25% 9.03% 8.62% 8.04% 7.93%
Return on Equity (ROE)
13.16% 15.82% 17.24% 17.77% 18.10% 16.48% 16.86% 14.79% 14.59% 14.03% 13.74%
Cash Return on Invested Capital (CROIC)
2.84% 11.60% 1.67% -7.67% -5.92% -15.95% -4.52% 3.49% -2.85% 15.84% 5.33%
Operating Return on Assets (OROA)
1.43% 1.73% 1.93% 1.97% 1.98% 1.95% 2.04% 1.78% 1.74% 1.61% 1.67%
Return on Assets (ROA)
1.15% 1.40% 1.55% 1.58% 1.59% 1.55% 1.63% 1.42% 1.39% 1.36% 1.36%
Return on Common Equity (ROCE)
13.16% 15.82% 17.24% 17.77% 18.10% 16.48% 16.86% 14.79% 14.59% 14.03% 13.74%
Return on Equity Simple (ROE_SIMPLE)
12.23% 0.00% 15.09% 16.54% 17.38% 0.00% 15.43% 14.74% 13.71% 0.00% 12.75%
Net Operating Profit after Tax (NOPAT)
16 22 21 20 21 20 22 19 20 20 20
NOPAT Margin
32.28% 37.31% 37.90% 36.88% 35.83% 35.17% 37.03% 33.10% 33.85% 33.53% 34.13%
Net Nonoperating Expense Percent (NNEP)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue
45.81% 40.05% 41.48% 40.43% 40.25% 42.72% 42.49% 43.12% 46.26% 47.88% 45.82%
Operating Expenses to Revenue
53.94% 48.80% 51.68% 50.42% 49.68% 52.57% 51.42% 52.40% 55.73% 57.75% 54.33%
Earnings before Interest and Taxes (EBIT)
20 27 26 25 26 25 27 24 25 23 24
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
23 30 29 28 29 28 30 26 27 26 26
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
1.03 1.11 0.97 0.87 0.97 1.19 1.12 1.16 1.19 1.22 1.16
Price to Tangible Book Value (P/TBV)
1.17 1.25 1.09 0.97 1.08 1.31 1.23 1.27 1.30 1.33 1.26
Price to Revenue (P/Rev)
2.42 2.56 2.21 1.90 2.07 2.75 2.63 2.78 3.02 3.08 3.06
Price to Earnings (P/E)
8.43 7.99 6.43 5.24 5.59 7.54 7.25 7.86 8.69 8.95 9.09
Dividend Yield
4.59% 4.10% 4.51% 5.01% 4.50% 3.46% 3.65% 3.48% 3.25% 3.22% 3.31%
Earnings Yield
11.87% 12.51% 15.55% 19.07% 17.87% 13.26% 13.79% 12.72% 11.51% 11.17% 11.00%
Enterprise Value to Invested Capital (EV/IC)
0.75 0.95 0.94 0.79 0.78 0.98 0.87 0.92 0.84 0.78 0.79
Enterprise Value to Revenue (EV/Rev)
4.63 5.42 5.54 4.72 4.24 5.87 5.15 5.34 4.98 4.18 4.63
Enterprise Value to EBITDA (EV/EBITDA)
10.57 11.62 11.37 9.34 8.29 11.61 10.26 10.90 10.30 8.89 10.20
Enterprise Value to EBIT (EV/EBIT)
12.77 13.61 13.00 10.50 9.24 12.91 11.37 12.09 11.41 9.84 11.20
Enterprise Value to NOPAT (EV/NOPAT)
16.09 16.89 16.15 13.05 11.48 16.13 14.22 15.13 14.30 12.16 13.77
Enterprise Value to Operating Cash Flow (EV/OCF)
6.39 8.61 10.35 9.62 8.69 19.90 13.26 15.66 33.68 9.57 18.44
Enterprise Value to Free Cash Flow (EV/FCFF)
26.73 7.97 57.48 0.00 0.00 0.00 0.00 26.64 0.00 4.71 14.79
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
1.62 1.45 1.59 1.72 1.57 1.60 1.52 1.43 1.33 1.11 1.23
Long-Term Debt to Equity
1.14 1.01 1.10 1.27 1.23 1.16 1.09 1.03 0.95 0.90 0.83
Financial Leverage
1.49 1.49 1.62 1.68 1.59 1.53 1.55 1.57 1.44 1.34 1.36
Leverage Ratio
11.49 11.28 11.14 11.23 11.42 10.61 10.32 10.43 10.47 10.31 10.14
Compound Leverage Factor
11.49 11.28 11.14 11.23 11.42 10.61 10.32 10.43 10.47 10.31 10.14
Debt to Total Capital
61.83% 59.19% 61.39% 63.29% 61.14% 61.56% 60.28% 58.85% 57.13% 52.58% 55.16%
Short-Term Debt to Total Capital
18.21% 17.97% 18.79% 16.83% 13.19% 16.91% 16.92% 16.57% 16.24% 9.86% 17.85%
Long-Term Debt to Total Capital
43.61% 41.22% 42.60% 46.47% 47.95% 44.65% 43.37% 42.28% 40.90% 42.73% 37.31%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital
38.17% 40.81% 38.61% 36.71% 38.86% 38.44% 39.72% 41.15% 42.87% 47.42% 44.84%
Debt to EBITDA
8.70 7.21 7.42 7.47 6.54 7.32 7.10 6.99 7.00 5.96 7.14
Net Debt to EBITDA
5.04 6.12 6.84 5.59 4.25 6.18 5.03 5.24 4.04 2.35 3.46
Long-Term Debt to EBITDA
