Companies Mercantile Bank Corp
Mercantile Bank (WBWM): executive pay, fiscal 2025
Free brief. Every figure links to the company’s own filing.
Velarion Intel: free for 3 days, no card →Email me Mercantile Bank Corp’s executive pay brief as a PDF
You get it on this page the moment you ask, and a copy by email. Every figure is cited to its filing.
After the PDF, up to three short notes on the deeper reports for this company. Reply “unsubscribe” to any of them, any time.
CEO pay, last three years
- $1,769,983FY2025
CEO total pay was $1,769,983 in fiscal 2025; the brief holds no earlier figure for this CEO.
FY2025: salary $734,600 · stock awards $471,283 · option awards $0
Frequently asked questions
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Raymond Reitsma | $734,600 | — | $471,283 | $0 | $462,798 | $0 | $101,302 | $1,769,983 |
| President and Chief Executive Officer of Mercantile and | ||||||||
| Charles Christmas | 444,050 | — | 198,037 | 0 | 186,501 | 0 | 71,392 | 899,980 |
| Executive Vice President, Chief Financial Officer and Treasurer of Mercantile, Executive Vice President and Chief Financial Officer of Mercantile Bank, and Chief Financial Officer of EMB | ||||||||
| Mark Augustyn | 450,230 | — | 200,705 | 0 | 165,460 | 7,393 | 68,854 | 892,642 |
| Executive Vice President, Chief | ||||||||
| Scott Setlock | 353,100 | — | 157,513 | 0 | 129,764 | 0 | 57,351 | 697,728 |
| Executive Vice President, Chief | ||||||||
| Brett Hoover | 294,250 | — | 116,436 | 0 | 92,689 | 0 | 53,667 | 557,042 |
| Executive Vice President, Chief Human Resource Officer of Mercantile and of Mercantile | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Raymond Reitsma | $1,769,983 | — | — | — |
| Charles Christmas | 899,980 | — | — | — |
| Mark Augustyn | 892,642 | — | — | — |
| Scott Setlock | 697,728 | — | — | — |
| Brett Hoover | 557,042 | — | — | — |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
The company's philosophy is to align pay with performance while providing competitive compensation to attract and retain executive talent. Executive compensation is directly linked to continuous improvements in corporate performance and increasing shareholder value over the long term, with a focus on long-term operating results rather than short-term fluctuations.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | AON |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
Equity grants and outstanding awards
No plan-based awards are on file for this fiscal year.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Brett Hoover | RSU | 809 | — | $38,913 |
| Scott Setlock | RSU | 1,095 | — | 52,670 |
| Charles Christmas | RSU | 1,377 | — | 66,234 |
| Mark Augustyn | RSU | 1,395 | — | 67,100 |
| Brett Hoover | RSU | 1,504 | — | 72,342 |
| Scott Setlock | RSU | 2,034 | — | 97,835 |
| Charles Christmas | RSU | 2,557 | — | 122,992 |
| Mark Augustyn | RSU | 2,592 | — | 124,675 |
| Brett Hoover | RSU | 2,734 | — | 131,505 |
| Raymond Reitsma | RSU | 3,277 | — | 157,624 |
| Scott Setlock | RSU | 3,690 | — | 177,489 |
| Mark Augustyn | RSU | 4,100 | — | 197,210 |
| Charles Christmas | RSU | 4,641 | — | 223,232 |
| Charles Christmas | RSU | 5,536 | — | 266,282 |
| Raymond Reitsma | RSU | 6,085 | — | 292,689 |
| Raymond Reitsma | RSU | 7,551 | — | 363,203 |
| Raymond Reitsma | RSU | 7,860 | — | 378,066 |
Director compensation
No director compensation table is on file for fiscal year 2025.
Board fee structure and ownership guideline
| Annual cash retainer | $75,300 |
|---|---|
| Annual equity retainer | $37,611 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 95,300 / 87,300 / 84,300 |
| Stock ownership guideline | — |
Peer group, and who names Mercantile Bank as a peer
Companies that benchmark against WBWM
- FARMERS & MERCHANTS BANCORP INCFMAOFY2025
Each company listed discloses WBWM in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Mercantile Bank Corp | 2025 | Raymond Reitsma | $734,600 | $471,283 | $0 | $462,798 | $1,769,983 |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-05-21 | 10,539,827 | 323,243 | 224,563 | 97.02% | Passed |
| 2025 | 2025-05-22 | 9,104,379 | 680,594 | 100,591 | 93.04% | Passed |
| 2024 | 2024-05-23 | 9,328,413 | 382,320 | 180,329 | 96.06% | Passed |
| 2023 | 2023-05-25 | 9,480,832 | 195,851 | 33,318 | 97.98% | Passed |
| 2022 | 2022-05-26 | 8,957,345 | 162,357 | 108,484 | 98.22% | Passed |
| 2021 | 2021-05-27 | 9,087,909 | 258,778 | 64,163 | 97.23% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-05-21 | 97.02%a |
| 2025 | 2025-05-22 | 93.04%b |
| 2024 | 2024-05-23 | 96.06%c |
a. Approved under the standard stated in the filing — “The affirmative vote of a majority of the votes cast by the holders of shares entitled to vote on this proposal is required to approve, on an advisory basis, the compensation of our named executive officers, as described in this proxy statement.”.
b. Approved under the standard stated in the filing — “The affirmative vote of a majority of the votes cast by the holders of shares entitled to vote on this proposal is required to approve, on an advisory basis, the compensation of our named executive officers, as described in this proxy statement.”.
c. Approved under the standard stated in the filing — “For purposes of counting votes on this matter, abstentions will not be counted as votes cast on the matter.”.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
CEO pay ratio
| Ratio (CEO : median employee) | 25 : 1 |
|---|---|
| CEO total compensation | $1,769,983 |
| Median employee compensation | $71,306 |
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (10 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Raymond Reitsma. DEF 14A, filed 2026-04-02. Section “Executive Compensation”. As printed: 1,769,983. View filing ↗
- Section 01, Charles Christmas. DEF 14A, filed 2026-04-02. Section “Executive Compensation”. As printed: 899,980. View filing ↗
- Section 01, Mark Augustyn. DEF 14A, filed 2026-04-02. Section “Executive Compensation”. As printed: 892,642. View filing ↗
- Section 01, Scott Setlock. DEF 14A, filed 2026-04-02. Section “Executive Compensation”. As printed: 697,728. View filing ↗
- Section 01, Brett Hoover. DEF 14A, filed 2026-04-02. Section “Executive Compensation”. As printed: 557,042. View filing ↗
- Section 07, pay ratio. DEF 14A, filed 2026-04-02. Section “CEO Pay Ratio”. As printed: 25 : 1. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-05-21. Item 5.07 · say-on-pay result. As reported: 97.02% (votes for as printed: 10,539,827). View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-05-22. Item 5.07 · say-on-pay result. As reported: 93.04% (votes for as printed: 9,104,379). View filing ↗
- Section 06, 2024 vote. Form 8-K, filed 2024-05-23. Item 5.07 · say-on-pay result. As reported: 96.06% (votes for as printed: 9,328,413). View filing ↗
- Mercantile Bank Corp (subject), Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in Mercantile Bank Corp's own proxy. As printed: 1,769,983. View filing ↗