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

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  • 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 Refi and 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, Holland, Mount Pleasant, and Kalamazoo among others. We have data for 38 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Mercantile Bank Of Michigan has an above 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% 4/21/24
    30 Year Conventional Purchase 6.31% 4/21/24
    30 Year Conventional Refi 6.24% 4/21/24
    30 Year Cash-out Refi 6.50% 4/21/24
    30 Year FHA Purchase 7.27% 4/21/24
    30 Year USDA Purchase 6.84% 4/21/24
    15 Year Conventional Purchase 6.23% 4/21/24
    15 Year Conventional Refi 5.93% 4/21/24
    15 Year Cash-out Refi 5.93% 4/21/24
    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

    4,096

    Origination Dollar Volume (All Markets)

    $899,110,000

    Employee count

    621 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) 1,573 $386,785,000 $245,890 $2,359 3.22%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 457 $138,985,000 $304,125 $2,494 3.01%
    Outside of Metro Areas 634 $98,940,000 $156,057 $2,327 3.22%
    Holland, MI (FHA|USDA|VA) 175 $44,205,000 $252,600 $2,551 3.23%
    Mount Pleasant, MI (FHA|USDA|VA) 256 $42,130,000 $164,570 $2,152 3.18%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 137 $31,265,000 $228,212 $2,353 3.20%
    Alma, MI (FHA|USDA|VA) 254 $29,940,000 $117,874 $2,109 3.16%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 134 $27,980,000 $208,806 $2,368 3.04%
    MIDLAND, MI (FHA|USDA|VA) 118 $21,690,000 $183,814 $2,555 3.27%
    Cadillac, MI (FHA|USDA|VA) 86 $11,030,000 $128,256 $2,336 3.14%
    Big Rapids, MI (FHA|USDA|VA) 50 $8,630,000 $172,600 $2,239 3.14%
    MUSKEGON, MI (FHA|USDA|VA) 30 $7,270,000 $242,333 $2,830 3.35%
    SAGINAW, MI (FHA|USDA|VA) 46 $6,860,000 $149,130 $2,030 3.19%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 16 $6,800,000 $425,000 $3,468 3.20%
    Traverse City, MI (FHA|USDA|VA) 28 $6,080,000 $217,143 $2,285 3.29%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $4,195,000 $1,398,333 $8,849 3.84%
    BATTLE CREEK, MI (FHA|USDA|VA) 19 $4,035,000 $212,368 $3,829 3.40%
    ANN ARBOR, MI (FHA|USDA|VA) 12 $3,950,000 $329,167 $2,778 3.15%
    FLINT, MI (FHA|USDA|VA) 10 $2,510,000 $251,000 $2,336 3.18%
    BAY CITY, MI (FHA|USDA|VA) 15 $2,095,000 $139,667 $2,274 3.19%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 4 $1,960,000 $490,000 $4,761 3.69%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $1,825,000 $1,825,000 $10,697 3.13%
    NILES, MI (FHA|USDA|VA) 9 $1,705,000 $189,444 $2,324 2.99%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $1,635,000 $545,000 $1,812 3.33%
    Ludington, MI (FHA|USDA|VA) 6 $1,360,000 $226,667 $2,334 3.04%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 3 $1,285,000 $428,333 $3,257 3.42%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $1,025,000 $1,025,000 $2,969 3.50%
    JACKSON, MI (FHA|USDA|VA) 4 $550,000 $137,500 $2,132 3.13%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $405,000 $405,000 $0 4.00%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $395,000 $395,000 $2,097 3.63%
    Sturgis, MI (FHA|USDA|VA) 3 $375,000 $125,000 $2,353 3.42%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $315,000 $315,000 $4,137 3.50%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $205,000 $205,000 $1,983 2.63%
    Coldwater, MI (FHA|USDA|VA) 1 $205,000 $205,000 $2,398 3.13%
    MONROE, MI (FHA|USDA|VA) 1 $165,000 $165,000 $1,847 3.38%
    Escanaba, MI (FHA|USDA|VA) 1 $145,000 $145,000 $1,377 3.13%
    TOLEDO, OH (FHA|USDA|VA) 1 $95,000 $95,000 $2,348 2.75%
    Sault Ste. Marie, MI (FHA|USDA|VA) 1 $85,000 $85,000 $2,367 3.13%
    Mercantile Bank Of Michigan's top markets include Grand Rapids, Detroit, Holland, Mount Pleasant, and Kalamazoo among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Illinois (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: 42
    JOLT CREDIT UNION
    Similarity Rank: 54
    FIRST GENERAL
    Similarity Rank: 117
    HEALTH ADVANTAGE FEDERAL CREDIT UNION
    Similarity Rank: 154
    KALSEE CREDIT UNION
    Similarity Rank: 162
    Community West Credit Union
    Similarity Rank: 210
    KENT COUNTY CREDIT UNION
    Similarity Rank: 235
    ADVANTAGE ONE Credit Union
    Similarity Rank: 287
    The North Side Bank & Trust Company
    Similarity Rank: 350
    SECURITY CREDIT UNION
    Similarity Rank: 387

