Mercantile Bank Of Michigan Mortgage Rates, Fees & Info

Grand Rapids, MI

LEI: RM2F4G3WBQ8R9OKYRH19

Tax ID: 38-3360868

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Mercantile Bank Of Michigan is a smaller bank specializing in Home Purchase 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 by origination volume include: Grand Rapids, Detroit, Kalamazoo, Mount Pleasant, and Lansing among others. We have data for 34 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Mercantile Bank Of Michigan has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Mercantile Bank Of Michigan is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.09% 12/16/24
    30 Year Conventional Purchase 6.31% 12/16/24
    30 Year Conventional Refi 6.24% 12/16/24
    30 Year Cash-out Refi 6.50% 12/16/24
    30 Year FHA Purchase 7.27% 12/16/24
    30 Year USDA Purchase 6.84% 12/16/24
    15 Year Conventional Purchase 6.23% 12/16/24
    15 Year Conventional Refi 5.93% 12/16/24
    15 Year Cash-out Refi 5.93% 12/16/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Mercantile Bank Of Michigan Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Mercantile Bank Of Michigan. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    1,275

    Origination Dollar Volume (All Markets)

    $253,785,000

    Employee count

    630 Show all (19) awards

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 365 $87,215,000 $238,945 $2,319 4.58%
    Outside of Metro Areas 287 $35,005,000 $121,969 $2,217 4.77%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 59 $27,975,000 $474,153 $2,802 4.55%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 68 $24,140,000 $355,000 $2,496 4.59%
    Mount Pleasant, MI (FHA|USDA|VA) 103 $14,025,000 $136,165 $1,831 4.72%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 80 $12,490,000 $156,125 $2,269 4.70%
    Alma, MI (FHA|USDA|VA) 123 $10,555,000 $85,813 $1,962 4.81%
    Holland, MI (FHA|USDA|VA) 42 $8,530,000 $203,095 $2,710 4.52%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $7,405,000 $7,405,000 $0 5.50%
    Traverse City, MI (FHA|USDA|VA) 16 $4,470,000 $279,375 $2,473 4.47%
    Big Rapids, MI (FHA|USDA|VA) 30 $4,080,000 $136,000 $2,050 4.43%
    Cadillac, MI (FHA|USDA|VA) 26 $3,780,000 $145,385 $2,293 4.60%
    MUSKEGON, MI (FHA|USDA|VA) 14 $2,700,000 $192,857 $2,345 4.94%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $1,720,000 $860,000 $6,684 3.94%
    MIDLAND, MI (FHA|USDA|VA) 15 $1,495,000 $99,667 $1,991 4.76%
    FLINT, MI (FHA|USDA|VA) 6 $1,000,000 $166,667 $2,986 4.29%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 2 $950,000 $475,000 $4,384 4.25%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $875,000 $875,000 $6,545 3.99%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $855,000 $855,000 $4,501 4.13%
    BAY CITY, MI (FHA|USDA|VA) 6 $690,000 $115,000 $2,644 5.12%
    SAGINAW, MI (FHA|USDA|VA) 8 $640,000 $80,000 $1,749 4.20%
    BATTLE CREEK, MI (FHA|USDA|VA) 4 $500,000 $125,000 $3,330 5.12%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $405,000 $405,000 $3,255 4.90%
    NILES, MI (FHA|USDA|VA) 3 $365,000 $121,667 $2,722 4.17%
    ANN ARBOR, MI (FHA|USDA|VA) 1 $355,000 $355,000 $4,000 4.38%
    Sturgis, MI (FHA|USDA|VA) 3 $325,000 $108,333 $2,781 4.25%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $265,000 $265,000 $3,550 4.88%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $245,000 $245,000 $0 5.50%
    Coldwater, MI (FHA|USDA|VA) 1 $205,000 $205,000 $2,241 4.38%
    Alpena, MI (FHA|USDA|VA) 1 $175,000 $175,000 $2,073 3.88%
    CARBONDALE-MARION, IL (FHA|USDA|VA) 1 $115,000 $115,000 $2,007 4.63%
    JACKSON, MI (FHA|USDA|VA) 1 $85,000 $85,000 $1,914 4.38%
    Ludington, MI (FHA|USDA|VA) 1 $75,000 $75,000 $1,871 3.88%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $75,000 $75,000 $2,128 4.50%
    Mercantile Bank Of Michigan's top markets include Grand Rapids, Detroit, Kalamazoo, Mount Pleasant, and Lansing among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Mercantile Bank of Michigan based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    HARBORLIGHT
    Similarity Rank: 12
    Polish-American Federal Credit Union
    Similarity Rank: 32
    Dort Financial Credit Union
    Similarity Rank: 95
    Best Financial Credit Union
    Similarity Rank: 96
    Wanigas Credit Union
    Similarity Rank: 110
    St James Mortgage Corporation
    Similarity Rank: 120
    MIAMI UNIVERSITY COMMUNITY
    Similarity Rank: 120
    HEALTH ADVANTAGE FEDERAL CREDIT UNION
    Similarity Rank: 128
    CINCINNATI OHIO POLICE
    Similarity Rank: 172
    TEAM ONE CREDIT UNION
    Similarity Rank: 240

