Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 26, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001042729 | ||
Entity Registrant Name | MERCANTILE BANK CORPORATION | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 000-26719 | ||
Entity Incorporation, State or Country Code | MI | ||
Entity Tax Identification Number | 38-3360865 | ||
Entity Address, Address Line One | 310 Leonard Street NW | ||
Entity Address, City or Town | Grand Rapids | ||
Entity Address, State or Province | MI | ||
Entity Address, Postal Zip Code | 49504 | ||
City Area Code | 616 | ||
Local Phone Number | 406-3000 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | MBWM | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 356,000,000 | ||
Entity Common Stock, Shares Outstanding | 16,258,947 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 62,832,000 | $ 53,262,000 |
Interest-earning deposits | 563,174,000 | 180,469,000 |
Total cash and cash equivalents | 626,006,000 | 233,731,000 |
Securities available for sale | 387,347,000 | 334,655,000 |
Federal Home Loan Bank stock | 18,002,000 | 18,002,000 |
Loans | 3,216,358,000 | 2,856,667,000 |
Allowance for loan losses | (37,967,000) | (23,889,000) |
Loans, net | 3,178,391,000 | 2,832,778,000 |
Premises and equipment, net | 58,959,000 | 57,327,000 |
Bank owned life insurance | 72,131,000 | 70,297,000 |
Goodwill | 49,473,000 | 49,473,000 |
Core deposit intangible, net | 2,436,000 | 3,840,000 |
Other assets | 44,599,000 | 32,812,000 |
Total assets | 4,437,344,000 | 3,632,915,000 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Noninterest-bearing | 1,433,403,000 | 924,916,000 |
Interest-bearing | 1,978,150,000 | 1,765,468,000 |
Total deposits | 3,411,553,000 | 2,690,384,000 |
Securities sold under agreements to repurchase | 118,365,000 | 102,675,000 |
Federal Home Loan Bank advances | 394,000,000 | 354,000,000 |
Subordinated debentures | 47,563,000 | 46,881,000 |
Accrued interest and other liabilities | 24,309,000 | 22,414,000 |
Total liabilities | 3,995,790,000 | 3,216,354,000 |
Commitments and contingent liabilities (Note 13) | ||
Shareholders' equity | ||
Preferred stock, no par value; 1,000,000 shares authorized; 0 shares outstanding at December 31, 2020 and December 31, 2019 | 0 | 0 |
Common stock, no par value; 40,000,000 shares authorized; 16,330,476 shares outstanding at December 31, 2020 and 16,425,136 shares outstanding at December 31, 2019 | 302,029,000 | 305,035,000 |
Retained earnings | 134,039,000 | 107,831,000 |
Accumulated other comprehensive gain/(loss) | 5,486,000 | 3,695,000 |
Total shareholders’ equity | 441,554,000 | 416,561,000 |
Total liabilities and shareholders’ equity | $ 4,437,344,000 | $ 3,632,915,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares outstanding (in shares) | 16,330,476 | 16,425,136 |
Common stock, shares issued (in shares) | 16,330,476 | 16,425,136 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest income | |||
Loans, including fees | $ 137,399,000 | $ 145,816,000 | $ 131,763,000 |
Securities, taxable | 7,740,000 | 7,919,000 | 6,736,000 |
Securities, tax-exempt | 2,298,000 | 2,231,000 | 2,239,000 |
Other interest-earning assets | 876,000 | 2,371,000 | 1,243,000 |
Total interest income | 148,313,000 | 158,337,000 | 141,981,000 |
Interest expense | |||
Deposits | 14,984,000 | 21,264,000 | 13,869,000 |
Short-term borrowings | 173,000 | 295,000 | 273,000 |
Federal Home Loan Bank advances | 8,571,000 | 8,977,000 | 4,647,000 |
Subordinated debentures and other borrowings | 2,339,000 | 3,267,000 | 3,110,000 |
Total interest expense | 26,067,000 | 33,803,000 | 21,899,000 |
Net interest income | 122,246,000 | 124,534,000 | 120,082,000 |
Provision for loan losses | 14,050,000 | 1,750,000 | 1,100,000 |
Net interest income after provision for loan losses | 108,196,000 | 122,784,000 | 118,982,000 |
Noninterest income: | |||
Mortgage banking activities | 29,346,000 | 8,485,000 | 4,109,000 |
Payroll processing | 1,745,000 | 1,626,000 | 1,462,000 |
Earnings on bank owned life insurance | 1,214,000 | 3,886,000 | 1,287,000 |
Interest rate swap program fees | 932,000 | 0 | 0 |
Letter of credit fees | 268,000 | 278,000 | 245,000 |
Other income | 1,116,000 | 2,172,000 | 2,195,000 |
Total noninterest income | 45,172,000 | 26,956,000 | 19,010,000 |
Noninterest expense | |||
Salaries and benefits | 59,799,000 | 53,833,000 | 50,910,000 |
Occupancy | 7,950,000 | 7,061,000 | 6,711,000 |
Furniture and equipment rent, depreciation and maintenance | 3,350,000 | 2,583,000 | 2,470,000 |
Data processing | 10,440,000 | 9,235,000 | 8,557,000 |
Advertising | 1,292,000 | 1,446,000 | 1,648,000 |
FDIC insurance costs | 1,138,000 | 225,000 | 930,000 |
Other expense | 14,551,000 | 14,897,000 | 14,944,000 |
Total noninterest expenses | 98,520,000 | 89,280,000 | 86,170,000 |
Income before federal income tax expense | 54,848,000 | 60,460,000 | 51,822,000 |
Federal income tax expense | 10,710,000 | 11,004,000 | 9,798,000 |
Net income | $ 44,138,000 | $ 49,456,000 | $ 42,024,000 |
Earnings per common share: | |||
Basic (in dollars per share) | $ 2.71 | $ 3.01 | $ 2.53 |
Diluted (in dollars per share) | $ 2.71 | $ 3.01 | $ 2.53 |
Deposit Account [Member] | |||
Noninterest income: | |||
Service charges on deposit and sweep accounts | $ 4,578,000 | $ 4,584,000 | $ 4,358,000 |
Credit and Debit Card [Member] | |||
Noninterest income: | |||
Service charges on deposit and sweep accounts | $ 5,973,000 | $ 5,925,000 | $ 5,354,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 44,138,000 | $ 49,456,000 | $ 42,024,000 |
Other comprehensive income (loss): | |||
Unrealized holding gains (losses) on securities available for sale | 2,268,000 | 15,106,000 | (4,225,000) |
Fair value of interest rate swap | 0 | 0 | 2,000 |
Total other comprehensive income (loss) | 2,268,000 | 15,106,000 | (4,223,000) |
Tax effect of unrealized holding gains (losses) on securities available for sale | (477,000) | (3,172,000) | 846,000 |
Tax effect of fair value of interest rate swap | 0 | 0 | (1,000) |
Total tax effect of other comprehensive income (loss) | (477,000) | (3,172,000) | 845,000 |
Other comprehensive income (loss), net of tax effect | 1,791,000 | 11,934,000 | (3,378,000) |
Comprehensive income | $ 45,929,000 | $ 61,390,000 | $ 38,646,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Preferred Stock [Member] | Common Stock Including Additional Paid in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances at Dec. 31, 2017 | $ (42,000) | $ 42,000 | $ 0 | $ 0 | $ 309,772,000 | $ 61,001,000 | $ (4,903,000) | $ 365,870,000 |
Employee stock purchase plan | 52,000 | 52,000 | ||||||
Dividend reinvestment plan | 1,165,000 | 1,165,000 | ||||||
Stock option exercises | 108,000 | 108,000 | ||||||
Stock grants to directors for retainer fees | 441,000 | 441,000 | ||||||
Stock-based compensation expense | 2,410,000 | 2,410,000 | ||||||
Share repurchase program | (5,943,000) | (5,943,000) | ||||||
Cash dividends | (27,500,000) | (27,500,000) | ||||||
Net income | 42,024,000 | 42,024,000 | ||||||
Change in net unrealized gain/(loss) on securities available for sale, net of tax effect | (3,379,000) | (3,379,000) | ||||||
Change in fair value of interest rate swap, net of tax effect | 1,000 | 1,000 | ||||||
Balances at Dec. 31, 2018 | 0 | 308,005,000 | 75,483,000 | (8,239,000) | 375,249,000 | |||
Employee stock purchase plan | 50,000 | 50,000 | ||||||
Dividend reinvestment plan | 729,000 | 729,000 | ||||||
Stock option exercises | 128,000 | 128,000 | ||||||
Stock grants to directors for retainer fees | 375,000 | 375,000 | ||||||
Stock-based compensation expense | 2,931,000 | 2,931,000 | ||||||
Share repurchase program | (7,183,000) | (7,183,000) | ||||||
Cash dividends | (17,108,000) | (17,108,000) | ||||||
Net income | 49,456,000 | 49,456,000 | ||||||
Change in net unrealized gain/(loss) on securities available for sale, net of tax effect | 11,934,000 | 11,934,000 | ||||||
Balances at Dec. 31, 2019 | 0 | 305,035,000 | 107,831,000 | 3,695,000 | 416,561,000 | |||
Employee stock purchase plan | 49,000 | 49,000 | ||||||
Dividend reinvestment plan | 814,000 | 814,000 | ||||||
Stock option exercises | 3,000 | 3,000 | ||||||
Stock grants to directors for retainer fees | 394,000 | 394,000 | ||||||
Stock-based compensation expense | 2,325,000 | 2,325,000 | ||||||
Share repurchase program | (6,591,000) | (6,591,000) | ||||||
Cash dividends | (17,930,000) | (17,930,000) | ||||||
Net income | 44,138,000 | 44,138,000 | ||||||
Change in net unrealized gain/(loss) on securities available for sale, net of tax effect | 1,791,000 | 1,791,000 | ||||||
Balances at Dec. 31, 2020 | $ 0 | $ 302,029,000 | $ 134,039,000 | $ 5,486,000 | $ 441,554,000 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Common Stock Including Additional Paid in Capital [Member] | |||
Employee stock purchase plan (in shares) | 2,264 | 1,507 | 1,579 |
Dividend reinvestment plan (in shares) | 35,479 | 21,503 | 37,450 |
Stock option exercises (in shares) | 8,200 | 11,481 | |
Stock grants to directors (in shares) | 17,716 | 11,905 | 12,404 |
Share repurchase program (in shares) | 236,393 | 233,300 | 199,905 |
Retained Earnings [Member] | |||
Cash dividends per common share (in dollars per share) | $ 1.12 | $ 1.06 | $ 1.68 |
Stock option exercises (in shares) | 753 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | |||
Net income | $ 44,138,000 | $ 49,456,000 | $ 42,024,000 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Depreciation and amortization | 9,425,000 | 9,553,000 | 9,766,000 |
Accretion of acquired loans | (449,000) | (686,000) | (1,373,000) |
Provision for loan losses | 14,050,000 | 1,750,000 | 1,100,000 |
Deferred income tax expense (benefit) | (4,141,000) | 26,000 | (372,000) |
Stock-based compensation expense | 2,325,000 | 2,931,000 | 2,410,000 |
Stock grants to directors for retainer fee | 394,000 | 375,000 | 441,000 |
Proceeds from sales of mortgage loans held for sale | 677,634,000 | 261,021,000 | 101,146,000 |
Origination of mortgage loans held for sale | (665,992,000) | (256,767,000) | (96,179,000) |
Net gain on sales of mortgage loans held for sale | (29,541,000) | (8,108,000) | (3,536,000) |
Net gain from sales and valuation write-downs of foreclosed assets | (325,000) | (254,000) | (169,000) |
Net gain from sale and write-downs on former bank premises | (27,000) | (436,000) | (78,000) |
Net loss from sales and disposals of premises and equipment | 1,514,000 | 294,000 | 134,000 |
Earnings on bank owned life insurance | (1,214,000) | (3,886,000) | (1,287,000) |
Net change in: | |||
Accrued interest receivable | (917,000) | (48,000) | (1,126,000) |
Other assets | (10,892,000) | (7,636,000) | (2,193,000) |
Accrued interest and other liabilities | 1,895,000 | (2,818,000) | 11,029,000 |
Net cash from operating activities | 37,877,000 | 44,767,000 | 61,737,000 |
Cash flows from investing activities | |||
Purchases of securities available for sale | (369,682,000) | (62,084,000) | (48,664,000) |
Proceeds from maturities, calls and repayments of securities available for sale | 321,164,000 | 79,478,000 | 40,308,000 |
Purchases of Federal Home Loan Bank stock | 0 | (1,980,000) | (4,986,000) |
Loan originations and payments, net | (341,461,000) | (99,620,000) | (193,556,000) |
Purchases of bank owned life insurance | (700,000) | (4,500,000) | 0 |
Proceeds from bank owned life insurance cash value release and death benefits | 0 | 7,708,000 | 0 |
Purchases of premises and equipment, net | (8,989,000) | (13,484,000) | (6,318,000) |
Proceeds from sales of former bank premises | 162,000 | 854,000 | 1,964,000 |
Proceeds from sales of foreclosed assets | 700,000 | 790,000 | 772,000 |
Net cash for investing activities | (398,806,000) | (92,838,000) | (210,480,000) |
Cash flows from financing activities | |||
Net (decrease) increase in time deposits | (99,294,000) | 170,921,000 | (30,091,000) |
Net (decrease) increase in all other deposits | 820,463,000 | 55,755,000 | (28,566,000) |
Net (decrease) increase in securities sold under agreements to repurchase | 15,690,000 | (844,000) | (15,229,000) |
Proceeds from Federal Home Loan Bank advances | 60,000,000 | 44,000,000 | 160,000,000 |
Maturities of Federal Home Loan Bank advances | (20,000,000) | (40,000,000) | (30,000,000) |
Proceeds from stock option exercises, net of cashless exercises | 3,000 | 128,000 | 108,000 |
Employee stock purchase plan | 49,000 | 50,000 | 52,000 |
Dividend reinvestment plan | 814,000 | 729,000 | 1,165,000 |
Repurchases of common stock | (6,591,000) | (7,183,000) | (5,943,000) |
Payment of cash dividends to common shareholders | (17,930,000) | (17,108,000) | (27,500,000) |
Net cash from financing activities | 753,204,000 | 206,448,000 | 23,996,000 |
Net change in cash and cash equivalents | 392,275,000 | 158,377,000 | (124,747,000) |
Cash and cash equivalents at beginning of period | 233,731,000 | 75,354,000 | 200,101,000 |
Cash and cash equivalents at end of period | 626,006,000 | 233,731,000 | 75,354,000 |
Supplemental disclosures of cash flows information | |||
Interest | 27,703,000 | 32,103,000 | 21,569,000 |
Federal income taxes | 10,950,000 | 11,975,000 | 10,075,000 |
Noncash financing and investing activities: | |||
Transfers from loans to foreclosed assets | 146,000 | 337,000 | 744,000 |
Transfers from bank premises to other real estate owned | $ 613,000 | $ 258,000 | $ 296,000 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1 Principles of Consolidation Mercantile has five not Nature of Operations July 15, 1997 December 15, 1997. June 1, 2014. Our bank is a community-based financial institution. Our bank’s primary deposit products are checking, savings, and term certificate accounts, and its primary lending products are commercial loans, residential mortgage loans, and instalment loans. Substantially all loans are secured by specific items of collateral including business assets, real estate or consumer assets. Commercial loans are expected to be repaid from cash flow from operations of businesses. Real estate loans are secured by commercial or residential real estate. We have no one Our real estate company was organized on July 21, 2003, second 2005. December 18, 2020. Our insurance company acquired an existing shelf insurance agency effective April 15, 2002. not no We have evaluated subsequent events for potential recognition and/or disclosure through the date these financial statements were issued. Use of Estimates Recent Events: first second 2020 19 The Coronavirus Pandemic is a highly unusual, unprecedented and evolving public health and economic crisis and may may may The following section summarizes the primary measures that directly impact us and our customers. ● Paycheck Protection Program The Paycheck Protection Program (“PPP”) reflects a substantial expansion of the Small Business Administration’s 100% 7 $350 500 100% 250% $10.0 100% 24 June 5, 2020 60 June 5, 2020. June 5, 2020 60 not June 5, 2020. 1.00%, 1% 5% June 30, 2020, August 8, 2020. second 2020, 2021. no December 31, 2020. Under the CARES Act, a PPP loan is assigned a risk weight of 0% April 9, 2020, 1 ● Individual Economic Impact Payments The Internal Revenue Service began making Individual Economic Impact Payments in mid- April $75,000 $1,200, $75,000 $99,000. $99,000 not $150,000 $2,400, $150,000 $198,000. $198,000 not ● Troubled Debt Restructuring Relief From March 1, 2020 60 December 31, 2020 may 19 2021 January 1, 2022. ● Current Expected Credit Loss Methodology Delay Financial institutions are not December 31, 2020. 2021 January 1, 2022. In early April 2020, three three 12 three three 90 three three nine 0% July, 2020; December 31, 2020, 90 three third 2020; December 31, 2020, In April, 2020, one six 0.35%. No September 30, 2020. April 2020 June 2020. December 31, 2020, Cash and Cash Equivalents and Cash Flow Reporting 90 Securities Interest income includes amortization of purchase premiums and accretion of discounts. Premiums and discounts on securities are amortized or accreted on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Declines in the fair value of debt securities below their amortized cost that are other-than-temporary impairment (“OTTI”) are reflected in earnings or other comprehensive income, as appropriate. For those debt securities whose fair value is less than their amortized cost, we consider our intent to sell the security, whether it is more likely than not not two 1 2 Loans December 31, 2020 2019. Interest income on commercial loans and mortgage loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Consumer and credit card loans are typically charged off no All interest accrued but not Loans Held for Sale Year-end mortgage loans held for sale, included in total loans in the balance sheet, were as follows: 2020 2019 Mortgage loans held for sale $ 22,888,000 $ 4,978,000 Less: Allowance to adjust to lower of cost or market 0 0 Mortgage loans held for sale, net $ 22,888,000 $ 4,978,000 Mortgage Loan Derivatives not December 31, 2020 2019. Mortgage Banking Activities Servicing fee income is recorded for fees earned for servicing mortgage loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. Amortization of mortgage loan servicing rights is netted against mortgage loan servicing income and recorded in mortgage banking activities in the consolidated statements of income. Troubled Debt Restructurings not may In accordance with current accounting guidance, loans modified as troubled debt restructurings are, by definition, considered to be impaired loans. Impairment for these loans is measured on a loan-by-loan basis similar to other impaired loans as described below under “Allowance for Loan Losses.” Certain loans modified as troubled debt restructurings may may The federal banking agencies issued an “ Interagency Statement on Loan Modifications and R eporting for Financial Institutions Working with Customers Affected by the Coronavirus” March 22, 2020, April 7, 2020. may six not 4013 December 31, 2019 March 1, 2020 60 March 13, 2020 ( December 31, 2020, not 2020, January 1, 2022. Allowance for Loan Losses may A loan is considered impaired when, based on current information and events, it is probable we will be unable to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. Factors considered in determining impairment include payment status and collateral value. Loans that experience insignificant payment delays and payment shortfalls generally are not Financial institutions were not December 31, 2020. 2021, December 2020, January 1, 2022. no Loans made under PPP are fully guaranteed by the Small Business Administration; therefore, such loans do not Transfers of Financial Assets 1 2 3 not Premises and Equipment 5 33 3 7 may not Foreclosed Assets: December 31, 2020 2019, Bank Owned Life Insurance: Goodwill and Core Deposit Intangible may not may not not 2019, not no Due to current stressed economic and market conditions, we assessed goodwill for impairment as of March 31, 2020, June 30, 2020, September 30, 2020 October 1, 2020. March 31, 2020, not March 31, 2020. June 30, 2020, September 30, 2020, October 1, 2020, 0 not no The core deposit intangible that arose from the merger with Firstbank was initially measured at fair value and is being amortized into noninterest expense over a ten Repurchase Agreements Financial Instruments and Loan Commitments Stock-Based Compensation Revenue from Contracts with Customers 606, 606” 606, No Our primary sources of revenue are derived from interest and dividends earned on loans, securities and other financial instruments that are not 606. not We generally satisfy our performance obligations on contracts with customers as services are rendered, and the transaction prices are typically fixed and charged either on a periodic basis (generally monthly) or based on activity. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, there is little judgment involved in applying Topic 606 Advertising Costs Income Taxes Fair Values of Financial Instruments not not Earnings Per Share Comprehensive Income Derivatives not Changes in the fair value of derivatives that are designated, for accounting purposes, as a hedge of the variability of cash flows to be received on various assets and liabilities and are effective are reported in other comprehensive income. They are later reclassified into earnings in the same periods during which the hedged transaction affects earnings and are included in the line item in which the hedged cash flows are recorded. If hedge accounting does not If designated as a hedge, we formally document the relationship between the derivative instrument and the hedged item, as well as the risk-management objective and the strategy for undertaking the hedge transaction. This documentation includes linking cash flow hedges to specific assets on the balance sheet. If designated as a hedge, we also formally assess, both at the hedge’s inception and on an ongoing basis, whether the derivative instrument that is used is highly effective in offsetting changes in cash flows of the hedged items. Ineffective hedge gains and losses are recognized immediately in current earnings as noninterest income or expense. We discontinue hedge accounting when we determine the derivative is no no Contingencies: not Reclassifications Subsequent Events: December 27, 2020, 2021 $900 $284 second second February 26, 2021, second We originated approximately 2,200 loans aggregating $554 million under the initial round of the PPP. As of December 31, 2020, no February 26, 2021, no As part of our bank’s branch rationalization efforts, we recently announced that our bank and Lake Trust Credit Union have entered into an agreement for the sale of our banking office located in Hastings, Michigan, with the sale expected to be consummated by March 31, 2021. Accounting Standards Updates February 2016, 2016 02, Leases 2018 01, 2018 10, 2018 11 2018 20 12 December 15, 2018. January 1, 2019 In June 2016, No. 2016 13, Measurement of Credit Losses on Financial Instruments 2018 19 not not December 15, 2019. Financial institutions were not December 31, 2020. 2021, December 2020, January 1, 2022. no |
Note 2 - Securities
Note 2 - Securities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 2 – SECURITIES The amortized cost and fair value of available for sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value 2020 U.S. Government agency debt obligations $ 242,522,000 $ 516,000 $ (897,000 ) $ 242,141,000 Mortgage-backed securities 23,869,000 1,021,000 0 24,890,000 Municipal general obligation bonds 101,991,000 5,833,000 0 107,824,000 Municipal revenue bonds 11,521,000 473,000 (2,000 ) 11,992,000 Other investments 500,000 0 0 500,000 $ 380,403,000 $ 7,843,000 $ (899,000 ) $ 387,347,000 201 9 U.S. Government agency debt obligations $ 185,103,000 $ 2,449,000 $ (1,142,000 ) $ 186,410,000 Mortgage-backed securities 41,998,000 554,000 (82,000 ) 42,470,000 Municipal general obligation bonds 98,245,000 2,864,000 (30,000 ) 101,079,000 Municipal revenue bonds 4,133,000 63,000 0 4,196,000 Other investments 500,000 0 0 500,000 $ 329,979,000 $ 5,930,000 $ (1,254,000 ) $ 334,655,000 Securities with unrealized losses at year-end 2020 2019, Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss 2020 U.S. Government agency debt obligations $ 118,650,000 $ 897,000 $ 0 $ 0 $ 118,650,000 $ 897,000 Mortgage-backed securities 0 0 0 0 0 0 Municipal general obligation bonds 0 0 0 0 0 0 Municipal revenue bonds 423,000 2,000 0 0 423,000 2,000 Other investments 0 0 0 0 0 0 $ 119,073,000 $ 899,000 $ 0 $ 0 $ 119,073,000 $ 899,000 201 9 U.S. Government agency debt obligations $ 25,650,000 $ 349,000 $ 73,913,000 $ 793,000 $ 99,563,000 $ 1,142,000 Mortgage-backed securities 2,838,000 28,000 10,423,000 54,000 13,261,000 82,000 Municipal general obligation bonds 3,755,000 18,000 994,000 12,000 4,749,000 30,000 Municipal revenue bonds 0 0 0 0 0 0 Other investments 0 0 0 0 0 0 $ 32,243,000 $ 395,000 $ 85,330,000 $ 859,000 $ 117,573,000 $ 1,254,000 We evaluate securities for other-than-temporary impairment at least on a quarterly basis. Consideration is given to the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability we have to retain our investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. For those debt securities whose fair value is less than their amortized cost basis, we also consider our intent to sell the security, whether it is more likely than not not may At December 31, 2020, not not not The amortized cost and fair values of debt securities at December 31, 2020, may may not Weighted Average Yield Amortized Cost Fair Value Due in one year or less 2.52% $ 5,906,000 $ 5,939,000 Due from one to five years 1.16 93,320,000 94,474,000 Due from five to ten years 1.67 176,848,000 180,541,000 Due after ten years 2.07 79,960,000 81,003,000 Mortgage-backed securities 2.10 23,869,000 24,890,000 Other investments 4.13 500,000 500,000 1.67% $ 380,403,000 $ 387,347,000 No securities were sold during the last three Securities issued by the State of Michigan and all its political subdivisions had a combined amortized cost of $109 million and $96.5 million at December 31, 2020 December 31, 2019, December 31, 2020 December 31, 2019, not 10% The carrying value of U.S. Government agency debt obligations and mortgage-backed securities that are pledged to secure repurchase agreements was $118 million and $103 million at December 31, 2020 2019, may |
Note 3 - Loans and Allowance fo
