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 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 by origination volume include: Grand Rapids, Detroit, Holland, Kalamazoo, and Mount Pleasant among others. We have data for 35 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

    1,955

    Origination Dollar Volume (All Markets)

    $370,035,000

    Employee count

    619 Show all (15) 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) 774 $162,030,000 $209,341 $2,460 4.17%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 173 $47,505,000 $274,595 $2,581 3.66%
    Outside of Metro Areas 298 $40,790,000 $136,879 $2,243 4.23%
    Holland, MI (FHA|USDA|VA) 86 $19,500,000 $226,744 $2,618 4.19%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 89 $18,865,000 $211,966 $2,472 4.32%
    Mount Pleasant, MI (FHA|USDA|VA) 136 $17,920,000 $131,765 $2,111 4.40%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 73 $16,215,000 $222,123 $2,520 4.15%
    Alma, MI (FHA|USDA|VA) 141 $13,165,000 $93,369 $2,035 4.33%
    Cadillac, MI (FHA|USDA|VA) 33 $4,295,000 $130,152 $1,925 4.40%
    Big Rapids, MI (FHA|USDA|VA) 36 $4,080,000 $113,333 $1,985 4.15%
    MUSKEGON, MI (FHA|USDA|VA) 21 $3,885,000 $185,000 $2,320 4.45%
    NILES, MI (FHA|USDA|VA) 7 $3,565,000 $509,286 $3,409 4.21%
    Traverse City, MI (FHA|USDA|VA) 9 $3,185,000 $353,889 $2,546 4.06%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $3,050,000 $1,525,000 $9,371 3.94%
    MIDLAND, MI (FHA|USDA|VA) 21 $2,995,000 $142,619 $1,994 4.21%
    SAGINAW, MI (FHA|USDA|VA) 19 $2,245,000 $118,158 $2,345 4.07%
    ANN ARBOR, MI (FHA|USDA|VA) 3 $925,000 $308,333 $2,386 3.75%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $785,000 $785,000 $3,864 3.13%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $680,000 $340,000 $4,114 3.75%
    BATTLE CREEK, MI (FHA|USDA|VA) 4 $670,000 $167,500 $2,796 4.44%
    FLINT, MI (FHA|USDA|VA) 4 $520,000 $130,000 $2,209 4.06%
    Sturgis, MI (FHA|USDA|VA) 2 $420,000 $210,000 $2,378 5.06%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $365,000 $365,000 $3,929 3.88%
    PUNTA GORDA, FL (FHA|USDA|VA) 2 $360,000 $180,000 $2,419 4.06%
    MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $305,000 $305,000 $3,007 3.50%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 3 $275,000 $91,667 $3,925 4.75%
    Marquette, MI (FHA|USDA|VA) 2 $260,000 $130,000 $2,413 3.75%
    Ludington, MI (FHA|USDA|VA) 2 $230,000 $115,000 $2,027 3.75%
    BAY CITY, MI (FHA|USDA|VA) 3 $225,000 $75,000 $2,141 3.88%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2 $220,000 $110,000 $1,735 4.88%
    MONROE, MI (FHA|USDA|VA) 1 $165,000 $165,000 $2,314 4.50%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $115,000 $115,000 $3,012 3.88%
    Adrian, MI (FHA|USDA|VA) 1 $95,000 $95,000 $2,195 4.25%
    Sault Ste. Marie, MI (FHA|USDA|VA) 1 $65,000 $65,000 $3,172 4.13%
    Alpena, MI (FHA|USDA|VA) 1 $65,000 $65,000 $1,972 4.38%
    Mercantile Bank Of Michigan's top markets include Grand Rapids, Detroit, Holland, Kalamazoo, and Mount Pleasant among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Arizona (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: 28
    The North Side Bank & Trust Company
    Similarity Rank: 55
    HEALTH ADVANTAGE FEDERAL CREDIT UNION
    Similarity Rank: 96
    Lake Huron Credit Union
    Similarity Rank: 120
    BIRMINGHAM-BLOOMFIELD Credit Union
    Similarity Rank: 159
    CINFED Federal Credit Union
    Similarity Rank: 162
    Dort Financial Credit Union
    Similarity Rank: 222
    Wanigas Credit Union
    Similarity Rank: 252
    LAFCU
    Similarity Rank: 289
    Polish-American Federal Credit Union
    Similarity Rank: 297

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,881 $359,865,000 $191,316 $2,283 4.17%
    FHA 54 $8,270,000 $153,148 $5,399 4.11%
    USDA 20 $1,900,000 $95,000 $3,515 4.28%

