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
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) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Cash flows from operating activities | |||
| Net income | $79,593 | $82,217 | $61,063 |
| Adjustments to reconcile net income to net cash from operating activities: | |||
| Depreciation and amortization | 10,505 | 11,496 | 12,945 |
| Provision for credit losses | 7,400 | 7,700 | 6,550 |
| Deferred income tax benefit | (397) | (2,036) | (1,353) |
| Stock-based compensation expense | 3,316 | 3,384 | 3,377 |
| Stock grants to directors for retainer fees | 423 | 350 | 359 |
| Proceeds from sales of mortgage loans held for sale | 384,784 | 196,217 | 237,779 |
| Origination of mortgage loans held for sale | (370,201) | (204,727) | (217,030) |
| Net gain on sales of mortgage loans held for sale | (11,800) | (6,532) | (8,197) |
| Loss from sale of mortgage loans | 112 | 0 | 0 |
| Net gain from sales and valuation write-downs of foreclosed assets | (290) | (419) | (69) |
| Net (gain) loss from sale and write-downs on former bank premises | (83) | 2 | 275 |
| Net (gain) loss from sales and disposals of premises and equipment | 13 | 471 | (36) |
| Earnings on bank owned life insurance | (2,555) | (1,500) | (1,678) |
| Net (gain) loss on instruments designated at fair value and related derivatives | (203) | 257 | (45) |
| Net change in: | |||
| Accrued interest receivable | (1,595) | (4,330) | (6,165) |
| Other assets | (25,797) | (30,189) | (437) |
| Accrued interest and other liabilities | 27,893 | 14,252 | 32,524 |
| Net cash from operating activities | 101,118 | 66,613 | 119,862 |
| Cash flows from investing activities | |||
| Purchases of securities available for sale | (173,618) | (19,941) | (107,011) |
| Proceeds from maturities, calls and repayments of securities available for sale | 61,777 | 24,142 | 17,984 |
| Loan originations and payments, net | (309,834) | (387,283) | (462,427) |
| Proceeds from sale of mortgage loans | 9,839 | 0 | 0 |
| Proceeds from Federal Home Loan Bank stock redemption | 0 | 0 | 281 |
| Purchases of Federal Home Loan Bank stock | 0 | (3,792) | 0 |
| Purchases of bank owned life insurance | (7,000) | (3,500) | (4,500) |
| Proceeds from bank owned life insurance death benefits claim | 1,357 | 0 | 628 |
| Purchases of premises and equipment and lease activity | (8,530) | (6,687) | (3,017) |
| Proceeds from sales of former bank premises | 283 | 598 | 2,994 |
| Proceeds from sales of foreclosed assets | 290 | 531 | 69 |
| Net cash for investing activities | (425,436) | (395,932) | (554,999) |
| Cash flows from financing activities | |||
| Net (decrease) increase in time deposits | 159,727 | 422,781 | (57,189) |
| Net (decrease) increase in all other deposits | 637,721 | (234,674) | (313,193) |
| Net (decrease) increase in securities sold under agreements to repurchase | (108,213) | 35,394 | (3,123) |
| Proceeds from Federal Home Loan Bank advances | 10,000 | 240,000 | 28,263 |
| Maturities of Federal Home Loan Bank advances | (90,827) | (80,353) | (94,000) |
| Net proceeds from subordinated notes issuance | 0 | 0 | 14,645 |
| Proceeds from stock option exercises, net of cashless exercises | 0 | 0 | 36 |
| Employee stock purchase plan | 50 | 45 | 45 |
| Dividend reinvestment plan | 810 | 891 | 867 |
| Payment of cash dividends to common shareholders | (22,473) | (21,004) | (19,602) |
| Net cash (for) from financing activities | 586,795 | 363,080 | (443,251) |
| (Dollars in thousands) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Net change in cash and cash equivalents | 262,477 | 33,761 | (878,388) |
| Cash and cash equivalents at beginning of period | 130,533 | 96,772 | 975,160 |
| Cash and cash equivalents at end of period | $393,010 | $130,533 | $96,772 |
| Supplemental disclosures of cash flows information | |||
| Cash paid during the year for: | |||
| Interest | $129,228 | $72,024 | $21,765 |
| Federal income taxes | 21,400 | 24,850 | 11,200 |
| Noncash financing and investing activities: | |||
| Transfers from loans to foreclosed assets | 0 | 112 | 0 |
| Transfers from bank premises to other real estate owned | 0 | 800 | 0 |
| Transfers from premises and equipment to other assets | 0 | 0 | 2,847 |
December 31, 2024
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.