Mercantile Bank Corporation Financial Ratios — MBWM Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	8.07	11.21	7.12	8.18	9.4	8.72	11.14	12.42	10.4	13.17	12.63	15.23	13.19	12.83
Return on Assets (%)	2.45	0.88	1.2	0.8	0.93	1.07	0.98	1.26	1.41	1.09	1.22	1.21	1.61	1.4	1.38
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	3.76	4.09	4.06	8.67	9.94	7.55	8.05	7.02	6.31	5.63	7.63	6.8	5.09	4.54	2.39
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	17.3	33.22	46.25	28.7	33.13	36.95	35.79	37.26	39.91	32.76	41.13	39.82	45.5	42.46	42.65
Profit Margin (%)	64.06	22.92	31.35	19.74	23.05	25.15	24.29	30.21	32.65	26.36	32.93	32.08	36.43	34.39	36.58
Net Income to Common Margin (%)	61.76	21.03	31.35	19.74	23.05	25.15	24.29	30.21	32.65	26.36	32.93	32.08	36.43	34.39	36.58
Effective Tax Rate (%)	- -	31.02	32.21	31.22	30.42	31.94	32.14	18.91	18.2	19.53	19.93	19.43	19.94	19.02	14.24
Dvd Payout Ratio (%)	0.77	2.09	22.83	141.16	35.22	58.69	38.52	65.44	34.59	40.62	31.39	32.1	25.55	28.23	26.99
Sustainable Growth Rate (%)	- -	7.9	8.65	-2.93	5.3	3.88	5.36	3.85	8.12	6.17	9.04	8.57	11.34	9.46	9.37

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	79	68	78	108	123	220	266	396	401	442	496	446	607	527	497
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	79	68	78	108	123	220	266	396	401	442	496	446	607	527	497
Total Debt/EBITDA	36.1	30.38	35.32	14.25	10.57	22.96	25.63	40.57	41.96	46.85	36.25	34.44	52.76	50.14	85.72
Net Debt/EBITDA	26.08	16.47	24.66	-6.97	2.91	3.78	6.32	32.85	17.5	-19.57	-35.04	26.97	41.41	12.73	4.07
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	9.78	10.19	11.14	11.34	11.45	11.24	11.28	11.4	11.36	9.83	8.75	10.4	10.7	10.48	10.96
Long-Term Debt/Equity (%)	48.14	46.38	50.87	33.06	36.89	64.5	72.57	105.58	96.24	100	108.61	101.01	116.16	90.11	68.55
Long-Term Debt/Capital (%)	33.1	31.93	32.92	24.85	27.03	38.82	41.73	50.82	49.26	50.31	51.86	46.8	51.44	45.37	39.89
Long-Term Debt/Total Assets (%)	5.54	4.78	5.47	3.75	4.24	7.13	8.08	11.78	11.03	9.95	9.43	9.15	11.33	8.7	7.27
Total Debt/Equity (%)	48.14	46.38	50.87	33.06	36.89	64.5	72.57	105.58	96.24	100	108.61	101.01	116.16	90.11	68.55
Total Debt/Capital (%)	33.1	31.93	32.92	24.85	27.03	38.82	41.73	50.82	49.26	50.31	51.86	46.8	51.44	45.37	39.89
Total Debt/Total Assets (%)	5.54	4.78	5.47	3.75	4.24	7.13	8.08	11.78	11.03	9.95	9.43	9.15	11.33	8.7	7.27
Net Debt to Equity	34.78	25.15	35.51	-16.16	10.14	10.63	17.88	85.5	40.13	-41.77	-104.97	79.08	91.16	22.88	3.25
Net Debt/Capital (%)	26.33	20.28	25.52	-19.28	9.24	9.47	15	45.55	28.82	-73.3	2,524.87	40.79	45.39	17.41	3.05
EBITDA	2	2	2	8	12	10	10	10	10	9	14	13	11	11	6
EBITDA-CapEx	2	2	2	5	11	8	5	3	-4	- -	8	10	5	2	-1
