# MERCANTILE BANK
GRAND RAPIDS, MI · FDIC certificate 34598 · asset band $1-10B · latest filing 2026-06 · live

**Verdict on the desk:** this could be *run candidate*. Composite score 2 (one point per flag, capital below 5% counted twice; 7 or more is where departures cluster).

## What the filing shows (filed dollars, derived ratios; band percentiles in parentheses)

| Measure | Value | Band median |
|---|---|---|
| Total assets | $6.24B | |
| Deposits | $4.93B | |
| Loans and leases | $4.75B | |
| Total equity | $731.4M | |
| Loans / deposits | 95.36% (p75 of band) | 87.10% |
| Liquid assets / assets | 19.79% (p44 of band) | |
| Uninsured deposits / deposits | 57.50% (p95 of band) | 30.76% |
| Brokered deposits | 0.32% | |
| Wholesale funding | 8.70% (p59 of band) | |
| FHLB advances / assets | 4.89% | |
| Tier 1 leverage | 11.61% (p71 of band) | 10.50% |
| Unrealized securities loss / equity | -5.19% (p63 of band) | -7.75% |
| AOCI / equity | -0.82% (p23 of band) | |
| ROA (annualized) | 1.61% (p74 of band) | 1.26% |
| Net interest margin | 3.57% (p41 of band) | 3.70% |
| Efficiency ratio | 54.86% (p38 of band) | |
| Noncurrent loans | 0.10% (p13 of band) | 0.51% |
| Net charge-offs (annualized) | -0.03% (p3 of band) | |
| Reserve coverage of noncurrent | 1162.87% | |
| Real estate % of loans | 70% | |
| Construction % of loans | 55.67% (p58 of band) | |
| Auto loans | $7.1M (0.15% of loans; DQ 0.00%, NCO 0.00%) | |
| Loans to nondepository financials | $115.1M (16% of equity) (p90 of band) | |
| Deposits YoY | 4.2% | |
| Employees | 741 | |

## Flags firing in the latest filing

- **uninsured deposits >50%** (`liq_uninsured`)
- **run vulnerability** (`liq_runrisk`)

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2011-03 | 3 | brokered >10%, wholesale funding >15%, reserve under noncurrent |  |
| 2011-06 | 3 |  |  |
| 2011-09 | 3 |  |  |
| 2011-12 | 3 |  |  |
| 2012-03 | 6 | charge-offs p90, deposits shrinking, assets shrinking |  |
| 2012-06 | 4 |  | reserve under noncurrent, charge-offs p90 |
| 2012-09 | 5 | capital falling |  |
| 2012-12 | 2 |  | deposits shrinking, assets shrinking, capital falling |
| 2013-03 | 2 |  |  |
| 2013-06 | 2 |  |  |
| 2013-09 | 2 |  |  |
| 2013-12 | 3 | capital falling |  |
| 2014-03 | 2 |  | capital falling |
| 2014-06 | 0 |  | brokered >10%, wholesale funding >15% |
| 2014-09 | 1 | wholesale funding >15% |  |
| 2014-12 | 2 | reserve under noncurrent |  |
| 2015-03 | 1 |  | wholesale funding >15% |
| 2015-06 | 0 |  | reserve under noncurrent |
| 2015-09 | 0 |  |  |
| 2015-12 | 0 |  |  |
| 2016-03 | 1 | loans exceed deposits |  |
| 2016-06 | 2 | wholesale funding >15% |  |
| 2016-09 | 1 |  | wholesale funding >15% |
| 2016-12 | 1 | capital falling | loans exceed deposits |
| 2017-03 | 1 | loans exceed deposits | capital falling |
| 2017-06 | 2 | wholesale funding >15% |  |
| 2017-09 | 3 | capital falling |  |
| 2017-12 | 2 |  | wholesale funding >15% |
| 2018-03 | 0 |  | loans exceed deposits, capital falling |
| 2018-06 | 1 | loans exceed deposits |  |
| 2018-09 | 1 |  |  |
| 2018-12 | 2 | wholesale funding >15% |  |
| 2019-03 | 3 | capital falling |  |
| 2019-06 | 3 |  |  |
| 2019-09 | 3 |  |  |
| 2019-12 | 2 |  | capital falling |
| 2020-03 | 2 |  |  |
| 2020-06 | 2 |  |  |
| 2020-09 | 1 | capital falling | loans exceed deposits, wholesale funding >15% |
| 2020-12 | 1 |  |  |
| 2021-03 | 1 |  |  |
| 2021-06 | 1 |  |  |
| 2021-09 | 2 | uninsured deposits >50% |  |
| 2021-12 | 1 |  | capital falling |
| 2022-03 | 1 |  |  |
| 2022-06 | 1 |  |  |
| 2022-09 | 2 | run vulnerability |  |
| 2022-12 | 3 | loans exceed deposits, deposits shrinking, assets shrinking | uninsured deposits >50%, run vulnerability |
| 2023-03 | 3 |  |  |
| 2023-06 | 2 | wholesale funding >15% | deposits shrinking, assets shrinking |
| 2023-09 | 3 | uninsured deposits >50%, run vulnerability | wholesale funding >15% |
| 2023-12 | 2 | wholesale funding >15% | uninsured deposits >50%, run vulnerability |
| 2024-03 | 2 |  |  |
| 2024-06 | 2 |  |  |
| 2024-09 | 4 | uninsured deposits >50%, capital falling, run vulnerability | wholesale funding >15% |
| 2024-12 | 3 |  | loans exceed deposits |
| 2025-03 | 3 |  |  |
| 2025-06 | 2 |  | capital falling |
| 2025-09 | 1 |  | run vulnerability |
| 2025-12 | 2 | capital falling |  |
| 2026-03 | 1 |  | capital falling |
| 2026-06 | 2 | run vulnerability |  |

