Mercantile Bank Corp. 2024 10-K: Cybersecurity Risks & Financials
Ticker: MBWM · Form: 10-K · Filed: Mar 3, 2025 · CIK: 1042729
Sentiment: neutral
Topics: 10-K, cybersecurity-risk, financials
TL;DR
Mercantile Bank Corp. 2024 10-K filed. Cybersecurity is a growing risk, but financials look solid with $6.6B assets.
AI Summary
Mercantile Bank Corp. filed its 2024 10-K on March 3, 2025, reporting its financial condition as of December 31, 2024. The company highlighted that while cybersecurity threats have not materially impacted them to date, the increasing sophistication of these threats poses an ongoing risk. They detailed various financial figures, including total assets of $6.616 billion and net income of $28.813 million for the fiscal year.
Why It Matters
This filing provides investors and stakeholders with a comprehensive overview of Mercantile Bank Corp.'s financial performance and the risks it faces, including the critical area of cybersecurity.
Risk Assessment
Risk Level: medium — The company explicitly mentions increasing cybersecurity threats as a significant risk factor that could materially affect its business.
Key Numbers
- $6.616B — Total Assets (As of December 31, 2024)
- $28.813M — Net Income (For the fiscal year ended December 31, 2024)
- $1.34 — EPS (Diluted) (For the fiscal year ended December 31, 2024)
- $40,000,000 — Total Equity (As of December 31, 2024)
- $16,146,374 — Total Liabilities (As of December 31, 2024)
Key Players & Entities
- Mercantile Bank Corp. (company) — Filer of the 10-K
- 2024-12-31 (date) — Fiscal year end
- 2025-03-03 (date) — Filing date
- $6.616 billion (dollar_amount) — Total assets
- $28.813 million (dollar_amount) — Net income
FAQ
What specific cybersecurity preventative actions has Mercantile Bank Corp. taken?
The filing states that preventative actions have been taken, but does not specify them, referring readers to Item 1A Risk Factors for more details.
Has Mercantile Bank Corp. experienced any material financial impact from cybersecurity threats to date?
No, the filing explicitly states that risks from cybersecurity threats or incidents have not materially affected the company to date.
What was Mercantile Bank Corp.'s net income for the fiscal year 2024?
Mercantile Bank Corp.'s net income for the fiscal year ended December 31, 2024, was $28.813 million.
What is the reported total asset value for Mercantile Bank Corp. as of December 31, 2024?
The total assets reported for Mercantile Bank Corp. as of December 31, 2024, were $6.616 billion.
Where is Mercantile Bank Corp. headquartered?
Mercantile Bank Corp. is headquartered at 310 Leonard Street NW, Grand Rapids, MI 49504.
Filing Details
This Form 10-K (Form 10-K) was filed with the SEC on March 3, 2025 regarding MERCANTILE BANK CORP (MBWM).