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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Item 8. CONSOLIDATED STATEMENTS OF CASH FLOWS
| (Dollars in thousands) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Cash flows from operating activities | |||
| Net income | $82,217 | $61,063 | $59,021 |
| Adjustments to reconcile net income to net cash from operating activities: | |||
| Depreciation and amortization | 11,496 | 12,945 | 13,678 |
| Accretion of acquired loans | 0 | 0 | (135) |
| Provision for credit losses | 7,700 | 6,550 | (4,300) |
| Deferred income tax expense (benefit) | (2,036) | (1,353) | 2,020 |
| Stock-based compensation expense | 3,384 | 3,377 | 3,784 |
| Stock grants to directors for retainer fee | 350 | 359 | 344 |
| Proceeds from sales of mortgage loans held for sale | 196,217 | 237,779 | 686,418 |
| Origination of mortgage loans held for sale | (204,727) | (217,030) | (649,245) |
| Net gain on sales of mortgage loans held for sale | (6,532) | (8,197) | (30,402) |
| Net gain from sales and valuation write-downs of foreclosed assets | (419) | (69) | (78) |
| Net (gain) loss from sale and write-downs on former bank premises | 2 | 275 | (140) |
| Net (gain) loss from sales and disposals of premises and equipment | 471 | (36) | 246 |
| Earnings on bank owned life insurance | (1,500) | (1,678) | (1,164) |
| Gain on sale of branch | 0 | 0 | (1,058) |
| Net (gain) loss on instruments designated at fair value and related derivatives | 257 | (45) | 224 |
| Net change in: | |||
| Accrued interest receivable | (4,330) | (6,165) | 1,528 |
| Other assets | (30,189) | (437) | (12,655) |
| Accrued interest and other liabilities | 14,252 | 32,524 | (3,513) |
| Net cash from operating activities | 66,613 | 119,862 | 64,573 |
| Cash flows from investing activities | |||
| Purchases of securities available for sale | (19,941) | (107,011) | (298,708) |
| Proceeds from maturities, calls and repayments of securities available for sale | 24,142 | 17,984 | 80,432 |
| Loan originations and payments, net | (387,283) | (462,427) | (267,899) |
| Proceeds from Federal Home Loan Bank stock redemption | 0 | 281 | 0 |
| Purchases of Federal Home Loan Bank stock | (3,792) | 0 | 0 |
| Purchases of bank owned life insurance | (3,500) | (4,500) | (2,000) |
| Proceeds from bank owned life insurance death benefits claim | 0 | 628 | 0 |
| Net cash transferred in branch sale | 0 | 0 | (2,679) |
| Purchases of premises and equipment and lease activity | (6,687) | (3,017) | (5,602) |
| Proceeds from sales of former bank premises | 598 | 2,994 | 753 |
| Proceeds from sales of foreclosed assets | 531 | 69 | 196 |
| Net cash for investing activities | (395,932) | (554,999) | (495,507) |
| Cash flows from financing activities | |||
| Net (decrease) increase in time deposits | 422,781 | (57,189) | (120,512) |
| Net (decrease) increase in all other deposits | (234,674) | (313,193) | 806,796 |
| Net (decrease) increase in securities sold under agreements to repurchase | 35,394 | (3,123) | 79,098 |
| Proceeds from Federal Home Loan Bank advances | 240,000 | 28,263 | 0 |
| Maturities of Federal Home Loan Bank advances | (80,353) | (94,000) | (20,000) |
| Net proceeds from subordinated notes issuance | 0 | 14,645 | 73,635 |
| Proceeds from stock option exercises, net of cashless exercises | 0 | 36 | 50 |
| Employee stock purchase plan | 45 | 45 | 48 |
| Dividend reinvestment plan | 891 | 867 | 877 |
| Repurchases of common stock | 0 | 0 | (21,380) |
| Payment of cash dividends to common shareholders | (21,004) | (19,602) | (18,524) |
| Net cash (for) from financing activities | 363,080 | (443,251) | 780,088 |
| (Dollars in thousands) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Net change in cash and cash equivalents | 33,761 | (878,388) | 349,154 |
| Cash and cash equivalents at beginning of period | 96,772 | 975,160 | 626,006 |
| Cash and cash equivalents at end of period | $130,533 | $96,772 | $975,160 |
| Supplemental disclosures of cash flows information | |||
| Cash paid during the year for: | |||
| Interest | $72,024 | $21,765 | $20,352 |
| Federal income taxes | 24,850 | 11,200 | 17,550 |
| Noncash financing and investing activities: | |||
| Transfers from loans to foreclosed assets | 112 | 0 | 30 |
| Transfers from bank premises to other real estate owned | 800 | 0 | 0 |
| Transfers from premises and equipment to other assets | 0 | 2,847 | 0 |
December 31, 2023
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.