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,206 $245,730,000 $203,756 $2,148 4.66%
    FHA 41 $5,255,000 $128,171 $4,889 4.63%
    USDA 28 $2,800,000 $100,000 $3,456 4.54%

    For 2018, Mercantile Bank Of Michigan's most frequently originated type of loan was Conventional, with 1,206 originations. Their 2nd most popular type was FHA, with 41 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 802 $181,430,000 $226,222 $2,553 4.63%
    Cash Out Refi 193 $25,795,000 $133,653 $2,022 4.63%
    Refi 134 $32,020,000 $238,955 $1,854 4.59%
    Other 84 $8,600,000 $102,381 $1,475 5.01%
    Home Improvement 62 $5,940,000 $95,806 $1,296 4.83%

    For 2018, Mercantile Bank Of Michigan's most frequently cited loan purpose was Home Purchase, with 802 originations. The 2nd most popular reason was Cash Out Refi, with 193 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 796 $152,180,000 $191,181 $2,564 4.55%
    15 Year 207 $26,215,000 $126,643 $1,989 4.56%
    10 Year 85 $5,625,000 $66,176 $1,029 5.04%
    5 Year 73 $18,315,000 $250,890 $745 5.18%
    Other 68 $46,320,000 $681,176 $1,684 5.12%
    20 Year 45 $4,995,000 $111,000 $2,067 4.77%
    30+ year 1 $135,000 $135,000 $3,264 3.75%

    For 2018, Mercantile Bank Of Michigan's most frequently cited loan duration was 30 Year, with 796 originations. The 2nd most popular length was 15 Year, with 207 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,032 $166,370,000 $161,211
    $1k-2k 139 $19,985,000 $143,777
    $2k-3k 26 $4,600,000 $176,923
    $3k-4k 9 $1,705,000 $189,444
    $5k+ 2 $530,000 $265,000
    $4k-5k 1 $185,000 $185,000

    Mercantile Bank Of Michigan's average total fees were $2,564, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,032 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 734 $138,750,000 $189,033
    3-4% 259 $63,705,000 $245,965
    5-6% 235 $45,785,000 $194,830
    6-7% 43 $5,335,000 $124,070
    7-8% 2 $100,000 $50,000
    Over 8% 2 $110,000 $55,000

    During 2018, Mercantile Bank Of Michigan's average interest rate for loans was 4.55%, while their most frequently originated rate bucket for loans was 4-5%, with 734 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 521 $31,375,000 $60,221 $1,713 4.88%
    $100k-200k 446 $63,570,000 $142,534 $2,375 4.59%
    $200k-400k 230 $61,370,000 $266,826 $2,872 4.44%
    $400k-600k 44 $20,310,000 $461,591 $3,202 4.17%
    $600k-1MM 22 $17,270,000 $785,000 $4,113 4.18%
    $1MM+ 12 $59,890,000 $4,990,833 $6,198 4.50%

    2018 saw Mercantile Bank Of Michigan place emphasis on $100,000 or less loans with 521 originations, totaling $31,375,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 323 $25,485,000 $78,901 $2,008 4.80%
    $50k-75k 299 $38,105,000 $127,441 $2,288 4.62%
    $100k-150k 193 $32,905,000 $170,492 $2,397 4.63%
    $75k-100k 171 $23,425,000 $136,988 $2,160 4.67%
    $150k-250k 115 $32,435,000 $282,043 $2,660 4.35%
    $250k+ 86 $39,540,000 $459,767 $2,998 4.27%

