MBWM Q1 2024 Earnings — Mercantile Bank Corporation Revenue & Financial Results | Market Cap Arena

MBWMMercantile Bank Corporation

$872M

Q1 2024 Earnings

Financial Services Banks - Regional

Income Statement

Revenue

$88M+29.9% YoY

Gross Profit

$57M65.0% margin

Operating Income

$27M30.8% margin

Net Income

$22M24.6% margin

EPS (Diluted)

$1.34

QoQ Revenue Growth

+6.7%

Cash Flow

Operating Cash Flow

$40M

Free Cash Flow

$39M

Stock-Based Comp.

$742,000

Balance Sheet

Total Assets

$5.5B

Total Liabilities

$4.9B

Stockholders' Equity

$537M

Cash & Equivalents

$237M

Year-over-Year Comparison

Metric	Current	Year Ago	Change
Revenue	$88M	$67M	+29.9%
Gross Profit	$57M	$55M	+4.0%
Operating Income	$27M	$26M	+3.2%
Net Income	$22M	$21M	+2.8%

Revenue Segments

Credit and Debit Card

$2M45%

Service Charges on Deposit and Sweep Accounts

$2M32%

Payroll Processing

$896,00019%

Customer Service

$198,0004%