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	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Interest Income	194.68	191.09	193.55	158.24	124.06	122.25
Net Interest Income Growth	1.37%	-1.27%	22.31%	27.55%	1.49%	-1.84%
Non-Interest Income	40	40.39	32.14	32.08	56.22	45.17
Non-Interest Income Growth	5.01%	25.65%	0.21%	-42.94%	24.46%	67.58%
Revenues Before Loan Losses	234.68	231.48	225.69	190.32	180.28	167.42
Provision for Credit Losses	6.3	7.4	7.7	6.55	-4.3	14.05
Revenue	228.38	224.08	217.99	183.77	184.58	153.37
Revenue Growth (YoY)	3.70%	2.79%	18.62%	-0.44%	20.35%	2.42%
Compensation Expenses	82.04	77.92	68.8	65.12	66.45	59.8
Selling, General & Admin	26.32	27.74	25.8	25.78	24.02	23.03
Other Non-Interest Expenses	18.13	20.13	20.69	17.08	20.4	15.69
Total Non-Interest Expense	130.59	125.79	115.29	107.98	110.87	98.52
Pretax Income	97.79	98.29	102.7	75.79	73.72	54.85
Provision for Income Taxes	16.39	18.69	20.48	14.73	14.7	10.71
Net Income	81.4	79.59	82.22	61.06	59.02	44.14
Net Income to Common	81.4	79.59	82.22	61.06	59.02	44.14
Net Income Growth	0.20%	-3.19%	34.64%	3.46%	33.72%	-10.75%
Shares Outstanding (Basic)	16	16	16	16	16	16
Shares Outstanding (Diluted)	16	16	16	16	16	16
Shares Change (YoY)	0.64%	0.72%	0.98%	-0.80%	-1.73%	-0.85%
EPS (Basic)	5.03	4.93	5.13	3.85	3.69	2.71
EPS (Diluted)	5.03	4.93	5.13	3.85	3.69	2.71
EPS Growth	-0.40%	-3.90%	33.25%	4.34%	36.16%	-9.97%
Free Cash Flow	39.42	92.59	59.93	116.85	58.97	28.89
Free Cash Flow Growth	-57.42%	54.50%	-48.71%	98.14%	104.14%	-99.91%
Free Cash Flow Per Share	2.44	5.74	3.74	7.37	3.69	1.78
Dividends Per Share	1.460	1.420	1.340	1.260	1.180	1.120
Dividend Growth	2.82%	5.97%	6.35%	6.78%	5.36%	5.66%
Profit Margin	35.64%	35.52%	37.72%	33.23%	31.98%	28.78%
FCF Margin	17.26%	41.32%	27.49%	63.58%	31.95%	18.84%
EBITDA	8.09	10.51	11.5	12.95	13.54	8.98
EBITDA Margin	3.54%	4.69%	5.27%	7.04%	7.34%	5.85%
Effective Tax Rate	16.76%	19.02%	19.94%	19.43%	19.93%	19.53%

Updated Jul 22, 2025. Data Source: Fiscal.ai. Banks template. Financial Sources.

SEC Filings: 10-K · 10-Q