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 4,029 $890,455,000 $221,011 $2,328 3.18%
    FHA 51 $6,895,000 $135,196 $5,201 3.40%
    USDA 16 $1,760,000 $110,000 $3,787 3.50%

    For 2020, Mercantile Bank Of Michigan's most frequently originated type of loan was Conventional, with 4,029 originations. Their 2nd most popular type was FHA, with 51 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 1,935 $412,675,000 $213,269 $2,157 3.02%
    Home Purchase 1,308 $327,870,000 $250,665 $2,684 3.32%
    Cash Out Refi 712 $141,710,000 $199,031 $2,514 3.26%
    Other 76 $9,470,000 $124,605 $1,897 3.74%
    Home Improvement 65 $7,385,000 $113,615 $1,622 4.00%

    For 2020, Mercantile Bank Of Michigan's most frequently cited loan purpose was Refi, with 1,935 originations. The 2nd most popular reason was Home Purchase, with 1,308 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 2,196 $531,690,000 $242,117 $2,563 3.33%
    15 Year 1,274 $231,650,000 $181,829 $2,201 2.83%
    20 Year 273 $53,785,000 $197,015 $2,228 3.22%
    10 Year 160 $17,730,000 $110,813 $1,822 3.24%
    Other 128 $40,820,000 $318,906 $1,973 3.56%
    5 Year 61 $21,885,000 $358,770 $553 4.17%
    3 Year 3 $1,285,000 $428,333 $0 4.88%
    1 Year 1 $265,000 $265,000 $0 4.25%

    For 2020, Mercantile Bank Of Michigan's most frequently cited loan duration was 30 Year, with 2,196 originations. The 2nd most popular length was 15 Year, with 1,274 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 3,004 $663,270,000 $220,796
    $1k-2k 778 $142,060,000 $182,596
    $2k-3k 103 $24,885,000 $241,602
    $3k-4k 24 $6,460,000 $269,167
    $4k-5k 9 $2,275,000 $252,778
    $5k+ 5 $1,605,000 $321,000

    Mercantile Bank Of Michigan's average total fees were $2,563, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 3,004 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 1,914 $500,460,000 $261,473
    2.5-3% 1,616 $312,260,000 $193,230
    <2.5% 305 $49,945,000 $163,754
    4-5% 194 $28,540,000 $147,113
    5-6% 50 $6,580,000 $131,600
    6-7% 9 $365,000 $40,556
    7-8% 1 $45,000 $45,000

    During 2020, Mercantile Bank Of Michigan's average interest rate for loans was 3.33%, while their most frequently originated rate bucket for loans was 3-4%, with 1,914 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 1,560 $229,630,000 $147,199 $2,243 3.16%
    $200k-400k 1,340 $367,260,000 $274,075 $2,544 3.15%
    $100,000 or less 840 $57,670,000 $68,655 $1,922 3.28%
    $400k-600k 248 $116,460,000 $469,597 $2,978 3.18%
    $600k-1MM 73 $56,375,000 $772,260 $3,827 3.39%
    $1MM+ 35 $71,715,000 $2,049,000 $4,811 3.38%

    2020 saw Mercantile Bank Of Michigan place emphasis on $100k-200k loans with 1,560 originations, totaling $229,630,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 849 $199,535,000 $235,024 $2,407 3.11%
    $50k-75k 837 $124,835,000 $149,146 $2,276 3.19%
    $50k or less 716 $73,290,000 $102,360 $2,120 3.25%
    $75k-100k 690 $134,160,000 $194,435 $2,362 3.17%
    $150k-250k 486 $139,520,000 $287,078 $2,498 3.14%
    $250k+ 312 $157,290,000 $504,135 $3,092 3.23%

