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

12 Months Ended

Dec. 31, 2024

Notes Tables

Condensed Balance Sheet [Table Text Block]

(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 Income Statement [Table Text Block]

(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 Cash Flow Statement [Table Text Block]

(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