6.14 5.02 5.15 5.48 5.13 5.31 5.11 5.02 5.01 4.84 4.83
Debt to NOPAT
13.25 10.48 10.54 10.43 9.05 10.17 9.84 9.70 9.72 8.14 9.65
Net Debt to NOPAT
7.67 8.90 9.71 7.80 5.89 8.58 6.97 7.27 5.61 3.21 4.68
Long-Term Debt to NOPAT
9.34 7.30 7.31 7.66 7.10 7.38 7.08 6.97 6.96 6.62 6.52
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios
- - - - - - - - - - -
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
-4.23 90 -30 -152 -132 -257 -119 -16 -98 145 14
Operating Cash Flow to CapEx
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense
-0.73 11.83 -2.46 -8.29 -5.96 -10.21 -4.06 -0.51 -2.78 4.26 0.45
Operating Cash Flow to Interest Expense
5.70 4.86 1.49 1.06 1.64 -0.29 1.37 0.29 -0.23 1.75 -0.09
Operating Cash Flow Less CapEx to Interest Expense
5.70 4.86 1.49 1.06 1.64 -0.29 1.37 0.29 -0.23 1.75 -0.09
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04
Fixed Asset Turnover
3.23 3.50 3.82 4.22 4.35 4.41 4.47 4.49 4.32 4.44 4.41
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
1,090 1,082 1,211 1,304 1,244 1,358 1,351 1,339 1,361 1,233 1,357
Invested Capital Turnover
0.16 0.17 0.17 0.18 0.19 0.19 0.18 0.17 0.18 0.18 0.17
Increase / (Decrease) in Invested Capital
20 -68 51 173 153 277 141 35 117 -126 5.35
Enterprise Value (EV)
819 1,031 1,139 1,033 964 1,326 1,178 1,229 1,144 968 1,068
Market Capitalization
429 488 454 415 470 620 600 639 695 712 705
Book Value per Share
$26.24 $27.82 $29.22 $29.92 $30.17 $32.58 $33.30 $34.19 $36.15 $36.21 $37.48
Tangible Book Value per Share
$23.08 $24.70 $26.10 $26.81 $27.06 $29.50 $30.23 $31.12 $33.08 $33.15 $34.43
Total Capital
1,090 1,082 1,211 1,304 1,244 1,358 1,351 1,339 1,361 1,233 1,357
Total Debt
674 640 743 825 760 836 815 788 777 648 748
Total Long-Term Debt
476 446 516 606 596 607 586 566 556 527 506
Net Debt
390 543 685 618 494 706 577 590 449 255 363
Capital Expenditures (CapEx)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)
674 640 743 825 760 836 815 788 777 648 748
Total Depreciation and Amortization (D&A)
3.16 3.09 3.05 2.88 2.93 2.64 2.77 2.71 2.67 2.36 1.65
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$1.01 $1.37 $1.31 $1.27 $1.30 $1.25 $1.34 $1.17 $1.22 $1.20 $1.21
Adjusted Weighted Average Basic Shares Outstanding
15.86M 16.00M 16.00M 16.00M 16.02M 16.12M 16.12M 16.12M 16.14M 16.23M 16.20M
Adjusted Diluted Earnings per Share
$1.01 $1.37 $1.31 $1.27 $1.30 $1.25 $1.34 $1.17 $1.22 $1.20 $1.21
Adjusted Weighted Average Diluted Shares Outstanding
15.86M 16.00M 16.00M 16.00M 16.02M 16.12M 16.12M 16.12M 16.14M 16.23M 16.20M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
15.87M 16.00M 16.00M 16.02M 16.02M 16.12M 16.12M 16.14M 16.14M 16.23M 16.24M
Normalized Net Operating Profit after Tax (NOPAT)
16 22 21 20 21 20 22 19 20 20 20
Normalized NOPAT Margin
32.24% 37.31% 37.90% 36.88% 35.83% 35.17% 37.03% 33.10% 33.85% 33.53% 34.13%
Pre Tax Income Margin
40.22% 45.99% 47.23% 45.96% 44.65% 44.27% 46.34% 41.44% 42.37% 39.68% 42.00%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
3.47 3.53 2.16 1.38 1.17 1.00 0.92 0.74 0.70 0.68 0.76
NOPAT to Interest Expense
2.79 2.86 1.73 1.11 0.94 0.80 0.73 0.59 0.56 0.58 0.61
EBIT Less CapEx to Interest Expense
3.47 3.53 2.16 1.38 1.17 1.00 0.92 0.74 0.70 0.68 0.76
NOPAT Less CapEx to Interest Expense
2.79 2.86 1.73 1.11 0.94 0.80 0.73 0.59 0.56 0.58 0.61
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
37.82% 32.10% 28.29% 25.65% 24.59% 25.55% 25.81% 26.76% 27.64% 28.23% 29.45%
Augmented Payout Ratio
37.82% 32.10% 28.29% 25.65% 24.59% 25.55% 25.81% 26.76% 27.64% 28.23% 29.45%

