MERCANTILE BANK CORP
For the period ended Dec 31, 2023. Filed Mar 1, 2024.
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FY2023 · Filed Mar 1, 2024
MBWM$61.36-0.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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CONSOLIDATED STATEMENTS OF INCOME
| (Dollars in thousands, except per share data) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Interest income | |||
| Loans, including fees | $253,108 | $166,848 | $135,048 |
| Securities, taxable | 9,041 | 7,603 | 5,127 |
| Securities, tax-exempt | 3,663 | 2,734 | 2,386 |
| Other interest-earning assets | 5,546 | 4,654 | 933 |
| Total interest income | 271,358 | 181,839 | 143,494 |
| Interest expense | |||
| Deposits | 55,444 | 10,037 | 9,114 |
| Short-term borrowings | 2,847 | 294 | 170 |
| Federal Home Loan Bank advances | 11,367 | 7,125 | 8,177 |
| Subordinated debentures and other borrowings | 8,155 | 6,139 | 1,971 |
| Total interest expense | 77,813 | 23,595 | 19,432 |
| Net interest income | 193,545 | 158,244 | 124,062 |
| Provision (benefit) for credit losses | 7,700 | 6,550 | (4,300) |
| Net interest income after provision for credit losses | 185,845 | 151,694 | 128,362 |
| Noninterest income | |||
| Service charges on deposit and sweep accounts | 4,954 | 5,952 | 5,078 |
| Mortgage banking activities | 7,595 | 8,664 | 29,959 |
| Credit and debit card fees | 8,914 | 8,216 | 7,516 |
| Interest rate swap program fees | 3,946 | 3,488 | 6,862 |
| Payroll processing | 2,509 | 2,178 | 1,815 |
| Earnings on bank owned life insurance | 1,500 | 1,678 | 1,164 |
| Gain on sale of branch | 0 | 0 | 1,058 |
| Other income | 2,725 | 1,901 | 2,768 |
| Total noninterest income | 32,143 | 32,077 | 56,220 |
| Noninterest expense | |||
| Salaries and benefits | 68,801 | 65,124 | 66,447 |
| Occupancy | 9,150 | 8,362 | 8,088 |
| Furniture and equipment rent, depreciation and maintenance | 3,464 | 3,614 | 3,654 |
| Data processing | 11,618 | 12,359 | 11,104 |
| Advertising | 1,565 | 1,445 | 1,175 |
| FDIC insurance costs | 2,258 | 1,239 | 1,820 |
| Charitable foundation contributions | 666 | 1,514 | 4,020 |
| Other expense | 17,767 | 14,324 | 14,558 |
| Total noninterest expense | 115,289 | 107,981 | 110,866 |
| Income before federal income tax expense | 102,699 | 75,790 | 73,716 |
| Federal income tax expense | 20,482 | 14,727 | 14,695 |
| Net income | $82,217 | $61,063 | $59,021 |
| Earnings per common share: | |||
| Basic | $5.13 | $3.85 | $3.69 |
| Diluted | $5.13 | $3.85 | $3.69 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.