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Mercantile Bank (MBWM) Financials

Mercantile Bank logo
$51.99 +0.91 (+1.78%)
Closing price 04:00 PM Eastern
Extended Trading
$51.94 -0.05 (-0.11%)
As of 04:45 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 Massive. Learn more.
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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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 27 32 31 42 49 44 59 61 82 80 89
Consolidated Net Income / (Loss)		 27 32 31 42 49 44 59 61 82 80 89
Net Income / (Loss) Continuing Operations		 27 29 31 42 49 44 59 61 82 80 89
Total Pre-Tax Income 		39 47 46 52 60 55 74 76 103 98 103
Total Revenue		 117 110 118 139 151 167 180 190 226 231 243
Net Interest Income / (Expense)		 101 106 110 120 125 122 124 158 194 191 201
Total Interest Income		 112 118 126 142 158 148 143 182 271 322 330
Loans and Leases Interest Income		 104 109 117 132 146 137 135 167 252 292 291
Investment Securities Interest Income		 8.01 9.01 7.63 8.98 10 10 7.51 10 11 14 22
Deposits and Money Market Investments Interest Income		 0.22 0.40 1.10 1.24 2.37 0.88 0.93 4.65 7.69 16 16
Total Interest Expense		 11 13 16 22 34 26 19 24 78 130 129
Deposits Interest Expense		 7.59 7.55 9.36 14 21 15 9.11 10 55 101 103
Short-Term Borrowings Interest Expense		 0.16 0.21 0.19 0.27 0.30 0.17 0.17 0.29 2.85 7.72 7.46
Long-Term Debt Interest Expense		 3.41 4.83 6.24 7.76 12 11 10 13 20 21 19
Total Non-Interest Income		 16 21 19 19 27 45 56 32 32 40 42
Service Charges on Deposit Accounts		 - - - 9.71 11 11 - - 20 - 23
Other Service Charges		 15 2.90 1.20 8.01 13 33 54 30 10 38 16
Other Non-Interest Income		 1.11 1.26 7.15 1.29 3.89 1.21 1.16 1.68 1.50 2.56 3.29
Provision for Credit Losses		 -1.00 2.90 2.95 1.10 1.75 14 -4.30 6.55 7.70 7.40 3.20
Total Non-Interest Expense		 79 77 80 86 89 99 111 108 115 126 136
Salaries and Employee Benefits		 43 44 45 51 54 60 66 65 69 78 83
Net Occupancy & Equipment Expense		 16 10 10 18 19 22 23 24 24 26 27
Marketing Expense		 1.36 1.59 1.61 1.65 1.45 1.29 1.18 1.45 1.57 1.60 1.66
Property & Liability Insurance Claims		 1.72 1.24 0.96 0.93 0.23 1.14 1.82 1.24 2.26 2.50 2.72
Other Operating Expenses		 18 6.81 11 15 15 15 19 16 18 18 18
Restructuring Charge		 - - - - - - - - 0.00 0.00 1.82
Income Tax Expense		 12 15 15 9.80 11 11 15 15 20 19 15
Basic Earnings per Share		 $1.63 $1.96 $1.90 $2.53 $3.01 $2.71 $3.69 $3.85 $5.13 $4.93 $5.47
Weighted Average Basic Shares Outstanding		 16.61M 16.29M 16.48M 16.42M 16.33M 16.26M 15.84M 16.00M 16.12M 16.23M 17.27M
Diluted Earnings per Share		 $1.62 $1.96 $1.90 $2.53 $3.01 $2.71 $3.69 $3.85 $5.13 $4.93 $5.47
Weighted Average Diluted Shares Outstanding		 16.61M 16.29M 16.48M 16.42M 16.33M 16.26M 15.84M 16.00M 16.12M 16.23M 17.27M
Weighted Average Basic & Diluted Shares Outstanding		 16.61M 16.29M 16.48M 16.42M 16.33M 16.26M 15.84M 16.00M 16.12M 16.23M 17.27M
Cash Dividends to Common per Share		 - - - - $1.06 $1.12 $1.18 $1.26 $1.34 $1.40 $1.50

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 21 20 22 19 20 20 20 23 24 23 23
Consolidated Net Income / (Loss)		 21 20 22 19 20 20 20 23 24 23 23
Net Income / (Loss) Continuing Operations		 21 20 22 19 20 20 20 23 24 23 23
Total Pre-Tax Income 		26 25 27 24 25 23 24 26 27 26 27
Total Revenue		 58 57 58 57 58 59 57 61 62 62 68
Net Interest Income / (Expense)		 49 49 47 47 48 48 49 49 52 51 56
Total Interest Income		 71 74 77 79 83 82 80 82 86 82 85
Loans and Leases Interest Income		 65 69 71 73 75 74 72 74 75 70 72
Investment Securities Interest Income		 3.27 3.31 3.42 3.62 4.20 4.79 4.96 5.86 6.30 4.93 8.85
Deposits and Money Market Investments Interest Income		 2.81 1.61 2.03 2.44 3.90 3.94 3.65 2.14 4.30 6.97 4.68
Total Interest Expense		 22 25 29 32 35 34 32 32 34 31 30
Deposits Interest Expense		 16 19 22 25 28 27 25 26 27 25 23
Short-Term Borrowings Interest Expense		 0.69 0.78 1.65 1.76 2.22 2.09 1.76 1.92 1.97 1.81 1.48
Long-Term Debt Interest Expense		 5.36 5.36 5.49 5.34 5.31 5.17 4.84 4.84 4.85 4.66 4.80
Total Non-Interest Income		 9.25 8.30 11 9.68 9.67 10 8.70 11 10 11 12
Other Service Charges		 5.22 4.29 9.70 3.83 4.11 18 3.00 4.57 3.89 4.08 11
Other Non-Interest Income		 4.02 -3.33 1.17 0.44 0.45 0.50 0.54 0.56 0.86 1.33 0.67
Provision for Credit Losses		 3.30 1.80 1.30 3.50 1.10 1.50 2.10 1.60 0.20 -0.70 -1.80
Total Non-Interest Expense		 29 30 30 30 32 34 31 33 35 37 42
Salaries and Employee Benefits		 17 18 18 18 20 21 20 21 21 22 24
Net Occupancy & Equipment Expense		 6.17 5.93 6.51 6.56 6.52 6.55 6.68 6.58 6.91 6.97 7.81
Other Operating Expenses		 5.49 1.14 5.20 5.26 5.49 1.68 4.87 6.09 5.84 1.57 9.46
Amortization Expense		 - - - - - - 0.00 - - - 0.87
Restructuring Charge		 - - - - 0.00 - 0.00 - 0.61 - 0.30
Income Tax Expense		 5.13 5.18 5.42 4.73 4.94 3.60 4.51 3.34 3.68 3.21 4.60
Basic Earnings per Share		 $1.30 $1.25 $1.34 $1.17 $1.22 $1.20 $1.21 $1.39 $1.46 $1.41 $1.32
Weighted Average Basic Shares Outstanding		 16.02M 16.12M 16.12M 16.12M 16.14M 16.23M 16.20M 16.24M 16.25M 17.27M 17.24M
Diluted Earnings per Share		 $1.30 $1.25 $1.34 $1.17 $1.22 $1.20 $1.21 $1.39 $1.46 $1.41 $1.32
Weighted Average Diluted Shares Outstanding		 16.02M 16.12M 16.12M 16.12M 16.14M 16.23M 16.20M 16.24M 16.25M 17.27M 17.24M
Weighted Average Basic & Diluted Shares Outstanding		 16.02M 16.12M 16.12M 16.14M 16.14M 16.23M 16.24M 16.25M 16.25M 17.27M 17.27M