    Mercantile Bank Of Michigan lent most frequently to those with incomes in the $50k or less range, with 323 originations. The second most popular income band? $50k-75k, with 299 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 318 $47,210,000 $148,459 $2,186 4.63%
    30-36% 263 $40,105,000 $152,490 $2,172 4.64%
    <20% 128 $23,020,000 $179,844 $2,132 4.46%
    42% 59 $13,385,000 $226,864 $2,649 4.72%
    40% 50 $6,920,000 $138,400 $1,830 4.72%
    36% 46 $6,460,000 $140,435 $2,218 4.66%
    38% 41 $6,785,000 $165,488 $2,421 4.62%
    37% 40 $5,700,000 $142,500 $2,229 4.62%
    41% 40 $7,750,000 $193,750 $2,283 4.55%
    44% 36 $4,750,000 $131,944 $2,224 4.76%
    39% 36 $5,850,000 $162,500 $2,604 4.55%
    45% 29 $5,385,000 $185,690 $2,577 4.76%
    43% 28 $3,500,000 $125,000 $2,286 4.85%
    48% 25 $3,955,000 $158,200 $2,670 4.85%
    50-60% 25 $5,555,000 $222,200 $3,211 4.44%
    46% 20 $3,230,000 $161,500 $2,522 4.53%
    47% 19 $4,625,000 $243,421 $2,764 4.41%
    49% 17 $2,305,000 $135,588 $2,379 4.71%
    >60% 2 $280,000 $140,000 $2,178 5.46%

    Mercantile Bank Of Michigan lent most frequently to those with DTI ratios of 20-30%, with 318 originations. The next most common DTI ratio? 30-36%, with 263 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,106 $175,680,000 $158,843 $2,251 4.62%
    Not applicable 53 $57,015,000 $1,075,755 $0 5.39%
    Not provided 81 $13,375,000 $165,123 $2,313 4.75%
    Asian 11 $3,465,000 $315,000 $3,245 4.32%
    Black 15 $3,015,000 $201,000 $3,054 4.42%
    American Indian 7 $1,035,000 $147,857 $1,894 4.61%
    Asian Indian 1 $125,000 $125,000 $891 4.00%
    Native Hawaiian or Islander 1 $75,000 $75,000 $2,018 5.88%

    Approval Rates

    Total approvals of all applications
    82.37%

    Mercantile Bank Of Michigan has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    75.84%

    Mercantile Bank Of Michigan has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,275 $253,785,000 $199,047

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 20 $54,760,000 $2,738,000
    Single Family (1-4 Units):Manufactured 73 $4,795,000 $65,685
    Single Family (1-4 Units):Site-Built 1,182 $194,230,000 $164,323

