Mercantile Bank Of Michigan Mortgage Rates, Fees & Info

Grand Rapids, MI

LEI: RM2F4G3WBQ8R9OKYRH19

Tax ID: 38-3360868

5 stars - out of 5 stars, based on 63 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Mercantile Bank Of Michigan is a small bank specializing in Home Purchase and Refi loans. Mercantile Bank Of Michigan has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Grand Rapids, Detroit, Cincinnati, Muskegon, and Holland among others. Mercantile Bank Of Michigan has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Mercantile Bank Of Michigan is typically a low fee lendor.


Originations

3,948

Origination Dollar Volume (All Markets)

$1,036,590,000

Employee count

627 Show all (10) awards

Relative Rate

Mercantile Bank Of Michigan's average 30 year fixed rate mortgage of loans were 3.19%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.04%.

Relative Fees

Mercantile Bank Of Michigan's average total fees for a 30 year fixed rate mortgage are $3,040.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1,358 $359,910,000 $265,029 $2,581 3.05%
Outside of Metro Areas 689 $146,915,000 $213,229 $2,771 3.08%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 329 $105,715,000 $321,322 $2,929 2.79%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 218 $66,210,000 $303,716 $3,461 3.02%
MUSKEGON, MI (FHA|USDA|VA) 39 $39,555,000 $1,014,231 $2,791 3.29%
Holland, MI (FHA|USDA|VA) 116 $33,800,000 $291,379 $3,070 3.11%
Mount Pleasant, MI (FHA|USDA|VA) 215 $30,815,000 $143,326 $2,382 3.04%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 118 $28,210,000 $239,068 $2,835 3.01%
Alma, MI (FHA|USDA|VA) 242 $26,290,000 $108,636 $2,203 3.04%
SAGINAW, MI (FHA|USDA|VA) 41 $24,165,000 $589,390 $2,510 2.97%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 113 $24,015,000 $212,522 $2,662 2.97%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 6 $21,920,000 $3,653,333 $5,526 2.98%
Traverse City, MI (FHA|USDA|VA) 45 $17,695,000 $393,222 $3,194 3.11%
MIDLAND, MI (FHA|USDA|VA) 99 $16,865,000 $170,354 $2,693 3.16%
Cadillac, MI (FHA|USDA|VA) 74 $12,770,000 $172,568 $2,843 2.96%
Big Rapids, MI (FHA|USDA|VA) 51 $8,045,000 $157,745 $2,402 3.10%
DAYTON-KETTERING, OH (FHA|USDA|VA) 26 $6,680,000 $256,923 $3,775 3.25%
COLUMBUS, OH (FHA|USDA|VA) 8 $6,090,000 $761,250 $5,523 3.11%
NILES, MI (FHA|USDA|VA) 11 $3,505,000 $318,636 $3,762 3.08%
ANN ARBOR, MI (FHA|USDA|VA) 10 $3,390,000 $339,000 $3,142 2.85%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 6 $3,160,000 $526,667 $4,760 3.28%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 5 $3,025,000 $605,000 $5,115 3.03%
JACKSON, MI (FHA|USDA|VA) 4 $3,020,000 $755,000 $5,171 3.39%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $2,810,000 $1,405,000 $8,595 2.94%
Ludington, MI (FHA|USDA|VA) 6 $2,750,000 $458,333 $3,202 2.92%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 7 $2,735,000 $390,714 $4,003 2.98%
LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) 2 $2,680,000 $1,340,000 $5,563 2.94%