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	9.78	10.19	11.14	11.34	11.45	11.24	11.28	11.4	11.36	9.83	8.75	10.4	10.7	10.48	10.96
Long-Term Debt/Equity (%)	48.14	46.38	50.87	33.06	36.89	64.5	72.57	105.58	96.24	100	108.61	101.01	116.16	90.11	68.55
Long-Term Debt/Capital (%)	33.1	31.93	32.92	24.85	27.03	38.82	41.73	50.82	49.26	50.31	51.86	46.8	51.44	45.37	39.89
Long-Term Debt/Total Assets (%)	5.54	4.78	5.47	3.75	4.24	7.13	8.08	11.78	11.03	9.95	9.43	9.15	11.33	8.7	7.27
Total Debt/Equity (%)	48.14	46.38	50.87	33.06	36.89	64.5	72.57	105.58	96.24	100	108.61	101.01	116.16	90.11	68.55
Total Debt/Capital (%)	33.1	31.93	32.92	24.85	27.03	38.82	41.73	50.82	49.26	50.31	51.86	46.8	51.44	45.37	39.89
Total Debt/Total Assets (%)	5.54	4.78	5.47	3.75	4.24	7.13	8.08	11.78	11.03	9.95	9.43	9.15	11.33	8.7	7.27
CFO/Total Liabilities	1.77	1.33	2.25	0.56	1.4	1.26	1.32	2.07	1.39	0.95	1.34	2.7	1.38	1.85	0.29
CFO/CapEx	40.48	29.83	87.98	6.64	33.31	17.09	7.13	9.77	3.32	4.21	11.53	39.73	9.96	11.85	2.66
Altman's Z-Score	0.05	0.08	0.12	0.1	0.15	0.2	0.19	0.17	0.2	0.15	0.15	0.17	0.2	0.2	0.2

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	11.31	13.22	14.44	48.13	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	32.26	27.62	25.27	7.58	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	84	142	188	284	408	614	583	469	598	442	560	531	647	718	781
- Cash & Cash Equivalents	22	31	24	162	89	184	200	75	234	626	975	97	131	393	473
+ Preferred Equity and Hybrid Capital	20	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	79	68	78	108	123	220	266	396	401	442	496	446	607	527	497
Enterprise Value	-11	41	111	-202	94	322	313	453	431	-130	-512	277	506	255	-53
Total Capital	240	213	237	437	456	566	636	780	814	878	956	953	1,179	1,161	1,246
Total Debt/Capital (%)	33.1	31.93	32.92	24.85	27.03	38.82	41.73	50.82	49.26	50.31	51.86	46.8	51.44	45.37	39.89
Total Debt / EV	-6.97	1.66	0.7	-0.54	1.3	0.68	0.85	0.88	0.93	-3.4	-0.97	1.61	1.2	2.07	-9.37
EV/Sales	- -	0.75	2.05	- -	0.81	2.54	2.43	3.25	2.84	- -	- -	1.46	2.24	1.1	- -
EV/EBITDA	- -	18.26	50.39	- -	8.11	33.67	30.17	46.35	45.09	- -	- -	21.41	43.98	24.25	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	2.4	3.88	- -	2.62	9.32	8.08	7.33	9.62	- -	- -	2.31	7.59	2.52	- -
EV/Free Cash Flow to Firm	- -	2.32	3.84	- -	2.55	8.8	7.09	6.65	7.4	- -	- -	2.26	6.9	2.32	- -
Diluted Market Cap	87	146	188	285	408	615	583	469	598	442	560	531	647	718	781
Diluted Enterprise Value	164	183	243	232	442	651	649	790	766	258	81	880	1,123	851	805
EV per Share	- -	4.74	12.77	- -	5.69	19.79	18.97	27.26	26.26	- -	- -	17.47	31.57	15.79	- -
TTM Sales	59	55	54	88	117	127	129	139	151	167	179	190	226	231	243
TTM EBITDA	2	2	2	8	12	10	10	10	10	9	14	13	11	11	6
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	23	17	29	14	36	35	39	62	45	38	65	120	67	101	18
