Mercantile Bank Corp - Understand $mbwm stock

$MBWM Market Cap: $798.2 Million

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Financial Snapshot

Revenue

$239.0M

TTM

Gross Margin

Net Earnings

$80.00M

TTM

Current Assets

Current Liabilities

$321.4M

Q3 2024

Current Ratio

Total Assets

$5.917B

Q3 2024

Total Liabilities

$5.334B

Q3 2024

Book Value

$583.3M

Q3 2024

Cash

$328.5M

Q3 2024

P/E

9.978

Nov 14, 2024 EST

Free Cash Flow

$39.14M

TTM

Revenues

Revenue YoY Change

Revenues

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998
Revenue	$271.4M	$181.8M	$143.5M	$148.3M	$158.3M	$142.0M	$125.5M	$118.5M	$112.3M	$89.12M	$58.24M	$59.92M	$71.07M
YoY Change	49.23%	26.72%	-3.25%	-6.33%	11.52%	13.09%	5.98%	5.46%	26.04%	53.01%	-2.8%	-15.69%

Expenses

Cost Of Revenues

Gross Profit

Gross Profit Margin

Gross Profit

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Revenue	$271.4M	$181.8M	$143.5M	$148.3M	$158.3M	$142.0M	$125.5M	$118.5M	$112.3M	$89.12M	$58.24M	$59.92M	$71.07M
Cost Of Revenue
Gross Profit
Gross Profit Margin

Selling, General & Admin Expense

Research & Development

Depreciation, Depletion & Amortization

SGA Expense to Gross Profit Ratio

R&D To Gross Profit Ratio

DDA To Gross Profit Ratio

Operating Expenses Total

Operating Profits/Loss

Operational Expenses

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$6.000M	$6.000M	$5.800M	$5.200M	$3.900M	$3.600M	$3.000M	$2.900M	$3.000M	$2.300M	$1.300M	$1.500M	$1.600M	$2.440M	$2.580M	$2.770M	$3.070M	$2.890M	$2.560M	$1.700M	$1.950M	$1.370M	$650.0K	$590.0K	$540.0K	$270.0K
YoY Change	0.0%	3.45%	11.54%	33.33%	8.33%	20.0%	3.45%	-3.33%	30.43%	76.92%	-13.33%	-6.25%	-34.43%	-5.43%	-6.86%	-9.77%	6.23%	12.89%	50.59%	-12.82%	42.34%	110.77%	10.17%	9.26%	100.0%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change

Interest Expenses

Interest Expenses To Operating Income %

Other Expense/Income

Interest & Other Expense/Income

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Interest Expense	$77.81M	$23.60M	$19.43M	$26.07M	$33.80M	$21.90M	$15.80M	$12.59M	$11.15M	$11.34M	$10.79M	$13.22M	$19.83M
YoY Change	229.79%	21.42%	-25.45%	-22.89%	54.36%	38.65%	25.46%	12.87%	-1.64%	5.14%	-18.39%	-33.36%
% of Operating Profit
Other Income/Expense, Net
YoY Change

Income/Loss

Pretax Income

Income Tax

Net Profits/Loss

Pretax Income YoY Change

Income Tax Rate

Net Profits/Loss YoY Change

Basic EPS

Net Income To Revenue Ratio

Pretax & Net Income

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998
Pretax Income	$102.7M	$75.79M	$73.72M	$54.85M	$60.46M	$51.82M	$46.08M	$46.89M	$38.83M	$25.20M	$25.13M	$18.17M	$10.12M	-$13.40M	-$46.60M	-$9.800M	$12.00M	$28.80M	$26.00M	$18.90M	$13.80M	$10.90M	$6.500M	$4.100M	$2.400M	-$1.100M
YoY Change	35.5%	2.81%	34.4%	-9.28%	16.67%	12.45%	-1.71%	20.75%	54.12%	0.28%	38.27%	79.48%	-175.55%	-71.24%	375.51%	-181.67%	-58.33%	10.77%	37.57%	36.96%	26.61%	67.69%	58.54%	70.83%	-318.18%
Income Tax	$20.48M	$14.73M	$14.70M	$10.71M	$11.00M	$9.798M	$14.81M	$14.97M	$11.81M	$7.865M	$8.092M	$5.636M	-$27.36M	$0.00	$5.500M	-$4.900M	$3.000M	$9.000M	$8.100M	$5.100M	$3.800M	$3.200M	$2.000M	$1.300M	$300.0K	$0.00
% Of Pretax Income	19.94%	19.43%	19.93%	19.53%	18.2%	18.91%	32.14%	31.94%	30.42%	31.22%	32.21%	31.02%	-270.26%				25.0%	31.25%	31.15%	26.98%	27.54%	29.36%	30.77%	31.71%	12.5%
Net Earnings	$82.22M	$61.06M	$59.02M	$44.14M	$49.46M	$42.02M	$31.27M	$31.91M	$27.02M	$17.33M	$17.03M	$12.54M	$37.49M	-$13.30M	-$52.10M	-$5.000M	$9.000M	$19.80M	$17.90M	$13.70M	$10.00M	$7.800M	$4.500M	$2.800M	$2.100M	-$1.100M
YoY Change	34.64%	3.46%	33.72%	-10.75%	17.69%	34.37%	-2.0%	18.11%	55.91%	1.75%	35.88%	-66.56%	-381.84%	-74.47%	942.0%	-155.56%	-54.55%	10.61%	30.66%	37.0%	28.21%	73.33%	60.71%	33.33%	-290.91%
Net Earnings / Revenue	30.3%	33.58%	41.13%	29.76%	31.23%	29.6%	24.91%	26.94%	24.05%	19.45%	29.25%	20.92%	52.74%
Basic Earnings Per Share	$5.13	$3.85	$3.69	$2.71	$3.01	$2.53	$1.90	$1.96	$1.63	$1.28	$1.96	$1.33	$4.20
Diluted Earnings Per Share	$5.13	$3.850M	$3.69	$2.71	$3.01	$2.53	$1.90	$1.96	$1.62	$1.28	$1.95	$1.30	$4.07	-$1.565M	-$6.129M	-$588.2K	$1.059M	$2.329M	$2.106M	$1.612M	$1.389M	$1.164M	$900.0K	$800.0K	$600.0K	-$407.4K

