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Mercantile Bank Corporation (Parent Company Only) Condensed Financial Statements | 12 Months Ended
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Dec. 31, 2011
Mercantile Bank Corporation (Parent Company Only) Condensed Financial Statements [Abstract] |
MERCANTILE BANK CORPORATION (PARENT COMPANY ONLY) CONDENSED FINANCIAL STATEMENTS | NOTE 22 – MERCANTILE BANK CORPORATION (PARENT COMPANY ONLY) CONDENSED FINANCIAL STATEMENTS Following are condensed parent company only financial statements: CONDENSED BALANCE SHEETS
|  | 2011 |  |  | 2010 |
ASSETS |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 542,000 |  |  | $ | 1,233,000 |
Investment in bank subsidiary |  |  | 192,703,000 |  |  |  | 158,043,000 |
Other assets |  |  | 5,151,000 |  |  |  | 1,013,000 |
Total assets |  | $ | 198,396,000 |  |  | $ | 160,289,000 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Liabilities |  | $ | 407,000 |  |  | $ | 1,363,000 |
Subordinated debentures |  |  | 32,990,000 |  |  |  | 32,990,000 |
Shareholders’ equity |  |  | 164,999,000 |  |  |  | 125,936,000 |
Total liabilities and shareholders’ equity |  | $ | 198,396,000 |  |  | $ | 160,289,000 |
CONDENSED STATEMENTS OF INCOME
|  | 2011 |  |  | 2010 |  |  | 2009 |
Income |  |  |  |  |  |  |  |  |  |  |  |
Interest and dividends from subsidiaries |  | $ | 4,974,000 |  |  | $ | 1,104,000 |  |  | $ | 2,852,000 |
Total income |  |  | 4,974,000 |  |  |  | 1,104,000 |  |  |  | 2,852,000 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | 847,000 |  |  |  | 848,000 |  |  |  | 1,048,000 |
Other operating expenses |  |  | 1,059,000 |  |  |  | 1,551,000 |  |  |  | 2,514,000 |
Total expenses |  |  | 1,906,000 |  |  |  | 2,399,000 |  |  |  | 3,562,000 |
Income (loss) before income tax expense (benefit) and equity in undistributed net income (loss) of subsidiary |  |  | 3,068,000 |  |  |  | (1,295,000 | ) |  |  | (710,000 | )
Federal income tax expense (benefit) |  |  | (2,272,000 | ) |  |  | (47,000 | ) |  |  | 1,767,000 |
Equity in undistributed net income (loss) of subsidiary |  |  | 32,145,000 |  |  |  | (12,068,000 | ) |  |  | (49,610,000 | )
Net income (loss) |  |  | 37,485,000 |  |  |  | (13,316,000 | ) |  |  | (52,087,000 | )
Preferred stock dividends and accretion |  |  | 1,343,000 |  |  |  | 1,295,000 |  |  |  | 802,000 |
Net income (loss) attributable to common shares |  | $ | 36,142,000 |  |  | $ | (14,611,000 | ) |  | $ | (52,889,000 | )
CONDENSED STATEMENTS OF CASH FLOWS
|  | 2011 |  |  | 2010 |  |  | 2009 |
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 37,485,000 |  |  | $ | (13,316,000 | ) |  | $ | (52,087,000 | )
Adjustments to reconcile net income (loss) to net cash from (for) operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed (income) loss of subsidiary |  |  | (32,145,000 | ) |  |  | 12,068,000 |  |  |  | 49,610,000 |
Stock-based compensation expense |  |  | 61,000 |  |  |  | 275,000 |  |  |  | 611,000 |
Change in other assets |  |  | (3,619,000 | ) |  |  | (124,000 | ) |  |  | 2,798,000 |
Change in other liabilities |  |  | (956,000 | ) |  |  | 963,000 |  |  |  | (194,000 | )
Net cash from (for) operating activities |  |  | 826,000 |  |  |  | (134,000 | ) |  |  | 738,000 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |
Net capital investment into subsidiaries |  |  | 0 |  |  |  | 0 |  |  |  | (19,000,000 | )
Net cash for investing activities |  |  | 0 |  |  |  | 0 |  |  |  | (19,000,000 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from issuance of preferred stock and common stock warrant, net |  |  | 0 |  |  |  | 0 |  |  |  | 20,834,000 |
Employee stock purchase plan |  |  | 42,000 |  |  |  | 47,000 |  |  |  | 57,000 |
Stock option exercises |  |  | 55,000 |  |  |  | 0 |  |  |  | 0 |
Dividend reinvestment plan |  |  | 6,000 |  |  |  | 2,000 |  |  |  | 11,000 |
Cash dividends on common stock |  |  | 0 |  |  |  | (85,000 | ) |  |  | (594,000 | )
Cash dividends on preferred stock |  |  | (1,620,000 | ) |  |  | (525,000 | ) |  |  | (525,000 | )
Net cash from (for) financing activities |  |  | (1,517,000 | ) |  |  | (561,000 | ) |  |  | 19,783,000 |
Net change in cash and cash equivalents |  |  | (691,000 | ) |  |  | (695,000 | ) |  |  | 1,521,000 |
Cash and cash equivalents at beginning of period |  |  | 1,233,000 |  |  |  | 1,928,000 |  |  |  | 407,000 |
Cash and cash equivalents at end of period |  | $ | 542,000 |  |  | $ | 1,233,000 |  |  | $ | 1,928,000 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 9 -Section 06 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 7 -Section 05 -Paragraph c Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e24072-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6921628&loc=d3e5283-111683 + Details
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