Mercantile Bank operates as the bank holding company for Mercantile Bank of Michigan that provides commercial banking services for small- to medium-sized businesses and individuals. It accepts various deposit products, including checking, savings and term certificate accounts, time deposits, certificates of deposit, as well as repurchase agreements. The Company also offers commercial and industrial loans, vacant land, land development, residential construction loans, owner occupied real estate, non-owner occupied real estate, multi-family and residential rental property loans, single-family residential real estate loans, home equity line of credit programs, and consumer loans, such as loans for new and used automobiles, boats and credit cards, as well as overdraft protection for its checking account customers.

Type
Public
HQ
Grand Rapids, US
Founded
1997
Size (employees)
552 (est)
Mercantile Bank was founded in 1997 and is headquartered in Grand Rapids, US
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Mercantile Bank Office Locations

Mercantile Bank has an office in Grand Rapids
Grand Rapids, US (HQ)
310 Leonard St NW
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Mercantile Bank Financials and Metrics

Mercantile Bank Financials

Mercantile Bank's revenue was reported to be $118.46 m in FY, 2016 which is a 5.5% increase from the previous period.
USD

Net income (FY, 2017)

31.3 m

EBIT (FY, 2017)

106.8 m

Market capitalization (20-Apr-2018)

584.5 m

Cash (31-Dec-2017)

200.1 m

EV

649.9 m
Mercantile Bank's current market capitalization is $584.5 m.
Annual
USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

58.2 m89.1 m112.3 m118.5 m

Revenue growth, %

53%26%5%

Cost of goods sold

11.2 m12.6 m15.8 m

Gross profit

101.2 m105.9 m
Quarterly
USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017

Revenue

16.4 m15.1 m20.8 m31.8 m31.7 m32.8 m36 m34.2 m35 m34.6 m34.9 m

Cost of goods sold

2.7 m2.5 m2.9 m2.9 m2.6 m2.9 m3 m3 m3.3 m3.2 m3.7 m

Gross profit

13.7 m12.6 m17.8 m28.9 m29.1 m29.9 m33 m31.2 m31.7 m31.4 m31.2 m

Gross profit Margin, %

84%83%86%91%92%91%92%91%91%91%89%
Annual
USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

147 m172.7 m89.9 m183.6 m200.1 m

Accounts Receivable

3.6 m

Inventories

2.4 b2.6 b

PP&E

24.9 m48.8 m46.9 m45.5 m46 m
Quarterly
USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017

Cash

125.9 m109.9 m118.9 m132.3 m148.8 m138.4 m103.8 m101.2 m107 m141.7 m53 m101.6 m

Inventories

1.1 b1.1 b2.1 b2.1 b2.1 b2.2 b2.2 b2.3 b2.4 b2.4 b2.4 b2.5 b

PP&E

25.2 m24.9 m49 m48.6 m48.4 m47.9 m47.5 m46 m45.6 m45.2 m45.8 m46 m

Goodwill

50.9 m50.9 m49.5 m49.5 m49.5 m49.5 m49.5 m49.5 m49.5 m49.5 m
Annual
USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

17 m17.3 m27 m31.9 m31.3 m

Depreciation and Amortization

2.2 m7.6 m11.7 m9.6 m10.4 m

Inventories

Accounts Payable

Quarterly
USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017

Net Income

3.5 m3.6 m1.5 m5.9 m6.6 m6.6 m7.3 m8.5 m7.4 m7.8 m7.6 m
USDY, 2017

EV/EBIT

6.1 x

EV/CFO

16.8 x

Financial Leverage

9 x
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Mercantile Bank Operating Metrics

Mercantile Bank's Total Loans was reported to be $2.5b in Q2, 2017.
FY, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017Q2, 2017

ATMs

53 48 49

Bank Branches

53 48 49

Non-performing Loans

$29.43 m$26.27 m$8.10 m$8.21 m$5.44 m$4.84 m$5.17 m$4.67 m$5.94 m$7.29 m$6.45 m

Total Loans

$2.09 b$2.12 b$2.17 b$2.22 b$2.28 b$2.30 b$2.38 b$2.41 b$2.38 b$2.44 b$2.53 b
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