Banking

Mercantile Bank Executive Compensation (FY25)

Name: Mercantile Bank (MBWM) executive compensation
Creator: Velarion
License: https://intel.velarion.ai/terms

MBWM · Executive and director compensation, fiscal 2022 to 2025

Chief executive, fiscal 2025

◇

Raymond Reitsma

Latest say-on-pay support

May 21, 2026

Chief executive pay ratio

◇

To the median employee

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Data as of October 20, 2026Latest filing (8-K): May 21, 2026

16 filings cited on this page

Method: intel.velarion.ai/methodology

A report that fails to generate is refunded in full

Published by Velarion Company Intelligence

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244 figures on this page: 233 cited to the filing that reported them, 11 calculated from figures it prints. See the citations

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 2022

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Robert Kaminski President and Chief Executive Officer of Mercantile, and Chief Executive Officer of the Bank	◇	—	◇	—	◇	◇	◇	◇
Raymond Reitsma Executive Vice President, and Chief Operating Officer 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	◇	—	◇	—	◇	—	◇	◇
Robert Worthington Senior Vice President, Chief Risk Officer, Secretary and General Counsel of Mercantile and the Bank	◇	—	◇	—	◇	◇	◇	◇
Lonna Wiersma Senior Vice President and Human Resources Director of Mercantile and the Bank	◇	◇	—	—	—	—	◇	◇

Fiscal 2023

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
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

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
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

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
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

Officer	Award	Grant date	Threshold units	Target units	Units granted	Maximum units	Exercise price	Grant date fair value
Brett E. Hoover	PSU	—	◇	◇	◇	◇	—	◇
Charles E. Christmas	PSU	—	◇	◇	◇	◇	—	◇
Mark S. Augustyn	PSU	—	◇	◇	◇	◇	—	◇
Raymond E. Reitsma	PSU	—	◇	◇	◇	◇	—	◇
Scott P. Setlock	PSU	—	◇	◇	◇	◇	—	◇

Fiscal 2022, 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

Officer	Award	Unvested units	Market value of unvested units	Exercise price	Expires
Scott Setlock	RSU	◇	◇	—	—
	PSU	◇	◇	—	—
Raymond Reitsma	RSU	◇	◇	—	—
	PSU	◇	◇	—	—
Mark Augustyn	PSU	◇	◇	—	—
	RSU	◇	◇	—	—
Charles Christmas	RSU	◇	◇	—	—
	PSU	◇	◇	—	—
Brett Hoover	RSU	◇	◇	—	—
	PSU	◇	◇	—	—

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.

Brett Hoover

Executive Vice President, Chief Human Resources Officer · Employment agreement

Severance multiple	◇
Severance base	◇
Change-in-control multiple	◇
Change-in-control base	◇
Benefits continuation on change in control	◇
Benefits continuation	◇
Excise tax treatment	◇
Non-compete period	◇
Clawback	◇

Charles Christmas

Chief Financial Officer · Employment agreement

Severance multiple

◇

Raymond Reitsma

Chief Executive Officer · Employment agreement

Severance multiple

◇

Scott Setlock

Chief Operating Officer · Employment agreement

Severance multiple

◇

Director compensation

What each non-employee director was paid.

Fiscal 2025

Director	Fees earned in cash	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
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	◇	—	—	—	—	—	◇

Steven J. Schweihofer and Raymond E. Reitsma 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.

Year	Meeting	Support	Votes for	Votes against	Abstentions
2025	May 21, 2026	=	◇	◇	◇
2024	May 22, 2025	=	◇	◇	◇
2023	May 23, 2024	=	◇	◇	◇
2022	May 25, 2023	=	◇	◇	◇
2021	May 26, 2022	=	◇	◇	◇
2020	May 27, 2021	=	◇	◇	◇
2019	May 28, 2020	=	◇	◇	◇
2018	May 23, 2019	=	◇	◇	◇
2017	May 24, 2018	=	◇	◇	◇
2016	May 25, 2017	=	◇	◇	◇
2015	May 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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Sample answer — “What is the CEO’s total compensation?”

