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	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest Income on Loans	295.03	293.16	253.11	166.85	135.05	137.4
Interest Income on Investments	33.17	28.34	18.25	14.99	8.45	10.91
Total Interest Income	328.2	321.5	271.36	181.84	143.49	148.31
Interest Paid on Deposits	105.38	101.4	55.44	10.04	9.11	14.98
Interest Paid on Borrowings	28.14	29.02	22.37	13.56	10.32	11.08
Total Interest Expense	133.52	130.42	77.81	23.6	19.43	26.07
Net Interest Income	194.68	191.09	193.55	158.24	124.06	122.25
Net Interest Income Growth (YoY)	1.37%	-1.27%	22.31%	27.55%	1.49%	-1.84%
Mortgage Banking Activities	13.56	12.3	7.6	8.66	29.96	29.35
Gain (Loss) on Sale of Assets	-	-	-	-	1.06	-
Other Non-Interest Income	10.04	12.43	10.68	9.25	12.61	5.28
Total Non-Interest Income	40.01	40.39	32.14	32.08	56.22	45.17
Non-Interest Income Growth (YoY)	5.02%	25.65%	0.21%	-42.94%	24.46%	67.58%
Revenues Before Loan Losses	234.68	231.48	225.69	190.32	180.28	167.42
Provision for Loan Losses	6.3	7.4	7.7	6.55	-4.3	14.05
Revenue	228.38	224.08	217.99	183.77	184.58	153.37
Revenue Growth (YoY)	3.70%	2.79%	18.62%	-0.44%	20.35%	2.42%
Salaries and Employee Benefits	78.3	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	31.66	31.47	29.53	29.52	28.15	25.75
Other Non-Interest Expense	17.12	15.93	17.77	14.32	14.56	14.55
Total Non-Interest Expense	130.59	125.79	115.29	107.98	110.87	98.52
EBT Excluding Unusual Items	97.79	98.29	102.7	75.79	73.72	54.85
Pretax Income	97.79	98.29	102.7	75.79	73.72	54.85
Income Tax Expense	16.39	18.69	20.48	14.73	14.7	10.71
Net Income	81.4	79.59	82.22	61.06	59.02	44.14
Net Income to Common	81.4	79.59	82.22	61.06	59.02	44.14
Net Income Growth	0.21%	-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)	0.64%	0.72%	0.98%	-0.80%	-1.73%	-0.85%
EPS (Basic)	5.03	4.93	5.13	3.85	3.69	2.71
EPS (Diluted)	5.03	4.93	5.13	3.85	3.69	2.71
EPS Growth	-0.39%	-3.90%	33.25%	4.34%	36.16%	-9.97%
Dividend Per Share	1.460	1.420	1.340	1.260	1.180	1.120
Dividend Growth	5.80%	5.97%	6.35%	6.78%	5.36%	5.66%
Effective Tax Rate	16.76%	19.02%	19.94%	19.43%	19.93%	19.53%

Updated Jul 22, 2025. Source: S&P Global Market Intelligence. Banks template. Financial Sources.

SEC Filings: 10-K · 10-Q