MERCANTILE BANK CORPORATION MBWM Income Statement

Mercantile bank corporation (MBWM)

Income statement / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
Interest income
Loans, including fees
143,469	145,816	144,234	140,147	135,237	131,763	127,498	125,326	122,398	116,816	114,236	111,043	109,003	109,049	107,862	106,874	105,574	104,106	103,208	102,966	94,036	80,824	69,059	56,147	52,177	52,924	52,189	52,164	52,931	53,898	55,155	56,720	59,437	62,356	67,138	72,253	0	0	0
Securities, taxable
9,480	7,919	7,727	7,341	7,014	6,736	6,379	5,983	5,650	5,326	5,066	5,232	6,604	6,842	7,022	6,916	5,748	5,918	6,355	6,965	6,869	6,417	5,736	4,747	4,361	4,134	4,048	4,054	4,110	4,383	4,752	5,331	6,049	6,685	7,186	7,637	0	0	0
Securities, tax-exempt
2,246	2,231	2,206	2,187	2,206	2,239	2,286	2,333	2,349	2,305	2,252	2,213	2,178	2,165	2,139	2,106	2,089	2,089	2,105	2,146	1,997	1,643	1,298	956	839	951	1,070	1,178	1,288	1,415	1,545	1,665	1,752	1,805	1,865	1,970	0	0	0
Federal funds sold
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	203	211	214	192	177	191	201	199	179	156	0	0	0
Other interest-earning assets
2,439	2,371	1,800	1,462	1,180	1,243	1,525	1,594	1,423	1,096	802	540	487	401	294	216	217	215	233	223	217	234	378	350	298	233	24	28	30	29	28	26	24	24	29	33	0	0	0
Total interest income
157,634	158,337	155,967	151,137	145,637	141,981	137,688	135,236	131,820	125,543	122,356	119,028	118,272	118,457	117,317	116,112	113,628	112,328	111,901	112,300	103,119	89,118	76,344	62,111	57,621	58,242	57,534	57,635	58,573	59,917	61,657	63,933	67,463	71,069	76,397	82,049	0	0	0
Interest expense
Deposits
21,101	21,264	19,854	17,855	15,588	13,869	12,740	11,818	10,579	9,362	8,483	7,755	7,551	7,549	7,556	7,601	7,557	7,590	7,743	7,745	8,242	8,378	8,457	8,676	8,627	8,912	9,290	9,828	10,449	11,137	11,957	13,269	14,758	16,384	18,643	20,595	0	0	0
Short-term borrowings
231	295	335	327	320	273	229	211	196	190	200	217	218	211	194	171	163	157	155	150	138	122	105	90	82	80	85	105	128	157	185	219	293	405	744	1,024	0	0	0
Federal Home Loan Bank advances
8,955	8,977	8,265	7,209	5,936	4,647	4,101	3,933	3,947	3,657	3,358	2,995	2,568	2,263	1,854	1,387	963	765	670	633	638	636	627	602	565	533	499	541	722	993	1,283	1,510	1,816	2,033	3,063	4,229	0	0	0
Subordinated debentures and other borrowings
3,141	3,267	3,329	3,327	3,265	3,110	2,952	2,804	2,660	2,586	2,534	2,474	2,441	2,567	2,622	2,687	2,738	2,642	2,646	2,721	2,538	2,204	1,853	1,436	1,281	1,261	1,163	1,074	988	929	933	925	939	1,010	1,110	1,238	0	0	0
Total interest expense
33,428	33,803	31,783	28,718	25,109	21,899	20,022	18,766	17,382	15,795	14,575	13,441	12,778	12,590	12,226	11,846	11,421	11,154	11,214	11,249	11,556	11,340	11,042	10,804	10,555	10,786	11,037	11,548	12,287	13,216	14,358	15,923	17,806	19,832	23,560	27,086	0	0	0
Net interest income
124,206	124,534	124,184	122,419	120,528	120,082	117,666	116,470	114,438	109,748	107,781	105,587	105,494	105,867	105,091	104,266	102,207	101,174	100,687	101,051	91,563	77,778	65,302	51,307	47,066	47,456	46,497	46,087	46,286	46,701	47,299	48,010	49,657	51,237	52,837	54,963	0	0	0
Provision for loan losses
1,650	1,750	2,450	2,150	1,950	1,100	1,700	2,300	2,350	2,950	2,950	2,550	2,900	2,900	2,800	1,700	0	-1,000	-1,500	-1,400	-1,500	-3,000	-5,500	-6,800	-7,600	-7,200	-4,400	-3,100	-4,600	-3,100	-1,500	0	4,700	6,900	15,400	20,500	0	0	0
Net interest income after provision for loan losses
