MBWMMercantile Bank Corporation

$872M

Q2 2023 Earnings

Financial Services Banks - Regional

Income Statement

Revenue

$74M+55.6% YoY

Gross Profit

$53M72.3% margin

Operating Income

$25M34.5% margin

Net Income

$20M27.7% margin

EPS (Diluted)

$1.27

QoQ Revenue Growth

+9.1%

Cash Flow

Operating Cash Flow

$19M

Free Cash Flow

$17M

Stock-Based Comp.

$828,000

Balance Sheet

Total Assets

$5.1B

Total Liabilities

$4.7B

Stockholders' Equity

$479M

Cash & Equivalents

$208M

Year-over-Year Comparison

Metric	Current	Year Ago	Change
Revenue	$74M	$47M	+55.6%
Gross Profit	$53M	$42M	+28.0%
Operating Income	$25M	$15M	+73.4%
Net Income	$20M	$12M	+73.4%

Revenue Segments

Credit and Debit Card

$2M57%

Service Charges on Deposit and Sweep Accounts

$1M25%

Payroll Processing

$572,00013%

Customer Service

$187,0004%

MBWM Q2 2023 Earnings — Mercantile Bank Corporation Revenue & Financial Results | Market Cap Arena