MERCANTILE BANK CORP
For the period ended Dec 31, 2024. Filed Mar 3, 2025.
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FY2024 · Filed Mar 3, 2025
MBWM$61.63+1.8%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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CONSOLIDATED BALANCE SHEETS
| (Dollars in thousands) | 2024 | 2023 |
|---|---|---|
| ASSETS | ||
| Cash and due from banks | $56,991 | $70,408 |
| Interest-earning deposits | 336,019 | 60,125 |
| Total cash and cash equivalents | 393,010 | 130,533 |
| Securities available for sale | 730,352 | 617,092 |
| Federal Home Loan Bank stock | 21,513 | 21,513 |
| Mortgage loans held for sale | 15,824 | 18,607 |
| Loans | 4,600,781 | 4,303,758 |
| Allowance for credit losses | (54,454) | (49,914) |
| Loans, net | 4,546,327 | 4,253,844 |
| Premises and equipment, net | 53,427 | 50,928 |
| Bank owned life insurance | 93,839 | 85,668 |
| Goodwill | 49,473 | 49,473 |
| Other assets | 148,396 | 125,566 |
| Total assets | $6,052,161 | $5,353,224 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Deposits | ||
| Noninterest-bearing | $1,264,523 | $1,247,640 |
| Interest-bearing | 3,433,843 | 2,653,278 |
| Total deposits | 4,698,366 | 3,900,918 |
| Securities sold under agreements to repurchase | 121,521 | 229,734 |
| Federal Home Loan Bank advances | 387,083 | 467,910 |
| Subordinated debentures | 50,330 | 49,644 |
| Subordinated notes | 89,314 | 88,971 |
| Accrued interest and other liabilities | 121,021 | 93,902 |
| Total liabilities | 5,467,635 | 4,831,079 |
| Commitments and contingent liabilities (Note 12) | ||
| Shareholders' equity | ||
| Preferred stock, no par value; 1,000,000 shares authorized; 0 shares outstanding at December 31, 2024 and December 31, 2023 | 0 | 0 |
| Common stock, no par value; 40,000,000 shares authorized; 16,146,374 shares outstanding at December 31, 2024 and 16,125,662 shares outstanding at December 31, 2023 | 299,705 | 295,106 |
| Retained earnings | 334,646 | 277,526 |
| Accumulated other comprehensive gain/(loss) | (49,825) | (50,487) |
| Total shareholders’ equity | 584,526 | 522,145 |
| Total liabilities and shareholders’ equity | $6,052,161 | $5,353,224 |
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