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Mercantile Bank (MBWM) Financials

Mercantile Bank logo
$44.52 -0.26 (-0.58%)
Closing price 05/30/2025 04:00 PM Eastern
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$44.08 -0.44 (-0.99%)
As of 05/30/2025 04:21 PM Eastern
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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 2024 2023 2022
Period end date 12/31/2024 12/31/2023 12/31/2022
Net Income / (Loss) Attributable to Common Shareholders		 80 82 61
Consolidated Net Income / (Loss)		 80 82 61
Net Income / (Loss) Continuing Operations		 80 82 61
Total Pre-Tax Income 		98 103 76
Total Revenue		 231 226 190
Net Interest Income / (Expense)		 191 194 158
Total Interest Income		 322 271 182
Loans and Leases Interest Income		 293 253 167
Investment Securities Interest Income		 16 13 10
Deposits and Money Market Investments Interest Income		 12 5.55 4.65
Total Interest Expense		 130 78 24
Deposits Interest Expense		 101 55 10
Short-Term Borrowings Interest Expense		 7.72 2.85 0.29
Long-Term Debt Interest Expense		 21 20 13
Total Non-Interest Income		 40 32 32
Other Service Charges		 38 17 30
Other Non-Interest Income		 2.56 1.50 1.68
Provision for Credit Losses		 7.40 7.70 6.55
Total Non-Interest Expense		 126 115 108
Salaries and Employee Benefits		 78 69 65
Net Occupancy & Equipment Expense		 26 24 24
Marketing Expense		 1.60 1.57 1.45
Property & Liability Insurance Claims		 2.50 2.26 1.24
Other Operating Expenses		 18 18 16
Income Tax Expense		 19 20 15
Basic Earnings per Share		 $4.93 $5.13 $3.85
Weighted Average Basic Shares Outstanding		 16.23M 16.12M 16.00M
Diluted Earnings per Share		 $4.93 $5.13 $3.85
Weighted Average Diluted Shares Outstanding		 16.23M 16.12M 16.00M
Weighted Average Basic & Diluted Shares Outstanding		 16.23M 16.12M 16.00M
Cash Dividends to Common per Share		 $1.40 $1.34 $1.26

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

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 2024 2023 2022
Period end date 12/31/2024 12/31/2023 12/31/2022
Net Change in Cash & Equivalents		 262 34 -878
Net Cash From Operating Activities		 101 67 120
Net Cash From Continuing Operating Activities		 101 67 120
Net Income / (Loss) Continuing Operations		 80 82 61
Consolidated Net Income / (Loss)		 80 82 61
Provision For Loan Losses		 7.40 7.70 6.55
Depreciation Expense		 11 11 13
Non-Cash Adjustments to Reconcile Net Income		 3.12 -15 13
Changes in Operating Assets and Liabilities, net		 0.50 -20 26
Net Cash From Investing Activities		 -425 -396 -555
Net Cash From Continuing Investing Activities		 -425 -396 -555
Purchase of Investment Securities		 -499 -421 -577
Sale and/or Maturity of Investments		 74 25 22
Net Cash From Financing Activities		 587 363 -443
Net Cash From Continuing Financing Activities		 587 363 -443
Net Change in Deposits		 797 188 -370
Issuance of Debt		 10 240 43
Issuance of Common Equity		 0.81 0.89 0.87
Repayment of Debt		 -91 -80 -94
Payment of Dividends		 -22 -21 -20
Other Financing Activities, Net		 -108 35 -3.04
Cash Interest Paid		 129 72 22
Cash Income Taxes Paid		 21 25 11

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

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 2024 2023 2022
Period end date 12/31/2024 12/31/2023 12/31/2022
Total Assets		 6,052 5,353 4,873
Cash and Due from Banks		 57 70 62
Interest Bearing Deposits at Other Banks		 336 60 35
Trading Account Securities		 730 617 603
Loans and Leases, Net of Allowance		 -54 -50 -42
Allowance for Loan and Lease Losses		 54 50 42
Loans Held for Sale		 16 19 3.57
Premises and Equipment, Net		 53 51 51
Goodwill		 49 49 49
Other Assets		 4,810 4,487 4,111
Total Liabilities & Shareholders' Equity		 6,052 5,353 4,873
Total Liabilities		 5,468 4,831 4,431
Non-Interest Bearing Deposits		 1,265 1,248 1,605
Interest Bearing Deposits		 3,434 2,653 2,108
Short-Term Debt		 122 230 194
Other Short-Term Payables		 121 94 -
Long-Term Debt		 527 607 446
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 585 522 441
Total Preferred & Common Equity		 585 522 441
Preferred Stock		 0.00 0.00 0.00
Total Common Equity		 585 522 441
Common Stock		 300 295 290
Retained Earnings		 335 278 216
Accumulated Other Comprehensive Income / (Loss)		 -50 -50 -65

