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Mercantile Bank (MBWM) Financials

Mercantile Bank logo
$40.31 +0.62 (+1.56%)
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Annual Income Statements for Mercantile Bank

Annual Income Statements for Mercantile Bank

This table shows Mercantile Bank's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Net Income / (Loss) Attributable to Common Shareholders		 61 82 80
Consolidated Net Income / (Loss)		 61 82 80
Net Income / (Loss) Continuing Operations		 61 82 80
Total Pre-Tax Income 		76 103 98
Total Revenue		 190 226 231
Net Interest Income / (Expense)		 158 194 191
Total Interest Income		 182 271 322
Loans and Leases Interest Income		 167 253 293
Investment Securities Interest Income		 10 13 16
Deposits and Money Market Investments Interest Income		 4.65 5.55 12
Total Interest Expense		 24 78 130
Deposits Interest Expense		 10 55 101
Short-Term Borrowings Interest Expense		 0.29 2.85 7.72
Long-Term Debt Interest Expense		 13 20 21
Total Non-Interest Income		 32 32 40
Other Service Charges		 30 17 38
Other Non-Interest Income		 1.68 1.50 2.56
Provision for Credit Losses		 6.55 7.70 7.40
Total Non-Interest Expense		 108 115 126
Salaries and Employee Benefits		 65 69 78
Net Occupancy & Equipment Expense		 24 24 26
Marketing Expense		 1.45 1.57 1.60
Property & Liability Insurance Claims		 1.24 2.26 2.50
Other Operating Expenses		 16 18 18
Income Tax Expense		 15 20 19
Basic Earnings per Share		 $3.85 $5.13 $4.93
Weighted Average Basic Shares Outstanding		 16.00M 16.12M 16.23M
Diluted Earnings per Share		 $3.85 $5.13 $4.93
Weighted Average Diluted Shares Outstanding		 16.00M 16.12M 16.23M
Weighted Average Basic & Diluted Shares Outstanding		 16.00M 16.12M 16.23M
Cash Dividends to Common per Share		 $1.26 $1.34 $1.40

Quarterly Income Statements for Mercantile Bank

This table shows Mercantile Bank's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Net Income / (Loss) Attributable to Common Shareholders		 16 22 21 20 21 20 22 19 20 20
Consolidated Net Income / (Loss)		 16 22 21 20 21 20 22 19 20 20
Net Income / (Loss) Continuing Operations		 16 22 21 20 21 20 22 19 20 20
Total Pre-Tax Income 		20 27 26 25 26 25 27 24 25 23
Total Revenue		 50 58 55 55 58 57 58 57 58 59
Net Interest Income / (Expense)		 42 51 48 48 49 49 47 47 48 48
Total Interest Income		 48 58 60 66 71 74 77 79 83 82
Loans and Leases Interest Income		 44 54 57 62 65 69 71 73 75 74
Investment Securities Interest Income		 2.70 2.84 3.01 3.11 3.27 3.31 3.42 3.62 4.20 4.79
Deposits and Money Market Investments Interest Income		 1.62 1.65 0.32 0.80 2.81 1.61 2.03 2.44 3.90 3.94
Total Interest Expense		 5.75 7.62 12 18 22 25 29 32 35 34
Deposits Interest Expense		 2.30 4.04 7.91 12 16 19 22 25 28 27
Short-Term Borrowings Interest Expense		 0.05 0.14 0.46 0.91 0.69 0.78 1.65 1.76 2.22 2.09
Long-Term Debt Interest Expense		 3.40 3.44 3.74 5.07 5.36 5.36 5.49 5.34 5.31 5.17
Total Non-Interest Income		 7.28 7.78 6.95 7.65 9.25 8.30 11 9.68 9.67 10
Other Service Charges		 3.35 14 3.51 3.75 5.22 4.29 9.70 5.29 5.21 18
Other Non-Interest Income		 0.24 0.37 0.40 0.40 4.02 -3.33 1.17 0.44 0.45 0.50
Provision for Credit Losses		 2.90 3.05 0.60 2.00 3.30 1.80 1.30 3.50 1.10 1.50
Total Non-Interest Expense		 27 29 29 28 29 30 30 30 32 34
Salaries and Employee Benefits		 17 17 17 16 17 18 18 18 20 21
Net Occupancy & Equipment Expense		 6.09 6.12 6.27 5.86 6.17 5.93 6.51 6.56 6.52 6.55
Other Operating Expenses		 4.03 2.43 5.63 5.51 5.49 1.14 5.20 5.26 5.49 1.68
Income Tax Expense		 3.94 5.07 5.16 5.01 5.13 5.18 5.42 4.73 4.94 3.60
Basic Earnings per Share		 $1.01 $1.37 $1.31 $1.27 $1.30 $1.25 $1.34 $1.17 $1.22 $1.20
Weighted Average Basic Shares Outstanding		 15.86M 16.00M 16.00M 16.00M 16.02M 16.12M 16.12M 16.12M 16.14M 16.23M
Diluted Earnings per Share		 $1.01 $1.37 $1.31 $1.27 $1.30 $1.25 $1.34 $1.17 $1.22 $1.20
Weighted Average Diluted Shares Outstanding		 15.86M 16.00M 16.00M 16.00M 16.02M 16.12M 16.12M 16.12M 16.14M 16.23M
Weighted Average Basic & Diluted Shares Outstanding		 15.87M 16.00M 16.00M 16.02M 16.02M 16.12M 16.12M 16.14M 16.14M 16.23M
Cash Dividends to Common per Share		 $0.32 $0.32 $0.33 $0.33 $0.34 - $0.35 $0.35 $0.36 $0.34