    For 2019, Mercantile Bank Of Michigan's most frequently originated type of loan was Conventional, with 1,881 originations. Their 2nd most popular type was FHA, with 54 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 992 $199,180,000 $200,786 $2,690 4.26%
    Refi 484 $103,210,000 $213,244 $2,205 3.82%
    Cash Out Refi 334 $54,220,000 $162,335 $2,199 4.23%
    Other 74 $8,550,000 $115,541 $1,576 4.58%
    Home Improvement 71 $4,875,000 $68,662 $1,130 4.78%

    For 2019, Mercantile Bank Of Michigan's most frequently cited loan purpose was Home Purchase, with 992 originations. The 2nd most popular reason was Refi, with 484 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,229 $253,515,000 $206,277 $2,606 4.19%
    15 Year 395 $64,675,000 $163,734 $2,161 3.77%
    20 Year 116 $22,400,000 $193,103 $2,297 3.95%
    Other 83 $12,775,000 $153,916 $1,668 4.94%
    5 Year 66 $11,990,000 $181,667 $601 5.12%
    10 Year 65 $4,235,000 $65,154 $1,261 4.64%
    1 Year 1 $445,000 $445,000 $0 5.50%

    For 2019, Mercantile Bank Of Michigan's most frequently cited loan duration was 30 Year, with 1,229 originations. The 2nd most popular length was 15 Year, with 395 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,459 $274,435,000 $188,098
    $1k-2k 374 $64,890,000 $173,503
    $2k-3k 57 $11,945,000 $209,561
    $3k-4k 12 $2,620,000 $218,333
    $5k+ 4 $1,160,000 $290,000
    $4k-5k 3 $905,000 $301,667

    Mercantile Bank Of Michigan's average total fees were $2,606, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,459 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 1,062 $205,740,000 $193,729
    4-5% 681 $134,485,000 $197,482
    5-6% 154 $23,270,000 $151,104
    6-7% 38 $3,230,000 $85,000
    2.5-3% 13 $2,825,000 $217,308
    7-8% 5 $425,000 $85,000
    Over 8% 1 $55,000 $55,000
    <2.5% 1 $5,000 $5,000

    During 2019, Mercantile Bank Of Michigan's average interest rate for loans was 4.19%, while their most frequently originated rate bucket for loans was 3-4%, with 1,062 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 733 $106,435,000 $145,205 $2,458 4.15%
    $200k-400k 577 $157,785,000 $273,458 $2,673 3.97%
    $100,000 or less 538 $33,030,000 $61,394 $1,773 4.43%
    $400k-600k 74 $34,790,000 $470,135 $3,051 4.08%
    $600k-1MM 17 $12,125,000 $713,235 $3,334 4.14%
    $1MM+ 16 $25,870,000 $1,616,875 $6,021 4.46%

    2019 saw Mercantile Bank Of Michigan place emphasis on $100k-200k loans with 733 originations, totaling $106,435,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 426 $40,470,000 $95,000 $2,272 4.22%
    $50k-75k 424 $59,930,000 $141,344 $2,326 4.20%
    $100k-150k 352 $78,940,000 $224,261 $2,458 4.09%
    $75k-100k 337 $60,945,000 $180,846 $2,350 4.15%
    $150k-250k 188 $48,620,000 $258,617 $2,463 4.08%
    $250k+ 105 $55,035,000 $524,143 $3,167 4.06%

    Mercantile Bank Of Michigan lent most frequently to those with incomes in the $50k or less range, with 426 originations. The second most popular income band? $50k-75k, with 424 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 489 $95,385,000 $195,061 $2,308 4.07%
    30-36% 417 $78,005,000 $187,062 $2,370 4.15%
    <20% 180 $33,360,000 $185,333 $2,169 3.95%
    41% 81 $12,915,000 $159,444 $2,375 4.38%
    39% 76 $14,230,000 $187,237 $2,295 4.27%
    40% 75 $12,175,000 $162,333 $2,394 4.31%
    36% 73 $13,915,000 $190,616 $2,584 4.20%
    42% 72 $11,500,000 $159,722 $2,239 4.34%
    37% 68 $11,760,000 $172,941 $2,263 4.22%
    43% 63 $9,515,000 $151,032 $2,345 4.16%
    38% 56 $8,460,000 $151,071 $2,410 4.24%
    44% 51 $8,855,000 $173,627 $2,299 4.18%
    48% 45 $8,335,000 $185,222 $2,808 4.03%
    45% 41 $7,725,000 $188,415 $2,483 4.06%
    50-60% 37 $9,885,000 $267,162 $3,591 4.39%
    46% 35 $7,965,000 $227,571 $2,749 4.08%
    47% 29 $6,885,000 $237,414 $2,920 4.20%
    49% 26 $5,600,000 $215,385 $2,524 4.20%
    >60% 1 $75,000 $75,000 $0 5.90%

