Mercantile Bank Management
Management criteria checks 3/4
Mercantile Bank's CEO is Ray Reitsma, appointed in Jun 2024, has a tenure of less than a year. total yearly compensation is $1.14M, comprised of 42.7% salary and 57.3% bonuses, including company stock and options. directly owns 0.46% of the company’s shares, worth $3.31M. The average tenure of the management team and the board of directors is 1.4 years and 4.3 years respectively.
Key information
Ray Reitsma
Chief executive officer
US$1.1m
Total compensation
| CEO salary percentage | 42.7% |
| CEO tenure | less than a year |
| CEO ownership | 0.5% |
| Management average tenure | 1.4yrs |
| Board average tenure | 4.3yrs |
Recent management updates
Recent updates
A Great Quarter Is A Great Time To Downgrade Mercantile Bank Corporation
Oct 15Mercantile Bank's (NASDAQ:MBWM) Dividend Will Be Increased To $0.36
Aug 21
Mercantile Bank (NASDAQ:MBWM) Is Increasing Its Dividend To $0.36
Jul 19Mercantile Bank: Q2 2024 Earnings Spike The Price
Jul 17Mercantile Bank Corporation Just Beat EPS By 17%: Here's What Analysts Think Will Happen Next
Apr 19Mercantile Bank: A Fantastic Prospect For Investors To Bank On
Apr 14Mercantile Bank (NASDAQ:MBWM) Is Paying Out A Larger Dividend Than Last Year
Jan 22Earnings Update: Here's Why Analysts Just Lifted Their Mercantile Bank Corporation (NASDAQ:MBWM) Price Target To US$44.67
Jan 19Mercantile Bank: Analysis Of Q4 2023 Earnings, Maintain Hold
Jan 19Mercantile Bank (NASDAQ:MBWM) Will Pay A Larger Dividend Than Last Year At $0.34
Aug 28Mercantile Bank (NASDAQ:MBWM) Has Announced That It Will Be Increasing Its Dividend To $0.34
Aug 14Mercantile Bank (NASDAQ:MBWM) Will Pay A Larger Dividend Than Last Year At $0.34
Jul 21Mercantile Bank (NASDAQ:MBWM) Is Paying Out A Larger Dividend Than Last Year
Apr 21Mercantile Bank (NASDAQ:MBWM) Is Increasing Its Dividend To $0.33
Jan 20Mercantile Bank GAAP EPS of $1.01 beats by $0.03, revenue of $49.6M beats by $1.9M
Oct 18Mercantile Bank (NASDAQ:MBWM) Is Increasing Its Dividend To $0.32
Jul 22Mercantile Bank raises dividend by 3.2% to $0.32
Jul 19Mercantile Bank (NASDAQ:MBWM) Is Increasing Its Dividend To US$0.31
Jan 21CEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Sep 30 2024 | n/a | n/a | US$80m |
| Jun 30 2024 | n/a | n/a | US$81m |
| Mar 31 2024 | n/a | n/a | US$83m |
| Dec 31 2023 | US$1m | US$485k | US$82m |
| Sep 30 2023 | n/a | n/a | US$84m |
| Jun 30 2023 | n/a | n/a | US$79m |
| Mar 31 2023 | n/a | n/a | US$71m |
| Dec 31 2022 | US$962k | US$441k | US$61m |
| Sep 30 2022 | n/a | n/a | US$51m |
| Jun 30 2022 | n/a | n/a | US$50m |
| Mar 31 2022 | n/a | n/a | US$56m |
| Dec 31 2021 | US$871k | US$406k | US$59m |
| Sep 30 2021 | n/a | n/a | US$61m |
| Jun 30 2021 | n/a | n/a | US$57m |
| Mar 31 2021 | n/a | n/a | US$48m |
| Dec 31 2020 | US$782k | US$401k | US$44m |
| Sep 30 2020 | n/a | n/a | US$43m |
| Jun 30 2020 | n/a | n/a | US$45m |
| Mar 31 2020 | n/a | n/a | US$48m |
| Dec 31 2019 | US$734k | US$371k | US$49m |
| Sep 30 2019 | n/a | n/a | US$48m |
| Jun 30 2019 | n/a | n/a | US$45m |
| Mar 31 2019 | n/a | n/a | US$43m |
| Dec 31 2018 | US$677k | US$347k | US$42m |
| Sep 30 2018 | n/a | n/a | US$38m |
| Jun 30 2018 | n/a | n/a | US$37m |
| Mar 31 2018 | n/a | n/a | US$35m |
| Dec 31 2017 | US$614k | US$330k | US$31m |
Compensation vs Market: Ray's total compensation ($USD1.14M) is below average for companies of similar size in the US market ($USD3.21M).
Compensation vs Earnings: Ray's compensation has been consistent with company performance over the past year.
CEO
Ray Reitsma (61 yo)
less than a year
Tenure
US$1,135,848
Compensation
Mr. Raymond E. Reitsma, also known as Ray, has been the President of Mercantile Bank since January 1, 2017 and is its Chief Executive Officer from June 1, 2024. Mr. Reitsma served as Executive Vice Preside...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| President | less than a year | US$1.14m | 0.46% $ 3.3m | |
| Executive VP | 26.9yrs | US$813.08k | 0.72% $ 5.2m | |
| Executive VP & Chief Human Resource Officer | 1.9yrs | US$434.71k | 0.087% $ 625.9k | |
| Executive VP | less than a year | no data | 0.16% $ 1.2m | |
| Senior VP and Chief Compliance & Community Development Officer of Mercantile Bank | no data | no data | no data | |
| Chief Commercial Banking Officer of Mercantile Bank | no data | no data | no data | |
| Senior VP & Head of Risk Management Department | no data | no data | no data | |
| Executive VP & Senior Lending Officer of Mercantile Bank | no data | no data | no data | |
| Senior VP & Chief Retail Banking Officer of Mercantile Bank | no data | no data | no data | |
| Executive VP & Senior Lending Officer of Mercantile Bank | no data | no data | no data | |
| Senior VP & Chief Community Banking Officer of Mercantile Bank | no data | no data | no data | |
| Senior VP and Training & Marketing Director of Mercantile Bank | no data | no data | no data |
1.4yrs
Average Tenure
57.5yo
Average Age
Experienced Management: MBWM's management team is not considered experienced ( 1.4 years average tenure), which suggests a new team.
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| President | 1.2yrs | US$1.14m | 0.46% $ 3.3m | |
| Independent Director | 4.3yrs | US$64.67k | 0.078% $ 562.9k | |
| Independent Chairman | 27.9yrs | US$90.30k | 0.33% $ 2.4m | |
| Director | 8yrs | US$1.48m | 0.66% $ 4.8m | |
| Independent Director | 8yrs | US$68.58k | 0.11% $ 788.8k | |
| Lead Independent Director | 4.3yrs | US$62.39k | 0.058% $ 416.8k | |
| Independent Director | less than a year | no data | 0.020% $ 148.0k | |
| Independent Director | 1.2yrs | US$49.00k | 0.027% $ 191.6k |
4.3yrs
Average Tenure
60yo
Average Age
Experienced Board: MBWM's board of directors are considered experienced (4.3 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2024/12/30 06:09 |
| End of Day Share Price | 2024/12/30 00:00 |
| Earnings | 2024/09/30 |
| Annual Earnings | 2023/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .
Analyst Sources
Mercantile Bank Corporation is covered by 10 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Kevin Reevey | D.A. Davidson & Co. |
| Brendan Nosal | Hovde Group, LLC |
| Erik Zwick | Hovde Group, LLC |