Table of Contents U.S. SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File No. 000-26719 MERCANTILE BANK CORPORATION (Exact name of registrant as specified in its charter) Michigan 38-3360865 (State or other jurisdiction ...

• Significant increase in net interest income depicting net interest margin expansion and loan growth Mercantile® Bank Corporation 62,006,000 36,003,000 119,159,000 69,254,000 33,826,000 93,335,000 64,611,000 Company Overview Executive Management Team | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------- ...

Mercantile Bank Corporation (NASDAQ:MBWM) Q2 2023 Earnings Conference Call July 18, 2023 10:00 AM ET Company Participants Zack Mukewa - Lambert IR Bob Kaminski - President & CEO Ray Reitsma - COO & President of the Bank Chuck Christmas - EVP & CFO Conference Call Participants Brendan Nosal - Piper Sandler Daniel Tamayo - Raymond James Erik Zwick - Hovde Group Damon DelMonte - KBW Operator Good morning, and welcome to the Mercantile Bank Corporation Second Quarter 2023 Earnings Results Conference Call. All p ...

[PART I. Financial Information](index=3&type=section&id=PART%20I.%20Financial%20Information) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The unaudited consolidated financial statements for Mercantile Bank Corporation as of March 31, 2023, show a slight increase in total assets to $4.90 billion, with net income significantly rising to $21.0 million [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to $4.90 billion as of March 31, 2023, driven by a $48.3 million increase in net loans, while deposits decreased and borrowings rose to fund asset growth Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Total cash and cash equivalents | $57,938 | $96,772 | | Loans, net | $3,922,651 | $3,874,373 | | Total assets | $4,895,874 | $4,872,619 | | Total deposits | $3,598,018 | $3,712,811 | | Federal Home Loan Bank advances | $377,910 | $308,263 | | Total liabilities | $4,428,502 | $4,431,211 | | Total shareholders' equity | $467,372 | $441,408 | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Net income for Q1 2023 significantly increased to $21.0 million, primarily due to a 56.7% rise in net interest income from higher interest rates on loans, despite decreases in noninterest income and increases in noninterest expense Q1 Income Statement Comparison (in thousands, except per share data) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Total interest income | $60,485 | $35,882 | | Total interest expense | $12,101 | $4,997 | | Net interest income | $48,384 | $30,885 | | Provision for credit losses | $600 | $100 | | Total noninterest income | $6,951 | $9,277 | | Total noninterest expenses | $28,599 | $25,742 | | Net income | $20,974 | $11,492 | | Diluted earnings per share | $1.31 | $0.73 | [Consolidated Statements of Comprehensive Income](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Comprehensive income for Q1 2023 was $30.0 million, a significant positive shift from a $16.7 million loss in Q1 2022, driven by net income and unrealized holding gains on securities Comprehensive Income (Loss) Summary (in thousands) | Component | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net income | $20,974 | $11,492 | | Other comprehensive income (loss), net of tax | $9,074 | $(28,163) | | **Comprehensive income (loss)** | **$30,048** | **$(16,671)** | [Consolidated Statements of Changes in Shareholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity increased to $467.4 million by March 31, 2023, primarily due to net income and positive changes in unrealized gains on securities, partially offset by cash dividends - Key drivers for the increase in shareholders' equity in Q1 2023 were net income of **$20.97 million** and a **$9.07 million** positive change in accumulated other comprehensive income, net of tax[19](index=19&type=chunk) - Cash dividends of **$0.33 per common share**, totaling **$5.16 million**, were paid during the first quarter of 2023[19](index=19&type=chunk) [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash and cash equivalents decreased by $38.8 million in Q1 2023, with operating activities providing $18.1 million, investing activities using $57.1 million, and financing activities providing a net $0.2 million Cash Flow Summary (in thousands) | Activity | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net cash from operating activities | $18,065 | $27,888 | | Net cash for investing activities | $(57,136) | $(151,130) | | Net cash from (for) financing activities | $237 | $(81,714) | | **Net change in cash and cash equivalents** | **$(38,834)** | **$(204,956)** | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, portfolio compositions, credit loss allowances, deposit and borrowing structures, off-balance sheet commitments, derivatives, fair value measurements, and regulatory capital adequacy [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=49&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong Q1 2023 performance to higher net interest income and loan growth, with total assets reaching $4.90 billion, while managing deposit decreases with wholesale funds and facing lower noninterest income from reduced mortgage banking activity - Net income for Q1 2023 was **$21.0 million** (**$1.31 per diluted share**), up from **$11.5 million** (**$0.73 per diluted share**) in