    Mercantile Bank Of Michigan lent most frequently to those with DTI ratios of 20-30%, with 489 originations. The next most common DTI ratio? 30-36%, with 417 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,705 $314,015,000 $184,173 $2,357 4.16%
    Not provided 138 $28,780,000 $208,551 $2,435 4.03%
    Not applicable 39 $13,125,000 $336,538 $0 5.45%
    Asian 35 $7,895,000 $225,571 $2,906 4.01%
    Black 28 $4,450,000 $158,929 $3,095 4.20%
    American Indian 9 $985,000 $109,444 $2,385 4.19%
    Asian Indian 1 $785,000 $785,000 $3,864 3.13%

    Approval Rates

    Total approvals of all applications
    88.43%

    Mercantile Bank Of Michigan has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.87%

    Mercantile Bank Of Michigan has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,955 $370,035,000 $189,276

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $1,205,000 $1,205,000
    Multifamily:Site-Built 13 $7,885,000 $606,538
    Single Family (1-4 Units):Manufactured 75 $5,905,000 $78,733
    Single Family (1-4 Units):Site-Built 1,866 $355,040,000 $190,268

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 128 $11,890,000 $92,891 $1,500 4.43%
    40-60% 221 $38,475,000 $174,095 $2,185 3.96%
    60-80% 741 $139,745,000 $188,590 $2,407 4.13%
    80-100% 789 $176,795,000 $224,075 $2,704 4.17%
    Over 100% 1 $145,000 $145,000 $3,827 3.63%
    Under 20% 74 $2,580,000 $34,865 $753 4.85%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    MORGAN STANLEY & CO. LLC Conventional home mortgage Closing on a mortgage 1 8.3%
    MORGAN STANLEY & CO. LLC Conventional home mortgage Incorrect information on your report 1 8.3%
    MORGAN STANLEY & CO. LLC Conventional home mortgage Struggling to pay mortgage 3 25.0%
    MORGAN STANLEY & CO. LLC Conventional home mortgage Trouble during payment process 6 50.0%
    MORGAN STANLEY & CO. LLC Other type of mortgage Struggling to pay mortgage 1 8.3%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Mercantile Bank of Michigan 10049 Buchanan Road Canadian Lakes, MI 49346 Full Service B&M $17,580
    Mercantile Bank of Michigan 102 Pine Street St. Charles, MI 48655 Full Service B&M $24,194
    Mercantile Bank of Michigan 102 S Main St Mount Pleasant, MI 48858 Full Service B&M $109,445
    Mercantile Bank of Michigan 1065 Superior Drive Saint Johns, MI 48879 Full Service B&M $15,383
    Mercantile Bank of Michigan 107 West Michigan Avenue Kalamazoo, MI 49007 Full Service B&M $81,627
    Mercantile Bank of Michigan 114 West Pine Street Cadillac, MI 49601 Full Service B&M $50,251
    Mercantile Bank of Michigan 125 West Saginaw Street Merrill, MI 48637 Full Service B&M $27,367
    Mercantile Bank of Michigan 13215 South Old Us 27 Dewitt, MI 48820 Full Service B&M $18,230
    Mercantile Bank of Michigan 1500 West M-43 Highway Hastings, MI 49058 Full Service B&M $16,012
    Mercantile Bank of Michigan 1700 West Big Beaver Road, Suite 360 Troy, MI 48084 Full Service B&M $31,307
    Mercantile Bank of Michigan 1925 East Remus Road Mount Pleasant, MI 48858 Full Service B&M $11,222
    Mercantile Bank of Michigan 1979 East Miller Road Fairview, MI 48621 Full Service B&M $29,284
    Mercantile Bank of Michigan 1990 N Saint Helen Rd Saint Helen, MI 48656 Full Service B&M $18,348
    Mercantile Bank of Michigan 201 N. Clinton Avenue Saint Johns, MI 48879 Full Service B&M $59,746
    Mercantile Bank of Michigan 201 West Wheatland Avenue Remus, MI 49340 Full Service B&M $27,862
    Mercantile Bank of Michigan 2015 South Mission Mount Pleasant, MI 48858 Full Service B&M $16,973
    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 $23,748
    Mercantile Bank of Michigan 219 East Center Street Ithaca, MI 48847 Full Service B&M $37,655
    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 $52,455
    Mercantile Bank of Michigan 258 West Wright Avenue Shepherd, MI 48883 Full Service B&M $28,356
