Mercantile Bank of Michigan in Grand Rapids, Michigan (MI)
Overview, Financial Summary, Detailed Financial Reports, Branches

  • Mercantile Bank of Michigan in Grand Rapids, Michigan (MI)
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Mercantile Bank of Michigan - Overview

  • General
  • FDIC Certificate #: 34598
    Status: Active
    Federal Reserve ID: 2608754
    Bank Holding Company (Regulatory Top Holder): Mercantile Bank Corporation (RSSDID: 2608763, Location: Grand Rapids, MI)
    Date Established: December 15, 1997
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 8 (Domestic: 8, Interstate: No)
    FDIC's unique #: 60762
    Numeric code: 21
    Regulator: FDIC
    Insurance Fund Membership: Deposit Insurance Fund (DIF)
    Insured commercial Banks: Yes
    FDIC Insured: Yes
    Deposit Insurance Fund member: Yes
    Ownership Type: Non-Stock
    FFIEC Call Report 31 Filer: No
    State Chartered: Yes
    Subchapter S Corporations: No
    Asset Concentration Hierarchy: Commercial Lending Specialization
    Date of Deposit Insurance: December 15, 1997
    Last Structure Change Effective Date: March 31, 2006
    Last Structure Change Process Date: November 03, 2006
    Last Data Update: November 03, 2006
    Data Source Date: April 05, 2012
  • Location
  • Address: 310 Leonard Street Nw, Grand Rapids, MI 49504
    County: Kent
    Quarterly Banking Profile Region: Chicago
    FDIC Geographic Region: Chicago
    FDIC Supervisory Region: Chicago
    FDIC Field Office: Grand Rapids
    Office of the Comptroller the Currency (OCC) District: Central
    Office of Thrift Supervision Region: Central
    Metropolitan Statistical Area (MSA): Grand Rapids-Muskegon-Holland, MI (#3000)
    Combined Statistical Area (CSA): Grand Rapids-Muskegon-Holland, MI (#266)
    Core Based Statistical Area (CBSA): Grand Rapids-Wyoming, MI (#24340)
    CBSA Metro Statistical Area: Grand Rapids-Wyoming, MI (#24340)
  • History of Changes
  • Merge BIF and SAIF Funds into DIF
  • Financial Summary
  • Total assets: $1,428.1 mil
    Equity capital: $192.7 mil
    Deposits held in domestic offices: $1,112.6 mil
    Return on assets (ROA): 2.42% ($34.6 mil)
    Quarterly return on assets: 7.85% ($112.1 mil)
    Return on Equity (ROE): 21.99% ($42.4 mil)
    Quarterly return on equity: 63.15% ($121.9 mil)
    Net income: $37.1 mil
    Quarterly Net income: $28.5 mil
    Pretax return on assets: 0.78% ($11,139.0 mil)
    Quarterly Pretax return on assets: 0.94% ($13,423.9 mil)

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

2000 - 2011 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

Assets and Liabilities (December 31, 2011)

