0001193125-13-280564.txt : 20130813 0001193125-13-280564.hdr.sgml : 20130813 20130702113855 ACCESSION NUMBER: 0001193125-13-280564 CONFORMED SUBMISSION TYPE: CORRESP PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20130702 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MERCANTILE BANK CORP CENTRAL INDEX KEY: 0001042729 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 383360865 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 310 LEONARD STREET NW CITY: GRAND RAPIDS STATE: MI ZIP: 49504 BUSINESS PHONE: 616 406-3000 MAIL ADDRESS: STREET 1: 310 LEONARD STREET NW CITY: GRAND RAPIDS STATE: MI ZIP: 49504 CORRESP 1 filename1.htm CORRESP

LOGO

July 2, 2013

John P. Nolan

Senior Assistant Chief Accountant

Securities and Exchange Commission

Washington, D.C. 20549

 

Re: Mercantile Bank Corporation

Form 10-K for the Year Ended December 31, 2012

Filed March 14, 2013

File No. 000-26719

Dear Mr. Nolan:

On behalf of Mercantile Bank Corporation (the “Company”), I write to respond to the comments contained in your letter to the Company dated June 19, 2013, related to the above-referenced report. For your ease of reference, your comment, followed by the Company’s response is set forth below.

FORM 10-K FOR THE FISCAL PERIOD ENDED DECEMBER 31, 2012

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Financial Condition, page F-7

Commission Comment:

 

  1. Please provide us with and revise in future filings, the nonperforming assets table on page F-11, to separately disclose nonaccrual loans and other real estate owned by property type for each of the periods presented. Please also disclose the amount of both performing and nonperforming troubled debt restructurings for the periods presented as well. We reference Item III C. of Statistical Guide 3.

Company Response:

We have provided the requested information regarding nonperforming assets and performing and nonperforming troubled debt restructurings in the attached Exhibit A. In future filings we will revise the nonperforming assets table to separately disclose nonaccrual loans and other real estate owned by property type for each of the periods presented. In future filings, we will also disclose the amount of both performing and nonperforming troubled debt restructurings for the periods presented.

 

310 LEONARD ST. NW    GRAND RAPIDS, MI 49504    616.406.3000    FAX 616.726.1203

www.mercbank.com

Commission Comment:

 

  2. Further, the table which addresses the reconciliation of nonperforming assets on page F-11 should be revised in future filings, to present the activity for nonperforming loans and other real estate owned separately for the periods presented.

Company Response:

As requested, we will revise the table which addresses the reconciliation of nonperforming assets to present the activity for nonperforming loans and other real estate owned separately for the periods presented in future filings.

Commission Comment:

 

  3. Please provide us and revise in future filings, to also include the coverage ratio of the allowance for loan losses to nonperforming loans for each of the periods presented.

Company Response:

We have provided the requested information regarding the coverage ratio of the allowance for loan losses to nonperforming loans in the attached Exhibit B. We will also include the coverage ratio of the allowance for loan losses to nonperforming loans for each of the periods presented in future filings.

Notes to Consolidated Financial Statements

Note 3 – Loans and Allowance for Loan Losses, page F-71

Commission Comment:

 

  4. Please provide us and revise in future filings to address the following as it relates to troubled debt restructurings:

 

  •  

Revise to include a rollforward of activity for troubled debt restructurings for each period presented; and

 

  •  

Disclose the amount of any allowance for loan loss allocated to these loans for the periods presented.

Company Response:

We have provided the requested information regarding troubled debt restructurings in the attached Exhibit C. We will also include the requested information for the periods presented in future filings.

 

2

We have included the requested acknowledgement as Addendum 1. We trust that this response satisfactorily addresses your comments. However, should you have any further questions, comments or concerns regarding this response, please contact the undersigned via phone at (616) 726-1202 or email at CChristmas@MercBank.com.

 

Sincerely,
MERCANTILE BANK CORPORATION

/s/ Charles Christmas

Charles Christmas
Chief Financial Officer and Treasurer

Enclosure

 

3

Addendum 1

In connection with the Company’s response to the Staff’s letter of June 19, 2013 containing the Staff’s comments regarding the Form 10-K for the fiscal period ended December 31, 2012, filed on March 14, 2013, the Company acknowledges that:

 

  •  

the Company is responsible for the adequacy and accuracy of the disclosure in the filing;

 

  •  

staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and

 

  •  

the Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.

 

MERCANTILE BANK CORPORATION

/s/ Charles Christmas

Charles Christmas
Chief Financial Officer and Treasurer

Exhibit A

NONPERFORMING LOANS

 

     12/31/12      12/31/11      12/31/10      12/31/09      12/31/08  

Residential Real Estate:

               

Land Development

    $ 1,188,000       $ 1,179,000       $ 11,775,000       $ 13,852,000       $ 12,910,000   

Construction

      319,000         686,000         1,037,000         10,229,000         11,040,000   

Owner Occupied / Rental

      4,321,000         6,018,000         9,149,000         6,399,000         2,800,000   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
     5,828,000         7,883,000         21,961,000         30,480,000         26,750,000   

Commercial Real Estate:

               

Land Development

      737,000         1,661,000         2,044,000         2,509,000         1,163,000   

Construction

      0         409,000         0         1,268,000         0   

Owner Occupied

      2,577,000         8,133,000         11,629,000         14,463,000         5,440,000   

Non-Owner Occupied

      9,093,000         23,914,000         25,428,000         26,747,000         10,811,000   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
     12,407,000         34,117,000         39,101,000         44,987,000         17,414,000   

Non-Real Estate:

               