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Change in Cash & Equivalents		 -83 94 17 -125 158 392 349 -878 34 262 80
Net Cash From Operating Activities		 36 35 39 62 45 38 65 120 67 101 18
Net Cash From Continuing Operating Activities		 36 35 39 62 45 38 65 120 67 101 18
Net Income / (Loss) Continuing Operations		 27 32 31 42 49 44 59 61 82 80 89
Consolidated Net Income / (Loss)		 27 32 31 42 49 44 59 61 82 80 89
Provision For Loan Losses		 -1.00 2.90 2.95 1.10 1.75 14 -4.30 6.55 7.70 7.40 3.20
Depreciation Expense		 12 9.58 10 9.77 9.55 9.43 14 13 11 11 5.80
Non-Cash Adjustments to Reconcile Net Income		 -0.72 -8.22 -3.56 1.14 -5.49 -20 11 13 -15 3.12 1.46
Changes in Operating Assets and Liabilities, net		 -0.95 -1.57 -2.35 7.71 -11 -9.94 -15 26 -20 0.50 -81
Net Cash From Investing Activities		 -96 -97 -191 -210 -93 -399 -496 -555 -396 -425 -106
Net Cash From Continuing Investing Activities		 -96 -97 -191 -210 -93 -399 -496 -555 -396 -425 -106
Purchase of Investment Securities		 -201 -271 -255 -254 -182 -721 -574 -577 -421 -499 -229
Sale and/or Maturity of Investments		 104 175 64 43 89 322 79 22 25 74 124
Net Cash From Financing Activities		 -23 156 169 24 206 753 780 -443 363 587 168
Net Cash From Continuing Financing Activities		 -23 156 169 24 206 753 780 -443 363 587 168
Net Change in Deposits		 -0.16 100 147 -59 227 721 686 -370 188 797 111
Issuance of Debt		 20 110 90 160 44 60 74 43 240 10 50
Issuance of Common Equity		 0.66 1.60 1.58 1.17 0.73 0.81 0.88 0.87 0.89 0.81 0.77
Repayment of Debt		 -6.00 -3.00 -45 -30 -40 -20 -20 -94 -80 -91 -81
Payment of Dividends		 -9.52 -19 -12 -28 -17 -18 -19 -20 -21 -22 -24
Other Financing Activities, Net		 -12 -22 -13 -15 -0.67 16 79 -3.04 35 -108 111
Cash Interest Paid		 12 12 15 22 32 28 20 22 72 129 129
Cash Income Taxes Paid		 8.00 15 14 10 12 11 18 11 25 21 45

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 58 -135 107 -40 131 64 -7.55 -89 181 -3.70 106
Net Cash From Operating Activities		 36 -7.30 40 9.11 -8.09 60 -2.98 -7.81 23 5.65 28
Net Cash From Continuing Operating Activities		 36 -7.30 40 9.11 -8.09 60 -2.98 -7.81 23 5.65 28
Net Income / (Loss) Continuing Operations		 21 20 22 19 20 20 20 23 24 23 23
Consolidated Net Income / (Loss)		 21 20 22 19 20 20 20 23 24 23 23
Provision For Loan Losses		 3.30 1.80 1.30 3.50 1.10 1.50 2.10 1.60 0.20 -0.70 -1.80
Depreciation Expense		 2.93 2.64 2.77 2.71 2.67 2.36 1.65 1.42 1.34 1.39 1.70
Non-Cash Adjustments to Reconcile Net Income		 1.65 -9.48 3.62 -7.17 -6.44 13 1.00 -11 10 1.78 -4.38
Changes in Operating Assets and Liabilities, net		 7.71 -22 11 -8.71 -25 23 -27 -22 -12 -20 10
Net Cash From Investing Activities		 -52 -199 -13 -155 -154 -103 -82 -95 64 7.96 -25
Net Cash From Continuing Investing Activities		 -52 -199 -13 -155 -154 -103 -82 -95 64 7.96 -25
Purchase of Investment Securities		 -55 -210 -20 -174 -167 -138 -89 -117 42 -66 -40
Sale and/or Maturity of Investments		 3.71 11 6.71 18 13 35 6.83 21 21 74 16
Net Cash From Financing Activities		 73 71 80 107 293 108 77 14 94 -17 102
Net Cash From Continuing Financing Activities		 73 71 80 107 293 108 77 14 94 -17 102
Net Change in Deposits		 144 0.18 107 139 309 242 -17 29 101 -2.26 135
Issuance of Debt		 - 40 10 - - - 0.00 20 - 30 20
Issuance of Common Equity		 0.22 0.22 0.20 0.20 0.20 0.20 0.20 0.20 0.18 0.18 0.18
Repayment of Debt		 -10 -30 -31 -20 -10 -30 -21 -30 -10 -20 -33
Payment of Dividends		 -5.33 -5.34 -5.53 -5.54 -5.70 -5.70 -5.90 -5.91 -6.07 -6.07 -6.63
Other Financing Activities, Net		 -55 66 -1.11 -6.71 -0.95 -99 121 0.70 8.76 -19 -13
Cash Interest Paid		 21 23 28 31 36 34 32 32 34 31 31
Cash Income Taxes Paid		 4.74 6.26 - - 5.05 4.75 0.00 - - 45 -11

