MERCANTILE BANK CORPORATION
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $242.7M | $231.5M | $262.6M | $206.7M | $177.2M | $168.3M | $148.2M | $136.2M |
| Net Interest Income | — | — | $240.7M | $182.5M | $146.8M | $138.6M | $128.9M | $118.7M |
| Non-interest Income | — | — | $22.0M | $24.2M | $30.3M | $29.7M | $19.3M | $17.5M |
| Cost of Revenue | — | — | — | — | — | — | — | — |
| Gross Profit | — | — | — | — | — | — | — | — |
| Gross Margin | — | — | — | — | — | — | — | — |
| Operating Expenses | ||||||||
| Research & Development | — | — | — | — | — | — | — | — |
| SG&A Expense | — | — | — | — | — | — | — | — |
| Operating Income | $103.5M | $98.3M | $180.5M | $99.4M | $93.1M | $80.9M | $94.3M | $73.7M |
| Operating Margin | 42.7% | 42.5% | 68.7% | 48.1% | 52.6% | 48.1% | 63.6% | 54.1% |
| Interest Expense | — | — | $77.8M | $23.6M | $19.4M | $26.1M | $33.8M | $21.9M |
| Pretax Income | $103.5M | $98.3M | $102.7M | $75.8M | $73.7M | $54.8M | $60.5M | $51.8M |
| Income Tax Expense | $14.7M | $18.7M | $20.5M | $14.7M | $14.7M | $10.7M | $11.0M | $9.8M |
| Net Income | $88.8M | $79.6M | $82.2M | $61.1M | $59.0M | $44.1M | $49.5M | $42.0M |
| Net Margin | 36.6% | 34.4% | 31.3% | 29.5% | 33.3% | 26.2% | 33.4% | 30.8% |
| EPS (Basic) | $5.47 | $4.93 | $5.13 | $3.85 | $3.69 | $2.71 | $3.01 | $2.53 |
| EPS (Diluted) | $5.47 | $4.93 | $5.13 | $3.85 | $3.69 | $2.71 | $3.01 | $2.53 |
| Shares Outstanding (Basic) | 16.2M | 16.1M | 16.0M | 15.9M | 16.0M | 16.3M | 16.4M | 16.6M |
| Shares Outstanding (Diluted) | 16.2M | 16.1M | 16.0M | 15.9M | 16.0M | 16.3M | 16.4M | 16.6M |
| Dividends Per Share | $1.50 | $1.40 | $1.34 | $1.26 | $1.18 | $1.12 | $1.06 | — |