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MERCANTILE BANK CORP
American state commercial bank that raised $90 million in 2021 (SEC Form D).
Price unavailable
Last updated Oct 18, 2026.
Overview
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Credit and Debit Card brought in 39% of the revenue MERCANTILE BANK CORP broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Credit and Debit Card | $8.9M | $8.8M | $9.2M |
| Service Charges on Deposit and Sweep Accounts | $5.0M | $6.8M | $8.1M |
| Payroll Processing | $2.5M | $3.1M | $3.5M |
| Interest Rate Swap Fees | $3.9M | $3.2M | $2.0M |
| Customer Service | $801.0K | $797.0K | $876.0K |
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Loans, including fees | $291.4M | $291.9M | $252.4M |
| Securities, taxable | $17.5M | $9.9M | $7.6M |
| Securities, tax-exempt | $5.0M | $4.1M | $3.7M |
| Interest-earning deposits | $16.3M | $15.5M | $7.7M |
| Total interest income | $330.2M | $321.5M | $271.4M |
| Deposits | $102.5M | $101.4M | $55.4M |
| Short-term borrowings | $7.5M | $7.7M | $2.8M |
| Federal Home Loan Bank advances | $11.4M | $13.0M | $11.4M |
| Subordinated debentures and other borrowings | $7.8M | $8.3M | $8.2M |
| Total interest expense | $129.2M | $130.4M | $77.8M |
| Net interest income | $201.0M | $191.1M | $193.5M |
| Provision for credit losses | $3.2M | $7.4M | $7.7M |
| Net interest income after provision for credit losses | $197.8M | $183.7M | $185.8M |
| Mortgage banking activities | $13.0M | $12.3M | $7.6M |
| Earnings on bank owned life insurance | $3.3M | $2.6M | $1.5M |
| Other income | $2.5M | $3.6M | $2.7M |
| Total noninterest income | $41.6M | $40.4M | $32.1M |
| Salaries and benefits | $83.2M | $77.9M | $68.8M |
| Data processing | $15.3M | $13.8M | $11.6M |
| Occupancy | $8.5M | $8.6M | $9.2M |
| Furniture and equipment rent, depreciation and maintenance | $3.4M | $3.7M | $3.5M |
| FDIC insurance costs | $2.7M | $2.5M | $2.3M |
| Advertising | $1.7M | $1.6M | $1.6M |
| Charitable foundation contributions | $1.1M | $1.7M | $666.0K |
| Acquisition costs | $1.8M | $0 | $0 |
| Other expense | $18.4M | $15.9M | $17.8M |
| Total noninterest expense | $136.0M | $125.8M | $115.3M |
| Income before federal income tax expense | $103.5M | $98.3M | $102.7M |
| Federal income tax expense | $14.7M | $18.7M | $20.5M |
| Net income | $88.8M | $79.6M | $82.2M |
| Basic (in dollars per share) | $5.47 | $4.93 | $5.13 |
| Diluted (in dollars per share) | $5.47 | $4.93 | $5.13 |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and due from banks | $54.8M | $57.0M | ||
| Interest-earning deposits | $418.6M | $336.0M | ||
| Total cash and cash equivalents | $473.3M | $393.0M | ||
| Securities available for sale | $1.1B | $730.4M | ||
| Mortgage loans held for sale | $17.2M | $15.8M | ||
| Loans | $4.8B | $4.6B | ||
| Allowance for credit losses | -$58.2M | -$54.5M | -$49.9M | -$42.2M |
| Loans, net | $4.8B | $4.5B | ||
| Premises and equipment, net | $62.5M | $53.4M | ||
| Bank owned life insurance | $105.3M | $93.8M | ||
| Goodwill | $72.7M | $49.5M | ||
| Core deposit intangible | $20.4M | $0 | ||
| Other Assets | $218.0M | $169.9M | ||
| Total assets | $6.8B | $6.1B | ||
| Noninterest-bearing | $1.3B | $1.3B | ||
| Interest-bearing | $3.9B | $3.4B | ||
| Total deposits | $5.3B | $4.7B | ||
| Securities sold under agreements to repurchase | $232.3M | $121.5M | ||
| Federal Home Loan Bank advances | $326.2M | $387.1M | ||
