MERCANTILE BANK CORP

Listed Company

MBWMCIK 0001042729NasdaqLarge AcceleratedState Commercial BanksMichiganFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$88.75M

Total Assets

$6.84B

Equity

$724.88M

Shares Out

17.27M

Op. Cash Flow

$17.97M

Business

MERCANTILE BANK CORP is a registered bank holding company that conducts banking and related financial activities through its wholly owned subsidiaries. It offers commercial and retail banking products and services, including secured and unsecured commercial, construction, mortgage and consumer loans, deposit accounts, ATM and video banking access, online and mobile banking, and an insurance subsidiary that acquired an agency to offer personal and small business insurance programs. Its principal business divisions include the bank, an insurance agency, five financing trusts and Mercantile Community Partners for community development investments. The company distributes services through 43 branch offices across West and Central Michigan, additional offices in metro Detroit, Traverse City, Petoskey, Saginaw and Midland, ATM networks, video banking, online/mobile channels and courier services for commercial customers.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans, including fees	291	292	252	167	135
Securities, taxable	18	10	8	8	5
Securities, tax-exempt	5	4	4	3	2
Interest-earning deposits	16	16	8	5	933,000
Total interest income	330	322	271	182	143
Deposits	103	101	55	10	9
Short-term borrowings	7	8	3	294,000	170,000
Federal Home Loan Bank advances	11	13	11	7	8
Subordinated debentures and other borrowings	8	8	8	6	2
Total interest expense	129	130	78	24	—
Net interest income	201	191	194	158	124
Provision for credit losses	3	7	8	7	−4
Net interest income after provision for credit losses	198	184	186	152	128
Mortgage banking activities	13	12	8	9	30
Earnings on bank owned life insurance	3	3	2	2	1
Other income	3	4	3	2	3
Total noninterest income	42	40	32	32	56
Salaries and benefits	83	78	69	65	66
Data processing	15	14	12	12	11
Occupancy	9	9	9	8	8
Furniture and equipment rent, depreciation and maintenance	3	4	3	4	4
FDIC insurance costs	3	2	2	1	2
Advertising	2	2	2	1	1
Charitable foundation contributions	1	2	666,000	2	4
Acquisition costs	2	0	0	—	—
Other expense	18	16	18	14	15
Total noninterest expense	136	126	115	108	111
Income before federal income tax expense	103	98	103	76	74
Federal income tax expense	15	19	20	15	15
Net income	89	80	82	61	59
Basic (in dollars per share)	5.47	4.93	5.13	3.85	3.69
Diluted (in dollars per share)	5.47	4.93	5.13	3.85	3.69

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	55	57	70	62	59
Interest-earning deposits	419	336	60	35	916
Total cash and cash equivalents	473	393	131	97	975
Securities available for sale	1,102	730	617	603	593
Mortgage loans held for sale	17	16	19	4	16
Loans	4,822	4,601	4,304	3,917	3,453
Allowance for credit losses	−58	−54	−50	−42	−35
Loans, net	4,764	4,546	4,254	3,874	3,418
Premises and equipment, net	62	53	51	51	57
Bank owned life insurance	105	94	86	81	75
Goodwill	73	49	49	49	49
Core deposit intangible	20	0	—	600,000	1
Other Assets	218	170	126	96	54
Total assets	6,835	6,052	5,353	4,873	5,258
Noninterest-bearing	1,340	1,265	1,248	1,605	1,678
Interest-bearing	3,945	3,434	2,653	2,108	2,405
Total deposits	5,284	4,698	3,901	3,713	4,083
Securities sold under agreements to repurchase	232	122	230	194	197
Federal Home Loan Bank advances	326	387	468	308	374
Subordinated debentures	51	50	50	49	48
Subordinated notes	90	89	89	89	74
Accrued interest and other liabilities	97	121	94	78	25
Total liabilities	6,110	5,468	4,831	4,431	4,801
Commitments and contingent liabilities (Note 12)	—	—	—	—	—
Preferred stock, no par value; 1,000,000 shares authorized; 0 shares outstanding at December 31, 2025 and December 31, 2024	0	0	0	0	0
Common stock, no par value; 40,000,000 shares authorized; 17,181,096 shares outstanding at December 31, 2025 and 16,146,374 shares outstanding at December 31, 2024	349	300	295	290	286
Retained earnings	399	335	278	216	175
Accumulated other comprehensive gain/(loss)	−24	−50	−50	−65	−4
Total shareholders equity	725	585	522	441	457
Total liabilities and shareholders equity	6,835	6,052	5,353	4,873	5,258

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	6	11	11	13	14
Deferred income tax expense (benefit)	2	−397,000	−2	−1	2
Stock-based compensation expense	3	3	3	3	4
Stock grants to directors for retainer fees	444,000	423,000	350,000	359,000	344,000
Proceeds from sales of mortgage loans held for sale	435	385	196	238	686
Origination of mortgage loans held for sale	−424	−370	−205	−217	−649
Net gain on sales of mortgage loans held for sale	−13	−12	−7	−8	−30
Loss from sale of mortgage loans	0	112,000	0	0	—
Net gain from sales and valuation write-downs of foreclosed assets	0	−290,000	−419,000	−69,000	−78,000
Net (gain) loss from sale and write-downs on former bank premises	0	−83,000	2,000	275,000	−140,000
Net loss from sales and disposals of premises and equipment	24,000	13,000	471,000	−36,000	246,000
Net (gain) loss on instruments designated at fair value and related derivatives	63,000	−203,000	257,000	−45,000	224,000
Accrued interest receivable	−130,000	−2	−4	−6	2
Change in other assets	−59	−26	−30	−437,000	−13
Change in other liabilities	−22	28	14	33	−4
Net cash from operating activities	18	101	67	120	65
Purchases of securities available for sale	−203	−174	−20	−107	−299
Proceeds from maturities, calls and repayments of securities available for sale	67	62	24	18	80
Loan originations and payments, net	−19	−310	−387	−462	−268
Proceeds from sale of mortgage loans	0	10	0	0	—
Net cash received from acquisition of Eastern Michigan Financial Corp.	54	0	0	—	—
Purchases of Federal Home Loan Bank stock	0	0	−4	0	0
Purchases of bank owned life insurance	0	−7	−4	−5	−2
Proceeds from bank owned life insurance death benefit claims	3	1	0	628,000	0
Purchases of premises and equipment and lease activity	−7	−9	−7	−3	−6
Proceeds from sales of former bank premises	0	283,000	598,000	3	753,000
Proceeds from sales of foreclosed assets	0	290,000	531,000	69,000	196,000
Net cash for investing activities	−106	−425	−396	−555	−496
Net increase in time deposits	5	160	423	−57	−121
Net (decrease) increase in all other deposits	106	638	−235	−313	807
Net (decrease) increase in securities sold under agreements to repurchase	111	−108	35	−3	79
Proceeds from Federal Home Loan Bank advances	20	10	240	28	0
Maturities of Federal Home Loan Bank advances	−81	−91	−80	−94	−20
Employee stock purchase plan	128,000	50,000	45,000	45,000	48,000
Dividend reinvestment plan	772,000	810,000	891,000	867,000	877,000
Cash dividends on common stock	−24	−22	−21	−20	−19
Net cash from financing activities	168	587	363	−443	780
Net change in cash and cash equivalents	80	262	34	−878	349
Interest	129	129	72	22	20
Federal income taxes*	45	21	25	11	18
Transfers from loans to foreclosed assets	0	0	112,000	0	30,000
Transfers from bank premises to other real estate owned	0	0	800,000	0	0

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