## In the news (Google News, unfiltered, newest first; check the city)

- 2026-04-21 [Mercantile Bank Corporation Declares Regular Cash Dividend - PR Newswire](https://news.google.com/rss/articles/CBMitAFBVV95cUxPbDNfNXhqQ2lmM1F6WERNY0ZVNkhMY2RXdWhlVDRhMWNtUmNWZ3hKX2YtakRqNTZVVWZrQ3JPX2hQTVlWaE1QQjJBYm4zZ2poRWVBa1hhQXFjeHlVRFFkMEhhNnhleWhKTHNLY1dMVzVkd01VVWlKemgwbm1mWFFLZXNPY0t6TWNtYTJLZTZ6RmNCX2F4bmZnS3V4N29hcTluaTQyelJZNW5yVUxtQUVCeXRyejc?oc=5) · PR Newswire
- 2025-12-19 [Mercantile gets green light to buy Eastern Michigan - American Banker](https://news.google.com/rss/articles/CBMikAFBVV95cUxNakdVcXNQQ2JjcXY1bzJVT1dRVGJtRi0ybjdvU0JsSExZREduYUJnRnZsSktxVE1uSGFjWGtQY3VzMnY2T3ZDaXBiSkVNQ2lHa3g2WEtKdTZ2UzZkbVpHZU1hc3Q4RlhCSTV5bEN0QzE2VzFFeXBJcTZRdmNaM2ZSQjBlV3U1RzdLUE1VMlk3VlM?oc=5) · American Banker
- 2026-03-13 [New 911 call, video filed in Mercantile Bank hostage case in Saginaw County court - WSMH](https://news.google.com/rss/articles/CBMiugFBVV95cUxNWkNBWTY2VHNfWlFxMGY2cXFpVzFCclVNX1BGbVhxNXJOMHlxQk5yQ3NzbzhJQzJwWlFyYi1KUzY1Vkx2Y0R0N3dCYzgzTk4wSTZidUhtR3lPY1g0cTFPRElBaEVDN2RYT3QteGdHV2lDSWdKSjlKUHdNSnhnV0NSR1BNdTdodHNyYzViWFZ2VkhBUGltUTlWNXlCdDJxdktfbkdrZ1NpRFVpZkJqMTBxc1pVM0hRWXp2anc?oc=5) · WSMH
- 2026-01-22 [Mercantile Bank eyes Southeast Michigan growth after $95.8M deal - Crain's Grand Rapids](https://news.google.com/rss/articles/CBMiuwFBVV95cUxOUDFiamlaT0w2VF9XMWc5aHg2dkhTZ19jclUzb3Y2VTMzYmVzWFNLNVF3T2dQdGxKeWVUb2hWaURybnRsdTZZYmF6RHRhX3FieDNBeERQMmRsTV95M2RLZ255cWFBNE5kMXlqVERsZU9fdF9RUE9pZ2xndG9UblZjNVBUSHpaV3NuNzFKYnRzbWxVSFBNUXZfM2RrRGpib3Z4bGllNVZPTWt5Qm44cVNCN0NJTnlPeFpZTVVJ?oc=5) · Crain's Grand Rapids
- 2026-07-21 [Mercantile Bank Corporation Increases Regular Cash Dividend - TradingView](https://news.google.com/rss/articles/CBMivAFBVV95cUxQQVhTQ3NwQWM0blpBY3BfZXlJM0xSQzRJemNUV1ItUWtrdndKSFBmdUpHX3B6UEF5c2htR0lXbFVGVEYwZVo2bGw2cG9sRXJGdDBfMkdDSkdQWXRQcjd4Y1JRSDJ3WnJZVzJqaXNZV1FCcGxLZEtxUW1YNTNtUk40cXpNNl9pQU1SMlNmdHFGMWJNTGUxWUhuS0tMNHZuTXI0VGU3dmREU2lRbWRQOTFnRk1GdDhBWWpGbTg4Qw?oc=5) · TradingView
