MBWM Financial Statements

Balance sheet, income statement, cash flow, and dividends for Mercantile Bank Corp (MBWM).


$718.15M Market Cap.

As of 03/03/2025 5:00 PM ET (MRY) • Disclaimer

MBWM Market Cap. (MRY)


MBWM Shares Outstanding (MRY)


MBWM Assets (MRY)


Total Assets

$6.05B

Total Liabilities

$5.47B

Total Investments

$5.31B

MBWM Income (MRY)


Revenue

$224.07M

Net Income

$79.59M

Operating Expense

$125.79M

MBWM Cash Flow (MRY)


CF Operations

$101.12M

CF Investing

-$425.44M

CF Financing

$586.79M

MBWM Dividends (MRY)


Period

Dividends

Yield %

Growth %

Payout Ratio

Coverage Ratio

2024

$1.42

3.20%

5.97%

28.80%

3.47

2023

$1.34

3.30%

6.35%

26.12%

3.83

2022

$1.26

3.80%

6.78%

32.73%

3.06

2021

$1.18

3.40%

5.36%

31.98%

3.13

2020

$1.12

4.10%

-

41.33%

2.42

MBWM Balance Sheet (MRY)


Metric

2024

2023

2022

2021

Total Assets

$6,052,161,000 (13.06%)

$5,353,224,000 (9.86%)

$4,872,619,000 (-7.32%)

$5,257,749,000 (18.49%)

Assets Current

-

-

-

-

Assets Non-Current

-

-

-

-

Goodwill & Intangible Assets

$49,473,000 (0.00%)

$49,473,000 (-1.16%)

$50,056,000 (-1.51%)

$50,824,000 (-2.09%)

Shareholders Equity

$584,526,000 (11.95%)

$522,145,000 (18.29%)

$441,408,000 (-3.32%)

$456,559,000 (3.40%)

Property Plant & Equipment Net

$53,427,000 (4.91%)

$50,928,000 (-1.06%)

$51,476,000 (-10.16%)

$57,298,000 (-2.82%)

Cash & Equivalents

$393,010,000 (201.08%)

$130,533,000 (34.89%)

$96,772,000 (-90.08%)

$975,160,000 (55.77%)

Accumulated Other Comprehensive Income

-$49,825,000 (1.31%)

-$50,487,000 (22.73%)

-$65,341,000 (-1652.24%)

-$3,729,000 (-167.97%)

Deferred Revenue

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Total Investments

$5,314,016,000 (8.21%)

$4,911,056,000 (9.17%)

$4,498,595,000 (11.21%)

$4,044,958,000 (12.87%)

Investments Current

-

-

-

-

Investments Non-Current

-

-

-

-

Inventory

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Trade & Non-Trade Receivables

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Trade & Non-Trade Payables

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Accumulated Retained Earnings (Deficit)

$334,646,000 (20.58%)

$277,526,000 (28.30%)

$216,313,000 (23.94%)

$174,536,000 (30.21%)

Tax Assets

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Tax Liabilities

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Total Debt

$648,248,000 (-22.48%)

$836,259,000 (30.63%)

$640,189,000 (-7.67%)

$693,353,000 (23.83%)

Debt Current

-

-

-

-

Debt Non-Current

-

-

-

-

Total Liabilities

$5,467,635,000 (13.18%)

$4,831,079,000 (9.02%)

$4,431,211,000 (-7.71%)

$4,801,190,000 (20.16%)

Liabilities Current

-

-

-

-

Liabilities Non-Current

-

-

-

-

MBWM Income Statement (MRY)


Metric

2024

2023

2022

2021

Revenues

$224,075,000 (2.79%)

$217,988,000 (18.62%)

$183,771,000 (-0.44%)

$184,582,000 (20.35%)

Cost of Revenue

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Selling General & Administrative Expense

$105,659,000 (11.69%)

$94,598,000 (4.06%)

$90,904,000 (0.48%)

$90,468,000 (9.22%)

Research & Development Expense

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Operating Expenses

$125,789,000 (9.11%)

$115,289,000 (6.77%)

$107,981,000 (-2.60%)

$110,866,000 (12.53%)

Interest Expense

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Income Tax Expense

$18,693,000 (-8.73%)

$20,482,000 (39.08%)

$14,727,000 (0.22%)

$14,695,000 (37.21%)

Net Loss Income from Discontinued Operations

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Consolidated Income

$79,593,000 (-3.19%)

