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, 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 nine 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 September 30, 2023, repurchases aggregating $6.8 million were available to be made under the current repurchase program.   Repurchases made during the third quarter of 2023 are detailed in the table below.                               Maximum Number                               of Shares or                       Total Number of     Approximate Dollar       Total             Shares Purchased as     Value that May Yet       Number of     Average     Part of Publicly     Be       Shares     Price Paid Per     Announced Plans or     Purchased Under the   Period   Purchased     Share     Programs     Plans or Programs   July 1 – 31     0     $ 0       0     $ 6,818,000   August 1 – 31     0       0       0       6,818,000   September 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.