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Note 21 - Mercantile Bank Corporation (Parent Company Only) Condensed Financial Statements

12 Months Ended

Dec. 31, 2024

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)		2024				2023
ASSETS
Cash and cash equivalents		$	17,420			$	18,969
Investments in subsidiaries			691,563				629,710
Other assets			18,188				15,122
Total assets		$	727,171			$	663,801
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities		$	3,001			$	3,040
Subordinated debentures			50,330				49,644
Subordinated notes			89,314				88,971
Shareholders’ equity			584,526				522,146
Total liabilities and shareholders’ equity		$	727,171			$	663,801

CONDENSED STATEMENTS OF INCOME

(Dollars in thousands)		2024				2023				2022
Income
Interest and dividends from subsidiaries		$	30,061			$	26,660			$	26,056
Total income			30,061				26,660				26,056
Expenses
Interest expense			8,203				8,091				6,104
Other operating expenses			5,647				5,674				5,645
Total expenses			13,850				13,765				11,749
Income before income tax benefit and equity in undistributed net income of subsidiary			16,211				12,895				14,307
Federal income tax benefit			(3,240	)			(2,858	)			(2,535	)
Equity in undistributed net income of subsidiary			60,142				66,464				44,221
Net income		$	79,593			$	82,217			$	61,063
Other comprehensive income (loss)			662				14,854				(61,612	)
Comprehensive income (loss)		$	80,255			$	97,071			$	(549	)

CONDENSED STATEMENTS OF CASH FLOWS

(Dollars in thousands)		2024				2023				2022
Cash flows from operating activities
Net income		$	79,593			$	82,217			$	61,063
Adjustments to reconcile net income to net cash from operating activities:
Equity in undistributed net income of subsidiary			(60,142	)			(66,464	)			(44,221	)
Stock-based compensation expense			3,316				3,384				3,377
Stock grants to directors for retainer fees			423				350				359
Change in other assets			(4,116	)			(128	)			858
Change in other liabilities			990				1,045				1,636
Net cash from operating activities			20,064				20,404				23,072
Cash flows from investing activities
Net capital investment into subsidiaries			0				0				(15,000	)
Net cash for investing activities			0				0				(15,000	)
Cash flows from financing activities
Stock option exercises, net of cashless exercises			0				0				36
Employee stock purchase plan			50				45				45
Dividend reinvestment plan			810				891				867
Net proceeds from subordinated notes issuance			0				0				14,645
Cash dividends on common stock			(22,473	)			(21,004	)			(19,602	)
Net cash for financing activities			(21,613	)			(20,068	)			(4,009	)
Net change in cash and cash equivalents			(1,549	)			336				4,063
Cash and cash equivalents at beginning of period			18,969				18,633				14,570
Cash and cash equivalents at end of period		$	17,420			$	18,969			$	18,633

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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/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

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X

- References

No definition available.

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