MBWM · Mercantile Bank Corporation

Summary

Mercantile Bank Corporation and Mercantile Bank adopted the 2026 Executive Officer Bonus Plan on March 19, 2026, effective January 1, 2026, providing cash bonuses to six executive officers based on six 2026 financial metrics. The target bonus pool is $1,206,725, with a maximum of $1,810,087, allocated pro rata as a percentage of each officer's salary up to specified maximums.

Key takeaways

• Boards of Mercantile Bank Corporation and Mercantile Bank adopted the plan on 2026-03-19.
• Executives eligible: Raymond E. Reitsma (President/CEO), Charles E. Christmas (EVP/CFO), Mark S. Augustyn (EVP/Chief Commercial Banking Officer), Scott P. Setlock (EVP/COO/Secretary), Brett E. Hoover (EVP/Chief HR Officer), and one other.
• Target bonus pool: $1,206,725 if all metrics at Target Level.
• Maximum bonus pool: $1,810,087 (150% of target).
• Bonus metrics weights: Earnings per share (25.0% target/37.50% max), Return on assets (25.0%/37.50%), Net interest margin (12.5%/18.75%), Efficiency ratio (12.5%/18.75%), Non-performing assets (12.5%/18.75%), Loans-to-deposits (12.5%/18.75%).
• Maximum percentages of salary: CEO 90.0%, CFO/COO/Commercial Banking 60.0%, HR/Other 52.5%.