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Mercantile Bank Executive Compensation (FY25)

MBWM · Executive and director compensation, fiscal 2023 to 2025
Data as of September 7, 2026Latest filing (8-K): May 21, 2026
196 figures on this page: 185 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
Raymond Reitsma was paid $1,769,983 in total compensation as President and Chief Executive Officer for fiscal 2025, and the company reported a chief executive pay ratio of 25:1 for fiscal 2025, against median employee compensation of $71,307. Separately, the say-on-pay proposal drew 97.0% of votes cast for or against in favor at the meeting held May 21, 2026 for fiscal 2025, and companies named in the disclosed peer group include 1st Source Corporation, Byline Bancorp, Inc., Community Trust Bancorp, Inc., Farmers National Banc Corp. and First Financial Corporation, among others. The fiscal 2025 disclosure covers 5 named executive officers.
Chief executive, fiscal 2025
◇
Raymond Reitsma
Latest say-on-pay support
=
May 21, 2026
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Raymond Reitsma: $1,181,790 → $1,769,983 (49.8% higher)
Say-on-pay support: 93.0% → 97.0% (4.0 points higher)
CEO pay ratio: 19.5:1 → 25:1 (28.0% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Mercantile Bank's chief executive and what were they paid?
Raymond Reitsma was paid $1,769,983 in total compensation as President and Chief Executive Officer for fiscal 2025. Reitsma's total was 49.8% higher than the $1,181,790 reported for fiscal 2024.
What was Mercantile Bank's say-on-pay result?
The say-on-pay proposal drew 97.0% of votes cast for or against in favor at the meeting held May 21, 2026 for fiscal 2025.
Which companies are in Mercantile Bank's peer group?
Companies named in the disclosed peer group include 1st Source Corporation, Byline Bancorp, Inc., Community Trust Bancorp, Inc., Farmers National Banc Corp. and First Financial Corporation, among others.
What is Mercantile Bank's chief executive pay ratio?
The company reported a chief executive pay ratio of 25:1 for fiscal 2025, against median employee compensation of $71,307.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Robert Kaminski
President and Chief Executive Officer of Mercantile, and Chief Executive Officer of the Bank
◇—◇—◇◇◇◇
Raymond Reitsma
Executive Vice President of Mercantile, and President of the Bank
◇—◇—◇—◇◇
Charles Christmas
Executive Vice President, Chief Financial Officer and Treasurer of Mercantile, and Executive Vice President and Chief Financial Officer of the Bank
◇—◇—◇—◇◇
Brett Hoover
Executive Vice President, Chief Human Resource Officer of Mercantile and the Bank
◇—◇—◇—◇◇
Robert Worthington
Senior Vice President, Chief Risk Officer, Secretary and General Counsel of Mercantile and the Bank
◇—◇—◇◇◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Raymond E. Reitsma
President and Chief Executive Officer
◇———◇—◇◇
Charles E. Christmas
Executive Vice President, Chief Financial Officer and Treasurer
◇———◇—◇◇
Mark S. Augustyn
Executive Vice President, Chief Commercial Banking Officer
◇———◇◇◇◇
Robert B. Kaminski
Former President and Chief Executive Officer
Departed during or after this year
◇—◇—◇◇◇◇
Scott P. Setlock
Executive Vice President, Chief Operating Officer and Secretary
◇———◇—◇◇
Brett E. Hoover
Executive Vice President, Chief Human Resource Officer
◇———◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Raymond Reitsma
President and Chief Executive Officer
◇—◇—◇—◇◇
Charles Christmas
Executive Vice President, Chief Financial Officer and Treasurer
◇—◇—◇—◇◇
Mark Augustyn
Executive Vice President, Chief Commercial Banking Officer
◇—◇—◇◇◇◇
Scott Setlock
Executive Vice President, Chief Operating Officer and Secretary
◇—◇—◇—◇◇
Brett Hoover
Executive Vice President, Chief Human Resource Officer
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Brett E. HooverRSU◇——◇——◇
Charles E. ChristmasRSU◇——◇——◇
Mark S. AugustynRSU◇——◇——◇
Raymond E. ReitsmaRSU◇——◇——◇
Scott P. SetlockRSU◇——◇——◇
Fiscal 2023 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Scott SetlockRSU◇◇——
PSU◇◇——
Raymond ReitsmaRSU◇◇——
PSU◇◇——
Mark AugustynPSU◇◇——
RSU◇◇——
Charles ChristmasRSU◇◇——
PSU◇◇——
Brett HooverRSU◇◇——
PSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Michael H. Price
Board chair
◇◇————◇
Amy L. Sparks
◇◇————◇
Michelle L. Eldridge
◇◇————◇
David B. Ramaker
◇◇————◇
Michael S. Davenport
Lead independent director
◇◇————◇
Shoran R. Williams
◇◇————◇
Nelson F. Sanchez
◇◇————◇
Richard D. MacDonald
◇◇————◇
Sara A. Schmidt
◇◇————◇
Joseph D. Jones
◇◇————◇
Thomas D. Dickinson
◇—————◇
Robert B. Kaminski
◇—————◇
Raymond E. Reitsma and Steven J. Schweihofer served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • 1st Source Corporation SRCE
  • Byline Bancorp, Inc. BY
  • Community Trust Bancorp, Inc. CTBI
  • Farmers National Banc Corp. FMNB
  • First Financial Corporation THFF
  • First Mid Bancshares, Inc. FMBH
  • German American Bancorp, Inc. GABC
  • Horizon Bancorp, Inc. HBNC
  • Independent Bank Corporation IBCP
  • Lakeland Financial Corporation LKFN
  • Midland States Bancorp, Inc. MSBI
  • Nicolet Bancshares, Inc. NIC
  • Old Second Bancorp, Inc. OSBC
  • Peoples Bancorp, Inc. PEBO
  • Stock Yards Bancorp, Inc. SYBT

