Mercantile Bank Corporation (MBWM)

Mercantile Bank Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Mar 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest Income on Loans	293.89	293.16	253.11	166.85	135.05	137.4
Interest Income on Investments	31.23	28.34	18.25	14.99	8.45	10.91
Total Interest Income	325.12	321.5	271.36	181.84	143.49	148.31
Interest Paid on Deposits	104.36	101.4	55.44	10.04	9.11	14.98
Interest Paid on Borrowings	28.48	29.02	22.37	13.56	10.32	11.08
Total Interest Expense	132.84	130.42	77.81	23.6	19.43	26.07
Net Interest Income	192.27	191.09	193.55	158.24	124.06	122.25
Net Interest Income Growth (YoY)	-0.13%	-1.27%	22.31%	27.55%	1.49%	-1.84%
Mortgage Banking Activities	12.61	12.3	7.6	8.66	29.96	29.35
Gain (Loss) on Sale of Assets	-	-	-	-	1.06	-
Other Non-Interest Income	9.56	12.43	10.68	9.25	12.61	5.28
Total Non-Interest Income	38.22	40.39	32.14	32.08	56.22	45.17
Non-Interest Income Growth (YoY)	6.00%	25.65%	0.21%	-42.94%	24.46%	67.58%
Revenues Before Loan Losses	230.5	231.48	225.69	190.32	180.28	167.42
Provision for Loan Losses	8.2	7.4	7.7	6.55	-4.3	14.05
Revenue	222.3	224.08	217.99	183.77	184.58	153.37
Revenue Growth (YoY)	0.96%	2.79%	18.62%	-0.44%	20.35%	2.42%
Salaries and Employee Benefits	75.44	74.19	65.07	61.39	62.32	57.08
Federal Deposit Insurance	2.5	2.5	2.26	1.24	1.82	1.14
Selling, General & Administrative	31.71	31.47	29.53	29.52	28.15	25.75
Other Non-Interest Expense	16.3	15.93	17.77	14.32	14.56	14.55
Total Non-Interest Expense	126.95	125.79	115.29	107.98	110.87	98.52
EBT Excluding Unusual Items	95.35	98.29	102.7	75.79	73.72	54.85
Pretax Income	95.35	98.29	102.7	75.79	73.72	54.85
Income Tax Expense	17.78	18.69	20.48	14.73	14.7	10.71
Net Income	77.57	79.59	82.22	61.06	59.02	44.14
Net Income to Common	77.57	79.59	82.22	61.06	59.02	44.14
Net Income Growth	-6.32%	-3.19%	34.64%	3.46%	33.72%	-10.75%
Basic Shares Outstanding	16	16	16	16	16	16
Diluted Shares Outstanding	16	16	16	16	16	16
Shares Change (YoY)	0.65%	0.72%	0.98%	-0.80%	-1.73%	-0.85%
EPS (Basic)	4.80	4.93	5.13	3.85	3.69	2.71
EPS (Diluted)	4.80	4.93	5.13	3.85	3.69	2.71
EPS Growth	-6.98%	-3.90%	33.25%	4.34%	36.16%	-9.97%
Dividend Per Share	1.440	1.420	1.340	1.260	1.180	1.120
Dividend Growth	5.88%	5.97%	6.35%	6.78%	5.36%	5.66%
Effective Tax Rate	18.65%	19.02%	19.94%	19.43%	19.93%	19.53%

Updated Apr 22, 2025. Source: S&P Global Market Intelligence. Banks template. Financial Sources.

SEC Filings: 10-K · 10-Q