$82,217,000 (34.64%)

$61,063,000 (3.46%)

$59,021,000 (33.72%)

Net Income to Non-Controlling Interests

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Net Income

$79,593,000 (-3.19%)

$82,217,000 (34.64%)

$61,063,000 (3.46%)

$59,021,000 (33.72%)

Preferred Dividends Income Statement Impact

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Net Income Common Stock

$79,593,000 (-3.19%)

$82,217,000 (34.64%)

$61,063,000 (3.46%)

$59,021,000 (33.72%)

Weighted Average Shares

$16,141,929 (0.73%)

$16,024,557 (1.00%)

$15,866,185 (1.25%)

$15,670,645 (-3.47%)

Weighted Average Shares Diluted

-

-

-

-

Earning Before Interest & Taxes (EBIT)

$98,286,000 (-4.30%)

$102,699,000 (35.50%)

$75,790,000 (2.81%)

$73,716,000 (34.40%)

Gross Profit

$224,075,000 (2.79%)

$217,988,000 (18.62%)

$183,771,000 (-0.44%)

$184,582,000 (20.35%)

Operating Income

$98,286,000 (-4.30%)

$102,699,000 (35.50%)

$75,790,000 (2.81%)

$73,716,000 (34.40%)

MBWM Cash Flow Statement (MRY)


Metric

2024

2023

2022

2021

Net Cash Flow from Investing

-$425,436,000 (-7.45%)

-$395,932,000 (28.66%)

-$554,999,000 (-12.01%)

-$495,507,000 (-24.25%)

Net Cash Flow from Financing

$586,795,000 (61.62%)

$363,080,000 (181.91%)

-$443,251,000 (-156.82%)

$780,088,000 (3.57%)

Net Cash Flow from Operations

$101,118,000 (51.80%)

$66,613,000 (-44.43%)

$119,862,000 (85.62%)

$64,573,000 (70.48%)

Net Cash Flow / Change in Cash & Cash Equivalents

$262,477,000 (677.46%)

$33,761,000 (103.84%)

-$878,388,000 (-351.58%)

$349,154,000 (-10.99%)

Net Cash Flow - Business Acquisitions and Disposals

$0 (0%)

$0 (0%)

$0 (0%)

-$2,679,000 (0%)

Net Cash Flow - Investment Acquisitions and Disposals

-$411,836,000 (-6.45%)

-$386,874,000 (29.81%)

-$551,173,000 (-13.37%)

-$486,175,000 (-24.67%)

Capital Expenditure

-$8,247,000 (-35.44%)

-$6,089,000 (-26373.91%)

-$23,000 (99.53%)

-$4,849,000 (45.07%)

Issuance (Repayment) of Debt Securities

-$189,040,000 (-196.92%)

$195,041,000 (459.75%)

-$54,215,000 (-140.85%)

$132,733,000 (138.34%)

Issuance (Purchase) of Equity Shares

$860,000 (-8.12%)

$936,000 (-1.27%)

$948,000 (104.65%)

-$20,405,000 (-256.42%)

Payment of Dividends & Other Cash Distributions

-$22,473,000 (-6.99%)

-$21,004,000 (-7.15%)

-$19,602,000 (-5.82%)

-$18,524,000 (-3.31%)

Effect of Exchange Rate Changes on Cash

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Share Based Compensation

$3,739,000 (0.13%)

$3,734,000 (-0.05%)

$3,736,000 (-9.50%)

$4,128,000 (51.82%)

Depreciation Amortization & Accretion

$10,505,000 (-8.62%)

$11,496,000 (-11.19%)

$12,945,000 (-5.36%)

$13,678,000 (45.12%)

MBWM Financial Metrics (MRY)


Metric

2024

2023

2022

2021

Gross Margin

100.00% (0.00%)

100.00% (0.00%)

100.00% (0.00%)

100.00% (0.00%)

Profit Margin

35.50% (-5.84%)

37.70% (13.55%)

33.20% (3.75%)

32.00% (11.11%)

EBITDA Margin

48.60% (-7.25%)

52.40% (8.49%)

48.30% (2.11%)

47.30% (12.89%)

Return on Average Equity (ROAE)

14.10% (-16.57%)

16.90% (19.01%)

14.20% (8.40%)

13.10% (27.18%)

Return on Average Assets (ROAA)

1.40% (-12.50%)

1.60% (33.33%)

1.20% (0.00%)

1.20% (20.00%)

Return on Sales (ROS)

