MBWM Q1 2023 Earnings — Mercantile Bank Corporation Revenue & Financial Results | Market Cap Arena

MBWMMercantile Bank Corporation

$872M

Q1 2023 Earnings

Financial Services Banks - Regional

Income Statement

Revenue

$67M+49.3% YoY

Gross Profit

$55M81.2% margin

Operating Income

$26M38.8% margin

Net Income

$21M31.1% margin

EPS (Diluted)

$1.31

QoQ Revenue Growth

+2.0%

Cash Flow

Operating Cash Flow

$18M

Free Cash Flow

$16M

Stock-Based Comp.

$853,000

Balance Sheet

Total Assets

$4.9B

Total Liabilities

$4.4B

Stockholders' Equity

$467M

Cash & Equivalents

$58M

Year-over-Year Comparison

Metric	Current	Year Ago	Change
Revenue	$67M	$45M	+49.3%
Gross Profit	$55M	$40M	+36.6%
Operating Income	$26M	$14M	+82.5%
Net Income	$21M	$11M	+82.5%

Revenue Segments

Credit and Debit Card

$2M51%

Service Charges on Deposit and Sweep Accounts

$976,00024%

Payroll Processing

$746,00019%

Customer Service

$220,0005%