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 95 $15,435,000 $162,474 $1,449 4.70%
    40-60% 122 $15,580,000 $127,705 $1,998 4.55%
    60-80% 441 $114,095,000 $258,719 $2,340 4.77%
    80-100% 541 $106,075,000 $196,072 $2,629 4.55%
    Over 100% 1 $135,000 $135,000 $4,543 3.63%
    Under 20% 75 $2,465,000 $32,867 $702 4.94%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    MORGAN STANLEY & CO. LLC Conventional home mortgage Struggling to pay mortgage 1 33.3%
    MORGAN STANLEY & CO. LLC Home equity loan or line of credit (HELOC) Trouble during payment process 1 33.3%
    MORGAN STANLEY & CO. LLC Other type of mortgage Closing on a mortgage 1 33.3%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Mercantile Bank of Michigan 10049 Buchanan Road Stanwood, MI 49346 Full Service B&M $20,089
    Mercantile Bank of Michigan 102 Pine Street St. Charles, MI 48655 Full Service B&M $21,256
    Mercantile Bank of Michigan 102 S Main St Mount Pleasant, MI 48858 Full Service B&M $100,645
    Mercantile Bank of Michigan 1065 Superior Drive Saint Johns, MI 48879 Full Service B&M $13,906
    Mercantile Bank of Michigan 107 West Michigan Avenue Kalamazoo, MI 49007 Full Service B&M $170,741
    Mercantile Bank of Michigan 114 West Pine Street Cadillac, MI 49601 Full Service B&M $47,060
    Mercantile Bank of Michigan 125 West Saginaw Street Merrill, MI 48637 Full Service B&M $25,301
    Mercantile Bank of Michigan 13215 South Old Us 27 Dewitt, MI 48820 Full Service B&M $17,468
    Mercantile Bank of Michigan 1500 West M-43 Highway Hastings, MI 49058 Full Service B&M $16,502
    Mercantile Bank of Michigan 1700 West Big Beaver Road Troy, MI 48084 Full Service B&M $33,311
    Mercantile Bank of Michigan 1925 East Remus Road Mount Pleasant, MI 48858 Full Service B&M $9,735
    Mercantile Bank of Michigan 1979 East Miller Road Fairview, MI 48621 Full Service B&M $25,245
    Mercantile Bank of Michigan 1990 N Saint Helen Rd Saint Helen, MI 48656 Full Service B&M $17,590
    Mercantile Bank of Michigan 201 N. Clinton Avenue Saint Johns, MI 48879 Full Service B&M $55,152
    Mercantile Bank of Michigan 201 West Wheatland Avenue Remus, MI 49340 Full Service B&M $14,449
    Mercantile Bank of Michigan 2015 South Mission Mount Pleasant, MI 48858 Full Service B&M $17,206
    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 $21,578
    Mercantile Bank of Michigan 219 East Center Street Ithaca, MI 48847 Full Service B&M $35,756
    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 $49,445
    Mercantile Bank of Michigan 258 West Wright Avenue Shepherd, MI 48883 Full Service B&M $29,612
    Mercantile Bank of Michigan 2600 South State Road Berlin Township, MI 48846 Full Service B&M $20,502
    Mercantile Bank of Michigan 2601 West Main Street Lowell, MI 49331 Full Service B&M $31,469
    Mercantile Bank of Michigan 302 West Main Street Ionia, MI 48846 Full Service B&M $74,960
    Mercantile Bank of Michigan 310 Leonard Street Nw Grand Rapids, MI 49504 Full Service B&M $589,624
    Mercantile Bank of Michigan 311 Woodworth Avenue Alma, MI 48801 Full Service B&M $81,125
    Mercantile Bank of Michigan 3156 Knapp Street, Ne Grand Rapids, MI 49525 Full Service B&M $173,670
    Mercantile Bank of Michigan 3281 M-65 Hale, MI 48739 Full Service B&M $18,980
    Mercantile Bank of Michigan 3737 Coolidge Road East Lansing, MI 48823 Full Service B&M $126,143
    Mercantile Bank of Michigan 4613 Alpine Avenue Nw Comstock Park, MI 49321 Full Service B&M $78,181
    Mercantile Bank of Michigan 4699 East Pickard Road Mount Pleasant, MI 48858 Full Service B&M $24,798
    Mercantile Bank of Michigan 4860 Broadmoor Avenue S.E. Kentwood, MI 49512 Full Service B&M $101,485
    Mercantile Bank of Michigan 502 West Houghton Avenue West Branch, MI 48661 Full Service B&M $84,767
    Mercantile Bank of Michigan 505 South Bennett Street Rose City, MI 48654 Full Service B&M $21,158
    Mercantile Bank of Michigan 506 South Lincoln Avenue Lakeview, MI 48850 Full Service B&M $33,202
    Mercantile Bank of Michigan 5610 Byron Center Avenue Wyoming, MI 49519 Full Service B&M $94,121
    Mercantile Bank of Michigan 7300 N. Alger Road Alma, MI 48801 Full Service B&M $22,619
    Mercantile Bank of Michigan 806 Mcewan Street Clare, MI 48617 Full Service B&M $36,480
    Mercantile Bank of Michigan 811 South Drake Road Kalamazoo, MI 49009 Full Service B&M $16,971
    Mercantile Bank of Michigan 830 West Shaw Street Howard City, MI 49329 Full Service B&M $18,994
    Mercantile Bank of Michigan 880 E 16th Street Holland, MI 49423 Full Service B&M $46,945
    Mercantile Bank of Michigan 8851 East 34 Road Cadillac, MI 49601 Full Service B&M $16,126
    Mercantile Bank of Michigan 900 East Michigan Avenue Paw Paw, MI 49079 Full Service B&M $27,121
    Mercantile Bank of Michigan 9002 Howard City-Edmore Rd Vestaburg, MI 48891 Full Service B&M $22,216
    Mercantile Bank of Michigan 9344 West Belding Road Otisco Township, MI 48809 Full Service B&M $36,778
    Mercantile Bank of Michigan 9531 North Greenville Road Lakeview, MI 48850 Limited, Drive-thru $0

    For 2018, Mercantile Bank Of Michigan had 47 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $141,981
    Net interest income $123,110
    Total noninterest income $18,866
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $4,358
    Trading account gains and fees $0
    Additional Noninterest Income $14,508
    Pre-tax net operating income $59,086
    Securities gains (or losses, -) $-8
    Income before extraordinary items $47,669
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $47,669
    Minority interest net income $0
    Net income $47,669
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $47,675

    Mercantile Bank Of Michigan's gross interest income from loans was $141,981,000.
    Mercantile Bank Of Michigan's net interest income from loans was $123,110,000.
    Mercantile Bank Of Michigan's fee based income from loans was $4,358,000.
    Mercantile Bank Of Michigan's net income from loans was $47,669,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $18,871
    Provision for credit losses $1,100
    Total noninterest expense $81,790
    Salaries and employee benefits $47,805
    Premises and equipment expense $9,181
    Additional noninterest expense $24,804
    Applicable income taxes $11,409
    Net charge-offs $-1,778
    Cash dividends $33,670

    Mercantile Bank Of Michigan's interest expense for loans was $18,871,000.
    Mercantile Bank Of Michigan's payroll and benefits expense were $47,805,000.
    Mercantile Bank Of Michigan's property, plant and equipment expenses $9,181,000.

