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)

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments207,79657,93896,772284,014479,105770,204
Cash and cash equivalents207,79657,93896,772284,014479,105770,204
Total current assets:207,79657,93896,772284,014479,105770,204
Noncurrent Assets
Property, plant and equipment52,29151,51051,47652,11751,40256,078
Intangible assets, net (including goodwill)49,76449,89750,05650,21450,37350,585
Goodwill49,47349,47349,47349,47349,47349,473
Intangible assets, net (excluding goodwill)2914245837419001,112
Total noncurrent assets:102,055101,407101,532102,331101,775106,663
Other undisclosed assets4,827,7364,736,5294,674,3154,630,5894,477,6754,299,032
TOTAL ASSETS:5,137,5874,895,8744,872,6195,016,9345,058,5555,175,899
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt219,457227,453194,340198,605203,339204,271
Total current liabilities:219,457227,453194,340198,605203,339204,271
Noncurrent Liabilities
Other undisclosed liabilities4,439,4284,201,0494,236,8714,402,0684,426,2334,535,157
Total liabilities:4,658,8854,428,5024,431,2114,600,6734,629,5724,739,428
Equity
Equity, attributable to parent478,702467,372441,408416,261428,983436,471
Common stock292,906291,516290,436289,219288,199286,831
Accumulated other comprehensive loss(61,517)(56,267)(65,341)(72,463)(47,668)(31,892)
Retained earnings247,313232,123216,313199,505188,452181,532
Total equity:478,702467,372441,408416,261428,983436,471
TOTAL LIABILITIES AND EQUITY:5,137,5874,895,8744,872,6195,016,9345,058,5555,175,899

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

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
Revenues
(Net Investment Income)
65,91860,48558,27848,12939,55035,882
Cost of revenue
(Provision for Loan, Lease, and Other Losses)
(2,000)(600)(3,050)(2,900)(500) 
Gross profit:63,91859,88555,22845,22939,05035,882
Operating expenses(4,979)(5,451)(6,795)(5,140)(5,175)(5,077)
Other operating income, net
(Noninterest Income, Other Operating Income)
598515502487486423
Operating income:59,53754,94948,93540,57634,36131,228
Nonoperating income402401368238785287
Gains on sales of other real estate      
Bank owned life insurance income402401368238785287
Interest and debt expense(18,367)(12,101)(7,621)(5,753)(5,224)(4,997)
Income from continuing operations before equity method investments, income taxes:41,57243,24941,68235,06129,92226,518
Other undisclosed loss from continuing operations before income taxes(16,205)(17,113)(14,811)(15,088)(15,297)(12,198)
Income from continuing operations before income taxes:25,36726,13626,87119,97314,62514,320
Income tax expense(5,010)(5,162)(5,068)(3,943)(2,888)(2,828)
Income from continuing operations:20,35720,97421,80316,03011,73711,492
Income before gain (loss) on sale of properties:16,03011,73711,492
Net income available to common stockholders, diluted:20,35720,97421,80316,03011,73711,492

Comprehensive Income ($ in thousands)

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
Net income:20,35720,97421,80316,03011,73711,492
Comprehensive income:20,35720,97421,80316,03011,73711,492
Other undisclosed comprehensive income (loss), net of tax, attributable to parent(5,250)9,0747,122(24,795)(15,776)(28,163)
Comprehensive income (loss), net of tax, attributable to parent:15,10730,04828,925(8,765)(4,039)(16,671)

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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