Mercantile Bank Corporation (MBWM) — Financial statements
Income statement, balance sheet, and cash flow for Mercantile Bank Corporation — annual and quarterly history with growth and margin analysis.
| Metric (USD Millions) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
| Revenue & Gross Profit | ||||||
| Revenue | 372↑2.7% | 362↑19.2% | 304↑41.9% | 214↑7.7% | 199 | |
| Cost of Revenue | 134↓3.0% | 138↑61.2% | 86↑183.7% | 30↑99.2% | 15 | |
| Gross Profit | 238↑6.2% | 224↑2.8% | 218↑18.6% | 184↑0.1% | 184 | |
| Operating Expenses | ||||||
| R&D Expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| General & Administrative Expenses | 15↓81.0% | 80↑13.2% | 71↑7.1% | 66↓2.8% | 68 | |
| Selling & Marketing Expenses | 95↑5826.8% | 2↑2.5% | 2↑8.3% | 1↑23.0% | 1 | |
| SG&A Expenses | 110↑34.5% | 82↑12.9% | 73↑7.1% | 68↓2.4% | 69 | |
| Other Expenses | 26↓41.5% | 44↑2.6% | 43↑6.2% | 40↓0.5% | 40 | |
| Operating Expenses | 136↑8.1% | 126↑9.1% | 115↑6.8% | 108↓1.7% | 110 | |
| Total Costs & Expenses | 270↑2.3% | 264↑31.3% | 201↑45.4% | 138↑10.6% | 125 | |
| Operating Results | ||||||
| Operating Income | 102↑3.9% | 98↓4.3% | 103↑35.5% | 76↑2.8% | 74 | |
| Depreciation & Amortization | 4↓58.0% | 11↓8.6% | 11↓11.2% | 13↓5.4% | 14 | |
| EBITDA | 107↓2.1% | 109↓4.7% | 114↑28.7% | 89↑1.5% | 87 | |
| EBIT | 102↑3.9% | 98↓4.3% | 103↑35.5% | 76↑2.8% | 74 | |
| Interest & Other Income | ||||||
| Net Interest Income | 201↑5.2% | 191↓1.3% | 194↑22.3% | 158↑27.6% | 124 | |
| Interest Income | 330↑2.7% | 322↑18.5% | 271↑49.2% | 182↑26.7% | 143 | |
| Interest Expense | 129↓1.0% | 130↑67.6% | 78↑229.8% | 24↑21.4% | 19 | |
| Non-Operating Income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Other Income / Expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Income Before Tax | 102↑3.9% | 98↓4.3% | 103↑35.5% | 76↑2.8% | 74 | |
| Income Tax Expense | 13↓28.6% | 19↓8.7% | 20↑39.1% | 15↑0.2% | 15 | |
| Net Income & EPS | ||||||
| Net Income from Continuing Operations | 89↑11.5% | 80↓3.2% | 82↑34.6% | 61↑3.5% | 59 | |
| Net Income from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net Income | 89↑11.5% | 80↓3.2% | 82↑34.6% | 61↑3.5% | 59 | |
| Bottom-Line Net Income | 89↑11.5% | 80↓3.2% | 82↑34.6% | 61↑3.5% | 59 | |
| EPS (Basic) | 5.46↑10.8% | 4.93↓3.9% | 5.13↑33.2% | 3.85↑4.3% | 3.69 | |
| EPS (Diluted) | 5.46↑10.8% | 4.93↓3.9% | 5.13↑33.2% | 3.85↑4.3% | 3.69 | |
| Weighted Average Shares | 16↑0.8% | 16↑0.7% | 16↑1.0% | 16↓0.8% | 16 | |
| Weighted Average Diluted Shares | 16↑0.8% | 16↑0.7% | 16↑1.0% | 16↓0.8% | 16 | |
* All figures in Millions of USD, except per share data. Growth rates calculated Year-over-Year (YoY). Data source: SEC Filings.