FLINT, MI (FHA|USDA|VA) 9 $2,565,000 $285,000 $2,870 2.89%
BATTLE CREEK, MI (FHA|USDA|VA) 14 $2,550,000 $182,143 $3,493 3.34%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $2,515,000 $2,515,000 $6,169 3.25%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 3 $2,045,000 $681,667 $2,807 3.17%
BAY CITY, MI (FHA|USDA|VA) 20 $2,020,000 $101,000 $3,122 3.45%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 4 $1,800,000 $450,000 $4,353 2.75%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $1,755,000 $1,755,000 $9,925 3.13%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $1,505,000 $1,505,000 $7,695 2.75%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 4 $1,170,000 $292,500 $4,201 3.25%
TOLEDO, OH (FHA|USDA|VA) 1 $1,165,000 $1,165,000 $7,461 3.00%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 1 $1,145,000 $1,145,000 $5,609 2.75%
Sturgis, MI (FHA|USDA|VA) 5 $1,125,000 $225,000 $2,657 2.95%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $980,000 $490,000 $3,984 3.19%
JACKSONVILLE, FL (FHA|USDA|VA) 2 $960,000 $480,000 $4,010 3.00%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $835,000 $835,000 $5,025 3.13%
BLOOMINGTON, IN (FHA|USDA|VA) 1 $815,000 $815,000 $3,129 3.00%
Sidney, OH (FHA|USDA|VA) 2 $770,000 $385,000 $3,326 3.69%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 3 $765,000 $255,000 $5,589 3.25%
Celina, OH (FHA|USDA|VA) 1 $755,000 $755,000 $6,239 3.00%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $630,000 $315,000 $3,662 4.38%
Key West, FL (FHA|USDA|VA) 1 $595,000 $595,000 $0 4.00%
Maysville, KY (FHA|USDA|VA) 2 $500,000 $250,000 $2,365 3.31%
Alpena, MI (FHA|USDA|VA) 4 $490,000 $122,500 $2,440 3.56%
Adrian, MI (FHA|USDA|VA) 1 $395,000 $395,000 $5,919 2.75%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $355,000 $355,000 $2,650 3.25%
Sault Ste. Marie, MI (FHA|USDA|VA) 1 $355,000 $355,000 $2,796 3.25%
MONROE, MI (FHA|USDA|VA) 2 $340,000 $170,000 $2,258 3.13%
SPRINGFIELD, OH (FHA|USDA|VA) 1 $305,000 $305,000 $3,838 3.38%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $285,000 $285,000 $3,115 3.38%
Vincennes, IN (FHA|USDA|VA) 1 $275,000 $275,000 $2,229 3.38%
Escanaba, MI (FHA|USDA|VA) 2 $250,000 $125,000 $3,097 3.50%
OCALA, FL (FHA|USDA|VA) 2 $240,000 $120,000 $2,282 2.81%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 1 $195,000 $195,000 $1,837 2.75%
THE VILLAGES, FL (FHA|USDA|VA) 1 $195,000 $195,000 $2,685 3.25%
Richmond-Berea, KY (FHA|USDA|VA) 1 $185,000 $185,000 $1,998 2.75%
Coldwater, MI (FHA|USDA|VA) 1 $175,000 $175,000 $2,083 2.75%
Hillsdale, MI (FHA|USDA|VA) 2 $170,000 $85,000 $463 4.38%
MANSFIELD, OH (FHA|USDA|VA) 1 $145,000 $145,000 $2,247 2.88%
Madisonville, KY (FHA|USDA|VA) 1 $145,000 $145,000 $2,622 2.88%
Jackson, OH (FHA|USDA|VA) 1 $135,000 $135,000 $2,643 2.50%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $125,000 $125,000 $2,409 3.25%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $125,000 $125,000 $2,264 2.38%