- 2026-07-14 [Mercantile Community Partners Reaches 500 Affordable Housing Units Financed Across Michigan - Morningstar](https://news.google.com/rss/articles/CBMi5wFBVV95cUxNMmwwNlFlSTFJbkZjTklRMl9PX2lVWFhtZHlYWG9qWHNsNGI5YzdlcEVFU2xxaE5wWDZkOWxvOXVIVWRFMnlsS1Rab2R4RnBhMHNQNTFwS3Q0UmpUeDhRWEJHWHBzMURnc3pvZ1Rib2V2cmdWUHhXeWROcFRsb2FCamxsZVRvUEljcnpvTkZUZElwLUt4YVRwTUI0ODJrZzdOWGRINm5ZOWF3UXdHU1JYTHZvVlM2dWN5WG5rTzlwLWk4RnBROHI3YmJ3alV3YlJxRzMxTkhUVTdDclQxdkx6RkNidkl0UXM?oc=5) · Morningstar
- 2025-12-31 [Mercantile Bank Corporation Announces Completion of Merger with Eastern Michigan Financial Corporation - PR Newswire](https://news.google.com/rss/articles/CBMi7wFBVV95cUxQSFNXMUhaLXBxdmZmMGctOE9rSXdobVdFZFZaamM5M0hCTGZTS1pZV09DZUdvbFBlQ2c4d2o0dzBoSm1JTWxuQXRUaGg0TDdMWE1wRWtFSDRHLTZCUG1YdXBLeUJGajJvbUJWSGZBVmJOYmRielg2S1FQQ0FYLWxfR3lvYVllUWJkWHhpSDZLcVJ5NElCaEF0cWdaVjl2YlEyNS1nWWNOU2pOZ0NGRnpBWkhfTHJjVjRoSlJKaHhxQU1IcEFIdzFuSWxnMHNHc0RCdGpMeGt4QjR0TWlRd3lwTGIwY2RFdWhhZnRpa1Q0Yw?oc=5) · PR Newswire
- 2026-03-10 [Attorneys for Saginaw Township bank hostage say concerns were ignored - abc12.com](https://news.google.com/rss/articles/CBMi5wFBVV95cUxQNW1Na1dPMFMyUWlPejV0ZEJXOUFmNzFuVEdGNjQwU19FSGFOVWp5TS1YemhJalEwVzlOVXRmWnpOZmcwSkhZM1Q0LTlQMVNUZDl6OUpZc2N3RmVoZXVaMVF4cTJ4eldsZklmSzhWc2FXbEprR0VqTHJxZTBqZkVLWE9kTzVUWGlHMGNoVEM4VlBqNEUyU2d4djl1UkRLRjBHd2wxNjBIV3NwUUVBSWFnbnBsRE9faHlBZzhyczA4S2x0VG43M2NvZnA4cnZVck5Za2luNTRCcmh3SWhVRUZOcDNaRFVLUDA?oc=5) · abc12.com

## How to verify

- Page: https://getbookiq.com/bank-desk/#bank=34598 (click any number for its formula and FFIEC field codes)
- Latest row, JSON: https://getbookiq.com/bank-desk/data/summary.json · history: https://getbookiq.com/bank-desk/data/h/38.json (key "34598", columns cycle, ASSET, DEP, LNLSGR, EQTOT, ltd, liquid_pct, unins_pct, lev, aoci_pct_eq, sec_loss_eq, roa, nim, eff, nc_pct, nco_pct, LNAUTO, auto_dq, auto_nco, LNNDEPD, ndfi_eq, wholesale_pct, dep_yoy, score, flags)
- Field definitions: https://getbookiq.com/dictionary/#bank-LNNDEPD and the rest of the bank dictionary
- Source: FDIC call report via BankFind, dollars in thousands as filed. Departed means stopped filing, which is usually a merger; FAILED is the FDIC's own list.

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Rendered 2026-09-10 from the desks' own data files. Full guide: https://getbookiq.com/guide