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

Annual Metrics And Ratios for Mercantile Bank

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

Metric 2024 2023 2022
Period end date 12/31/2024 12/31/2023 12/31/2022
Growth Metrics		 - - -
Revenue Growth		 2.56% 18.58% 5.57%
EBITDA Growth		 -4.73% 28.69% 1.53%
EBIT Growth		 -4.30% 35.50% 2.81%
NOPAT Growth		 -3.19% 34.64% 3.46%
Net Income Growth		 -3.19% 34.64% 3.46%
EPS Growth		 -3.90% 33.25% 4.34%
Operating Cash Flow Growth		 51.80% -44.43% 85.62%
Free Cash Flow Firm Growth		 205.46% -250.40% 244.70%
Invested Capital Growth		 -9.25% 25.59% -5.94%
Revenue Q/Q Growth		 0.69% -0.65% 7.49%
EBITDA Q/Q Growth		 -2.04% -1.82% 14.54%
EBIT Q/Q Growth		 -1.97% -1.59% 18.17%
NOPAT Q/Q Growth		 -0.51% -2.11% 19.97%
Net Income Q/Q Growth		 -0.51% -2.11% 19.97%
EPS Q/Q Growth		 -1.00% -2.29% 19.20%
Operating Cash Flow Q/Q Growth		 197.75% -39.98% -6.50%
Free Cash Flow Firm Q/Q Growth		 652.30% -181.55% 322.21%
Invested Capital Q/Q Growth		 -9.40% 9.24% -0.81%
Profitability Metrics		 - - -
EBITDA Margin		 47.00% 50.60% 46.62%
EBIT Margin		 42.46% 45.50% 39.82%
Profit (Net Income) Margin		 34.39% 36.43% 32.08%
Tax Burden Percent		 80.98% 80.06% 80.57%
Interest Burden Percent		 100.00% 100.00% 100.00%
Effective Tax Rate		 19.02% 19.94% 19.43%
Return on Invested Capital (ROIC)		 6.14% 6.74% 5.47%
ROIC Less NNEP Spread (ROIC-NNEP)		 6.14% 6.74% 5.47%
Return on Net Nonoperating Assets (RNNOA)		 8.24% 10.33% 8.13%
Return on Equity (ROE)		 14.38% 17.07% 13.60%
Cash Return on Invested Capital (CROIC)		 15.84% -15.95% 11.60%
Operating Return on Assets (OROA)		 1.72% 2.01% 1.50%
Return on Assets (ROA)		 1.40% 1.61% 1.21%
Return on Common Equity (ROCE)		 14.38% 17.07% 13.60%
Return on Equity Simple (ROE_SIMPLE)		 13.62% 15.75% 13.83%
Net Operating Profit after Tax (NOPAT)		 80 82 61
NOPAT Margin		 34.39% 36.43% 32.08%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 45.65% 41.92% 47.76%
Operating Expenses to Revenue		 54.34% 51.08% 56.74%
Earnings before Interest and Taxes (EBIT)		 98 103 76
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 109 114 89
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 1.22 1.19 1.11
Price to Tangible Book Value (P/TBV)		 1.33 1.31 1.25
Price to Revenue (P/Rev)		 3.08 2.75 2.56
Price to Earnings (P/E)		 8.95 7.54 7.99
Dividend Yield		 3.22% 3.46% 4.10%
Earnings Yield		 11.17% 13.26% 12.51%
Enterprise Value to Invested Capital (EV/IC)		 0.78 0.98 0.95
Enterprise Value to Revenue (EV/Rev)		 4.18 5.87 5.42
Enterprise Value to EBITDA (EV/EBITDA)		 8.89 11.61 11.62
Enterprise Value to EBIT (EV/EBIT)		 9.84 12.91 13.61
Enterprise Value to NOPAT (EV/NOPAT)		 12.16 16.13 16.89
Enterprise Value to Operating Cash Flow (EV/OCF)		 9.57 19.90 8.61
Enterprise Value to Free Cash Flow (EV/FCFF)		 4.71 0.00 7.97
Leverage & Solvency		 - - -
Debt to Equity		 1.11 1.60 1.45
Long-Term Debt to Equity		 0.90 1.16 1.01
Financial Leverage		 1.34 1.53 1.49
Leverage Ratio		 10.31 10.61 11.28
Compound Leverage Factor		 10.31 10.61 11.28
Debt to Total Capital		 52.58% 61.56% 59.19%
Short-Term Debt to Total Capital		 9.86% 16.91% 17.97%
Long-Term Debt to Total Capital		 42.73% 44.65% 41.22%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 47.42% 38.44% 40.81%
Debt to EBITDA		 5.96 7.32 7.21