    Mercantile Bank of Michigan 2600 South State Road Berlin Township, MI 48846 Full Service B&M $25,158
    Mercantile Bank of Michigan 2601 West Main Street Lowell, MI 49331 Full Service B&M $37,087
    Mercantile Bank of Michigan 302 West Main Street Ionia, MI 48846 Full Service B&M $71,800
    Mercantile Bank of Michigan 310 Leonard Street Nw Grand Rapids, MI 49504 Full Service B&M $731,790
    Mercantile Bank of Michigan 311 Woodworth Avenue Alma, MI 48801 Full Service B&M $80,187
    Mercantile Bank of Michigan 3156 Knapp Street, Ne Grand Rapids, MI 49525 Full Service B&M $174,074
    Mercantile Bank of Michigan 3737 Coolidge Road East Lansing, MI 48823 Full Service B&M $110,357
    Mercantile Bank of Michigan 4613 Alpine Avenue Nw Comstock Park, MI 49321 Full Service B&M $75,457
    Mercantile Bank of Michigan 4699 East Pickard Road Mount Pleasant, MI 48858 Full Service B&M $27,112
    Mercantile Bank of Michigan 4860 Broadmoor Avenue S.E. Kentwood, MI 49512 Limited, Drive-thru $73,635
    Mercantile Bank of Michigan 502 West Houghton Avenue West Branch, MI 48661 Full Service B&M $82,571
    Mercantile Bank of Michigan 505 South Bennett Street Rose City, MI 48654 Full Service B&M $32,937
    Mercantile Bank of Michigan 506 South Lincoln Avenue Lakeview, MI 48850 Full Service B&M $32,730
    Mercantile Bank of Michigan 5610 Byron Center Avenue Wyoming, MI 49519 Full Service B&M $90,388
    Mercantile Bank of Michigan 7300 N. Alger Road Alma, MI 48801 Full Service B&M $25,599
    Mercantile Bank of Michigan 806 Mcewan Street Clare, MI 48617 Full Service B&M $41,436
    Mercantile Bank of Michigan 811 South Drake Road Kalamazoo, MI 49009 Full Service B&M $20,725
    Mercantile Bank of Michigan 830 West Shaw Street Howard City, MI 49329 Full Service B&M $18,948
    Mercantile Bank of Michigan 880 E 16th Street Holland, MI 49423 Full Service B&M $64,518
    Mercantile Bank of Michigan 8851 East 34 Road Cadillac, MI 49601 Full Service B&M $20,594
    Mercantile Bank of Michigan 900 East Michigan Avenue Paw Paw, MI 49079 Full Service B&M $30,177
    Mercantile Bank of Michigan 9002 Howard City-Edmore Rd Vestaburg, MI 48891 Full Service B&M $23,776
    Mercantile Bank of Michigan 9344 West Belding Road Otisco Township, MI 48809 Full Service B&M $39,093
    Mercantile Bank of Michigan 9531 North Greenville Road Lakeview, MI 48850 Limited, Drive-thru $0

    For 2019, Mercantile Bank Of Michigan had 46 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $158,338
    Net interest income $127,747
    Total noninterest income $26,476
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $4,584
    Trading account gains and fees $0
    Additional Noninterest Income $21,892
    Pre-tax net operating income $68,240
    Securities gains (or losses, -) $33
    Income before extraordinary items $55,551
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $55,551
    Minority interest net income $0
    Net income $55,551
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $55,524

    Mercantile Bank Of Michigan's gross interest income from loans was $158,338,000.
    Mercantile Bank Of Michigan's net interest income from loans was $127,747,000.
    Mercantile Bank Of Michigan's fee based income from loans was $4,584,000.
    Mercantile Bank Of Michigan's net income from loans was $55,551,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $30,591
    Provision for credit losses $1,750
    Total noninterest expense $84,233
    Salaries and employee benefits $50,358
    Premises and equipment expense $9,645
    Additional noninterest expense $24,230
    Applicable income taxes $12,722
    Net charge-offs $241
    Cash dividends $22,100

    Mercantile Bank Of Michigan's interest expense for loans was $30,591,000.
    Mercantile Bank Of Michigan's payroll and benefits expense were $50,358,000.
    Mercantile Bank Of Michigan's property, plant and equipment expenses $9,645,000.