Q1 2022[195](index=195&type=chunk) - Commercial loan growth was impacted by approximately **$65 million** in full payoffs and partial paydowns from customers selling businesses and using excess cash flow[196](index=196&type=chunk) - The overall quality of the loan portfolio remains strong, with nonperforming loans at only **0.20% of total loans** as of March 31, 2023[198](index=198&type=chunk) - Total deposits decreased by **$115 million** in Q1 2023, primarily due to customary customer tax/bonus payments and transfers to sweep accounts. This was offset by an increase in FHLBI advances[200](index=200&type=chunk) [Financial Condition](index=52&type=section&id=Financial%20Condition) As of March 31, 2023, total assets reached $4.90 billion, driven by a $48.9 million increase in total loans, with excellent credit quality and nonperforming assets at 0.2% of total assets Loan Portfolio Composition (in thousands) | Loan Type | 3/31/23 | 12/31/22 | | :--- | :--- | :--- | | Total Commercial | $3,140,420 | $3,131,830 | | Total Retail | $825,108 | $784,789 | | **Total Loans** | **$3,965,528** | **$3,916,619** | - Nonperforming assets were stable at **$8.4 million** (**0.2% of total assets**) as of March 31, 2023, compared to **$7.7 million** (**0.2% of total assets**) at year-end 2022[211](index=211&type=chunk) - The allowance for credit losses was **$42.9 million**, or **1.08% of total loans**, as of March 31, 2023[223](index=223&type=chunk) [Liquidity](index=58&type=section&id=Liquidity) The company maintains a strong liquidity position through deposits, borrowings, and cash flows, with $378 million in FHLBI advances and additional lines of credit available - Wholesale funds, comprised of FHLBI advances, increased to **$378 million** as of March 31, 2023, from **$308 million** at year-end 2022[236](index=236&type=chunk) - As of March 31, 2023, the company had total unfunded loan commitments of **$1.97 billion** and standby letters of credit of **$22.7 million**[240](index=240&type=chunk) - The company has a borrowing line of credit with the FHLBI totaling **$665 million**, with remaining availability of **$281 million** as of March 31, 2023[237](index=237&type=chunk) [Capital Resources](index=59&type=section&id=Capital%20Resources) Shareholders' equity increased to $467 million by March 31, 2023, driven by net income and an increase in securities' market value, maintaining the bank's well-capitalized status with a 13.8% total risk-based capital ratio Bank Capital Ratios | Ratio | March 31, 2023 | Minimum to be Well Capitalized | | :--- | :--- | :--- | | Total risk-based capital | 13.8% | 10.0% | | Tier 1 risk-based capital | 12.8% | 8.0% | | Common equity tier 1 | 12.8% | 6.5% | | Tier 1 leverage | 12.2% | 5.0% | [Results of Operations](index=60&type=section&id=Results%20of%20Operations) Net income for Q1 2023 rose to $21.0 million, primarily due to a 56.7% increase in net interest income and an expanded net interest margin, despite lower noninterest income and higher noninterest expenses Key Performance Metrics | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net Interest Income | $48.4M | $30.9M | | Net Interest Margin | 4.28% | 2.57% | | Yield on Earning Assets | 5.35% | 2.99% | | Cost of Funds | 1.07% | 0.42% | - Noninterest income decreased primarily due to lower mortgage banking income, as residential mortgage loan production fell **57.2%** year-over-year[256](index=256&type=chunk) - Noninterest expense increased mainly due to a **$1.4 million** bonus accrual (none in Q1 2022) and higher salary costs[257](index=257&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=63&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages interest rate risk using GAP analysis and NII simulation, projecting a 3.0% increase in NII for a 100 basis point rate rise and a 2.6% decrease for a 100 basis point rate drop over 12 months Net Interest Income Sensitivity Analysis (as of March 31, 2023) | Interest Rate Scenario (12-month gradual change) | Estimated % Change in NII | | :--- | :--- | | +300 bps | +9.4% | | +200 bps | +6.3% | | +100 bps | +3.0% | | -100 bps | -2.6% | | -200 bps | -6.2% | | -300 bps | -6.2% | - The company's primary tool for measuring interest rate risk is a net interest income simulation analysis, which it believes is more accurate than GAP analysis[264](index=264&type=chunk) [Controls and Procedures](index=65&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal control over financial reporting during the quarter - Management concluded that disclosure controls and procedures were effective as of March 31, 2023[269](index=269&type=chunk) - No material changes were made to internal controls over financial reporting during the first quarter of 2023[270](index=270&type=chunk) [PART II. Other Information](index=66&type=section&id=PART%20II.%20Other%20Information) [Legal Proceedings](index=66&type=section&id=Item%201.