Unregistered Sales of Equity Securities and Use of Proceeds.
−Removed: We made no unregistered sales of equity securities during the quarter ended September 30, 2021.
+Added: We made no unregistered sales of equity securities during the quarter ended March 31, 2022.
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.
−Removed: 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.
−Removed: 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.
−Removed: The stock buybacks have been funded from cash dividends paid to us from our bank.
−Removed: 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.
−Removed: Repurchases made during the third quarter of 2021 are detailed in the table below.
+Added: No shares were repurchased during the first quarter of 2022.
+Added: As of March 31, 2022, repurchases aggregating $6.8 million were available to be made under the current repurchase program.
+Added: Repurchases made during the first quarter of 2022 are detailed in the table below.
Price Paid Per
−Removed: (c) Total Number
−Removed: Shares Purchased
+Added: Total Number of
+Added: Shares Purchased as
Part of Publicly
−Removed: Announced Plans
−Removed: Value that May Yet
−Removed: Purchased Under
+Added: Announced Plans or
+Added: Maximum Number
+Added: Approximate Dollar
+Added: Value that May Yet Be
+Added: Purchased Under the
Plans or Programs
−Removed: July 1 –
−Removed: August 1 –
−Removed: September 1 –
+Added: January 1 –
+Added: February 1 –
+Added: March 1 –
Defaults Upon Senior Securities.
2 unchanged sentences
Not applicable.
−Removed: MERCANTILE BANK CORPORATION
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.