Annual Cash Flow Statements for Mercantile Bank

This table details how cash moves in and out of Mercantile Bank's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Net Change in Cash & Equivalents		 -878 34 262
Net Cash From Operating Activities		 120 67 101
Net Cash From Continuing Operating Activities		 120 67 101
Net Income / (Loss) Continuing Operations		 61 82 80
Consolidated Net Income / (Loss)		 61 82 80
Provision For Loan Losses		 6.55 7.70 7.40
Depreciation Expense		 13 11 11
Non-Cash Adjustments to Reconcile Net Income		 13 -15 3.12
Changes in Operating Assets and Liabilities, net		 26 -20 0.50
Net Cash From Investing Activities		 -555 -396 -425
Net Cash From Continuing Investing Activities		 -555 -396 -425
Purchase of Investment Securities		 -577 -421 -499
Sale and/or Maturity of Investments		 22 25 74
Net Cash From Financing Activities		 -443 363 587
Net Cash From Continuing Financing Activities		 -443 363 587
Net Change in Deposits		 -370 188 797
Issuance of Debt		 43 240 10
Issuance of Common Equity		 0.87 0.89 0.81
Repayment of Debt		 -94 -80 -91
Payment of Dividends		 -20 -21 -22
Other Financing Activities, Net		 -3.04 35 -108
Cash Interest Paid		 22 72 129
Cash Income Taxes Paid		 11 25 21

Quarterly Cash Flow Statements for Mercantile Bank

This table details how cash moves in and out of Mercantile Bank's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Net Change in Cash & Equivalents		 -195 -187 -39 150 58 -135 107 -40 131 64
Net Cash From Operating Activities		 33 37 18 19 36 -7.30 40 9.11 -8.09 60
Net Cash From Continuing Operating Activities		 33 37 18 19 36 -7.30 40 9.11 -8.09 60
Net Income / (Loss) Continuing Operations		 16 22 21 20 21 20 22 19 20 20
Consolidated Net Income / (Loss)		 16 22 21 20 21 20 22 19 20 20
Provision For Loan Losses		 2.90 3.05 0.60 2.00 3.30 1.80 1.30 3.50 1.10 1.50
Depreciation Expense		 3.16 3.09 3.05 2.88 2.93 2.64 2.77 2.71 2.67 2.36
Non-Cash Adjustments to Reconcile Net Income		 -1.08 10 0.75 -7.45 1.65 -9.48 3.62 -7.17 -6.44 13
Changes in Operating Assets and Liabilities, net		 12 -1.05 -7.31 1.61 7.71 -22 11 -8.71 -25 23
Net Cash From Investing Activities		 -167 -52 -57 -88 -52 -199 -13 -155 -154 -103
Net Cash From Continuing Investing Activities		 -167 -52 -57 -88 -52 -199 -13 -155 -154 -103
Purchase of Investment Securities		 -171 -57 -59 -97 -55 -210 -20 -174 -167 -138
Sale and/or Maturity of Investments		 4.64 4.74 1.70 8.50 3.71 11 6.71 18 13 35
Net Cash From Financing Activities		 -61 -172 0.24 219 73 71 80 107 293 108
Net Cash From Continuing Financing Activities		 -61 -172 0.24 219 73 71 80 107 293 108
Net Change in Deposits		 -28 -133 -115 159 144 0.18 107 139 309 242
Issuance of Common Equity		 0.22 0.21 0.22 0.23 0.22 0.22 0.20 0.20 0.20 0.20
Repayment of Debt		 -24 -30 -10 -30 -10 -30 -31 -20 -10 -30
Payment of Dividends		 -4.98 -5.00 -5.16 -5.17 -5.33 -5.34 -5.53 -5.54 -5.70 -5.70
Other Financing Activities, Net		 -4.72 -4.25 50 -25 -55 66 -1.11 -6.71 -0.95 -99
Cash Interest Paid		 6.59 6.39 12 16 21 23 28 31 36 34
Cash Income Taxes Paid		 0.80 5.20 - - 4.74 6.26 - - 5.05 4.75

