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Complete financial analysis of Mercantile Bank Corporation (MBWM) income statement, including revenue, profit margins, EPS and key performance metrics. Get detailed insights into the financial performance of Mercantile Bank Corporation, a leading company in the Banks – Regional industry within the Financial Services sector.
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Mercantile Bank Corporation (MBWM)
About Mercantile Bank Corporation
Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services to small- to medium-sized businesses and individuals in the United States. It accepts various deposit products, including checking, savings, and term certificate accounts; time deposits; and certificates of deposit. The company also offers commercial and industrial loans; vacant land, land development, and residential construction loans; owner and non-owner-occupied real estate loans; multi-family and residential rental property loans; single-family residential real estate loans; home equity line of credit programs; and consumer loans, such as new and used automobile and boat loans, and credit cards, as well as overdraft protection services; and residential mortgage and instalment loans. In addition, it provides courier services and safe deposit facilities; and insurance products, such as private passenger automobile, homeowners, personal inland marine, boat owners, recreational vehicle, dwelling fire, umbrella policies, small business, and life insurance products, as well as owns 22 automated teller machines and 19 video banking machines. As of January 18, 2022, the company operated 44 banking offices. Mercantile Bank Corporation was incorporated in 1997 and is headquartered in Grand Rapids, Michigan.
| Metric | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 217.99M | 190.32M | 179.22M | 167.42M | 151.49M | 139.09M | 128.75M | 126.91M | 117.21M | 87.81M | 54.33M | 54.70M | 58.52M | 65.59M | 58.89M | 53.49M | 61.43M | 66.85M | 60.95M | 46.73M | 35.67M | 26.71M | 18.30M | 13.47M | 10.20M | 3.06M |
| Cost of Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 217.99M | 190.32M | 179.22M | 167.42M | 151.49M | 139.09M | 128.75M | 126.91M | 117.21M | 87.81M | 54.33M | 54.70M | 58.52M | 65.59M | 58.89M | 53.49M | 61.43M | 66.85M | 60.95M | 46.73M | 35.67M | 26.71M | 18.30M | 13.47M | 10.20M | 3.06M |
| Gross Profit Ratio | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Research & Development | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| General & Administrative | 71.06M | 77.48M | 77.55M | 70.24M | 63.07M | 59.47M | 54.58M | 52.70M | 52.01M | 34.89M | 21.09M | 26.43M | 23.45M | 25.27M | 22.86M | 22.49M | 22.88M | 18.98M | 18.64M | 13.96M | 11.37M | 7.77M | 5.71M | 4.27M | 3.30M | 0.00 |
| Selling & Marketing | 1.57M | 1.45M | 1.18M | 1.29M | 1.45M | 1.65M | 1.61M | 1.59M | 1.36M | 1.32M | 1.11M | 1.17M | 747.00K | 906.00K | 650.00K | 559.00K | 585.00K | 600.00K | 554.00K | 465.00K | 325.00K | 300.00K | 248.00K | 196.76K | 200.00K | 0.00 |
| SG&A | 72.62M | 77.48M | 77.55M | 70.24M | 63.07M | 59.47M | 54.58M | 52.70M | 52.01M | 34.89M | 21.09M | 26.43M | 24.20M | 26.17M | 23.51M | 23.05M | 23.46M | 19.58M | 19.19M | 14.42M | 11.70M | 8.07M | 5.96M | 4.47M | 3.50M | 0.00 |
| Other Expenses | 153.06M | -168.42M | -183.06M | -182.81M | -154.10M | -127.42M | -121.45M | -120.13M | -119.23M | -86.16M | -39.51M | -49.74M | -52.76M | -73.33M | -75.42M | -11.52M | 15.74M | 18.05M | -7.26M | -15.70M | -10.22M | 124.00K | 10.42M | 10.72M | 2.10M | 1.46M |