    Mercantile Bank Of Michigan lent most frequently to those with incomes in the $100k-150k range, with 849 originations. The second most popular income band? $50k-75k, with 837 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,210 $247,490,000 $204,537 $2,299 3.12%
    30-36% 799 $171,355,000 $214,462 $2,396 3.21%
    <20% 566 $120,790,000 $213,410 $2,266 3.02%
    39% 137 $31,665,000 $231,131 $2,464 3.32%
    42% 136 $32,800,000 $241,176 $2,445 3.34%
    36% 132 $26,590,000 $201,439 $2,375 3.18%
    40% 128 $26,010,000 $203,203 $2,417 3.40%
    41% 126 $28,840,000 $228,889 $2,445 3.25%
    38% 125 $28,065,000 $224,520 $2,452 3.26%
    43% 124 $25,010,000 $201,694 $2,443 3.23%
    37% 117 $26,815,000 $229,188 $2,465 3.21%
    44% 104 $20,290,000 $195,096 $2,472 3.26%
    45% 83 $15,845,000 $190,904 $2,362 3.22%
    46% 68 $14,130,000 $207,794 $2,288 3.25%
    47% 56 $11,410,000 $203,750 $2,659 3.13%
    48% 50 $8,840,000 $176,800 $2,363 3.38%
    49% 46 $9,330,000 $202,826 $2,529 3.23%
    50-60% 33 $8,025,000 $243,182 $3,223 3.26%
    >60% 4 $1,590,000 $397,500 $4,137 3.59%

    Mercantile Bank Of Michigan lent most frequently to those with DTI ratios of 20-30%, with 1,210 originations. The next most common DTI ratio? 30-36%, with 799 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 3,542 $735,920,000 $207,770 $2,353 3.17%
    Not provided 366 $85,510,000 $233,634 $2,438 3.20%
    Not applicable 52 $44,220,000 $850,385 $0 4.10%
    Asian 68 $16,750,000 $246,324 $2,533 3.11%
    Black 49 $12,735,000 $259,898 $2,981 3.35%
    American Indian 13 $2,925,000 $225,000 $2,300 3.18%
    Other Pacific Islander 2 $330,000 $165,000 $2,407 2.63%
    Chinese 1 $225,000 $225,000 $2,932 2.63%
    Native Hawaiian or Islander 1 $195,000 $195,000 $2,293 2.88%
    Other Asian 1 $175,000 $175,000 $2,255 3.13%
    Asian Indian 1 $125,000 $125,000 $1,980 2.63%

    Approval Rates

    Total approvals of all applications
    90.27%

    Mercantile Bank Of Michigan has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.47%

    Mercantile Bank Of Michigan has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 4,096 $899,110,000 $219,509

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 29 $39,155,000 $1,350,172
    Single Family (1-4 Units):Manufactured 98 $7,810,000 $79,694
    Single Family (1-4 Units):Site-Built 3,969 $852,145,000 $214,700

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 286 $35,980,000 $125,804 $1,959 3.05%
    40-60% 757 $131,265,000 $173,402 $2,159 2.98%
    60-80% 1,739 $391,535,000 $225,150 $2,365 3.21%
    80-100% 1,254 $337,380,000 $269,043 $2,659 3.27%
    Under 20% 59 $2,915,000 $49,407 $1,004 4.24%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    MORGAN STANLEY & CO. LLC Conventional home mortgage Closing on a mortgage 1 11.1%
    MORGAN STANLEY & CO. LLC Conventional home mortgage Struggling to pay mortgage 2 22.2%
    MORGAN STANLEY & CO. LLC Conventional home mortgage Trouble during payment process 4 44.4%
    MORGAN STANLEY & CO. LLC Other type of mortgage Struggling to pay mortgage 1 11.1%
    MORGAN STANLEY & CO. LLC Other type of mortgage Trouble during payment process 1 11.1%