Commercial Assets

      734,000         3,060,000         8,221,000         9,583,000         5,109,000   

Consumer Assets

      1,000         14,000         161,000         0         30,000   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
     735,000         3,074,000         8,382,000         9,583,000         5,139,000   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 18,970,000       $ 45,074,000       $ 69,444,000       $ 85,050,000       $ 49,303,000   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

OTHER REAL ESTATE OWNED & REPOSSESSED ASSETS

 

     12/31/12      12/31/11      12/31/10      12/31/09      12/31/08  

Residential Real Estate:

               

Land Development

    $ 1,174,000       $ 4,300,000       $ 2,772,000       $ 5,870,000       $ 1,363,000   

Construction

      157,000         711,000         1,296,000         1,874,000         0   

Owner Occupied / Rental

      491,000         1,120,000         305,000         1,094,000         1,360,000   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
     1,822,000         6,131,000         4,373,000         8,838,000         2,723,000   

Commercial Real Estate:

               

Land Development

      52,000         450,000         410,000         462,000         1,071,000   

Construction

      0         0         0         0         0   

Owner Occupied

      957,000         2,509,000         3,111,000         5,455,000         1,055,000   

Non-Owner Occupied

      4,139,000         6,192,000         8,781,000         11,670,000         3,244,000   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
     5,148,000         9,151,000         12,302,000         17,587,000         5,370,000   

Non-Real Estate:

               

Commercial Assets

      0         0         0         175,000         25,000   

Consumer Assets

      0         0         0         8,000         0   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
     0         0         0         183,000         25,000   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 6,970,000       $ 15,282,000       $ 16,675,000       $ 26,608,000       $ 8,118,000   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

A-1

TROUBLED DEBT RESTRUCTURINGS

 

     12/31/12      12/31/11      12/31/10      12/31/09      12/31/08  

Performing

    $ 38,148,000       $ 26,155,000       $ 12,263,000       $ 2,988,000       $ 0   

Nonperforming

      12,612,000         14,508,000         19,050,000         33,017,000         0   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 50,760,000       $ 40,663,000       $ 31,313,000       $ 36,005,000       $ 0   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

A-2

Exhibit B

 

     12/31/12     12/31/11     12/31/10     12/31/09     12/31/08  

Ratio of allowance to nonperforming loans

      151.17 %      81.05 %      65.33 %      56.29 %      54.98 % 

 

B-1

Exhibit C

Activity for loans categorized as troubled debt restructurings for the year-ended December 31, 2012 is as follows:

 

     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

      4,575,000        5,078,000        6,183,000        12,037,000        12,626,000   

Charge-Offs

      (489,000 )      (63,000 )      (421,000 )      (695,000 )      (2,116,000 ) 

Payments

      (2,635,000 )      (1,966,000 )      (3,314,000 )      (1,668,000 )      (7,328,000 ) 

Transfers to ORE

      (45,000 )      0        (65,000 )      (1,045,000 )      (186,000 ) 

Additions

      1,281,000        0        1,733,000        29,043,000        86,000   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending Balance

    $ 2,687,000      $ 3,049,000      $ 4,116,000      $ 37,672,000      $ 3,082,000   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

     Retail
Home Equity
and Other		      Retail 1-4
Family
Mortgages		  

Retail Loan Portfolio:

      

Beginning Balance

    $ 0       $ 164,000   

Charge-Offs

      0         0   

Payments

      0         (10,000 ) 

Transfers to ORE

      0         0   

Additions

      0         0   
  

 

 

     

 

 

  

Ending Balance

    $ 0       $ 154,000   
  

 

 

     

 

 

  

 

C-1

Activity for loans categorized as troubled debt restructurings for the year-ended December 31, 2011 is as follows:

 

     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

      850,000        10,459,000        2,589,000        9,330,000        8,085,000   

Charge-Offs

      (850,000 )      (2,429,000 )      0        (1,195,000 )      (21,000 ) 

Payments

      0        (2,900,000 )      (2,477,000 )      (3,613,000 )      (329,000 ) 

Transfers to ORE

      0        (5,130,000 )      0        0        0   

Additions

      4,575,000        5,078,000        6,071,000        7,515,000        4,891,000   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending Balance

    $ 4,575,000      $ 5,078,000      $ 6,183,000      $ 12,037,000      $ 12,626,000   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

     Retail
Home Equity
and Other		      Retail
1-4 Family
Mortgages		  

Retail Loan Portfolio:

      

Beginning Balance

    $ 0       $ 0   

Charge-Offs

      0         0   

Payments

      0         0   

Transfers to ORE

      0         0   

Additions

      0         164,000   
  

 

 

     

 

 

  

Ending Balance

    $ 0       $ 164,000   
  

 

 

     

 

 

  

 

C-2

The allowance related to loans categorized as troubled debt restructurings was as follows:

 

     December 31,
2012		      December 31,
2011		  

Commercial:

      

Commercial and industrial

    $ 772,000       $ 514,000   

Vacant land, land development, and residential construction

      713,000         1,672,000   

Real estate – owner occupied

      1,116,000         1,418,000   

Real estate – non-owner occupied

      9,751,000         1,773,000   

Real estate – multi-family and residential rental

      745,000         5,855,000   
  

 

 

     

 

 

  

Total commercial

      13,097,000         11,232,000   

Retail:

      

Home equity and other

      0         0   

1-4 family mortgages

      0         0   
  

 

 

     

 

 

  

Total retail

      0         0   
  

 

 

     

 

 

  

Total related allowance

    $ 13,097,000       $ 11,232,000   
  

 

 

     

 

 

  

 

C-3

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