| Operating Expenses | 225.69M | -90.94M | -105.51M | -112.57M | -91.03M | -65.37M | -66.87M | -67.43M | -67.23M | -51.27M | -18.42M | -23.31M | -28.56M | -47.16M | -51.91M | 11.54M | 39.20M | 37.64M | 11.93M | -1.28M | 1.48M | 8.20M | 16.38M | 15.19M | 5.60M | 1.46M |
| Cost & Expenses | 225.69M | -90.94M | -105.51M | -112.57M | -91.03M | -65.37M | -66.87M | -67.43M | -67.23M | -51.27M | -18.42M | -23.31M | -28.56M | -47.16M | -51.91M | 11.54M | 39.20M | 37.64M | 11.93M | -1.28M | 1.48M | 8.20M | 16.38M | 15.19M | 5.60M | 1.46M |
| Interest Income | 271.36M | 181.84M | 143.49M | 148.31M | 158.34M | 141.98M | 125.54M | 118.46M | 112.33M | 89.12M | 58.24M | 59.92M | 71.07M | 88.14M | 104.91M | 121.07M | 144.18M | 137.26M | 102.13M | 69.02M | 54.66M | 47.63M | 44.62M | 36.84M | 22.80M | 10.17M |
| Interest Expense | 77.81M | 23.60M | 19.43M | 26.07M | 33.80M | 21.90M | 15.80M | 12.59M | 11.15M | 11.34M | 10.79M | 13.22M | 19.83M | 31.79M | 53.58M | 74.86M | 88.62M | 75.67M | 46.84M | 26.60M | 23.35M | 23.98M | 28.20M | 24.56M | 13.40M | 5.63M |
| Depreciation & Amortization | 11.50M | 12.95M | 13.68M | 9.43M | 9.55M | 9.77M | 10.36M | 9.58M | 11.65M | 7.61M | 2.21M | 2.24M | 2.20M | 2.44M | 2.58M | 2.76M | 3.08M | 2.89M | 2.56M | 1.70M | 1.95M | 1.37M | 651.00K | 590.09K | 500.00K | 270.00K |
| EBITDA | 114.20M | 88.74M | 87.39M | 64.27M | 70.01M | 61.59M | 56.44M | 56.46M | 46.87M | 32.81M | 27.33M | 20.41M | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 39.75M | 0.00 | 24.49M | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA Ratio | 52.39% | 59.02% | 48.76% | 38.39% | 46.22% | 60.02% | 56.11% | 54.41% | 52.59% | 50.28% | 70.16% | 61.48% | 54.95% | 31.82% | 16.23% | 126.73% | 168.83% | 160.62% | 123.77% | 100.90% | 109.60% | 135.80% | 193.06% | 217.18% | 159.80% | 156.54% |
| Operating Income | 102.70M | 99.39M | 73.72M | 54.85M | 60.46M | 73.72M | 61.88M | 59.48M | 49.99M | 36.54M | 35.91M | 31.39M | 29.96M | 18.43M | 6.98M | 65.03M | 100.63M | 104.48M | 72.88M | 45.45M | 37.15M | 34.90M | 34.67M | 28.66M | 15.80M | 4.52M |
| Operating Income Ratio | 47.11% | 52.22% | 41.13% | 32.76% | 39.91% | 53.00% | 48.06% | 46.87% | 42.64% | 41.61% | 66.10% | 57.39% | 51.19% | 28.10% | 11.85% | 121.57% | 163.81% | 156.30% | 119.57% | 97.27% | 104.14% | 130.68% | 189.51% | 212.80% | 154.90% | 147.71% |
| Total Other Income/Expenses | 0.00 | -16.58M | -20.40M | -15.69M | -15.12M | -15.87M | -14.74M | -12.92M | -19.42M | -18.35M | -8.02M | -7.06M | -213.00K | -13.36M | -46.60M | -9.84M | -91.70M | -10.94M | -49.39M | -26.60M | -23.35M | -23.98M | -28.20M | -24.56M | -13.40M | -2.71M |
| Income Before Tax | 102.70M | 75.79M | 73.72M | 54.85M | 60.46M | 51.82M | 46.08M | 46.89M | 38.83M | 25.20M | 25.13M | 18.17M | 10.12M | -13.36M | -46.60M | -9.84M | 12.00M | 28.81M | 26.05M | 18.86M | 13.80M | 10.92M | 6.47M | 4.10M | 2.40M | -1.11M |
| Income Before Tax Ratio | 47.11% | 39.82% | 41.13% | 32.76% | 39.91% | 37.26% | 35.79% | 36.95% | 33.13% | 28.70% | 46.25% | 33.22% | 17.30% | -20.37% | -79.12% | -18.39% | 19.54% | 43.10% | 42.73% | 40.35% | 38.69% | 40.90% | 35.38% | 30.43% | 23.53% | -36.24% |
| Income Tax Expense | 20.48M | 14.73M | 14.70M | 10.71M | 11.00M | 9.80M | 14.81M | 14.97M | 11.81M | 7.87M | 8.09M | 5.64M | -27.36M | -47.00K | 5.49M | -4.88M | 3.04M | 8.96M | 8.15M | 5.14M | 3.79M | 3.17M | 1.99M | 1.30M | 300.00K | 0.00 |
| Net Income | 82.22M | 61.06M | 59.02M | 44.14M | 49.46M | 42.02M | 31.27M | 31.91M | 27.02M | 17.33M | 17.03M | 12.54M | 37.49M | -13.32M | -52.09M | -4.96M | 8.97M | 19.85M | 17.90M | 13.72M | 10.02M | 7.76M | 4.48M | 2.80M | 2.10M | -1.11M |