122,556	122,784	121,734	120,269	118,578	118,982	115,966	114,170	112,088	106,798	104,831	103,037	102,594	102,967	102,291	102,566	102,207	102,174	102,187	102,451	93,063	80,778	70,802	58,107	54,666	54,656	50,897	49,187	50,886	49,801	48,799	48,010	44,957	44,337	37,437	34,463	0	0	0
Noninterest income:
Mortgage banking income
10,055	8,485	6,286	4,632	4,282	4,109	4,303	4,394	4,182	4,421	4,520	4,430	4,391	3,866	3,437	3,274	3,529	3,619	3,451	2,947	2,297	1,672	1,110	735	611	800	1,129	1,382	1,432	1,479	1,413	1,161	1,013	846	800	735	0	0	0
Payroll services
1,698	1,626	1,562	1,523	1,485	1,462	1,412	1,353	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings on bank owned life insurance
2,592	3,886	3,885	3,873	2,586	1,287	1,307	1,317	1,324	2,731	2,725	2,746	2,716	1,264	1,225	1,148	1,112	1,113	1,134	1,161	1,181	1,184	1,175	1,213	1,281	1,329	1,383	1,424	1,459	1,528	1,607	1,681	1,745	1,777	1,785	1,787	0	0	0
Gain on trust preferred securities repurchase
-	-	-	-	-	-	-	-	-	-	-	-	-	2,970	2,970	2,970	2,970	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Rental income from other real estate owned
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	880	1,048	1,061	1,032	970	851	825	961	1,143	0	0	0
Net gain on sale of securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Gain on sales of commercial loans
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Other income
1,573	2,172	2,735	2,699	2,833	2,195	744	797	725	1,203	981	2,075	2,495	2,898	3,163	2,759	2,776	2,243	1,928	1,250	923	975	231	599	714	590	870	699	619	585	707	667	611	554	2,223	2,249	0	0	0
Total noninterest income
26,874	26,956	25,013	23,045	21,261	19,010	18,142	18,039	17,531	19,001	19,102	19,781	19,803	21,038	20,480	19,473	19,430	16,038	15,327	13,949	12,216	10,028	8,283	7,067	6,551	6,872	7,345	7,719	7,887	7,994	7,954	7,701	7,464	7,282	7,548	7,740	0	0	0
Noninterest expense
Salaries and benefits
54,346	53,833	52,865	52,117	51,588	50,910	49,627	48,331	46,462	45,397	44,362	43,888	43,801	43,524	43,649	43,232	43,505	42,594	42,654	42,594	38,557	33,703	28,156	22,727	20,671	20,298	20,066	19,659	19,533	19,367	18,915	18,702	18,211	17,891	18,020	17,943	0	0	0
Occupancy
7,358	7,061	6,750	6,701	6,701	6,711	6,529	6,479	6,404	6,186	6,170	6,087	6,013	6,063	5,997	6,008	6,007	5,976	6,074	6,063	5,498	4,637	3,767	2,891	2,601	2,547	2,475	2,434	2,481	2,501	2,611	2,720	2,757	2,780	2,812	2,828	0	0	0
Furniture and equipment depreciation, rent and maintenance
2,726	2,583	2,566	2,596	2,557	2,470	2,333	2,217	2,181	2,168	2,165	2,153	2,129	2,119	2,121	2,159	2,233	2,332	2,352	2,343	2,115	1,738	1,405	1,087	975	984	1,041	1,081	1,124	1,176	1,183	1,206	1,211	1,206	1,270	1,361	0	0	0
Data processing costs
9,502	9,235	8,995	8,803	8,645	8,557	8,483	8,404	8,339	8,222	8,144	8,060	7,958	7,939	8,045	8,016	7,918	7,696	7,508	7,135	6,703	5,869	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Nonperforming asset costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	9,532	10,403	0	0	0
FDIC insurance costs
-	-	-	-	-	-	-	-	-	-	-	-	-	1,236	1,510	1,514	1,632	1,717	1,765	1,741	1,482	1,182	921	774	725	793	910	1,020	1,141	1,200	1,463	1,808	2,231	2,843	3,371	3,899	0	0	0
Problem asset costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	595	2,359	0	0	-	0	-	-	-	-	-	-	-	-
Merger-related costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	1,246	779	0	0	-	0	-	-	-	-	-	-	-	-
Other expense