Key Financial Trends

Mercantile Bank (NASDAQ:MBWM) delivered modest net interest income growth in Q1 2025, offset by lower non‐interest income and continued expenses pressure. Book value per share advanced, and the bank raised its quarterly dividend, but operating cash flow remains negative. Here are the key takeaways:

  • Net interest income of $48.55 M in Q1 2025, slightly above Q4 2024’s $48.36 M.
  • Book value per share climbed to $37.48 in Q1 2025 from $36.21 in Q4 2024.
  • Quarterly dividend increased to $0.37 per share vs. $0.34 in Q4 2024.
  • EPS of $1.21 in Q1 2025 remained flat with Q4 2024.
  • Provision for credit losses rose to $2.1 M vs. $1.5 M in Q4 2024, reflecting cautious reserve build‐up.
  • Non‐interest income fell to $8.70 M in Q1 2025 from $10.17 M in Q4 2024.
  • Net cash from operating activities was -$3.0 M, marking a second consecutive quarter of negative operating cash flow.
  • Net income of $19.54 M in Q1 2025 declined 9.4% year-over-year from $21.56 M in Q1 2024.
  • Year-over-year EPS fell 9.7% in Q1 2025, despite book value growth.
  • Total assets grew to $6.14 B, while net loans (net of allowances) showed only modest gains, indicating conservative loan growth.
06/21/25 06:31 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Mercantile Bank's Financials

When does Mercantile Bank's fiscal year end?

According to the most recent income statement we have on file, Mercantile Bank's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Mercantile Bank's net income changed over the last 10 years?

Mercantile Bank's net income appears to be on an upward trend, with a most recent value of $79.59 million in 2024, rising from $17.33 million in 2014. The previous period was $82.22 million in 2023. View Mercantile Bank's forecast to see where analysts expect Mercantile Bank to go next.

How has Mercantile Bank's revenue changed over the last 10 years?

Over the last 10 years, Mercantile Bank's total revenue changed from $87.81 million in 2014 to $231.48 million in 2024, a change of 163.6%.

How much debt does Mercantile Bank have?

Mercantile Bank's total liabilities were at $5.47 billion at the end of 2024, a 13.2% increase from 2023, and a 113.1% increase since 2014.

How much cash does Mercantile Bank have?

In the past 10 years, Mercantile Bank's cash and equivalents has ranged from $42.83 million in 2015 to $70.41 million in 2023, and is currently $56.99 million as of their latest financial filing in 2024.

How has Mercantile Bank's book value per share changed over the last 10 years?

Over the last 10 years, Mercantile Bank's book value per share changed from 24.29 in 2014 to 36.21 in 2024, a change of 49.1%.



This page (NASDAQ:MBWM) was last updated on 6/21/2025 by MarketBeat.com Staff
From Our Partners