Note 3 - Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 3 – LOANS AND ALLOWANCE FOR LOAN LOSSES Loans originated for investment are stated at their principal amount outstanding adjusted for partial charge-offs, the allowance, and net deferred loan fees and costs. Interest income on loans is accrued over the term of the loans primarily using the simple interest method based on the principal balance outstanding. Interest is not Year-end loans disaggregated by class of loan within the loan portfolio segments were as follows: December 31, 2020 December 31, 2019 Percent Increase Balance % Balance % (Decrease) Commercial: Commercial and industrial (1) $ 1,145,423,000 35.6 % $ 846,551,000 29.6 % 35.3 % Vacant land, land development, and residential construction 55,055,000 1.7 56,119,000 2.0 (1.9 ) Real estate – owner occupied 529,953,000 16.5 579,003,000 20.3 (8.5 ) Real estate – non-owner occupied 917,436,000 28.5 835,346,000 29.2 9.8 Real estate – multi-family and residential rental 146,095,000 4.6 124,525,000 4.4 17.3 Total commercial 2,793,962,000 86.9 2,441,544,000 85.5 14.4 Retail: Home equity and other 61,620,000 1.9 75,374,000 2.6 (18.2 ) 1-4 family mortgages 360,776,000 11.2 339,749,000 11.9 6.2 Total retail 422,396,000 13.1 415,123,000 14.5 1.8 Total loans $ 3,216,358,000 100.0 % $ 2,856,667,000 100.0 % 12.6 % ( 1 December 31, 2020, Concentrations within the loan portfolio were as follows at year-end: 2020 2019 Percentage of Percentage of Balance Loan Portfolio Balance Loan Portfolio Commercial real estate loans to lessors of non-residential buildings $ 649,162,000 20.2 % $ 580,708,000 20.3 % Year-end nonperforming loans were as follows: 2020 2019 Loans past due 90 days or more still accruing interest $ 0 $ 0 Nonaccrual loans 3,384,000 2,284,000 Total nonperforming loans $ 3,384,000 $ 2,284,000 The recorded principal balance of nonperforming loans was as follows: December 31, 2020 December 31, 2019 Commercial: Commercial and industrial $ 172,000 $ 0 Vacant land, land development, and residential construction 0 0 Real estate – owner occupied 619,000 134,000 Real estate – non-owner occupied 22,000 0 Real estate – multi-family and residential rental 0 2,000 Total commercial 813,000 136,000 Retail: Home equity and other 242,000 255,000 1-4 family mortgages 2,329,000 1,893,000 Total retail 2,571,000 2,148,000 Total nonperforming loans $ 3,384,000 $ 2,284,000 An age analysis of past due loans is as follows as of December 31, 2020: 30 – 59 Days Past Due 60 – 89 Days Past Due Greater Than 89 Days Past Due Total Past Due Current Total Loans Recorded Balance > 89 Days and Accruing Commercial: Commercial and industrial $ 261,000 $ 172,000 $ 0 $ 433,000 $ 1,144,990,000 $ 1,145,423,000 $ 0 Vacant land, land development, and residential construction 0 0 0 0 55,055,000 55,055,000 0 Real estate – owner occupied 0 197,000 421,000 618,000 529,335,000 529,953,000 0 Real estate – non-owner occupied 0 0 23,000 23,000 917,413,000 917,436,000 0 Real estate – multi-family and residential rental 0 0 0 0 146,095,000 146,095,000 0 Total commercial 261,000 369,000 444,000 1,074,000 2,792,888,000 2,793,962,000 0 Retail: Home equity and other 112,000 65,000 54,000 231,000 61,389,000 61,620,000 0 1- 4 family mortgages 1,147,000 247,000 342,000 1,736,000 359,040,000 360,776,000 0 Total retail 1,259,000 312,000 396,000 1,967,000 420,429,000 422,396,000 0 Total past due loans $ 1,520,000 $ 681,000 $ 840,000 $ 3,041,000 $ 3,213,317,000 $ 3,216,358,000 $ 0 An age analysis of past due loans is as follows as of December 31, 2019: 30 – 59 Days Past Due 60 – 89 Days Past Due Greater Than 89 Days Past Due Total Past Due Current Total Loans Recorded Balance > 89 Days and Accruing Commercial: Commercial and industrial $ 0 $ 0 $ 0 $ 0 $ 846,551,000 $ 846,551,000 $ 0 Vacant land, land development, and residential construction 191,000 0 0 191,000 55,928,000 56,119,000 0 Real estate – owner occupied 0 0 134,000 134,000 578,869,000 579,003,000 0 Real estate – non-owner occupied 0 0 0 0 835,346,000 835,346,000 0 Real estate – multi-family and residential rental 0 0 0 0 124,525,000 124,525,000 0 Total commercial 191,000 0 134,000 325,000 2,441,219,000 2,441,544,000 0 Retail: Home equity and other 171,000 65,000 20,000 256,000 75,118,000 75,374,000 0 1- 4 family mortgages 745,000 29,000 529,000 1,303,000 338,446,000 339,749,000 0 Total retail 916,000 94,000 549,000 1,559,000 413,564,000 415,123,000 0 Total past due loans $ 1,107,000 $ 94,000 $ 683,000 $ 1,884,000 $ 2,854,783,000 $ 2,856,667,000 $ 0 Impaired loans with no December 31, 2020: Unpaid Contractual Principal Balance Recorded Principal Balance Related Allowance Year-To- Date Average Recorded Principal Balance With no related allowance recorded: Commercial: Commercial and industrial $ 6,242,000 $ 6,242,000 $ 7,874,000 Vacant land, land development and residential construction 0 0 187,000 Real estate – owner occupied 14,782,000 14,593,000 5,361,000 Real estate – non-owner occupied 341,000 341,000 227,000 Real estate – multi-family and residential rental 0 0 3,000 Total commercial 21,365,000 21,176,000 13,652,000 Retail: Home equity and other 1,072,000 987,000 1,216,000 1-4 family mortgages 4,455,000 2,575,000 2,447,000 Total retail 5,527,000 3,562,000 3,663,000 Total with no related allowance recorded $ 26,892,000 $ 24,738,000 $ 17,315,000 Impaired loans with an allowance recorded and total impaired loans were as follows as of December 31, 2020: Unpaid Contractual Principal Balance Recorded Principal Balance Related Allowance Year-To- Date Average Recorded Principal Balance With an allowance recorded: Commercial: Commercial and industrial $ 343,000 $ 343,000 $ 53,000 $ 971,000 Vacant land, land development and residential construction 0 0 0 77,000 Real estate – owner occupied 763,000 734,000 77,000 578,000 Real estate – non-owner occupied 162,000 162,000 8,000 100,000 Real estate – multi-family and residential rental 0 0 0 0 Total commercial 1,268,000 1,239,000 138,000 1,726,000 Retail: Home equity and other 300,000 283,000 241,000 421,000 1-4 family mortgages 698,000 698,000 172,000 595,000 Total retail 998,000 981,000 413,000 1,016,000 Total with an allowance recorded $ 2,266,000 $ 2,220,000 $ 551,000 $ 2,742,000 Total impaired loans: Commercial $ 22,633,000 $ 22,415,000 $ 138,000 $ 15,378,000 Retail 6,525,000 4,543,000 413,000 4,679,000 Total impaired loans $ 29,158,000 $ 26,958,000 $ 551,000 $ 20,057,000 Impaired loans with no December 31, 2019: Unpaid Contractual Principal Balance Recorded Principal Balance Related Allowance Year-To- Date Average Recorded Principal Balance With no related allowance recorded: Commercial: Commercial and industrial $ 8,129,000 $ 8,129,000 $ 11,610,000 Vacant land, land development and residential construction 85,000 85,000 89,000 Real estate – owner occupied 715,000 667,000 1,520,000 Real estate – non-owner occupied 178,000 178,000 131,000 Real estate – multi-family and residential rental 29,000 9,000 44,000 Total commercial 9,136,000 9,068,000 13,394,000 Retail: Home equity and other 1,279,000 1,209,000 1,203,000 1-4 family mortgages 3,272,000 1,968,000 2,078,000 Total retail 4,551,000 3,177,000 3,281,000 Total with no related allowance recorded $ 13,687,000 $ 12,245,000 $ 16,675,000 Impaired loans with an allowance recorded and total impaired loans were as follows as of December 31, 2019: Unpaid Contractual Principal Balance Recorded Principal Balance Related Allowance Year-To- Date Average Recorded Principal Balance With an allowance recorded: Commercial: Commercial and industrial $ 460,000 $ 458,000 $ 202,000 $ 5,709,000 Vacant land, land development and residential construction 0 0 0 0 Real estate – owner occupied 1,078,000 1,078,000 982,000 1,672,000 Real estate – non-owner occupied 0 0 0 80,000 Real estate – multi-family and residential rental 0 0 0 54,000 Total commercial 1,538,000 1,536,000 1,184,000 7,515,000 Retail: Home equity and other 502,000 485,000 356,000 658,000 1-4 family mortgages 358,000 356,000 83,000 660,000 Total retail 860,000 841,000 439,000 1,318,000 Total with an allowance recorded $ 2,398,000 $ 2,377,000 $ 1,623,000 $ 8,833,000 Total impaired loans: Commercial $ 10,674,000 $ 10,604,000 $ 1,184,000 $ 20,909,000 Retail 5,411,000 4,018,000 439,000 4,599,000 Total impaired loans $ 16,085,000 $ 14,622,000 $ 1,623,000 $ 25,508,000 Impaired loans for which no 2020 2019, 2018. 2020, 2019 2018, 2020, 2019, 2018. Credit Quality Indicators. ten Loans by credit quality indicators were as follows as of December 31, 2020: Commercial credit exposure – credit risk profiled by internal credit risk grades: Commercial and Industrial Commercial Vacant Land, Land Development, and Residential Construction Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-Owner Occupied Commercial Real Estate - Multi-Family and Residential Rental Internal credit risk grade groupings: Grades 1 – 4 (1) $ 828,706,000 $ 22,547,000 $ 315,134,000 $ 396,700,000 $ 91,711,000 Grades 5 – 7 306,614,000 32,398,000 185,541,000 520,395,000 54,111,000 Grades 8 – 9 10,103,000 110,000 29,278,000 341,000 273,000 Total commercial $ 1,145,423,000 $ 55,055,000 $ 529,953,000 $ 917,436,000 $ 146,095,000 Retail credit exposure – credit risk profiled by collateral type: Retail Home Equity and Other Retail 1-4 Family Mortgages Performing 61,378,000 358,447,000 Nonperforming 242,000 2,329,000 Total retail $ 61,620,000 $ 360,776,000 ( 1 Included in Commercial and Industrial Loans Grades 1 4 Loans by credit quality indicators were as follows as of December 31, 2019: Commercial credit exposure – credit risk profiled by internal credit risk grades: Commercial and Industrial Commercial Vacant Land, Land Development, and Residential Construction Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-Owner Occupied Commercial Real Estate - Multi-Family and Residential Rental Internal credit risk grade groupings: Grades 1 – 4 $ 521,920,000 $ 26,065,000 $ 351,671,000 $ 563,087,000 $ 85,152,000 Grades 5 – 7 309,824,000 29,716,000 220,980,000 272,124,000 39,203,000 Grades 8 – 9 14,807,000 338,000 6,352,000 135,000 170,000 Total commercial $ 846,551,000 $ 56,119,000 $ 579,003,000 $ 835,346,000 $ 124,525,000 Retail credit exposure – credit risk profiled by collateral type: Retail Home Equity and Other Retail 1-4 Family Mortgages Performing 75,119,000 337,856,000 Nonperforming 255,000 1,893,000 Total retail $ 75,374,000 $ 339,749,000 All commercial loans are graded using the following criteria: Grade 1. “Exceptional” Loans with this rating contain very little, if any, risk. Grade 2. “Outstanding” Loans with this rating have excellent and stable sources of repayment and conform to bank policy and regulatory requirements. Grade 3. “Very Good” Loans with this rating have strong sources of repayment and conform to bank policy and regulatory requirements. These are loans for which repayment risks are acceptable. Grade 4. “Good” Loans with this rating have solid sources of repayment and conform to bank policy and regulatory requirements. These are loans for which repayment risks are modest. Grade 5. “Acceptable” Loans with this rating exhibit acceptable sources of repayment and conform with most bank policies and all regulatory requirements. These are loans for which repayment risks are satisfactory. Grade 6. “Monitor” Loans with this rating are considered to have emerging weaknesses which may Grade 7. “Special Mention” Loans with this rating have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may Grade 8. “Substandard” Loans with this rating are inadequately protected by current sound net worth, paying capacity of the obligor, or of the pledged collateral, if any. A Substandard loan normally has one not Grade 9. “Doubtful” Loans with this rating exhibit all the weaknesses inherent in the Substandard classification and where collection or liquidation in full is highly questionable and improbable. Grade 10. “Loss” Loans with this rating are considered uncollectable, and of such little value that continuance as an active asset is not The primary risk elements with respect to commercial loans are the financial condition of the borrower, the sufficiency of collateral, and timeliness of scheduled payments. We have a policy of requesting and reviewing periodic financial statements from commercial loan customers and employ a disciplined and formalized review of the existence of collateral and its value. The primary risk element with respect to each residential real estate loan and consumer loan is the timeliness of scheduled payments. We have a reporting system that monitors past due loans and have adopted policies to pursue creditors’ rights in order to preserve our collateral position. The allowance for loan losses and recorded investments in loans for the year-ended December 31, 2020 Commercial Loans Retail Loans Unallocated Total Allowance for loan losses: Beginning balance $ 21,070,000 $ 2,749,000 $ 70,000 $ 23,889,000 Provision for loan losses 12,835,000 1,226,000 (11,000 ) 14,050,000 Charge-offs (613,000 ) (225,000 ) 0 (838,000 ) Recoveries 487,000 379,000 0 866,000 Ending balance $ 33,779,000 $ 4,129,000 $ 59,000 $ 37,967,000 Ending balance: individually evaluated for impairment $ 138,000 $ 413,000 $ 0 $ 551,000 Ending balance: collectively evaluated for impairment $ 33,641,000 $ 3,716,000 $ 59,000 $ 37,416,000 Total loans (*): Ending balance $ 2,428,703,000 $ 422,396,000 $ 2,851,099,000 Ending balance: individually evaluated for impairment $ 22,415,000 $ 4,543,000 $ 26,958,000 Ending balance: collectively evaluated for impairment $ 2,406,288,000 $ 417,853,000 $ 2,824,141,000 (*) Excludes $365 The allowance for loan losses and recorded investments in loans for the year-ended December 31, 2019 Commercial Loans Retail Loans Unallocated Total Allowance for loan losses: Beginning balance $ 19,619,000 $ 2,717,000 $ 44,000 $ 22,380,000 Provision for loan losses 1,578,000 146,000 26,000 1,750,000 Charge-offs (455,000 ) (428,000 ) 0 (883,000 ) Recoveries 328,000 314,000 0 642,000 Ending balance $ 21,070,000 $ 2,749,000 $ 70,000 $ 23,889,000 Ending balance: individually evaluated for impairment $ 1,230,000 $ 459,000 $ 0 $ 1,689,000 Ending balance: collectively evaluated for impairment $ 19,840,000 $ 2,290,000 $ 70,000 $ 22,200,000 Total loans: Ending balance $ 2,441,544,000 $ 415,123,000 $ 2,856,667,000 Ending balance: individually evaluated for impairment $ 10,604,000 $ 4,018,000 $ 14,622,000 Ending balance: collectively evaluated for impairment $ 2,430,940,000 $ 411,105,000 $ 2,842,045,000 The allowance for loan losses and recorded investments in loans for the year-ended December 31, 2018 Commercial Loans Retail Loans Unallocated Total Allowance for loan losses: Beginning balance $ 16,747,000 $ 2,661,000 $ 93,000 $ 19,501,000 Provision for loan losses 958,000 191,000 (49,000 ) 1,100,000 Charge-offs (674,000 ) (776,000 ) 0 (1,450,000 ) Recoveries 2,588,000 641,000 0 3,229,000 Ending balance $ 19,619,000 $ 2,717,000 $ 44,000 $ 22,380,000 Ending balance: individually evaluated for impairment $ 550,000 $ 539,000 $ 0 $ 1,089,000 Ending balance: collectively evaluated for impairment $ 19,069,000 $ 2,178,000 $ 44,000 $ 21,291,000 Total loans: Ending balance $ 2,360,106,000 $ 392,979,000 $ 2,753,085,000 Ending balance: individually evaluated for impairment $ 19,291,000 $ 4,617,000 $ 23,908,000 Ending balance: collectively evaluated for impairment $ 2,340,815,000 $ 388,362,000 $ 2,729,177,000 Loans modified as troubled debt restructurings during the year-ended December 31, 2020 Pre- Post- Modification Modification Recorded Recorded Number of Principal Principal Contracts Balance Balance Commercial: Commercial and industrial 13 $ 6,914,000 $ 7,717,000 Vacant land, land development and residential construction 0 0 0 Real estate – owner occupied 8 14,663,000 14,663,000 Real estate – non-owner occupied 2 319,000 318,000 Real estate – multi-family and residential rental 0 0 0 Total commercial 23 21,896,000 22,698,000 Retail: Home equity and other 16 451,000 452,000 1-4 family mortgages 6 151,000 148,000 Total retail 22 602,000 600,000 Total 45 $ 22,498,000 $ 23,298,000 Loans modified as troubled debt restructurings during the year-ended December 31, 2019 Pre- Post- Modification Modification Recorded Recorded Number of Principal Principal Contracts Balance Balance Commercial: Commercial and industrial 5 $ 435,000 $ 435,000 Vacant land, land development and residential construction 1 87,000 87,000 Real estate – owner occupied 2 1,669,000 1,669,000 Real estate – non-owner occupied 0 0 0 Real estate – multi-family and residential rental 0 0 0 Total commercial 8 2,191,000 2,191,000 Retail: Home equity and other 20 295,000 296,000 1-4 family mortgages 8 310,000 310,000 Total retail 28 605,000 606,000 Total 36 $ 2,796,000 $ 2,797,000 The following loans, modified as troubled debt restructurings within the previous twelve December 31, 2020 ( Number of Contracts Recorded Principal Balance Commercial: Commercial and industrial 0 $ 0 Vacant land, land development and residential construction 0 0 Real estate – owner occupied 0 0 Real estate – non-owner occupied 0 0 Real estate – multi-family and residential rental 0 0 Total commercial 0 0 Retail: Home equity and other 0 0 1-4 family mortgages 0 0 Total retail 0 0 Total 0 $ 0 The following loans, modified as troubled debt restructurings within the previous twelve 30 December 31, 2019 ( Number of Contracts Recorded Principal Balance Commercial: Commercial and industrial 0 $ 0 Vacant land, land development and residential construction 0 0 Real estate – owner occupied 0 0 Real estate – non-owner occupied 0 0 Real estate – multi-family and residential rental 0 0 Total commercial 0 0 Retail: Home equity and other 1 20,000 1-4 family mortgages 2 106,000 Total retail 3 126,000 Total 3 $ 126,000 Activity for loans categorized as troubled debt restructurings during the year-ended December 31, 2020 Commercial and Commercial Vacant Land, Land Development, and Residential Commercial Real Estate - Owner Commercial Real Estate - Non-Owner Commercial Real Estate - Multi-Family and Residential Industrial Construction Occupied Occupied Rental Commercial Loan Portfolio: Beginning Balance $ 8,587,000 $ 85,000 $ 1,145,000 $ 178,000 $ 7,000 Charge-Offs 0 0 0 0 0 Payments (11,260,000 ) (85,000 ) (3,765,000 ) (585,000 ) (7,000 ) Transfers to ORE 0 0 0 0 0 Net Additions/Deletions 9,087,000 0 17,417,000 887,000 0 Ending Balance $ 6,414,000 $ 0 $ 14,797,000 $ 480,000 $ 0 Retail Home Equity and Other Retail 1-4 Family Mortgages Retail Loan Portfolio: Beginning Balance $ 1,415,000 $ 724,000 Charge-Offs 0 0 Payments (881,000 ) (68,000 ) Transfers to ORE 0 0 Net Additions/Deletions 612,000 150,000 Ending Balance $ 1,146,000 $ 806,000 Activity for loans categorized as troubled debt restructurings during the year-ended December 31, 2019 Commercial and Industrial Commercial Vacant Land, Land Development, and Residential Construction Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-Owner Occupied Commercial Real Estate - Multi-Family and Residential Rental Commercial Loan Portfolio: Beginning Balance $ 14,138,000 $ 0 $ 3,100,000 $ 210,000 $ 24,000 Charge-Offs 0 0 0 0 0 Payments (20,364,000 ) (2,000 ) (3,820,000 ) (32,000 ) (17,000 ) Transfers to ORE 0 0 (97,000 ) 0 0 Net Additions/Deletions 14,813,000 87,000 1,962,000 0 0 Ending Balance $ 8,587,000 $ 85,000 $ 1,145,000 $ 178,000 $ 7,000 Retail Home Equity and Other Retail 1-4 Family Mortgages Retail Loan Portfolio: Beginning Balance $ 1,402,000 $ 578,000 Charge-Offs (18,000 ) 0 Payments (272,000 ) (162,000 ) Transfers to ORE 0 0 Net Additions/Deletions 303,000 308,000 Ending Balance $ 1,415,000 $ 724,000 Activity for loans categorized as troubled debt restructurings during the year-ended December 31, 2018 Commercial and Commercial Vacant Land, Land Development, and Residential Commercial Real Estate - Owner Commercial Real Estate - Non-Owner Commercial Real Estate - Multi-Family and Residential Industrial Construction Occupied Occupied Rental Commercial Loan Portfolio: Beginning Balance $ 3,990,000 $ 383,000 $ 2,026,000 $ 237,000 $ 41,000 Charge-Offs (505,000 ) 0 0 0 0 Payments (792,000 ) (383,000 ) (6,663,000 ) (27,000 ) (17,000 ) Transfers to ORE 0 0 (93,000 ) 0 0 Net Additions/Deletions 11,445,000 0 7,830,000 0 0 Ending Balance $ 14,138,000 $ 0 $ 3,100,000 $ 210,000 $ 24,000 Retail Home Equity and Other Retail 1-4 Family Mortgages Retail Loan Portfolio: Beginning Balance $ 1,346,000 $ 539,000 Charge-Offs (30,000 ) 0 Payments (323,000 ) (41,000 ) Transfers to ORE (82,000 ) 0 Net Additions/Deletions 491,000 80,000 Ending Balance $ 1,402,000 $ 578,000 The allowance related to loans categorized as troubled debt restructurings was as follows: December 31, 2020 December 31, 2019 Commercial: Commercial and industrial $ 53,000 $ 202,000 Vacant land, land development, and residential construction 0 0 Real estate – owner occupied 59,000 982,000 Real estate – non-owner occupied 8,000 0 Real estate – multi-family and residential rental 0 0 Total commercial 120,000 1,184,000 Retail: Home equity and other 202,000 311,000 1-4 family mortgages 145,000 83,000 Total retail 347,000 394,000 Total related allowance $ 467,000 $ 1,578,000 In general, our policy dictates that a renewal or modification of an 8 9 8 9 8 9 |
Note 4 - Premises and Equipment
Note 4 - Premises and Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4 - PREMISES AND EQUIPMENT, NET Year-end premises and equipment were as follows: 2020 2019 Land and improvements $ 16,533,000 $ 17,039,000 Buildings 56,114,000 52,847,000 Furniture and equipment 21,522,000 22,712,000 94,169,000 92,598,000 Less: accumulated depreciation 35,210,000 35,271,000 Total premises and equipment $ 58,959,000 $ 57,327,000 Future lease payments at December 31, 2020 one one three three five five December 31, 2019 one one three three five five 2020, 2019, 2018. |
Note 5 - Mortgage Loan Servicin
Note 5 - Mortgage Loan Servicing | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Mortgage Loan Servicing [Text Block] | NOTE 5 – MORTGAGE LOAN SERVICING Mortgage loans serviced for others are not 2020 2019 Mortgage loan portfolios serviced for: Federal Home Loan Mortgage Corporation $ 1,030,211,000 $ 711,643,000 Federal Home Loan Bank 8,717,000 15,317,000 Total mortgage loans serviced for others $ 1,038,928,000 $ 726,960,000 Custodial escrow balances, which are reported as deposits on the Consolidated Balance Sheets, maintained in connection with serviced loans were $11.8 million and $6.4 million as of December 31, 2020 December 31, 2019, Activity for capitalized mortgage loan servicing rights during 2020 2019 2020 2019 Balance at beginning of year $ 4,652,000 $ 4,436,000 Additions 6,467,000 1,962,000 Amortized to expense (2,930,000 ) (1,746,000 ) Balance at end of year $ 8,189,000 $ 4,652,000 We determined that no valuation allowance was necessary as of December 31, 2020 December 31, 2019. December 31, 2020 December 31, 2019, 2020, 2019, The weighted average amortization period was 6.1 years and 5.3 years as of December 31, 2020 December 31, 2019, December 31, 2020 2021 $ 1,724,000 2022 1,476,000 2023 1,241,000 2024 1,026,000 2025 834,000 Thereafter 1,888,000 |
Note 6 - Core Deposit Intangibl
Note 6 - Core Deposit Intangible Asset, Net | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 6 – CORE DEPOSIT INTANGIBLE ASSET, NET The gross carrying amount of core deposit intangible assets totaled $17.5 million as of December 31, 2020 December 31, 2019. December 31, 2020, December 31, 2019, The scheduled amortization expense on core deposit intangible assets in future periods is: 2021 $ 1,086,000 2022 768,000 2023 450,000 2024 132,000 |
Note 7 - Deposits
Note 7 - Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 7 – DEPOSITS Deposits at year-end are summarized as follows: December 31, 2020 December 31, 2019 Percent Increase Balance % Balance % (Decrease) Noninterest-bearing checking $ 1,433,403,000 42.0 % $ 924,916,000 34.4 % 55.0 % Interest-bearing checking 473,053,000 13.9 332,373,000 12.3 42.3 Money market 611,912,000 17.9 509,368,000 18.9 20.1 Savings 338,070,000 9.9 269,318,000 10.0 25.5 Time, under $100,000 165,548,000 4.9 198,123,000 7.4 (16.4 ) Time, $100,000 and over 342,633,000 10.0 322,827,000 12.0 6.1 Total local deposits 3,364,619,000 98.6 2,556,925,000 95.0 31.6 Out-of-area time, $100,000 and over 46,934,000 1.4 133,459,000 5.0 (64.8 ) Total deposits $ 3,411,553,000 100.0 % $ 2,690,384,000 100.0 % 26.8 % Out-of-area time deposits consist of deposits obtained from depositors outside of our primary market areas exclusively through deposit brokers. The following table depicts the maturity distribution for time deposits at year-end: 2020 2019 In one year or less $ 327,246,000 $ 360,395,000 In one to two years 139,801,000 173,512,000 In two to three years 39,801,000 82,480,000 In three to four years 25,577,000 16,019,000 In four to five years 22,690,000 22,003,000 Total certificates of deposit $ 555,115,000 $ 654,409,000 The following table depicts the maturity distribution for time deposits with balances of $100,000 2020 2019 Up to three months $ 79,500,000 $ 100,635,000 Three months to six months 79,373,000 59,838,000 Six months to twelve months 77,363,000 93,691,000 Over twelve months 153,331,000 202,122,000 Total certificates of deposit $ 389,567,000 $ 456,286,000 Total time deposits of more than $250,000 2020 2019, |
Note 8 - Securities Sold Under
Note 8 - Securities Sold Under Agreements to Repurchase | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | NOTE 8 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE Information regarding securities sold under agreements to repurchase at year-end is summarized below: 2020 2019 Outstanding balance at year-end $ 118,365,000 $ 102,675,000 Weighted average interest rate at year-end 0.12 % 0.17 % Average daily balance during the year $ 132,880,000 $ 105,234,000 Weighted average interest rate during the year 0.12 % 0.24 % Maximum daily balance during the year $ 173,186,000 $ 133,411,000 Securities sold under agreements to repurchase (“repurchase agreements”) generally have original maturities of less than one |
Note 9 - Federal Home Loan Bank
Note 9 - Federal Home Loan Bank Advances | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | NOTE 9 - FEDERAL HOME LOAN BANK ADVANCES Federal Home Loan Bank of Indianapolis (“FHLBI”) advances totaled $394 million at December 31, 2020, November 2021 June 2027, December 31, 2019, April 2020 June 2025, June 2020, seven August 2020 October 2021 seven June 2024 June 2027 0.84% Each advance is payable at its maturity date, and is subject to a prepayment fee if paid prior to the maturity date. The advances are collateralized by residential mortgage loans, first first December 31, 2020 Scheduled maturities as of December 31, 2020: 2021 $ 20,000,000 2022 94,000,000 2023 80,000,000 2024 80,000,000 2025 50,000,000 Thereafter 70,000,000 |
Note 10 - Federal Income Taxes
Note 10 - Federal Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 1 0 - FEDERAL INCOME TAXES The consolidated income tax expense is as follows: 2020 2019 2018 Current expense $ 14,945,000 $ 10,978,000 $ 10,170,000 Deferred expense (4,141,000 ) 26,000 (372,000 ) Change in valuation allowance (94,000 ) 0 0 Tax expense $ 10,710,000 $ 11,004,000 $ 9,798,000 A reconciliation of the differences between the federal income tax expense recorded and the amount computed by applying the federal statutory rate to income before income taxes is as follows: 2020 2019 2018 Tax at statutory rate $ 11,518,000 $ 12,697,000 $ 10,883,000 Increase (decrease) from Tax-exempt interest (681,000 ) (644,000 ) (620,000 ) Bank owned life insurance (238,000 ) (804,000 ) (201,000 ) Change in valuation allowance (94,000 ) 0 0 Other 205,000 (245,000 ) (264,000 ) Tax expense $ 10,710,000 $ 11,004,000 $ 9,798,000 The statutory tax rate was 21% for 2020, 2019 2018. Significant components of deferred tax assets and liabilities as of December 31, 2020 2019 2020 2019 Deferred income tax assets Allowance for loan losses $ 7,973,000 $ 5,017,000 Deferred compensation 511,000 577,000 Stock compensation 541,000 720,000 Nonaccrual loan interest income 211,000 239,000 Deferred loan fees 924,000 104,000 Capital loss carryforward 0 94,000 Fair value write-downs on foreclosed properties 537,000 26,000 Other 938,000 683,000 Deferred tax asset before valuation allowance 11,635,000 7,460,000 Valuation allowance 0 (94,000 ) Deferred tax asset after valuation allowance 11,635,000 7,366,000 Deferred income tax liabilities Depreciation 1,175,000 1,743,000 Prepaid expenses 297,000 269,000 Core deposit intangible 498,000 787,000 Mortgage loan servicing rights 1,720,000 977,000 Unrealized gain on securities 1,458,000 982,000 Business combination adjustments 2,142,000 2,058,000 Other 521,000 485,000 Deferred tax liability 7,811,000 7,301,000 Total net deferred tax asset $ 3,824,000 $ 65,000 A valuation allowance related to deferred tax assets is required when it is considered more likely than not not December 31, 2019, December 31, 2020 We had no unrecognized tax benefits at any time during 2020 2019 not 2021. 2020 2019. no 2017. |
Note 11 - Stock-based Compensat