Mercantile Bank Of Michigan's top markets include Grand Rapids, Detroit, Cincinnati, Muskegon, and Holland among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 3,840 $1,020,500,000 $265,755 $2,675 3.04%
FHA 96 $14,770,000 $153,854 $5,579 3.14%
USDA 12 $1,320,000 $110,000 $3,949 2.86%

For the 2021 period, Mercantile Bank Of Michigan's most frequently originated loan type of loans were Conventional, with 3,840 originations. Their 2nd most popular type is FHA, with 96 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 1,743 $590,845,000 $338,982 $3,246 3.15%
Refi 1,288 $261,660,000 $203,152 $2,292 2.79%
Cash Out Refi 726 $153,500,000 $211,433 $2,629 3.08%
Other 115 $18,645,000 $162,130 $2,155 3.51%
Home Improvement 76 $11,940,000 $157,105 $1,724 3.62%

For the 2021, Mercantile Bank Of Michigan's most frequently cited loan purpose of loans were Home Purchase, with 1,743 originations. The 2nd most popular reason of loans were Refi, with 1,288 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 2,417 $671,035,000 $277,631 $3,040 3.19%
15 Year 976 $179,860,000 $184,283 $2,352 2.63%
20 Year 205 $38,325,000 $186,951 $2,479 3.04%
10 Year 185 $20,945,000 $113,216 $1,932 2.86%
Other 122 $113,770,000 $932,541 $2,112 3.30%
5 Year 38 $10,890,000 $286,579 $439 4.03%
1 Year 5 $1,765,000 $353,000 $0 3.89%

For the 2021, Mercantile Bank Of Michigan's most frequently cited loan length of loans were 30 Year, with 2,417 originations. The 2nd most popular length of loans were 15 Year, with 976 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 2,669 $672,275,000 $251,883
$1k-2k 942 $183,210,000 $194,490
$2k-3k 124 $33,210,000 $267,823
$3k-4k 49 $16,735,000 $341,531
$5k+ 13 $6,485,000 $498,846

$3,040 of loans were Mercantile Bank Of Michigan's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 2,669 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 1,549 $439,175,000 $283,522
2.5-3% 1,540 $444,380,000 $288,558
<2.5% 679 $125,655,000 $185,059
4-5% 137 $22,815,000 $166,533
5-6% 37 $4,335,000 $117,162
6-7% 5 $165,000 $33,000
7-8% 1 $65,000 $65,000

During 2021, Mercantile Bank Of Michigan's average interest rate of loans were 3.19%, while their most frequently originated rate bucket of loans were 3-4%, with 1,549 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 1,422 $208,930,000 $146,927 $2,521 3.03%
$200k-400k 1,259 $347,825,000 $276,271 $2,901 3.02%
$100,000 or less 761 $52,415,000 $68,876 $2,056 3.12%
$400k-600k 309 $148,845,000 $481,699 $3,503 2.99%
$600k-1MM 125 $94,885,000 $759,080 $4,309 2.99%
$1MM+ 72 $183,690,000 $2,551,250 $6,336 3.06%

2021 saw Mercantile Bank Of Michigan place emphasis on $100k-200k loans with 1,422 originations, totaling $208,930,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 785 $199,615,000 $254,287 $2,796 2.98%
$50k-75k 779 $122,495,000 $157,246 $2,641 3.07%
$50k or less 732 $79,360,000 $108,415 $2,445 3.09%
$75k-100k 627 $120,975,000 $192,943 $2,549 3.07%
$150k-250k 457 $153,545,000 $335,985 $3,031 3.04%
$250k+ 362 $220,510,000 $609,144 $3,808 3.00%

Mercantile Bank Of Michigan lent most frequently to those with incomes in the $100k-150k range, with 785 originations. The second most popular income band? $50k-75k, with 779 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 1,066 $245,630,000 $230,422 $2,621 2.99%
30-36% 769 $178,875,000 $232,607 $2,736 3.07%
<20% 503 $120,335,000 $239,235 $2,589 2.85%
42% 151 $40,555,000 $268,576 $3,051 3.09%
41% 148 $37,870,000 $255,878 $3,097 3.14%
39% 147 $34,795,000 $236,701 $2,730 3.02%
37% 143 $36,435,000 $254,790 $2,672 3.08%
36% 139 $36,115,000 $259,820 $3,120 3.13%
38% 136 $32,290,000 $237,426 $2,784 3.11%
44% 124 $23,160,000 $186,774 $2,776 3.10%
43% 116 $24,640,000 $212,414 $2,618 3.13%
40% 113 $27,285,000 $241,460 $2,801 3.17%
45% 77 $18,465,000 $239,805 $3,137 3.13%
46% 66 $15,640,000 $236,970 $2,766 3.05%
47% 57 $12,605,000 $221,140 $2,883 3.00%
48% 57 $15,255,000 $267,632 $2,796 3.12%
49% 53 $13,325,000 $251,415 $2,981 3.14%
50-60% 42 $12,520,000 $298,095 $3,993 2.96%
>60% 6 $2,590,000 $431,667 $3,337 3.88%

