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Note 21 - Mercantile Bank Corporation (Parent Company Only) Condensed Financial Statements | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 21 – MERCANTILE BANK CORPORATION (PARENT COMPANY ONLY) CONDENSED FINANCIAL STATEMENTS CONDENSED BALANCE SHEETS
(Dollars in thousands) |  | 2023 |  |  | 2022 |
ASSETS |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 18,969 |  |  | $ | 18,633 |
Investments in bank subsidiaries |  |  | 627,604 |  |  |  | 543,599 |
Other assets |  |  | 17,228 |  |  |  | 19,786 |
Total assets |  | $ | 663,801 |  |  | $ | 582,018 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Liabilities |  | $ | 3,040 |  |  | $ | 3,024 |
Subordinated debentures |  |  | 49,644 |  |  |  | 48,958 |
Subordinated notes |  |  | 88,971 |  |  |  | 88,628 |
Shareholders’ equity |  |  | 522,146 |  |  |  | 441,408 |
Total liabilities and shareholders’ equity |  | $ | 663,801 |  |  | $ | 582,018 |
CONDENSED STATEMENTS OF INCOME
(Dollars in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Income |  |  |  |  |  |  |  |  |  |  |  |
Interest and dividends from subsidiaries |  | $ | 26,660 |  |  | $ | 26,056 |  |  | $ | 39,058 |
Total income |  |  | 26,660 |  |  |  | 26,056 |  |  |  | 39,058 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | 8,091 |  |  |  | 6,104 |  |  |  | 1,934 |
Other operating expenses |  |  | 5,674 |  |  |  | 5,645 |  |  |  | 5,831 |
Total expenses |  |  | 13,765 |  |  |  | 11,749 |  |  |  | 7,765 |
Income before income tax benefit and equity in undistributed net income of subsidiary |  |  | 12,895 |  |  |  | 14,307 |  |  |  | 31,293 |
Federal income tax benefit |  |  | (2,858 | ) |  |  | (2,535 | ) |  |  | (1,653 | )
Equity in undistributed net income of subsidiary |  |  | 66,464 |  |  |  | 44,221 |  |  |  | 26,075 |
Net income |  | $ | 82,217 |  |  | $ | 61,063 |  |  | $ | 59,021 |
Other comprehensive income (loss) |  |  | 14,854 |  |  |  | (61,612 | ) |  |  | (9,215 | )
Comprehensive income (loss) |  | $ | 97,071 |  |  | $ | (549 | ) |  | $ | 49,806 |
NOTE 21 – MERCANTILE BANK CORPORATION (PARENT COMPANY ONLY) CONDENSED FINANCIAL STATEMENTS (Continued) CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in thousands) |  | 2023 |  | 2022 |  |  | 2021 |
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 82,217 |  |  | $ | 61,063 |  |  | $ | 59,021 |
Adjustments to reconcile net income to net cash from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed net income of subsidiary |  |  | (66,464 | ) |  |  | (44,221 | ) |  |  | (26,075 | )
Stock-based compensation expense |  |  | 3,384 |  |  |  | 3,377 |  |  |  | 3,784 |
Stock grants to directors for retainer fees |  |  | 350 |  |  |  | 359 |  |  |  | 344 |
Change in other assets |  |  | (128 | ) |  |  | 858 |  |  |  | 49 |
Change in other liabilities |  |  | 1,045 |  |  |  | 1,636 |  |  |  | (5 | )
Net cash from operating activities |  |  | 20,404 |  |  |  | 23,072 |  |  |  | 37,118 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |
Net capital investment into subsidiaries |  |  | 0 |  |  |  | (15,000 | ) |  |  | (70,000 | )
Net cash for investing activities |  |  | 0 |  |  |  | (15,000 | ) |  |  | (70,000 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |
Stock option exercises, net of cashless exercises |  |  | 0 |  |  |  | 36 |  |  |  | 50 |
Employee stock purchase plan |  |  | 45 |  |  |  | 45 |  |  |  | 48 |
Dividend reinvestment plan |  |  | 891 |  |  |  | 867 |  |  |  | 877 |
Net proceeds from subordinated notes issuance |  |  | 0 |  |  |  | 14,645 |  |  |  | 73,635 |
Repurchase of common shares |  |  | 0 |  |  |  | 0 |  |  |  | (21,380 | )
Cash dividends on common stock |  |  | (21,004 | ) |  |  | (19,602 | ) |  |  | (18,524 | )
Net cash (for) from financing activities |  |  | (20,068 | ) |  |  | (4,009 | ) |  |  | 34,706 |
Net change in cash and cash equivalents |  |  | 336 |  |  |  | 4,063 |  |  |  | 1,824 |
Cash and cash equivalents at beginning of period |  |  | 18,633 |  |  |  | 14,570 |  |  |  | 12,746 |
Cash and cash equivalents at end of period |  | $ | 18,969 |  |  | $ | 18,633 |  |  | $ | 14,570 |

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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 -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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