| Net Income Ratio | 37.72% | 32.08% | 32.93% | 26.36% | 32.65% | 30.21% | 24.29% | 25.15% | 23.05% | 19.74% | 31.35% | 22.92% | 64.06% | -20.30% | -88.45% | -9.27% | 14.60% | 29.69% | 29.37% | 29.36% | 28.08% | 29.04% | 24.50% | 20.75% | 20.59% | -36.24% |
| EPS | 5.13 | 3.85 | 3.69 | 2.71 | 3.01 | 2.53 | 1.90 | 1.96 | 1.63 | 1.28 | 1.96 | 1.33 | 4.20 | -1.57 | -6.14 | -0.59 | 1.06 | 2.25 | 1.94 | 1.57 | 1.36 | 1.12 | 0.83 | 0.73 | 0.58 | -0.36 |
| EPS Diluted | 5.13 | 3.85 | 3.69 | 2.71 | 3.01 | 2.53 | 1.90 | 1.96 | 1.62 | 1.28 | 1.95 | 1.30 | 4.07 | -1.57 | -6.14 | -0.59 | 1.06 | 2.22 | 1.90 | 1.54 | 1.32 | 1.10 | 0.82 | 0.72 | 0.57 | -0.36 |
| Weighted Avg Shares Out | 16.02M | 15.86M | 15.99M | 16.27M | 16.41M | 16.60M | 16.48M | 16.29M | 16.61M | 13.51M | 8.71M | 8.63M | 8.60M | 8.51M | 8.49M | 8.47M | 8.45M | 8.83M | 9.22M | 8.73M | 7.38M | 6.92M | 5.41M | 3.82M | 3.65M | 3.12M |
| Weighted Avg Shares Out (Dil) | 16.02M | 15.86M | 15.99M | 16.27M | 16.41M | 16.61M | 16.49M | 16.31M | 16.64M | 13.56M | 8.72M | 8.85M | 8.88M | 8.51M | 8.49M | 8.47M | 8.45M | 8.94M | 9.40M | 8.92M | 7.56M | 7.02M | 5.46M | 3.86M | 3.69M | 3.12M |
Mercantile Bank (MBWM) Reports Q1 Earnings: What Key Metrics Have to Say
Although the revenue and EPS for Mercantile Bank (MBWM) give a sense of how its business performed in the quarter ended March 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago...
Mercantile Bank (MBWM) Q1 Earnings and Revenues Top Estimates
Mercantile Bank (MBWM) came out with quarterly earnings of $1.34 per share, beating the Zacks Consensus Estimate of $1.14 per share. This compares to earnings of $1.31 per share a year ago.
Mercantile Bank Corporation Announces Robust First Quarter Results
Strong local deposit growth, sustained strength in asset quality metrics and noteworthy increases in several noninterest revenue streams highlight quarter GRAND RAPIDS, Mich. , April 16, 2024 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") reported net income of $21.6...
Mercantile Bank Corporation Declares Regular Cash Dividend
Board declares $0.35 regular quarterly cash dividend on common stock, providing for a current annual yield of approximately 3.9 percent GRAND RAPIDS, Mich. , April 16, 2024 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") announced today that on April...
Mercantile Bank: A Fantastic Prospect For Investors To Bank On
Mercantile Bank Corporation is a small bank with consistent revenue and profit growth, making it an attractive investment opportunity.
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Besides Wall Street's top -and-bottom-line estimates for Mercantile Bank (MBWM), review projections for some of its key metrics to gain a deeper understanding of how the company might have fared during the quarter ended March 2024.
Mercantile Bank Corporation Announces First Quarter 2024 Results Conference Call and Webcast
GRAND RAPIDS, Mich. , March 28, 2024 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) will host a conference call and webcast at 10 a.m.
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TROW, MBWM and TRMK made it to the Zacks Rank #1 (Strong Buy) income stocks list on March 7, 2023.
Mercantile Bank (MBWM) Soars 5.7%: Is Further Upside Left in the Stock?
Mercantile Bank (MBWM) saw its shares surge in the last session with trading volume being higher than average. The latest trend in earnings estimate revisions may not translate into further price increase in the near term.
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