Mercantile Bank Of Michigan lent most frequently to those with DTI ratios of 20-30%, with 1,066 originations. The next most common DTI ratio? 30-36%, with 769 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 3,327 $766,825,000 $230,485 $2,720 3.03%
Not provided 432 $120,880,000 $279,815 $2,876 3.07%
Not applicable 34 $107,640,000 $3,165,882 $0 4.01%
Asian 59 $22,305,000 $378,051 $3,265 2.92%
Black 79 $16,345,000 $206,899 $3,147 3.17%
American Indian 13 $1,975,000 $151,923 $2,565 3.14%
Asian Indian 2 $370,000 $185,000 $2,134 2.69%
Other Asian 1 $195,000 $195,000 $2,264 2.38%
Chinese 1 $55,000 $55,000 $0 4.05%

Approval Rates

Total approvals of all applications
88.95%

Mercantile Bank Of Michigan has an average approval rate.

Pick Rate

Approvals leading to origination
80.45%

Mercantile Bank Of Michigan has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 3,948 $1,036,590,000 $262,561

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
3,948 $1,036,590,000 $262,561

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 328 $43,110,000 $131,433 $2,201 2.80%
40-60% 768 $154,880,000 $201,667 $2,338 2.82%
60-80% 1,442 $409,000,000 $283,634 $2,689 3.07%
80-100% 1,336 $426,080,000 $318,922 $3,289 3.14%
Under 20% 74 $3,520,000 $47,568 $968 4.07%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Merchants and Medical Credit Corporation, Inc. Conventional home mortgage Struggling to pay mortgage 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Mercantile Bank of Michigan 201 West Wheatland Avenue Remus, MI 49340 Full Service B&M $24,953
Mercantile Bank of Michigan 3156 Knapp Street, Ne Grand Rapids, MI 49525 Full Service B&M $128,055
Mercantile Bank of Michigan 3737 Coolidge Road East Lansing, MI 48823 Full Service B&M $224,424
Mercantile Bank of Michigan 4613 Alpine Avenue Nw Comstock Park, MI 49321 Full Service B&M $101,112
Mercantile Bank of Michigan 4699 East Pickard Road Mount Pleasant, MI 48858 Full Service B&M $28,321
Mercantile Bank of Michigan 4737 Cascade Road Se Grand Rapids, MI 49546 Full Service B&M $124,410
Mercantile Bank of Michigan 502 West Houghton Avenue West Branch, MI 48661 Full Service B&M $107,039
Mercantile Bank of Michigan 505 South Bennett Street Rose City, MI 48654 Full Service B&M $40,007
Mercantile Bank of Michigan 5610 Byron Center Avenue Wyoming, MI 49519 Full Service B&M $168,419
Mercantile Bank of Michigan 7300 N. Alger Road Alma, MI 48801 Full Service B&M $154,486
Mercantile Bank of Michigan 806 Mcewan Street Clare, MI 48617 Full Service B&M $55,353
Mercantile Bank of Michigan 811 South Drake Road Kalamazoo, MI 49009 Full Service B&M $55,201
