MERCANTILE BANK CORP
For the period ended Dec 31, 2024. Filed Mar 3, 2025.
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FY2024 · Filed Mar 3, 2025
MBWM$61.36-0.4%Stored close · as of Nov 10, 2026
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CONSOLIDATED STATEMENTS OF INCOME
| (Dollars in thousands, except per share data) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Interest income | |||
| Loans, including fees | $293,163 | $253,108 | $166,848 |
| Securities, taxable | 11,911 | 9,041 | 7,603 |
| Securities, tax-exempt | 4,123 | 3,663 | 2,734 |
| Interest-earning deposits | 12,305 | 5,546 | 4,654 |
| Total interest income | 321,502 | 271,358 | 181,839 |
| Interest expense | |||
| Deposits | 101,395 | 55,444 | 10,037 |
| Short-term borrowings | 7,717 | 2,847 | 294 |
| Federal Home Loan Bank advances | 13,018 | 11,367 | 7,125 |
| Subordinated debentures and other borrowings | 8,286 | 8,155 | 6,139 |
| Total interest expense | 130,416 | 77,813 | 23,595 |
| Net interest income | 191,086 | 193,545 | 158,244 |
| Provision for credit losses | 7,400 | 7,700 | 6,550 |
| Net interest income after provision for credit losses | 183,686 | 185,845 | 151,694 |
| Noninterest income | |||
| Service charges on deposit and sweep accounts | 6,842 | 4,954 | 5,952 |
| Mortgage banking activities | 12,301 | 7,595 | 8,664 |
| Credit and debit card fees | 8,821 | 8,914 | 8,216 |
| Interest rate swap program fees | 3,210 | 3,946 | 3,488 |
| Payroll processing | 3,058 | 2,509 | 2,178 |
| Earnings on bank owned life insurance | 2,555 | 1,500 | 1,678 |
| Other income | 3,602 | 2,725 | 1,901 |
| Total noninterest income | 40,389 | 32,143 | 32,077 |
| Noninterest expense | |||
| Salaries and benefits | 77,924 | 68,801 | 65,124 |
| Occupancy | 8,643 | 9,150 | 8,362 |
| Furniture and equipment rent, depreciation and maintenance | 3,716 | 3,464 | 3,614 |
| Data processing | 13,772 | 11,618 | 12,359 |
| Advertising | 1,604 | 1,565 | 1,445 |
| FDIC insurance costs | 2,497 | 2,258 | 1,239 |
| Charitable foundation contributions | 1,708 | 666 | 1,514 |
| Other expense | 15,925 | 17,767 | 14,324 |
| Total noninterest expense | 125,789 | 115,289 | 107,981 |
| Income before federal income tax expense | 98,286 | 102,699 | 75,790 |
| Federal income tax expense | 18,693 | 20,482 | 14,727 |
| Net income | $79,593 | $82,217 | $61,063 |
| Earnings per common share: | |||
| Basic | $4.93 | $5.13 | $3.85 |
| Diluted | $4.93 | $5.13 | $3.85 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.