    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 $20,242
    Mercantile Bank of Michigan 102 Pine Street St. Charles, MI 48655 Full Service B&M $25,858
    Mercantile Bank of Michigan 1065 Superior Drive Saint Johns, MI 48879 Full Service B&M $87,717
    Mercantile Bank of Michigan 107 West Michigan Avenue Kalamazoo, MI 49007 Full Service B&M $132,056
    Mercantile Bank of Michigan 114 West Pine Street Cadillac, MI 49601 Full Service B&M $61,357
    Mercantile Bank of Michigan 125 West Saginaw Street Merrill, MI 48637 Full Service B&M $33,176
    Mercantile Bank of Michigan 1500 West M-43 Highway Hastings, MI 49058 Full Service B&M $19,119
    Mercantile Bank of Michigan 1700 West Big Beaver Road, Suite 360 Troy, MI 48084 Full Service B&M $112,143
    Mercantile Bank of Michigan 1925 East Remus Road Mount Pleasant, MI 48858 Full Service B&M $137,403
    Mercantile Bank of Michigan 1979 East Miller Road Fairview, MI 48621 Full Service B&M $28,887
    Mercantile Bank of Michigan 1990 N Saint Helen Rd Saint Helen, MI 48656 Full Service B&M $22,667
    Mercantile Bank of Michigan 201 West Wheatland Avenue Remus, MI 49340 Full Service B&M $25,662
    Mercantile Bank of Michigan 2015 South Mission Mount Pleasant, MI 48858 Full Service B&M $21,706
    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 $30,719
    Mercantile Bank of Michigan 219 East Center Street Ithaca, MI 48847 Full Service B&M $42,070
    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 $65,489
    Mercantile Bank of Michigan 258 West Wright Avenue Shepherd, MI 48883 Full Service B&M $32,625
    Mercantile Bank of Michigan 2600 South State Road Berlin Township, MI 48846 Full Service B&M $26,386
    Mercantile Bank of Michigan 2601 West Main Street Lowell, MI 49331 Full Service B&M $38,731
    Mercantile Bank of Michigan 302 West Main Street Ionia, MI 48846 Full Service B&M $71,421
    Mercantile Bank of Michigan 310 Leonard Street Nw Grand Rapids, MI 49504 Full Service B&M $882,914
    Mercantile Bank of Michigan 311 Woodworth Avenue Alma, MI 48801 Full Service B&M $95,489
    Mercantile Bank of Michigan 3156 Knapp Street, Ne Grand Rapids, MI 49525 Full Service B&M $204,843
    Mercantile Bank of Michigan 3737 Coolidge Road East Lansing, MI 48823 Full Service B&M $179,449
    Mercantile Bank of Michigan 4613 Alpine Avenue Nw Comstock Park, MI 49321 Full Service B&M $108,526
    Mercantile Bank of Michigan 4699 East Pickard Road Mount Pleasant, MI 48858 Full Service B&M $27,615
    Mercantile Bank of Michigan 4737 Cascade Road Se Grand Rapids, MI 49546 Full Service B&M $101,770
    Mercantile Bank of Michigan 502 West Houghton Avenue West Branch, MI 48661 Full Service B&M $94,637
    Mercantile Bank of Michigan 505 South Bennett Street Rose City, MI 48654 Full Service B&M $34,860
    Mercantile Bank of Michigan 506 South Lincoln Avenue Lakeview, MI 48850 Full Service B&M $34,124
    Mercantile Bank of Michigan 5610 Byron Center Avenue Wyoming, MI 49519 Full Service B&M $155,252
    Mercantile Bank of Michigan 7300 N. Alger Road Alma, MI 48801 Full Service B&M $30,837
    Mercantile Bank of Michigan 806 Mcewan Street Clare, MI 48617 Full Service B&M $45,648
    Mercantile Bank of Michigan 811 South Drake Road Kalamazoo, MI 49009 Full Service B&M $36,905
    Mercantile Bank of Michigan 830 West Shaw Street Howard City, MI 49329 Full Service B&M $21,289
    Mercantile Bank of Michigan 880 E 16th Street Holland, MI 49423 Full Service B&M $39,767
    Mercantile Bank of Michigan 8851 East 34 Road Cadillac, MI 49601 Full Service B&M $29,057
    Mercantile Bank of Michigan 900 East Michigan Avenue Paw Paw, MI 49079 Full Service B&M $38,051
    Mercantile Bank of Michigan 9002 Howard City-Edmore Rd Vestaburg, MI 48891 Full Service B&M $28,513
    Mercantile Bank of Michigan 9344 West Belding Road Otisco Township, MI 48809 Full Service B&M $46,712
    Mercantile Bank of Michigan 9531 North Greenville Road Lakeview, MI 48850 Limited, Drive-thru $0

    For 2020, Mercantile Bank Of Michigan had 43 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $148,313
    Net interest income $124,562
    Total noninterest income $43,917
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $4,580
    Trading account gains and fees $0
    Additional Noninterest Income $39,337
    Pre-tax net operating income $61,443
    Securities gains (or losses, -) $34
    Income before extraordinary items $49,594
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $49,594
    Minority interest net income $0
    Net income $49,594
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $49,566

    Mercantile Bank Of Michigan's gross interest income from loans was $148,313,000.
    Mercantile Bank Of Michigan's net interest income from loans was $124,562,000.
    Mercantile Bank Of Michigan's fee based income from loans was $4,580,000.
    Mercantile Bank Of Michigan's net income from loans was $49,594,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $23,751
    Provision for credit losses $14,050
    Total noninterest expense $92,986
    Salaries and employee benefits $56,887
    Premises and equipment expense $11,300
    Additional noninterest expense $24,799
    Applicable income taxes $11,883
    Net charge-offs $-27
    Cash dividends $32,500

    Mercantile Bank Of Michigan's interest expense for loans was $23,751,000.
    Mercantile Bank Of Michigan's payroll and benefits expense were $56,887,000.
    Mercantile Bank Of Michigan's property, plant and equipment expenses $11,300,000.