Note 11 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 1 1 – STOCK-BASED COMPENSATION Stock-based compensation plans are used to provide directors and employees with an increased incentive to contribute to our long-term performance and growth, to align the interests of directors and employees with the interests of our shareholders through the opportunity for increased stock ownership and to attract and retain directors and employees. During 2014 2015, 2006. 2016 2019, 2016. 2020, 2020. 2016 2016. 2016 2019 2016, 2020 2020. 2006 January 18, 2016, 2016 May, 2016. 2016 2020 May, 2020. Under the Stock Incentive Plan of 2006, 2016 2020, may not not No 2014 2020 three 2018, 2019 2020, 2014, 2015 2016, two seven 2020, In conjunction with the Firstbank merger, we issued Mercantile stock options in replacement of all outstanding Firstbank stock option grants that had been previously issued to Firstbank employees under the Firstbank Corporation Stock Option and Restricted Stock Plan of 1997 2006 one five one ten 2015. A summary of restricted stock activity from grants issued during the past three 2020 2019 2018 Shares Weighted Average Fair Value Shares Weighted Average Fair Value Shares Weighted Average Fair Value Nonvested at beginning of year 262,260 $ 34.91 262,967 $ 33.97 239,637 $ 32.37 Granted 121,518 24.65 84,596 35.29 91,400 31.82 Vested (85,445 ) 37.08 (81,772 ) 32.19 (55,792 ) 25.14 Forfeited (35,997 ) 33.71 (3,531 ) 34.85 (12,278 ) 31.62 Nonvested at end of year 262,336 $ 29.42 262,260 $ 34.91 262,967 $ 33.97 Of the restricted stock shares granted in 2020, 2019 2018, 2020, 2019 2018, three A summary of stock option activity during the past three 2020 2019 2018 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding at beginning of year 10,700 $ 30.25 18,900 $ 23.92 30,908 $ 18.67 Granted 0 NA 0 NA 0 NA Exercised (1,000 ) 5.19 (8,200 ) 15.69 (12,008 ) 10.38 Forfeited or expired 0 NA 0 NA 0 NA Outstanding at end of year 9,700 $ 32.83 10,700 $ 30.25 18,900 $ 23.92 Options exercisable at year-end 9,700 $ 32.83 10,700 $ 30.25 18,900 $ 23.92 The fair value of each stock option award is estimated on the date of grant using a closed option valuation (Black-Scholes) model that uses the assumptions noted in the table below. Expected volatilities are based on historical volatilities on our common stock. Historical data is used to estimate stock option expense and post-vesting termination behavior. The expected term of stock options granted is based on historical data and represents the period of time that stock options granted are expected to be outstanding, which takes into account that the stock options are not three Options at year-end 2020 Outstanding Exercisable Weighted Average Weighted Weighted Range of Remaining Average Average Exercise Contractual Exercise Exercise Prices Number Life (Years) Price Number Price $22.00 - $23.00 1,000 0.9 $ 22.15 1,000 22.15 $27.00 - $28.00 2,200 1.9 27.66 2,200 27.66 $36.00 - $37.00 6,500 2.9 36.22 6,500 36.22 Outstanding at year end 9,700 2.4 $ 32.83 9,700 32.83 Information related to options outstanding at year-end 2020, 2019 2018 2020 2019 2018 Minimum exercise price $ 22.15 $ 5.19 $ 5.19 Maximum exercise price 36.22 36.22 36.22 Average remaining option term (years) 2.4 3.2 3.4 Information related to stock option grants and exercises during 2020, 2019 2018 2020 2019 2018 Aggregate intrinsic value of stock options exercised $ 17,000 $ 157,000 $ 317,000 Cash received from stock option exercises 3,000 126,000 141,000 Tax benefit realized from stock option exercises 0 0 0 Weighted average per share fair value of stock options granted NA NA NA The aggregate intrinsic value of in-the-money stock options issued under Mercantile plans outstanding and exercisable at December 31, 2020 On May 25, 2017, June 1, 2017 May 31, 2018. twelve May 24, 2018, June 1, 2018 May 31, 2019. twelve October 25, 2018, October 1, 2018 May 31, 2019. eight May 23, 2019, June 1, 2019 May 31, 2020. twelve June 1, 2020, June 1, 2020 May 31, 2021. twelve August 27, 2020, September 1, 2020 May 31, 2021. nine |
Note 12 - Related Parties
Note 12 - Related Parties | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 12 Certain directors and executive officers of our bank, including their immediate families and companies in which they are principal owners, were loan customers of our bank. At year-end 2020 2019, 2020 2019, 2020 2019 Beginning balance $ 104,043,000 $ 92,033,000 New loans 13,823,000 16,662,000 Repayments (9,824,000 ) (4,652,000 ) Ending balance $ 108,042,000 $ 104,043,000 Paycheck Protection Program loans to related companies of our directors totaled $0.3 million as of December 31, 2020. Related party deposits and repurchase agreements totaled $19.4 million and $15.0 million at year-end 2020 2019, |
Note 13 - Commitments and Off-b
Note 13 - Commitments and Off-balance-sheet Risk | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments Contingencies and Guarantees [Text Block] | NOTE 1 3 – COMMITMENTS AND OFF-BALANCE-SHEET RISK We are a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of our customers. These financial instruments include commitments to extend credit and standby letters of credit. Loan commitments to extend credit are agreements to lend to a customer as long as there is no third may not These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized, if any, in the balance sheet. Our maximum exposure to loan loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual notional amount of those instruments. We use the same credit policies in making commitments and conditional obligations as we do for on-balance sheet instruments. Collateral, such as accounts receivable, securities, inventory, and property and equipment, is generally obtained based on management’s credit assessment of the borrower. If required, estimated loss exposure resulting from these instruments is expensed and recorded as a liability. There was no liability balance for these instruments as of December 31, 2020 2019. At year-end 2020 2019, Our maximum exposure to credit losses for loan commitments and standby letters of credit outstanding at year-end was as follows: 2020 2019 Commercial unused lines of credit $ 1,019,496,000 $ 776,493,000 Unused lines of credit secured by 1 – 4 family residential properties 59,396,000 60,858,000 Credit card unused lines of credit 72,495,000 58,199,000 Other consumer unused lines of credit 30,707,000 18,135,000 Commitments to make loans 227,558,000 101,961,000 Standby letters of credit 20,543,000 22,798,000 Total commitments $ 1,430,195,000 $ 1,038,444,000 Commitments to make loans generally reflect our binding obligations to existing and prospective customers to extend credit, including line of credit facilities secured by accounts receivable and inventory, and term debt secured by either real estate or equipment. In most instances, line of credit facilities are for a one 30 30 five 30 three seven The following instruments are considered financial guarantees under current accounting guidance. These instruments are carried at fair value. 2020 2019 Contract Carrying Contract Carrying Amount Value Amount Value Standby letters of credit $ 20,543,000 $ 138,000 $ 22,798,000 $ 160,000 The Federal Reserve Board reduced reserve requirements for all depository institutions to zero March 26, 2020; not December 31, 2020. December 31, 2019. |
Note 14 - Benefit Plans
Note 14 - Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | NOTE 1 4 – BENEFIT PLANS We have a 401 401 January 1, 2014; April 1, 2018, 2020, 2019 2018 401 We have a deferred compensation plan in which all persons serving on the Board of Directors may may December 31, 2020 2019, 2020, 2019 2018. The Mercantile Bank Corporation Employee Stock Purchase Plan of 2014 may may 2020 2019, December 31, 2020, |
Note 15 - Derivatives and Hedgi
Note 15 - Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 1 5 – DERIVATIVES AND HEDGING ACTIVITIES We are exposed to certain risks arising from both business operations and economic conditions. We principally manage the exposure to a wide variety of operational risks through core business activities. Economic risks, including interest rate, liquidity and credit risk, are primarily administered via the amount, sources and duration of assets and liabilities. Derivative financial instruments may Derivatives not not not The fair value of derivative instruments as of December 31, 2020 No December 31, 2019. Notional Amount Balance Sheet Location Fair Value Derivative Assets Interest rate swaps $ 33,731,000 Other Assets $ 1,003,000 Derivative Liabilities 33,731,000 Other Liabilities 1,027,000 Interest rate swaps The effect of interest rate swaps that are not December 31, 2020. 2019. The fair value of interest rate swaps in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk related to these agreements, was $1.0 million as of December 31, 2020. December 31, 2020. Interest rate swaps entered into with commercial loan customers had notional amounts aggregating $33.7 million as of December 31, 2020. |
Note 16 - Fair Values of Financ
Note 16 - Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 1 6 – FAIR VALUES OF FINANCIAL INSTRUMENTS Carrying amount, estimated fair value and level within the fair value hierarchy of financial instruments were as follows at year-end (dollars in thousands): Level in 2020 2019 Fair Value Carrying Fair Carrying Fair Hierarchy Amount Value Amount Value Financial assets Cash Level 1 $ 16,953 $ 16,953 $ 16,430 $ 16,430 Cash equivalents Level 2 609,053 609,053 217,301 217,301 Securities available for sale (1) 387,347 387,347 334,655 334,655 Federal Home Loan Bank stock (2) 18,002 18,002 18,002 18,002 Loans, net Level 3 3,155,503 3,294,522 2,827,800 2,887,168 Loans held for sale Level 2 22,888 24,029 4,978 4,978 Mortgage servicing rights Level 2 8,189 10,006 4,652 7,375 Accrued interest receivable Level 2 10,861 10,861 9,944 9,944 Financial liabilities Deposits Level 2 3,411,553 3,397,768 2,690,384 2,600,452 Securities sold under agreements to repurchase Level 2 118,365 118,365 102,675 102,675 Federal Home Loan Bank advances Level 2 394,000 410,881 354,000 361,887 Subordinated debentures Level 2 47,563 47,574 46,881 46,140 Accrued interest payable Level 2 2,313 2,313 3,949 3,949 ( 1 See Note 17 ( 2 It is not Carrying amount is the estimated fair value for cash and cash equivalents, FHLBI stock, accrued interest receivable and payable, noninterest-bearing checking accounts and securities sold under agreements to repurchase. Security fair values are based on market prices or dealer quotes, and if no 2016 01, |
Note 17 - Fair Value Measuremen
Note 17 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | NOTE 1 7 – FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability, or in the absence of a principal market, the most advantageous market for the asset or liability. The price of the principal (or most advantageous) market used to measure the fair value of the asset or liability is not not We are required to use valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may Level 1: Level 2: 1 not Level 3: The following is a description of our valuation methodologies used to measure and disclose the fair values of our financial assets and liabilities on a recurring or nonrecurring basis: Securities available for sale. not 2 3 December 31, 2020 2019. 1 Mortgage loans held for sale. December 31, 2020 2019, Loans. not Foreclosed assets. Derivatives. Assets and Liabilities Measured at Fair Value on a Recurring Basi The balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Available for sale securities U.S. Government agency debt obligations $ 242,141,000 $ 0 $ 242,141,000 $ 0 Mortgage-backed securities 24,890,000 0 24,890,000 0 Municipal general obligation bonds 107,824,000 0 107,058,000 766,000 Municipal revenue bonds 11,992,000 0 11,992,000 0 Other investments 500,000 0 500,000 0 Total $ 387,347,000 $ 0 $ 386,581,000 $ 766,000 There were no 1, 2 3 2020. 3 2020 The balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Available for sale securities U.S. Government agency debt obligations $ 186,410,000 $ 0 $ 186,410,000 $ 0 Mortgage-backed securities 42,470,000 0 42,470,000 0 Municipal general obligation bonds 101,079,000 0 99,029,000 2,050,000 Municipal revenue bonds 4,196,000 0 4,196,000 0 Other investments 500,000 0 500,000 0 Total $ 334,655,000 $ 0 $ 332,605,000 $ 2,050,000 There were no 1, 2 3 2019. 3 2019 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The balances of assets and liabilities measured at fair value on a nonrecurring basis as of December 31, 2020 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Impaired loans $ 2,880,000 $ 0 $ 0 $ 2,880,000 Foreclosed assets 701,000 0 0 701,000 Total $ 3,581,000 $ 0 $ 0 $ 3,581,000 The balances of assets and liabilities measured at fair value on a nonrecurring basis as of December 31, 2019 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Impaired loans $ 1,107,000 $ 0 $ 0 $ 1,107,000 Foreclosed assets 452,000 0 0 452,000 Total $ 1,559,000 $ 0 $ 0 $ 1,559,000 The carrying values are based on the estimated value of the property or other assets. Fair value estimates of collateral on impaired loans and foreclosed assets are reviewed periodically. Our credit policies establish criteria for obtaining appraisals and determining internal value estimates. We may may |
Note 18 - Earnings Per Share
Note 18 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 18 The factors used in the earnings per share computation follow: 2020 2019 2018 Basic Net income attributable to common shares $ 44,138,000 $ 49,456,000 $ 42,024,000 Weighted average common shares outstanding 16,268,689 16,405,159 16,600,612 Basic earnings per common share $ 2.71 $ 3.01 $ 2.53 Diluted Net income attributable to common shares $ 44,138,000 $ 49,456,000 $ 42,024,000 Weighted average common shares outstanding for basic earnings per common share 16,268,689 16,405,159 16,600,612 Add: Dilutive effects of share-based awards 630 3,976 5,804 Average shares and dilutive potential common shares 16,269,319 16,409,135 16,606,416 Diluted earnings per common share $ 2.71 $ 3.01 $ 2.53 Stock options for approximately 9,000, 7,000 and 7,000 shares of common stock were antidilutive and were not 2020, 2019 2018, |
Note 19 - Subordinated Debentur
Note 19 - Subordinated Debentures | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | NOTE 19 – SUBORDINATED DEBENTURES We have five four The only significant assets of our trusts are the Floating Rate Notes, and the only significant liabilities of our trusts are the Preferred Securities. The Floating Rate Notes are categorized on our Consolidated Balance Sheets as subordinated debentures and the interest expense is recorded on our Consolidated Statements of Income under interest expense on other borrowings. On January 26, 2016, The following table depicts our five December 31, 2020: Preferred Securities Trust Name Outstanding Interest Rate Maturity Date Mercantile Bank Capital Trust I $ 21,000,000 3 Month Libor + 218 bps September 16, 2034 Firstbank Capital Trust I $ 10,000,000 3 Month Libor + 199 bps October 18, 2034 Firstbank Capital Trust II $ 10,000,000 3 Month Libor + 127 bps April 7, 2036 Firstbank Capital Trust III $ 7,500,000 3 Month Libor + 135 bps July 30, 2037 Firstbank Capital Trust IV $ 7,500,000 3 Month Libor + 135 bps July 30, 2037 |
Note 20 - Regulatory Matters
Note 20 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 2 0 - REGULATORY MATTERS We are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and prompt corrective action regulations involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk weightings, and other factors, and the regulators can lower classifications in certain cases. Failure to meet various capital requirements can initiate regulatory action that could have a direct material effect on the financial statements. The prompt corrective action regulations provide five not not no may may 2020 2019, no December 31, 2020 Our actual capital levels (dollars in thousands) and minimum required levels were: Actual Minimum Required for Capital Adequacy Purposes Minimum Required to be Well Capitalized Under Prompt Corrective Action Regulations Amount Ratio Amount Ratio Amount Ratio 2020 Total capital (to risk weighted assets) Consolidated $ 468,113 13.8 % $ 271,325 8.0 % NA NA Bank 457,203 13.5 271,196 8.0 338,995 10.0 % Tier 1 capital (to risk weighted assets) Consolidated 430,146 12.7 203,494 6.0 NA NA Bank 419,236 12.4 203,397 6.0 271,196 8.0 Common equity (to risk weighted assets) Consolidated 384,658 11.3 152,621 4.5 NA NA Bank 419,236 12.4 152,548 4.5 220,347 6.5 Tier 1 capital (to average assets) Consolidated 430,146 9.8 176,053 4.0 NA NA Bank 419,236 9.5 175,999 4.0 219,999 5.0 201 9 Total capital (to risk weighted assets) Consolidated $ 429,038 13.1 % $ 262,141 8.0 % NA NA Bank 424,917 13.0 262,088 8.0 327,610 10.0 % Tier 1 capital (to risk weighted assets) Consolidated 405,148 12.4 196,606 6.0 NA NA Bank 401,027 12.2 196,566 6.0 262,088 8.0 Common equity (to risk weighted assets) Consolidated 360,342 11.0 147,454 4.5 NA NA Bank 401,027 12.2 147,425 4.5 212,947 6.5 Tier 1 capital (to average assets) Consolidated 405,148 11.3 143,689 4.0 NA NA Bank 401,027 11.2 143,670 4.0 179,588 5.0 Under the final BASEL III capital rules that became effective on January 1, 2015, 1 not three 2016. 1 1 January 1, 2019. December 31, 2020, Federal and state banking laws and regulations place certain restrictions on the amount of dividends our bank can transfer to Mercantile and on the capital levels that must be maintained. At year-end 2020, January 16, 2020, March 18, 2020 March 6, 2020. April 16, 2020, $0.28 June 17, 2020 June 5, 2020. July 16, 2020, September 16, 2020 September 4, 2020. October 15, 2020, $0.28 December 16, 2020 December 4, 2020. On January 14, 2021, March 17, 2021 March 5, 2021. In May 2019, first 2020, $28.25. March 2020 fourth 2020. may Our consolidated capital levels as of December 31, 2020 2019 may 1 not 1 not May 19, 2010, December 31, 2009 December 31, 2020 2019, 1 |
Note 21 - Accumulated Other Com
Note 21 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | NOTE 2 1 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) At December 31, 2020, December 31, 2019, |
Note 22 - Quarterly Financial D
Note 22 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 2 2 - QUARTERLY FINANCIAL DATA (Unaudited) Interest Net Interest Net Earnings per Share Income Income Income Basic Diluted 2020 First quarter $ 37,935,000 $ 30,317,000 $ 10,673,000 $ 0.65 $ 0.65 Second quarter 37,164,000 30,571,000 8,697,000 0.54 0.54 Third quarter 35,594,000 29,509,000 10,686,000 0.66 0.66 Fourth quarter 37,620,000 31,849,000 14,082,000 0.86 0.86 201 9 First quarter $ 38,637,000 $ 30,645,000 $ 11,824,000 $ 0.72 $ 0.72 Second quarter 39,820,000 31,116,000 11,715,000 0.71 0.71 Third quarter 40,316,000 31,605,000 12,600,000 0.77 0.77 Fourth quarter 39,564,000 31,168,000 13,317,000 0.81 0.81 |
Note 23 - Mercantile Bank Corpo
Note 23 - Mercantile Bank Corporation (Parent Company Only) Condensed Financial Statements | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 2 3 – MERCANTILE BANK CORPORATION (PARENT COMPANY ONLY) CONDENSED FINANCIAL STATEMENTS CONDENSED BALANCE SHEETS 2020 2019 ASSETS Cash and cash equivalents $ 12,746,000 $ 6,045,000 Investment in bank subsidiary 458,830,000 439,946,000 Other assets 18,934,000 18,032,000 Total assets $ 490,510,000 $ 464,023,000 LIABILITIES AND SHAREHOLDERS’ EQUITY Liabilities $ 1,393,000 $ 581,000 Subordinated debentures 47,563,000 46,881,000 Shareholders’ equity 441,554,000 416,561,000 Total liabilities and shareholders’ equity $ 490,510,000 $ 464,023,000 CONDENSED STATEMENTS OF INCOME 2020 2019 2018 Income Interest and dividends from subsidiaries $ 32,588,000 $ 22,246,000 $ 33,832,000 Total income 32,588,000 22,246,000 33,832,000 Expenses Interest expense 2,268,000 3,153,000 2,999,000 Other operating expenses 4,441,000 4,804,000 4,424,000 Total expenses 6,709,000 7,957,000 7,423,000 Income before income tax benefit and equity in undistributed net income of subsidiary 25,879,000 14,289,000 26,409,000 Federal income tax benefit (1,173,000 ) (1,718,000 ) (1,610,000 ) Equity in undistributed net income of subsidiary 17,086,000 33,449,000 14,005,000 Net income $ 44,138,000 $ 49,456,000 $ 42,024,000 Comprehensive income $ 45,929,000 $ 61,390,000 $ 38,646,000 CONDENSED STATEMENTS OF CASH FLOWS 2020 2019 2018 Cash flows from operating activities Net income $ 44,138,000 $ 49,456,000 $ 42,024,000 Adjustments to reconcile net income to net cash from operating activities: Equity in undistributed net income of subsidiary (17,086,000 ) (33,449,000 ) (14,005,000 ) Stock-based compensation expense 2,325,000 2,931,000 2,410,000 Stock grants to directors for retainer fees 394,000 375,000 441,000 Change in other assets (227,000 ) 2,387,000 1,384,000 Change in other liabilities 812,000 (1,924,000 ) (187,000 ) Net cash from operating activities 30,356,000 19,776,000 32,067,000 Cash flows from investing activities Net capital investment into subsidiaries 0 0 0 Net cash for investing activities 0 0 0 Cash flows from financing activities Stock option exercises, net of cashless exercises 3,000 128,000 108,000 Employee stock purchase plan 49,000 50,000 52,000 Dividend reinvestment plan 814,000 729,000 1,165,000 Repurchase of common shares (6,591,000 ) (7,183,000 ) (5,943,000 ) Cash dividends on common stock (17,930,000 ) (17,108,000 ) (27,500,000 ) Net cash for financing activities (23,655,000 ) (23,384,000 ) (32,118,000 ) Net change in cash and cash equivalents 6,701,000 (3,608,000 ) (51,000 ) Cash and cash equivalents at beginning of period 6,045,000 9,653,000 9,704,000 Cash and cash equivalents at end of period $ 12,746,000 $ 6,045,000 $ 9,653,000 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation Mercantile has five not |
Nature of Operation [Policy Text Block] | Nature of Operations July 15, 1997 December 15, 1997. June 1, 2014. Our bank is a community-based financial institution. Our bank’s primary deposit products are checking, savings, and term certificate accounts, and its primary lending products are commercial loans, residential mortgage loans, and instalment loans. Substantially all loans are secured by specific items of collateral including business assets, real estate or consumer assets. Commercial loans are expected to be repaid from cash flow from operations of businesses. Real estate loans are secured by commercial or residential real estate. We have no one Our real estate company was organized on July 21, 2003, second 2005. December 18, 2020. Our insurance company acquired an existing shelf insurance agency effective April 15, 2002. not no We have evaluated subsequent events for potential recognition and/or disclosure through the date these financial statements were issued. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Effect of Covid-19 Pandemic, Policy [Policy Text Block] | Recent Events: first second 2020 19 The Coronavirus Pandemic is a highly unusual, unprecedented and evolving public health and economic crisis and may may may The following section summarizes the primary measures that directly impact us and our customers. ● Paycheck Protection Program The Paycheck Protection Program (“PPP”) reflects a substantial expansion of the Small Business Administration’s 100% 7 $350 500 100% 250% $10.0 100% 24 June 5, 2020 60 June 5, 2020. June 5, 2020 60 not June 5, 2020. 1.00%, 1% 5% June 30, 2020, August 8, 2020. second 2020, 2021. no December 31, 2020. Under the CARES Act, a PPP loan is assigned a risk weight of 0% April 9, 2020, 1 ● Individual Economic Impact Payments The Internal Revenue Service began making Individual Economic Impact Payments in mid- April $75,000 $1,200, $75,000 $99,000. $99,000 not $150,000 $2,400, $150,000 $198,000. $198,000 not ● Troubled Debt Restructuring Relief From March 1, 2020 60 December 31, 2020 may 19 2021 January 1, 2022. ● Current Expected Credit Loss Methodology Delay Financial institutions are not December 31, 2020. 2021 January 1, 2022. In early April 2020, three three 12 three three 90 three three nine 0% July, 2020; December 31, 2020, 90 three third 2020; December 31, 2020, In April, 2020, one six 0.35%. No September 30, 2020. April 2020 June 2020. December 31, 2020, |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents and Cash Flow Reporting 90 |
Marketable Securities, Policy [Policy Text Block] | Securities Interest income includes amortization of purchase premiums and accretion of discounts. Premiums and discounts on securities are amortized or accreted on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Declines in the fair value of debt securities below their amortized cost that are other-than-temporary impairment (“OTTI”) are reflected in earnings or other comprehensive income, as appropriate. For those debt securities whose fair value is less than their amortized cost, we consider our intent to sell the security, whether it is more likely than not not two 1 2 |
Financing Receivable, Held-for-investment [Policy Text Block] | Loans December 31, 2020 2019. Interest income on commercial loans and mortgage loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Consumer and credit card loans are typically charged off no All interest accrued but not |
Financing Receivable, Held-for-sale [Policy Text Block] | Loans Held for Sale Year-end mortgage loans held for sale, included in total loans in the balance sheet, were as follows: 2020 2019 Mortgage loans held for sale $ 22,888,000 $ 4,978,000 Less: Allowance to adjust to lower of cost or market 0 0 Mortgage loans held for sale, net $ 22,888,000 $ 4,978,000 |
Mortgage Loan Derivatives, Policy [Policy Text Block] | Mortgage Loan Derivatives not December 31, 2020 2019. |
Mortgage Banking Activity [Policy Text Block] | Mortgage Banking Activities Servicing fee income is recorded for fees earned for servicing mortgage loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. Amortization of mortgage loan servicing rights is netted against mortgage loan servicing income and recorded in mortgage banking activities in the consolidated statements of income. |
Troubled Debt Restructuring [Policy Text Block] | Troubled Debt Restructurings not may In accordance with current accounting guidance, loans modified as troubled debt restructurings are, by definition, considered to be impaired loans. Impairment for these loans is measured on a loan-by-loan basis similar to other impaired loans as described below under “Allowance for Loan Losses.” Certain loans modified as troubled debt restructurings may may The federal banking agencies issued an “ Interagency Statement on Loan Modifications and R eporting for Financial Institutions Working with Customers Affected by the Coronavirus” March 22, 2020, April 7, 2020. may six not 4013 December 31, 2019 March 1, 2020 60 March 13, 2020 ( December 31, 2020, not 2020, January 1, 2022. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses may A loan is considered impaired when, based on current information and events, it is probable we will be unable to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. Factors considered in determining impairment include payment status and collateral value. Loans that experience insignificant payment delays and payment shortfalls generally are not Financial institutions were not December 31, 2020. 2021, December 2020, January 1, 2022. no Loans made under PPP are fully guaranteed by the Small Business Administration; therefore, such loans do not |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets 1 2 3 not |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment 5 33 3 7 may not |
