Mercantile Bank (MBWM) Financials

$45.10 -0.04 (-0.08%)

As of 11:49 AM Eastern

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

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

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

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

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

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

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%

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%

Financials Breakdown Chart

Key Financial Trends

Mercantile Bank (NASDAQ: MBWM) Financial Summary and Trends (Q2 2022 to Q1 2025):

Analyzing quarterly data across income statements, cash flow statements, and balance sheets reveals several key financial trends and indicators for Mercantile Bank. Here's an overview focused on recent performance and longer-term trends over the last four years:

Net interest income has remained robust, increasing from about $34.3 million in Q2 2022 to $48.5 million in Q1 2025, indicating stable core banking revenue growth.
Net income attributable to common shareholders increased steadily over the period, from $11.7 million in Q2 2022 to nearly $19.5 million in Q1 2025, demonstrating improving profitability.
Earnings per share (diluted) have grown from $0.74 in Q2 2022 to $1.21 in Q1 2025, reflecting earnings growth outpacing share count increases.
Total assets increased from approximately $5.06 billion in Q2 2022 to $6.14 billion in Q1 2025, showing asset base expansion.
Deposits have grown notably, with total interest-bearing and non-interest bearing deposits climbing, supporting balance sheet growth and funding stability.
Net interest margin appears stable given the steady net interest income despite fluctuations in interest expense, suggesting effective interest rate management.
Provision for credit losses generally increased over time, from $0.5 million in Q2 2022 to $2.1 million in Q1 2025, reflecting cautious credit risk management amid changing economic conditions.
Loan loss reserves (allowance for loan and lease losses) increased commensurately with loan growth, indicating conservative credit loss provisioning.
Operating expenses, including salaries and employee benefits plus occupancy and other operating expenses, rose over the analyzed periods, which may pressure margins.
Cash from operating activities fluctuated, with notable negative cash flow in some quarters such as Q1 2025 (-$2.98 million), potentially signaling working capital or operational efficiency challenges.

Detailed Observations:

Revenue Growth: Total revenue improved from $42.1 million in Q2 2022 to $57.3 million in Q1 2025, primarily driven by increased interest income from loans and investment securities.
Profitability Metrics: Net income shows a healthy upward trend with Q1 2025 net income at $19.5 million, slightly above Q4 2024's $19.6 million, indicating ongoing earnings stability.
Dividend Policy: Dividend per share has increased, moving from $0.31 in Q2 2022 to $0.37 in Q1 2025, reflecting confidence in cash generation but also increased distribution obligations.
Interest Expense Increase: Total interest expense rose from $5.2 million in Q2 2022 to $31.8 million in Q1 2025, driven by higher deposit interest rates and long-term debt costs, which may compress net interest margins if not offset by income growth.
Asset Quality: Increasing loan loss provisions and allowance for loan losses may point to concerns about credit quality or economic uncertainties impacting loan portfolios.
Capital Adequacy: Total equity grew from $429 million in Q2 2022 to $608 million in Q1 2025, supporting the bank's growth and risk absorption capacity.
Funding: Growth in deposits supports asset growth, but the bank has also relied on short-term and long-term debt, which increased overall liabilities and interest expense.

Summary:

Mercantile Bank has demonstrated steady growth in net interest income and profitability over the last few years, supported by an expanding asset base and deposit growth. Earnings and EPS growth reflect operational strength. However, rising interest expenses and operating costs, along with increased loan loss provisions, present potential challenges. The bank's balance sheet shows solid capital growth in line with asset expansion, indicating prudent management.

Retail investors should view Mercantile Bank as a growing regional bank benefiting from asset and deposit increases, with stable earnings growth. Careful monitoring of credit loss provisions, expense control, and net interest margin trends will be important to assess ongoing performance and risk.

10/09/25 11:51 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 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. See where experts think Mercantile Bank is headed by visiting Mercantile Bank's forecast page.

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%.

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This page (NASDAQ:MBWM) was last updated on 10/9/2025 by MarketBeat.com Staff

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Mercantile Bank (MBWM) Financials

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Mercantile Bank (MBWM) Financials

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