Annual Balance Sheets for Mercantile Bank

This table presents Mercantile Bank's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Total Assets		 4,873 5,353 6,052
Cash and Due from Banks		 62 70 57
Interest Bearing Deposits at Other Banks		 35 60 336
Trading Account Securities		 603 617 730
Loans and Leases, Net of Allowance		 -42 -50 -54
Allowance for Loan and Lease Losses		 42 50 54
Loans Held for Sale		 3.57 19 16
Premises and Equipment, Net		 51 51 53
Goodwill		 49 49 49
Other Assets		 4,111 4,487 4,810
Total Liabilities & Shareholders' Equity		 4,873 5,353 6,052
Total Liabilities		 4,431 4,831 5,468
Non-Interest Bearing Deposits		 1,605 1,248 1,265
Interest Bearing Deposits		 2,108 2,653 3,434
Short-Term Debt		 194 230 122
Other Short-Term Payables		 - 94 121
Long-Term Debt		 446 607 527
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 441 522 585
Total Preferred & Common Equity		 441 522 585
Preferred Stock		 0.00 0.00 0.00
Total Common Equity		 441 522 585
Common Stock		 290 295 300
Retained Earnings		 216 278 335
Accumulated Other Comprehensive Income / (Loss)		 -65 -50 -50

Quarterly Balance Sheets for Mercantile Bank

This table presents Mercantile Bank's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Total Assets		 5,017 4,896 5,138 5,251 5,466 5,602 5,917
Cash and Due from Banks		 63 47 69 65 53 62 88
Interest Bearing Deposits at Other Banks		 221 11 139 201 185 136 241
Trading Account Securities		 583 620 609 592 609 648 703
Loans and Leases, Net of Allowance		 0.00 0.00 -45 -48 -52 -55 -57
Allowance for Loan and Lease Losses		 - - 45 48 52 55 57
Loans Held for Sale		 14 3.82 12 10 14 22 29
Premises and Equipment, Net		 52 52 52 52 51 50 54
Goodwill		 49 49 49 49 49 49 49
Other Assets		 4,033 4,113 4,252 4,329 4,505 4,635 4,752
Total Liabilities & Shareholders' Equity		 5,017 4,896 5,138 5,251 5,466 5,602 5,917
Total Liabilities		 4,601 4,429 4,659 4,768 4,929 5,051 5,334
Non-Interest Bearing Deposits		 1,717 1,377 1,372 1,310 1,135 1,120 1,182
Interest Bearing Deposits		 2,129 2,221 2,385 2,591 2,873 3,027 3,274
Short-Term Debt		 199 227 219 164 229 222 221
Other Short-Term Payables		 - - - - 107 117 101
Long-Term Debt		 476 516 606 596 586 566 556
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 416 467 479 483 537 551 583
Total Preferred & Common Equity		 416 467 479 483 537 551 583
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 416 467 479 483 537 551 583
Common Stock		 289 292 293 294 296 298 299
Retained Earnings		 200 232 247 263 294 307 321
Accumulated Other Comprehensive Income / (Loss)		 -72 -56 -62 -74 -53 -53 -36

Annual Metrics and Ratios for Mercantile Bank

This table displays calculated financial ratios and metrics derived from Mercantile Bank's official financial filings.