%20Legal%20Proceedings) The company is not involved in any legal proceedings deemed material to its financial condition - The company reports no material legal proceedings incidental to its business[273](index=273&type=chunk) [Risk Factors](index=66&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2022, have been reported - No material changes in risk factors were reported from the latest Form 10-K[274](index=274&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=66&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company made no unregistered sales of equity securities and no share repurchases in Q1 2023, with approximately $6.8 million remaining available under the stock repurchase program - No shares were repurchased during the first quarter of 2023[276](index=276&type=chunk) - As of March 31, 2023, **$6.8 million** remains available under the current stock repurchase program[276](index=276&type=chunk) [Defaults Upon Senior Securities](index=66&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) Not applicable [Mine Safety Disclosures](index=66&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Not applicable [Other Information](index=66&type=section&id=Item%205.%20Other%20Information) Not applicable [Exhibits](index=67&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate governance documents, certifications, and financial data

Financial Data and Key Metrics Changes - For the first quarter, the company reported earnings of $1.31 per share on revenues of $55.3 million, compared to $0.73 per share on revenues of $40.2 million for the same period in 2022, indicating significant growth in both earnings and revenue [11][43] - Net interest income increased by $17.5 million during the first quarter of 2023 compared to the prior year period, driven by higher net interest margin and robust loan growth [66] - The net interest margin was 4.28% during the first quarter of 2023, up 171 basis points compared to the prior year period, reflecting increased yield on earning assets [46] Business Line Data and Key Metrics Changes - The commercial loan portfolio has been well positioned for the rising rate environment, with 64% of the portfolio comprised of floating rate loans compared to 50% one year ago [17] - The mortgage business saw a 52% increase in residential mortgages over the prior year, although it continues to be impacted by the rising rate environment and a lack of available housing inventory [18] - Non-interest income for the first quarter decreased by 25% compared to the respective year-ago quarter, primarily due to a 63% decrease in mortgage banking income [19] Market Data and Key Metrics Changes - The Michigan economy remains steady, with overall unemployment unchanged at 4.3% as of February 28, 2023, and non-farm employment up 2.1% from the prior year [13] - The company continues to monitor concentration limits within its non-owner occupied commercial real estate loan portfolio, with office buildings comprising 6% of total loans, multifamily at 6%, and retail at 4% [2] Company Strategy and Development Direction - The company emphasizes a relationship-based community banking approach, focusing on providing financial advice and solutions to clients [14] - The company is pursuing share in the purchase market, with a commercial construction pipeline expected to fund $285 million over the next 12 to 18 months, reflecting support for light industrial and multi-family projects [39] - The company aims to maintain a strong capital position, with a total risk-based capital ratio of 13.8% as of March 31, 2023, significantly above the regulatory minimum [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic challenges, noting that clients continue to report strong results despite potential recessionary pressures [40] - The company forecasts total loan growth in the range of 6% to 8% for the year, with commercial loan growth around 5% [51] - Management acknowledged the challenges in deposit growth, emphasizing the importance of maintaining a stable funding base while managing interest rate risk [88] Other Important Information - The company announced a cash dividend of $0.33 per share, payable on June 14, 2023, the same as the previous quarter [11] - The net unrealized loss in the investment portfolio peaked at $92 million in September 2022 and has since declined to $71 million as of March 31, 2023, reflecting the impact of the interest rate environment [69] Q&A Session Summary Question: What are the expectations for deposit runoff over the balance of the year? - Management expects deposits to remain relatively stable for the remainder of the year, with some increases anticipated due to seasonal factors [55] Question: How does the company view the outlook for loan growth? - The company projects loan growth of 6% to 8% for the year, with a balanced split between commercial and retail sides [98] Question: What is the company's strategy regarding share buybacks? - The company is not currently focused on aggressive share buybacks but remains open to opportunistic purchases to support shareholder value [97] Question: How does the company plan to manage interest rate risk? - The company aims to shorten the duration of its balance sheet to mitigate risks associated with potential declines in interest rates [96] Question: What is the outlook for the provision for credit losses? - Management indicated that the provision for credit losses will be influenced by economic conditions, particularly unemployment rates, but remains confident in the strength of the loan portfolio [101][126]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________________ to __________________ Commission file number 000-26719 MERCANTILE BANK CORPORATION | (Exact name of registrant as specified in its charte ...

