$468.8 M

MBWM Mkt cap, 14-Dec-2018

$40.2 M

Mercantile Bank Revenue Q3, 2018
Mercantile Bank Gross profit (Q3, 2018)34.5 M
Mercantile Bank Gross profit margin (Q3, 2018), %86%
Mercantile Bank Net income (Q3, 2018)10.1 M
Mercantile Bank EBIT (Q3, 2018)29.4 M
Mercantile Bank Cash, 30-Sep-201880 M
Mercantile Bank EV674.8 M

Mercantile Bank Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

58.2m89.1m128.4m139.5m144.5m

Revenue growth, %

53%26%5%

Cost of goods sold

11.2m12.6m15.8m

Gross profit

117.2m126.9m128.7m

Gross profit Margin, %

91%91%89%

Sales and marketing expense

42.6m43.5m45.4m

R&D expense

7.7m7.9m8.2m

Operating expense total

50.3m51.5m53.6m

EBIT

102.2m103.0m106.8m

EBIT margin, %

80%74%74%

Net Income

17.0m17.3m27.0m31.9m31.3m

Quarterly

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

Revenue

16.4m15.1m20.8m31.8m31.7m32.8m36.0m34.2m35.0m34.6m34.9m37.6m39.4m38.9m40.2m

Cost of goods sold

2.7m2.5m2.9m2.9m2.6m2.9m3.0m3.0m3.3m3.2m3.7m4.4m4.8m5.1m5.6m

Gross profit

13.7m12.6m17.8m28.9m29.1m29.9m33.0m31.2m31.7m31.4m31.2m33.2m34.6m33.8m34.5m

Gross profit Margin, %

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

Sales and marketing expense

5.3m5.2m7.0m10.7m11.1m10.7m11.0m10.8m11.2m11.3m10.9m11.6m12.3m12.8m12.9m

Operating expense total

5.3m5.2m7.0m10.7m11.1m10.7m11.0m10.8m11.2m11.3m10.9m11.6m12.3m25.1m12.9m

EBIT

13.7m13.0m16.3m26.4m25.6m26.1m25.3m26.0m25.9m24.9m26.4m27.6m30.2m28.5m29.4m

EBIT margin, %

84%86%78%83%81%80%70%76%74%72%76%73%77%73%73%

Net Income

3.5m3.6m1.5m5.9m6.6m6.6m7.3m8.5m7.4m7.8m7.6m7.3m8.3m10.9m9.4m10.1m

Mercantile Bank Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

147.0m172.7m89.9m183.6m200.1m

Accounts Receivable

3.6m

Inventories

1.1b2.3b2.4b2.6b

PP&E

24.9m48.8m46.9m45.5m46.0m

Goodwill

49.5m49.5m49.5m49.5m

Total Assets

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

Accounts Payable

1.1b2.3b2.4b2.5b

Short-term debt

33.0m54.5m55.2m44.8m45.5m

Long-term debt

45.0m54.0m68.0m175.0m220.0m

Total Debt

78.0m108.5m123.2m219.8m265.5m

Total Liabilities

1.3b2.6b2.7b2.9b

Retained Earnings

(4.1m)10.2m27.7m40.9m61.0m

Total Equity

153.3m333.8m340.8m365.9m

Debt to Equity Ratio

0.5 x0.4 x0.6 x0.7 x

Debt to Assets Ratio

0.1 x0 x0 x0.1 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, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Cash

125.9m109.9m118.9m132.3m148.8m138.4m103.8m101.2m107.0m141.7m53.0m101.6m177.1m211.2m125.7m80.0m

Inventories

1.1b1.1b2.1b2.1b2.1b2.2b2.2b2.3b2.4b2.4b2.4b2.5b2.6b2.6b2.6b2.7b

PP&E

25.2m24.9m49.0m48.6m48.4m47.9m47.5m46.0m45.6m45.2m45.8m46.0m45.6m46.3m47.1m48.1m

Goodwill

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

Total Assets

1.4b1.4b2.9b2.9b2.9b2.9b2.9b2.9b3.0b3.1b3.0b3.1b3.3b3.3b3.3b3.3b

Accounts Payable

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

Short-term debt

33.0m33.0m54.1m54.3m54.6m54.8m55.0m44.3m44.7m45.0m45.2m45.3m45.7m45.9m46.0m

Long-term debt

45.0m45.0m57.0m57.0m48.0m48.0m68.0m98.0m178.0m205.0m245.0m220.0m220.0m230.0m240.0m

Total Debt

78.0m78.0m111.2m111.3m102.7m102.8m123.0m142.3m222.7m250.0m290.2m265.3m265.7m275.9m286.0m

Total Liabilities

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

Retained Earnings

(9.3m)(521.0k)673.0k5.9m14.5m18.8m23.7m33.7m38.6m43.7m45.6m50.0m55.3m68.2m74.1m80.3m

Total Equity

149.8m329.0m328.8m338.6m344.6m349.5m348.1m357.5m362.5m368.3m374.9m379.5m

Debt to Equity Ratio

0.3 x0.4 x0.4 x0.6 x0.7 x0.8 x0.7 x0.7 x0.8 x

Debt to Assets Ratio

0 x0 x0 x0.1 x0.1 x0.1 x0.1 x0.1 x0.1 x

Financial Leverage

9.5 x8.7 x8.8 x8.6 x8.7 x8.8 x8.7 x8.8 x9 x8.9 x8.8 x8.7 x

Mercantile Bank Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

17.0m17.3m27.0m31.9m31.3m

Depreciation and Amortization

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

Accounts Receivable

225.0k(11.0k)(321.0k)122.0k(1.1m)

Inventories

Accounts Payable

Cash From Operating Activities

28.5m14.4m36.0m34.6m38.7m

Purchases of PP&E

(10.6m)(164.3m)(67.0m)

Cash From Investing Activities

(12.4m)(96.2m)(96.6m)

Interest Paid

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

Quarterly

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

Net Income

3.5m3.6m1.5m5.9m6.6m13.2m20.5m8.5m7.4m23.8m7.6m15.0m23.3m10.9m20.3m30.5m

Depreciation and Amortization

5.6m8.6m2.8m6.7m2.5m5.4m7.8m2.5m4.9m7.3m

Accounts Receivable

7.7m212.0k(321.0k)(366.0k)(228.0k)(828.0k)(279.0k)(1.4m)(820.0k)(490.0k)(1.2m)

Cash From Operating Activities

15.1m25.6m10.1m22.2m7.6m15.7m24.8m13.0m21.4m34.9m

Purchases of PP&E

(4.9m)(8.3m)(17.9m)(130.4m)(14.7m)(24.1m)(50.3m)(13.3m)(31.1m)(35.7m)

Cash From Investing Activities

(17.8m)(56.1m)

Cash From Financing Activities

40.7m142.4m

Interest Paid

5.6m8.6m3.1m9.2m3.3m7.1m11.1m4.5m9.9m15.3m

Mercantile Bank Ratios

USDY, 2018

EV/EBIT

22.9 x

EV/CFO

19.3 x

Debt/Equity

0.8 x

Debt/Assets

0.1 x

Financial Leverage

8.7 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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Mercantile Bank Employee Rating

4.123 votes
Culture & Values
4.2
Work/Life Balance
4.0
Senior Management
4.0
Salary & Benefits
3.5
Career Opportunities
3.3
Source