Mercantile Bank of Michigan 830 West Shaw Street Howard City, MI 49329 Full Service B&M $26,363
Mercantile Bank of Michigan 8851 East 34 Road Cadillac, MI 49601 Full Service B&M $37,559
Mercantile Bank of Michigan 10049 Buchanan Road Canadian Lakes, MI 49346 Full Service B&M $23,275
Mercantile Bank of Michigan 102 Pine Street St. Charles, MI 48655 Full Service B&M $29,003
Mercantile Bank of Michigan 1065 Superior Drive Saint Johns, MI 48879 Full Service B&M $108,473
Mercantile Bank of Michigan 114 West Pine Street Cadillac, MI 49601 Full Service B&M $62,853
Mercantile Bank of Michigan 125 West Saginaw Street Merrill, MI 48637 Full Service B&M $35,205
Mercantile Bank of Michigan 170 College Ave Suite 100 Holland, MI 49423 Limited, Drive-thru $40,847
Mercantile Bank of Michigan 1700 West Big Beaver Road, Suite 360 Troy, MI 48084 Full Service B&M $106,628
Mercantile Bank of Michigan 1925 East Remus Road Mount Pleasant, MI 48858 Full Service B&M $162,552
Mercantile Bank of Michigan 1979 East Miller Road Fairview, MI 48621 Full Service B&M $31,660
Mercantile Bank of Michigan 1990 N Saint Helen Rd Saint Helen, MI 48656 Full Service B&M $27,051
Mercantile Bank of Michigan 900 East Michigan Avenue Paw Paw, MI 49079 Full Service B&M $55,167
Mercantile Bank of Michigan 9002 Howard City-Edmore Rd Vestaburg, MI 48891 Full Service B&M $32,947
Mercantile Bank of Michigan 9344 West Belding Road Otisco Township, MI 48809 Full Service B&M $52,331
Mercantile Bank of Michigan 9531 North Greenville Road Lakeview, MI 48850 Limited, Drive-thru $41,094
Mercantile Bank of Michigan 2015 South Mission Mount Pleasant, MI 48858 Full Service B&M $26,072
Mercantile Bank of Michigan 202 North Dexter Street Ionia, MI 48846 Limited, Drive-thru $0
Mercantile Bank of Michigan 2087 South M-76 West Branch, MI 48661 Full Service B&M $31,309
Mercantile Bank of Michigan 211 E Water St, Ste 100 Kalamazoo, MI 49007 Full Service B&M $173,123
Mercantile Bank of Michigan 219 East Center Street Ithaca, MI 48847 Full Service B&M $47,238
Mercantile Bank of Michigan 230 Woodworth Avenue Alma, MI 48801 Limited, Drive-thru $0
Mercantile Bank of Michigan 2301 W Centre Portage, MI 49024 Full Service B&M $70,664
Mercantile Bank of Michigan 258 West Wright Avenue Shepherd, MI 48883 Full Service B&M $35,079
Mercantile Bank of Michigan 2600 South State Road Berlin Township, MI 48846 Full Service B&M $110,496
Mercantile Bank of Michigan 2601 West Main Street Lowell, MI 49331 Full Service B&M $41,471
Mercantile Bank of Michigan 310 Leonard Street Nw Grand Rapids, MI 49504 Full Service B&M $1,056,054

