Mercantile Bank Corporation (MBWM)

Mercantile Bank Income Statement

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

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest Income on Loans	293.16	253.11	166.85	135.05	137.4
Interest Income on Investments	28.34	18.25	14.99	8.45	10.91
Total Interest Income	321.5	271.36	181.84	143.49	148.31
Interest Paid on Deposits	101.4	55.44	10.04	9.11	14.98
Interest Paid on Borrowings	29.02	22.37	13.56	10.32	11.08
Total Interest Expense	130.42	77.81	23.6	19.43	26.07
Net Interest Income	191.09	193.55	158.24	124.06	122.25
Net Interest Income Growth (YoY)	-1.27%	22.31%	27.55%	1.49%	-1.84%
Mortgage Banking Activities	12.3	7.6	8.66	29.96	29.35
Gain (Loss) on Sale of Assets	-	-	-	1.06	-
Other Non-Interest Income	12.43	10.68	8.75	12.61	5.28
Total Non-Interest Income	40.39	32.14	31.58	56.22	45.17
Non-Interest Income Growth (YoY)	25.65%	1.79%	-43.83%	24.46%	67.58%
Revenues Before Loan Losses	231.48	225.69	189.82	180.28	167.42
Provision for Loan Losses	7.4	7.7	6.55	-4.3	14.05
Revenue	224.08	217.99	183.27	184.58	153.37
Revenue Growth (YoY)	2.79%	18.94%	-0.71%	20.35%	2.42%
Salaries and Employee Benefits	77.92	65.07	61.39	62.32	57.08
Federal Deposit Insurance	-	2.26	1.24	1.82	1.14
Selling, General & Administrative	26.13	29.53	29.52	28.15	25.75
Other Non-Interest Expense	20.03	17.77	14.32	14.56	14.55
Total Non-Interest Expense	125.79	115.29	107.98	110.87	98.52
EBT Excluding Unusual Items	98.29	102.7	75.29	73.72	54.85
Pretax Income	98.29	102.7	75.79	73.72	54.85
Income Tax Expense	18.69	20.48	14.73	14.7	10.71
Net Income	79.59	82.22	61.06	59.02	44.14
Net Income to Common	79.59	82.22	61.06	59.02	44.14
Net Income Growth	-3.19%	34.64%	3.46%	33.72%	-10.75%
Basic Shares Outstanding	16	16	16	16	16
Diluted Shares Outstanding	16	16	16	16	16
Shares Change (YoY)	0.72%	0.98%	-0.80%	-1.73%	-0.85%
EPS (Basic)	4.93	5.13	3.85	3.69	2.71
EPS (Diluted)	4.93	5.13	3.85	3.69	2.71
EPS Growth	-3.90%	33.25%	4.34%	36.16%	-9.97%
Dividend Per Share	1.420	1.340	1.260	1.180	1.120
Dividend Growth	5.97%	6.35%	6.78%	5.36%	5.66%
Effective Tax Rate	19.02%	19.94%	19.43%	19.93%	19.53%

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