Mercantile Bank Corporation (NASDAQ:MBWM) Q4 2022 Earnings Conference Call January 17, 2023 10:00 AM ET Company Participants Julia Ward - IR, Lambert Bob Kaminski - President & CEO Ray Reitsma - COO & President of the Bank Chuck Christmas - EVP & CFO Conference Call Participants Brendan Nosal - Piper Sandler Daniel Tamayo - Raymond James Erik Zwick - Hovde Group Damon DelMonte - KBW Operator Good morning, and welcome to the Mercantile Bank Corporation Fourth Quarter 2022 Earnings Results Conference Call. Al ...

[PART I. Financial Information](index=3&type=section&id=PART%20I.%20Financial%20Information) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The unaudited consolidated financial statements show decreased total assets to $5.02 billion and mixed net income results for the third quarter and nine months ended September 30, 2022 [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased to $5.02 billion due to lower cash, partially offset by loan growth, while shareholders' equity declined Consolidated Balance Sheet Highlights (in thousands) | Account | September 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$5,016,934** | **$5,257,749** | | Cash and cash equivalents | $284,014 | $975,160 | | Loans, net | $3,841,838 | $3,418,096 | | Securities available for sale | $582,999 | $592,743 | | **Total Liabilities** | **$4,600,673** | **$4,801,190** | | Total deposits | $3,846,085 | $4,083,193 | | Federal Home Loan Bank advances | $338,263 | $374,000 | | **Total Shareholders' Equity** | **$416,261** | **$456,559** | | Accumulated other comprehensive loss | ($72,463) | ($3,729) | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Quarterly net income rose on higher net interest income, but year-to-date income fell due to reduced noninterest income and higher credit loss provisions Key Income Statement Data (in thousands, except per share data) | Metric | Q3 2022 | Q3 2021 | 9 Months 2022 | 9 Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $42,376 | $31,124 | $107,587 | $91,528 | | Provision for credit losses | $2,900 | $1,900 | $3,500 | ($900) | | Noninterest Income | $7,253 | $15,568 | $24,272 | $43,587 | | - Mortgage banking income | $1,764 | $6,554 | $6,991 | $23,049 | | Noninterest Expense | $26,756 | $26,210 | $79,440 | $77,519 | | **Net Income** | **$16,030** | **$15,051** | **$39,260** | **$47,382** | | Diluted EPS | $1.01 | $0.95 | $2.48 | $2.95 | [Consolidated Statements of Comprehensive Income/(Loss)](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%2F(Loss)) The company experienced a significant comprehensive loss driven by large unrealized holding losses on available-for-sale securities Comprehensive Income/(Loss) (in thousands) | Metric | Q3 2022 | Q3 2021 | 9 Months 2022 | 9 Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $16,030 | $15,051 | $39,260 | $47,382 | | Other comprehensive income/(loss), net of tax | ($24,795) | ($1,802) | ($68,734) | ($5,782) | | **Comprehensive Income/(Loss)** | **($8,765)** | **$13,249** | **($29,474)** | **$41,600** | [Consolidated Statements of Changes in Shareholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity decreased to $416.3 million, primarily impacted by unrealized losses on securities and cash dividends - For the nine months ended September 30, 2022, shareholders' equity **decreased by $40.3 million**, driven by net income of $39.3 million, offset by cash dividends of $14.6 million and a significant **$68.7 million negative adjustment from unrealized losses on securities**[20](index=20&type=chunk) [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash and cash equivalents decreased by $691.1 million, driven by significant cash usage in investing and financing activities Cash Flow Summary (Nine Months Ended Sept 30, in thousands) | Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash from operating activities | $82,793 | $19,169 | | Net cash for investing activities | ($502,996) | ($316,436) | | Net cash (for) from financing activities | ($270,943) | $496,622 | | **Net change in cash and cash equivalents** | **($691,146)** | **$199,355** | [Notes to Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Key accounting policy details include the adoption of CECL, Paycheck Protection Program loan status, and strong regulatory capital ratios - The company adopted the **CECL methodology** effective January 1, 2022, resulting in a transition adjustment that decreased the allowance for credit losses by **$0.4 million**[56](index=56&type=chunk) - The company participated in the Paycheck Protection Program (PPP), and as of September 30, 2022, only **$2.6 million** of these loans remained unforgiven[37](index=37&type=chunk)[39](index=39&type=chunk) - The company's bank was categorized as **"well capitalized"** under regulatory frameworks as of September 30, 2022, with a total capital to risk-weighted assets