TTM Free Cash Flow to Firm	23	18	29	17	37	37	44	68	58	47	70	123	73	110	25

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	3.75	8.3	6.49	17.15	11.01	16.79	13.23	6.9	10.27	9.43	7.98	4.32	8.82	6.55	31.57
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-11	41	111	-202	94	322	313	453	431	-130	-512	277	506	255	-53
Low Price	7.51	9.77	16.03	18.26	18.42	20.84	28.92	26.4	27.86	17.09	26.75	29.26	23.89	33.46	37.76
EV/Sales	- -	0.75	2.05	- -	0.81	2.54	2.43	3.25	2.84	- -	- -	1.46	2.24	1.1	- -
EV/EBITDA	- -	18.26	50.39	- -	8.11	33.67	30.17	46.35	45.09	- -	- -	21.41	43.98	24.25	- -
Price/Earnings	2.32	12.37	11.04	16.39	15.08	19.25	18.64	11.16	12.1	10.01	9.49	8.7	7.87	9.02	8.8
Price/Earnings Average	2.11	11.4	9.63	15.77	12.87	13.24	17.64	13.59	11.05	8.93	8.66	8.87	6.28	8.43	8.39
Price/Earnings High	2.44	14.01	11.52	18.98	16.15	19.75	20.07	15.2	12.38	13.7	10.11	10.39	8.17	10.74	9.49
Price/Earnings Low	1.79	7.32	8.2	14.24	11.32	10.64	15.24	10.43	9.24	6.3	7.25	7.6	4.65	6.78	6.91
Price/Book Value	0.6	0.98	1.18	0.87	1.23	1.77	1.57	1.22	1.45	1.01	1.22	1.05	1.13	1.13	1.04
Price/Book Value Average	0.54	0.9	1.03	0.83	1.05	1.22	1.49	1.49	1.32	0.9	1.11	1.07	0.9	1.06	0.99
Price/Book Value High	0.63	1.11	1.23	1	1.31	1.82	1.69	1.67	1.48	1.39	1.3	1.25	1.17	1.35	1.13
Price/Book Value Low	0.46	0.58	0.88	0.75	0.92	0.98	1.29	1.14	1.11	0.64	0.93	0.92	0.67	0.85	0.82
Price/Tangible Book Value	0.58	0.97	1.23	1.08	1.5	2.18	1.89	1.47	1.65	1.13	1.38	1.35	1.37	1.34	1.24
Price/Tangible Book Value Average	0.53	0.89	1.07	1.04	1.28	1.5	1.79	1.78	1.5	1.01	1.26	1.38	1.09	1.25	1.18
Price/Tangible Book Value High	0.61	1.1	1.28	1.25	1.61	2.24	2.03	1.99	1.69	1.55	1.47	1.62	1.42	1.6	1.33
Price/Tangible Book Value Low	0.45	0.57	0.91	0.94	1.13	1.21	1.54	1.37	1.26	0.71	1.05	1.18	0.81	1.01	0.97
Price/Sales	1.43	2.6	3.46	3.23	3.48	4.84	4.53	3.37	3.95	2.64	3.12	2.79	2.87	3.1	3.22
Price/Sales Average	1.3	2.4	3.02	3.11	2.97	3.33	4.29	4.1	3.61	2.35	2.85	2.84	2.29	2.9	3.07
Price/Sales High	1.51	2.95	3.61	3.75	3.72	4.97	4.87	4.59	4.04	3.61	3.33	3.33	2.98	3.69	3.47
Price/Sales Low	1.1	1.54	2.57	2.81	2.61	2.68	3.7	3.15	3.02	1.66	2.39	2.44	1.7	2.33	2.53
Price/Cash Flow	3.73	8.36	6.55	19.67	11.32	17.75	15.07	7.6	13.36	11.67	8.67	4.43	9.71	7.1	43.46
Price/Cash Flow Average	3.39	7.7	5.72	18.93	9.66	12.21	14.27	9.25	12.21	10.4	7.92	4.52	7.75	6.64	41.42
Price/Cash Flow High	3.92	9.47	6.84	22.78	12.12	18.21	16.23	10.34	13.68	15.96	9.24	5.29	10.08	8.45	46.88
Price/Cash Flow Low	2.87	4.95	4.87	17.09	8.5	9.81	12.33	7.1	10.21	7.34	6.62	3.87	5.74	5.34	34.11
Price/Free Cash Flow Average	3.41	7.64	5.66	16.5	9.39	11.55	12.52	8.39	9.39	8.41	7.28	4.41	7.04	6.12	30.09
Price/Free Cash Flow High	3.95	9.4	6.77	19.86	11.79	17.22	14.24	9.39	10.51	12.9	8.5	5.16	9.16	7.79	34.06
