Mercantile Bank Corporation (MBWM)

Mercantile Bank Income Statement

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

Year Ending	TTM	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	220.18	217.99	183.77	184.58	153.37	149.74
Revenue Growth (YoY)	10.97%	18.62%	-0.44%	20.35%	2.42%	8.51%
Gross Profit	220.18	217.99	183.77	184.58	153.37	149.74
Selling, General & Admin	96.39	94.6	90.9	90.47	82.83	74.16
Other Operating Expenses	20.25	20.69	17.08	20.4	15.69	15.12
Operating Expenses	116.63	115.29	107.98	110.87	98.52	89.28
Operating Income	103.55	102.7	75.79	73.72	54.85	60.46
Pretax Income	103.55	102.7	75.79	73.72	54.85	60.46
Income Tax	20.74	20.48	14.73	14.7	10.71	11
Net Income	82.8	82.22	61.06	59.02	44.14	49.46
Net Income Growth	17.38%	34.64%	3.46%	33.72%	-10.75%	17.69%
Shares Outstanding (Basic)	16	16	16	16	16	16
Shares Change	0.77%	1.00%	1.25%	-3.47%	-0.63%	-1.56%
EPS (Basic)	5.15	5.13	3.85	3.69	2.71	3.01
EPS (Diluted)	5.15	5.13	3.85	3.69	2.71	3.01
EPS Growth	16.25%	33.25%	4.34%	36.16%	-9.97%	18.97%
Free Cash Flow	83.74	60.52	119.84	59.72	29.05	32.14
Free Cash Flow Per Share	5.20	3.78	7.55	3.81	1.79	1.97
Dividend Per Share	1.360	1.340	1.260	1.180	1.120	1.060
Dividend Growth	6.25%	6.35%	6.78%	5.36%	5.66%	-36.90%
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Operating Margin	47.03%	47.11%	41.24%	39.94%	35.76%	40.38%
Profit Margin	37.61%	37.72%	33.23%	31.98%	28.78%	33.03%
Free Cash Flow Margin	38.03%	27.76%	65.21%	32.36%	18.94%	21.46%
Effective Tax Rate	20.03%	19.94%	19.43%	19.93%	19.53%	18.20%
EBITDA	114.77	114.2	88.74	87.39	64.27	70.01
EBITDA Margin	52.12%	52.39%	48.29%	47.35%	41.91%	46.76%
Depreciation & Amortization	11.22	11.5	12.95	13.68	9.43	9.55
EBIT	103.55	102.7	75.79	73.72	54.85	60.46
EBIT Margin	47.03%	47.11%	41.24%	39.94%	35.76%	40.38%

Source: Financials are provided by Nasdaq Data Link and sourced from the audited annual (10-K) and quarterly (10-Q) reports submitted to the Securities and Exchange Commission (SEC).