MERCANTILE BANK CORP 10-Q

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. We made no unregistered sales of equity securities during the quarter ended September 30, 2021.   Issuer Purchases of Equity Securities   On May 27, 2021, we announced that our Board of Directors had authorized a program to repurchase up to $20.0 million of our common stock from time to time in open market transactions at prevailing market prices or by other means in accordance with applicable regulations. This program replaces a similar $20.0 million program that had been announced on May 7, 2019 that was nearing exhaustion. The actual timing, number and value of shares repurchased under the program will be determined by management in its discretion and will depend on a number of factors, including the market price of our stock, general market and economic conditions, our capital position, financial performance and alternative uses of capital, and applicable legal requirements. The program may be discontinued at any time.   During the third quarter of 2021, we repurchased a total of 288,863 shares for $8.9 million, at a weighted average all-in cost per share of $30.97. The stock buybacks have been funded from cash dividends paid to us from our bank. Additional repurchases may be made in future periods under the authorized plan or a new plan, which would also likely be funded from cash dividends paid to us from our bank.   Repurchases made during the third quarter of 2021 are detailed in the table below.   Period   (a) Total Number of Shares Purchased     (b) Average Price Paid Per Share     (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs     (d) Maximum Number of Shares or Approximate Dollar Value that May Yet Be Purchased Under the Plans or Programs   July 1 – 31     114,412     $ 30.62       114,412     $ 13,843,000   August 1 – 31     81,884       31.96       81,884       11,226,000   September 1 – 30     92,567       30.54       92,567       8,399,000   Total     288,863     $ 30.97       288,863     $ 8,399,000     Item 3. Defaults Upon Senior Securities. Not applicable.   Item 4. Mine Safety Disclosures. Not applicable.       79 Table of Contents   MERCANTILE BANK CORPORATION