Metric 2022 2023 2024
Growth Metrics		 - - -
Revenue Growth		 5.57% 18.58% 2.56%
EBITDA Growth		 1.53% 28.69% -4.73%
EBIT Growth		 2.81% 35.50% -4.30%
NOPAT Growth		 3.46% 34.64% -3.19%
Net Income Growth		 3.46% 34.64% -3.19%
EPS Growth		 4.34% 33.25% -3.90%
Operating Cash Flow Growth		 85.62% -44.43% 51.80%
Free Cash Flow Firm Growth		 244.70% -250.40% 205.46%
Invested Capital Growth		 -5.94% 25.59% -9.25%
Revenue Q/Q Growth		 7.49% -0.65% 0.69%
EBITDA Q/Q Growth		 14.54% -1.82% -2.04%
EBIT Q/Q Growth		 18.17% -1.59% -1.97%
NOPAT Q/Q Growth		 19.97% -2.11% -0.51%
Net Income Q/Q Growth		 19.97% -2.11% -0.51%
EPS Q/Q Growth		 19.20% -2.29% -1.00%
Operating Cash Flow Q/Q Growth		 -6.50% -39.98% 197.75%
Free Cash Flow Firm Q/Q Growth		 322.21% -181.55% 652.30%
Invested Capital Q/Q Growth		 -0.81% 9.24% -9.40%
Profitability Metrics		 - - -
EBITDA Margin		 46.62% 50.60% 47.00%
EBIT Margin		 39.82% 45.50% 42.46%
Profit (Net Income) Margin		 32.08% 36.43% 34.39%
Tax Burden Percent		 80.57% 80.06% 80.98%
Interest Burden Percent		 100.00% 100.00% 100.00%
Effective Tax Rate		 19.43% 19.94% 19.02%
Return on Invested Capital (ROIC)		 5.47% 6.74% 6.14%
ROIC Less NNEP Spread (ROIC-NNEP)		 5.47% 6.74% 6.14%
Return on Net Nonoperating Assets (RNNOA)		 8.13% 10.33% 8.24%
Return on Equity (ROE)		 13.60% 17.07% 14.38%
Cash Return on Invested Capital (CROIC)		 11.60% -15.95% 15.84%
Operating Return on Assets (OROA)		 1.50% 2.01% 1.72%
Return on Assets (ROA)		 1.21% 1.61% 1.40%
Return on Common Equity (ROCE)		 13.60% 17.07% 14.38%
Return on Equity Simple (ROE_SIMPLE)		 13.83% 15.75% 13.62%
Net Operating Profit after Tax (NOPAT)		 61 82 80
NOPAT Margin		 32.08% 36.43% 34.39%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 47.76% 41.92% 45.65%
Operating Expenses to Revenue		 56.74% 51.08% 54.34%
Earnings before Interest and Taxes (EBIT)		 76 103 98
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 89 114 109
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 1.11 1.19 1.22
Price to Tangible Book Value (P/TBV)		 1.25 1.31 1.33
Price to Revenue (P/Rev)		 2.56 2.75 3.08
Price to Earnings (P/E)		 7.99 7.54 8.95
Dividend Yield		 4.10% 3.46% 3.22%
Earnings Yield		 12.51% 13.26% 11.17%
Enterprise Value to Invested Capital (EV/IC)		 0.95 0.98 0.78
Enterprise Value to Revenue (EV/Rev)		 5.42 5.87 4.18
Enterprise Value to EBITDA (EV/EBITDA)		 11.62 11.61 8.89
Enterprise Value to EBIT (EV/EBIT)		 13.61 12.91 9.84
Enterprise Value to NOPAT (EV/NOPAT)		 16.89 16.13 12.16
Enterprise Value to Operating Cash Flow (EV/OCF)		 8.61 19.90 9.57
Enterprise Value to Free Cash Flow (EV/FCFF)		 7.97 0.00 4.71
Leverage & Solvency		 - - -
Debt to Equity		 1.45 1.60 1.11
Long-Term Debt to Equity		 1.01 1.16 0.90
Financial Leverage		 1.49 1.53 1.34
Leverage Ratio		 11.28 10.61 10.31
Compound Leverage Factor		 11.28 10.61 10.31
Debt to Total Capital		 59.19% 61.56% 52.58%
Short-Term Debt to Total Capital		 17.97% 16.91% 9.86%
Long-Term Debt to Total Capital		 41.22% 44.65% 42.73%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 40.81% 38.44% 47.42%
Debt to EBITDA		 7.21 7.32 5.96
Net Debt to EBITDA		 6.12 6.18 2.35
Long-Term Debt to EBITDA		 5.02 5.31 4.84
Debt to NOPAT		 10.48 10.17 8.14
Net Debt to NOPAT		 8.90 8.58 3.21
Long-Term Debt to NOPAT		 7.30 7.38 6.62
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00%
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 129 -195 205
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 5.48 -2.50 1.57
Operating Cash Flow to Interest Expense		 5.08 0.86 0.78
Operating Cash Flow Less CapEx to Interest Expense		 5.08 0.86 0.78
Efficiency Ratios		 - - -
Asset Turnover		 0.04 0.04 0.04
Fixed Asset Turnover		 3.50 4.41 4.44
Capital & Investment Metrics		 - - -
Invested Capital		 1,082 1,358 1,233
Invested Capital Turnover		 0.17 0.19 0.18
Increase / (Decrease) in Invested Capital		 -68 277 -126
Enterprise Value (EV)		 1,031 1,326 968
Market Capitalization		 488 620 712
Book Value per Share		 $27.82 $32.58 $36.21
Tangible Book Value per Share		 $24.70 $29.50 $33.15
Total Capital		 1,082 1,358 1,233
Total Debt		 640 836 648
Total Long-Term Debt		 446 607 527
Net Debt		 543 706 255
Capital Expenditures (CapEx)		 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 640 836 648
Total Depreciation and Amortization (D&A)		 13 11 11
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $3.85 $5.13 $4.93
Adjusted Weighted Average Basic Shares Outstanding		 16.00M 16.12M 16.23M
Adjusted Diluted Earnings per Share		 $3.85 $5.13 $4.93
Adjusted Weighted Average Diluted Shares Outstanding		 16.00M 16.12M 16.23M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 16.00M 16.12M 16.23M
Normalized Net Operating Profit after Tax (NOPAT)		 61 82 80
Normalized NOPAT Margin		 32.08% 36.43% 34.39%
Pre Tax Income Margin		 39.82% 45.50% 42.46%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 3.21 1.32 0.75
NOPAT to Interest Expense		 2.59 1.06 0.61
EBIT Less CapEx to Interest Expense		 3.21 1.32 0.75
NOPAT Less CapEx to Interest Expense		 2.59 1.06 0.61
Payout Ratios		 - - -
Dividend Payout Ratio		 32.10% 25.55% 28.23%
Augmented Payout Ratio		 32.10% 25.55% 28.23%

