MERCANTILE BANK CORP
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
View on SEC.govAbout this filing
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$61.36-0.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. CONSOLIDATED STATEMENTS OF CASH FLOWS
| (Dollars in thousands) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Cash flows from operating activities | |||
| Net income | $88,753 | $79,593 | $82,217 |
| Adjustments to reconcile net income to net cash from operating activities: | |||
| Depreciation and amortization | 5,797 | 10,505 | 11,496 |
| Provision for credit losses | 3,200 | 7,400 | 7,700 |
| Deferred income tax expense (benefit) | 2,085 | (397) | (2,036) |
| Stock-based compensation expense | 3,473 | 3,316 | 3,384 |
| Stock grants to directors for retainer fees | 444 | 423 | 350 |
| Proceeds from sales of mortgage loans held for sale | 435,121 | 384,784 | 196,217 |
| Origination of mortgage loans held for sale | (423,868) | (370,201) | (204,727) |
| Net gain on sales of mortgage loans held for sale | (12,589) | (11,800) | (6,532) |
| Loss from sale of mortgage loans | 0 | 112 | 0 |
| Net gain from sales and valuation write-downs of foreclosed assets | 0 | (290) | (419) |
| Net (gain) loss from sale and write-downs on former bank premises | 0 | (83) | 2 |
| Net loss from sales and disposals of premises and equipment | 24 | 13 | 471 |
| Earnings on bank owned life insurance | (3,293) | (2,555) | (1,500) |
| Net (gain) loss on instruments designated at fair value and related derivatives | 63 | (203) | 257 |
| Net change in: | |||
| Accrued interest receivable | (130) | (1,595) | (4,330) |
| Other assets | (59,097) | (25,797) | (30,189) |
| Accrued interest and other liabilities | (22,010) | 27,893 | 14,252 |
| Net cash from operating activities | 17,973 | 101,118 | 66,613 |
| Cash flows from investing activities | |||
| Purchases of securities available for sale | (203,366) | (173,618) | (19,941) |
| Proceeds from maturities, calls and repayments of securities available for sale | 67,317 | 61,777 | 24,142 |
| Loan originations and payments, net | (19,250) | (309,834) | (387,283) |
| Proceeds from sale of mortgage loans | 0 | 9,839 | 0 |
| Net cash received from acquisition of Eastern Michigan Financial Corp. | 53,569 | 0 | 0 |
| Purchases of Federal Home Loan Bank stock | 0 | 0 | (3,792) |
| Purchases of bank owned life insurance | 0 | (7,000) | (3,500) |
| Proceeds from bank owned life insurance death benefit claims | 2,790 | 1,357 | 0 |
| Purchases of premises and equipment and lease activity | (6,764) | (8,530) | (6,687) |
| Proceeds from sales of former bank premises | 0 | 283 | 598 |
| Proceeds from sales of foreclosed assets | 0 | 290 | 531 |
| Net cash for investing activities | (105,704) | (425,436) | (395,932) |
| Cash flows from financing activities | |||
| Net increase in time deposits | 5,048 | 159,727 | 422,781 |
| Net (decrease) increase in all other deposits | 106,140 | 637,721 | (234,674) |
| Net (decrease) increase in securities sold under agreements to repurchase | 110,770 | (108,213) | 35,394 |
| Proceeds from term note issuance | 30,000 | 0 | 0 |
| Proceeds from Federal Home Loan Bank advances | 20,000 | 10,000 | 240,000 |
| Maturities of Federal Home Loan Bank advances | (80,862) | (90,827) | (80,353) |
| Employee stock purchase plan | 128 | 50 | 45 |
| Dividend reinvestment plan | 772 | 810 | 891 |
| Payment of cash dividends to common shareholders | (23,951) | (22,473) | (21,004) |
| Net cash from financing activities | 168,045 | 586,795 | 363,080 |
| (Dollars in thousands) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Net change in cash and cash equivalents | 80,314 | 262,477 | 33,761 |
| Cash and cash equivalents at beginning of period | 393,010 | 130,533 | 96,772 |
| Cash and cash equivalents at end of period | $473,324 | $393,010 | $130,533 |
| Supplemental disclosures of cash flows information | |||
| Cash paid during the year for: | |||
| Interest | $129,430 | $129,228 | $72,024 |
| Federal income taxes* | 44,842 | 21,400 | 24,850 |
| Noncash financing and investing activities: | |||
| Common stock issued in connection with acquisition of Eastern Michigan Financial Corp. | 44,909 | 0 | 0 |
| Transfers from loans to foreclosed assets | 0 | 0 | 112 |
| Transfers from bank premises to other real estate owned | 0 | 0 | 800 |
*Federal income taxes include amounts paid for the acquisition of transferable federal income tax credits.
December 31, 2025
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.