| Subordinated debentures | $51.0M | $50.3M | ||
| Subordinated notes | $89.7M | $89.3M | ||
| Accrued interest and other liabilities | $96.7M | $121.0M | ||
| Total liabilities | $6.1B | $5.5B | ||
| Preferred stock, no par value; 1,000,000 shares authorized; 0 shares outstanding at December 31, 2025 and December 31, 2024 | $0 | $0 | ||
| Common stock, no par value; 40,000,000 shares authorized; 17,181,096 shares outstanding at December 31, 2025 and 16,146,374 shares outstanding at December 31, 2024 | $349.4M | $299.7M | ||
| Retained earnings | $399.4M | $334.6M | ||
| Accumulated other comprehensive gain/(loss) | -$24.0M | -$49.8M | -$50.5M | |
| Total shareholders equity | $724.9M | $584.5M | $522.1M | $441.4M |
| Total liabilities and shareholders equity | $6.8B | $6.1B | ||
| Preferred stock, par value (in dollars per share) | $0 | $0 | ||
| Preferred stock, shares authorized (in shares) | 1.0M shares | 1.0M shares | ||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in dollars per share) | $0 | $0 | ||
| Common stock, shares authorized (in shares) | 40.0M shares | 40.0M shares | ||
| Common stock, shares outstanding (in shares) | 17.2M shares | 16.1M shares | ||
| Common stock, shares issued (in shares) | 17.2M shares | 16.1M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and due from banks | $54.8M | $57.0M | ||
| Interest-earning deposits | $418.6M | $336.0M | ||
| Total cash and cash equivalents | $473.3M | $393.0M | ||
| Securities available for sale | $1.1B | $730.4M | ||
| Mortgage loans held for sale | $17.2M | $15.8M | ||
| Loans | $4.8B | $4.6B | ||
| Allowance for credit losses | -$58.2M | -$54.5M | -$49.9M | -$42.2M |
| Loans, net | $4.8B | $4.5B | ||
| Premises and equipment, net | $62.5M | $53.4M | ||
| Bank owned life insurance | $105.3M | $93.8M | ||
| Goodwill | $72.7M | $49.5M | ||
| Core deposit intangible | $20.4M | $0 | ||
| Other Assets | $218.0M | $169.9M | ||
| Total assets | $6.8B | $6.1B | ||
| Noninterest-bearing | $1.3B | $1.3B | ||
| Interest-bearing | $3.9B | $3.4B | ||
| Total deposits | $5.3B | $4.7B | ||
| Securities sold under agreements to repurchase | $232.3M | $121.5M | ||
| Federal Home Loan Bank advances | $326.2M | $387.1M | ||
| Subordinated debentures | $51.0M | $50.3M | ||
| Subordinated notes | $89.7M | $89.3M | ||
| Accrued interest and other liabilities | $96.7M | $121.0M | ||
| Total liabilities | $6.1B | $5.5B | ||
| Preferred stock, no par value; 1,000,000 shares authorized; 0 shares outstanding at December 31, 2025 and December 31, 2024 | $0 | $0 | ||
| Common stock, no par value; 40,000,000 shares authorized; 17,181,096 shares outstanding at December 31, 2025 and 16,146,374 shares outstanding at December 31, 2024 | $349.4M | $299.7M | ||
| Retained earnings | $399.4M | $334.6M | ||
| Accumulated other comprehensive gain/(loss) | -$24.0M | -$49.8M | -$50.5M | |
| Total shareholders equity | $724.9M | $584.5M | $522.1M | $441.4M |
| Total liabilities and shareholders equity | $6.8B | $6.1B | ||
| Preferred stock, par value (in dollars per share) | $0 | $0 | ||
| Preferred stock, shares authorized (in shares) | 1.0M shares | 1.0M shares | ||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in dollars per share) | $0 | $0 | ||
| Common stock, shares authorized (in shares) | 40.0M shares | 40.0M shares | ||
| Common stock, shares outstanding (in shares) | 17.2M shares | 16.1M shares | ||
| Common stock, shares issued (in shares) | 17.2M shares | 16.1M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $88.8M | $79.6M | $82.2M |