    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 $2,473,361
    Deposits held in domestic offices $2,473,361
    Deposits by Individuals, partnerships, and corporations $2,316,657
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $156,637
    Deposits by Commercial banks and other depository institutions in U.S. $67
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $283,544
    Demand deposits $247,113
    Nontransaction accounts $2,189,817
    Money market deposit accounts (MMDAs) $442,448
    Other savings deposits (excluding MMDAs) $1,263,881
    Total time deposits $483,487
    Total time and savings deposits $2,226,248
    Noninterest-bearing deposits $891,322
    Interest-bearing deposits $1,582,039
    Retail deposits $2,241,734
    IRAs and Keogh plan accounts $44,739
    Brokered deposits $123,617
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $3,344,251
    Cash & Balances due from depository institutions $75,354
    Interest-bearing balances $10,482
    Total securities $338,849
    Federal funds sold & reverse repurchase $0
    Net loans and leases $2,730,706
    Loan and leases loss allowance $22,380
    Trading account assets $0
    Bank premises and fixed assets $48,321
    Other real estate owned $811
    Goodwill and other intangibles $42,210
    All other assets $108,000

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $3,344,251
    Total Liabilities $2,949,689
    Total deposits $2,473,361
    Interest-bearing deposits $1,582,039
    Deposits held in domestic offices $2,473,361
    % insured (estimated) $64
    Federal funds purchased and repurchase agreements $114,019
    Trading liabilities $0
    Other borrowed funds $350,000
    Subordinated debt $0
    All other liabilities $12,309

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $2,730,706
    Loan and leases loss allowance $22,380
    Total loans and leases (domestic) $2,753,086
    All real estate loans $1,910,597
    Real estate loans in domestic offices $1,910,597
    Construction and development loans $207,163
    Residential 1-4 family construction $33,346
    Other construction, all land development and other land $173,817
    Loans secured by nonfarm nonresidential properties $1,246,810
    Nonfarm nonresidential secured by owner-occupied properties $545,320
    Commercial real estate & other non-farm, non-residential $701,490
    Multifamily residential real estate $71,954
    1-4 family residential loans $378,724
    Farmland loans $5,946
    Loans held in foreign offices $0
    Farm loans $792
    Commercial and industrial loans $757,092
    To non-U.S. addressees $0
    Loans to individuals $28,501
    Credit card loans $441
    Related Plans $1,700
    Consumer Auto Loans $15,509
    Other loans to individuals $10,851
    All other loans & leases $56,104
    Loans to foreign governments and official institutions $0
    Other loans $8,901
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $7,166
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $19,184
    Non 1-4 family restructured loans & leases $17,444
    Total loans and leases (foreign) $0

    Mercantile Bank of Michigan had $2,730,706,000 of loans outstanding in 2018. $1,910,597,000 of loans were in real estate loans. $207,163,000 of loans were in development loans. $71,954,000 of loans were in multifamily mortgage loans. $378,724,000 of loans were in 1-4 family mortgage loans. $792,000 of loans were in farm loans. $441,000 of loans were in credit card loans. $15,509,000 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 1,025 $244,053 $238,100
    Nonfarm, nonresidential loans - <$100k 235 $10,203 $43,417
    Nonfarm, nonresidential loans - $100-250k 325 $42,122 $129,606
    Nonfarm, nonresidential loans - $250k-1MM 465 $191,728 $412,318
    Commercial & Industrial, US addressed loans - <$1MM 1,496 $156,899 $104,879
    Commercial & Industrial, US addressed loans - <$100k 858 $25,874 $30,156
    Commercial & Industrial, US addressed loans - $100-250k 342 $35,083 $102,582
    Commercial & Industrial, US addressed loans - $250k-1MM 296 $95,942 $324,128
    Farmland loans - <$1MM 37 $3,325 $89,865
    Farmland loans - <$100k 16 $557 $34,813
    Farmland loans - $100-250k 17 $1,974 $116,118
    Farmland loans - $250k-1MM 4 $794 $198,500
    Agriculture operations loans - <$1MM 10 $433 $43,300
    Agriculture operations loans - <$100k 8 $217 $27,125
    Agriculture operations loans - $100-250k 2 $216 $108,000