Mercantile Bank Corporation (MBWM)

Mercantile Bank Income Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Interest Income	201.04	191.09	193.55	158.24	124.06
Net Interest Income Growth	5.21%	-1.27%	22.31%	27.55%	1.49%
Non-Interest Income	41.61	40.39	32.14	32.08	56.22
Non-Interest Income Growth	3.02%	25.65%	0.21%	-42.94%	24.46%
Revenues Before Loan Losses	242.65	231.48	225.69	190.32	180.28
Provision for Credit Losses	3.2	7.4	7.7	6.55	-4.3
Revenue	239.45	224.08	217.99	183.77	184.58
Revenue Growth (YoY)	6.86%	2.79%	18.62%	-0.44%	20.35%
Compensation Expenses	83.2	77.92	68.8	65.12	66.45
Selling, General & Admin	31.52	30.23	28.06	27.02	25.84
Other Non-Interest Expenses	21.24	17.63	18.43	15.84	18.58
Total Non-Interest Expense	135.96	125.79	115.29	107.98	110.87
Pretax Income	103.49	98.29	102.7	75.79	73.72
Provision for Income Taxes	14.74	18.69	20.48	14.73	14.7
Net Income	88.75	79.59	82.22	61.06	59.02
Net Income to Common	88.75	79.59	82.22	61.06	59.02
Net Income Growth	11.51%	-3.19%	34.64%	3.46%	33.72%
Shares Outstanding (Basic)	16	16	16	16	16
Shares Outstanding (Diluted)	16	16	16	16	16
Shares Change (YoY)	0.66%	0.72%	0.98%	-0.80%	-1.73%
EPS (Basic)	5.47	4.93	5.13	3.85	3.69
EPS (Diluted)	5.47	4.93	5.13	3.85	3.69
EPS Growth	10.95%	-3.90%	33.25%	4.34%	36.16%
Free Cash Flow	11.21	92.59	59.93	116.85	58.97
Free Cash Flow Growth	-87.89%	54.50%	-48.71%	98.14%	104.14%
Free Cash Flow Per Share	0.69	5.74	3.74	7.37	3.69
Dividends Per Share	1.500	1.420	1.340	1.260	1.180
Dividend Growth	5.63%	5.97%	6.35%	6.78%	5.36%
Profit Margin	37.07%	35.52%	37.72%	33.23%	31.98%
FCF Margin	4.68%	41.32%	27.49%	63.58%	31.95%
EBITDA	5.8	10.51	11.5	12.95	13.54
EBITDA Margin	2.42%	4.69%	5.27%	7.04%	7.34%
Effective Tax Rate	14.24%	19.02%	19.94%	19.43%	19.93%

Updated Jan 20, 2026. Data Source: Fiscal.ai. Banks template. Financial Sources.

SEC Filings: 10-K · 10-Q