Quarterly Metrics and Ratios for Mercantile Bank

This table displays calculated financial ratios and metrics derived from Mercantile Bank's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 6.35% 29.38% 37.78% 31.21% 17.22% -2.54% 5.23% 2.82% -0.43% 2.78%
EBITDA Growth		 5.03% 60.24% 64.16% 58.17% 24.97% -7.06% 1.96% -7.17% -5.85% -8.12%
EBIT Growth		 7.49% 76.56% 82.51% 73.45% 30.11% -6.19% 3.25% -7.30% -5.51% -7.85%
NOPAT Growth		 6.50% 87.32% 82.51% 73.44% 30.10% -8.13% 2.80% -7.72% -5.93% -2.02%
Net Income Growth		 6.50% 87.32% 82.51% 73.44% 30.10% -8.13% 2.80% -7.72% -5.93% -2.02%
EPS Growth		 6.32% 82.67% 79.45% 71.62% 28.71% -8.76% 2.29% -7.87% -6.15% -4.00%
Operating Cash Flow Growth		 1,189.57% -18.36% -35.22% -12.24% 11.13% -119.69% 122.73% -53.04% -122.20% 920.08%
Free Cash Flow Firm Growth		 82.99% 165.88% 76.02% -170.02% -3,029.39% -384.93% -300.16% 89.29% 26.25% 156.57%
Invested Capital Growth		 1.89% -5.94% 4.37% 15.25% 14.04% 25.59% 11.62% 2.69% 9.42% -9.25%
Revenue Q/Q Growth		 18.04% 17.68% -5.31% -0.25% 5.46% -2.16% 2.25% -2.53% 2.13% 0.99%
EBITDA Q/Q Growth		 29.55% 29.50% -2.59% -3.21% 2.36% -3.69% 6.86% -11.88% 3.81% -6.01%
EBIT Q/Q Growth		 36.57% 34.54% -2.74% -2.94% 2.44% -2.99% 7.05% -12.86% 4.42% -5.40%
NOPAT Q/Q Growth		 36.58% 36.02% -3.81% -2.94% 2.45% -3.95% 7.64% -12.87% 4.43% 0.05%
Net Income Q/Q Growth		 36.58% 36.02% -3.81% -2.94% 2.45% -3.95% 7.64% -12.87% 4.43% 0.05%
EPS Q/Q Growth		 36.49% 35.64% -4.38% -3.05% 2.36% -3.85% 7.20% -12.69% 4.27% -1.64%
Operating Cash Flow Q/Q Growth		 48.34% 13.03% -51.27% 7.40% 87.84% -120.03% 651.27% -77.35% -188.77% 839.99%
Free Cash Flow Firm Q/Q Growth		 92.50% 2,232.49% -133.02% -411.43% 13.10% -94.16% 53.63% 86.31% -498.17% 248.93%
Invested Capital Q/Q Growth		 -3.64% -0.81% 11.93% 7.73% -4.65% 9.24% -0.53% -0.88% 1.60% -9.40%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 46.59% 51.27% 52.74% 51.18% 49.67% 48.90% 51.11% 46.21% 46.97% 43.71%
EBIT Margin		 40.22% 45.99% 47.23% 45.96% 44.65% 44.27% 46.34% 41.44% 42.37% 39.68%
Profit (Net Income) Margin		 32.28% 37.31% 37.90% 36.88% 35.83% 35.17% 37.03% 33.10% 33.85% 33.53%
Tax Burden Percent		 80.26% 81.14% 80.25% 80.25% 80.25% 79.46% 79.90% 79.89% 79.89% 84.49%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 19.74% 18.86% 19.75% 19.75% 19.75% 20.54% 20.10% 20.11% 20.11% 15.51%
Return on Invested Capital (ROIC)		 5.29% 6.36% 6.57% 6.62% 6.97% 6.51% 6.61% 5.76% 5.98% 5.99%
ROIC Less NNEP Spread (ROIC-NNEP)		 5.29% 6.36% 6.57% 6.62% 6.97% 6.51% 6.61% 5.76% 5.98% 5.99%
Return on Net Nonoperating Assets (RNNOA)		 7.87% 9.45% 10.66% 11.15% 11.12% 9.97% 10.25% 9.03% 8.62% 8.04%
Return on Equity (ROE)		 13.16% 15.82% 17.24% 17.77% 18.10% 16.48% 16.86% 14.79% 14.59% 14.03%
Cash Return on Invested Capital (CROIC)		 2.84% 11.60% 1.67% -7.67% -5.92% -15.95% -4.52% 3.49% -2.85% 15.84%
Operating Return on Assets (OROA)		 1.43% 1.73% 1.93% 1.97% 1.98% 1.95% 2.04% 1.78% 1.74% 1.61%
Return on Assets (ROA)		 1.15% 1.40% 1.55% 1.58% 1.59% 1.55% 1.63% 1.42% 1.39% 1.36%
