MERCANTILE BANK CORP
For the period ended Sep 30, 2024. Filed Nov 1, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 1, 2024
MBWM$61.63+1.8%Stored close · as of Nov 9, 2026
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Item 1. Financial Statements
CONSOLIDATED BALANCE SHEETS
| September 30, | December 31, | |
|---|---|---|
| (Dollars in thousands) | 2024 | 2023 |
| ASSETS | ||
| Cash and due from banks | $87,766 | $70,408 |
| Interest-earning deposits | 240,780 | 60,125 |
| Total cash and cash equivalents | 328,546 | 130,533 |
| Securities available for sale | 703,375 | 617,092 |
| Federal Home Loan Bank stock | 21,513 | 21,513 |
| Mortgage loans held for sale | 29,260 | 18,607 |
| Loans | 4,553,018 | 4,303,758 |
| Allowance for credit losses | (56,590) | (49,914) |
| Loans, net | 4,496,428 | 4,253,844 |
| Premises and equipment, net | 54,230 | 50,928 |
| Bank owned life insurance | 86,486 | 85,668 |
| Goodwill | 49,473 | 49,473 |
| Other assets | 147,816 | 125,566 |
| Total assets | $5,917,127 | $5,353,224 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Deposits | ||
| Noninterest-bearing | $1,182,219 | $1,247,640 |
| Interest-bearing | 3,273,679 | 2,653,278 |
| Total deposits | 4,455,898 | 3,900,918 |
| Securities sold under agreements to repurchase | 220,936 | 229,734 |
| Federal Home Loan Bank advances | 417,083 | 467,910 |
| Subordinated debentures | 50,158 | 49,644 |
| Subordinated notes | 89,228 | 88,971 |
| Accrued interest and other liabilities | 100,513 | 93,902 |
| Total liabilities | 5,333,816 | 4,831,079 |
| Commitments and contingent liabilities (Note 8) | ||
| Shareholders' equity | ||
| Preferred stock, no par value; 1,000,000 shares authorized; none issued | 0 | 0 |
| Common stock, no par value; 40,000,000 shares authorized; 16,142,433 shares issued and outstanding at September 30, 2024 and 16,125,662 shares issued and outstanding at December 31, 2023 | 298,704 | 295,106 |
| Retained earnings | 320,722 | 277,526 |
| Accumulated other comprehensive gain (loss) | (36,115) | (50,487) |
| Total shareholders’ equity | 583,311 | 522,145 |
| Total liabilities and shareholders’ equity | $5,917,127 | $5,353,224 |
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