MERCANTILE BANK CORPORATION
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $88.8M | $79.6M | $82.2M | $61.1M | $59.0M | $44.1M | $49.5M | $42.0M |
| Depreciation & Amortization | $5.8M | $10.5M | $11.5M | $12.9M | $13.7M | $9.4M | $9.6M | $9.8M |
| Depreciation | $5.2M | $6.0M | $6.0M | $6.0M | $5.8M | $5.2M | $3.9M | $3.6M |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | $3.5M | $3.3M | $3.4M | $3.4M | $3.8M | $2.3M | $2.9M | $2.4M |
| Net Cash from Operating Activities | $18.0M | $101.1M | $66.6M | $119.9M | $64.6M | $37.9M | $44.8M | $61.7M |
| Investing Activities | ||||||||
| Capital Expenditures | — | — | — | — | — | — | — | — |
| Business Acquisitions | $-53.6M | $0 | $0 | — | — | — | — | — |
| Net Cash from Investing Activities | $-105.7M | $-425.4M | $-395.9M | $-555.0M | $-495.5M | $-398.8M | $-92.8M | $-210.5M |
| Financing Activities | ||||||||
| Dividends Paid | $24.0M | $22.5M | $21.0M | $19.6M | $18.5M | $17.9M | $17.1M | $27.5M |
| Stock Repurchases | — | — | $0 | $0 | $21.4M | $6.6M | $7.2M | $5.9M |
| Net Cash from Financing Activities | $168.0M | $586.8M | $363.1M | $-443.3M | $780.1M | $753.2M | $206.4M | $24.0M |
| Net Change in Cash | $80.3M | $262.5M | $33.8M | $-878.4M | $349.2M | $392.3M | $158.4M | $-124.7M |
| Free Cash Flow | — | — | — | — | — | — | — | — |