14,647	14,757	14,059	14,641	14,694	14,854	14,164	14,265	14,778	14,820	15,197	14,952	14,185	14,141	14,159	14,582	15,373	15,726	15,883	16,158	13,942	11,134	7,353	5,047	4,869	5,387	5,155	5,232	5,183	5,158	5,504	5,017	5,012	4,806	8,893	8,931	0	0	0
Total noninterest expenses
90,390	89,280	87,903	87,526	86,853	86,170	84,059	82,619	81,087	79,716	78,262	77,715	77,026	77,118	78,821	78,851	80,008	79,381	78,880	79,928	75,644	65,610	55,098	44,279	37,026	36,403	36,500	36,763	38,554	39,624	39,939	39,729	39,568	41,495	43,898	45,365	0	0	0
Income before federal income tax expense
59,040	60,460	58,844	55,788	52,986	51,822	50,049	49,590	48,532	46,083	45,671	45,103	45,371	46,887	43,950	43,188	41,629	38,831	38,634	36,472	29,635	25,196	23,987	20,895	24,191	25,125	21,742	20,143	20,219	18,171	16,814	15,982	12,853	10,124	1,087	-3,162	0	0	0
Federal income tax expense
10,735	11,004	11,131	10,552	10,019	9,798	11,620	12,947	13,992	14,809	14,291	14,215	14,392	14,974	13,642	13,389	12,706	11,811	11,799	11,026	9,238	7,865	7,787	7,189	7,978	8,092	6,825	6,063	6,164	5,636	-22,996	-24,236	-26,092	-27,361	-718	-1,580	0	0	0
Net income
48,305	49,456	47,713	45,236	42,967	42,024	38,429	36,643	34,540	31,274	31,380	30,888	30,979	31,913	30,308	29,799	28,923	27,020	26,835	25,446	20,397	17,331	16,200	13,706	16,213	17,033	14,917	14,080	14,055	12,535	39,810	40,218	38,945	37,485	1,805	-1,582	0	0	0
Earnings per common share:
Preferred stock dividends and accretion
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,030	1,363	1,705	1,339	1,343	1,336	1,315	0	0	0
Net income attributable to common shares
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	11,505	38,447	38,513	37,606	36,142	469	-2,897	0	0	0
Basic earnings per share (in dollars per share)
0.65	0.81	0.77	0.71	0.72	0.69	0.61	0.57	0.66	0.48	0.51	0.45	0.46	0.50	0.48	0.46	0.52	0.40	0.45	0.39	0.39	0.39	0.35	0.13	0.41	0.59	0.40	0.46	0.51	0.35	0.30	0.38	0.30	3.48	0.31	0.28	0.13	-0.67	-0.08
Diluted earnings per share (in dollars per share)
0.65	0.81	0.77	0.71	0.72	0.69	0.61	0.57	0.66	0.48	0.51	0.45	0.46	0.50	0.48	0.46	0.52	0.39	0.45	0.39	0.39	0.39	0.35	0.13	0.41	0.59	0.40	0.46	0.50	0.36	0.30	0.36	0.28	3.38	0.30	0.27	0.12	-0.67	-0.08
Cash dividends per common share (in dollars per share)
0.28	-	0.27	0.26	0.26	-	0.24	0.22	0.22	-	0.19	0.18	0.18	-	0.17	0.16	0.16	-	0.15	0.14	0.14	-	0.12	2.12	0.12	-	0.12	0.11	0.10	-	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00
Average basic shares outstanding (in shares)
16,350	-	16,390	16,428	16,429	-	16,611	16,601	16,595	-	16,483	16,471	16,434	-	16,282	16,240	16,291	-	16,425	16,767	16,937	-	16,852	11,406	8,738	-	8,707	8,705	8,705	-	8,622	8,610	8,605	-	8,604	8,604	8,599	8,507	8,505
Average diluted shares outstanding (in shares)
16,351	-	16,393	16,434	16,435	-	16,619	16,610	16,604	-	16,494	16,485	16,449	-	16,307	16,268	16,325	-	16,461	16,803	16,978	-	16,926	11,435	8,741	-	8,725	8,718	8,718	-	8,653	9,043	8,991	-	8,868	8,872	8,884	8,507	8,505
Deposit Account [Member]
Noninterest income
4,729	4,584	4,504	4,446	4,382	4,358	4,344	4,293	4,268	4,233	4,223	4,287	4,323	4,253	4,042	3,764	3,486	3,308	3,281	3,281	2,991	2,586	2,126	1,661	1,523	1,532	1,535	1,516	1,511	1,523	1,555	1,582	1,604	1,640	1,680	1,722	0	0	0
Credit and Debit Card [Member]
Noninterest income
5,949	5,925	5,796	5,627	5,448	5,354	5,218	5,055	4,897	4,760	4,590	4,465	4,369	4,278	4,217	4,132	4,131	4,329	4,079	3,667	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-