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Note 22 - Mercantile Bank Corporation (Parent Company Only) Condensed Financial Statements | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 22 – MERCANTILE BANK CORPORATION (PARENT COMPANY ONLY) CONDENSED FINANCIAL STATEMENTS CONDENSED BALANCE SHEETS
|  | 2022 |  |  | 2021 |
ASSETS |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 18,633,000 |  |  | $ | 14,570,000 |
Investment in bank subsidiary |  |  | 543,599,000 |  |  |  | 545,691,000 |
Other assets |  |  | 19,786,000 |  |  |  | 19,576,000 |
Total assets |  | $ | 582,018,000 |  |  | $ | 579,837,000 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Liabilities |  | $ | 3,024,000 |  |  | $ | 1,388,000 |
Subordinated debentures |  |  | 48,958,000 |  |  |  | 48,244,000 |
Subordinated notes |  |  | 88,628,000 |  |  |  | 73,646,000 |
Shareholders’ equity |  |  | 441,408,000 |  |  |  | 456,559,000 |
Total liabilities and shareholders’ equity |  | $ | 582,018,000 |  |  | $ | 579,837,000 |
CONDENSED STATEMENTS OF INCOME
|  | 2022 |  |  | 2021 |  |  | 2020 |
Income |  |  |  |  |  |  |  |  |  |  |  |
Interest and dividends from subsidiaries |  | $ | 26,056,000 |  |  | $ | 39,058,000 |  |  | $ | 32,588,000 |
Total income |  |  | 26,056,000 |  |  |  | 39,058,000 |  |  |  | 32,588,000 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | 6,104,000 |  |  |  | 1,934,000 |  |  |  | 2,268,000 |
Other operating expenses |  |  | 5,645,000 |  |  |  | 5,831,000 |  |  |  | 4,441,000 |
Total expenses |  |  | 11,749,000 |  |  |  | 7,765,000 |  |  |  | 6,709,000 |
Income before income tax benefit and equity in undistributed net income of subsidiary |  |  | 14,307,000 |  |  |  | 31,293,000 |  |  |  | 25,879,000 |
Federal income tax benefit |  |  | (2,535,000 | ) |  |  | (1,653,000 | ) |  |  | (1,173,000 | )
Equity in undistributed net income of subsidiary |  |  | 44,221,000 |  |  |  | 26,075,000 |  |  |  | 17,086,000 |
Net income |  | $ | 61,063,000 |  |  | $ | 59,021,000 |  |  | $ | 44,138,000 |
Comprehensive income (loss) |  | $ | (549,000 | ) |  | $ | 49,806,000 |  |  | $ | 45,929,000 |
CONDENSED STATEMENTS OF CASH FLOWS
|  | 2022 |  |  | 2021 |  |  | 2020 |
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 61,063,000 |  |  | $ | 59,021,000 |  |  | $ | 44,138,000 |
Adjustments to reconcile net income to net cash from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed net income of subsidiary |  |  | (44,221,000 | ) |  |  | (26,075,000 | ) |  |  | (17,086,000 | )
Stock-based compensation expense |  |  | 3,377,000 |  |  |  | 3,784,000 |  |  |  | 2,325,000 |
Stock grants to directors for retainer fees |  |  | 359,000 |  |  |  | 344,000 |  |  |  | 394,000 |
Change in other assets |  |  | 858,000 |  |  |  | 49,000 |  |  |  | (227,000 | )
Change in other liabilities |  |  | 1,636,000 |  |  |  | (5,000 | ) |  |  | 812,000 |
Net cash from operating activities |  |  | 23,072,000 |  |  |  | 37,118,000 |  |  |  | 30,356,000 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |
Net capital investment into subsidiaries |  |  | (15,000,000 | ) |  |  | (70,000,000 | ) |  |  | 0 |
Net cash for investing activities |  |  | (15,000,000 | ) |  |  | (70,000,000 | ) |  |  | 0 |
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |
Stock option exercises, net of cashless exercises |  |  | 36,000 |  |  |  | 50,000 |  |  |  | 3,000 |
Employee stock purchase plan |  |  | 45,000 |  |  |  | 48,000 |  |  |  | 49,000 |
Dividend reinvestment plan |  |  | 867,000 |  |  |  | 877,000 |  |  |  | 814,000 |
Net proceeds from subordinated notes issuance |  |  | 14,645,000 |  |  |  | 73,635,000 |  |  |  | 0 |
Repurchase of common shares |  |  | 0 |  |  |  | (21,380,000 | ) |  |  | (6,591,000 | )
Cash dividends on common stock |  |  | (19,602,000 | ) |  |  | (18,524,000 | ) |  |  | (17,930,000 | )
Net cash (for) from financing activities |  |  | (4,009,000 | ) |  |  | 34,706,000 |  |  |  | (23,655,000 | )
Net change in cash and cash equivalents |  |  | 4,063,000 |  |  |  | 1,824,000 |  |  |  | 6,701,000 |
Cash and cash equivalents at beginning of period |  |  | 14,570,000 |  |  |  | 12,746,000 |  |  |  | 6,045,000 |
Cash and cash equivalents at end of period |  | $ | 18,633,000 |  |  | $ | 14,570,000 |  |  | $ | 12,746,000 |

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI https://asc.fasb.org/extlink&oid=126898705&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=126929396&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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