MERCANTILE BANK CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MERCANTILE BANK CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Interest expense	12.6	15.8	21.9	33.8	26.1	19.4	23.6	77.8
Pre-tax income	46.9	46.1	51.8	60.5	54.8	73.7	75.8	103	98.3	103
Income tax	15	14.8	9.8	11	10.7	14.7	14.7	20.5	18.7	14.7
Net income	31.9	31.3	42	49.5	44.1	59	61.1	82.2	79.6	88.8
EPS, basic	1.96	1.90	2.53	3.01	2.71	3.69	3.85	5.13	4.93	5.47
EPS, diluted	1.96	1.90	2.53	3.01	2.71	3.69	3.85	5.13	4.93	5.47
Shares, basic (weighted)	16.3	16.5	16.6	16.4	16.3	16	15.9	16	16.1	16.2
Shares, diluted (weighted)	16.3	16.5	16.6	16.4	16.3	16	15.9	16	16.1	16.2
Dividend per share				1.06	1.12	1.18	1.26	1.34	1.40	1.50

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Property, plant and equipment	45.5	46	48.3	57.3	59	57.3	51.5	50.9	53.4	62.5
Lease right-of-use assets								3.7	4.4	3.9
Goodwill	49.5	49.5	49.5	49.5	49.5	49.5	49.5	49.5	49.5	72.7
Intangible assets	9.96	7.6	5.56	3.84	2.44	1.35	0.58		0	20.4
Total assets	3,083	3,287	3,364	3,633	4,437	5,258	4,873	5,353	6,052	6,835
Total liabilities	2,742	2,921	2,989	3,216	3,996	4,801	4,431	4,831	5,468	6,110
Retained earnings	40.9	61	75.5	108	134	175	216	278	335	399
Other comprehensive income	-5.58	-4.9	-8.24	3.7	5.49	-3.73	-65.3	-50.5	-49.8	-24
Shareholders' equity	341	366	375	417	442	457	441	522	585	725
Total equity	341	366	375	417	442	457	441	522	585	725
Total liabilities and equity	3,083	3,287	3,364	3,633	4,437	5,258	4,873	5,353	6,052	6,835
Shares outstanding	16.4	16.6	16.5	16.4	16.3	15.8	16	16.1	16.1	17.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	31.9	31.3	42	49.5	44.1	59	61.1	82.2	79.6	88.8
Depreciation and amortization	9.58	10.4	9.77	9.55	9.43	13.7	12.9	11.5	10.5	5.8
Stock-based compensation	1.46	1.98	2.41	2.93	2.33	3.78	3.38	3.38	3.32	3.47
Deferred income tax	-0.7	-0.51	-0.37	0.03	-4.14	2.02	-1.35	-2.04	-0.4	2.09
Cash from operations	34.6	38.7	61.7	44.8	37.9	64.6	120	66.6	101	18
Acquisitions								0	0	53.6
Purchases of investments				-62.1	-370	-299	-107	-19.9	-174	-203
Sales and maturities of investments	172	52.5	40.3	79.5	321	80.4	18	24.1	61.8	67.3
Cash from investing	-96.6	-191	-210	-92.8	-399	-496	-555	-396	-425	-106
Stock issued	0.98	0.32	0.11	0.13	0	0.05	0.04	0	0
Share buybacks	-3.73	0	-5.94	-7.18	-6.59	-21.4	0	0
Dividends paid	-18.7	-12	-27.5	-17.1	-17.9	-18.5	-19.6	-21	-22.5	-24
Cash from financing	156	169	24	206	753	780	-443	363	587	168
Net change in cash	93.7	16.5	-125	158	392	349	-878	33.8	262	80.3
Interest paid	12.5	15.5	21.6	32.1	27.7	20.4	21.8	72	129	129
Income taxes paid	15.1	14.2	10.1	12	11	17.6	11.2	24.9	21.4	44.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $60.03 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	15.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.4%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	11.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	13.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	15.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	11.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	12.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	15.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-82.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-46.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-13.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	7.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	6.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	6.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	24.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	18.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	12.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	88.9%	Total liabilities / total assets.
Goodwill and intangibles / assets	1.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$664.1M	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.51	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share	$4.19	Cash from operations / diluted weighted shares.
Book value per share	$43.68	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$38.42	Tangible book value / shares outstanding.
Payout ratio	26.7%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.04B	Share price x shares outstanding.
Enterprise value	$1.04B	Market cap + total debt - cash - short-term investments.
P/E	10.9x	Market cap / net income. Only when net income is positive.
P/B	1.37x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.56x	Market cap / tangible book value, when positive.
P/OCF	14.3x	Market cap / cash from operations, when positive.
Earnings yield	9.2%	Net income / market cap (the inverse of P/E).
Dividend yield	2.4%	Dividends paid over the period / market cap.
Shareholder yield	2.4%	(Dividends paid + share buybacks) / market cap.
PEG	0.88x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

Was MERCANTILE BANK CORP profitable in fiscal 2025?

Yes. Net income was $88.8M, a net margin of -.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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