Mercantile Bank Corporation (MBWM)

Mercantile Bank Income Statement

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

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest Income on Loans	288.28	253.11	166.85	135.05	137.4	145.82
Interest Income on Investments	24.54	18.25	14.99	8.45	10.91	12.52
Total Interest Income	312.82	271.36	181.84	143.49	148.31	158.34
Interest Paid on Deposits	93.54	55.44	10.04	9.11	14.98	21.26
Interest Paid on Borrowings	27.91	22.37	13.56	10.32	11.08	12.54
Total Interest Expense	121.45	77.81	23.6	19.43	26.07	33.8
Net Interest Income	191.37	193.55	158.24	124.06	122.25	124.53
Net Interest Income Growth (YoY)	-2.14%	22.31%	27.55%	1.49%	-1.84%	3.71%
Mortgage Banking Activities	10.46	7.6	8.66	29.96	29.35	8.49
Gain (Loss) on Sale of Assets	-	-	-	1.06	-	-
Other Non-Interest Income	12.7	10.68	8.75	12.61	5.28	7.96
Total Non-Interest Income	38.52	32.14	31.58	56.22	45.17	26.96
Non-Interest Income Growth (YoY)	23.85%	1.79%	-43.83%	24.46%	67.58%	41.80%
Revenues Before Loan Losses	229.89	225.69	189.82	180.28	167.42	151.49
Provision for Loan Losses	7.7	7.7	6.55	-4.3	14.05	1.75
Revenue	222.19	217.99	183.27	184.58	153.37	149.74
Revenue Growth (YoY)	2.06%	18.94%	-0.71%	20.35%	2.42%	8.51%
Salaries and Employee Benefits	70.98	65.07	61.39	62.32	57.08	50.53
Federal Deposit Insurance	2.26	2.26	1.24	1.82	1.14	0.23
Selling, General & Administrative	30.95	29.53	29.52	28.15	25.75	23.63
Other Non-Interest Expense	16.79	17.77	14.32	14.56	14.55	14.9
Total Non-Interest Expense	121.92	115.29	107.98	110.87	98.52	89.28
EBT Excluding Unusual Items	100.27	102.7	75.29	73.72	54.85	60.46
Pretax Income	100.27	102.7	75.79	73.72	54.85	60.46
Income Tax Expense	20.27	20.48	14.73	14.7	10.71	11
Net Income	80	82.22	61.06	59.02	44.14	49.46
Net Income to Common	80	82.22	61.06	59.02	44.14	49.46
Net Income Growth	-4.75%	34.64%	3.46%	33.72%	-10.75%	17.69%
Basic Shares Outstanding	16	16	16	16	16	16
Diluted Shares Outstanding	16	16	16	16	16	16
Shares Change (YoY)	0.81%	0.98%	-0.80%	-1.73%	-0.85%	-1.19%
EPS (Basic)	4.97	5.13	3.85	3.69	2.71	3.01
EPS (Diluted)	4.96	5.13	3.85	3.69	2.71	3.01
EPS Growth	-5.65%	33.25%	4.34%	36.16%	-9.97%	18.97%
Dividend Per Share	1.400	1.340	1.260	1.180	1.120	1.060
Dividend Growth	6.06%	6.35%	6.78%	5.36%	5.66%	13.98%
Effective Tax Rate	20.22%	19.94%	19.43%	19.93%	19.53%	18.20%

Source: S&P Capital IQ. Banks template. Financial Sources.