Return on Common Equity (ROCE)		 13.16% 15.82% 17.24% 17.77% 18.10% 16.48% 16.86% 14.79% 14.59% 14.03%
Return on Equity Simple (ROE_SIMPLE)		 12.23% 0.00% 15.09% 16.54% 17.38% 0.00% 15.43% 14.74% 13.71% 0.00%
Net Operating Profit after Tax (NOPAT)		 16 22 21 20 21 20 22 19 20 20
NOPAT Margin		 32.28% 37.31% 37.90% 36.88% 35.83% 35.17% 37.03% 33.10% 33.85% 33.53%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 45.81% 40.05% 41.48% 40.43% 40.25% 42.72% 42.49% 43.12% 46.26% 47.88%
Operating Expenses to Revenue		 53.94% 48.80% 51.68% 50.42% 49.68% 52.57% 51.42% 52.40% 55.73% 57.75%
Earnings before Interest and Taxes (EBIT)		 20 27 26 25 26 25 27 24 25 23
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 23 30 29 28 29 28 30 26 27 26
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 1.03 1.11 0.97 0.87 0.97 1.19 1.12 1.16 1.19 1.22
Price to Tangible Book Value (P/TBV)		 1.17 1.25 1.09 0.97 1.08 1.31 1.23 1.27 1.30 1.33
Price to Revenue (P/Rev)		 2.42 2.56 2.21 1.90 2.07 2.75 2.63 2.78 3.02 3.08
Price to Earnings (P/E)		 8.43 7.99 6.43 5.24 5.59 7.54 7.25 7.86 8.69 8.95
Dividend Yield		 4.59% 4.10% 4.51% 5.01% 4.50% 3.46% 3.65% 3.48% 3.25% 3.22%
Earnings Yield		 11.87% 12.51% 15.55% 19.07% 17.87% 13.26% 13.79% 12.72% 11.51% 11.17%
Enterprise Value to Invested Capital (EV/IC)		 0.75 0.95 0.94 0.79 0.78 0.98 0.87 0.92 0.84 0.78
Enterprise Value to Revenue (EV/Rev)		 4.63 5.42 5.54 4.72 4.24 5.87 5.15 5.34 4.98 4.18
Enterprise Value to EBITDA (EV/EBITDA)		 10.57 11.62 11.37 9.34 8.29 11.61 10.26 10.90 10.30 8.89
Enterprise Value to EBIT (EV/EBIT)		 12.77 13.61 13.00 10.50 9.24 12.91 11.37 12.09 11.41 9.84
Enterprise Value to NOPAT (EV/NOPAT)		 16.09 16.89 16.15 13.05 11.48 16.13 14.22 15.13 14.30 12.16
Enterprise Value to Operating Cash Flow (EV/OCF)		 6.39 8.61 10.35 9.62 8.69 19.90 13.26 15.66 33.68 9.57
Enterprise Value to Free Cash Flow (EV/FCFF)		 26.73 7.97 57.48 0.00 0.00 0.00 0.00 26.64 0.00 4.71
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 1.62 1.45 1.59 1.72 1.57 1.60 1.52 1.43 1.33 1.11
Long-Term Debt to Equity		 1.14 1.01 1.10 1.27 1.23 1.16 1.09 1.03 0.95 0.90
Financial Leverage		 1.49 1.49 1.62 1.68 1.59 1.53 1.55 1.57 1.44 1.34
Leverage Ratio		 11.49 11.28 11.14 11.23 11.42 10.61 10.32 10.43 10.47 10.31
Compound Leverage Factor		 11.49 11.28 11.14 11.23 11.42 10.61 10.32 10.43 10.47 10.31
Debt to Total Capital		 61.83% 59.19% 61.39% 63.29% 61.14% 61.56% 60.28% 58.85% 57.13% 52.58%
Short-Term Debt to Total Capital		 18.21% 17.97% 18.79% 16.83% 13.19% 16.91% 16.92% 16.57% 16.24% 9.86%
Long-Term Debt to Total Capital		 43.61% 41.22% 42.60% 46.47% 47.95% 44.65% 43.37% 42.28% 40.90% 42.73%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 38.17% 40.81% 38.61% 36.71% 38.86% 38.44% 39.72% 41.15% 42.87% 47.42%
Debt to EBITDA		 8.70 7.21 7.42 7.47 6.54 7.32 7.10 6.99 7.00 5.96
Net Debt to EBITDA		 5.04 6.12 6.84 5.59 4.25 6.18 5.03 5.24 4.04 2.35
Long-Term Debt to EBITDA		 6.14 5.02 5.15 5.48 5.13 5.31 5.11 5.02 5.01 4.84
Debt to NOPAT		 13.25 10.48 10.54 10.43 9.05 10.17 9.84 9.70 9.72 8.14
Net Debt to NOPAT		 7.67 8.90 9.71 7.80 5.89 8.58 6.97 7.27 5.61 3.21
