NASDAQ : MBWM

Mercantile Bank Corporation — Financial statements

Financials · Banks - Regional · United States

Last price 60.65 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 1.05B

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Financial statements

Income statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Interest Income on Loans293.17M291.36M291.92M252.39M166.85M135.05M
Interest Income on Investments51.47M38.84M29.58M18.96M14.99M8.45M
Total Interest Income344.64M330.19M321.50M271.36M181.84M143.49M
Interest Paid on Deposits94.28M102.51M101.39M55.44M10.04M9.11M
Interest Paid on Borrowings25.29M26.64M29.02M22.37M13.56M10.32M
Total Interest Expense119.57M129.15M130.42M77.81M23.59M19.43M
Net Interest Income225.07M201.04M191.09M193.54M158.24M124.06M
Mortgage Banking Activities12.81M13.02M12.30M7.59M8.66M29.96M
Gain (Loss) on Sale of Assets1.06M
Other Non-Interest Income11.84M10.25M11.72M10.68M9.24M12.61M
Total Non-Interest Income45.49M40.61M39.69M32.14M32.08M56.22M
Revenues Before Loan Losses270.57M241.65M230.78M225.69M190.32M180.28M
Provision for Loan Losses-3.60M3.20M7.40M7.70M6.55M-4.30M
Revenue274.17M238.45M223.38M217.99M183.77M184.58M
Salaries and Employee Benefits92.71M79.28M74.19M65.07M61.39M62.32M
Federal Deposit Insurance2.71M2.71M2.50M2.26M1.24M1.82M
Selling, General & Administrative36.75M32.72M31.47M29.53M29.52M28.15M
Other Non-Interest Expense24.15M18.36M15.93M17.77M14.32M14.56M
Total Non-Interest Expense159.97M134.14M125.79M115.29M107.98M110.87M
EBT Excluding Unusual Items114.19M104.31M97.59M102.70M75.79M73.72M
Pretax Income113.46M103.49M98.29M102.70M75.79M73.72M
Income Tax Expense17.93M14.74M18.69M20.48M14.73M14.70M
Net Income95.53M88.75M79.59M82.22M61.06M59.02M
Net Income to Common95.53M88.75M79.59M82.22M61.06M59.02M
Basic Shares Outstanding17.02M16.24M16.13M16.02M15.86M15.99M
Diluted Shares Outstanding17.02M16.24M16.13M16.02M15.86M15.99M
EPS (Basic)5.615.474.935.133.853.69
EPS (Diluted)5.615.474.935.133.853.69
Dividend Per Share1.561.501.421.341.261.18
Effective Tax Rate15.81%14.24%19.02%19.94%19.43%19.93%

Balance sheet

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Cash & Equivalents628.50M473.32M393.01M130.53M96.77M975.16M
Investment Securities1.03B1.08B743.88M587.62M570.98M550.94M
Trading Asset Securities28.48M23.21M26.79M27.50M26.17M4.61M
Mortgage-Backed Securities68.71M75.76M25.37M29.47M31.95M41.80M
Total Investments1.13B1.18B796.04M644.60M629.11M597.35M
Gross Loans4.95B4.82B4.60B4.30B3.92B3.46B
Allowance for Loan Losses-56.41M-58.19M-54.45M-49.91M-42.25M-35.36M
Other Adjustments to Gross Loans-2.50M
Net Loans4.90B4.76B4.55B4.25B3.87B3.42B
Property, Plant & Equipment60.80M62.47M53.43M50.93M51.48M57.30M
Goodwill73.69M72.66M49.47M49.47M49.47M49.47M
Other Intangible Assets16.44M20.39M1.35M
Loans Held for Sale22.44M17.16M15.82M18.61M3.56M16.12M
Accrued Interest Receivable26.55M23.64M21.40M19.81M15.48M9.31M
Other Real Estate Owned & Foreclosed200.00K
Other Long-Term Assets311.43M224.95M176.65M163.72M134.65M115.59M
Total Assets7.16B6.84B6.05B5.35B4.87B5.26B
Interest Bearing Deposits4.15B3.81B3.28B2.03B1.85B2.11B
Institutional Deposits20.09M130.51M149.70M621.75M261.61M299.12M
Non-Interest Bearing Deposits1.45B1.34B1.26B1.25B1.60B1.68B
Total Deposits5.61B5.28B4.70B3.90B3.71B4.08B
Short-Term Borrowings197.45M232.29M121.52M229.73M194.34M197.46M
Current Portion of Long-Term Debt139.50M104.43M27.05M27.96M26.38M4.86M
Current Portion of Leases302.00K1.19M
Accrued Interest Payable6.87M9.92M10.20M9.01M3.22M1.39M
Other Current Liabilities184.00K175.00K99.00K108.00K212.00K
Long-Term Debt102.41M119.66M89.31M88.97M88.63M73.65M
Federal Home Loan Bank Debt, Long-Term204.38M245.32M387.08M467.91M308.26M374.00M
Long-Term Leases3.04M2.70M4.40M3.70M3.50M2.80M
Trust Preferred Securities51.53M51.02M50.33M49.64M48.96M48.24M
Other Long-Term Liabilities101.26M59.17M79.19M53.13M45.00M15.38M
Total Liabilities6.42B6.11B5.47B4.83B4.43B4.80B
Common Stock353.55M349.43M299.70M295.11M290.44M285.75M
Retained Earnings452.05M399.45M334.65M277.53M216.31M174.54M
Comprehensive Income & Other-61.76M-24.00M-49.83M-50.49M-65.34M-3.73M
Shareholders' Equity743.84M724.88M584.53M522.14M441.41M456.56M
Total Liabilities & Equity7.16B6.84B6.05B5.35B4.87B5.26B
Total Debt698.62M756.61M679.70M867.92M670.07M701.01M
Net Cash (Debt)-41.65M-260.07M-259.89M-709.88M-547.12M278.76M
Net Cash Per Share-2.45-16.02-16.11-44.32-34.5017.44
Filing Date Shares Outstanding17.29M17.27M16.23M16.12M16.00M15.84M
Total Common Shares Outstanding17.29M17.18M16.15M16.13M15.99M15.84M
Book Value Per Share43.0342.1936.2032.3827.6028.82
Tangible Book Value653.70M631.84M535.05M472.67M391.94M405.74M
Tangible Book Value Per Share37.8136.7833.1429.3124.5025.61