Financing Receivable, Held-for-investment, Foreclosed Asset [Policy Text Block] | Foreclosed Assets: December 31, 2020 2019, |
Bank Owned Life Insurance, Policy [Policy Text Block] | Bank Owned Life Insurance: |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Core Deposit Intangible may not may not not 2019, not no Due to current stressed economic and market conditions, we assessed goodwill for impairment as of March 31, 2020, June 30, 2020, September 30, 2020 October 1, 2020. March 31, 2020, not March 31, 2020. June 30, 2020, September 30, 2020, October 1, 2020, 0 not no The core deposit intangible that arose from the merger with Firstbank was initially measured at fair value and is being amortized into noninterest expense over a ten |
Repurchase and Resale Agreements Policy [Policy Text Block] | Repurchase Agreements |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Financial Instruments and Loan Commitments |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation |
Revenue from Contract with Customer [Policy Text Block] | Revenue from Contracts with Customers 606, 606” 606, No Our primary sources of revenue are derived from interest and dividends earned on loans, securities and other financial instruments that are not 606. not We generally satisfy our performance obligations on contracts with customers as services are rendered, and the transaction prices are typically fixed and charged either on a periodic basis (generally monthly) or based on activity. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, there is little judgment involved in applying Topic 606 |
Advertising Cost [Policy Text Block] | Advertising Costs |
Income Tax, Policy [Policy Text Block] | Income Taxes |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Values of Financial Instruments not not |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income |
Derivatives, Policy [Policy Text Block] | Derivatives not Changes in the fair value of derivatives that are designated, for accounting purposes, as a hedge of the variability of cash flows to be received on various assets and liabilities and are effective are reported in other comprehensive income. They are later reclassified into earnings in the same periods during which the hedged transaction affects earnings and are included in the line item in which the hedged cash flows are recorded. If hedge accounting does not If designated as a hedge, we formally document the relationship between the derivative instrument and the hedged item, as well as the risk-management objective and the strategy for undertaking the hedge transaction. This documentation includes linking cash flow hedges to specific assets on the balance sheet. If designated as a hedge, we also formally assess, both at the hedge’s inception and on an ongoing basis, whether the derivative instrument that is used is highly effective in offsetting changes in cash flows of the hedged items. Ineffective hedge gains and losses are recognized immediately in current earnings as noninterest income or expense. We discontinue hedge accounting when we determine the derivative is no no |
Commitments and Contingencies, Policy [Policy Text Block] | Contingencies: not |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events: December 27, 2020, 2021 $900 $284 second second February 26, 2021, second We originated approximately 2,200 loans aggregating $554 million under the initial round of the PPP. As of December 31, 2020, no February 26, 2021, no As part of our bank’s branch rationalization efforts, we recently announced that our bank and Lake Trust Credit Union have entered into an agreement for the sale of our banking office located in Hastings, Michigan, with the sale expected to be consummated by March 31, 2021. |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Standards Updates February 2016, 2016 02, Leases 2018 01, 2018 10, 2018 11 2018 20 12 December 15, 2018. January 1, 2019 In June 2016, No. 2016 13, Measurement of Credit Losses on Financial Instruments 2018 19 not not December 15, 2019. Financial institutions were not December 31, 2020. 2021, December 2020, January 1, 2022. no |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Mortgage Loans Held for Sale [Table Text Block] | 2020 2019 Mortgage loans held for sale $ 22,888,000 $ 4,978,000 Less: Allowance to adjust to lower of cost or market 0 0 Mortgage loans held for sale, net $ 22,888,000 $ 4,978,000 |
Note 2 - Securities (Tables)
Note 2 - Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value 2020 U.S. Government agency debt obligations $ 242,522,000 $ 516,000 $ (897,000 ) $ 242,141,000 Mortgage-backed securities 23,869,000 1,021,000 0 24,890,000 Municipal general obligation bonds 101,991,000 5,833,000 0 107,824,000 Municipal revenue bonds 11,521,000 473,000 (2,000 ) 11,992,000 Other investments 500,000 0 0 500,000 $ 380,403,000 $ 7,843,000 $ (899,000 ) $ 387,347,000 201 9 U.S. Government agency debt obligations $ 185,103,000 $ 2,449,000 $ (1,142,000 ) $ 186,410,000 Mortgage-backed securities 41,998,000 554,000 (82,000 ) 42,470,000 Municipal general obligation bonds 98,245,000 2,864,000 (30,000 ) 101,079,000 Municipal revenue bonds 4,133,000 63,000 0 4,196,000 Other investments 500,000 0 0 500,000 $ 329,979,000 $ 5,930,000 $ (1,254,000 ) $ 334,655,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss 2020 U.S. Government agency debt obligations $ 118,650,000 $ 897,000 $ 0 $ 0 $ 118,650,000 $ 897,000 Mortgage-backed securities 0 0 0 0 0 0 Municipal general obligation bonds 0 0 0 0 0 0 Municipal revenue bonds 423,000 2,000 0 0 423,000 2,000 Other investments 0 0 0 0 0 0 $ 119,073,000 $ 899,000 $ 0 $ 0 $ 119,073,000 $ 899,000 201 9 U.S. Government agency debt obligations $ 25,650,000 $ 349,000 $ 73,913,000 $ 793,000 $ 99,563,000 $ 1,142,000 Mortgage-backed securities 2,838,000 28,000 10,423,000 54,000 13,261,000 82,000 Municipal general obligation bonds 3,755,000 18,000 994,000 12,000 4,749,000 30,000 Municipal revenue bonds 0 0 0 0 0 0 Other investments 0 0 0 0 0 0 $ 32,243,000 $ 395,000 $ 85,330,000 $ 859,000 $ 117,573,000 $ 1,254,000 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Weighted Average Yield Amortized Cost Fair Value Due in one year or less 2.52% $ 5,906,000 $ 5,939,000 Due from one to five years 1.16 93,320,000 94,474,000 Due from five to ten years 1.67 176,848,000 180,541,000 Due after ten years 2.07 79,960,000 81,003,000 Mortgage-backed securities 2.10 23,869,000 24,890,000 Other investments 4.13 500,000 500,000 1.67% $ 380,403,000 $ 387,347,000 |
Note 3 - Loans and Allowance _2
Note 3 - Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2020 December 31, 2019 Percent Increase Balance % Balance % (Decrease) Commercial: Commercial and industrial (1) $ 1,145,423,000 35.6 % $ 846,551,000 29.6 % 35.3 % Vacant land, land development, and residential construction 55,055,000 1.7 56,119,000 2.0 (1.9 ) Real estate – owner occupied 529,953,000 16.5 579,003,000 20.3 (8.5 ) Real estate – non-owner occupied 917,436,000 28.5 835,346,000 29.2 9.8 Real estate – multi-family and residential rental 146,095,000 4.6 124,525,000 4.4 17.3 Total commercial 2,793,962,000 86.9 2,441,544,000 85.5 14.4 Retail: Home equity and other 61,620,000 1.9 75,374,000 2.6 (18.2 ) 1-4 family mortgages 360,776,000 11.2 339,749,000 11.9 6.2 Total retail 422,396,000 13.1 415,123,000 14.5 1.8 Total loans $ 3,216,358,000 100.0 % $ 2,856,667,000 100.0 % 12.6 % |
Concentrations Within Loan Portfolio [Table Text Block] | 2020 2019 Percentage of Percentage of Balance Loan Portfolio Balance Loan Portfolio Commercial real estate loans to lessors of non-residential buildings $ 649,162,000 20.2 % $ 580,708,000 20.3 % |
Financing Receivable, Nonaccrual [Table Text Block] | 2020 2019 Loans past due 90 days or more still accruing interest $ 0 $ 0 Nonaccrual loans 3,384,000 2,284,000 Total nonperforming loans $ 3,384,000 $ 2,284,000 December 31, 2020 December 31, 2019 Commercial: Commercial and industrial $ 172,000 $ 0 Vacant land, land development, and residential construction 0 0 Real estate – owner occupied 619,000 134,000 Real estate – non-owner occupied 22,000 0 Real estate – multi-family and residential rental 0 2,000 Total commercial 813,000 136,000 Retail: Home equity and other 242,000 255,000 1-4 family mortgages 2,329,000 1,893,000 Total retail 2,571,000 2,148,000 Total nonperforming loans $ 3,384,000 $ 2,284,000 |
Financing Receivable, Past Due [Table Text Block] | 30 – 59 Days Past Due 60 – 89 Days Past Due Greater Than 89 Days Past Due Total Past Due Current Total Loans Recorded Balance > 89 Days and Accruing Commercial: Commercial and industrial $ 261,000 $ 172,000 $ 0 $ 433,000 $ 1,144,990,000 $ 1,145,423,000 $ 0 Vacant land, land development, and residential construction 0 0 0 0 55,055,000 55,055,000 0 Real estate – owner occupied 0 197,000 421,000 618,000 529,335,000 529,953,000 0 Real estate – non-owner occupied 0 0 23,000 23,000 917,413,000 917,436,000 0 Real estate – multi-family and residential rental 0 0 0 0 146,095,000 146,095,000 0 Total commercial 261,000 369,000 444,000 1,074,000 2,792,888,000 2,793,962,000 0 Retail: Home equity and other 112,000 65,000 54,000 231,000 61,389,000 61,620,000 0 1- 4 family mortgages 1,147,000 247,000 342,000 1,736,000 359,040,000 360,776,000 0 Total retail 1,259,000 312,000 396,000 1,967,000 420,429,000 422,396,000 0 Total past due loans $ 1,520,000 $ 681,000 $ 840,000 $ 3,041,000 $ 3,213,317,000 $ 3,216,358,000 $ 0 30 – 59 Days Past Due 60 – 89 Days Past Due Greater Than 89 Days Past Due Total Past Due Current Total Loans Recorded Balance > 89 Days and Accruing Commercial: Commercial and industrial $ 0 $ 0 $ 0 $ 0 $ 846,551,000 $ 846,551,000 $ 0 Vacant land, land development, and residential construction 191,000 0 0 191,000 55,928,000 56,119,000 0 Real estate – owner occupied 0 0 134,000 134,000 578,869,000 579,003,000 0 Real estate – non-owner occupied 0 0 0 0 835,346,000 835,346,000 0 Real estate – multi-family and residential rental 0 0 0 0 124,525,000 124,525,000 0 Total commercial 191,000 0 134,000 325,000 2,441,219,000 2,441,544,000 0 Retail: Home equity and other 171,000 65,000 20,000 256,000 75,118,000 75,374,000 0 1- 4 family mortgages 745,000 29,000 529,000 1,303,000 338,446,000 339,749,000 0 Total retail 916,000 94,000 549,000 1,559,000 413,564,000 415,123,000 0 Total past due loans $ 1,107,000 $ 94,000 $ 683,000 $ 1,884,000 $ 2,854,783,000 $ 2,856,667,000 $ 0 |
Impaired Financing Receivables [Table Text Block] | Unpaid Contractual Principal Balance Recorded Principal Balance Related Allowance Year-To- Date Average Recorded Principal Balance With no related allowance recorded: Commercial: Commercial and industrial $ 6,242,000 $ 6,242,000 $ 7,874,000 Vacant land, land development and residential construction 0 0 187,000 Real estate – owner occupied 14,782,000 14,593,000 5,361,000 Real estate – non-owner occupied 341,000 341,000 227,000 Real estate – multi-family and residential rental 0 0 3,000 Total commercial 21,365,000 21,176,000 13,652,000 Retail: Home equity and other 1,072,000 987,000 1,216,000 1-4 family mortgages 4,455,000 2,575,000 2,447,000 Total retail 5,527,000 3,562,000 3,663,000 Total with no related allowance recorded $ 26,892,000 $ 24,738,000 $ 17,315,000 Unpaid Contractual Principal Balance Recorded Principal Balance Related Allowance Year-To- Date Average Recorded Principal Balance With an allowance recorded: Commercial: Commercial and industrial $ 343,000 $ 343,000 $ 53,000 $ 971,000 Vacant land, land development and residential construction 0 0 0 77,000 Real estate – owner occupied 763,000 734,000 77,000 578,000 Real estate – non-owner occupied 162,000 162,000 8,000 100,000 Real estate – multi-family and residential rental 0 0 0 0 Total commercial 1,268,000 1,239,000 138,000 1,726,000 Retail: Home equity and other 300,000 283,000 241,000 421,000 1-4 family mortgages 698,000 698,000 172,000 595,000 Total retail 998,000 981,000 413,000 1,016,000 Total with an allowance recorded $ 2,266,000 $ 2,220,000 $ 551,000 $ 2,742,000 Total impaired loans: Commercial $ 22,633,000 $ 22,415,000 $ 138,000 $ 15,378,000 Retail 6,525,000 4,543,000 413,000 4,679,000 Total impaired loans $ 29,158,000 $ 26,958,000 $ 551,000 $ 20,057,000 Unpaid Contractual Principal Balance Recorded Principal Balance Related Allowance Year-To- Date Average Recorded Principal Balance With no related allowance recorded: Commercial: Commercial and industrial $ 8,129,000 $ 8,129,000 $ 11,610,000 Vacant land, land development and residential construction 85,000 85,000 89,000 Real estate – owner occupied 715,000 667,000 1,520,000 Real estate – non-owner occupied 178,000 178,000 131,000 Real estate – multi-family and residential rental 29,000 9,000 44,000 Total commercial 9,136,000 9,068,000 13,394,000 Retail: Home equity and other 1,279,000 1,209,000 1,203,000 1-4 family mortgages 3,272,000 1,968,000 2,078,000 Total retail 4,551,000 3,177,000 3,281,000 Total with no related allowance recorded $ 13,687,000 $ 12,245,000 $ 16,675,000 Unpaid Contractual Principal Balance Recorded Principal Balance Related Allowance Year-To- Date Average Recorded Principal Balance With an allowance recorded: Commercial: Commercial and industrial $ 460,000 $ 458,000 $ 202,000 $ 5,709,000 Vacant land, land development and residential construction 0 0 0 0 Real estate – owner occupied 1,078,000 1,078,000 982,000 1,672,000 Real estate – non-owner occupied 0 0 0 80,000 Real estate – multi-family and residential rental 0 0 0 54,000 Total commercial 1,538,000 1,536,000 1,184,000 7,515,000 Retail: Home equity and other 502,000 485,000 356,000 658,000 1-4 family mortgages 358,000 356,000 83,000 660,000 Total retail 860,000 841,000 439,000 1,318,000 Total with an allowance recorded $ 2,398,000 $ 2,377,000 $ 1,623,000 $ 8,833,000 Total impaired loans: Commercial $ 10,674,000 $ 10,604,000 $ 1,184,000 $ 20,909,000 Retail 5,411,000 4,018,000 439,000 4,599,000 Total impaired loans $ 16,085,000 $ 14,622,000 $ 1,623,000 $ 25,508,000 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Commercial and Industrial Commercial Vacant Land, Land Development, and Residential Construction Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-Owner Occupied Commercial Real Estate - Multi-Family and Residential Rental Internal credit risk grade groupings: Grades 1 – 4 (1) $ 828,706,000 $ 22,547,000 $ 315,134,000 $ 396,700,000 $ 91,711,000 Grades 5 – 7 306,614,000 32,398,000 185,541,000 520,395,000 54,111,000 Grades 8 – 9 10,103,000 110,000 29,278,000 341,000 273,000 Total commercial $ 1,145,423,000 $ 55,055,000 $ 529,953,000 $ 917,436,000 $ 146,095,000 Commercial and Industrial Commercial Vacant Land, Land Development, and Residential Construction Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-Owner Occupied Commercial Real Estate - Multi-Family and Residential Rental Internal credit risk grade groupings: Grades 1 – 4 $ 521,920,000 $ 26,065,000 $ 351,671,000 $ 563,087,000 $ 85,152,000 Grades 5 – 7 309,824,000 29,716,000 220,980,000 272,124,000 39,203,000 Grades 8 – 9 14,807,000 338,000 6,352,000 135,000 170,000 Total commercial $ 846,551,000 $ 56,119,000 $ 579,003,000 $ 835,346,000 $ 124,525,000 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Commercial Loans Retail Loans Unallocated Total Allowance for loan losses: Beginning balance $ 21,070,000 $ 2,749,000 $ 70,000 $ 23,889,000 Provision for loan losses 12,835,000 1,226,000 (11,000 ) 14,050,000 Charge-offs (613,000 ) (225,000 ) 0 (838,000 ) Recoveries 487,000 379,000 0 866,000 Ending balance $ 33,779,000 $ 4,129,000 $ 59,000 $ 37,967,000 Ending balance: individually evaluated for impairment $ 138,000 $ 413,000 $ 0 $ 551,000 Ending balance: collectively evaluated for impairment $ 33,641,000 $ 3,716,000 $ 59,000 $ 37,416,000 Total loans (*): Ending balance $ 2,428,703,000 $ 422,396,000 $ 2,851,099,000 Ending balance: individually evaluated for impairment $ 22,415,000 $ 4,543,000 $ 26,958,000 Ending balance: collectively evaluated for impairment $ 2,406,288,000 $ 417,853,000 $ 2,824,141,000 Commercial Loans Retail Loans Unallocated Total Allowance for loan losses: Beginning balance $ 19,619,000 $ 2,717,000 $ 44,000 $ 22,380,000 Provision for loan losses 1,578,000 146,000 26,000 1,750,000 Charge-offs (455,000 ) (428,000 ) 0 (883,000 ) Recoveries 328,000 314,000 0 642,000 Ending balance $ 21,070,000 $ 2,749,000 $ 70,000 $ 23,889,000 Ending balance: individually evaluated for impairment $ 1,230,000 $ 459,000 $ 0 $ 1,689,000 Ending balance: collectively evaluated for impairment $ 19,840,000 $ 2,290,000 $ 70,000 $ 22,200,000 Total loans: Ending balance $ 2,441,544,000 $ 415,123,000 $ 2,856,667,000 Ending balance: individually evaluated for impairment $ 10,604,000 $ 4,018,000 $ 14,622,000 Ending balance: collectively evaluated for impairment $ 2,430,940,000 $ 411,105,000 $ 2,842,045,000 Commercial Loans Retail Loans Unallocated Total Allowance for loan losses: Beginning balance $ 16,747,000 $ 2,661,000 $ 93,000 $ 19,501,000 Provision for loan losses 958,000 191,000 (49,000 ) 1,100,000 Charge-offs (674,000 ) (776,000 ) 0 (1,450,000 ) Recoveries 2,588,000 641,000 0 3,229,000 Ending balance $ 19,619,000 $ 2,717,000 $ 44,000 $ 22,380,000 Ending balance: individually evaluated for impairment $ 550,000 $ 539,000 $ 0 $ 1,089,000 Ending balance: collectively evaluated for impairment $ 19,069,000 $ 2,178,000 $ 44,000 $ 21,291,000 Total loans: Ending balance $ 2,360,106,000 $ 392,979,000 $ 2,753,085,000 Ending balance: individually evaluated for impairment $ 19,291,000 $ 4,617,000 $ 23,908,000 Ending balance: collectively evaluated for impairment $ 2,340,815,000 $ 388,362,000 $ 2,729,177,000 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | Pre- Post- Modification Modification Recorded Recorded Number of Principal Principal Contracts Balance Balance Commercial: Commercial and industrial 13 $ 6,914,000 $ 7,717,000 Vacant land, land development and residential construction 0 0 0 Real estate – owner occupied 8 14,663,000 14,663,000 Real estate – non-owner occupied 2 319,000 318,000 Real estate – multi-family and residential rental 0 0 0 Total commercial 23 21,896,000 22,698,000 Retail: Home equity and other 16 451,000 452,000 1-4 family mortgages 6 151,000 148,000 Total retail 22 602,000 600,000 Total 45 $ 22,498,000 $ 23,298,000 Pre- Post- Modification Modification Recorded Recorded Number of Principal Principal Contracts Balance Balance Commercial: Commercial and industrial 5 $ 435,000 $ 435,000 Vacant land, land development and residential construction 1 87,000 87,000 Real estate – owner occupied 2 1,669,000 1,669,000 Real estate – non-owner occupied 0 0 0 Real estate – multi-family and residential rental 0 0 0 Total commercial 8 2,191,000 2,191,000 Retail: Home equity and other 20 295,000 296,000 1-4 family mortgages 8 310,000 310,000 Total retail 28 605,000 606,000 Total 36 $ 2,796,000 $ 2,797,000 |
Troubled Debt Restructurings on Financing Receivables with in Previous Twelve Months that Became Over Thirty Days Past Due [Table Text Block] | Number of Contracts Recorded Principal Balance Commercial: Commercial and industrial 0 $ 0 Vacant land, land development and residential construction 0 0 Real estate – owner occupied 0 0 Real estate – non-owner occupied 0 0 Real estate – multi-family and residential rental 0 0 Total commercial 0 0 Retail: Home equity and other 0 0 1-4 family mortgages 0 0 Total retail 0 0 Total 0 $ 0 Number of Contracts Recorded Principal Balance Commercial: Commercial and industrial 0 $ 0 Vacant land, land development and residential construction 0 0 Real estate – owner occupied 0 0 Real estate – non-owner occupied 0 0 Real estate – multi-family and residential rental 0 0 Total commercial 0 0 Retail: Home equity and other 1 20,000 1-4 family mortgages 2 106,000 Total retail 3 126,000 Total 3 $ 126,000 |
Trouble Debt Restructuring Activity [Table Text Block] | Commercial and Commercial Vacant Land, Land Development, and Residential Commercial Real Estate - Owner Commercial Real Estate - Non-Owner Commercial Real Estate - Multi-Family and Residential Industrial Construction Occupied Occupied Rental Commercial Loan Portfolio: Beginning Balance $ 8,587,000 $ 85,000 $ 1,145,000 $ 178,000 $ 7,000 Charge-Offs 0 0 0 0 0 Payments (11,260,000 ) (85,000 ) (3,765,000 ) (585,000 ) (7,000 ) Transfers to ORE 0 0 0 0 0 Net Additions/Deletions 9,087,000 0 17,417,000 887,000 0 Ending Balance $ 6,414,000 $ 0 $ 14,797,000 $ 480,000 $ 0 Retail Home Equity and Other Retail 1-4 Family Mortgages Retail Loan Portfolio: Beginning Balance $ 1,415,000 $ 724,000 Charge-Offs 0 0 Payments (881,000 ) (68,000 ) Transfers to ORE 0 0 Net Additions/Deletions 612,000 150,000 Ending Balance $ 1,146,000 $ 806,000 Commercial and Industrial Commercial Vacant Land, Land Development, and Residential Construction Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-Owner Occupied Commercial Real Estate - Multi-Family and Residential Rental Commercial Loan Portfolio: Beginning Balance $ 14,138,000 $ 0 $ 3,100,000 $ 210,000 $ 24,000 Charge-Offs 0 0 0 0 0 Payments (20,364,000 ) (2,000 ) (3,820,000 ) (32,000 ) (17,000 ) Transfers to ORE 0 0 (97,000 ) 0 0 Net Additions/Deletions 14,813,000 87,000 1,962,000 0 0 Ending Balance $ 8,587,000 $ 85,000 $ 1,145,000 $ 178,000 $ 7,000 Retail Home Equity and Other Retail 1-4 Family Mortgages Retail Loan Portfolio: Beginning Balance $ 1,402,000 $ 578,000 Charge-Offs (18,000 ) 0 Payments (272,000 ) (162,000 ) Transfers to ORE 0 0 Net Additions/Deletions 303,000 308,000 Ending Balance $ 1,415,000 $ 724,000 Commercial and Commercial Vacant Land, Land Development, and Residential Commercial Real Estate - Owner Commercial Real Estate - Non-Owner Commercial Real Estate - Multi-Family and Residential Industrial Construction Occupied Occupied Rental Commercial Loan Portfolio: Beginning Balance $ 3,990,000 $ 383,000 $ 2,026,000 $ 237,000 $ 41,000 Charge-Offs (505,000 ) 0 0 0 0 Payments (792,000 ) (383,000 ) (6,663,000 ) (27,000 ) (17,000 ) Transfers to ORE 0 0 (93,000 ) 0 0 Net Additions/Deletions 11,445,000 0 7,830,000 0 0 Ending Balance $ 14,138,000 $ 0 $ 3,100,000 $ 210,000 $ 24,000 Retail Home Equity and Other Retail 1-4 Family Mortgages Retail Loan Portfolio: Beginning Balance $ 1,346,000 $ 539,000 Charge-Offs (30,000 ) 0 Payments (323,000 ) (41,000 ) Transfers to ORE (82,000 ) 0 Net Additions/Deletions 491,000 80,000 Ending Balance $ 1,402,000 $ 578,000 |
Allowance Related to Loans Categorized as Troubled Debt Restructurings [Table Text Block] | December 31, 2020 December 31, 2019 Commercial: Commercial and industrial $ 53,000 $ 202,000 Vacant land, land development, and residential construction 0 0 Real estate – owner occupied 59,000 982,000 Real estate – non-owner occupied 8,000 0 Real estate – multi-family and residential rental 0 0 Total commercial 120,000 1,184,000 Retail: Home equity and other 202,000 311,000 1-4 family mortgages 145,000 83,000 Total retail 347,000 394,000 Total related allowance $ 467,000 $ 1,578,000 |
Retail Portfolio Segment [Member] | |
Notes Tables | |
Financing Receivable Credit Quality Indicators [Table Text Block] | Retail Home Equity and Other Retail 1-4 Family Mortgages Performing 61,378,000 358,447,000 Nonperforming 242,000 2,329,000 Total retail $ 61,620,000 $ 360,776,000 Retail Home Equity and Other Retail 1-4 Family Mortgages Performing 75,119,000 337,856,000 Nonperforming 255,000 1,893,000 Total retail $ 75,374,000 $ 339,749,000 |
Note 4 - Premises and Equipme_2
Note 4 - Premises and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2020 2019 Land and improvements $ 16,533,000 $ 17,039,000 Buildings 56,114,000 52,847,000 Furniture and equipment 21,522,000 22,712,000 94,169,000 92,598,000 Less: accumulated depreciation 35,210,000 35,271,000 Total premises and equipment $ 58,959,000 $ 57,327,000 |
Note 5 - Mortgage Loan Servic_2
Note 5 - Mortgage Loan Servicing (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Mortgage Loans Serviced for Others [Table Text Block] | 2020 2019 Mortgage loan portfolios serviced for: Federal Home Loan Mortgage Corporation $ 1,030,211,000 $ 711,643,000 Federal Home Loan Bank 8,717,000 15,317,000 Total mortgage loans serviced for others $ 1,038,928,000 $ 726,960,000 |
Servicing Asset at Amortized Cost [Table Text Block] | 2020 2019 Balance at beginning of year $ 4,652,000 $ 4,436,000 Additions 6,467,000 1,962,000 Amortized to expense (2,930,000 ) (1,746,000 ) Balance at end of year $ 8,189,000 $ 4,652,000 |
Schedule of Mortgage Servicing Rights Future Amortization Expense [Table Text Block] | 2021 $ 1,724,000 2022 1,476,000 2023 1,241,000 2024 1,026,000 2025 834,000 Thereafter 1,888,000 |
Note 6 - Core Deposit Intangi_2
Note 6 - Core Deposit Intangible Asset, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2021 $ 1,086,000 2022 768,000 2023 450,000 2024 132,000 |
Note 7 - Deposits (Tables)
Note 7 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Summary of Deposits and Percentage Change in Deposits [Table Text Block] | December 31, 2020 December 31, 2019 Percent Increase Balance % Balance % (Decrease) Noninterest-bearing checking $ 1,433,403,000 42.0 % $ 924,916,000 34.4 % 55.0 % Interest-bearing checking 473,053,000 13.9 332,373,000 12.3 42.3 Money market 611,912,000 17.9 509,368,000 18.9 20.1 Savings 338,070,000 9.9 269,318,000 10.0 25.5 Time, under $100,000 165,548,000 4.9 198,123,000 7.4 (16.4 ) Time, $100,000 and over 342,633,000 10.0 322,827,000 12.0 6.1 Total local deposits 3,364,619,000 98.6 2,556,925,000 95.0 31.6 Out-of-area time, $100,000 and over 46,934,000 1.4 133,459,000 5.0 (64.8 ) Total deposits $ 3,411,553,000 100.0 % $ 2,690,384,000 100.0 % 26.8 % |
Contractual Maturities of Certificates of Deposits [Table Text Block] | 2020 2019 In one year or less $ 327,246,000 $ 360,395,000 In one to two years 139,801,000 173,512,000 In two to three years 39,801,000 82,480,000 In three to four years 25,577,000 16,019,000 In four to five years 22,690,000 22,003,000 Total certificates of deposit $ 555,115,000 $ 654,409,000 |
Contractual Maturities of Certificates of Deposits of More than Specified Amount [Table Text Block] | 2020 2019 Up to three months $ 79,500,000 $ 100,635,000 Three months to six months 79,373,000 59,838,000 Six months to twelve months 77,363,000 93,691,000 Over twelve months 153,331,000 202,122,000 Total certificates of deposit $ 389,567,000 $ 456,286,000 |
Note 8 - Securities Sold Unde_2
Note 8 - Securities Sold Under Agreements to Repurchase (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Repurchase Agreements [Table Text Block] | 2020 2019 Outstanding balance at year-end $ 118,365,000 $ 102,675,000 Weighted average interest rate at year-end 0.12 % 0.17 % Average daily balance during the year $ 132,880,000 $ 105,234,000 Weighted average interest rate during the year 0.12 % 0.24 % Maximum daily balance during the year $ 173,186,000 $ 133,411,000 |
Note 9 - Federal Home Loan Ba_2
Note 9 - Federal Home Loan Bank Advances (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Maturities of Currently Outstanding FHLB Advances [Table Text Block] | 2021 $ 20,000,000 2022 94,000,000 2023 80,000,000 2024 80,000,000 2025 50,000,000 Thereafter 70,000,000 |
Note 10 - Federal Income Taxes
