MERCANTILE BANK CORP
For the period ended Dec 31, 2023. Filed Mar 1, 2024.
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FY2023 · Filed Mar 1, 2024
MBWM$60.57+0.5%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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CONSOLIDATED BALANCE SHEETS
| (Dollars in thousands) | 2023 | 2022 |
|---|---|---|
| ASSETS | ||
| Cash and due from banks | $70,408 | $61,894 |
| Other interest-earning assets | 60,125 | 34,878 |
| Total cash and cash equivalents | 130,533 | 96,772 |
| Securities available for sale | 617,092 | 602,936 |
| Federal Home Loan Bank stock | 21,513 | 17,721 |
| Mortgage loans held for sale | 18,607 | 3,565 |
| Loans | 4,303,758 | 3,916,619 |
| Allowance for credit losses | (49,914) | (42,246) |
| Loans, net | 4,253,844 | 3,874,373 |
| Premises and equipment, net | 50,928 | 51,476 |
| Bank owned life insurance | 85,668 | 80,727 |
| Goodwill | 49,473 | 49,473 |
| Other assets | 125,566 | 95,576 |
| Total assets | $5,353,224 | $4,872,619 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Deposits | ||
| Noninterest-bearing | $1,247,640 | $1,604,750 |
| Interest-bearing | 2,653,278 | 2,108,061 |
| Total deposits | 3,900,918 | 3,712,811 |
| Securities sold under agreements to repurchase | 229,734 | 194,340 |
| Federal Home Loan Bank advances | 467,910 | 308,263 |
| Subordinated debentures | 49,644 | 48,958 |
| Subordinated notes | 88,971 | 88,628 |
| Accrued interest and other liabilities | 93,902 | 78,211 |
| Total liabilities | 4,831,079 | 4,431,211 |
| Commitments and contingent liabilities (Note 12) | ||
| Shareholders' equity | ||
| Preferred stock, no par value; 1,000,000 shares authorized; 0 shares outstanding at December 31, 2023 and December 31, 2022 | 0 | 0 |
| Common stock, no par value; 40,000,000 shares authorized; 16,125,662 shares outstanding at December 31, 2023 and 15,994,884 shares outstanding at December 31, 2022 | 295,106 | 290,436 |
| Retained earnings | 277,526 | 216,313 |
| Accumulated other comprehensive gain/(loss) | (50,487) | (65,341) |
| Total shareholders’ equity | 522,145 | 441,408 |
| Total liabilities and shareholders’ equity | $5,353,224 | $4,872,619 |
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