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 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 by origination volume include: Grand Rapids, Detroit, Cincinnati, Muskegon, and Holland among others. We have data for 69 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

    3,948

    Origination Dollar Volume (All Markets)

    $1,036,590,000

    Employee count

    627 Show all (10) 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) 1,358 $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, KY (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.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Kentucky (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.

    JOLT CREDIT UNION
    Similarity Rank: 168
    Lake Huron Credit Union
    Similarity Rank: 204
    Polish-American Federal Credit Union
    Similarity Rank: 212
    The North Side Bank & Trust Company
    Similarity Rank: 246
    UNITED FINANCIAL Credit Union
    Similarity Rank: 270
    CINFED Federal Credit Union
    Similarity Rank: 288
    St James Mortgage Corporation
    Similarity Rank: 304
    Community West Credit Union
    Similarity Rank: 306
    KALSEE CREDIT UNION
    Similarity Rank: 310
    KENT COUNTY CREDIT UNION
    Similarity Rank: 316

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Mercantile Bank Of Michigan's most frequently originated type of loan was Conventional, with 3,840 originations. Their 2nd most popular type was FHA, with 96 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Mercantile Bank Of Michigan's most frequently cited loan purpose was Home Purchase, with 1,743 originations. The 2nd most popular reason was 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 2021, Mercantile Bank Of Michigan's most frequently cited loan duration was 30 Year, with 2,417 originations. The 2nd most popular length was 15 Year, with 976 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost 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 35 $11,945,000 $341,286
    $4k-5k 14 $4,790,000 $342,143
    $5k+ 13 $6,485,000 $498,846

    Mercantile Bank Of Michigan's average total fees were $3,040, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.19%, while their most frequently originated rate bucket for loans was 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
    90.30%

    Mercantile Bank Of Michigan has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.66%

    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 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 201 West Wheatland Avenue Remus, MI 49340 Full Service B&M $24,953
    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
    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 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

    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