- Raymond Reitsma (President and Chief Executive Officer), FY2025 total compensation $1,769,983 (base salary $734,600) [exec_comp, SEC accession 0001437749-26-010964, filed 2026-04-02]

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 — $499

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.

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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.

244 figures on this page: 233 cited to the filing that reported them, 11 calculated from figures it prints.

233 cited to the filing

11 calculated from the filing

Documents cited

8-K, filed May 21, 2026
0001437749-26-018049
Item 5.07 Submission of Matters to a Vote of Security Holders
DEF 14A, filed April 2, 2026
0001437749-26-010964
CEO Pay Ratio · Director Compensation for 2025 · Outstanding Equity Awards At 2025 Fiscal Year-End · Potential Payments Upon Termination · and 1 more section
8-K, filed May 22, 2025
0001437749-25-018160
Item 5.07 Submission of Matters to a Vote of Security Holders
DEF 14A, filed April 4, 2025
0001437749-25-010959
Summary Compensation Table
EX-10, filed December 19, 2024
0001437749-24-037955
Employment Agreement
8-K, filed May 23, 2024
0001437749-24-018078
Item 5.07 Submission of Matters to a Vote of Security Holders
DEF 14A, filed April 4, 2024
0001437749-24-011001
Summary Compensation Table
8-K, filed May 25, 2023
0001437749-23-015826
Item 5.07 Submission of Matters to a Vote of Security Holders
DEF 14A, filed April 14, 2023
0001437749-23-010228
8-K, filed May 27, 2022
0001437749-22-013723
Item 5.07 Submission of Matters to a Vote of Security Holders
8-K, filed May 27, 2021
0001437749-21-013516
Item 5.07 Submission of Matters to a Vote of Security Holders
8-K, filed May 29, 2020
0001437749-20-011974
Item 5.07 Submission of Matters to a Vote of Security Holders
8-K, filed May 24, 2019
0001437749-19-010788
Item 5.07 Submission of Matters to a Vote of Security Holders
8-K, filed May 25, 2018
0001437749-18-010738
Item 5.07 Submission of Matters to a Vote of Security Holders
8-K, filed May 26, 2017
0001437749-17-010127
Item 5.07 Submission of Matters to a Vote of Security Holders
8-K, filed May 26, 2016
0001437749-16-032836
Item 5.07 Submission of Matters to a Vote of Security Holders

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Velarion, “Mercantile Bank executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/MBWM (accessed 2026).

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The paid brief for Mercantile Bank

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.

$1,500 for the Executive Compensation Report. Both reports for $2,400.

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16 filings cited on this page

Method: intel.velarion.ai/methodology

A report that fails to generate is refunded in full

Published by Velarion Company Intelligence

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Banking rankings

Chief executive pay — Banking CEO pay ratio — Banking Say-on-pay support — Banking

Peers Mercantile Bank discloses

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

1st Source Corporation Byline Bancorp, Inc.Community Trust Bancorp, Inc.Farmers National Banc Corp.First Financial Corporation First Mid Bancshares, Inc.German American Bancorp, Inc.Horizon Bancorp, Inc.Independent Bank Corporation Lakeland Financial Corporation Midland States Bancorp, Inc.Nicolet Bancshares, Inc.Old Second Bancorp, Inc.Peoples Bancorp, Inc.Stock Yards Bancorp, Inc.

Terms on this page

Say-on-Pay Vote CEO Pay Ratio Median Employee Compensation All companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

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}
}

More on Mercantile Bank

Frequently asked questions

Executive compensation

Equity awards granted

Outstanding awards

Severance and change in control

Director compensation

Disclosed peer group

Say-on-pay history

Chief executive pay ratio

Velarion Pro: every company page, peer tools and exports, one seat

What this page does not include

Citations

Documents cited

The paid brief for Mercantile Bank

Banking rankings

Peers Mercantile Bank discloses

Terms on this page