    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 $2,696,430
    Deposits held in domestic offices $2,696,430
    Deposits by Individuals, partnerships, and corporations $2,504,209
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $191,480
    Deposits by Commercial banks and other depository institutions in U.S. $741
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $305,783
    Demand deposits $270,858
    Nontransaction accounts $2,390,647
    Money market deposit accounts (MMDAs) $515,058
    Other savings deposits (excluding MMDAs) $1,221,179
    Total time deposits $654,411
    Total time and savings deposits $2,425,572
    Noninterest-bearing deposits $925,272
    Interest-bearing deposits $1,771,158
    Retail deposits $2,376,698
    IRAs and Keogh plan accounts $47,247
    Brokered deposits $140,997
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $3,614,957
    Cash & Balances due from depository institutions $233,731
    Interest-bearing balances $180,469
    Total securities $336,219
    Federal funds sold & reverse repurchase $0
    Net loans and leases $2,832,778
    Loan and leases loss allowance $23,889
    Trading account assets $0
    Bank premises and fixed assets $57,327
    Other real estate owned $452
    Goodwill and other intangibles $40,734
    All other assets $113,716

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $3,614,957
    Total Liabilities $3,175,011
    Total deposits $2,696,430
    Interest-bearing deposits $1,771,158
    Deposits held in domestic offices $2,696,430
    % insured (estimated) $61
    Federal funds purchased and repurchase agreements $102,675
    Trading liabilities $0
    Other borrowed funds $355,275
    Subordinated debt $0
    All other liabilities $20,631

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $2,832,778
    Loan and leases loss allowance $23,889
    Total loans and leases (domestic) $2,856,667
    All real estate loans $2,001,491
    Real estate loans in domestic offices $2,001,491
    Construction and development loans $257,414
    Residential 1-4 family construction $44,304
    Other construction, all land development and other land $213,110
    Loans secured by nonfarm nonresidential properties $1,258,295
    Nonfarm nonresidential secured by owner-occupied properties $546,656
    Commercial real estate & other non-farm, non-residential $711,639
    Multifamily residential real estate $75,366
    1-4 family residential loans $406,465
    Farmland loans $3,951
    Loans held in foreign offices $0
    Farm loans $847
    Commercial and industrial loans $768,610
    To non-U.S. addressees $0
    Loans to individuals $22,612
    Credit card loans $507
    Related Plans $1,858
    Consumer Auto Loans $11,621
    Other loans to individuals $8,626
    All other loans & leases $63,107
    Loans to foreign governments and official institutions $0
    Other loans $9,808
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $12,462
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $11,791
    Non 1-4 family restructured loans & leases $10,044
    Total loans and leases (foreign) $0

    Mercantile Bank of Michigan had $2,832,778,000 of loans outstanding in 2019. $2,001,491,000 of loans were in real estate loans. $257,414,000 of loans were in development loans. $75,366,000 of loans were in multifamily mortgage loans. $406,465,000 of loans were in 1-4 family mortgage loans. $847,000 of loans were in farm loans. $507,000 of loans were in credit card loans. $11,621,000 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 949 $235,151 $247,788
    Nonfarm, nonresidential loans - <$100k 216 $9,310 $43,102
    Nonfarm, nonresidential loans - $100-250k 277 $36,771 $132,747
    Nonfarm, nonresidential loans - $250k-1MM 456 $189,070 $414,627
    Commercial & Industrial, US addressed loans - <$1MM 1,451 $162,434 $111,946
    Commercial & Industrial, US addressed loans - <$100k 826 $23,873 $28,902
    Commercial & Industrial, US addressed loans - $100-250k 317 $33,261 $104,924
    Commercial & Industrial, US addressed loans - $250k-1MM 308 $105,300 $341,883
    Farmland loans - <$1MM 32 $2,792 $87,250
    Farmland loans - <$100k 17 $695 $40,882
    Farmland loans - $100-250k 11 $1,359 $123,545
    Farmland loans - $250k-1MM 4 $738 $184,500
    Agriculture operations loans - <$1MM 13 $568 $43,692
    Agriculture operations loans - <$100k 11 $398 $36,182
    Agriculture operations loans - $100-250k 2 $170 $85,000