$575.1 M

MBWM Mkt cap, 20-Sep-2018

$78.2 M

Mercantile Bank Revenue Q2, 2018
Mercantile Bank Gross profit (Q2, 2018)68.4 M
Mercantile Bank Gross profit margin (Q2, 2018), %87.4%
Mercantile Bank Net income (Q2, 2018)20.3 M
Mercantile Bank EBIT (Q2, 2018)58.7 M
Mercantile Bank Cash, 30-Jun-2018125.7 M
Mercantile Bank EV725.2 M

Mercantile Bank Income Statement

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

Gross profit Margin, %

90%89%

Sales and marketing expense

43.5 m45.4 m

R&D expense

7.9 m8.2 m

Operating expense total

51.5 m53.6 m

EBIT

102.2 m103 m106.8 m

EBIT margin, %

91%87%

Net Income

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

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Revenue

16.4 m15.1 m20.8 m31.8 m31.7 m32.8 m36 m34.2 m35 m34.6 m34.9 m39.4 m78.2 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 m4.8 m9.9 m

Gross profit

13.7 m12.6 m17.8 m28.9 m29.1 m29.9 m33 m31.2 m31.7 m31.4 m31.2 m34.6 m68.4 m

Gross profit Margin, %

84%83%86%91%92%91%92%91%91%91%89%88%87%

Sales and marketing expense

5.3 m5.2 m7 m10.7 m11.1 m10.7 m11 m10.8 m11.2 m11.3 m10.9 m12.3 m25.1 m

Operating expense total

5.3 m5.2 m7 m10.7 m11.1 m10.7 m11 m10.8 m11.2 m11.3 m10.9 m12.3 m25.1 m

EBIT

13.7 m13 m16.3 m26.4 m25.6 m26.1 m25.3 m26 m25.9 m24.9 m26.4 m30.2 m58.7 m

EBIT margin, %

84%86%78%83%81%80%70%76%74%72%76%77%75%

Net Income

3.5 m3.6 m1.5 m5.9 m6.6 m6.6 m7.3 m8.5 m7.4 m7.8 m7.6 m7.3 m10.9 m20.3 m

Mercantile Bank Balance Sheet

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

Goodwill

49.5 m49.5 m49.5 m49.5 m

Total Assets

1.4 b2.9 b2.9 b3.1 b3.3 b

Accounts Payable

2.4 b2.5 b

Short-term debt

33 m54.5 m55.2 m44.8 m45.5 m

Long-term debt

45 m54 m68 m175 m220 m

Total Debt

78 m108.5 m123.2 m219.8 m265.5 m

Total Liabilities

2.7 b2.9 b

Retained Earnings

(4.1 m)10.2 m27.7 m40.9 m61 m

Total Equity

153.3 m333.8 m340.8 m365.9 m

Debt to Equity Ratio

0.5 x0.4 x0.6 x

Debt to Assets Ratio

0.1 x0 x0 x0.1 x

Financial Leverage

9.3 x8.7 x9 x9 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Cash

125.9 m109.9 m118.9 m132.3 m148.8 m138.4 m103.8 m101.2 m107 m141.7 m53 m101.6 m211.2 m125.7 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 b2.6 b2.6 b

PP&E

25.2 m24.9 m49 m48.6 m48.4 m47.9 m47.5 m46 m45.6 m45.2 m45.8 m46 m46.3 m47.1 m

Goodwill

50.9 m50.9 m49.5 m49.5 m49.5 m49.5 m49.5 m49.5 m49.5 m49.5 m49.5 m49.5 m

Total Assets

1.4 b1.4 b2.9 b2.9 b2.9 b2.9 b2.9 b2.9 b3 b3.1 b3 b3.1 b3.3 b3.3 b

Accounts Payable

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

Short-term debt

33 m33 m54.1 m54.3 m54.6 m54.8 m55 m44.3 m44.7 m45 m45.2 m45.7 m45.9 m

Long-term debt

45 m45 m57 m57 m48 m48 m68 m98 m178 m205 m245 m220 m230 m

Total Debt

78 m78 m111.2 m111.3 m102.7 m102.8 m123 m142.3 m222.7 m250 m290.2 m265.7 m275.9 m

Total Liabilities

1.3 b1.3 b2.6 b2.5 b2.5 b2.5 b2.6 b2.6 b2.7 b2.7 b2.7 b2.8 b2.9 b2.9 b

Retained Earnings

(9.3 m)(521 k)673 k5.9 m14.5 m18.8 m23.7 m33.7 m38.6 m43.7 m45.6 m50 m68.2 m74.1 m

Total Equity

149.8 m329 m328.8 m338.6 m344.6 m349.5 m348.1 m357.5 m368.3 m374.9 m

Financial Leverage

9.5 x8.7 x8.8 x8.6 x8.7 x8.8 x8.7 x8.8 x8.9 x8.8 x

Mercantile Bank Cash Flow

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

Accounts Receivable

225 k(11 k)(321 k)122 k(1.1 m)

Inventories

Accounts Payable

Cash From Operating Activities

28.5 m14.4 m36 m34.6 m38.7 m

Purchases of PP&E

(10.6 m)(164.3 m)(67 m)

Interest Paid

11.1 m11.4 m11.6 m12.5 m15.5 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q1, 2018Q2, 2018

Net Income

3.5 m3.6 m1.5 m5.9 m6.6 m6.6 m7.3 m8.5 m7.4 m7.8 m7.6 m10.9 m20.3 m

Depreciation and Amortization

2.5 m4.9 m

Accounts Receivable

7.7 m(820 k)(490 k)

Cash From Operating Activities

13 m21.4 m

Purchases of PP&E

(13.3 m)(31.1 m)

Interest Paid

4.5 m9.9 m

Mercantile Bank Ratios

USDY, 2018

EV/EBIT

12.3 x

EV/CFO

34 x

Financial Leverage

8.8 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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