Highest-materiality recent filing
Mercantile Bank shareholders vote to elect directors, ratify auditor, approve say-on-pay
All 12 director nominees elected; votes for ranged from 10,683,738 to 10,917,759.
Mercantile Bank Q1 net income $22.7M ($1.32 diluted); adjusted EPS $1.46, revenue up 18% YoY
GAAP net income $22.7M ($1.32 diluted) vs $19.5M ($1.21) a year ago; adjusted net income $25.2M ($1.46).
Mercantile Bank adopts 2026 exec bonus plan with $1.2M target pool, six metrics
Target bonus pool $1,206,725; max pool $1,810,087 (150% of target).
Mercantile Bank amends Q4 2025 earnings presentation to correct 2026 overhead and fee income slide
Amendment corrects error on slide 26: overhead costs for Q1-Q4 2026 and fee income for Q3-Q4 2026.
Mercantile Bank Q4 2025 EPS $1.40, up 15% YoY; acquires Eastern Michigan Bank with $572M assets
Net income Q4 $22.8M ($1.40 EPS) vs $19.6M ($1.22 EPS) a year ago; full year $88.8M ($5.47 EPS) vs $79.6M ($4.93 EPS).
Mercantile Bank closes merger with Eastern Michigan Financial for $32.32/share + 0.7116 shares
Merger completed Dec 31, 2025; Eastern shareholders get $32.32 + 0.7116 MBWM shares per share.
EFIN shareholders approve merger with Mercantile Bank; close expected Dec 31, 2025
At special meeting Dec 19, 2025, EFIN shareholders voted to approve merger with Mercantile Bank Corporation.
Mercantile gets final regulatory nod for Eastern Michigan merger; close set for Dec 31
Federal Reserve Bank of Chicago approved merger; all required regulatory approvals now received.
Mercantile Bank Q3 net income $23.8M ($1.46 EPS), up from $19.6M YoY; NIM stable at 3.50%
Net revenue $62.4M (+7.6% YoY) on net interest income $52.0M (+7.7%) and noninterest income $10.4M.
Mercantile Bank Corporation announces merger with Eastern Michigan Financial and Q2 2025 results
Merged with Eastern Michigan Financial Corporation in a deal valued at approximately $95.8 million.
Mercantile Bank Q2 EPS $1.39 vs $1.17; Announces $95.8M Merger with Eastern Michigan Financial
Q2 2025 net income $22.6M ($1.39 diluted EPS) vs $18.8M ($1.17) in Q2 2024; revenue $60.9M, up 7.4%.
Mercantile Bank shareholders elect all 11 directors, approve ESPP and auditor at annual meeting
All 11 director nominees elected with 9.5-9.8M votes for each; broker non-votes ~2.73M.
Mercantile Bank Q1 net income $19.5M ($1.21 EPS) down from $1.34 YoY; NII up 2.5%
Net income $19.5M ($1.21 diluted EPS) vs $21.6M ($1.34) in Q1 2024.
Mercantile Bank adopts 2025 executive bonus plan with metrics-based pool up to $1.6M
Target bonus pool $1,071,011; max $1,606,516 based on six financial metrics.
Mercantile Bank shifts 2025 executive stock grants: 35% time-based, 65% performance vs peer index
35% of 2025 restricted stock grants to executive officers will cliff vest in 3 years with no performance conditions; 65% tied to performance metrics.
Mercantile Bank Q4 net income down to $19.6M ($1.22); full-year EPS $4.93, declares higher dividend
Q4 2024 net income $19.6M ($1.22 diluted EPS) vs $20.0M ($1.25) in Q4 2023; full-year net income $79.6M ($4.93) vs $82.2M ($5.13).
Mercantile Bank expands board to 13, updates exec employment terms, names new officers
Board increased from 8 to 13; five new directors appointed effective Jan 1, 2025, including Dickinson, Jones, MacDonald, Schmidt, Williams.
Mercantile Bank adopts new deferred compensation plan for executives and directors
Adopted Nonqualified Deferred Compensation Plan #2, effective Jan 1, 2025, replacing prior plan.
Mercantile Bank Q3 2024 EPS $1.22; loans grow 10.3% annualized, deposits up 30%
Net income of $19.6M ($1.22 diluted EPS) vs $20.9M ($1.30) in Q3 2023; net revenue $58.0M.
Mercantile Bank Q2 net income $18.8M ($1.17 EPS); dividend increased
Net income $18.8M ($1.17 diluted EPS) vs $20.4M ($1.27) in Q2 2023; H1 net income $40.3M ($2.50) vs $41.3M ($2.58).
Mercantile Bank adopts 2024 executive bonus plan with $1.14M target pool
Target bonus pool $1,137,897; maximum $1,706,845 based on six performance metrics.
Robert Kaminski retired as President/CEO effective June 1, 2024; remains a director of Mercantile and Bank.
Mercantile Bank furnishes shareholder presentation for 2024 annual meeting
Presentation materials used at May 23, 2024 annual meeting; no financial results disclosed.
Mercantile Bank shareholders elect 8 directors, ratify auditor, approve say-on-pay at annual meeting
All eight director nominees elected; votes for ranged from 9.06M (Ramaker) to 9.80M (Sanchez).
Scott P. Setlock has been appointed as EVP, COO, and Secretary of Mercantile and as Secretary of the Bank.
Raymond E. Reitsma has resigned as Executive Vice President (“EVP”) and Chief Operating Officer (“COO”) of Mercantile, and has been appointed as President and CEO of Mercantile and CEO of the Bank.
Robert B. Kaminski, Jr. has retired as President and Chief Executive Officer (“CEO”) of Mercantile and as CEO of Mercantile’s wholly owned subsidiary, Mercantile Bank (the “Bank”).
Max materiality 0.90 · Median 0.60 · Most common event earnings