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Total Assets		 2,904 3,083 3,287 3,364 3,633 4,437 5,258 4,873 5,353 6,052 6,835
Cash and Due from Banks		 43 50 55 65 53 63 59 62 70 57 55
Interest Bearing Deposits at Other Banks		 46 133 145 10 180 563 916 35 60 336 419
Trading Account Securities		 347 328 336 337 335 387 593 603 617 730 1,102
Loans and Leases, Net of Allowance		 2,262 2,361 2,539 2,731 2,833 3,156 0.00 -42 -50 -54 -58
Allowance for Loan and Lease Losses		 16 18 20 22 24 38 - 42 50 54 58
Loans Held for Sale		 - - - - - 23 16 3.57 19 16 17
Premises and Equipment, Net		 47 45 46 48 57 59 57 51 51 53 62
Goodwill		 49 49 49 49 49 49 49 49 49 49 73
Intangible Assets		 13 9.96 7.60 5.56 3.84 2.44 1.35 - - 0.00 20
Other Assets		 96 105 109 117 121 135 3,566 4,111 4,487 4,810 5,087
Total Liabilities & Shareholders' Equity		 2,904 3,083 3,287 3,364 3,633 4,437 5,258 4,873 5,353 6,052 6,835
Total Liabilities		 2,570 2,742 2,921 2,989 3,216 3,996 4,801 4,431 4,831 5,468 6,110
Non-Interest Bearing Deposits		 675 811 866 890 925 1,433 1,678 1,605 1,248 1,265 1,340
Interest Bearing Deposits		 1,601 1,564 1,656 1,574 1,765 1,978 2,405 2,108 2,653 3,434 3,945
Short-Term Debt		 155 132 119 104 103 118 197 194 230 122 232
Other Short-Term Payables		 16 15 14 25 - 24 25 - 94 121 97
Long-Term Debt		 123 220 266 396 401 442 496 446 607 527 497
Commitments & Contingencies		 - - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 334 341 366 375 417 442 457 441 522 585 725
Total Preferred & Common Equity		 334 341 366 375 417 442 457 441 522 585 725
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		 334 341 366 375 417 442 457 441 522 585 725
Common Stock		 305 305 310 308 305 302 286 290 295 300 349
Retained Earnings		 28 41 61 75 108 134 175 216 278 335 399
Accumulated Other Comprehensive Income / (Loss)		 1.26 -5.58 -4.90 -8.24 3.70 5.49 -3.73 -65 -50 -50 -24

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 Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 5,017 4,896 5,138 5,251 5,466 5,602 5,917 6,141 6,181 6,308 6,945
Cash and Due from Banks		 63 47 69 65 53 62 88 70 99 59 48
Interest Bearing Deposits at Other Banks		 221 11 139 201 185 136 241 315 197 418 531
Trading Account Securities		 583 620 609 592 609 648 703 788 826 855 1,125
Loans and Leases, Net of Allowance		 0.00 0.00 -45 -48 -52 -55 -57 -57 -58 -59 -57
Allowance for Loan and Lease Losses		 - - 45 48 52 55 57 57 58 59 57
Loans Held for Sale		 14 3.82 12 10 14 22 29 15 28 17 22
Premises and Equipment, Net		 52 52 52 52 51 50 54 54 55 56 62
Goodwill		 49 49 49 49 49 49 49 49 49 49 74
Intangible Assets		 0.74 0.42 0.29 0.21 - - - - - - 18
Other Assets		 4,033 4,113 4,252 4,329 4,505 4,635 4,752 4,850 4,927 4,853 5,065
Total Liabilities & Shareholders' Equity		 5,017 4,896 5,138 5,251 5,466 5,602 5,917 6,141 6,181 6,308 6,945
Total Liabilities		 4,601 4,429 4,659 4,768 4,929 5,051 5,334 5,533 5,549 5,651 6,208
Non-Interest Bearing Deposits		 1,717 1,377 1,372 1,310 1,135 1,120 1,182 1,173 1,181 1,183 1,332
Interest Bearing Deposits		 2,129 2,221 2,385 2,591 2,873 3,027 3,274 3,508 3,530 3,629 4,088
Short-Term Debt		 199 227 219 164 229 222 221 242 243 251 220
Long-Term Debt		 476 516 606 596 586 566 556 506 496 487 484
Other Long-Term Liabilities		 80 70 77 107 - - - - - 101 85
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 416 467 479 483 537 551 583 608 632 658 737
Total Preferred & Common Equity		 416 467 479 483 537 551 583 608 632 658 737
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		 416 467 479 483 537 551 583 608 632 658 737
Common Stock		 289 292 293 294 296 298 299 301 302 303 351
Retained Earnings		 200 232 247 263 294 307 321 348 365 383 415
Accumulated Other Comprehensive Income / (Loss)		 -72 -56 -62 -74 -53 -53 -36 -41 -36 -29 -29