Note 10 - Federal Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2020 2019 2018 Current expense $ 14,945,000 $ 10,978,000 $ 10,170,000 Deferred expense (4,141,000 ) 26,000 (372,000 ) Change in valuation allowance (94,000 ) 0 0 Tax expense $ 10,710,000 $ 11,004,000 $ 9,798,000 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2020 2019 2018 Tax at statutory rate $ 11,518,000 $ 12,697,000 $ 10,883,000 Increase (decrease) from Tax-exempt interest (681,000 ) (644,000 ) (620,000 ) Bank owned life insurance (238,000 ) (804,000 ) (201,000 ) Change in valuation allowance (94,000 ) 0 0 Other 205,000 (245,000 ) (264,000 ) Tax expense $ 10,710,000 $ 11,004,000 $ 9,798,000 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2020 2019 Deferred income tax assets Allowance for loan losses $ 7,973,000 $ 5,017,000 Deferred compensation 511,000 577,000 Stock compensation 541,000 720,000 Nonaccrual loan interest income 211,000 239,000 Deferred loan fees 924,000 104,000 Capital loss carryforward 0 94,000 Fair value write-downs on foreclosed properties 537,000 26,000 Other 938,000 683,000 Deferred tax asset before valuation allowance 11,635,000 7,460,000 Valuation allowance 0 (94,000 ) Deferred tax asset after valuation allowance 11,635,000 7,366,000 Deferred income tax liabilities Depreciation 1,175,000 1,743,000 Prepaid expenses 297,000 269,000 Core deposit intangible 498,000 787,000 Mortgage loan servicing rights 1,720,000 977,000 Unrealized gain on securities 1,458,000 982,000 Business combination adjustments 2,142,000 2,058,000 Other 521,000 485,000 Deferred tax liability 7,811,000 7,301,000 Total net deferred tax asset $ 3,824,000 $ 65,000 |
Note 11 - Stock-based Compens_2
Note 11 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | 2020 2019 2018 Shares Weighted Average Fair Value Shares Weighted Average Fair Value Shares Weighted Average Fair Value Nonvested at beginning of year 262,260 $ 34.91 262,967 $ 33.97 239,637 $ 32.37 Granted 121,518 24.65 84,596 35.29 91,400 31.82 Vested (85,445 ) 37.08 (81,772 ) 32.19 (55,792 ) 25.14 Forfeited (35,997 ) 33.71 (3,531 ) 34.85 (12,278 ) 31.62 Nonvested at end of year 262,336 $ 29.42 262,260 $ 34.91 262,967 $ 33.97 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | 2020 2019 2018 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding at beginning of year 10,700 $ 30.25 18,900 $ 23.92 30,908 $ 18.67 Granted 0 NA 0 NA 0 NA Exercised (1,000 ) 5.19 (8,200 ) 15.69 (12,008 ) 10.38 Forfeited or expired 0 NA 0 NA 0 NA Outstanding at end of year 9,700 $ 32.83 10,700 $ 30.25 18,900 $ 23.92 Options exercisable at year-end 9,700 $ 32.83 10,700 $ 30.25 18,900 $ 23.92 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Outstanding Exercisable Weighted Average Weighted Weighted Range of Remaining Average Average Exercise Contractual Exercise Exercise Prices Number Life (Years) Price Number Price $22.00 - $23.00 1,000 0.9 $ 22.15 1,000 22.15 $27.00 - $28.00 2,200 1.9 27.66 2,200 27.66 $36.00 - $37.00 6,500 2.9 36.22 6,500 36.22 Outstanding at year end 9,700 2.4 $ 32.83 9,700 32.83 |
Schedule of Share-based Compensation Shares Authorized Under Stock Option Plans Information Related to Option Outstanding [Table Text Block] | 2020 2019 2018 Minimum exercise price $ 22.15 $ 5.19 $ 5.19 Maximum exercise price 36.22 36.22 36.22 Average remaining option term (years) 2.4 3.2 3.4 |
Schedule of Share Based Compensation Arrangement by Share Based Payment Award Options Information Related to Stock Option Grants and Exercised [Table Text Block] | 2020 2019 2018 Aggregate intrinsic value of stock options exercised $ 17,000 $ 157,000 $ 317,000 Cash received from stock option exercises 3,000 126,000 141,000 Tax benefit realized from stock option exercises 0 0 0 Weighted average per share fair value of stock options granted NA NA NA |
Note 12 - Related Parties (Tabl
Note 12 - Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | 2020 2019 Beginning balance $ 104,043,000 $ 92,033,000 New loans 13,823,000 16,662,000 Repayments (9,824,000 ) (4,652,000 ) Ending balance $ 108,042,000 $ 104,043,000 |
Note 13 - Commitments and Off_2
Note 13 - Commitments and Off-balance-sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Summary of Contractual Amounts of Financial Instruments With Off Balance Sheet Risk [Table Text Block] | 2020 2019 Commercial unused lines of credit $ 1,019,496,000 $ 776,493,000 Unused lines of credit secured by 1 – 4 family residential properties 59,396,000 60,858,000 Credit card unused lines of credit 72,495,000 58,199,000 Other consumer unused lines of credit 30,707,000 18,135,000 Commitments to make loans 227,558,000 101,961,000 Standby letters of credit 20,543,000 22,798,000 Total commitments $ 1,430,195,000 $ 1,038,444,000 |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | 2020 2019 Contract Carrying Contract Carrying Amount Value Amount Value Standby letters of credit $ 20,543,000 $ 138,000 $ 22,798,000 $ 160,000 |
Note 15 - Derivatives and Hed_2
Note 15 - Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Notional Amount Balance Sheet Location Fair Value Derivative Assets Interest rate swaps $ 33,731,000 Other Assets $ 1,003,000 Derivative Liabilities 33,731,000 Other Liabilities 1,027,000 Interest rate swaps |
Note 16 - Fair Values of Fina_2
Note 16 - Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Level in 2020 2019 Fair Value Carrying Fair Carrying Fair Hierarchy Amount Value Amount Value Financial assets Cash Level 1 $ 16,953 $ 16,953 $ 16,430 $ 16,430 Cash equivalents Level 2 609,053 609,053 217,301 217,301 Securities available for sale (1) 387,347 387,347 334,655 334,655 Federal Home Loan Bank stock (2) 18,002 18,002 18,002 18,002 Loans, net Level 3 3,155,503 3,294,522 2,827,800 2,887,168 Loans held for sale Level 2 22,888 24,029 4,978 4,978 Mortgage servicing rights Level 2 8,189 10,006 4,652 7,375 Accrued interest receivable Level 2 10,861 10,861 9,944 9,944 Financial liabilities Deposits Level 2 3,411,553 3,397,768 2,690,384 2,600,452 Securities sold under agreements to repurchase Level 2 118,365 118,365 102,675 102,675 Federal Home Loan Bank advances Level 2 394,000 410,881 354,000 361,887 Subordinated debentures Level 2 47,563 47,574 46,881 46,140 Accrued interest payable Level 2 2,313 2,313 3,949 3,949 |
Note 17 - Fair Value Measurem_2
Note 17 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Available for sale securities U.S. Government agency debt obligations $ 242,141,000 $ 0 $ 242,141,000 $ 0 Mortgage-backed securities 24,890,000 0 24,890,000 0 Municipal general obligation bonds 107,824,000 0 107,058,000 766,000 Municipal revenue bonds 11,992,000 0 11,992,000 0 Other investments 500,000 0 500,000 0 Total $ 387,347,000 $ 0 $ 386,581,000 $ 766,000 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Available for sale securities U.S. Government agency debt obligations $ 186,410,000 $ 0 $ 186,410,000 $ 0 Mortgage-backed securities 42,470,000 0 42,470,000 0 Municipal general obligation bonds 101,079,000 0 99,029,000 2,050,000 Municipal revenue bonds 4,196,000 0 4,196,000 0 Other investments 500,000 0 500,000 0 Total $ 334,655,000 $ 0 $ 332,605,000 $ 2,050,000 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Impaired loans $ 2,880,000 $ 0 $ 0 $ 2,880,000 Foreclosed assets 701,000 0 0 701,000 Total $ 3,581,000 $ 0 $ 0 $ 3,581,000 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Impaired loans $ 1,107,000 $ 0 $ 0 $ 1,107,000 Foreclosed assets 452,000 0 0 452,000 Total $ 1,559,000 $ 0 $ 0 $ 1,559,000 |
Note 18 - Earnings Per Share (T
Note 18 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2020 2019 2018 Basic Net income attributable to common shares $ 44,138,000 $ 49,456,000 $ 42,024,000 Weighted average common shares outstanding 16,268,689 16,405,159 16,600,612 Basic earnings per common share $ 2.71 $ 3.01 $ 2.53 Diluted Net income attributable to common shares $ 44,138,000 $ 49,456,000 $ 42,024,000 Weighted average common shares outstanding for basic earnings per common share 16,268,689 16,405,159 16,600,612 Add: Dilutive effects of share-based awards 630 3,976 5,804 Average shares and dilutive potential common shares 16,269,319 16,409,135 16,606,416 Diluted earnings per common share $ 2.71 $ 3.01 $ 2.53 |
Note 19 - Subordinated Debent_2
Note 19 - Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Subordinated Borrowing [Table Text Block] | Preferred Securities Trust Name Outstanding Interest Rate Maturity Date Mercantile Bank Capital Trust I $ 21,000,000 3 Month Libor + 218 bps September 16, 2034 Firstbank Capital Trust I $ 10,000,000 3 Month Libor + 199 bps October 18, 2034 Firstbank Capital Trust II $ 10,000,000 3 Month Libor + 127 bps April 7, 2036 Firstbank Capital Trust III $ 7,500,000 3 Month Libor + 135 bps July 30, 2037 Firstbank Capital Trust IV $ 7,500,000 3 Month Libor + 135 bps July 30, 2037 |
Note 20 - Regulatory Matters (T
Note 20 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual Minimum Required for Capital Adequacy Purposes Minimum Required to be Well Capitalized Under Prompt Corrective Action Regulations Amount Ratio Amount Ratio Amount Ratio 2020 Total capital (to risk weighted assets) Consolidated $ 468,113 13.8 % $ 271,325 8.0 % NA NA Bank 457,203 13.5 271,196 8.0 338,995 10.0 % Tier 1 capital (to risk weighted assets) Consolidated 430,146 12.7 203,494 6.0 NA NA Bank 419,236 12.4 203,397 6.0 271,196 8.0 Common equity (to risk weighted assets) Consolidated 384,658 11.3 152,621 4.5 NA NA Bank 419,236 12.4 152,548 4.5 220,347 6.5 Tier 1 capital (to average assets) Consolidated 430,146 9.8 176,053 4.0 NA NA Bank 419,236 9.5 175,999 4.0 219,999 5.0 201 9 Total capital (to risk weighted assets) Consolidated $ 429,038 13.1 % $ 262,141 8.0 % NA NA Bank 424,917 13.0 262,088 8.0 327,610 10.0 % Tier 1 capital (to risk weighted assets) Consolidated 405,148 12.4 196,606 6.0 NA NA Bank 401,027 12.2 196,566 6.0 262,088 8.0 Common equity (to risk weighted assets) Consolidated 360,342 11.0 147,454 4.5 NA NA Bank 401,027 12.2 147,425 4.5 212,947 6.5 Tier 1 capital (to average assets) Consolidated 405,148 11.3 143,689 4.0 NA NA Bank 401,027 11.2 143,670 4.0 179,588 5.0 |
Note 22 - Quarterly Financial_2
Note 22 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Interest Net Interest Net Earnings per Share Income Income Income Basic Diluted 2020 First quarter $ 37,935,000 $ 30,317,000 $ 10,673,000 $ 0.65 $ 0.65 Second quarter 37,164,000 30,571,000 8,697,000 0.54 0.54 Third quarter 35,594,000 29,509,000 10,686,000 0.66 0.66 Fourth quarter 37,620,000 31,849,000 14,082,000 0.86 0.86 201 9 First quarter $ 38,637,000 $ 30,645,000 $ 11,824,000 $ 0.72 $ 0.72 Second quarter 39,820,000 31,116,000 11,715,000 0.71 0.71 Third quarter 40,316,000 31,605,000 12,600,000 0.77 0.77 Fourth quarter 39,564,000 31,168,000 13,317,000 0.81 0.81 |
Note 23 - Mercantile Bank Cor_2
Note 23 - Mercantile Bank Corporation (Parent Company Only) Condensed Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | 2020 2019 ASSETS Cash and cash equivalents $ 12,746,000 $ 6,045,000 Investment in bank subsidiary 458,830,000 439,946,000 Other assets 18,934,000 18,032,000 Total assets $ 490,510,000 $ 464,023,000 LIABILITIES AND SHAREHOLDERS’ EQUITY Liabilities $ 1,393,000 $ 581,000 Subordinated debentures 47,563,000 46,881,000 Shareholders’ equity 441,554,000 416,561,000 Total liabilities and shareholders’ equity $ 490,510,000 $ 464,023,000 |
Condensed Income Statement [Table Text Block] | 2020 2019 2018 Income Interest and dividends from subsidiaries $ 32,588,000 $ 22,246,000 $ 33,832,000 Total income 32,588,000 22,246,000 33,832,000 Expenses Interest expense 2,268,000 3,153,000 2,999,000 Other operating expenses 4,441,000 4,804,000 4,424,000 Total expenses 6,709,000 7,957,000 7,423,000 Income before income tax benefit and equity in undistributed net income of subsidiary 25,879,000 14,289,000 26,409,000 Federal income tax benefit (1,173,000 ) (1,718,000 ) (1,610,000 ) Equity in undistributed net income of subsidiary 17,086,000 33,449,000 14,005,000 Net income $ 44,138,000 $ 49,456,000 $ 42,024,000 Comprehensive income $ 45,929,000 $ 61,390,000 $ 38,646,000 |
Condensed Cash Flow Statement [Table Text Block] | 2020 2019 2018 Cash flows from operating activities Net income $ 44,138,000 $ 49,456,000 $ 42,024,000 Adjustments to reconcile net income to net cash from operating activities: Equity in undistributed net income of subsidiary (17,086,000 ) (33,449,000 ) (14,005,000 ) Stock-based compensation expense 2,325,000 2,931,000 2,410,000 Stock grants to directors for retainer fees 394,000 375,000 441,000 Change in other assets (227,000 ) 2,387,000 1,384,000 Change in other liabilities 812,000 (1,924,000 ) (187,000 ) Net cash from operating activities 30,356,000 19,776,000 32,067,000 Cash flows from investing activities Net capital investment into subsidiaries 0 0 0 Net cash for investing activities 0 0 0 Cash flows from financing activities Stock option exercises, net of cashless exercises 3,000 128,000 108,000 Employee stock purchase plan 49,000 50,000 52,000 Dividend reinvestment plan 814,000 729,000 1,165,000 Repurchase of common shares (6,591,000 ) (7,183,000 ) (5,943,000 ) Cash dividends on common stock (17,930,000 ) (17,108,000 ) (27,500,000 ) Net cash for financing activities (23,655,000 ) (23,384,000 ) (32,118,000 ) Net change in cash and cash equivalents 6,701,000 (3,608,000 ) (51,000 ) Cash and cash equivalents at beginning of period 6,045,000 9,653,000 9,704,000 Cash and cash equivalents at end of period $ 12,746,000 $ 6,045,000 $ 9,653,000 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Apr. 30, 2020USD ($) | Sep. 30, 2020 | Dec. 31, 2020USD ($) | Mar. 31, 2021USD ($)ft² | Feb. 26, 2021USD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2019USD ($) | Jun. 01, 2014USD ($) | |
Number of Unconsolidated Business Trusts Formed to Issue Trust Preferred Securities | 5 | |||||||
Financing Receivable, Advances under Paycheck Protection Program Liquidity Facility | $ 43,700 | $ 0 | ||||||
Loans and Leases Receivable, Deferred Income, Total | $ 4,400 | $ 500 | ||||||
Interest Income on Commercial and Mortgage Loans Discontinued Period (Day) | 90 days | |||||||
Maximum Delinquency Period for Consumer and Credit Card Loans to be Charged Off (Day) | 120 days | |||||||
Repossessed Assets, Total | $ 700 | $ 500 | ||||||
Accounting Standards Update 2016-02 [Member] | ||||||||
Operating Lease, Right-of-Use Asset | $ 1,300 | |||||||
Operating Lease, Liability, Total | $ 1,300 | |||||||
Banking Office in Hastings, Michigan [Member] | Forecast [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||||
Area of Real Estate Property (Square Foot) | ft² | 4,300 | |||||||
Disposal Group, Including Discontinued Operation, Deposits | $ 16,000 | |||||||
Core Deposits [Member] | ||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years | |||||||
Commercial Portfolio Segment [Member] | ||||||||
Financing Receivable, Payment Deferrals, Interest-only Amendments, Period (Day) | 90 days | |||||||
Financing Receivable, Payment Deferrals, Principal and Interest, Period (Day) | 90 days | |||||||
Financing Receivable, Payment Deferrals, Interest Rate | 0.00% | |||||||
Financing Receivable, Number of Principal and Interest Payment Deferrals | 19 | |||||||
Financing Receivable With Principal and Interest Deferred Payments | $ 8,000 | |||||||
Retail Portfolio Segment [Member] | ||||||||
Financing Receivable, Payment Deferrals, Principal and Interest, Period (Day) | 90 days | |||||||
Financing Receivable, Number of Principal and Interest Payment Deferrals | 14 | |||||||
Financing Receivable With Principal and Interest Deferred Payments | $ 1,800 | |||||||
SBA, CARES Act, Paycheck Protection Program [Member] | ||||||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums, Total | $ 15,000 | |||||||
Number of Loans Originated Under the Paycheck Protection Program | 2,200 | |||||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 554,000 | |||||||
Financing Receivable, Forgiveness Transactions | $ 189,000 | |||||||
Financing Receivable, Forgiveness Transactions, Number of Loans | 900 | |||||||
SBA, CARES Act, Paycheck Protection Program [Member] | Subsequent Event [Member] | ||||||||
Financing Receivable, Forgiveness Transactions | $ 266,000 | |||||||
Financing Receivable, Forgiveness Transactions, Number of Loans | 1,400 | |||||||
SBA, CARES Act, Paycheck Protection Program, Second Round [Member] | Subsequent Event [Member] | ||||||||
Number of Loans Originated Under the Paycheck Protection Program | 900 | |||||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 181,000 | |||||||
Firstbank Corporation [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | $ 1,500,000 | |||||||
Business Combination Branches Acquired | 46 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Year-end Mortgage Loans Held for Sale (Details) - Mortgage Loans [Member] - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Mortgage loans held for sale | $ 22,888,000 | $ 4,978,000 |
Less: Allowance to adjust to lower of cost or market | 0 | 0 |
Mortgage loans held for sale, net | $ 22,888,000 | $ 4,978,000 |
Note 2 - Securities (Details Te
Note 2 - Securities (Details Textual) | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 64 | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | $ 119,073,000 | $ 117,573,000 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total | 899,000 | 1,254,000 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held, Ending Balance | 0 | ||
Proceeds from Sale of Available-for-sale Securities, Total | 0 | 0 | $ 0 |
Debt Securities, Available-for-sale, Amortized Cost, Total | 380,403,000 | 329,979,000 | |
Debt Securities, Available-for-sale, Total | 387,347,000 | 334,655,000 | |
State of Michigan and All Its Political Subdivisions [Member] | |||
Debt Securities, Available-for-sale, Amortized Cost, Total | 109,000,000 | 96,500,000 | |
Debt Securities, Available-for-sale, Total | 116,000,000 | 99,400,000 | |
All Other States and Their Political Subdivisions [Member] | |||
Debt Securities, Available-for-sale, Amortized Cost, Total | 4,100,000 | 5,900,000 | |
Debt Securities, Available-for-sale, Total | 4,200,000 | 5,900,000 | |
US Government Agency Debt Obligations and Mortgage Backed Securities [Member] | |||
Debt Securities, Available-for-sale, Restricted | $ 118,000,000 | $ 103,000,000 |
Note 2 - Securities - Available
Note 2 - Securities - Available-for-sale Securities (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Amortized cost | $ 380,403,000 | $ 329,979,000 |
Securities available for sale, gross unrealized gains | 7,843,000 | 5,930,000 |
Securities available for sale, gross unrealized losses | (899,000) | (1,254,000) |
Fair value | 387,347,000 | 334,655,000 |
US Government Agencies Debt Securities [Member] | ||
Amortized cost | 242,522,000 | 185,103,000 |
Securities available for sale, gross unrealized gains | 516,000 | 2,449,000 |
Securities available for sale, gross unrealized losses | (897,000) | (1,142,000) |
Fair value | 242,141,000 | 186,410,000 |
Collateralized Mortgage Backed Securities [Member] | ||
Amortized cost | 23,869,000 | 41,998,000 |
Securities available for sale, gross unrealized gains | 1,021,000 | 554,000 |
Securities available for sale, gross unrealized losses | 0 | (82,000) |
Fair value | 24,890,000 | 42,470,000 |
Municipal General Obligation Bonds [Member] | ||
Amortized cost | 101,991,000 | 98,245,000 |
Securities available for sale, gross unrealized gains | 5,833,000 | 2,864,000 |
Securities available for sale, gross unrealized losses | 0 | (30,000) |
Fair value | 107,824,000 | 101,079,000 |
Municipal Revenue Bonds [Member] | ||
Amortized cost | 11,521,000 | 4,133,000 |
Securities available for sale, gross unrealized gains | 473,000 | 63,000 |
Securities available for sale, gross unrealized losses | (2,000) | 0 |
Fair value | 11,992,000 | 4,196,000 |
Other Debt and Equity Securities [Member] | ||
Amortized cost | 500,000 | 500,000 |
Securities available for sale, gross unrealized gains | 0 | 0 |
Securities available for sale, gross unrealized losses | 0 | 0 |
Fair value | $ 500,000 | $ 500,000 |
Note 2 - Securities - Securitie
Note 2 - Securities - Securities in a Continuous Loss Position (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Securities available for sale, continuous unrealized loss position, less than 12 months | $ 119,073,000 | $ 32,243,000 |
Securities available for sale, continuous unrealized loss position, less than 12 months, unrealized loss | 899,000 | 395,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more | 0 | 85,330,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more, unrealized loss | 0 | 859,000 |
Securities available for sale, continuous unrealized loss position | 119,073,000 | 117,573,000 |
Securities available for sale, continuous unrealized loss position, unrealized loss | 899,000 | 1,254,000 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale, continuous unrealized loss position, less than 12 months | 118,650,000 | 25,650,000 |
Securities available for sale, continuous unrealized loss position, less than 12 months, unrealized loss | 897,000 | 349,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more | 0 | 73,913,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more, unrealized loss | 0 | 793,000 |
Securities available for sale, continuous unrealized loss position | 118,650,000 | 99,563,000 |
Securities available for sale, continuous unrealized loss position, unrealized loss | 897,000 | 1,142,000 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, continuous unrealized loss position, less than 12 months | 0 | 2,838,000 |
Securities available for sale, continuous unrealized loss position, less than 12 months, unrealized loss | 0 | 28,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more | 0 | 10,423,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more, unrealized loss | 0 | 54,000 |
Securities available for sale, continuous unrealized loss position | 0 | 13,261,000 |
Securities available for sale, continuous unrealized loss position, unrealized loss | 0 | 82,000 |
Municipal General Obligation Bonds [Member] | ||
Securities available for sale, continuous unrealized loss position, less than 12 months | 0 | 3,755,000 |
Securities available for sale, continuous unrealized loss position, less than 12 months, unrealized loss | 0 | 18,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more | 0 | 994,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more, unrealized loss | 0 | 12,000 |
Securities available for sale, continuous unrealized loss position | 0 | 4,749,000 |
Securities available for sale, continuous unrealized loss position, unrealized loss | 0 | 30,000 |
Municipal Revenue Bonds [Member] | ||
Securities available for sale, continuous unrealized loss position, less than 12 months | 423,000 | 0 |
Securities available for sale, continuous unrealized loss position, less than 12 months, unrealized loss | 2,000 | 0 |
Securities available for sale, continuous unrealized loss position, 12 months or more | 0 | 0 |
Securities available for sale, continuous unrealized loss position, 12 months or more, unrealized loss | 0 | 0 |
Securities available for sale, continuous unrealized loss position | 423,000 | 0 |
Securities available for sale, continuous unrealized loss position, unrealized loss | 2,000 | 0 |
Other Debt and Equity Securities [Member] | ||
Securities available for sale, continuous unrealized loss position, less than 12 months | 0 | 0 |
Securities available for sale, continuous unrealized loss position, less than 12 months, unrealized loss | 0 | 0 |
Securities available for sale, continuous unrealized loss position, 12 months or more | 0 | 0 |
Securities available for sale, continuous unrealized loss position, 12 months or more, unrealized loss | 0 | 0 |
Securities available for sale, continuous unrealized loss position | 0 | 0 |
Securities available for sale, continuous unrealized loss position, unrealized loss | $ 0 | $ 0 |
Note 2 - Securities - Debt Secu
Note 2 - Securities - Debt Securities by Maturity (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Due in one year or less, weighted average yield | 2.52% | |
Due in one year or less, amortized cost | $ 5,906,000 | |
Due in one year or less, fair value | $ 5,939,000 | |
Due from one to five years, weighted average yield | 1.16% | |
Due from one to five years, amortized cost | $ 93,320,000 | |
Due from one to five years, fair value | $ 94,474,000 | |
Due from five to ten years, weighted average yield | 1.67% | |
Due from five to ten years, amortized cost | $ 176,848,000 | |
Due from five to ten years, fair value | $ 180,541,000 | |
Due after ten years, weighted average yield | 2.07% | |
Due after ten years, amortized cost | $ 79,960,000 | |
Due after ten years, fair value | $ 81,003,000 | |
Weighted average yield | 1.67% | |
Amortized cost | $ 380,403,000 | $ 329,979,000 |
Fair value | $ 387,347,000 | 334,655,000 |
Collateralized Mortgage Backed Securities [Member] | ||
No single maturity, weighted average yield | 2.10% | |
No single maturity, amortized cost | $ 23,869,000 | |
No single maturity, fair value | 24,890,000 | |
Amortized cost | 23,869,000 | 41,998,000 |
Fair value | $ 24,890,000 | 42,470,000 |
Other Debt and Equity Securities [Member] | ||
No single maturity, weighted average yield | 4.13% | |
No single maturity, amortized cost | $ 500,000 | |
No single maturity, fair value | 500,000 | |
Amortized cost | 500,000 | 500,000 |
Fair value | $ 500,000 | $ 500,000 |
Note 3 - Loans and Allowance _3
Note 3 - Loans and Allowance for Loan Losses (Details Textual) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Loans and Leases Receivable, Net of Deferred Income, Total | $ 3,216,358,000 | $ 2,856,667,000 | $ 2,753,085,000 | ||
Impaired Financing Receivable, Interest Income, Accrual Method, Total | 1,300,000 | 1,300,000 | 1,100,000 | ||
Loans and Leases Receivable, Nonaccrual Loans, Interest Income Recognized | 100,000 | 100,000 | 100,000 | ||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 200,000 | 100,000 | 300,000 | ||
Minimum Number of Days Past Due at Period End For Loans Modified as Troubled Debt Restructurings (Day) | 30 days | ||||
Commercial Portfolio Segment [Member] | |||||
Loans and Leases Receivable, Net of Deferred Income, Total | $ 2,793,962,000 | 2,441,544,000 | $ 2,360,106,000 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||||
Loans and Leases Receivable, Net of Deferred Income, Total | [1] | 1,145,423,000 | 846,551,000 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Grades 1-4 [Member] | |||||
Loans and Leases Receivable, Net of Deferred Income, Total | 828,706,000 | [2] | $ 521,920,000 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | SBA, CARES Act, Paycheck Protection Program [Member] | |||||
Loans and Leases Receivable, Net of Deferred Income, Total | 365,000,000 | ||||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | SBA, CARES Act, Paycheck Protection Program [Member] | Grades 1-4 [Member] | |||||
Loans and Leases Receivable, Net of Deferred Income, Total | $ 365,000,000 | ||||
[1] | For December 31, 2020, includes $365 million in loans originated under the Paycheck Protection Program. | ||||
[2] | Included in Commercial and Industrial Loans Grades 1 – 4 are $365 million of loans originated under the Paycheck Protection Program. |
Note 3 - Loans and Allowance _4
Note 3 - Loans and Allowance for Loan Losses - Components of Loan Portfolio (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Loans | $ 3,216,358,000 | $ 2,856,667,000 | $ 2,753,085,000 | |
Percent of portfolio | 100.00% | 100.00% | ||
