Mercantile Bank Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Interest Income on Loans	291.36	293.16	253.11	166.85	135.05
Interest Income on Investments	38.84	28.34	18.25	14.99	8.45
Total Interest Income	330.19	321.5	271.36	181.84	143.49
Interest Paid on Deposits	102.51	101.4	55.44	10.04	9.11
Interest Paid on Borrowings	26.64	29.02	22.37	13.56	10.32
Total Interest Expense	129.15	130.42	77.81	23.6	19.43
Net Interest Income	201.04	191.09	193.55	158.24	124.06
Net Interest Income Growth (YoY)	5.21%	-1.27%	22.31%	27.55%	1.49%
Mortgage Banking Activities	13.02	12.3	7.6	8.66	29.96
Gain (Loss) on Sale of Assets	-	-	-	-	1.06
Other Non-Interest Income	10.25	12.43	10.68	9.25	12.61
Total Non-Interest Income	40.61	40.39	32.14	32.08	56.22
Non-Interest Income Growth (YoY)	0.54%	25.65%	0.21%	-42.94%	24.46%
Revenues Before Loan Losses	241.65	231.48	225.69	190.32	180.28
Provision for Loan Losses	3.2	7.4	7.7	6.55	-4.3
Revenue	238.45	224.08	217.99	183.77	184.58
Revenue Growth (YoY)	6.42%	2.79%	18.62%	-0.44%	20.35%
Salaries and Employee Benefits	83.2	74.19	65.07	61.39	62.32
Federal Deposit Insurance	-	2.5	2.26	1.24	1.82
Selling, General & Administrative	27.14	31.47	29.53	29.52	28.15
Other Non-Interest Expense	22.74	15.93	17.77	14.32	14.56
Total Non-Interest Expense	134.14	125.79	115.29	107.98	110.87
EBT Excluding Unusual Items	104.31	98.29	102.7	75.79	73.72
Pretax Income	103.49	98.29	102.7	75.79	73.72
Income Tax Expense	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%
Basic Shares Outstanding	16	16	16	16	16
Diluted Shares Outstanding	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	10.87%	-3.90%	33.25%	4.34%	36.16%
Dividend Per Share	1.500	1.420	1.340	1.260	1.180
Dividend Growth	5.63%	5.97%	6.35%	6.78%	5.36%
Effective Tax Rate	14.24%	19.02%	19.94%	19.43%	19.93%

Updated Jan 20, 2026. Source: S&P Global Market Intelligence. Banks template. Financial Sources.

SEC Filings: 10-K · 10-Q