Annual Metrics And Ratios for Mercantile Bank

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 16,253,600.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 16,253,600.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 5.46
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 33.49% -6.13% 7.34% 17.77% 8.91% 10.51% 7.68% 5.57% 18.58% 2.56% 4.83%
EBITDA Growth		 53.88% -21.59% 15.68% 34.49% 13.68% -8.20% 35.97% 1.53% 28.69% -4.73% 0.46%
EBIT Growth		 54.12% -22.71% 18.08% 46.24% 16.67% -9.28% 34.40% 2.81% 35.50% -4.30% 5.30%
NOPAT Growth		 55.91% 18.11% -2.00% 34.37% 17.69% -10.75% 33.72% 3.46% 34.64% -3.19% 11.51%
Net Income Growth		 55.91% 18.11% -2.00% 34.37% 17.69% -10.75% 33.72% 3.46% 34.64% -3.19% 11.51%
EPS Growth		 26.56% 20.99% -3.06% 33.16% 18.97% -9.97% 36.16% 4.34% 33.25% -3.90% 10.95%
Operating Cash Flow Growth		 149.35% -3.89% 11.74% 59.67% -27.49% -15.39% 70.48% 85.62% -44.43% 51.80% -82.23%
Free Cash Flow Firm Growth		 106.81% -349.92% 45.59% -212.42% 105.20% -964.54% -140.17% 244.70% -250.40% 205.46% -164.58%
Invested Capital Growth		 1.25% 13.18% 8.35% 16.64% 5.16% 8.84% 14.82% -5.94% 25.59% -9.25% 17.95%
Revenue Q/Q Growth		 1.03% -12.38% 17.95% 10.44% -1.13% 3.11% -1.87% 7.49% -0.65% 0.69% 1.48%
EBITDA Q/Q Growth		 0.75% -26.33% 54.80% 18.96% -6.32% -0.23% -5.02% 14.54% -1.82% -2.04% 1.72%
EBIT Q/Q Growth		 0.51% -31.72% 87.32% 23.72% -7.44% -1.36% -6.28% 18.17% -1.59% -1.97% 2.80%
NOPAT Q/Q Growth		 -30.06% 5.30% -0.34% 9.35% 3.65% 1.76% -3.97% 19.97% -2.11% -0.51% 3.76%
Net Income Q/Q Growth		 0.69% 5.30% -0.34% 45.00% -13.48% 1.76% -3.97% 19.97% -2.11% -0.51% 3.76%
EPS Q/Q Growth		 0.00% 5.95% -1.04% 9.05% 4.15% 1.88% -2.89% 19.20% -2.29% -1.00% 3.99%
Operating Cash Flow Q/Q Growth		 14.23% 6.15% 3.92% 26.53% -4.71% -7.48% 58.50% -6.50% -39.98% 197.75% -75.10%
Free Cash Flow Firm Q/Q Growth		 402.63% 38.12% -14,350.00% -871.74% 104.47% 42.76% -514.53% 322.21% -181.55% 652.30% -362.50%
Invested Capital Q/Q Growth		 0.29% -3.70% -0.01% 12.48% -0.19% -2.80% 7.45% -0.81% 9.24% -9.40% 4.18%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 43.07% 35.98% 38.78% 44.28% 46.22% 38.39% 48.48% 46.62% 50.60% 47.00% 45.04%
EBIT Margin		 33.13% 27.28% 30.01% 37.26% 39.91% 32.76% 40.89% 39.82% 45.50% 42.46% 42.65%
Profit (Net Income) Margin		 23.05% 29.00% 26.48% 30.21% 32.65% 26.36% 32.74% 32.08% 36.43% 34.39% 36.58%
Tax Burden Percent		 69.58% 68.06% 67.86% 81.09% 81.80% 80.47% 80.07% 80.57% 80.06% 80.98% 85.76%
Interest Burden Percent		 100.00% 156.23% 130.04% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 30.42% 31.94% 32.14% 18.91% 18.20% 19.53% 19.93% 19.43% 19.94% 19.02% 14.24%
Return on Invested Capital (ROIC)		 4.44% 4.89% 4.34% 5.17% 5.51% 4.59% 5.49% 5.47% 6.74% 6.14% 6.61%
ROIC Less NNEP Spread (ROIC-NNEP)		 4.44% 4.89% 4.34% 5.17% 5.51% 4.59% 5.49% 5.47% 6.74% 6.14% 6.61%
Return on Net Nonoperating Assets (RNNOA)		 3.72% 4.57% 4.51% 6.17% 6.98% 5.69% 7.66% 8.13% 10.33% 8.24% 6.95%
Return on Equity (ROE)		 8.16% 9.46% 8.85% 11.34% 12.49% 10.29% 13.14% 13.60% 17.07% 14.38% 13.56%
Cash Return on Invested Capital (CROIC)		 3.21% -7.47% -3.67% -10.19% 0.48% -3.87% -8.31% 11.60% -15.95% 15.84% -9.87%
Operating Return on Assets (OROA)		 1.34% 1.00% 1.11% 1.56% 1.73% 1.36% 1.52% 1.50% 2.01% 1.72% 1.61%
Return on Assets (ROA)		 0.93% 1.07% 0.98% 1.26% 1.41% 1.09% 1.22% 1.21% 1.61% 1.40% 1.38%
Return on Common Equity (ROCE)		 8.16% 9.46% 8.85% 11.34% 12.49% 10.29% 13.14% 13.60% 17.07% 14.38% 13.56%
Return on Equity Simple (ROE_SIMPLE)		 8.09% 9.36% 8.55% 11.20% 11.87% 10.00% 12.93% 13.83% 15.75% 13.62% 12.24%
Net Operating Profit after Tax (NOPAT)		 27 32 31 42 49 44 59 61 82 80 89
NOPAT Margin		 23.05% 29.00% 26.48% 30.21% 32.65% 26.36% 32.74% 32.08% 36.43% 34.39% 36.58%
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		 51.16% 50.14% 48.60% 50.54% 48.95% 49.48% 50.18% 47.76% 41.92% 45.65% 46.16%
Operating Expenses to Revenue		 67.72% 70.09% 67.50% 61.95% 58.93% 58.85% 61.50% 56.74% 51.08% 54.34% 56.03%
Earnings before Interest and Taxes (EBIT)		 39 30 35 52 60 55 74 76 103 98 103
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 50 40 46 62 70 64 87 89 114 109 109
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 1.31 1.18 0.98 1.16 0.85 1.06 1.11 1.19 1.22 1.08
Price to Tangible Book Value (P/TBV)		 0.00 1.58 1.40 1.15 1.33 0.96 1.19 1.25 1.31 1.33 1.24
Price to Revenue (P/Rev)		 0.00 4.05 3.67 2.64 3.18 2.23 2.67 2.56 2.75 3.08 3.22
Price to Earnings (P/E)		 0.00 13.97 13.84 8.73 9.74 8.46 8.17 7.99 7.54 8.95 8.81
Dividend Yield		 3.39% 3.62% 2.82% 4.20% 3.59% 4.87% 3.84% 4.10% 3.46% 3.22% 3.12%
Earnings Yield		 0.00% 7.16% 7.22% 11.45% 10.27% 11.83% 12.25% 12.51% 13.26% 11.17% 11.35%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.89 0.82 0.90 0.82 0.31 0.17 0.95 0.98 0.78 0.71
Enterprise Value to Revenue (EV/Rev)		 0.00 5.58 5.23 5.69 4.96 1.83 1.11 5.42 5.87 4.18 4.28