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 21, 2026=◇◇◇
2024May 22, 2025=◇◇◇
2023May 23, 2024=◇◇◇
2022May 25, 2023=◇◇◇
2021May 26, 2022=◇◇◇
2020May 27, 2021=◇◇◇
2019May 28, 2020=◇◇◇
2018May 23, 2019=◇◇◇
2017May 24, 2018=◇◇◇
2016May 25, 2017=◇◇◇
2015May 26, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact Mercantile Bank disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Mercantile Bank sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
196 figures on this page: 185 cited to the filing that reported them, 11 calculated from figures it prints.
185 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001437749-26-018049
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001437749-26-010964
    CEO Pay Ratio · Director Compensation for 2025 · Grants of Plan-Based Awards · Outstanding Equity Awards At 2025 Fiscal Year-End · and 1 more section
  3. 0001437749-25-018160
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001437749-25-010959
    Summary Compensation Table
  5. 0001437749-24-018078
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001437749-24-011001
    Summary Compensation Table
  7. 0001437749-23-015826
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001437749-22-013723
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0001437749-21-013516
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001437749-20-011974
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0001437749-19-010788
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0001437749-18-010738
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0001437749-17-010127
    Item 5.07 Submission of Matters to a Vote of Security Holders
  14. 0001437749-16-032836
    Item 5.07 Submission of Matters to a Vote of Security Holders
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Velarion, “Mercantile Bank executive compensation, FY2023–FY2025.” https://intel.velarion.ai/comp/MBWM (accessed 2026).
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Banking rankings

Chief executive pay — BankingCEO pay ratio — BankingSay-on-pay support — Banking

Peers Mercantile Bank discloses

The companies named in MBWM's own disclosed peer group.

1st Source CorporationByline Bancorp, Inc.Community Trust Bancorp, Inc.Farmers National Banc Corp.First Financial CorporationFirst Mid Bancshares, Inc.German American Bancorp, Inc.Horizon Bancorp, Inc.Independent Bank CorporationLakeland Financial CorporationMidland States Bancorp, Inc.Nicolet Bancshares, Inc.Old Second Bancorp, Inc.Peoples Bancorp, Inc.Stock Yards Bancorp, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
For informational purposes only. Not investment, legal, or compensation advice.  The Pay Desk · Methodology · Terms · Privacy