Long-Term Debt to NOPAT		 9.34 7.30 7.31 7.66 7.10 7.38 7.08 6.97 6.96 6.62
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -4.23 90 -30 -152 -132 -257 -119 -16 -98 145
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 -0.73 11.83 -2.46 -8.29 -5.96 -10.21 -4.06 -0.51 -2.78 4.26
Operating Cash Flow to Interest Expense		 5.70 4.86 1.49 1.06 1.64 -0.29 1.37 0.29 -0.23 1.75
Operating Cash Flow Less CapEx to Interest Expense		 5.70 4.86 1.49 1.06 1.64 -0.29 1.37 0.29 -0.23 1.75
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04
Fixed Asset Turnover		 3.23 3.50 3.82 4.22 4.35 4.41 4.47 4.49 4.32 4.44
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 1,090 1,082 1,211 1,304 1,244 1,358 1,351 1,339 1,361 1,233
Invested Capital Turnover		 0.16 0.17 0.17 0.18 0.19 0.19 0.18 0.17 0.18 0.18
Increase / (Decrease) in Invested Capital		 20 -68 51 173 153 277 141 35 117 -126
Enterprise Value (EV)		 819 1,031 1,139 1,033 964 1,326 1,178 1,229 1,144 968
Market Capitalization		 429 488 454 415 470 620 600 639 695 712
Book Value per Share		 $26.24 $27.82 $29.22 $29.92 $30.17 $32.58 $33.30 $34.19 $36.15 $36.21
Tangible Book Value per Share		 $23.08 $24.70 $26.10 $26.81 $27.06 $29.50 $30.23 $31.12 $33.08 $33.15
Total Capital		 1,090 1,082 1,211 1,304 1,244 1,358 1,351 1,339 1,361 1,233
Total Debt		 674 640 743 825 760 836 815 788 777 648
Total Long-Term Debt		 476 446 516 606 596 607 586 566 556 527
Net Debt		 390 543 685 618 494 706 577 590 449 255
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 674 640 743 825 760 836 815 788 777 648
Total Depreciation and Amortization (D&A)		 3.16 3.09 3.05 2.88 2.93 2.64 2.77 2.71 2.67 2.36
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.01 $1.37 $1.31 $1.27 $1.30 $1.25 $1.34 $1.17 $1.22 $1.20
Adjusted Weighted Average Basic Shares Outstanding		 15.86M 16.00M 16.00M 16.00M 16.02M 16.12M 16.12M 16.12M 16.14M 16.23M
Adjusted Diluted Earnings per Share		 $1.01 $1.37 $1.31 $1.27 $1.30 $1.25 $1.34 $1.17 $1.22 $1.20
Adjusted Weighted Average Diluted Shares Outstanding		 15.86M 16.00M 16.00M 16.00M 16.02M 16.12M 16.12M 16.12M 16.14M 16.23M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 15.87M 16.00M 16.00M 16.02M 16.02M 16.12M 16.12M 16.14M 16.14M 16.23M
Normalized Net Operating Profit after Tax (NOPAT)		 16 22 21 20 21 20 22 19 20 20
Normalized NOPAT Margin		 32.24% 37.31% 37.90% 36.88% 35.83% 35.17% 37.03% 33.10% 33.85% 33.53%
Pre Tax Income Margin		 40.22% 45.99% 47.23% 45.96% 44.65% 44.27% 46.34% 41.44% 42.37% 39.68%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 3.47 3.53 2.16 1.38 1.17 1.00 0.92 0.74 0.70 0.68
NOPAT to Interest Expense		 2.79 2.86 1.73 1.11 0.94 0.80 0.73 0.59 0.56 0.58
EBIT Less CapEx to Interest Expense		 3.47 3.53 2.16 1.38 1.17 1.00 0.92 0.74 0.70 0.68
NOPAT Less CapEx to Interest Expense		 2.79 2.86 1.73 1.11 0.94 0.80 0.73 0.59 0.56 0.58
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 37.82% 32.10% 28.29% 25.65% 24.59% 25.55% 25.81% 26.76% 27.64% 28.23%
Augmented Payout Ratio		 37.82% 32.10% 28.29% 25.65% 24.59% 25.55% 25.81% 26.76% 27.64% 28.23%