| Depreciation and amortization | $5.8M | $10.5M | $11.5M |
| Provision for credit losses | $3.2M | $7.4M | $7.7M |
| Deferred income tax expense (benefit) | $2.1M | -$397.0K | -$2.0M |
| Stock-based compensation expense | $3.5M | $3.3M | $3.4M |
| Stock grants to directors for retainer fees | $444.0K | $423.0K | $350.0K |
| Proceeds from sales of mortgage loans held for sale | $435.1M | $384.8M | $196.2M |
| Origination of mortgage loans held for sale | -$423.9M | -$370.2M | -$204.7M |
| Net gain on sales of mortgage loans held for sale | -$12.6M | -$11.8M | -$6.5M |
| Loss from sale of mortgage loans | $0 | $112.0K | $0 |
| Net gain from sales and valuation write-downs of foreclosed assets | $0 | -$290.0K | -$419.0K |
| Net (gain) loss from sale and write-downs on former bank premises | $0 | -$83.0K | $2.0K |
| Net loss from sales and disposals of premises and equipment | $24.0K | $13.0K | $471.0K |
| Earnings on bank owned life insurance | -$3.3M | -$2.6M | -$1.5M |
| Net (gain) loss on instruments designated at fair value and related derivatives | $63.0K | -$203.0K | $257.0K |
| Accrued interest receivable | -$130.0K | -$1.6M | -$4.3M |
| Change in other assets | -$59.1M | -$25.8M | -$30.2M |
| Change in other liabilities | -$22.0M | $27.9M | $14.3M |
| Net cash from operating activities | $18.0M | $101.1M | $66.6M |
| Purchases of securities available for sale | -$203.4M | -$173.6M | -$19.9M |
| Proceeds from maturities, calls and repayments of securities available for sale | $67.3M | $61.8M | $24.1M |
| Loan originations and payments, net | -$19.2M | -$309.8M | -$387.3M |
| Proceeds from sale of mortgage loans | $0 | $9.8M | $0 |
| Net cash received from acquisition of Eastern Michigan Financial Corp. | $53.6M | $0 | $0 |
| Purchases of Federal Home Loan Bank stock | $0 | $0 | -$3.8M |
| Purchases of bank owned life insurance | $0 | -$7.0M | -$3.5M |
| Proceeds from bank owned life insurance death benefit claims | $2.8M | $1.4M | $0 |
| Purchases of premises and equipment and lease activity | -$6.8M | -$8.5M | -$6.7M |
| Proceeds from sales of former bank premises | $0 | $283.0K | $598.0K |
| Proceeds from sales of foreclosed assets | $0 | $290.0K | $531.0K |
| Net cash for investing activities | -$105.7M | -$425.4M | -$395.9M |
| Net increase in time deposits | $5.0M | $159.7M | $422.8M |
| Net (decrease) increase in all other deposits | $106.1M | $637.7M | -$234.7M |
| Net (decrease) increase in securities sold under agreements to repurchase | $110.8M | -$108.2M | $35.4M |
| Proceeds from Federal Home Loan Bank advances | $20.0M | $10.0M | $240.0M |
| Maturities of Federal Home Loan Bank advances | -$80.9M | -$90.8M | -$80.4M |
| Employee stock purchase plan | $128.0K | $50.0K | $45.0K |
| Dividend reinvestment plan | $772.0K | $810.0K | $891.0K |
| Cash dividends on common stock | -$24.0M | -$22.5M | -$21.0M |
| Net cash from financing activities | $168.0M | $586.8M | $363.1M |
| Net change in cash and cash equivalents | $80.3M | $262.5M | $33.8M |
| Interest | $129.4M | $129.2M | $72.0M |
| Federal income taxes* | $44.8M | $21.4M | $24.9M |
| Transfers from loans to foreclosed assets | $0 | $0 | $112.0K |
| Transfers from bank premises to other real estate owned | $0 | $0 | $800.0K |
No quarter-by-quarter statement was filed.
Leadership
Who has led MERCANTILE BANK CORP, and when. Pick a name to see everywhere that person has worked.