Period increase (decrease) | 12.60% | |||
Commercial Portfolio Segment [Member] | ||||
Loans | $ 2,793,962,000 | $ 2,441,544,000 | 2,360,106,000 | |
Percent of portfolio | 86.90% | 85.50% | ||
Period increase (decrease) | 14.40% | |||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||||
Loans | [1] | $ 1,145,423,000 | $ 846,551,000 | |
Percent of portfolio | [1] | 35.60% | 29.60% | |
Period increase (decrease) | [1] | 35.30% | ||
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | ||||
Loans | $ 55,055,000 | $ 56,119,000 | ||
Percent of portfolio | 1.70% | 2.00% | ||
Period increase (decrease) | (1.90%) | |||
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||||
Loans | $ 529,953,000 | $ 579,003,000 | ||
Percent of portfolio | 16.50% | 20.30% | ||
Period increase (decrease) | (8.50%) | |||
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||||
Loans | $ 917,436,000 | $ 835,346,000 | ||
Percent of portfolio | 28.50% | 29.20% | ||
Period increase (decrease) | 9.80% | |||
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||||
Loans | $ 146,095,000 | $ 124,525,000 | ||
Percent of portfolio | 4.60% | 4.40% | ||
Period increase (decrease) | 17.30% | |||
Retail Portfolio Segment [Member] | ||||
Loans | $ 422,396,000 | $ 415,123,000 | $ 392,979,000 | |
Percent of portfolio | 13.10% | 14.50% | ||
Period increase (decrease) | 1.80% | |||
Retail Portfolio Segment [Member] | Home Equity and Other [Member] | ||||
Loans | $ 61,620,000 | $ 75,374,000 | ||
Percent of portfolio | 1.90% | 2.60% | ||
Period increase (decrease) | (18.20%) | |||
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | ||||
Loans | $ 360,776,000 | $ 339,749,000 | ||
Percent of portfolio | 11.20% | 11.90% | ||
Period increase (decrease) | 6.20% | |||
[1] | For December 31, 2020, includes $365 million in loans originated under the Paycheck Protection Program. |
Note 3 - Loans and Allowance _5
Note 3 - Loans and Allowance for Loan Losses - Concentrations Within the Loan Portfolio (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Loans | $ 3,216,358,000 | $ 2,856,667,000 | $ 2,753,085,000 |
Percent of portfolio | 100.00% | 100.00% | |
Commercial Real Estate Loans to Lessors of Non Residential Buildings [Member] | |||
Loans | $ 649,162,000 | $ 580,708,000 | |
Percent of portfolio | 20.20% | 20.30% |
Note 3 - Loans and Allowance _6
Note 3 - Loans and Allowance for Loan Losses - Nonperforming Loans (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Loans past due 90 days or more still accruing interest | $ 0 | $ 0 |
Commercial Portfolio Segment [Member] | ||
Loans past due 90 days or more still accruing interest | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Loans past due 90 days or more still accruing interest | 0 | 0 |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | ||
Loans past due 90 days or more still accruing interest | 0 | 0 |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||
Loans past due 90 days or more still accruing interest | 0 | 0 |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||
Loans past due 90 days or more still accruing interest | 0 | 0 |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||
Loans past due 90 days or more still accruing interest | 0 | 0 |
Retail Portfolio Segment [Member] | ||
Loans past due 90 days or more still accruing interest | 0 | 0 |
Retail Portfolio Segment [Member] | Home Equity and Other [Member] | ||
Loans past due 90 days or more still accruing interest | 0 | 0 |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | ||
Loans past due 90 days or more still accruing interest | 0 | 0 |
Nonperforming Financial Instruments [Member] | ||
Loans past due 90 days or more still accruing interest | 0 | 0 |
Nonaccrual loans | 3,384,000 | 2,284,000 |
Total nonperforming loans | 3,384,000 | 2,284,000 |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | ||
Total nonperforming loans | 813,000 | 136,000 |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Total nonperforming loans | 172,000 | 0 |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | ||
Total nonperforming loans | 0 | 0 |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||
Total nonperforming loans | 619,000 | 134,000 |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||
Total nonperforming loans | 22,000 | 0 |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||
Total nonperforming loans | 0 | 2,000 |
Nonperforming Financial Instruments [Member] | Retail Portfolio Segment [Member] | ||
Total nonperforming loans | 2,571,000 | 2,148,000 |
Nonperforming Financial Instruments [Member] | Retail Portfolio Segment [Member] | Home Equity and Other [Member] | ||
Total nonperforming loans | 242,000 | 255,000 |
Nonperforming Financial Instruments [Member] | Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | ||
Total nonperforming loans | $ 2,329,000 | $ 1,893,000 |
Note 3 - Loans and Allowance _7
Note 3 - Loans and Allowance for Loan Losses - Age Analysis of Past Due Loans (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Past due loans | $ 3,041,000 | $ 1,884,000 | ||
Current loans | 3,213,317,000 | 2,854,783,000 | ||
Loans | 3,216,358,000 | 2,856,667,000 | $ 2,753,085,000 | |
Loans past due 90 days or more still accruing interest | 0 | 0 | ||
Commercial Portfolio Segment [Member] | ||||
Past due loans | 1,074,000 | 325,000 | ||
Current loans | 2,792,888,000 | 2,441,219,000 | ||
Loans | 2,793,962,000 | 2,441,544,000 | 2,360,106,000 | |
Loans past due 90 days or more still accruing interest | 0 | 0 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||||
Past due loans | 433,000 | 0 | ||
Current loans | 1,144,990,000 | 846,551,000 | ||
Loans | [1] | 1,145,423,000 | 846,551,000 | |
Loans past due 90 days or more still accruing interest | 0 | 0 | ||
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | ||||
Past due loans | 0 | 191,000 | ||
Current loans | 55,055,000 | 55,928,000 | ||
Loans | 55,055,000 | 56,119,000 | ||
Loans past due 90 days or more still accruing interest | 0 | 0 | ||
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||||
Past due loans | 618,000 | 134,000 | ||
Current loans | 529,335,000 | 578,869,000 | ||
Loans | 529,953,000 | 579,003,000 | ||
Loans past due 90 days or more still accruing interest | 0 | 0 | ||
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||||
Past due loans | 23,000 | 0 | ||
Current loans | 917,413,000 | 835,346,000 | ||
Loans | 917,436,000 | 835,346,000 | ||
Loans past due 90 days or more still accruing interest | 0 | 0 | ||
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||||
Past due loans | 0 | 0 | ||
Current loans | 146,095,000 | 124,525,000 | ||
Loans | 146,095,000 | 124,525,000 | ||
Loans past due 90 days or more still accruing interest | 0 | 0 | ||
Retail Portfolio Segment [Member] | ||||
Past due loans | 1,967,000 | 1,559,000 | ||
Current loans | 420,429,000 | 413,564,000 | ||
Loans | 422,396,000 | 415,123,000 | $ 392,979,000 | |
Loans past due 90 days or more still accruing interest | 0 | 0 | ||
Retail Portfolio Segment [Member] | Home Equity and Other [Member] | ||||
Past due loans | 231,000 | 256,000 | ||
Current loans | 61,389,000 | 75,118,000 | ||
Loans | 61,620,000 | 75,374,000 | ||
Loans past due 90 days or more still accruing interest | 0 | 0 | ||
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | ||||
Past due loans | 1,736,000 | 1,303,000 | ||
Current loans | 359,040,000 | 338,446,000 | ||
Loans | 360,776,000 | 339,749,000 | ||
Loans past due 90 days or more still accruing interest | 0 | 0 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | ||||
Past due loans | 1,520,000 | 1,107,000 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||||
Past due loans | 261,000 | 191,000 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||||
Past due loans | 261,000 | 0 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | ||||
Past due loans | 0 | 191,000 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||||
Past due loans | 0 | 0 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||||
Past due loans | 0 | 0 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||||
Past due loans | 0 | 0 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Retail Portfolio Segment [Member] | ||||
Past due loans | 1,259,000 | 916,000 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Retail Portfolio Segment [Member] | Home Equity and Other [Member] | ||||
Past due loans | 112,000 | 171,000 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | ||||
Past due loans | 1,147,000 | 745,000 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | ||||
Past due loans | 681,000 | 94,000 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||||
Past due loans | 369,000 | 0 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||||
Past due loans | 172,000 | 0 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | ||||
Past due loans | 0 | 0 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||||
Past due loans | 197,000 | 0 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||||
Past due loans | 0 | 0 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||||
Past due loans | 0 | 0 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Retail Portfolio Segment [Member] | ||||
Past due loans | 312,000 | 94,000 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Retail Portfolio Segment [Member] | Home Equity and Other [Member] | ||||
Past due loans | 65,000 | 65,000 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | ||||
Past due loans | 247,000 | 29,000 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||||
Past due loans | 840,000 | 683,000 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||||
Past due loans | 444,000 | 134,000 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||||
Past due loans | 0 | 0 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | ||||
Past due loans | 0 | 0 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||||
Past due loans | 421,000 | 134,000 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||||
Past due loans | 23,000 | 0 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||||
Past due loans | 0 | 0 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Retail Portfolio Segment [Member] | ||||
Past due loans | 396,000 | 549,000 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Retail Portfolio Segment [Member] | Home Equity and Other [Member] | ||||
Past due loans | 54,000 | 20,000 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | ||||
Past due loans | $ 342,000 | $ 529,000 | ||
[1] | For December 31, 2020, includes $365 million in loans originated under the Paycheck Protection Program. |
Note 3 - Loans and Allowance _8
Note 3 - Loans and Allowance for Loan Losses - Impaired Loans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
With no related allowance recorded, unpaid principal balance | $ 26,892,000 | $ 13,687,000 |
With no related allowance recorded, principal balance | 24,738,000 | 12,245,000 |
With no related allowance recorded, average recorded principal balance | 17,315,000 | 16,675,000 |
With related allowance recorded, unpaid principal balance | 2,266,000 | 2,398,000 |
With related allowance recorded, principal balance | 2,220,000 | 2,377,000 |
Related allowance | 551,000 | 1,623,000 |
With related allowance recorded, average recorded principal balance | 2,742,000 | 8,833,000 |
Total unpaid principal balance | 29,158,000 | 16,085,000 |
Total principal balance | 26,958,000 | 14,622,000 |
Total average recorded principal balance | 20,057,000 | 25,508,000 |
Commercial Portfolio Segment [Member] | ||
With no related allowance recorded, unpaid principal balance | 21,365,000 | 9,136,000 |
With no related allowance recorded, principal balance | 21,176,000 | 9,068,000 |
With no related allowance recorded, average recorded principal balance | 13,652,000 | 13,394,000 |
With related allowance recorded, unpaid principal balance | 1,268,000 | 1,538,000 |
With related allowance recorded, principal balance | 1,239,000 | 1,536,000 |
Related allowance | 138,000 | 1,184,000 |
With related allowance recorded, average recorded principal balance | 1,726,000 | 7,515,000 |
Total unpaid principal balance | 22,633,000 | 10,674,000 |
Total principal balance | 22,415,000 | 10,604,000 |
Total average recorded principal balance | 15,378,000 | 20,909,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
With no related allowance recorded, unpaid principal balance | 6,242,000 | 8,129,000 |
With no related allowance recorded, principal balance | 6,242,000 | 8,129,000 |
With no related allowance recorded, average recorded principal balance | 7,874,000 | 11,610,000 |
With related allowance recorded, unpaid principal balance | 343,000 | 460,000 |
With related allowance recorded, principal balance | 343,000 | 458,000 |
Related allowance | 53,000 | 202,000 |
With related allowance recorded, average recorded principal balance | 971,000 | 5,709,000 |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | ||
With no related allowance recorded, unpaid principal balance | 0 | 85,000 |
With no related allowance recorded, principal balance | 0 | 85,000 |
With no related allowance recorded, average recorded principal balance | 187,000 | 89,000 |
With related allowance recorded, unpaid principal balance | 0 | 0 |
With related allowance recorded, principal balance | 0 | 0 |
Related allowance | 0 | 0 |
With related allowance recorded, average recorded principal balance | 77,000 | 0 |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||
With no related allowance recorded, unpaid principal balance | 14,782,000 | 715,000 |
With no related allowance recorded, principal balance | 14,593,000 | 667,000 |
With no related allowance recorded, average recorded principal balance | 5,361,000 | 1,520,000 |
With related allowance recorded, unpaid principal balance | 763,000 | 1,078,000 |
With related allowance recorded, principal balance | 734,000 | 1,078,000 |
Related allowance | 77,000 | 982,000 |
With related allowance recorded, average recorded principal balance | 578,000 | 1,672,000 |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||
With no related allowance recorded, unpaid principal balance | 341,000 | 178,000 |
With no related allowance recorded, principal balance | 341,000 | 178,000 |
With no related allowance recorded, average recorded principal balance | 227,000 | 131,000 |
With related allowance recorded, unpaid principal balance | 162,000 | 0 |
With related allowance recorded, principal balance | 162,000 | 0 |
Related allowance | 8,000 | 0 |
With related allowance recorded, average recorded principal balance | 100,000 | 80,000 |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||
With no related allowance recorded, unpaid principal balance | 0 | 29,000 |
With no related allowance recorded, principal balance | 0 | 9,000 |
With no related allowance recorded, average recorded principal balance | 3,000 | 44,000 |
With related allowance recorded, unpaid principal balance | 0 | 0 |
With related allowance recorded, principal balance | 0 | 0 |
Related allowance | 0 | 0 |
With related allowance recorded, average recorded principal balance | 0 | 54,000 |
Retail Portfolio Segment [Member] | ||
With no related allowance recorded, unpaid principal balance | 5,527,000 | 4,551,000 |
With no related allowance recorded, principal balance | 3,562,000 | 3,177,000 |
With no related allowance recorded, average recorded principal balance | 3,663,000 | 3,281,000 |
With related allowance recorded, unpaid principal balance | 998,000 | 860,000 |
With related allowance recorded, principal balance | 981,000 | 841,000 |
Related allowance | 413,000 | 439,000 |
With related allowance recorded, average recorded principal balance | 1,016,000 | 1,318,000 |
Total unpaid principal balance | 6,525,000 | 5,411,000 |
Total principal balance | 4,543,000 | 4,018,000 |
Total average recorded principal balance | 4,679,000 | 4,599,000 |
Retail Portfolio Segment [Member] | Home Equity and Other [Member] | ||
With no related allowance recorded, unpaid principal balance | 1,072,000 | 1,279,000 |
With no related allowance recorded, principal balance | 987,000 | 1,209,000 |
With no related allowance recorded, average recorded principal balance | 1,216,000 | 1,203,000 |
With related allowance recorded, unpaid principal balance | 300,000 | 502,000 |
With related allowance recorded, principal balance | 283,000 | 485,000 |
Related allowance | 241,000 | 356,000 |
With related allowance recorded, average recorded principal balance | 421,000 | 658,000 |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | ||
With no related allowance recorded, unpaid principal balance | 4,455,000 | 3,272,000 |
With no related allowance recorded, principal balance | 2,575,000 | 1,968,000 |
With no related allowance recorded, average recorded principal balance | 2,447,000 | 2,078,000 |
With related allowance recorded, unpaid principal balance | 698,000 | 358,000 |
With related allowance recorded, principal balance | 698,000 | 356,000 |
Related allowance | 172,000 | 83,000 |
With related allowance recorded, average recorded principal balance | $ 595,000 | $ 660,000 |
Note 3 - Loans and Allowance _9
Note 3 - Loans and Allowance for Loan Losses - Loans by Credit Quality Indicators (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Loans | $ 3,216,358,000 | $ 2,856,667,000 | $ 2,753,085,000 | ||
Commercial Portfolio Segment [Member] | |||||
Loans | 2,793,962,000 | 2,441,544,000 | $ 2,360,106,000 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||||
Loans | [1] | 1,145,423,000 | 846,551,000 | ||
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||||
Loans | 55,055,000 | 56,119,000 | |||
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||||
Loans | 529,953,000 | 579,003,000 | |||
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||||
Loans | 917,436,000 | 835,346,000 | |||
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||||
Loans | 146,095,000 | 124,525,000 | |||
Grades 1-4 [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||||
Loans | 828,706,000 | [2] | 521,920,000 | ||
Grades 1-4 [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||||
Loans | 22,547,000 | [2] | 26,065,000 | ||
Grades 1-4 [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||||
Loans | 315,134,000 | [2] | 351,671,000 | ||
Grades 1-4 [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||||
Loans | 396,700,000 | [2] | 563,087,000 | ||
Grades 1-4 [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||||
Loans | 91,711,000 | [2] | 85,152,000 | ||
Grades 5-7 [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||||
Loans | 306,614,000 | 309,824,000 | |||
Grades 5-7 [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||||
Loans | 32,398,000 | 29,716,000 | |||
Grades 5-7 [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||||
Loans | 185,541,000 | 220,980,000 | |||
Grades 5-7 [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||||
Loans | 520,395,000 | 272,124,000 | |||
Grades 5-7 [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||||
Loans | 54,111,000 | 39,203,000 | |||
Grades 8-9 [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||||
Loans | 10,103,000 | 14,807,000 | |||
Grades 8-9 [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||||
Loans | 110,000 | 338,000 | |||
Grades 8-9 [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||||
Loans | 29,278,000 | 6,352,000 | |||
Grades 8-9 [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||||
Loans | 341,000 | 135,000 | |||
Grades 8-9 [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||||
Loans | $ 273,000 | $ 170,000 | |||
[1] | For December 31, 2020, includes $365 million in loans originated under the Paycheck Protection Program. | ||||
[2] | Included in Commercial and Industrial Loans Grades 1 – 4 are $365 million of loans originated under the Paycheck Protection Program. |
Note 3 - Loans and Allowance_10
Note 3 - Loans and Allowance for Loan Losses - Retail Credit Exposure (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Loans | $ 3,216,358,000 | $ 2,856,667,000 | $ 2,753,085,000 |
Retail Portfolio Segment [Member] | |||
Loans | 422,396,000 | 415,123,000 | $ 392,979,000 |
Retail Portfolio Segment [Member] | Home Equity and Other [Member] | |||
Loans | 61,620,000 | 75,374,000 | |
Retail Portfolio Segment [Member] | Home Equity and Other [Member] | Performing Financial Instruments [Member] | |||
Loans | 61,378,000 | 75,119,000 | |
Retail Portfolio Segment [Member] | Home Equity and Other [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | 242,000 | 255,000 | |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Loans | 360,776,000 | 339,749,000 | |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | Performing Financial Instruments [Member] | |||
Loans | 358,447,000 | 337,856,000 | |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | $ 2,329,000 | $ 1,893,000 |
Note 3 - Loans and Allowance_11
Note 3 - Loans and Allowance for Loan Losses - Activity in Allowance for Loan Losses and the Recorded Investments in Loans (Details) - USD ($) | 12 Months Ended | |||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Beginning balance | $ 23,889,000 | $ 22,380,000 | $ 19,501,000 | |||||
Provision for loan losses | 14,050,000 | 1,750,000 | 1,100,000 | |||||
Charge-offs | (838,000) | (883,000) | (1,450,000) | |||||
Recoveries | 866,000 | 642,000 | 3,229,000 | |||||
Ending balance | 37,967,000 | 23,889,000 | 22,380,000 | |||||
Ending balance: individually evaluated for impairment | $ 551,000 | $ 1,689,000 | $ 1,089,000 | |||||
Ending balance: collectively evaluated for impairment | 37,416,000 | 22,200,000 | 21,291,000 | |||||
Ending balance | [1] | 2,851,099,000 | ||||||
Ending balance: individually evaluated for impairment | 26,958,000 | [1] | 14,622,000 | 23,908,000 | ||||
Ending balance: collectively evaluated for impairment | 2,824,141,000 | [1] | 2,842,045,000 | 2,729,177,000 | ||||
Loans and Leases Receivable, Net of Deferred Income, Total | 3,216,358,000 | 2,856,667,000 | 2,753,085,000 | 3,216,358,000 | 2,856,667,000 | 2,753,085,000 | ||
Ending balance | 3,216,358,000 | 2,856,667,000 | 2,753,085,000 | |||||
Commercial Portfolio Segment [Member] | ||||||||
Beginning balance | 21,070,000 | 19,619,000 | 16,747,000 | |||||
Provision for loan losses | 12,835,000 | 1,578,000 | 958,000 | |||||
Charge-offs | (613,000) | (455,000) | (674,000) | |||||
Recoveries | 487,000 | 328,000 | 2,588,000 | |||||
Ending balance | 33,779,000 | 21,070,000 | 19,619,000 | |||||
Ending balance: individually evaluated for impairment | 138,000 | 1,230,000 | 550,000 | |||||
Ending balance: collectively evaluated for impairment | 33,641,000 | 19,840,000 | 19,069,000 | |||||
Ending balance | [1] | 2,428,703,000 | ||||||
Ending balance: individually evaluated for impairment | 22,415,000 | [1] | 10,604,000 | 19,291,000 | ||||
Ending balance: collectively evaluated for impairment | 2,406,288,000 | [1] | 2,430,940,000 | 2,340,815,000 | ||||
Loans and Leases Receivable, Net of Deferred Income, Total | 2,793,962,000 | 2,441,544,000 | 2,360,106,000 | 2,793,962,000 | 2,441,544,000 | 2,360,106,000 | ||
Ending balance | 2,793,962,000 | 2,441,544,000 | 2,360,106,000 | |||||
Retail Portfolio Segment [Member] | ||||||||
Beginning balance | 2,749,000 | 2,717,000 | 2,661,000 | |||||
Provision for loan losses | 1,226,000 | 146,000 | 191,000 | |||||
Charge-offs | (225,000) | (428,000) | (776,000) | |||||
Recoveries | 379,000 | 314,000 | 641,000 | |||||
Ending balance | 4,129,000 | 2,749,000 | 2,717,000 | |||||
Ending balance: individually evaluated for impairment | 413,000 | 459,000 | 539,000 | |||||
Ending balance: collectively evaluated for impairment | 3,716,000 | 2,290,000 | 2,178,000 | |||||
Ending balance | [1] | 422,396,000 | ||||||
Ending balance: individually evaluated for impairment | 4,543,000 | [1] | 4,018,000 | 4,617,000 | ||||
Ending balance: collectively evaluated for impairment | 417,853,000 | [1] | 411,105,000 | 388,362,000 | ||||
Loans and Leases Receivable, Net of Deferred Income, Total | 422,396,000 | 415,123,000 | 392,979,000 | 422,396,000 | 415,123,000 | 392,979,000 | ||
Ending balance | 422,396,000 | 415,123,000 | 392,979,000 | |||||
Unallocated Financing Receivables [Member] | ||||||||
Beginning balance | 70,000 | 44,000 | 93,000 | |||||
Provision for loan losses | (11,000) | 26,000 | (49,000) | |||||
Charge-offs | 0 | 0 | 0 | |||||
Recoveries | 0 | 0 | 0 | |||||
Ending balance | $ 59,000 | $ 70,000 | $ 44,000 | |||||
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | |||||
Ending balance: collectively evaluated for impairment | $ 59,000 | $ 70,000 | $ 44,000 | |||||
[1] | Excludes $365 million in loans originated under the Paycheck Protection Program. |
Note 3 - Loans and Allowance_12
Note 3 - Loans and Allowance for Loan Losses - Loans Modified as Troubled Debt Restructurings (Details) | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Number of Contracts | 45 | 36 |
Pre- Modification Recorded Principal Balance | $ 22,498,000 | $ 2,796,000 |
Post- Modification Recorded Principal Balance | $ 23,298,000 | $ 2,797,000 |
Commercial Portfolio Segment [Member] | ||
Number of Contracts | 23 | 8 |
Pre- Modification Recorded Principal Balance | $ 21,896,000 | $ 2,191,000 |
Post- Modification Recorded Principal Balance | $ 22,698,000 | $ 2,191,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Number of Contracts | 13 | 5 |
Pre- Modification Recorded Principal Balance | $ 6,914,000 | $ 435,000 |
Post- Modification Recorded Principal Balance | $ 7,717,000 | $ 435,000 |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | ||
Number of Contracts | 0 | 1 |
Pre- Modification Recorded Principal Balance | $ 0 | $ 87,000 |
Post- Modification Recorded Principal Balance | $ 0 | $ 87,000 |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||
Number of Contracts | 8 | 2 |
Pre- Modification Recorded Principal Balance | $ 14,663,000 | $ 1,669,000 |
Post- Modification Recorded Principal Balance | $ 14,663,000 | $ 1,669,000 |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||
Number of Contracts | 2 | 0 |
Pre- Modification Recorded Principal Balance | $ 319,000 | $ 0 |
Post- Modification Recorded Principal Balance | $ 318,000 | $ 0 |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||
Number of Contracts | 0 | 0 |
Pre- Modification Recorded Principal Balance | $ 0 | $ 0 |
Post- Modification Recorded Principal Balance | $ 0 | $ 0 |
Retail Portfolio Segment [Member] | ||
Number of Contracts | 22 | 28 |
Pre- Modification Recorded Principal Balance | $ 602,000 | $ 605,000 |
Post- Modification Recorded Principal Balance | $ 600,000 | $ 606,000 |
Retail Portfolio Segment [Member] | Home Equity and Other [Member] | ||
Number of Contracts | 16 | 20 |
Pre- Modification Recorded Principal Balance | $ 451,000 | $ 295,000 |
Post- Modification Recorded Principal Balance | $ 452,000 | $ 296,000 |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | ||
Number of Contracts | 6 | 8 |
Pre- Modification Recorded Principal Balance | $ 151,000 | $ 310,000 |
Post- Modification Recorded Principal Balance | $ 148,000 | $ 310,000 |
Note 3 - Loans and Allowance_13
Note 3 - Loans and Allowance for Loan Losses - Loans Modified As Troubled Debt Restructurings Within the Previous Twelve Months That Became Over 30 Days Past Due (Details) | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Number of Contracts | 0 | 3 |
Recorded Principal Balance | $ 0 | $ 126,000 |
Commercial Portfolio Segment [Member] | ||
