$623.9 M

MBWM Mkt cap, 22-Jun-2018

$39.4 M

Mercantile Bank Revenue Q1, 2018
Mercantile Bank Gross profit (Q1, 2018)34.6 M
Mercantile Bank Gross profit margin (Q1, 2018), %87.9%
Mercantile Bank Net income (Q1, 2018)10.9 M
Mercantile Bank EBIT (Q1, 2018)30.2 M
Mercantile Bank Cash, 31-Mar-2018211.2 M
Mercantile Bank EV678.5 M

Mercantile Bank Financials

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, 2018

Revenue

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

Gross profit Margin, %

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

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 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 m

EBIT

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

EBIT margin, %

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

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 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, 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 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 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 m

Goodwill

50.9 m50.9 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 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 b

Short-term debt

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

Long-term debt

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

Total Debt

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

Total Equity

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

Financial Leverage

9.5 x8.7 x8.8 x8.6 x8.7 x8.8 x8.7 x8.8 x8.9 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, 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 m

Depreciation and Amortization

2.5 m

Accounts Receivable

7.7 m(820 k)

Cash From Operating Activities

13 m

Purchases of PP&E

(13.3 m)

Interest Paid

4.5 m

Mercantile Bank Ratios

USDY, 2018

EV/EBIT

22.5 x

EV/CFO

52 x

Revenue/Employee

71.3 k

Financial Leverage

8.9 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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