Chief financial officer
Chief operating officer
2010201520202025
- Chief executive officerRaymond E. Reitsma Feb 10, 2025 to now11
- Chief executive officerRobert B. Kaminski Oct 24, 2017 to Feb 20, 202412
- Chief executive officerMichael H. Price Jul 17, 2007 to Dec 13, 201613
- ChairThomas R. Sullivan Jun 3, 2014 to Aug 18, 201514
- ChairMichael H. Price Jul 17, 2007 to Dec 4, 201713
- PresidentRobert B. Kaminski Oct 24, 2017 to Feb 20, 202412
- PresidentRaymond E. Reitsma Dec 4, 2017 to now15
- PresidentMichael H. Price Apr 20, 2006 to Dec 13, 201616
- Chief financial officerCharles E. Christmas Nov 20, 2006 to now17
- Chief operating officerScott P. Setlock Jan 2, 2024 to now18
- Chief operating officerRobert T. Worthington Dec 4, 2017 to Jan 3, 202219
- Chief operating officerRobert B. Kaminski Nov 21, 2007 to Nov 18, 201620
- Chief operating officerMichael H. Price Apr 20, 2006 to Nov 17, 200616
Board members and other officers (40)
- EVP & Chief Experience OfficerTara M. Randall Jan 7, 2025 to now21
- EVP&Chief Comm Banking OfficerMark S. Augustyn Jan 10, 2025 to now22
- SVP, Human Resources DirectorBrett Hoover Jan 9, 2023 to now23
- SVP, CRO, SECRETARY, AND GCRobert T. Worthington Jan 25, 2022 to Feb 20, 202424
- EXECUTIVE VICE PRESIDENTRaymond E. Reitsma Dec 21, 2020 to Feb 20, 202425
- SVP, Human Resources DirectorLonna Wiersma May 31, 2018 to Mar 4, 202226
- Executive VP & SecretaryRobert B. Kaminski May 26, 2006 to Nov 17, 200627
- Vice PresidentJohn R. Zimmerman Nov 20, 2006 to Nov 20, 200628
- Board memberSteven Schweihofer Jan 5, 2026 to now29
- Board memberJoseph D. Jones Jan 6, 2025 to now30
- Board memberRichard D. Macdonald Jan 6, 2025 to now31
- Board memberSara A. Schmidt Jan 6, 2025 to now32
- Board memberShoran R. Williams Jan 6, 2025 to now33
- Board memberThomas D. Dickinson Jan 6, 2025 to now34
- Board memberNelson F. Sanchez Mar 12, 2024 to now35
- Board memberAmy L. Sparks Oct 16, 2023 to now36
- Board memberDavid B. Ramaker Aug 31, 2020 to now37
- Board memberMichael S. Davenport Aug 31, 2020 to now38
- Board memberRaymond E. Reitsma Jan 10, 2017 to now39
- Board memberMichelle Larabee Eldridge Dec 27, 2016 to now40
- Board memberThomas R. Sullivan Sep 28, 2015 to Nov 28, 201841
- Board memberEdward B. Grant Jun 3, 2014 to May 28, 201942
- Board memberJeff A. Gardner Jun 3, 2014 to May 27, 202243
- Board memberRobert B. Kaminski Aug 31, 2012 to now44
- Board memberJohn F. Donnelly Oct 27, 2011 to Dec 3, 201245
- Board memberKirk Agerson Oct 27, 2011 to Dec 3, 201246
- Board memberMichael D. Faas Oct 27, 2011 to Dec 3, 201247
- Board memberRichard Earl Posthumus Oct 18, 2010 to Oct 28, 201048
- Board memberBetty S. Burton Jan 29, 2007 to Jan 27, 201049
- Board memberDavid M. Cassard Jul 16, 2007 to Jun 15, 202350
- Board memberCalvin D. Murdock Jul 20, 2007 to Jan 6, 201551
- Board memberDale J. Visser Jul 20, 2007 to Feb 10, 201152
- Board memberLawrence W. Larsen Jul 23, 2007 to Dec 3, 201253
- Board memberTimothy O. Schad Sep 14, 2007 to Dec 3, 201254
- Board memberSusan K. Jones Jan 18, 2006 to Dec 3, 201255
- Board memberDoyle A. Hayes Feb 7, 2006 to Dec 3, 201256