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 15.51 13.48 12.85 10.73 4.78 2.29 11.62 11.61 8.89 9.49
Enterprise Value to EBIT (EV/EBIT)		 0.00 20.45 17.41 15.27 12.43 5.60 2.72 13.61 12.91 9.84 10.03
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 19.24 19.73 18.83 15.20 6.96 3.39 16.89 16.13 12.16 11.69
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 17.74 15.96 12.82 16.79 8.11 3.10 8.61 19.90 9.57 57.73
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 174.53 0.00 0.00 7.97 0.00 4.71 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.83 1.03 1.05 1.33 1.21 1.27 1.52 1.45 1.60 1.11 1.01
Long-Term Debt to Equity		 0.37 0.65 0.73 1.06 0.96 1.00 1.09 1.01 1.16 0.90 0.69
Financial Leverage		 0.84 0.93 1.04 1.19 1.27 1.24 1.40 1.49 1.53 1.34 1.05
Leverage Ratio		 8.76 8.87 9.01 8.97 8.84 9.40 10.80 11.28 10.61 10.31 9.84
Compound Leverage Factor		 8.76 13.86 11.72 8.97 8.84 9.40 10.80 11.28 10.61 10.31 9.84
Debt to Total Capital		 45.43% 50.78% 51.23% 57.11% 54.73% 55.91% 60.30% 59.19% 61.56% 52.58% 50.15%
Short-Term Debt to Total Capital		 25.30% 19.02% 15.83% 11.83% 11.16% 11.82% 17.17% 17.97% 16.91% 9.86% 15.98%
Long-Term Debt to Total Capital		 20.13% 31.75% 35.40% 45.28% 43.57% 44.09% 43.12% 41.22% 44.65% 42.73% 34.17%
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		 54.57% 49.22% 48.77% 42.89% 45.27% 44.09% 39.70% 40.81% 38.44% 47.42% 49.85%
Debt to EBITDA		 5.51 8.88 8.39 8.11 7.19 8.71 7.93 7.21 7.32 5.96 6.67
Net Debt to EBITDA		 3.72 4.24 4.02 6.89 3.85 -1.03 -3.22 6.12 6.18 2.35 2.34
Long-Term Debt to EBITDA		 2.44 5.55 5.80 6.43 5.73 6.87 5.67 5.02 5.31 4.84 4.55
Debt to NOPAT		 10.29 11.02 12.29 11.89 10.18 12.69 11.75 10.48 10.17 8.14 8.22
Net Debt to NOPAT		 6.96 5.26 5.89 10.10 5.46 -1.50 -4.77 8.90 8.58 3.21 2.88
Long-Term Debt to NOPAT		 4.56 6.89 8.49 9.43 8.11 10.00 8.40 7.30 7.38 6.62 5.60
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)		 19 -49 -27 -83 4.31 -37 -89 129 -195 205 -133
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		 1.75 -3.87 -1.68 -3.78 0.13 -1.43 -4.60 5.48 -2.50 1.57 -1.03
Operating Cash Flow to Interest Expense		 3.23 2.75 2.45 2.82 1.32 1.45 3.32 5.08 0.86 0.78 0.14
Operating Cash Flow Less CapEx to Interest Expense		 3.23 2.75 2.45 2.82 1.32 1.45 3.32 5.08 0.86 0.78 0.14
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		 2.45 2.38 2.58 2.95 2.87 2.88 3.10 3.50 4.41 4.44 4.19
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 612 692 750 875 920 1,001 1,150 1,082 1,358 1,233 1,454
Invested Capital Turnover		 0.19 0.17 0.16 0.17 0.17 0.17 0.17 0.17 0.19 0.18 0.18
Increase / (Decrease) in Invested Capital		 7.53 81 58 125 45 81 148 -68 277 -126 221
Enterprise Value (EV)		 0.00 614 617 791 752 307 200 1,031 1,326 968 1,038
Market Capitalization		 0.00 446 433 367 482 373 482 488 620 712 782
Book Value per Share		 $20.10 $20.91 $22.19 $22.61 $25.50 $27.20 $29.13 $27.82 $32.58 $36.21 $44.60
Tangible Book Value per Share		 $16.36 $17.26 $18.72 $19.30 $22.24 $24.00 $25.89 $24.70 $29.50 $33.15 $38.87
Total Capital		 612 692 750 875 920 1,001 1,150 1,082 1,358 1,233 1,454
Total Debt		 278 352 384 500 504 560 693 640 836 648 729
Total Long-Term Debt		 123 220 266 396 401 442 496 446 607 527 497
Net Debt		 188 168 184 424 270 -66 -282 543 706 255 256
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)		 278 352 384 500 504 560 693 640 836 648 729
Total Depreciation and Amortization (D&A)		 12 9.58 10 9.77 9.55 9.43 14 13 11 11 5.80
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.63 $1.96 $1.90 $2.53 $3.01 $2.71 $3.69 $3.85 $5.13 $4.93 $5.47
Adjusted Weighted Average Basic Shares Outstanding		 16.23M 16.43M 16.59M 16.42M 16.33M 16.26M 15.84M 16.00M 16.12M 16.23M 17.27M
Adjusted Diluted Earnings per Share		 $1.62 $1.96 $1.90 $2.53 $3.01 $2.71 $3.69 $3.85 $5.13 $4.93 $5.47
Adjusted Weighted Average Diluted Shares Outstanding		 16.23M 16.43M 16.59M 16.42M 16.33M 16.26M 15.84M 16.00M 16.12M 16.23M 17.27M
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		 16.23M 16.43M 16.59M 16.42M 16.33M 16.26M 15.84M 16.00M 16.12M 16.23M 17.27M
Normalized Net Operating Profit after Tax (NOPAT)		 27 32 31 42 49 44 59 61 82 80 90
Normalized NOPAT Margin		 23.05% 29.00% 26.48% 30.21% 32.65% 26.36% 32.74% 32.08% 36.43% 34.39% 37.22%
Pre Tax Income Margin		 33.13% 42.61% 39.02% 37.26% 39.91% 32.76% 40.89% 39.82% 45.50% 42.46% 42.65%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 3.48 2.38 2.24 2.37 1.79 2.10 3.79 3.21 1.32 0.75 0.80
NOPAT to Interest Expense		 2.42 2.53 1.98 1.92 1.46 1.69 3.04 2.59 1.06 0.61 0.69
EBIT Less CapEx to Interest Expense		 3.48 2.38 2.24 2.37 1.79 2.10 3.79 3.21 1.32 0.75 0.80
NOPAT Less CapEx to Interest Expense		 2.42 2.53 1.98 1.92 1.46 1.69 3.04 2.59 1.06 0.61 0.69
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 35.22% 58.69% 38.52% 65.44% 34.59% 40.62% 31.39% 32.10% 25.55% 28.23% 26.99%
Augmented Payout Ratio		 93.55% 70.39% 38.52% 79.58% 49.12% 55.56% 67.61% 32.10% 25.55% 28.23% 26.99%

