Mercantile Bank Corporation (MBWM) Financial Statements (2024 and earlier)

Company Profile

Business Address 310 LEONARD STREET NW
GRAND RAPIDS, MI 49504
State of Incorp. MI
Fiscal Year End December 31
Industry (SIC) 6022 - State Commercial Banks (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

3/31/2024
MRQ
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments130,53396,772975,160626,006233,73175,354
Cash and cash equivalents130,53396,772975,160626,006233,73175,354
Financing receivable, accrued interest, after allowance for credit loss 16,900   
Total current assets:147,43396,772975,160626,006233,73175,354
Noncurrent Assets
Operating lease, right-of-use asset     
Property, plant and equipment50,92851,47657,29858,95957,32748,321
Intangible assets, net (including goodwill)49,47350,05650,82451,90953,31355,034
Goodwill49,47349,47349,47349,47349,47349,473
Intangible assets, net (excluding goodwill)  5831,3512,4363,8405,561
Total noncurrent assets:100,401101,532108,122110,868110,640103,355
Other undisclosed assets5,105,3904,674,3154,174,4673,700,4703,288,5443,185,198
TOTAL ASSETS:5,353,2244,872,6195,257,7494,437,3443,632,9153,363,907
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt229,734194,340291,463138,365142,675143,519
Total current liabilities:229,734194,340291,463138,365142,675143,519
Noncurrent Liabilities
Other undisclosed liabilities4,601,3454,236,8714,509,7273,857,4253,073,6792,845,139
Total liabilities:4,831,0794,431,2114,801,1903,995,7903,216,3542,988,658
Equity
Equity, attributable to parent522,145441,408456,559441,554416,561375,249
Common stock295,106290,436285,752302,029305,035308,005
Accumulated other comprehensive income (loss)(50,487)(65,341)(3,729)5,4863,695(8,239)
Retained earnings277,526216,313174,536134,039107,83175,483
Total equity:522,145441,408456,559441,554416,561375,249
TOTAL LIABILITIES AND EQUITY:5,353,2244,872,6195,257,7494,437,3443,632,9153,363,907

Income Statement (P&L) ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Revenues271,358181,839143,494148,313166,445145,517
Net investment income271,358181,839143,494148,313158,337141,981
Cost of revenue
(Provision for Loan, Lease, and Other Losses)
(7,700)(6,550) (14,050)(1,750)(1,100)
Gross profit:263,658175,289143,494134,263164,695144,417
Operating expenses(22,333)(22,166)(19,309)(19,682)(18,036)(17,050)
Other operating income, net
(Noninterest Income, Other Operating Income)
2,7251,9012,7681,1162,1722,195
Operating income:244,050155,024126,953115,697148,831129,562
Nonoperating income1,5001,6781,1641,2143,8861,287
Gains on sales of other real estate      
Bank owned life insurance income1,5001,6781,1641,2143,8861,287
Interest and debt expense(77,813)(23,595)(19,432)(26,067)(33,803)(21,899)
Other undisclosed loss from continuing operations before equity method investments, income taxes    (35,996)(58,454)(57,128)
Income from continuing operations before equity method investments, income taxes:167,737133,107108,68554,84860,46051,822
Other undisclosed loss from continuing operations before income taxes(65,038)(57,317)(34,969)   
Income from continuing operations before income taxes:102,69975,79073,71654,84860,46051,822
Income tax expense(20,482)(14,727)(14,695)(10,710)(11,004)(9,798)
Income from continuing operations:82,21761,06359,02144,13849,45642,024
Income before gain (loss) on sale of properties:59,02144,13849,45642,024
Net income available to common stockholders, diluted:82,21761,06359,02144,13849,45642,024

Comprehensive Income ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Net income:82,21761,06359,02144,13849,45642,024
Comprehensive income:82,21761,06359,02144,13849,45642,024
Other undisclosed comprehensive income (loss), net of tax, attributable to parent14,854(61,612)(9,215)1,79111,934(3,378)
Comprehensive income (loss), net of tax, attributable to parent:97,071(549)49,80645,92961,39038,646

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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