MERCANTILE BANK CORP
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 27, 2026
MBWM$60.57+0.5%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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CONSOLIDATED BALANCE SHEETS
| (Dollars in thousands) | 2025 | 2024 |
|---|---|---|
| ASSETS | ||
| Cash and due from banks | $54,755 | $56,991 |
| Interest-earning deposits | 418,569 | 336,019 |
| Total cash and cash equivalents | 473,324 | 393,010 |
| Securities available for sale | 1,102,230 | 730,352 |
| Mortgage loans held for sale | 17,160 | 15,824 |
| Loans | 4,821,888 | 4,600,781 |
| Allowance for credit losses | (58,191) | (54,454) |
| Loans, net | 4,763,697 | 4,546,327 |
| Premises and equipment, net | 62,468 | 53,427 |
| Bank owned life insurance | 105,342 | 93,839 |
| Goodwill | 72,656 | 49,473 |
| Core deposit intangible | 20,388 | 0 |
| Other assets | 217,954 | 169,909 |
| Total assets | $6,835,219 | $6,052,161 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Deposits | ||
| Noninterest-bearing | $1,339,666 | $1,264,523 |
| Interest-bearing | 3,944,786 | 3,433,843 |
| Total deposits | 5,284,452 | 4,698,366 |
| Securities sold under agreements to repurchase | 232,291 | 121,521 |
| Federal Home Loan Bank advances | 326,221 | 387,083 |
| Subordinated debentures | 51,015 | 50,330 |
| Subordinated notes | 89,657 | 89,314 |
| Term note | 30,000 | 0 |
| Accrued interest and other liabilities | 96,699 | 121,021 |
| Total liabilities | 6,110,335 | 5,467,635 |
| Commitments and contingent liabilities (Note 12) | ||
| Shareholders' equity | ||
| Preferred stock, no par value; 1,000,000 shares authorized; 0 shares outstanding at December 31, 2025 and December 31, 2024 | 0 | 0 |
| Common stock, no par value; 40,000,000 shares authorized; 17,181,096 shares outstanding at December 31, 2025 and 16,146,374 shares outstanding at December 31, 2024 | 349,431 | 299,705 |
| Retained earnings | 399,448 | 334,646 |
| Accumulated other comprehensive gain/(loss) | (23,995) | (49,825) |
| Total shareholders’ equity | 724,884 | 584,526 |
| Total liabilities and shareholders’ equity | $6,835,219 | $6,052,161 |
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