Mercantile Bank adopts 2024 executive bonus plan with $1.14M target pool

MERCANTILE BANK CORP

Target bonus pool $1,137,897; maximum $1,706,845 based on six performance metrics.
Metrics: EPS (25% weight), ROA (12.5%), NIM (12.5%), efficiency ratio (12.5%), NPA (12.5%), loans-to-deposits (25%).
Named executives: CEO Reitsma, CFO Christmas, COO Setlock, CHRO Hoover, retired CEO Kaminski, and two other officers.
CEO target bonus 60% of salary (max 90%); CFO target 40% (max 60%); retired CEO target 55% (max 82.5%).
Bonuses earned under plan to be paid on or before March 15, 2025; subject to clawback provisions.

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