Number of Contracts | 0 | 0 |
Recorded Principal Balance | $ 0 | $ 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Number of Contracts | 0 | 0 |
Recorded Principal Balance | $ 0 | $ 0 |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | ||
Number of Contracts | 0 | 0 |
Recorded Principal Balance | $ 0 | $ 0 |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||
Number of Contracts | 0 | 0 |
Recorded Principal Balance | $ 0 | $ 0 |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||
Number of Contracts | 0 | 0 |
Recorded Principal Balance | $ 0 | $ 0 |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||
Number of Contracts | 0 | 0 |
Recorded Principal Balance | $ 0 | $ 0 |
Retail Portfolio Segment [Member] | ||
Number of Contracts | 0 | 3 |
Recorded Principal Balance | $ 0 | $ 126,000 |
Retail Portfolio Segment [Member] | Home Equity and Other [Member] | ||
Number of Contracts | 0 | 1 |
Recorded Principal Balance | $ 0 | $ 20,000 |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | ||
Number of Contracts | 0 | 2 |
Recorded Principal Balance | $ 0 | $ 106,000 |
Note 3 - Loans and Allowance_14
Note 3 - Loans and Allowance for Loan Losses - Activity for Troubled Debt Restructurings (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Beginning Balance | $ 8,587,000 | $ 14,138,000 | $ 3,990,000 |
Charge-Offs | 0 | 0 | (505,000) |
Payments | (11,260,000) | (20,364,000) | (792,000) |
Transfers to ORE | 0 | 0 | 0 |
Net Additions/Deletions | 9,087,000 | 14,813,000 | 11,445,000 |
Ending Balance | 6,414,000 | 8,587,000 | 14,138,000 |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Beginning Balance | 85,000 | 0 | 383,000 |
Charge-Offs | 0 | 0 | 0 |
Payments | (85,000) | (2,000) | (383,000) |
Transfers to ORE | 0 | 0 | 0 |
Net Additions/Deletions | 0 | 87,000 | 0 |
Ending Balance | 0 | 85,000 | 0 |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Beginning Balance | 1,145,000 | 3,100,000 | 2,026,000 |
Charge-Offs | 0 | 0 | 0 |
Payments | (3,765,000) | (3,820,000) | (6,663,000) |
Transfers to ORE | 0 | (97,000) | (93,000) |
Net Additions/Deletions | 17,417,000 | 1,962,000 | 7,830,000 |
Ending Balance | 14,797,000 | 1,145,000 | 3,100,000 |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Beginning Balance | 178,000 | 210,000 | 237,000 |
Charge-Offs | 0 | 0 | 0 |
Payments | (585,000) | (32,000) | (27,000) |
Transfers to ORE | 0 | 0 | 0 |
Net Additions/Deletions | 887,000 | 0 | 0 |
Ending Balance | 480,000 | 178,000 | 210,000 |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Beginning Balance | 7,000 | 24,000 | 41,000 |
Charge-Offs | 0 | 0 | 0 |
Payments | (7,000) | (17,000) | (17,000) |
Transfers to ORE | 0 | 0 | 0 |
Net Additions/Deletions | 0 | 0 | 0 |
Ending Balance | 0 | 7,000 | 24,000 |
Retail Portfolio Segment [Member] | Home Equity and Other [Member] | |||
Beginning Balance | 1,415,000 | 1,402,000 | 1,346,000 |
Charge-Offs | 0 | (18,000) | (30,000) |
Payments | (881,000) | (272,000) | (323,000) |
Transfers to ORE | 0 | 0 | (82,000) |
Net Additions/Deletions | 612,000 | 303,000 | 491,000 |
Ending Balance | 1,146,000 | 1,415,000 | 1,402,000 |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Beginning Balance | 724,000 | 578,000 | 539,000 |
Charge-Offs | 0 | 0 | 0 |
Payments | (68,000) | (162,000) | (41,000) |
Transfers to ORE | 0 | 0 | 0 |
Net Additions/Deletions | 150,000 | 308,000 | 80,000 |
Ending Balance | $ 806,000 | $ 724,000 | $ 578,000 |
Note 3 - Loans and Allowance_15
Note 3 - Loans and Allowance for Loan Losses - Allowance Related to Troubled Debt Restructurings (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Related allowance | $ 467,000 | $ 1,578,000 |
Commercial Portfolio Segment [Member] | ||
Related allowance | 120,000 | 1,184,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Related allowance | 53,000 | 202,000 |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | ||
Related allowance | 0 | 0 |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||
Related allowance | 59,000 | 982,000 |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||
Related allowance | 8,000 | 0 |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||
Related allowance | 0 | 0 |
Retail Portfolio Segment [Member] | ||
Related allowance | 347,000 | 394,000 |
Retail Portfolio Segment [Member] | Home Equity and Other [Member] | ||
Related allowance | 202,000 | 311,000 |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | ||
Related allowance | $ 145,000 | $ 83,000 |
Note 4 - Premises and Equipme_3
Note 4 - Premises and Equipment, Net (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Leases, Future Minimum Payments Due, Total | $ 3.4 | $ 3.8 | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 0.6 | 0.6 | |
Operating Leases, Future Minimum Payments, Due in Two and Three Years, Total | 1.2 | 1.1 | |
Operating Leases, Future Minimum Payments, Due in Four and Five Years, Total | 0.5 | 0.9 | |
Operating Leases, Future Minimum Payments, Due Thereafter | 1.1 | 1.2 | |
Depreciation, Total | $ 5.2 | $ 3.9 | $ 3.6 |
Note 4 - Premises and Equipme_4
Note 4 - Premises and Equipment, Net - Summary of Premises and Equipment (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Property, plant and equipment, gross | $ 94,169,000 | $ 92,598,000 |
Less: accumulated depreciation | 35,210,000 | 35,271,000 |
Total premises and equipment | 58,959,000 | 57,327,000 |
Land and Land Improvements [Member] | ||
Property, plant and equipment, gross | 16,533,000 | 17,039,000 |
Building [Member] | ||
Property, plant and equipment, gross | 56,114,000 | 52,847,000 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | $ 21,522,000 | $ 22,712,000 |
Note 5 - Mortgage Loan Servic_3
Note 5 - Mortgage Loan Servicing (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Continuing Involvement with Transferred Financial Assets Custodial Escrow Balance | $ 11,800 | $ 6,400 |
Valuation Allowance for Impairment of Recognized Servicing Assets, Balance, Ending Balance | 0 | 0 |
Servicing Asset at Fair Value, Amount, Ending Balance | $ 10,000 | $ 7,400 |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 7.75% | 10.00% |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Prepayment Speed | 14.00% | 15.30% |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Expected Credit Losses | 0.40% | 0.32% |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Weighted Average Life (Year) | 6 years 1 month 6 days | 5 years 3 months 18 days |
Note 5 - Mortgage Loan Servic_4
Note 5 - Mortgage Loan Servicing - Mortgage Loans Serviced for Others (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Mortgage loans serviced for others | $ 1,038,928,000 | $ 726,960,000 |
Federal Home Loan Mortgage Corporation [Member] | ||
Mortgage loans serviced for others | 1,030,211,000 | 711,643,000 |
Federa lHome Loan Bank [Member] | ||
Mortgage loans serviced for others | $ 8,717,000 | $ 15,317,000 |
Note 5 - Mortgage Loan Servic_5
Note 5 - Mortgage Loan Servicing - Activity for Capitalized Mortgage Loan Servicing Rights (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance at beginning of year | $ 4,652,000 | $ 4,436,000 |
Additions | 6,467,000 | 1,962,000 |
Amortized to expense | (2,930,000) | (1,746,000) |
Balance at end of year | $ 8,189,000 | $ 4,652,000 |
Note 5 - Mortgage Loan Servic_6
Note 5 - Mortgage Loan Servicing - Estimated Amortization (Details) | Dec. 31, 2020USD ($) |
2021 | $ 1,724,000 |
2022 | 1,476,000 |
2023 | 1,241,000 |
2024 | 1,026,000 |
2025 | 834,000 |
Thereafter | $ 1,888,000 |
Note 6 - Core Deposit Intangi_3
Note 6 - Core Deposit Intangible Asset, Net (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Core Deposits, Gross | $ 17,500,000 | $ 17,500,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | 15,100,000 | 13,700,000 |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 2,436,000 | $ 3,840,000 |
Note 6 - Core Deposit Intangi_4
Note 6 - Core Deposit Intangible Asset, Net - Estimated Amortization Expense on Core Deposit Intangible Assets (Details) | Dec. 31, 2020USD ($) |
2021 | $ 1,086,000 |
2022 | 768,000 |
2023 | 450,000 |
2024 | $ 132,000 |
Note 7 - Deposits (Details Text
Note 7 - Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Time Deposits, at or Above FDIC Insurance Limit | $ 272 | $ 320 |
Note 7 - Deposits - Summary of
Note 7 - Deposits - Summary of Deposits (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Noninterest-bearing checking | $ 1,433,403,000 | $ 924,916,000 |
Noninterest-bearing checking, percentage | 42.00% | 34.40% |
Noninterest-bearing checking, percent increase (decrease) | 55.00% | |
Interest-bearing checking | $ 473,053,000 | $ 332,373,000 |
Interest-bearing checking, percentage | 13.90% | 12.30% |
Interest-bearing checking, percent increase (decrease) | 42.30% | |
Money market | $ 611,912,000 | $ 509,368,000 |
Money market, percentage | 17.90% | 18.90% |
Money market, percent increase (decrease) | 20.10% | |
Savings | $ 338,070,000 | $ 269,318,000 |
Savings, percentage | 9.90% | 10.00% |
Savings, percent increase (decrease) | 25.50% | |
Local Time, under $100,000 | $ 165,548,000 | $ 198,123,000 |
Local Time, under $100,000, percentage | 4.90% | 7.40% |
Local Time, under $100,000, percent increase (decrease) | (16.40%) | |
Local Time, $100,000 and over | $ 342,633,000 | $ 322,827,000 |
Local Time, $100,000 and over, percentage | 10.00% | 12.00% |
Local Time, $100,000 and over, percent increase (decrease) | 6.10% | |
Total local deposits | $ 3,364,619,000 | $ 2,556,925,000 |
Total local deposits, percentage | 98.60% | 95.00% |
Total local deposits, percent increase (decrease) | 31.60% | |
Out-of-area time, $100,000 and over | $ 46,934,000 | $ 133,459,000 |
Out-of-area time, $100,000 and over, percentage | 1.40% | 5.00% |
Out-of-area time, $100,000 and over, percent increase (decrease) | (64.80%) | |
Total deposits | $ 3,411,553,000 | $ 2,690,384,000 |
Total deposits, percentage | 100.00% | 100.00% |
Total deposits, percent increase (decrease) | 26.80% |
Note 7 - Deposits - Maturity Di
Note 7 - Deposits - Maturity Distribution for Certificate of Deposits (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
In one year or less | $ 327,246,000 | $ 360,395,000 |
In one to two years | 139,801,000 | 173,512,000 |
In two to three years | 39,801,000 | 82,480,000 |
In three to four years | 25,577,000 | 16,019,000 |
In four to five years | 22,690,000 | 22,003,000 |
Total certificates of deposit | $ 555,115,000 | $ 654,409,000 |
Note 7 - Deposits - Certificate
Note 7 - Deposits - Certificates of Deposit with Balances of $100,000 or More (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Up to three months | $ 79,500,000 | $ 100,635,000 |
Three months to six months | 79,373,000 | 59,838,000 |
Six months to twelve months | 77,363,000 | 93,691,000 |
Over twelve months | 153,331,000 | 202,122,000 |
Total certificates of deposit | $ 389,567,000 | $ 456,286,000 |
Note 8 - Securities Sold Unde_3
Note 8 - Securities Sold Under Agreements to Repurchase (Details Textual) | 12 Months Ended |
Dec. 31, 2020 | |
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements (Year) | 1 year |
Note 8 - Securities Sold Unde_4
Note 8 - Securities Sold Under Agreements to Repurchase - Securities Sold Under Agreement to Repurchase (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Securities sold under agreements to repurchase | $ 118,365,000 | $ 102,675,000 |
Average daily balance during the year | 132,880,000 | 105,234,000 |
Maximum daily balance during the year | $ 173,186,000 | $ 133,411,000 |
Securities Sold under Agreements to Repurchase [Member] | ||
Weighted average interest rate at year-end | 0.12% | 0.17% |
Weighted average interest rate during the year | 0.12% | 0.24% |
Note 9 - Federal Home Loan Ba_3
Note 9 - Federal Home Loan Bank Advances (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Long-term Federal Home Loan Bank Advances, Total | $ 394,000,000 | $ 354,000,000 | ||
Payments of FHLBank Borrowings, Financing Activities | 20,000,000 | 40,000,000 | $ 30,000,000 | |
Proceeds from FHLBank Borrowings, Financing Activities | 60,000,000 | 44,000,000 | $ 160,000,000 | |
Line of Credit Facility, Maximum Borrowing Capacity | 754,000,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 354,000,000 | |||
Federal Home Loan Bank of Indianapolis [Member] | ||||
Long-term Federal Home Loan Bank Advances, Total | $ 394,000,000 | $ 354,000,000 | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Repayment and Penalties | $ 900,000 | |||
Federal Home Loan Bank of Indianapolis [Member] | Federal Home Loan Bank Advances With Maturities From August 2020 to October 2021 [Member] | ||||
Payments of FHLBank Borrowings, Financing Activities | 70,000,000 | |||
Federal Home Loan Bank of Indianapolis [Member] | Federal Home Loan Bank Advances With Maturities From June 2024 to June 2027 [Member] | ||||
Proceeds from FHLBank Borrowings, Financing Activities | $ 70,000,000 | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End, Embedded Prepayment Fees | 0.22% | |||
Federal Home Loan Bank of Indianapolis [Member] | Minimum [Member] | ||||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 0.55% | 1.36% | ||
Federal Home Loan Bank of Indianapolis [Member] | Minimum [Member] | Federal Home Loan Bank Advances With Maturities From August 2020 to October 2021 [Member] | ||||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 1.36% | |||
Federal Home Loan Bank of Indianapolis [Member] | Minimum [Member] | Federal Home Loan Bank Advances With Maturities From June 2024 to June 2027 [Member] | ||||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 0.55% | |||
Federal Home Loan Bank of Indianapolis [Member] | Maximum [Member] | ||||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 3.18% | 3.18% | ||
Federal Home Loan Bank of Indianapolis [Member] | Maximum [Member] | Federal Home Loan Bank Advances With Maturities From August 2020 to October 2021 [Member] | ||||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 2.84% | |||
Federal Home Loan Bank of Indianapolis [Member] | Maximum [Member] | Federal Home Loan Bank Advances With Maturities From June 2024 to June 2027 [Member] | ||||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 1.18% | |||
Federal Home Loan Bank of Indianapolis [Member] | Weighted Average [Member] | ||||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 2.06% | 2.45% | ||
Federal Home Loan Bank of Indianapolis [Member] | Weighted Average [Member] | Federal Home Loan Bank Advances With Maturities From August 2020 to October 2021 [Member] | ||||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 1.97% | |||
Federal Home Loan Bank of Indianapolis [Member] | Weighted Average [Member] | Federal Home Loan Bank Advances With Maturities From June 2024 to June 2027 [Member] | ||||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 0.84% |
Note 9 - Federal Home Loan Ba_4
Note 9 - Federal Home Loan Bank Advances - Maturities of Currently Outstanding FHLB Advances (Details) | Dec. 31, 2020USD ($) |
2021 | $ 20,000,000 |
2022 | 94,000,000 |
2023 | 80,000,000 |
2024 | 80,000,000 |
2025 | 50,000,000 |
Thereafter | $ 70,000,000 |
Note 10 - Federal Income Taxe_2
Note 10 - Federal Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (100,000) | ||
Deferred Tax Assets, Capital Loss Carryforwards | 0 | $ 94,000 | |
Unrecognized Tax Benefits, Ending Balance | 0 | 0 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 0 | 0 | |
Firstbank Corporation [Member] | |||
Deferred Tax Assets, Capital Loss Carryforwards | $ 0 | $ 100,000 |
Note 10 - Federal Income Taxe_3
Note 10 - Federal Income Taxes - Consolidated Income Tax Expense (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current expense | $ 14,945,000 | $ 10,978,000 | $ 10,170,000 |
Deferred expense | (4,141,000) | 26,000 | (372,000) |
Change in valuation allowance | (94,000) | 0 | 0 |
Tax expense | $ 10,710,000 | $ 11,004,000 | $ 9,798,000 |
Note 10 - Federal Income Taxe_4
Note 10 - Federal Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Tax at statutory rate | $ 11,518,000 | $ 12,697,000 | $ 10,883,000 |
Tax-exempt interest | (681,000) | (644,000) | (620,000) |
Bank owned life insurance | (238,000) | (804,000) | (201,000) |
Change in valuation allowance | (94,000) | 0 | 0 |
Other | 205,000 | (245,000) | (264,000) |
Tax expense | $ 10,710,000 | $ 11,004,000 | $ 9,798,000 |
Note 10 - Federal Income Taxe_5
Note 10 - Federal Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Allowance for loan losses | $ 7,973,000 | $ 5,017,000 |
Deferred compensation | 511,000 | 577,000 |
Stock compensation | 541,000 | 720,000 |
Nonaccrual loan interest income | 211,000 | 239,000 |
Deferred loan fees | 924,000 | 104,000 |
Deferred Tax Assets, Capital Loss Carryforwards | 0 | 94,000 |
Fair value write-downs on foreclosed properties | 537,000 | 26,000 |
Other | 938,000 | 683,000 |
Deferred tax asset before valuation allowance | 11,635,000 | 7,460,000 |
Valuation allowance | 0 | (94,000) |
Deferred tax asset after valuation allowance | 11,635,000 | 7,366,000 |
Depreciation | 1,175,000 | 1,743,000 |
Prepaid expenses | 297,000 | 269,000 |
Core deposit intangible | 498,000 | 787,000 |
Mortgage loan servicing rights | 1,720,000 | 977,000 |
Unrealized gain on securities | 1,458,000 | 982,000 |
Business combination adjustments | 2,142,000 | 2,058,000 |
Other | 521,000 | 485,000 |
Deferred tax liability | 7,811,000 | 7,301,000 |
Total net deferred tax asset | $ 3,824,000 | $ 65,000 |
Note 11 - Stock-based Compens_3
Note 11 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions | Aug. 27, 2020 | Jun. 01, 2020 | May 23, 2019 | Oct. 25, 2018 | May 24, 2018 | May 25, 2017 | Jun. 01, 2014 | May 31, 2019 | May 31, 2021 | May 31, 2021 | Dec. 31, 2020 | May 31, 2020 | Dec. 31, 2019 | May 31, 2019 | Dec. 31, 2018 | May 31, 2018 | Dec. 31, 2015 | Dec. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 361,000 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | 0 | |||||||||||||||
Mercantile Plans [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | 0 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 0.1 | |||||||||||||||||
Firstbank Corporation [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 282,200 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares (in shares) | 258,400 | 23,800 | ||||||||||||||||
First Bank Employees [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares for Maximum Vesting Rights (in shares) | 50 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Minimum Number of Shares for Minimum Vesting Rights (in shares) | 50 | |||||||||||||||||
First Bank Employees [Member] | Grant Per Annum Starting One Year From Date of Grant [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |||||||||||||||||
First Bank Employees [Member] | Minimum [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||||||||||||||||
First Bank Employees [Member] | Maximum [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |||||||||||||||||
Director [Member] | ||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 16,000 | 12,000 | 11,000 | 12,000 | ||||||||||||||
Share-based Payment Arrangement, Expense | $ 0.4 | $ 0.4 | $ 0.4 | |||||||||||||||
Director [Member] | Forecast [Member] | ||||||||||||||||||
Share-based Payment Arrangement, Expense | $ 0.3 | |||||||||||||||||
Bank Board Members [Member] | ||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 2,000 | 1,000 | ||||||||||||||||
Share-based Payment Arrangement, Expense | $ 0.1 | |||||||||||||||||
Bank Board Members [Member] | Forecast [Member] | ||||||||||||||||||
Share-based Payment Arrangement, Expense | $ 0.1 | |||||||||||||||||
Restricted Stock [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||||||||||||||
Restricted Stock [Member] | Mercantile Plans [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 121,518 | 84,596 | 91,400 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 35,997 | 3,531 | 12,278 | |||||||||||||||
Share-based Payment Arrangement, Option [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 110.00% | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 7 years | |||||||||||||||||
Performance Shares [Member] | Executive Officer [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 31,295 | 23,596 | 24,633 | |||||||||||||||
Performance Shares [Member] | Executive Officer [Member] | The 2019 Awards [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 13,709 | |||||||||||||||||
Performance Shares [Member] | Executive Officer [Member] | The 2018 Awards [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 14,681 |
Note 11 - Stock-based Compens_4
Note 11 - Stock-based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member] - Mercantile Plans [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Nonvested at beginning of year (in shares) | 262,260 | 262,967 | 239,637 |
Nonvested at beginning of year (in dollars per share) | $ 34.91 | $ 33.97 | $ 32.37 |
Granted (in shares) | 121,518 | 84,596 | 91,400 |
Granted (in dollars per share) | $ 24.65 | $ 35.29 | $ 31.82 |
Vested (in shares) | (85,445) | (81,772) | (55,792) |
Vested (in dollars per share) | $ 37.08 | $ 32.19 | $ 25.14 |
Forfeited (in shares) | (35,997) | (3,531) | (12,278) |
Forfeited (in dollars per share) | $ 33.71 | $ 34.85 | $ 31.62 |
Nonvested at end of year (in shares) | 262,336 | 262,260 | 262,967 |
Nonvested at end of year (in dollars per share) | $ 29.42 | $ 34.91 | $ 33.97 |
Note 11 - Stock-based Compens_5
Note 11 - Stock-based Compensation - Summary of Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | 0 |
Exercised (in shares) | (753) | ||
Mercantile Plans [Member] | |||
Outstanding at beginning of year (in shares) | 10,700 | 18,900 | 30,908 |
Outstanding at beginning of year, weighted average exercise price (in dollars per share) | $ 30.25 | $ 23.92 | $ 18.67 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | 0 |
Exercised (in shares) | (1,000) | (8,200) | (12,008) |
Exercised, weighted average exercise price (in dollars per share) | $ 5.19 | $ 15.69 | $ 10.38 |
Forfeited or expired (in shares) | 0 | 0 | 0 |
Outstanding at end of year (in shares) | 9,700 | 10,700 | 18,900 |
Outstanding at end of year, weighted average exercise price (in dollars per share) | $ 32.83 | $ 30.25 | $ 23.92 |
Options exercisable at year-end (in shares) | 9,700 | 10,700 | 18,900 |
Options exercisable at year-end, weighted average exercise price (in dollars per share) | $ 32.83 | $ 30.25 | $ 23.92 |
Note 11 - Stock-based Compens_6
Note 11 - Stock-based Compensation - Summary of Options Outstanding (Details) - Mercantile Plans [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Minimum exercise price (in dollars per share) | $ 22.15 | $ 5.19 | $ 5.19 |
Maximum exercise price (in dollars per share) | $ 36.22 | $ 36.22 | $ 36.22 |
Outstanding Number (in shares) | 9,700 | ||
Average remaining option term (Year) | 2 years 4 months 24 days | 3 years 2 months 12 days | 3 years 4 months 24 days |
Outstanding Weighted Average Exercise Price (in dollars per share) | $ 32.83 | ||
Exercisable Number (in shares) | 9,700 | ||
Exercisable Weighted Average Exercise Price (in dollars per share) | $ 32.83 | ||
Exercise Price Range 1 [Member] | |||
Minimum exercise price (in dollars per share) | 22 | ||
Maximum exercise price (in dollars per share) | $ 23 | ||
Outstanding Number (in shares) | 1,000 | ||
Average remaining option term (Year) | 10 months 24 days | ||
Outstanding Weighted Average Exercise Price (in dollars per share) | $ 22.15 | ||
Exercisable Number (in shares) | 1,000 | ||
Exercisable Weighted Average Exercise Price (in dollars per share) | $ 22.15 | ||
Exercise Price Range 2 [Member] | |||
Minimum exercise price (in dollars per share) | 27 | ||
Maximum exercise price (in dollars per share) | $ 28 | ||
Outstanding Number (in shares) | 2,200 | ||
Average remaining option term (Year) | 1 year 10 months 24 days | ||
Outstanding Weighted Average Exercise Price (in dollars per share) | $ 27.66 | ||
Exercisable Number (in shares) | 2,200 | ||
Exercisable Weighted Average Exercise Price (in dollars per share) | $ 27.66 | ||
Exercise Price Range 3 [Member] | |||
Minimum exercise price (in dollars per share) | 36 | ||
Maximum exercise price (in dollars per share) | $ 37 | ||
Outstanding Number (in shares) | 6,500 | ||
Average remaining option term (Year) | 2 years 10 months 24 days | ||
Outstanding Weighted Average Exercise Price (in dollars per share) | $ 36.22 | ||
Exercisable Number (in shares) | 6,500 | ||
Exercisable Weighted Average Exercise Price (in dollars per share) | $ 36.22 |
Note 11 - Stock-based Compens_7
Note 11 - Stock-based Compensation - Summary of Information Related to Options Outstanding (Details) - Mercantile Plans [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Minimum exercise price (in dollars per share) | $ 22.15 | $ 5.19 | $ 5.19 |
Maximum exercise price (in dollars per share) | $ 36.22 | $ 36.22 | $ 36.22 |
Average remaining option term (Year) | 2 years 4 months 24 days | 3 years 2 months 12 days | 3 years 4 months 24 days |
Note 11 - Stock-based Compens_8
Note 11 - Stock-based Compensation - Summary of Stock Option Grants and Exercises (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Proceeds from stock option exercises, net of cashless exercises | $ 3,000 | $ 128,000 | $ 108,000 |
Mercantile Plans [Member] | |||
Aggregate intrinsic value of stock options exercised | 17,000 | 157,000 | 317,000 |
Proceeds from stock option exercises, net of cashless exercises | 3,000 | 126,000 | 141,000 |
Tax benefit realized from stock option exercises | $ 0 | $ 0 | $ 0 |
Note 12 - Related Parties (Deta
Note 12 - Related Parties (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Deposits and Repurchase Agreements | $ 19,400,000 | $ 15,000,000 | |
Directors and Executive Officers [Member] | |||
Loan Commitments to Related Parties | 122,000,000 | 115,000,000 | |
Loans and Leases Receivable, Related Parties, Ending Balance | 108,042,000 | $ 104,043,000 | $ 92,033,000 |
Directors [Member] | SBA, CARES Act, Paycheck Protection Program [Member] | |||
Loans and Leases Receivable, Related Parties, Ending Balance | $ 300,000 |
Note 12 - Related Parties - Loa
Note 12 - Related Parties - Loans Outstanding to Directors and Executive Officers (Details) - Directors and Executive Officers [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Beginning balance | $ 104,043,000 | $ 92,033,000 |
New loans | 13,823,000 | 16,662,000 |
Repayments | (9,824,000) | (4,652,000) |
Ending balance | $ 108,042,000 | $ 104,043,000 |
Note 13 - Commitments and Off_3
Note 13 - Commitments and Off-balance-sheet Risk (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reserve or Liability Balance for Financial Instruments With Off Balance Sheet Risk | $ 0 | $ 0 |
Term Debt, Secured by Real Estate Balloon Payment, Period (Year) | 5 years | |
Amount of Federal Reserve Required | $ 0 | $ 10,700 |
Minimum [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 3.00% | |
Amortization Period for Term Debt, Secured by Real Estate (Year) | 10 years | |
Interest Rates on Loans, Secured by Non-real Estate Collateral | 3.50% | |
Term Debt Secured, by Non-real Estate Collateral Maturity Period (Year) | 3 years | |
Maximum [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 5.00% | |
Amortization Period for Term Debt, Secured by Real Estate (Year) | 20 years | |
Interest Rates on Loans, Secured by Non-real Estate Collateral | 5.00% | |
Term Debt Secured, by Non-real Estate Collateral Maturity Period (Year) | 7 years |
