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	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest Income on Loans	294.75	293.16	253.11	166.85	135.05	137.4
Interest Income on Investments	35.67	28.34	18.25	14.99	8.45	10.91
Total Interest Income	330.43	321.5	271.36	181.84	143.49	148.31
Interest Paid on Deposits	104.61	101.4	55.44	10.04	9.11	14.98
Interest Paid on Borrowings	27.43	29.02	22.37	13.56	10.32	11.08
Total Interest Expense	132.04	130.42	77.81	23.6	19.43	26.07
Net Interest Income	198.39	191.09	193.55	158.24	124.06	122.25
Net Interest Income Growth (YoY)	3.67%	-1.27%	22.31%	27.55%	1.49%	-1.84%
Mortgage Banking Activities	13.3	12.3	7.6	8.66	29.96	29.35
Gain (Loss) on Sale of Assets	-	-	-	-	1.06	-
Other Non-Interest Income	10.59	12.43	10.68	9.25	12.61	5.28
Total Non-Interest Income	40.72	40.39	32.14	32.08	56.22	45.17
Non-Interest Income Growth (YoY)	5.73%	25.65%	0.21%	-42.94%	24.46%	67.58%
Revenues Before Loan Losses	239.11	231.48	225.69	190.32	180.28	167.42
Provision for Loan Losses	5.4	7.4	7.7	6.55	-4.3	14.05
Revenue	233.71	224.08	217.99	183.77	184.58	153.37
Revenue Growth (YoY)	5.19%	2.79%	18.62%	-0.44%	20.35%	2.42%
Salaries and Employee Benefits	78.96	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	32.2	31.47	29.53	29.52	28.15	25.75
Other Non-Interest Expense	17.45	15.93	17.77	14.32	14.56	14.55
Total Non-Interest Expense	132.41	125.79	115.29	107.98	110.87	98.52
EBT Excluding Unusual Items	101.3	98.29	102.7	75.79	73.72	54.85
Pretax Income	100.68	98.29	102.7	75.79	73.72	54.85
Income Tax Expense	15.14	18.69	20.48	14.73	14.7	10.71
Net Income	85.54	79.59	82.22	61.06	59.02	44.14
Net Income to Common	85.54	79.59	82.22	61.06	59.02	44.14
Net Income Growth	6.93%	-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)	0.63%	0.72%	0.98%	-0.80%	-1.73%	-0.85%
EPS (Basic)	5.28	4.93	5.13	3.85	3.69	2.71
EPS (Diluted)	5.27	4.93	5.13	3.85	3.69	2.71
EPS Growth	6.26%	-3.90%	33.25%	4.34%	36.16%	-9.97%
Dividend Per Share	1.480	1.420	1.340	1.260	1.180	1.120
Dividend Growth	5.71%	5.97%	6.35%	6.78%	5.36%	5.66%
Effective Tax Rate	15.04%	19.02%	19.94%	19.43%	19.93%	19.53%

Updated Oct 21, 2025. Source: S&P Global Market Intelligence. Banks template. Financial Sources.

SEC Filings: 10-K · 10-Q