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - 16,253,600.00 17,272,961.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 16,253,600.00 17,272,961.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 1.41 1.31
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 17.22% -2.54% 5.23% 2.82% -0.43% 2.78% -1.68% 7.38% 7.65% 6.04% 18.06%
EBITDA Growth		 24.97% -7.06% 1.96% -7.17% -5.85% -8.12% -13.66% 4.41% 5.73% 7.22% 12.79%
EBIT Growth		 30.11% -6.19% 3.25% -7.30% -5.51% -7.85% -10.89% 10.40% 11.74% 12.12% 13.46%
NOPAT Growth		 30.10% -8.13% 2.80% -7.72% -5.93% -2.02% -9.39% 20.40% 21.10% 16.37% 16.11%
Net Income Growth		 30.10% -8.13% 2.80% -7.72% -5.93% -2.02% -9.39% 20.40% 21.10% 16.37% 16.11%
EPS Growth		 28.71% -8.76% 2.29% -7.87% -6.15% -4.00% -9.70% 18.80% 19.67% 17.50% 9.09%
Operating Cash Flow Growth		 11.13% -119.69% 122.73% -53.04% -122.20% 920.08% -107.40% -185.66% 385.63% -90.56% 1,051.24%
Free Cash Flow Firm Growth		 -3,029.39% -384.93% -300.16% 89.29% 26.25% 156.57% 111.91% 46.01% 88.42% -236.62% -529.75%
Invested Capital Growth		 14.04% 25.59% 11.62% 2.69% 9.42% -9.25% 0.40% 2.35% 2.58% 17.95% 6.17%
Revenue Q/Q Growth		 5.46% -2.16% 2.25% -2.53% 2.13% 0.99% -2.19% 6.45% 2.38% -0.51% 8.89%
EBITDA Q/Q Growth		 2.36% -3.69% 6.86% -11.88% 3.81% -6.01% 0.41% 6.56% 5.13% -4.69% 5.63%
EBIT Q/Q Growth		 2.44% -2.99% 7.05% -12.86% 4.42% -5.40% 3.52% 7.97% 5.69% -5.08% 4.75%
NOPAT Q/Q Growth		 2.45% -3.95% 7.64% -12.87% 4.43% 0.05% -0.46% 15.77% 5.04% -3.86% -0.68%
Net Income Q/Q Growth		 2.45% -3.95% 7.64% -12.87% 4.43% 0.05% -0.46% 15.77% 5.04% -3.86% -0.68%
EPS Q/Q Growth		 2.36% -3.85% 7.20% -12.69% 4.27% -1.64% 0.83% 14.88% 5.04% -3.42% -6.38%
Operating Cash Flow Q/Q Growth		 87.84% -120.03% 651.27% -77.35% -188.77% 839.99% -104.97% -162.26% 396.03% -75.55% 401.13%
Free Cash Flow Firm Q/Q Growth		 13.10% -94.16% 53.63% 86.31% -498.17% 248.93% -90.24% -162.06% -28.26% -1,657.63% 69.28%
Invested Capital Q/Q Growth		 -4.65% 9.24% -0.53% -0.88% 1.60% -9.40% 10.04% 1.04% 1.83% 4.18% -0.95%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 49.67% 48.90% 51.11% 46.21% 46.97% 43.71% 44.88% 44.93% 46.14% 44.20% 42.88%
EBIT Margin		 44.65% 44.27% 46.34% 41.44% 42.37% 39.68% 42.00% 42.60% 43.98% 41.96% 40.36%
Profit (Net Income) Margin		 35.83% 35.17% 37.03% 33.10% 33.85% 33.53% 34.13% 37.11% 38.08% 36.80% 33.56%
Tax Burden Percent		 80.25% 79.46% 79.90% 79.89% 79.89% 84.49% 81.25% 87.12% 86.58% 87.69% 83.15%
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		 19.75% 20.54% 20.10% 20.11% 20.11% 15.51% 18.75% 12.88% 13.42% 12.31% 16.85%
Return on Invested Capital (ROIC)		 6.97% 6.51% 6.61% 5.76% 5.98% 5.99% 5.81% 6.43% 6.61% 6.65% 6.07%
ROIC Less NNEP Spread (ROIC-NNEP)		 6.97% 6.51% 6.61% 5.76% 5.98% 5.99% 5.81% 6.43% 6.61% 6.65% 6.07%
Return on Net Nonoperating Assets (RNNOA)		 11.12% 9.97% 10.25% 9.03% 8.62% 8.04% 7.93% 8.30% 8.07% 6.99% 6.55%
Return on Equity (ROE)		 18.10% 16.48% 16.86% 14.79% 14.59% 14.03% 13.74% 14.73% 14.68% 13.64% 12.62%
Cash Return on Invested Capital (CROIC)		 -5.92% -15.95% -4.52% 3.49% -2.85% 15.84% 5.33% 3.69% 3.66% -9.87% 0.59%
Operating Return on Assets (OROA)		 1.98% 1.95% 2.04% 1.78% 1.74% 1.61% 1.67% 1.70% 1.72% 1.58% 1.56%
Return on Assets (ROA)		 1.59% 1.55% 1.63% 1.42% 1.39% 1.36% 1.36% 1.48% 1.49% 1.39% 1.30%
Return on Common Equity (ROCE)		 18.10% 16.48% 16.86% 14.79% 14.59% 14.03% 13.74% 14.73% 14.68% 13.64% 12.62%
Return on Equity Simple (ROE_SIMPLE)		 17.38% 0.00% 15.43% 14.74% 13.71% 0.00% 12.75% 12.89% 13.01% 0.00% 12.47%
Net Operating Profit after Tax (NOPAT)		 21 20 22 19 20 20 20 23 24 23 23
NOPAT Margin		 35.83% 35.17% 37.03% 33.10% 33.85% 33.53% 34.13% 37.11% 38.08% 36.80% 33.56%
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		 40.25% 42.72% 42.49% 43.12% 46.26% 47.88% 45.82% 44.78% 44.89% 46.41% 46.59%
Operating Expenses to Revenue		 49.68% 52.57% 51.42% 52.40% 55.73% 57.75% 54.33% 54.77% 55.70% 59.17% 62.30%
Earnings before Interest and Taxes (EBIT)		 26 25 27 24 25 23 24 26 27 26 27
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 29 28 30 26 27 26 26 27 29 27 29
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.97 1.19 1.12 1.16 1.19 1.22 1.16 1.18 1.11 1.08 1.18
Price to Tangible Book Value (P/TBV)		 1.08 1.31 1.23 1.27 1.30 1.33 1.26 1.28 1.20 1.24 1.35
Price to Revenue (P/Rev)		 2.07 2.75 2.63 2.78 3.02 3.08 3.06 3.19 3.06 3.22 3.45
Price to Earnings (P/E)		 5.59 7.54 7.25 7.86 8.69 8.95 9.09 9.18 8.55 8.81 9.49
Dividend Yield		 4.50% 3.46% 3.65% 3.48% 3.25% 3.22% 3.31% 3.17% 3.29% 3.12% 3.01%
Earnings Yield		 17.87% 13.26% 13.79% 12.72% 11.51% 11.17% 11.00% 10.89% 11.70% 11.35% 10.54%
Enterprise Value to Invested Capital (EV/IC)		 0.78 0.98 0.87 0.92 0.84 0.78 0.79 0.87 0.71 0.71 0.69
Enterprise Value to Revenue (EV/Rev)		 4.24 5.87 5.15 5.34 4.98 4.18 4.63 5.07 4.15 4.28 3.94
Enterprise Value to EBITDA (EV/EBITDA)		 8.29 11.61 10.26 10.90 10.30 8.89 10.20 11.25 9.24 9.49 8.85
