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Note 22 - Mercantile Bank Corporation (Parent Company Only) Condensed Financial Statements (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

Condensed Balance Sheet [Table Text Block]

		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 Income Statement [Table Text Block]

		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 Cash Flow Statement [Table Text Block]

		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