43.90% (-6.79%)

47.10% (14.32%)

41.20% (3.26%)

39.90% (11.45%)

Return on Invested Capital (ROIC)

1.60% (-11.11%)

1.80% (28.57%)

1.40% (-12.50%)

1.60% (23.08%)

Dividend Yield

3.20% (-3.03%)

3.30% (-13.16%)

3.80% (11.76%)

3.40% (-17.07%)

Price to Earnings Ratio (P/E)

9.02 (14.65%)

7.87 (-9.49%)

8.7 (-8.40%)

9.49 (-5.32%)

Price to Sales Ratio (P/S)

3.21 (7.99%)

2.97 (2.66%)

2.89 (-2.79%)

2.97 (3.41%)

Price to Book Ratio (P/B)

1.23 (-0.81%)

1.24 (2.99%)

1.2 (0.08%)

1.2 (20.32%)

Debt to Equity Ratio (D/E)

9.35 (1.10%)

9.25 (-7.84%)

10.04 (-4.54%)

10.52 (16.21%)

Earnings Per Share (EPS)

4.93 (-3.90%)

5.13 (33.25%)

3.85 (4.34%)

3.69 (36.16%)

Sales Per Share (SPS)

13.88 (2.05%)

13.6 (17.44%)

11.58 (-1.66%)

11.78 (24.67%)

Free Cash Flow Per Share (FCFPS)

5.75 (52.32%)

3.78 (-49.99%)

7.55 (98.19%)

3.81 (113.02%)

Book Value Per Share (BVPS)

36.21 (11.13%)

32.58 (17.12%)

27.82 (-4.51%)

29.14 (7.11%)

Tangible Assets Book Value Per Share (TABVPS)

371.87 (12.36%)

330.98 (8.89%)

303.95 (-8.52%)

332.27 (23.00%)

Enterprise Value Over EBIT (EV/EBIT)

12 (9.09%)

11 (-8.33%)

12 (140.00%)

5 (-44.44%)

Enterprise Value Over EBITDA (EV/EBITDA)

10.73 (7.32%)

9.99 (-3.75%)

10.38 (165.71%)

3.91 (-48.20%)

Asset Turnover

0.04 (-7.14%)

0.04 (13.51%)

0.04 (0.00%)

0.04 (2.78%)

Current Ratio

-

-

-

-

Dividends

$1.42 (5.97%)

$1.34 (6.35%)

$1.26 (6.78%)

$1.18 (5.36%)

Free Cash Flow (FCF)

$92,871,000 (53.44%)

$60,524,000 (-49.50%)

$119,839,000 (100.65%)

$59,724,000 (105.59%)

Enterprise Value (EV)

$1,167,013,421 (2.24%)

$1,141,434,612 (23.88%)

$921,382,874 (169.80%)

$341,505,694 (-29.57%)

Earnings Before Tax (EBT)

$98,286,000 (-4.30%)

$102,699,000 (35.50%)

$75,790,000 (2.81%)

$73,716,000 (34.40%)

Earnings Before Interest Taxes & Depreciation Amortization (EBITDA)

$108,791,000 (-4.73%)

$114,195,000 (28.69%)

$88,735,000 (1.53%)

$87,394,000 (35.97%)

Invested Capital

$6,257,926,000 (4.13%)

$6,009,477,000 (11.99%)

$5,365,980,000 (8.95%)

$4,925,118,000 (14.02%)

Working Capital

-

-

-

-

Tangible Asset Value

$6,002,688,000 (13.18%)

$5,303,751,000 (9.98%)

$4,822,563,000 (-7.38%)

$5,206,925,000 (18.73%)

Market Capitalization

$718,154,421 (10.99%)

$647,071,612 (21.81%)

$531,199,874 (-3.23%)

$548,942,694 (24.46%)

Average Equity

$563,908,000 (15.59%)

$487,857,500 (13.25%)

$430,780,750 (-4.38%)

$450,492,000 (4.94%)

Average Assets

$5,759,407,250 (11.63%)

$5,159,424,250 (2.55%)

$5,031,001,750 (2.20%)

$4,922,482,250 (16.99%)

Invested Capital Average

$6,177,914,500 (7.63%)

$5,739,778,750 (9.16%)

$5,258,272,750 (12.00%)

$4,694,679,250 (9.99%)

Shares

16,141,929 (0.73%)

16,024,557 (1.00%)

15,866,185 (1.25%)

15,670,645 (-3.47%)