Mercantile Bank Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '26 Sep 30, 2026	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	293.17	291.36	291.92	252.39	166.85	135.05
Interest Income on Investments	51.47	38.84	29.58	18.97	14.99	8.45
Total Interest Income	344.65	330.19	321.5	271.36	181.84	143.49
Interest Paid on Deposits	94.28	102.51	101.4	55.44	10.04	9.11
Interest Paid on Borrowings	25.29	26.64	29.02	22.37	13.56	10.32
Total Interest Expense	119.57	129.15	130.42	77.81	23.6	19.43
Net Interest Income	225.08	201.04	191.09	193.55	158.24	124.06
Net Interest Income Growth	13.45%	5.21%	-1.27%	22.31%	27.55%	1.49%
Mortgage Banking Activities	12.81	13.02	12.3	7.6	8.66	29.96
Gain (Loss) on Sale of Assets	-	-	-	-	-	1.06
Other Non-Interest Income	11.84	10.25	11.73	10.68	9.25	12.61
Total Non-Interest Income	45.49	40.61	39.69	32.14	32.08	56.22
Non-Interest Income Growth	12.54%	2.32%	23.48%	0.21%	-42.94%	24.46%
Revenues Before Loan Losses	270.57	241.65	230.78	225.69	190.32	180.28
Provision for Loan Losses	-3.6	3.2	7.4	7.7	6.55	-4.3
Revenue	274.17	238.45	223.38	217.99	183.77	184.58
Revenue Growth	17.46%	6.75%	2.47%	18.62%	-0.44%	20.35%
Salaries and Employee Benefits	93.07	79.28	74.19	65.07	61.39	62.32
Federal Deposit Insurance	2.72	2.72	2.5	2.26	1.24	1.82
Selling, General & Administrative	36.38	32.72	31.47	29.53	29.52	28.15
Other Non-Interest Expense	24.15	18.36	15.93	17.77	14.32	14.56
Total Non-Interest Expense	159.98	134.14	125.79	115.29	107.98	110.87
EBT Excluding Unusual Items	114.19	104.31	97.59	102.7	75.79	73.72
Pretax Income	113.46	103.49	98.29	102.7	75.79	73.72
Income Tax Expense	17.93	14.74	18.69	20.48	14.73	14.7
Net Income	95.53	88.75	79.59	82.22	61.06	59.02
Net Income to Common	95.53	88.75	79.59	82.22	61.06	59.02
Net Income Growth	11.67%	11.51%	-3.19%	34.64%	3.46%	33.72%
Basic Shares Outstanding	17	16	16	16	16	16
Diluted Shares Outstanding	17	16	16	16	16	16
Shares Change	4.99%	0.66%	0.72%	0.98%	-0.80%	-1.73%
EPS (Basic)	5.61	5.47	4.93	5.13	3.85	3.69
EPS (Diluted)	5.61	5.47	4.93	5.13	3.85	3.69
EPS Growth	6.50%	10.87%	-3.90%	33.25%	4.34%	36.16%

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '26 Sep 30, 2026	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
Dividend Per Share	1.560	1.500	1.420	1.340	1.260	1.180
Dividend Growth	5.41%	5.63%	5.97%	6.35%	6.78%	5.36%
Effective Tax Rate	15.81%	14.24%	19.02%	19.94%	19.43%	19.93%

SEC Filings: 10-K · 10-Q