Enterprise Value to EBIT (EV/EBIT)		 9.24 12.91 11.37 12.09 11.41 9.84 11.20 12.18 9.86 10.03 9.33
Enterprise Value to NOPAT (EV/NOPAT)		 11.48 16.13 14.22 15.13 14.30 12.16 13.77 14.63 11.60 11.69 10.84
Enterprise Value to Operating Cash Flow (EV/OCF)		 8.69 19.90 13.26 15.66 33.68 9.57 18.44 29.05 13.75 57.73 20.23
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 26.64 0.00 4.71 14.79 23.82 19.65 0.00 120.61
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.57 1.60 1.52 1.43 1.33 1.11 1.23 1.17 1.12 1.01 0.95
Long-Term Debt to Equity		 1.23 1.16 1.09 1.03 0.95 0.90 0.83 0.79 0.74 0.69 0.66
Financial Leverage		 1.59 1.53 1.55 1.57 1.44 1.34 1.36 1.29 1.22 1.05 1.08
Leverage Ratio		 11.42 10.61 10.32 10.43 10.47 10.31 10.14 9.96 9.85 9.84 9.73
Compound Leverage Factor		 11.42 10.61 10.32 10.43 10.47 10.31 10.14 9.96 9.85 9.84 9.73
Debt to Total Capital		 61.14% 61.56% 60.28% 58.85% 57.13% 52.58% 55.16% 53.93% 52.88% 50.15% 48.83%
Short-Term Debt to Total Capital		 13.19% 16.91% 16.92% 16.57% 16.24% 9.86% 17.85% 17.71% 18.02% 15.98% 15.24%
Long-Term Debt to Total Capital		 47.95% 44.65% 43.37% 42.28% 40.90% 42.73% 37.31% 36.21% 34.87% 34.17% 33.59%
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		 38.86% 38.44% 39.72% 41.15% 42.87% 47.42% 44.84% 46.07% 47.12% 49.85% 51.17%
Debt to EBITDA		 6.54 7.32 7.10 6.99 7.00 5.96 7.14 6.98 6.87 6.67 6.25
Net Debt to EBITDA		 4.25 6.18 5.03 5.24 4.04 2.35 3.46 4.18 2.43 2.34 1.10
Long-Term Debt to EBITDA		 5.13 5.31 5.11 5.02 5.01 4.84 4.83 4.69 4.53 4.55 4.30
Debt to NOPAT		 9.05 10.17 9.84 9.70 9.72 8.14 9.65 9.08 8.63 8.22 7.65
Net Debt to NOPAT		 5.89 8.58 6.97 7.27 5.61 3.21 4.68 5.44 3.05 2.88 1.35
Long-Term Debt to NOPAT		 7.10 7.38 7.08 6.97 6.96 6.62 6.52 6.10 5.69 5.60 5.26
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)		 -132 -257 -119 -16 -98 145 14 -8.80 -11 -198 -61
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		 -5.96 -10.21 -4.06 -0.51 -2.78 4.26 0.45 -0.27 -0.34 -6.35 -2.06
Operating Cash Flow to Interest Expense		 1.64 -0.29 1.37 0.29 -0.23 1.75 -0.09 -0.24 0.69 0.18 0.96
Operating Cash Flow Less CapEx to Interest Expense		 1.64 -0.29 1.37 0.29 -0.23 1.75 -0.09 -0.24 0.69 0.18 0.96
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		 4.35 4.41 4.47 4.49 4.32 4.44 4.41 4.47 4.33 4.19 4.38
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,244 1,358 1,351 1,339 1,361 1,233 1,357 1,371 1,396 1,454 1,440
Invested Capital Turnover		 0.19 0.19 0.18 0.17 0.18 0.18 0.17 0.17 0.17 0.18 0.18
Increase / (Decrease) in Invested Capital		 153 277 141 35 117 -126 5.35 31 35 221 84
Enterprise Value (EV)		 964 1,326 1,178 1,229 1,144 968 1,068 1,191 992 1,038 996
Market Capitalization		 470 620 600 639 695 712 705 748 731 782 872
Book Value per Share		 $30.17 $32.58 $33.30 $34.19 $36.15 $36.21 $37.48 $38.90 $40.47 $44.60 $42.66
Tangible Book Value per Share		 $27.06 $29.50 $30.23 $31.12 $33.08 $33.15 $34.43 $35.85 $37.43 $38.87 $37.35
Total Capital		 1,244 1,358 1,351 1,339 1,361 1,233 1,357 1,371 1,396 1,454 1,440
Total Debt		 760 836 815 788 777 648 748 739 738 729 703
Total Long-Term Debt		 596 607 586 566 556 527 506 496 487 497 484
Net Debt		 494 706 577 590 449 255 363 443 261 256 124
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)		 760 836 815 788 777 648 748 739 738 729 703
Total Depreciation and Amortization (D&A)		 2.93 2.64 2.77 2.71 2.67 2.36 1.65 1.42 1.34 1.39 1.70
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.30 $1.25 $1.34 $1.17 $1.22 $1.20 $1.21 $1.39 $1.46 $1.41 $1.32
Adjusted Weighted Average Basic Shares Outstanding		 16.02M 16.12M 16.12M 16.12M 16.14M 16.23M 16.20M 16.24M 16.25M 17.27M 17.24M
Adjusted Diluted Earnings per Share		 $1.30 $1.25 $1.34 $1.17 $1.22 $1.20 $1.21 $1.39 $1.46 $1.41 $1.32
Adjusted Weighted Average Diluted Shares Outstanding		 16.02M 16.12M 16.12M 16.12M 16.14M 16.23M 16.20M 16.24M 16.25M 17.27M 17.24M
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		 16.02M 16.12M 16.12M 16.14M 16.14M 16.23M 16.24M 16.25M 16.25M 17.27M 17.27M
Normalized Net Operating Profit after Tax (NOPAT)		 21 20 22 19 20 20 20 23 24 23 23
Normalized NOPAT Margin		 35.83% 35.17% 37.03% 33.10% 33.85% 33.53% 34.13% 37.11% 38.92% 36.80% 33.93%
Pre Tax Income Margin		 44.65% 44.27% 46.34% 41.44% 42.37% 39.68% 42.00% 42.60% 43.98% 41.96% 40.36%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.17 1.00 0.92 0.74 0.70 0.68 0.76 0.80 0.82 0.83 0.92
NOPAT to Interest Expense		 0.94 0.80 0.73 0.59 0.56 0.58 0.61 0.70 0.71 0.73 0.77
EBIT Less CapEx to Interest Expense		 1.17 1.00 0.92 0.74 0.70 0.68 0.76 0.80 0.82 0.83 0.92
NOPAT Less CapEx to Interest Expense		 0.94 0.80 0.73 0.59 0.56 0.58 0.61 0.70 0.71 0.73 0.77
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 24.59% 25.55% 25.81% 26.76% 27.64% 28.23% 29.45% 28.52% 27.57% 26.99% 26.86%
Augmented Payout Ratio		 24.59% 25.55% 25.81% 26.76% 27.64% 28.23% 29.45% 28.52% 27.57% 26.99% 26.86%