Price/Free Cash Flow Low	2.89	4.91	4.82	14.9	8.27	9.28	10.82	6.44	7.85	5.93	6.09	3.78	5.22	4.92	24.79
EV/Sales Average	2.63	3.07	4.02	2.51	3.26	3.62	4.79	6.41	4.71	1.25	0.18	4.68	4.4	3.48	3.16
EV/Sales High	2.84	3.62	4.61	3.14	4.01	5.25	5.38	6.9	5.14	2.51	0.66	5.17	5.08	4.27	3.57
EV/Sales Low	2.43	2.21	3.57	2.21	2.9	2.96	4.21	5.46	4.12	0.56	- -	4.27	3.8	2.91	2.62
EV/EBITDA Average	69.96	75.07	98.96	28.93	32.74	47.92	59.59	91.32	74.71	22.24	2.33	68.79	86.31	76.63	132.47
EV/EBITDA High	75.44	88.5	113.5	36.23	40.35	69.59	66.9	98.25	81.59	44.57	8.59	75.99	99.82	94.08	149.41
EV/EBITDA Low	64.69	54.13	87.9	25.44	29.16	39.24	52.33	77.73	65.34	9.93	-3.77	62.81	74.69	64.11	109.84
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	9.75	16.5	21.58	21.02	24.54	37.7	35.37	28.26	36.47	27.17	35.03	33.48	40.38	44.49	48.1
High Price	10.26	18.69	22.52	24.34	26.27	38.68	38.08	38.47	37.32	37.16	37.33	40.01	41.93	52.98	51.89
Enterprise Value Average	154	168	219	220	382	459	617	892	714	210	32	890	992	805	768
Enterprise Value High	166	198	251	276	470	666	693	959	779	420	118	984	1,148	988	866
Enterprise Value Low	142	121	194	194	340	376	542	759	624	94	-52	813	859	673	637

Shares Outstanding	9	9	9	17	16	16	17	17	16	16	16	16	16	16	17
Diluted Weighted Avg Shares	9	9	9	14	17	16	16	17	16	16	16	16	16	16	16
Basic Weighted Avg Shares	9	9	9	14	17	16	16	17	16	16	16	16	16	16	16
Revenue per Share	6.8	6.34	6.24	6.5	7.06	7.79	7.81	8.38	9.23	10.29	11.21	12	14.09	14.35	14.94
EBITDA per Share	0.26	0.26	0.25	0.56	0.7	0.59	0.63	0.59	0.58	0.58	0.86	0.82	0.72	0.65	0.36
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	4.2	1.33	1.96	1.28	1.63	1.96	1.9	2.53	3.01	2.71	3.69	3.85	5.13	4.93	5.47
Basic EPS from Cont Ops	4.36	1.45	1.96	1.28	1.63	1.96	1.9	2.53	3.01	2.71	3.69	3.85	5.13	4.93	5.47
Diluted EPS, GAAP	4.07	1.3	1.95	1.28	1.62	1.96	1.9	2.53	3.01	2.71	3.69	3.85	5.13	4.93	5.47
Diluted EPS from Cont Ops	4.22	1.42	1.95	1.28	1.62	1.96	1.9	2.53	3.01	2.71	3.69	3.85	5.13	4.93	5.47
Dividend per Share	0.19	0.15	0.45	1.81	0.57	1.15	0.73	1.66	1.04	1.1	1.16	1.24	1.31	1.39	1.47
Cash Flow per Share	2.62	1.97	3.29	1.07	2.17	2.12	2.35	3.72	2.73	2.33	4.04	7.56	4.16	6.27	1.11
Free Cash Flow per Basic Share	2.55	1.91	3.26	0.91	2.1	2	2.02	3.34	1.91	1.78	3.69	7.37	3.74	5.74	0.69
Cash & Equivalents per Share	22.67	19.64	17.76	44	26.27	31.41	32.52	24.86	34.65	62.29	98.07	44.12	46.68	61.35	81.97
Book Value per Share	16.3	16.8	18.24	24.29	20.02	21.26	22.5	23.1	25.17	26.8	28.79	31.95	35.75	39.33	46.12
Tangible Book Value per Share	16.82	17	17.6	19.47	16.36	17.27	18.74	19.29	22.14	23.95	25.38	24.71	29.51	33.17	38.91

Mercantile Bank Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)