Net Debt to EBITDA		 2.35 6.18 6.12
Long-Term Debt to EBITDA		 4.84 5.31 5.02
Debt to NOPAT		 8.14 10.17 10.48
Net Debt to NOPAT		 3.21 8.58 8.90
Long-Term Debt to NOPAT		 6.62 7.38 7.30
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00%
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 205 -195 129
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 1.57 -2.50 5.48
Operating Cash Flow to Interest Expense		 0.78 0.86 5.08
Operating Cash Flow Less CapEx to Interest Expense		 0.78 0.86 5.08
Efficiency Ratios		 - - -
Asset Turnover		 0.04 0.04 0.04
Fixed Asset Turnover		 4.44 4.41 3.50
Capital & Investment Metrics		 - - -
Invested Capital		 1,233 1,358 1,082
Invested Capital Turnover		 0.18 0.19 0.17
Increase / (Decrease) in Invested Capital		 -126 277 -68
Enterprise Value (EV)		 968 1,326 1,031
Market Capitalization		 712 620 488
Book Value per Share		 $36.21 $32.58 $27.82
Tangible Book Value per Share		 $33.15 $29.50 $24.70
Total Capital		 1,233 1,358 1,082
Total Debt		 648 836 640
Total Long-Term Debt		 527 607 446
Net Debt		 255 706 543
Capital Expenditures (CapEx)		 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 648 836 640
Total Depreciation and Amortization (D&A)		 11 11 13
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $4.93 $5.13 $3.85
Adjusted Weighted Average Basic Shares Outstanding		 16.23M 16.12M 16.00M
Adjusted Diluted Earnings per Share		 $4.93 $5.13 $3.85
Adjusted Weighted Average Diluted Shares Outstanding		 16.23M 16.12M 16.00M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 16.23M 16.12M 16.00M
Normalized Net Operating Profit after Tax (NOPAT)		 80 82 61
Normalized NOPAT Margin		 34.39% 36.43% 32.08%
Pre Tax Income Margin		 42.46% 45.50% 39.82%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 0.75 1.32 3.21
NOPAT to Interest Expense		 0.61 1.06 2.59
EBIT Less CapEx to Interest Expense		 0.75 1.32 3.21
NOPAT Less CapEx to Interest Expense		 0.61 1.06 2.59
Payout Ratios		 - - -
Dividend Payout Ratio		 28.23% 25.55% 32.10%
Augmented Payout Ratio		 28.23% 25.55% 32.10%

Quarterly Metrics And Ratios for Mercantile Bank

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

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

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 2 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 $61.06 million in 2022. The previous period was $82.22 million in 2023. Check out Mercantile Bank's forecast to explore projected trends and price targets.

How has Mercantile Bank revenue changed over the last 2 years?

Over the last 2 years, Mercantile Bank's total revenue changed from $190.32 million in 2022 to $231.48 million in 2024, a change of 21.6%.

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 23.4% increase since 2022.

How much cash does Mercantile Bank have?

In the past 2 years, Mercantile Bank's cash and equivalents has ranged from $56.99 million in 2024 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 2 years?

Over the last 2 years, Mercantile Bank's book value per share changed from 27.82 in 2022 to 36.21 in 2024, a change of 30.2%.


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This page (NASDAQ:MBWM) was last updated on 5/31/2025 by MarketBeat.com Staff
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