  • Dollar figures in thousands
  • 226Total employees (full-time equivalent)
  • $1,428,079Total assets
  • $22,043Cash and due from depository institutions
  • $9,641Interest-bearing balances
  • $172,992Securities
  • $54,329Federal funds sold & reverse repurchase agreements
  • $1,035,890Net loans & leases
  • $36,532Loan loss allowance
  • $0Trading account assets
  • $26,802Bank premises and fixed assets
  • $15,282Other real estate owned
  • $0Goodwill and other intangibles
  • $1,428,079Life insurance assets
  • $100,741All other assets
  • $1,235,376Total liabilities and capital
  • $1,112,617Total liabilities
  • $965,586Total deposits
  • $1,112,617Interest-bearing deposits
  • $83Deposits held in domestic offices
  • 72569.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $45,000Trading liabilities
  • $0Other borrowed funds
  • $5,190Subordinated debt
  • $192,703All other liabilities
  • $192,703Total equity capital
  • $192,703Total bank equity capital
  • $0Perpetual preferred stock
  • $1,300Common stock
  • $152,400Surplus
  • $39,003Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $2,569Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $45,073Income earned, not collected on loans
  • $2,142Earning assets
  • $4,403Long-term assets (5+ years)
  • $1,272,852Average Assets, year-to-date
  • $171,407Average Assets, quarterly
  • $1,529,842Volatile liabilities
  • $1,452,515Insider loans
  • $1,210,834FHLB advances
  • $1,480,859Loans and leases held for sale
  • $48,519Unused loan commitments
  • $17,051Tier 1 (core) risk-based capital
  • $171,024Tier 2 risk-based capital
  • $30,322Total risk weighted assets
  • $1,146Total unused commitments
  • $238,207Restructured Loans and leases
  • $2,040Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $71,327Total interest income
  • $18,940Total interest expense
  • $52,387Net interest income
  • $6,900Provision for loan and lease losses
  • $4,982Total noninterest income
  • $0Fiduciary activities
  • $1,772Service charges on deposit accounts
  • $0Trading account gains & fees
  • $3,210Additional noninterest income
  • $38,473Total noninterest expense
  • $17,650Salaries and employee benefits
  • $3,991Premises and equipment expense
  • $16,832Additional noninterest expense
  • $11,996Pre-tax net operating income
  • $0Securities gains (losses)
  • -$25,089Applicable income taxes
  • $37,085Income before extraordinary items
  • $0Extraordinary gains - net
  • $37,085Net income attributable to bank
  • $0Net charge-offs
  • $37,085Cash dividends
  • $15,736Sale, conversion, retirement of capital stock, net
  • $4,927Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 5.14%Yield on earning assets
  • 1.36%Cost of funding earning assets
  • 3.78%Net interest margin
  • 0.36%Noninterest income to earning assets
  • 2.77%Noninterest expense to earning assets
  • 2.42%Net operating income to assets
  • 2.42%Return on assets (ROA)
  • 0.78%Pretax return on assets
  • 21.99%Return on equity (ROE)
  • 19.07%Retained earnings to average equity (YTD only)
  • 1.37%Net charge-offs to loans
  • 43.85%Credit loss provision to net charge-offs
  • 1.20%Efficiency ratio
  • 67,062Assets per employee
  • 6.32%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 13.29%Loss allowance to loans
  • 3.41%Loss allowance to noncurrent loans
  • 81.05%Noncurrent assets plus other real estate owned to assets
  • 4.23%Noncurrent loans to loans
  • 4.20%Net loans and leases to deposits
  • 93.10%Net loans and leases to core deposits
  • 147.93%Equity capital to assets
  • 13.49%Core capital (leverage) ratio
  • 11.55%Tier 1 risk-based capital ratio
  • 14.12%Total risk-based capital ratio
  • Memoranda
  • $15Average assets
  • $1,529,842Average earning assets
  • $168,622Average equity
  • $1,387,694Average loans

List of branches

  • 8 Michigan Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    060762Mercantile Bank Of Michigan310 Leonard Street Nw, Grand Rapids, MI 49504December 15, 1997Full Service Brick and Mortar
    1290731Alpine Avenue Branch4613 Alpine Avenue Nw, Grand Rapids, MI 49504June 21, 1999Full Service Brick and Mortar
    2362049Wyoming Branch5610 Byron Center Avenue, Wyoming, MI 49509September 04, 2001Full Service Brick and Mortar
    3418667Kentwood Branch4860 Broadmoor Avenue S.E., Kentwood, MI 49512December 03, 2002Full Service Brick and Mortar
    4418946Knapp Street Branch3156 Knapp Street, Ne, Grand Rapids, MI 49525May 12, 2003Full Service Brick and Mortar
    5419217Leonard Branch310 Leonard Street, Nw, Grand Rapids, MI 49504June 11, 2003Limited Service Loan Production
    6430134Holland Branch880 E 16th Street, Holland, MI 49423March 22, 2004Full Service Brick and Mortar
    9463389East Lansing Branch3737 Coolidge Road, East Lansing, MI 48823May 14, 2007Full Service Brick and Mortar

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