- Board memberMichael H. Price Apr 20, 2006 to now16
- Board memberEdward J. Clark Jun 20, 2006 to Jun 3, 202057
- Board memberMerle J. Prins Nov 14, 2006 to Feb 24, 200958
- General counselRobert T. Worthington Jun 1, 2016 to Nov 18, 201659
Timeline
Filings
286 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 54 major events, 166 insider forms, 14 large holders, 2 private raises, 30 other. The latest 20:
- Sep 29, 2026S-3ASR EDGAR
- Sep 25, 20268-K EDGAR
- Jul 31, 202610-Q EDGAR
- Jul 21, 20268-K EDGAR
- May 27, 20264 EDGAR
- May 27, 20264 EDGAR
- May 27, 20264 EDGAR
- May 27, 20264 EDGAR
- May 27, 20264 EDGAR
- May 27, 20264 EDGAR
- May 27, 20264 EDGAR
- May 27, 20264 EDGAR
- May 27, 20264 EDGAR
- May 27, 202611-K EDGAR
- May 27, 20264 EDGAR
- May 27, 20264 EDGAR
- May 21, 20268-K EDGAR
- May 15, 2026SCHEDULE 13G EDGAR
- May 1, 202610-Q EDGAR
- Apr 21, 20268-K EDGAR
The 286 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last three years, summarized. The full record is on SEC EDGAR.
Insider trades and holders
Large holders
Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 14 such filings since October 2021, the latest 10:
- May 15, 2026SCHEDULE 13G
- Mar 27, 2026SCHEDULE 13G/A
- Jan 21, 2026SCHEDULE 13G/A
- Jul 29, 2025SCHEDULE 13G/A
- Nov 12, 2024SC 13G/A
- Nov 4, 2024SC 13G/A
- Aug 7, 2024SC 13G/A
- Feb 9, 2024SC 13G/A
- Jan 24, 2024SC 13G/A
- Feb 10, 2023SC 13G/A
From Forms 4 and Schedules 13D and 13G filed with the SEC.
Money raised
Private offerings the company reported to the SEC on Form D.
- Dec 15, 2021Raised $90 million in a private offering of debt Form D: 44 investors so far Form D
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 14SEC EDGARThomas R. Sullivan, Chair
- 15SEC EDGARRaymond E. Reitsma, President
- 16SEC EDGARMichael H. Price, President
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- 28SEC EDGARJohn R. Zimmerman, Vice President
- 29SEC EDGARSteven Schweihofer, Board member
- 30SEC EDGARJoseph D. Jones, Board member
- 31SEC EDGARRichard D. Macdonald, Board member
- 32SEC EDGARSara A. Schmidt, Board member
- 33SEC EDGARShoran R. Williams, Board member
- 34SEC EDGARThomas D. Dickinson, Board member
- 35SEC EDGARNelson F. Sanchez, Board member
- 36SEC EDGARAmy L. Sparks, Board member
- 37SEC EDGARDavid B. Ramaker, Board member
- 38SEC EDGARMichael S. Davenport, Board member
- 39SEC EDGARRaymond E. Reitsma, Board member
- 40
- 41SEC EDGARThomas R. Sullivan, Board member
- 42SEC EDGAREdward B. Grant, Board member
- 43SEC EDGARJeff A. Gardner, Board member
- 44SEC EDGARRobert B. Kaminski, Board member
- 45SEC EDGARJohn F. Donnelly, Board member
- 46SEC EDGARKirk Agerson, Board member
- 47SEC EDGARMichael D. Faas, Board member
- 48SEC EDGARRichard Earl Posthumus, Board member
- 49SEC EDGARBetty S. Burton, Board member
- 50SEC EDGARDavid M. Cassard, Board member
- 51SEC EDGARCalvin D. Murdock, Board member
- 52SEC EDGARDale J. Visser, Board member
- 53SEC EDGARLawrence W. Larsen, Board member
- 54SEC EDGARTimothy O. Schad, Board member
- 55SEC EDGARSusan K. Jones, Board member
- 56SEC EDGARDoyle A. Hayes, Board member
- 57SEC EDGAREdward J. Clark, Board member
- 58SEC EDGARMerle J. Prins, Board member
- 59