Assets & Liabilities

Cash & Short-Term Investments

Cash & Equivalents

Cash To Operating Expenses Ratio

Inventory

Receivables

Total Short-Term Assets

Property, Plant And Equipment

Long-Term Investments

Total Long-Term Assets

Total Assets

Net Income To Total Assets Percentage

Accounts Payable

Short-Term Debt

Long Term Debt Due

Total Short-Term Liabilities

Long-Term Debt

Other Long-Term Liabilities

Total Long-Term Liabilities

Total Liabilities

Short-Term To Long-Term Debt Ratio

Short-Term Assets To Debt Ratio

Long-Term Debt To Net Income Ratio

Assets & Liabilities

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998
Cash & Short-Term Investments
YoY Change
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
Property, Plant & Equipment	$50.93M	$51.48M	$57.30M	$59.00M	$57.30M	$48.30M	$46.00M	$45.50M	$46.90M	$48.80M	$24.90M	$25.90M	$26.80M	$27.90M	$29.70M	$32.30M	$34.40M	$33.50M	$30.20M	$24.60M	$15.30M	$12.20M	$9.600M	$4.100M	$3.500M	$1.900M
YoY Change	-1.06%	-10.16%	-2.88%	2.97%	18.63%	5.0%	1.1%	-2.99%	-3.89%	95.98%	-3.86%	-3.36%	-3.94%	-6.06%	-8.05%	-6.1%	2.69%	10.93%	22.76%	60.78%	25.41%	27.08%	134.15%	17.14%	84.21%	90.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets											$17.80M	$22.00M	$26.00M	$0.00	$0.00
YoY Change											-19.09%	-15.38%
Total Long-Term Assets
YoY Change
Total Assets	$5.353B	$4.873B	$5.258B	$4.437B	$3.633B	$3.364B	$3.287B	$3.083B	$2.904B	$2.893B	$1.427B	$1.423B	$1.433B	$1.632B	$1.906B	$2.208B	$2.121B	$2.067B	$1.838B	$1.536B	$1.203B	$922.4M	$698.7M	$512.7M	$368.0M	$216.2M
YoY Change
Accounts Payable	$93.90M	$78.21M	$24.60M	$24.30M	$22.40M	$25.20M	$14.20M	$15.20M	$16.40M	$12.30M	$5.800M	$8.400M	$4.200M	$5.900M	$7.200M	$17.10M	$23.80M	$21.90M	$16.60M	$9.400M	$7.100M	$6.000M	$5.400M	$6.900M	$2.600M	$500.0K
YoY Change	20.06%	217.93%	1.23%	8.48%	-11.11%	77.46%	-6.58%	-7.32%	33.33%	112.07%	-30.95%	100.0%	-28.81%	-18.06%	-57.89%	-28.15%	8.68%	31.93%	76.6%	32.39%	18.33%	11.11%	-21.74%	165.38%	420.0%	66.67%
Accrued Expenses	$3.700M	$3.500M
YoY Change	5.71%
Deferred Revenue
YoY Change
Short-Term Debt	$229.7M	$194.3M	$197.5M	$118.4M	$102.7M	$103.5M	$118.7M	$131.7M	$154.8M	$167.6M	$69.30M	$64.80M	$72.60M	$117.0M	$102.4M	$94.40M	$111.3M	$95.30M	$81.80M	$71.30M	$55.50M	$50.30M	$36.50M	$32.20M	$26.60M	$17.00M
YoY Change	18.21%	-1.6%	66.81%	15.29%	-0.77%	-12.81%	-9.87%	-14.92%	-7.64%	141.85%	6.94%	-10.74%	-37.95%	14.26%	8.47%	-15.18%	16.79%	16.5%	14.73%	28.47%	10.34%	37.81%	13.35%	21.05%	56.47%	2328.57%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$323.6M	$78.21M	$24.60M	$24.30M	$22.40M	$25.20M	$14.20M	$15.20M	$16.40M	$12.30M	$5.800M	$8.400M	$4.200M	$5.900M	$7.200M	$17.10M	$23.80M	$21.90M	$16.60M	$9.400M	$7.100M	$6.000M	$5.400M	$6.900M	$2.600M	$500.0K
YoY Change	313.8%	217.93%	1.23%	8.48%	-11.11%	77.46%	-6.58%	-7.32%	33.33%	112.07%	-30.95%	100.0%	-28.81%	-18.06%	-57.89%	-28.15%	8.68%	31.93%	76.6%	32.39%	18.33%	11.11%	-21.74%	165.38%	420.0%	66.67%
Long-Term Debt	$138.6M	$137.6M	$121.9M	$47.60M	$46.90M	$46.20M	$45.50M	$44.80M	$55.20M	$54.50M	$34.60M	$33.00M	$34.40M	$44.80M	$49.90M	$52.50M	$37.00M	$36.30M	$35.30M	$34.60M	$17.60M	$17.10M	$16.20M	$16.10M	$16.00M	$0.00