ratio of **13.4%**[202](index=202&type=chunk)[203](index=203&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=59&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes Q3 2022 performance to strong loan growth and net interest margin expansion, despite a year-to-date decline in mortgage banking revenue - Net income for Q3 2022 was **$16.0 million**, up from $15.1 million in Q3 2021, primarily due to higher net interest income which offset a significant decline in residential mortgage banking revenue[239](index=239&type=chunk) - Core commercial loans **grew by $232 million** (11% annualized) and residential mortgage loans **increased by $227 million** (over 68% annualized) in the first nine months of 2022[240](index=240&type=chunk)[241](index=241&type=chunk) - The provision for credit losses was **$2.9 million in Q3 2022**, driven by loan growth, increased specific reserves, and a decline in forecasted economic conditions[243](index=243&type=chunk) - Net interest margin **expanded to 3.56%** in Q3 2022 from 2.71% in Q3 2021, benefiting from the rising interest rate environment and a favorable shift in the earning asset mix[300](index=300&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=79&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, with simulation analysis indicating a net interest income benefit from rising rates Net Interest Income Simulation Analysis (as of Sept 30, 2022) | Interest Rate Scenario | Dollar Change in NII | Percent Change in NII | | :--- | :--- | :--- | | Interest rates up 300 basis points | $19,700,000 | 10.0% | | Interest rates up 200 basis points | $13,000,000 | 6.6% | | Interest rates up 100 basis points | $6,300,000 | 3.2% | | Interest rates down 100 basis points | ($6,400,000) | (3.3%) | | Interest rates down 200 basis points | ($16,000,000) | (8.1%) | | Interest rates down 300 basis points | ($24,200,000) | (12.3%) | - The company's primary interest rate risk measurement technique is **net interest income simulation analysis**, which it believes is more accurate than traditional GAP analysis[322](index=322&type=chunk) [Controls and Procedures](index=82&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal controls over financial reporting were effective as of the quarter's end - Management concluded that **disclosure controls and procedures were effective** as of September 30, 2022[327](index=327&type=chunk) - **No material changes** were made to the company's internal control over financial reporting during the third quarter of 2022[328](index=328&type=chunk) [PART II. Other Information](index=83&type=section&id=PART%20II.%20Other%20Information) [Legal Proceedings](index=83&type=section&id=Item%201.%20Legal%20Proceedings) The company is not a party to any material legal proceedings - The company states that it is **not involved in any legal proceedings** that would be material to its financial condition[330](index=330&type=chunk) [Risk Factors](index=83&type=section&id=Item%201A.%20Risk%20Factors) No material changes to previously disclosed risk factors were reported - **No material changes** to risk factors have occurred since the last annual report[331](index=331&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=83&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No shares were repurchased in the first nine months of 2022, with $6.8 million remaining available under the current program - **No shares were repurchased** during the first nine months of 2022 under the existing $20.0 million stock repurchase program[333](index=333&type=chunk) - As of September 30, 2022, **$6.8 million was still available** for repurchase under the authorized plan[333](index=333&type=chunk) [Defaults Upon Senior Securities](index=83&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable [Mine Safety Disclosures](index=83&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable [Other Information](index=83&type=section&id=Item%205.%20Other%20Information) This item is not applicable [Exhibits](index=84&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including certifications and financial data

Mercantile Bank Corporation (NASDAQ:MBWM) Q3 2022 Earnings Conference Call October 18, 2022 10:00 AM ET Company Participants Julia Ward - Lambert IR Robert Kaminski - President & Chief Executive Officer Charles Christmas - EVP & CFO Raymond Reitsma - COO & President of the Bank Conference Call Participants Brendan Nosal - Piper Sandler Daniel Tamayo - Raymond James Eric Zwick - Hovde Damon DelMonte - KBW Operator Good morning, and welcome to the Mercantile Bank Corporation's Third Quarter 2022 Conference Ca ...

Conference Call and Webcast Presentation Third Quarter 2022 Company Overview Forward-Looking Statements Forward-Looking Statements This news release contains statements or information that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," " ...