Financials Breakdown Chart

Key Financial Trends

Here are the key trending points for Mercantile Bank (MBWM) based on the last four years of quarterly statements, focusing on 2025 performance and notable structural shifts.

  • Net income (continuing operations) showed 2025 improvement, rising from about 19.5 million in Q1 to 23.8 million in Q3, with Q3 diluted earnings per share (EPS) of 1.46 and Q4 around 1.41.
  • Total revenue stayed around the mid‑$60 million range in 2025, with Q3 at 62.39 million and Q4 at 62.07 million, indicating a stable top line.
  • Net interest income remained a core strength, increasing through 2025 to about 52.0 million in Q3 and about 51.0 million in Q4, helping support earnings momentum.
  • Capital position improved in 2025, with total equity around 657.6 million by Q3 2025 and a higher equity ratio (roughly 10% of assets), signaling stronger capitalization.
  • Dividend per share held steady at 0.38 across 2025, signaling a predictable payout policy for shareholders.
  • Financing activity shows episodic action, including a one‑time net inflow of about 94.2 million in Q3 2025, followed by varying flows in other quarters, indicating irregular financing timing.
  • Operating cash flow has been volatile in 2025, turning positive in Q3 (about 23.1 million) and Q4 (about 5.6 million) after negative results in Q1 and Q2 (roughly −2.98 million and −7.81 million respectively).
  • Earlier quarters posted negative net cash from continuing operating activities (e.g., Q1 2025 and Q2 2025), signaling temporary cash flow pressure.
  • Investing activities show sizable cash outflows from purchases of investments in several periods (for example, around 66.1 million in Q4 2025), depressing free cash flow in those quarters.
  • Balance sheet signals include Loans and Leases Net of Allowance sometimes showing negative values (e.g., −59.13 million in Q3 2025), which can complicate interpretation of loan quality and asset mix.
05/06/26 12:29 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Mercantile Bank's Financials

When does Mercantile Bank's financial year end?

According to the most recent income statement we have on file, Mercantile Bank's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

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 $88.75 million in 2025, rising from $27.02 million in 2015. The previous period was $79.59 million in 2024. Check out Mercantile Bank's forecast to explore projected trends and price targets.

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

Over the last 10 years, Mercantile Bank's total revenue changed from $117.21 million in 2015 to $242.65 million in 2025, a change of 107.0%.

How much debt does Mercantile Bank have?

Mercantile Bank's total liabilities were at $6.11 billion at the end of 2025, a 11.8% increase from 2024, and a 137.8% increase since 2015.

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 $54.76 million as of their latest financial filing in 2025.

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 20.10 in 2015 to 44.60 in 2025, a change of 121.9%.


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Financial statements for NASDAQ:MBWM last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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