For 2021, Mercantile Bank Of Michigan had 39 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $143,493
Net interest income $126,017
Total noninterest income $55,728
Gross Fiduciary activities income $0
Service charges on deposit accounts $5,078
Trading account gains and fees $0
Additional Noninterest Income $50,650
Pre-tax net operating income $81,470
Securities gains (or losses, -) $-47
Income before extraordinary items $65,076
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $65,076
Minority interest net income $0
Net income $65,076
Sale, conversion, retirement of capital stock, net $0
Net operating income $65,113

Mercantile Bank Of Michigan's gross interest income from loans was $143,493,000.
Mercantile Bank Of Michigan's net interest income from loans was $126,017,000.
Mercantile Bank Of Michigan's fee based income from loans was $5,078,000.
Mercantile Bank Of Michigan's net income from loans was $65,076,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $17,476
Provision for credit losses $-4,300
Total noninterest expense $104,575
Salaries and employee benefits $62,057
Premises and equipment expense $11,742
Additional noninterest expense $30,776
Applicable income taxes $16,347
Net charge-offs $-1,696
Cash dividends $39,000

Mercantile Bank Of Michigan's interest expense for loans was $17,476,000.
Mercantile Bank Of Michigan's payroll and benefits expense were $62,057,000.
Mercantile Bank Of Michigan's property, plant and equipment expenses $11,742,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 0.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
Commercial & industrial loans 0.0%
Personal loans 0.0%
Credit card loans 0.0%
Other individual loans 0.0%
Auto loans 0.0%
Other consumer loans 0.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $4,097,762
Deposits held in domestic offices $4,097,762
Deposits by Individuals, partnerships, and corporations $3,737,959
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $341,804
Deposits by Commercial banks and other depository institutions in U.S. $17,999
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $403,192
Demand deposits $353,564
Nontransaction accounts $3,694,570
Money market deposit accounts (MMDAs) $1,053,361
Other savings deposits (excluding MMDAs) $2,209,313
Total time deposits $431,897
Total time and savings deposits $3,744,198
Noninterest-bearing deposits $1,679,336
Interest-bearing deposits $2,418,426
Retail deposits $3,890,822
IRAs and Keogh plan accounts $40,735
Brokered deposits $36,487
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $5,238,290
Cash & Balances due from depository institutions $975,160
Interest-bearing balances $915,755
Total securities $594,340
Federal funds sold & reverse repurchase $0
Net loans and leases $3,434,213
Loan and leases loss allowance $35,363
Trading account assets $4,609
Bank premises and fixed assets $57,298
Other real estate owned $0
Goodwill and other intangibles $46,069
All other assets $126,601

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $5,238,290
Total Liabilities $4,692,598
Total deposits $4,097,762
Interest-bearing deposits $2,418,426
Deposits held in domestic offices $4,097,762
% insured (estimated) $47
Federal funds purchased and repurchase agreements $197,463
Trading liabilities $4,857
Other borrowed funds $374,000
Subordinated debt $0
All other liabilities $18,516

Issued Loan Types

Type Value (in 000's)
Net loans and leases $3,434,213
Loan and leases loss allowance $35,363
Total loans and leases (domestic) $3,469,576
All real estate loans $2,320,077
Real estate loans in domestic offices $2,320,077
Construction and development loans $307,193
Residential 1-4 family construction $69,125
Other construction, all land development and other land $238,068
Loans secured by nonfarm nonresidential properties $1,425,452
Nonfarm nonresidential secured by owner-occupied properties $538,366
Commercial real estate & other non-farm, non-residential $887,086
Multifamily residential real estate $102,413
1-4 family residential loans $480,458
Farmland loans $4,561
Loans held in foreign offices $0
Farm loans $1,532
Commercial and industrial loans $1,052,787
To non-U.S. addressees $0
Loans to individuals $15,285
Credit card loans $654
Related Plans $2,462
Consumer Auto Loans $6,292
Other loans to individuals $5,877
All other loans & leases $79,895
Loans to foreign governments and official institutions $0
Other loans $27,474
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $12,289
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $17,055
Non 1-4 family restructured loans & leases $15,099
Total loans and leases (foreign) $0

Mercantile Bank of Michigan had $3,434,213,000 of loans outstanding in 2021. $2,320,077,000 of loans were in real estate loans. $307,193,000 of loans were in development loans. $102,413,000 of loans were in multifamily mortgage loans. $480,458,000 of loans were in 1-4 family mortgage loans. $1,532,000 of loans were in farm loans. $654,000 of loans were in credit card loans. $6,292,000 of loans were in the auto loan category.

Small Business Loans

Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
Nonfarm, nonresidential loans - <$1MM 783 $205,548 $262,513
Nonfarm, nonresidential loans - <$100k 144 $6,014 $41,764
Nonfarm, nonresidential loans - $100-250k 246 $32,642 $132,691
Nonfarm, nonresidential loans - $250k-1MM 393 $166,892 $424,662
Commercial & Industrial, US addressed loans - <$1MM 1,388 $164,943 $118,835
Commercial & Industrial, US addressed loans - <$100k 766 $22,692 $29,624
Commercial & Industrial, US addressed loans - $100-250k 328 $37,350 $113,872
Commercial & Industrial, US addressed loans - $250k-1MM 294 $104,901 $356,806
Farmland loans - <$1MM 29 $3,066 $105,724
Farmland loans - <$100k 16 $682 $42,625
Farmland loans - $100-250k 8 $1,013 $126,625
Farmland loans - $250k-1MM 5 $1,371 $274,200
Agriculture operations loans - <$1MM 23 $1,186 $51,565
Agriculture operations loans - <$100k 19 $725 $38,158
Agriculture operations loans - $100-250k 3 $351 $117,000
Agriculture operations loans - $250k-1MM 1 $110 $110,000