Note 13 - Commitments and Off_4
Note 13 - Commitments and Off-balance-sheet Risk - Exposure to Credit Losses (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Contractual amounts of financial instruments with off-balance sheet risk | $ 1,430,195,000 | $ 1,038,444,000 |
Standby Letters of Credit [Member] | ||
Contractual amounts of financial instruments with off-balance sheet risk | 20,543,000 | 22,798,000 |
Unused lines of Credit [Member] | Commercial Portfolio Segment [Member] | ||
Contractual amounts of financial instruments with off-balance sheet risk | 1,019,496,000 | 776,493,000 |
Unused lines of Credit [Member] | One to Four Family Mortgages [Member] | ||
Contractual amounts of financial instruments with off-balance sheet risk | 59,396,000 | 60,858,000 |
Unused lines of Credit [Member] | Consumer Credit Card [Member] | ||
Contractual amounts of financial instruments with off-balance sheet risk | 72,495,000 | 58,199,000 |
Unused lines of Credit [Member] | Consumer Other Financing Receivable 1 [Member] | ||
Contractual amounts of financial instruments with off-balance sheet risk | 30,707,000 | 18,135,000 |
Loan Origination Commitments [Member] | ||
Contractual amounts of financial instruments with off-balance sheet risk | $ 227,558,000 | $ 101,961,000 |
Note 13 - Commitments and Off_5
Note 13 - Commitments and Off-balance-sheet Risk - Instruments Carried at Fair Values (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Contractual amounts of financial instruments with off-balance sheet risk | $ 1,430,195,000 | $ 1,038,444,000 |
Standby Letters of Credit [Member] | ||
Standby letters of credit, contract amount | 20,543,000 | 22,798,000 |
Contractual amounts of financial instruments with off-balance sheet risk | $ 138,000 | $ 160,000 |
Note 14 - Benefit Plans (Detail
Note 14 - Benefit Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2014 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% | 4.25% | ||
Defined Contribution Plan, Cost | $ 1.9 | $ 1.7 | $ 1.6 | |
Interest Expense, Deferred Compensation Plan | $ 0.1 | $ 0.1 | $ 0.1 | |
Common Stock Including Additional Paid in Capital [Member] | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 2,264 | 1,507 | 1,579 | |
Stock Purchase Plan [Member] | ||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 250,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 239,000 | |||
Other Liabilities [Member] | ||||
Deferred Compensation Liability, Current and Noncurrent, Total | $ 2.4 | $ 2.7 |
Note 15 - Derivatives and Hed_3
Note 15 - Derivatives and Hedging Activities (Details Textual) Pure in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Noninterest Expense, Total | $ 98,520,000 | $ 89,280,000 | $ 86,170,000 |
Interest Rate Swap [Member] | |||
Noninterest Expense, Total | 100,000 | ||
Derivative, Number of Instruments Held, Total | 0 | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral, Total | 1,000,000 | ||
Derivative, Collateral, Right to Reclaim Cash | 1,100,000 | ||
Derivative, Notional Amount | $ 33,731,000 |
Note 15 - Derivatives and Hed_4
Note 15 - Derivatives and Hedging Activities - Fair Value of Derivative Instruments (Details) - Interest Rate Swap [Member] | Dec. 31, 2020USD ($) |
Notional Amount | $ 33,731,000 |
Other Assets [Member] | |
Derivative assets, fair value | 1,003,000 |
Other Liabilities [Member] | |
Derivative Liabilities, fair value | $ 1,027,000 |
Note 16 - Fair Values of Fina_3
Note 16 - Fair Values of Financial Instruments - Fair Value Hierarchy of Financial Instruments (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | |
Securities available for sale | $ 387,347,000 | $ 334,655,000 | |
Servicing Asset at Fair Value, Amount, Ending Balance | 10,000,000 | 7,400,000 | |
Reported Value Measurement [Member] | |||
Securities available for sale | [1] | 387,347,000 | 334,655,000 |
Federal Home Loan Bank stock | [2] | 18,002,000 | 18,002,000 |
Securities sold under agreements to repurchase | 118,365,000 | 102,675,000 | |
Federal Home Loan Bank advances | 394,000,000 | 354,000,000 | |
Estimate of Fair Value Measurement [Member] | |||
Securities available for sale | [1] | 387,347,000 | 334,655,000 |
Federal Home Loan Bank stock | [2] | 18,002,000 | 18,002,000 |
Securities sold under agreements to repurchase | 118,365,000 | 102,675,000 | |
Federal Home Loan Bank advances | 410,881,000 | 361,887,000 | |
Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | |||
Cash | 16,953,000 | 16,430,000 | |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | |||
Cash | 16,953,000 | 16,430,000 | |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | |||
Cash equivalents | 609,053,000 | 217,301,000 | |
Loans held for sale | 22,888,000 | 4,978,000 | |
Servicing Asset at Fair Value, Amount, Ending Balance | 8,189,000 | 4,652,000 | |
Accrued interest receivable | 10,861,000 | 9,944,000 | |
Deposits | 3,411,553,000 | 2,690,384,000 | |
Subordinated debentures | 47,563,000 | 46,881,000 | |
Accrued interest payable | 2,313,000 | 3,949,000 | |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | |||
Cash equivalents | 609,053,000 | 217,301,000 | |
Loans held for sale | 24,029,000 | 4,978,000 | |
Servicing Asset at Fair Value, Amount, Ending Balance | 10,006,000 | 7,375,000 | |
Accrued interest receivable | 10,861,000 | 9,944,000 | |
Deposits | 3,397,768,000 | 2,600,452,000 | |
Subordinated debentures | 47,574,000 | 46,140,000 | |
Accrued interest payable | 2,313,000 | 3,949,000 | |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | |||
Loans, net | 3,155,503,000 | 2,827,800,000 | |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | |||
Loans, net | $ 3,294,522,000 | $ 2,887,168,000 | |
[1] | See Note 17 for a description of the fair value hierarchy as well as a disclosure of levels for classes of financial assets and liabilities. | ||
[2] | It is not practical to determine the fair value of FHLBI stock due to transferability restrictions; therefore, fair value is estimated at carrying amount. |
Note 17 - Fair Value Measurem_3
Note 17 - Fair Value Measurements (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale, Total | $ 387,347,000 | $ 334,655,000 |
Mortgages Held-for-sale, Fair Value Disclosure | $ 24,000,000 | 5,000,000 |
Real Estate Dependent Loans and Foreclosed Assets Estimated Selling Costs [Member] | ||
Fair Value Inputs, Discount Factor | 10.00% | |
Real Estate Dependent Loans and Foreclosed Assets [Member] | Commercial Real Estate [Member] | Minimum [Member] | ||
Fair Value Inputs, Discount Factor | 15.00% | |
Real Estate Dependent Loans and Foreclosed Assets [Member] | Commercial Real Estate [Member] | Maximum [Member] | ||
Fair Value Inputs, Discount Factor | 25.00% | |
Real Estate Dependent Loans and Foreclosed Assets [Member] | Residential Real Estate [Member] | Minimum [Member] | ||
Fair Value Inputs, Discount Factor | 25.00% | |
Real Estate Dependent Loans and Foreclosed Assets [Member] | Residential Real Estate [Member] | Maximum [Member] | ||
Fair Value Inputs, Discount Factor | 50.00% | |
Municipal General Obligation Bonds [Member] | ||
Debt Securities, Available-for-sale, Total | $ 107,824,000 | 101,079,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-sale, Total | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Municipal General Obligation Bonds [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 1,300,000 | 1,700,000 |
Available-for-sale Securities [Member] | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | $ 0 | $ 0 |
Note 17 - Fair Value Measurem_4
Note 17 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale, Total | $ 387,347,000 | $ 334,655,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-sale, Total | 0 | 0 |
US Government Agencies Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Total | 242,141,000 | 186,410,000 |
Collateralized Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale, Total | 24,890,000 | 42,470,000 |
Municipal General Obligation Bonds [Member] | ||
Debt Securities, Available-for-sale, Total | 107,824,000 | 101,079,000 |
Municipal Revenue Bonds [Member] | ||
Debt Securities, Available-for-sale, Total | 11,992,000 | 4,196,000 |
Other Debt and Equity Securities [Member] | ||
Debt Securities, Available-for-sale, Total | 500,000 | 500,000 |
Fair Value, Recurring [Member] | ||
Debt Securities, Available-for-sale, Total | 387,347,000 | 334,655,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-sale, Total | 386,581,000 | 332,605,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-sale, Total | 766,000 | 2,050,000 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Total | 242,141,000 | 186,410,000 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-sale, Total | 242,141,000 | 186,410,000 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale, Total | 24,890,000 | 42,470,000 |
Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-sale, Total | 24,890,000 | 42,470,000 |
Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Municipal General Obligation Bonds [Member] | ||
Debt Securities, Available-for-sale, Total | 107,824,000 | 101,079,000 |
Fair Value, Recurring [Member] | Municipal General Obligation Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Municipal General Obligation Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-sale, Total | 107,058,000 | 99,029,000 |
Fair Value, Recurring [Member] | Municipal General Obligation Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-sale, Total | 766,000 | 2,050,000 |
Fair Value, Recurring [Member] | Municipal Revenue Bonds [Member] | ||
Debt Securities, Available-for-sale, Total | 11,992,000 | 4,196,000 |
Fair Value, Recurring [Member] | Municipal Revenue Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Municipal Revenue Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-sale, Total | 11,992,000 | 4,196,000 |
Fair Value, Recurring [Member] | Municipal Revenue Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Other Debt and Equity Securities [Member] | ||
Debt Securities, Available-for-sale, Total | 500,000 | 500,000 |
Fair Value, Recurring [Member] | Other Debt and Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Other Debt and Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-sale, Total | 500,000 | 500,000 |
Fair Value, Recurring [Member] | Other Debt and Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-sale, Total | $ 0 | $ 0 |
Note 17 - Fair Value Measurem_5
Note 17 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Impaired loans | $ 2,880,000 | $ 1,107,000 |
Foreclosed assets | 701,000 | 452,000 |
Total | 3,581,000 | 1,559,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans | 0 | 0 |
Foreclosed assets | 0 | 0 |
Total | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans | 0 | 0 |
Foreclosed assets | 0 | 0 |
Total | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | 2,880,000 | 1,107,000 |
Foreclosed assets | 701,000 | 452,000 |
Total | $ 3,581,000 | $ 1,559,000 |
Note 18 - Earnings Per Share (D
Note 18 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 9,000 | 7,000 | 7,000 |
Note 18 - Earnings Per Share -
Note 18 - Earnings Per Share - Computation of Earnings Per Share (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income attributable to common shares | $ 14,082,000 | $ 10,686,000 | $ 8,697,000 | $ 10,673,000 | $ 13,317,000 | $ 12,600,000 | $ 11,715,000 | $ 11,824,000 | $ 44,138,000 | $ 49,456,000 | $ 42,024,000 |
Weighted average common shares outstanding (in shares) | 16,268,689 | 16,405,159 | 16,600,612 | ||||||||
Basic earnings per common share (in dollars per share) | $ 0.86 | $ 0.66 | $ 0.54 | $ 0.65 | $ 0.81 | $ 0.77 | $ 0.71 | $ 0.72 | $ 2.71 | $ 3.01 | $ 2.53 |
Net income | $ 14,082,000 | $ 10,686,000 | $ 8,697,000 | $ 10,673,000 | $ 13,317,000 | $ 12,600,000 | $ 11,715,000 | $ 11,824,000 | $ 44,138,000 | $ 49,456,000 | $ 42,024,000 |
Weighted average common shares outstanding for basic earnings per common share (in shares) | 16,268,689 | 16,405,159 | 16,600,612 | ||||||||
Add: Dilutive effects of share-based awards (in shares) | 630 | 3,976 | 5,804 | ||||||||
Average shares and dilutive potential common shares (in shares) | 16,269,319 | 16,409,135 | 16,606,416 | ||||||||
Diluted earnings per common share (in dollars per share) | $ 0.86 | $ 0.66 | $ 0.54 | $ 0.65 | $ 0.81 | $ 0.77 | $ 0.71 | $ 0.72 | $ 2.71 | $ 3.01 | $ 2.53 |
Note 19 - Subordinated Debent_3
Note 19 - Subordinated Debentures (Details Textual) | Jan. 26, 2016USD ($) | Jun. 01, 2014USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Number of Business Trusts | 5 | |||
Business Combination Debt Assumed Number of Trusts | 4 | |||
Fair Value Discount of Subordinated Debentures Related to Assumed Business Trusts at Time af Merger | $ 15,000,000 | |||
Amortization of Fair Value Discount Related to Subordinated Debentures of Assumed Business Trusts | $ 700,000 | |||
Amortization Period of Fair Value Discount Related to Subordinated Debentures of Assumed Business Trusts (Year) | 21 years 6 months | |||
Preferred Securities of Subsidiary Trust | $ 45,500,000 | $ 44,800,000 | ||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Total | 47,563,000 | $ 46,881,000 | ||
Mercantile Bank Capital Trust I [Member] | ||||
Preferred Securities of Subsidiary Trust | $ 32,000,000 | $ 21,000,000 | ||
Payments for Repurchase of Trust Preferred Securities | 11,000,000 | |||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Total | 21,000,000 | |||
Fund [Member] | Mercantile Bank Capital Trust I [Member] | ||||
Preferred Securities of Subsidiary Trust | $ 11,000,000 |
Note 19 - Subordinated Debent_4
Note 19 - Subordinated Debentures - Business Trusts (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 26, 2016 | |
Preferred securities outstanding | $ 45,500,000 | $ 44,800,000 | |
Mercantile Bank Capital Trust I [Member] | |||
Preferred securities outstanding | $ 21,000,000 | $ 32,000,000 | |
Mercantile Bank Capital Trust I [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest rate margin | 2.18% | ||
Firstbank Capital Trust I [Member] | |||
Preferred securities outstanding | $ 10,000,000 | ||
Firstbank Capital Trust I [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest rate margin | 1.99% | ||
Firstbank Capital Trust II [Member] | |||
Preferred securities outstanding | $ 10,000,000 | ||
Firstbank Capital Trust II [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest rate margin | 1.27% | ||
Firstbank Capital Trust III [Member] | |||
Preferred securities outstanding | $ 7,500,000 | ||
Firstbank Capital Trust III [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest rate margin | 1.35% | ||
Firstbank Capital Trust IV [Member] | |||
Preferred securities outstanding | $ 7,500,000 | ||
Firstbank Capital Trust IV [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest rate margin | 1.35% |
Note 20 - Regulatory Matters (D
Note 20 - Regulatory Matters (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Mar. 17, 2021 | Jan. 14, 2021 | Dec. 16, 2020 | Oct. 15, 2020 | Sep. 16, 2020 | Jul. 16, 2020 | Jun. 17, 2020 | Apr. 16, 2020 | Mar. 18, 2020 | Jan. 16, 2020 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | May 31, 2019 | Dec. 31, 2009 |
Capital Conservation Buffer | 2.50% | 2.50% | ||||||||||||||
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy to Risk Weighted Assets | 0.070 | 0.070 | ||||||||||||||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.085 | 0.085 | ||||||||||||||
Capital Required for Capital Adequacy to Risk Weighted Assets | 0.105 | 0.105 | ||||||||||||||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 85.7 | $ 85.7 | ||||||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.28 | $ 0.28 | $ 0.28 | $ 0.28 | ||||||||||||
Stock Repurchase Program, Authorized Amount | $ 20 | |||||||||||||||
Stock Repurchased During Period, Shares (in shares) | 14,000 | 222,000 | ||||||||||||||
Stock Repurchased During Period, Value | $ 0.3 | $ 6.3 | ||||||||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 22.05 | $ 28.25 | ||||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 10 | 10 | ||||||||||||||
Preferred Securities of Subsidiary Trust | 45.5 | $ 45.5 | $ 44.8 | |||||||||||||
Maximum Restricted Core Element Allowed in Tier One Capital Percent | 25.00% | |||||||||||||||
Maximum Level of Consolidated Aggregate Assets Allowing for Inclusion of Trust Preferred Securities in Tier One Capital | $ 15,000 | |||||||||||||||
Trust Preferred Securities Included in Tier One Capital | $ 45.5 | $ 45.5 | $ 44.8 | |||||||||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.28 | $ 0.28 | $ 0.28 | $ 0.28 | ||||||||||||
Forecast [Member] | ||||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.29 | |||||||||||||||
Subsequent Event [Member] | ||||||||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.29 |
Note 20 - Regulatory Matters -
Note 20 - Regulatory Matters - Actual Capital Levels and Minimum Levels (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Total capital minimum required for capital adequacy, ratio | 0.105 | |
Tier 1 capital minimum required for capital adequacy, ratio | 0.085 | |
Common equity tier 1 capital minimum required for capital adequacy, ratio | 0.070 | |
Consolidated Entities [Member] | ||
Total capital, amount | $ 468,113 | $ 429,038 |
Total capital, ratio | 0.138 | 0.131 |
Total capital minimum required for capital adequacy, amount | $ 271,325 | $ 262,141 |
Total capital minimum required for capital adequacy, ratio | 0.080 | 0.080 |
Tier 1 capital, amount | $ 430,146 | $ 405,148 |
Tier 1 capital, ratio | 0.127 | 0.124 |
Tier 1 capital minimum required for capital adequacy, amount | $ 203,494 | $ 196,606 |
Tier 1 capital minimum required for capital adequacy, ratio | 0.060 | 0.060 |
Common equity tier 1, amount | $ 384,658 | $ 360,342 |
Common equity tier 1, ratio | 0.113 | 0.110 |
Common equity tier 1 minimum required for capital adequacy, amount | $ 152,621 | $ 147,454 |
Common equity tier 1 capital minimum required for capital adequacy, ratio | 0.045 | 0.045 |
Tier 1 capital to average assets, amount | $ 430,146 | $ 405,148 |
Tier 1 capital to average assets, ratio | 0.098 | 0.113 |
Tier 1 capital to average assets, minimum required for capital adequacy, amount | $ 176,053 | $ 143,689 |
Tier 1 capital to average assets minimum required for capital adequacy, ratio | 0.040 | 0.040 |
Bank [Member] | ||
Total capital, amount | $ 457,203 | $ 424,917 |
Total capital, ratio | 0.135 | 0.130 |
Total capital minimum required for capital adequacy, amount | $ 271,196 | $ 262,088 |
Total capital minimum required for capital adequacy, ratio | 0.080 | 0.080 |
Total capital to be well capitalized, amount | $ 338,995 | $ 327,610 |
Total capital to be well capitalized, ratio | 0.100 | 0.100 |
Tier 1 capital, amount | $ 419,236 | $ 401,027 |
Tier 1 capital, ratio | 0.124 | 0.122 |
Tier 1 capital minimum required for capital adequacy, amount | $ 203,397 | $ 196,566 |
Tier 1 capital minimum required for capital adequacy, ratio | 0.060 | 0.060 |
Tier 1 capital to be well capitalized, amount | $ 271,196 | $ 262,088 |
Tier 1 capital to be well capitalized, ratio | 0.080 | 0.080 |
Common equity tier 1, amount | $ 419,236 | $ 401,027 |
Common equity tier 1, ratio | 0.124 | 0.122 |
Common equity tier 1 minimum required for capital adequacy, amount | $ 152,548 | $ 147,425 |
Common equity tier 1 capital minimum required for capital adequacy, ratio | 0.045 | 0.045 |
Common equity tier 1 capital to be well capitalized, amount | $ 220,347 | $ 212,947 |
Common equity tier 1 capital to be well capitalized, ratio | 0.065 | 0.065 |
Tier 1 capital to average assets, amount | $ 419,236 | $ 401,027 |
Tier 1 capital to average assets, ratio | 0.095 | 0.112 |
Tier 1 capital to average assets, minimum required for capital adequacy, amount | $ 175,999 | $ 143,670 |
Tier 1 capital to average assets minimum required for capital adequacy, ratio | 0.040 | 0.040 |
Tier 1 capital to average assets to be well capitalized, amount | $ 219,999 | $ 179,588 |
Tier 1 capital to average assets to be well capitalized, ratio | 0.050 | 0.050 |
Note 21 - Accumulated Other C_2
Note 21 - Accumulated Other Comprehensive Income (Loss) (Details Textual) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax, Total | $ 5.5 | $ 3.7 |
Note 22 - Quarterly Financial_3
Note 22 - Quarterly Financial Data (Unaudited) - Quarterly Financial Data (Unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest income | $ 37,620,000 | $ 35,594,000 | $ 37,164,000 | $ 37,935,000 | $ 39,564,000 | $ 40,316,000 | $ 39,820,000 | $ 38,637,000 | $ 148,313,000 | $ 158,337,000 | $ 141,981,000 |
Net interest income | 31,849,000 | 29,509,000 | 30,571,000 | 30,317,000 | 31,168,000 | 31,605,000 | 31,116,000 | 30,645,000 | 122,246,000 | 124,534,000 | 120,082,000 |
Net income | $ 14,082,000 | $ 10,686,000 | $ 8,697,000 | $ 10,673,000 | $ 13,317,000 | $ 12,600,000 | $ 11,715,000 | $ 11,824,000 | $ 44,138,000 | $ 49,456,000 | $ 42,024,000 |
Earnings per share basic (in dollars per share) | $ 0.86 | $ 0.66 | $ 0.54 | $ 0.65 | $ 0.81 | $ 0.77 | $ 0.71 | $ 0.72 | $ 2.71 | $ 3.01 | $ 2.53 |
Earnings per share diluted (in dollars per share) | $ 0.86 | $ 0.66 | $ 0.54 | $ 0.65 | $ 0.81 | $ 0.77 | $ 0.71 | $ 0.72 | $ 2.71 | $ 3.01 | $ 2.53 |
Note 23 - Mercantile Bank Cor_3
Note 23 - Mercantile Bank Corporation (Parent Company Only) Condensed Financial Statements - Condensed Balance Sheets (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||||
Other assets | $ 44,599,000 | $ 32,812,000 | ||
Total assets | 4,437,344,000 | 3,632,915,000 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Liabilities | 3,995,790,000 | 3,216,354,000 | ||
Subordinated debentures | 47,563,000 | 46,881,000 | ||
Shareholders’ equity | 441,554,000 | 416,561,000 | $ 375,249,000 | $ 365,870,000 |
Total liabilities and shareholders’ equity | 4,437,344,000 | 3,632,915,000 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 12,746,000 | 6,045,000 | $ 9,653,000 | $ 9,704,000 |
Investment in bank subsidiary | 458,830,000 | 439,946,000 | ||
Other assets | 18,934,000 | 18,032,000 | ||
Total assets | 490,510,000 | 464,023,000 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Liabilities | 1,393,000 | 581,000 | ||
Subordinated debentures | 47,563,000 | 46,881,000 | ||
Shareholders’ equity | 441,554,000 | 416,561,000 | ||
Total liabilities and shareholders’ equity | $ 490,510,000 | $ 464,023,000 |
Note 23 - Mercantile Bank Cor_4
Note 23 - Mercantile Bank Corporation (Parent Company Only) Condensed Financial Statements - Condensed Statements of Income (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income | |||||||||||
Interest and dividends from subsidiaries | $ 37,620,000 | $ 35,594,000 | $ 37,164,000 | $ 37,935,000 | $ 39,564,000 | $ 40,316,000 | $ 39,820,000 | $ 38,637,000 | $ 148,313,000 | $ 158,337,000 | $ 141,981,000 |
Expenses | |||||||||||
Interest expense | 26,067,000 | 33,803,000 | 21,899,000 | ||||||||
Income before income tax benefit and equity in undistributed net income of subsidiary | 54,848,000 | 60,460,000 | 51,822,000 | ||||||||
Federal income tax benefit | 10,710,000 | 11,004,000 | 9,798,000 | ||||||||
Net income | $ 14,082,000 | $ 10,686,000 | $ 8,697,000 | $ 10,673,000 | $ 13,317,000 | $ 12,600,000 | $ 11,715,000 | $ 11,824,000 | 44,138,000 | 49,456,000 | 42,024,000 |
Comprehensive income | 45,929,000 | 61,390,000 | 38,646,000 | ||||||||
Parent Company [Member] | |||||||||||
Income | |||||||||||
Interest and dividends from subsidiaries | 32,588,000 | 22,246,000 | 33,832,000 | ||||||||
Total income | 32,588,000 | 22,246,000 | 33,832,000 | ||||||||
Expenses | |||||||||||
Interest expense | 2,268,000 | 3,153,000 | 2,999,000 | ||||||||
Other operating expenses | 4,441,000 | 4,804,000 | 4,424,000 | ||||||||
Total expenses | 6,709,000 | 7,957,000 | 7,423,000 | ||||||||
Income before income tax benefit and equity in undistributed net income of subsidiary | 25,879,000 | 14,289,000 | 26,409,000 | ||||||||
Federal income tax benefit | (1,173,000) | (1,718,000) | (1,610,000) | ||||||||
Equity in undistributed net income of subsidiary | 17,086,000 | 33,449,000 | 14,005,000 | ||||||||
Net income | 44,138,000 | 49,456,000 | 42,024,000 | ||||||||
Comprehensive income | $ 45,929,000 | $ 61,390,000 | $ 38,646,000 |
Note 23 - Mercantile Bank Cor_5
Note 23 - Mercantile Bank Corporation (Parent Company Only) Condensed Financial Statements - Condensed Statement of Cash Flows (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | |||||||||||
Net income | $ 14,082,000 | $ 10,686,000 | $ 8,697,000 | $ 10,673,000 | $ 13,317,000 | $ 12,600,000 | $ 11,715,000 | $ 11,824,000 | $ 44,138,000 | $ 49,456,000 | $ 42,024,000 |
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||
Stock-based compensation expense | 2,325,000 | 2,931,000 | 2,410,000 | ||||||||
Stock grants to directors for retainer fees | 394,000 | 375,000 | 441,000 | ||||||||
Other assets | (10,892,000) | (7,636,000) | (2,193,000) | ||||||||
Accrued interest and other liabilities | 1,895,000 | (2,818,000) | 11,029,000 | ||||||||
Cash flows from investing activities | |||||||||||
Net cash for investing activities | (398,806,000) | (92,838,000) | (210,480,000) | ||||||||
Cash flows from financing activities | |||||||||||
Proceeds from stock option exercises, net of cashless exercises | 3,000 | 128,000 | 108,000 | ||||||||
Employee stock purchase plan | 49,000 | 50,000 | 52,000 | ||||||||
Dividend reinvestment plan | 814,000 | 729,000 | 1,165,000 | ||||||||
Repurchases of common stock | (6,591,000) | (7,183,000) | (5,943,000) | ||||||||
Payment of cash dividends to common shareholders | (17,930,000) | (17,108,000) | (27,500,000) | ||||||||
Net cash for financing activities | 753,204,000 | 206,448,000 | 23,996,000 | ||||||||
Parent Company [Member] | |||||||||||
Cash flows from operating activities | |||||||||||
Net income | 44,138,000 | 49,456,000 | 42,024,000 | ||||||||
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||
Equity in undistributed net income of subsidiary | (17,086,000) | (33,449,000) | (14,005,000) | ||||||||
Stock-based compensation expense | 2,325,000 | 2,931,000 | 2,410,000 | ||||||||
Stock grants to directors for retainer fees | 394,000 | 375,000 | 441,000 | ||||||||
Other assets | (227,000) | 2,387,000 | 1,384,000 | ||||||||
Accrued interest and other liabilities | 812,000 | (1,924,000) | (187,000) | ||||||||
Net cash from operating activities | 30,356,000 | 19,776,000 | 32,067,000 | ||||||||
Cash flows from investing activities | |||||||||||
Net capital investment into subsidiaries | 0 | 0 | 0 | ||||||||
Net cash for investing activities | 0 | 0 | 0 | ||||||||
Cash flows from financing activities | |||||||||||
Proceeds from stock option exercises, net of cashless exercises | 3,000 | 128,000 | 108,000 | ||||||||
Employee stock purchase plan | 49,000 | 50,000 | 52,000 | ||||||||
Dividend reinvestment plan | 814,000 | 729,000 | 1,165,000 | ||||||||
Repurchases of common stock | (6,591,000) | (7,183,000) | (5,943,000) | ||||||||
Payment of cash dividends to common shareholders | (17,930,000) | (17,108,000) | (27,500,000) | ||||||||
Net cash for financing activities | (23,655,000) | (23,384,000) | (32,118,000) | ||||||||
Net change in cash and cash equivalents | 6,701,000 | (3,608,000) | (51,000) | ||||||||
Cash and cash equivalents at beginning of period | $ 6,045,000 | $ 9,653,000 | 6,045,000 | 9,653,000 | 9,704,000 | ||||||
Cash and cash equivalents at end of period | $ 12,746,000 | $ 6,045,000 | $ 12,746,000 | $ 6,045,000 | $ 9,653,000 |