    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 $3,424,299
    Deposits held in domestic offices $3,424,299
    Deposits by Individuals, partnerships, and corporations $3,153,756
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $268,594
    Deposits by Commercial banks and other depository institutions in U.S. $1,948
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $380,789
    Demand deposits $329,997
    Nontransaction accounts $3,043,509
    Money market deposit accounts (MMDAs) $623,894
    Other savings deposits (excluding MMDAs) $1,864,500
    Total time deposits $555,116
    Total time and savings deposits $3,094,301
    Noninterest-bearing deposits $1,434,167
    Interest-bearing deposits $1,990,132
    Retail deposits $3,152,047
    IRAs and Keogh plan accounts $46,272
    Brokered deposits $54,444
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $4,418,422
    Cash & Balances due from depository institutions $626,006
    Interest-bearing balances $563,174
    Total securities $388,972
    Federal funds sold & reverse repurchase $0
    Net loans and leases $3,178,391
    Loan and leases loss allowance $37,967
    Trading account assets $1,003
    Bank premises and fixed assets $58,959
    Other real estate owned $701
    Goodwill and other intangibles $43,258
    All other assets $121,132

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $4,418,422
    Total Liabilities $3,959,592
    Total deposits $3,424,299
    Interest-bearing deposits $1,990,132
    Deposits held in domestic offices $3,424,299
    % insured (estimated) $53
    Federal funds purchased and repurchase agreements $118,364
    Trading liabilities $1,027
    Other borrowed funds $394,000
    Subordinated debt $0
    All other liabilities $21,902

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $3,178,391
    Loan and leases loss allowance $37,967
    Total loans and leases (domestic) $3,216,358
    All real estate loans $2,071,672
    Real estate loans in domestic offices $2,071,672
    Construction and development loans $230,349
    Residential 1-4 family construction $58,449
    Other construction, all land development and other land $171,900
    Loans secured by nonfarm nonresidential properties $1,338,730
    Nonfarm nonresidential secured by owner-occupied properties $529,995
    Commercial real estate & other non-farm, non-residential $808,735
    Multifamily residential real estate $88,453
    1-4 family residential loans $409,103
    Farmland loans $5,037
    Loans held in foreign offices $0
    Farm loans $1,197
    Commercial and industrial loans $1,062,581
    To non-U.S. addressees $0
    Loans to individuals $16,944
    Credit card loans $474
    Related Plans $1,482
    Consumer Auto Loans $8,099
    Other loans to individuals $6,889
    All other loans & leases $63,963
    Loans to foreign governments and official institutions $0
    Other loans $15,807
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $9,578
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $23,577
    Non 1-4 family restructured loans & leases $21,629
    Total loans and leases (foreign) $0

    Mercantile Bank of Michigan had $3,178,391,000 of loans outstanding in 2020. $2,071,672,000 of loans were in real estate loans. $230,349,000 of loans were in development loans. $88,453,000 of loans were in multifamily mortgage loans. $409,103,000 of loans were in 1-4 family mortgage loans. $1,197,000 of loans were in farm loans. $474,000 of loans were in credit card loans. $8,099,000 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 921 $217,991 $236,689
    Nonfarm, nonresidential loans - <$100k 246 $8,485 $34,492
    Nonfarm, nonresidential loans - $100-250k 256 $33,851 $132,230
    Nonfarm, nonresidential loans - $250k-1MM 419 $175,655 $419,224
    Commercial & Industrial, US addressed loans - <$1MM 2,520 $268,287 $106,463
    Commercial & Industrial, US addressed loans - <$100k 1,577 $48,271 $30,609
    Commercial & Industrial, US addressed loans - $100-250k 522 $65,139 $124,787
    Commercial & Industrial, US addressed loans - $250k-1MM 421 $154,877 $367,879
    Farmland loans - <$1MM 35 $3,401 $97,171
    Farmland loans - <$100k 19 $720 $37,895
    Farmland loans - $100-250k 12 $1,385 $115,417
    Farmland loans - $250k-1MM 4 $1,296 $324,000
    Agriculture operations loans - <$1MM 17 $975 $57,353
    Agriculture operations loans - <$100k 13 $509 $39,154
    Agriculture operations loans - $100-250k 3 $229 $76,333
    Agriculture operations loans - $250k-1MM 1 $237 $237,000