Cash flow statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Net Income95.53M88.75M79.59M82.22M61.06M59.02M
Depreciation & Amortization8.05M5.80M10.51M11.50M12.95M13.68M
Gain (Loss) on Sale of Assets115.00K24.00K-360.00K54.00K170.00K-1.03M
Gain (Loss) on Sale of Investments-330.00K63.00K-203.00K257.00K-45.00K224.00K
Provision for Credit Losses-3.60M3.20M7.40M7.70M6.55M-4.30M
Net Decrease (Increase) in Loans Originated / Sold - Operating7.84M11.25M14.58M-8.51M20.75M37.17M
Accrued Interest Receivable-1.59M-130.00K-1.59M-4.33M-6.17M1.53M
Change in Other Net Operating Assets-31.50M-59.10M-25.80M-30.19M-437.00K-12.65M
Other Operating Activities-4.49M-1.21M-2.95M-3.54M-3.03M856.00K
Operating Cash Flow96.29M17.97M101.12M66.61M119.86M64.57M
Capital Expenditures-3.04M-6.76M-8.53M-6.69M-3.02M-5.60M
Sale of Property, Plant and Equipment283.00K598.00K2.99M753.00K
Cash Acquisitions53.57M53.57M
Investment in Securities-77.50M-136.05M-111.84M4.20M-89.03M-218.28M
Divestitures-2.68M
Net Decrease (Increase) in Loans Originated / Sold - Investing-135.24M-19.25M-300.00M-387.28M-462.43M-267.90M
Other Investing Activities-10.24M2.79M-5.35M-6.76M-3.52M-1.80M
Investing Cash Flow-172.45M-105.70M-425.44M-395.93M-555.00M-495.51M
Short-Term Debt Issued110.77M35.39M79.10M
Long-Term Debt Issued50.00M10.00M240.00M42.91M73.64M
Total Debt Issued50.79M160.77M10.00M275.39M42.91M152.73M
Short-Term Debt Repaid-108.21M-3.12M
Long-Term Debt Repaid-80.86M-90.83M-80.35M-94.00M-20.00M
Total Debt Repaid-123.24M-80.86M-199.04M-80.35M-97.12M-20.00M
Net Debt Issued (Repaid)-72.44M79.91M-189.04M195.04M-54.22M132.73M
Issuance of Common Stock896.00K900.00K860.00K936.00K948.00K975.00K
Repurchase of Common Stock-21.38M
Common Dividends Paid-26.16M-23.95M-22.47M-21.00M-19.60M-18.52M
Net Increase (Decrease) in Deposit Accounts325.35M111.19M797.45M188.11M-370.38M686.28M
Financing Cash Flow227.64M168.04M586.79M363.08M-443.25M780.09M
Net Cash Flow151.48M80.31M262.48M33.76M-878.39M349.15M
Free Cash Flow93.25M11.21M92.59M59.93M116.84M58.97M
Free Cash Flow Margin34.01%4.70%41.45%27.49%63.58%31.95%
Free Cash Flow Per Share5.480.695.743.747.373.69
Cash Interest Paid122.80M129.43M129.23M72.02M21.77M20.35M
Cash Income Tax Paid2.05M44.84M21.40M24.85M11.20M17.55M

Ratios

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Market Capitalization1.06B781.80M718.15M647.07M531.20M548.94M
Last Close Price61.2047.0842.1536.9729.3829.63
PE Ratio10.908.819.027.878.709.30
PS Ratio3.863.283.212.972.892.97
PB Ratio1.421.081.231.241.201.20
P/FCF Ratio11.3569.757.7610.804.559.31
P/OCF Ratio10.9943.507.109.714.438.50
Debt / Equity Ratio0.941.041.161.661.521.53
Debt / FCF Ratio7.4967.507.3414.485.7411.89
Net Debt / Equity Ratio0.060.360.451.361.24-0.61
Net Debt / FCF Ratio0.4523.202.8111.854.68-4.73
Return on Equity (ROE)13.63%13.56%14.38%17.07%13.60%13.14%
Return on Assets (ROA)1.42%1.38%1.40%1.61%1.21%1.22%
Earnings Yield9.17%11.35%11.08%12.71%11.49%10.75%
FCF Yield8.81%1.43%12.89%9.26%22.00%10.74%
Dividend Yield2.61%3.30%3.19%3.34%3.79%3.40%
Payout Ratio28.15%26.99%28.23%25.55%32.10%31.39%
Buyback Yield / Dilution-4.99%-0.66%-0.72%-0.98%0.80%1.73%
Total Shareholder Return-2.38%2.63%2.48%2.36%4.59%5.14%