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 June 30, 2023.   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. 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. No shares were repurchased during the first six months of 2023. Historically, stock repurchases 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. As of June 30, 2023, repurchases aggregating $6.8 million were available to be made under the current repurchase program.   Repurchases made during the second quarter of 2023 are detailed in the table below.   Period   Total Number of Shares Purchased     Average Price Paid Per Share     Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs     Maximum Number of Shares or Approximate Dollar Value that May Yet Be Purchased Under the Plans or Programs    April 1 – 30     0     $ 0       0     $ 6,818,000    May 1 – 31     0       0       0       6,818,000    June 1 – 30     0       0       0       6,818,000   Total     0     $ 0       0     $ 6,818,000     Item 3. Defaults Upon Senior Securities. Not applicable.   Item 4. Mine Safety Disclosures. Not applicable.