Frequently Asked Questions About Mercantile Bank's Financials

When does Mercantile Bank's financial year end?

According to the most recent income statement we have on file, Mercantile Bank's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Mercantile Bank's net income changed over the last 2 years?

Mercantile Bank's net income appears to be on an upward trend, with a most recent value of $79.59 million in 2024, rising from $61.06 million in 2022. The previous period was $82.22 million in 2023.

How has Mercantile Bank revenue changed over the last 2 years?

Over the last 2 years, Mercantile Bank's total revenue changed from $190.32 million in 2022 to $231.48 million in 2024, a change of 21.6%.

How much debt does Mercantile Bank have?

Mercantile Bank's total liabilities were at $5.47 billion at the end of 2024, a 13.2% increase from 2023, and a 23.4% increase since 2022.

How much cash does Mercantile Bank have?

In the past 2 years, Mercantile Bank's cash and equivalents has ranged from $56.99 million in 2024 to $70.41 million in 2023, and is currently $56.99 million as of their latest financial filing in 2024.

How has Mercantile Bank's book value per share changed over the last 2 years?

Over the last 2 years, Mercantile Bank's book value per share changed from 27.82 in 2022 to 36.21 in 2024, a change of 30.2%.

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This page (NASDAQ:MBWM) was last updated on 4/16/2025 by MarketBeat.com Staff
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