YoY Change	0.75%	12.87%	156.09%	1.49%	1.52%	1.54%	1.56%	-18.84%	1.28%	57.51%	4.85%	-4.07%	-23.21%	-10.22%	-4.95%	41.89%	1.93%	2.83%	2.02%	96.59%	2.92%	5.56%	0.62%	0.63%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities	$138.6M	$137.6M	$121.9M	$47.60M	$46.90M	$46.20M	$45.50M	$44.80M	$55.20M	$54.50M	$34.60M	$33.00M	$34.40M	$44.80M	$49.90M	$52.50M	$37.00M	$36.30M	$35.30M	$34.60M	$17.60M	$17.10M	$16.20M	$16.10M	$16.00M	$0.00
YoY Change	0.75%	12.87%	156.09%	1.49%	1.52%	1.54%	1.56%	-18.84%	1.28%	57.51%	4.85%	-4.07%	-23.21%	-10.22%	-4.95%	41.89%	1.93%	2.83%	2.02%	96.59%	2.92%	5.56%	0.62%	0.63%
Total Liabilities	$4.831B	$4.431B	$4.801B	$3.996B	$3.216B	$2.989B	$2.921B	$2.742B	$2.570B	$2.565B	$1.274B	$1.276B	$1.268B	$1.507B	$1.766B	$2.034B	$1.943B	$1.895B	$1.683B	$1.395B	$1.073B	$842.5M	$627.2M	$480.9M	$340.1M	$189.5M
YoY Change	9.02%	-7.71%	20.16%	24.23%	7.62%	2.32%	6.53%	6.69%	0.18%	101.41%	-0.21%	0.64%	-15.82%	-14.7%	-13.15%	4.65%	2.52%	12.61%	20.7%	29.95%	27.37%	34.33%	30.42%	41.4%	79.47%	1687.74%

Ownership

Basic Shares Outstanding

Diluted Shares Outstanding

Preferred Stock

Treasury Stock Shares

Stock Issuance & Repurchase

Ownership Data

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Basic Shares Outstanding	16.02M	15.86M	15.99M	16.27M	16.41M	16.60M	16.48M	16.29M	16.61M	13.51M	8.711M shares	8.625M shares	8.603M shares
Diluted Shares Outstanding	16.02M	15.86M	15.99M	16.27M	16.41M	16.61M	16.49M	16.31M	16.64M	13.54M	8.725M shares	8.850M shares	8.878M shares
Preferred Stock
Treasury Stock Shares

Return On Shareholders' Equity

Book Value

Free Cash Flow

Free Cash Flow YoY

Free Cash Flow Margin

Dividends

Stock Price

Market Cap: $798.22 Million

About Mercantile Bank Corp

Mercantile Bank Corp. operates as a bank holding company for Mercantile Bank of Michigan. The company is headquartered in Grand Rapids, Michigan and currently employs 670 full-time employees. The Bank is a state banking company that provides commercial banking services primarily to small- to medium-sized businesses and retail banking services. Its operations are centered around the West and Central portions of Michigan. The company also has banking offices located in the metropolitan Detroit, Michigan area, Traverse City, Michigan, Saginaw, Michigan, and Midland, Michigan. The company makes secured and unsecured commercial, construction, mortgage and consumer loans, and accepts checking, savings and time deposits. The company also enables customers to conduct certain loan and deposit transactions by personal computer and through mobile applications. Its insurance product offerings include private passenger automobiles, homeowners, personal inland marine, boat owners, recreational vehicles, dwelling fire, umbrella policies, small businesses, and life insurance products.

Industry: State Commercial Banks Peers: Bank of Marin Bancorp Business First Bancshares Inc Equity Bancshares Inc Farmers National Banc Corp Five Star Bancorp PNC Financial Services Group Inc South Plains Financial Inc