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 STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
| Accumulated | |||||
|---|---|---|---|---|---|
| Other · Total | |||||
| Preferred | Common | Retained | Comprehensive | Shareholders’ | |
| (Dollars in thousands except per share amounts) | Stock | Stock | Earnings | Income/(Loss) | Equity |
| Balances, January 1, 2021 | $0 | $302,029 | $134,039 | $5,486 | $441,554 |
| Employee stock purchase plan (1,481 shares) | 48 | 48 | |||
| Dividend reinvestment plan (27,562 shares) | 877 | 877 | |||
| Stock option exercises, net (2,000 shares) | 50 | 50 | |||
| Stock grants to directors for retainer fees (10,489 shares) | 344 | 344 | |||
| Stock-based compensation expense | 3,784 | 3,784 | |||
| Share repurchase program (683,191 shares) | (21,380) | (21,380) | |||
| Cash dividends ($1.18 per common share) | (18,524) | (18,524) | |||
| Net income for 2021 | 59,021 | 59,021 | |||
| Change in net unrealized gain/(loss) on securities available for sale, net of tax effect | (9,215) | (9,215) | |||
| Balances, December 31, 2021 | $0 | $285,752 | $174,536 | $(3,729) | $456,559 |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Continued)
| Accumulated | |||||
|---|---|---|---|---|---|
| Other · Total | |||||
| Preferred | Common | Retained | Comprehensive | Shareholders’ | |
| (Dollars in thousands except per share amounts) | Stock | Stock | Earnings | Income/(Loss) | Equity |
| Balances, January 1, 2022 | $0 | $285,752 | $174,536 | $(3,729) | $456,559 |
| Adoption of ASU 2016-13 | 316 | 316 | |||
| Employee stock purchase plan (1,388 shares) | 45 | 45 | |||
| Dividend reinvestment plan (25,941 shares) | 867 | 867 | |||
| Stock option exercises, net (1,355 shares) | 36 | 36 | |||
| Stock grants to directors for retainer fees (11,166 shares) | 359 | 359 | |||
| Stock-based compensation expense | 3,377 | 3,377 | |||
| Cash dividends ($1.26 per common share) | (19,602) | (19,602) | |||
| Net income for 2022 | 61,063 | 61,063 | |||
| Change in net unrealized gain/(loss) on securities available for sale, net of tax effect | (61,612) | (61,612) | |||
| Balances, December 31, 2022 | $0 | $290,436 | $216,313 | $(65,341) | $441,408 |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Continued)
| Accumulated | |||||
|---|---|---|---|---|---|
| Other · Total | |||||
| Preferred | Common | Retained | Comprehensive | Shareholders’ | |
| (Dollars in thousands except per share amounts) | Stock | Stock | Earnings | Income/(Loss) | Equity |
| Balances, January 1, 2023 | $0 | $290,436 | $216,313 | $(65,341) | $441,408 |
| Employee stock purchase plan (1,410 shares) | 45 | 45 | |||
| Dividend reinvestment plan (27,306 shares) | 891 | 891 | |||
| Stock grants to directors for retainer fees (11,529 shares) | 350 | 350 | |||
| Stock-based compensation expense | 3,384 | 3,384 | |||
| Cash dividends ($1.34 per common share) | (21,004) | (21,004) | |||
| Net income for 2023 | 82,217 | 82,217 | |||
| Change in net unrealized gain/(loss) on securities available for sale, net of tax effect | 14,854 | 14,854 | |||
| Balances, December 31, 2023 | $0 | $295,106 | $277,526 | $(50,487) | $522,145 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.