MERCANTILE BANK CORP (MBWM) - Dilution Analysis

Visualizing historical and potential share dilution over time

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Dilution Analysis

Low Risk

Limited dilution potential

Last updated: October 31, 2025

Risk Assessment Details

Potential Dilution: 0.0% of current shares

Recent Dilution: 0.83% (2 years)

Historical Dilution Factor: minimal recent dilution

Outstanding Shares

16M

Potential Supply

Additional shares possible

Splits

None

Past 2 years

Summary

MBWM currently has 16.2M outstanding shares. with minimal authorized share overhang for future dilution. The company has minimally diluted shareholders by 0.83% over the past 2 years.

Share Structure Timeline

Outstanding Shares

Total Supply

Historical Data Points

Date	Event	Outstanding
Oct 31, 2025	10-Q filing \| 16.2M shares outstanding	16M
Aug 01, 2025	10-Q filing \| 16.2M shares outstanding	16M
May 02, 2025	10-Q filing \| 16.2M shares outstanding	16M
Mar 03, 2025	10-K filing \| 16.1M shares outstanding	16M
Nov 01, 2024	10-Q filing \| 16.1M shares outstanding	16M
Aug 02, 2024	10-Q filing \| 16.1M shares outstanding	16M
May 03, 2024	10-Q filing \| 16.1M shares outstanding	16M
Mar 01, 2024	10-K filing \| 16.0M shares outstanding	16M
Nov 03, 2023	10-Q filing \| 16.0M shares outstanding	16M
Aug 04, 2023	10-Q filing \| 16.0M shares outstanding	16M
May 05, 2023	10-Q filing \| 16.0M shares outstanding	16M
Mar 03, 2023	10-K filing \| 15.9M shares outstanding	16M
Nov 04, 2022	10-Q filing \| 15.9M shares outstanding	16M
Aug 05, 2022	10-Q filing \| 15.8M shares outstanding	16M
May 06, 2022	10-Q filing \| 15.8M shares outstanding	16M
Mar 04, 2022	10-K filing \| 16.0M shares outstanding	16M
Jan 14, 2022	8-K filing: Mercantile Bank Corporation issued and sold $15,000,000 in additional 3.25% fixed-to-floating rate subordinated notes due 2032 to qualified institutional buyers and institutional accredited investors at 100% of face value, receiving an additional $39,270.83 in accrued interest, with net proceeds intended for general corporate purposes. ($15.04M proceeds)	16M
Nov 05, 2021	10-Q filing \| 15.9M shares outstanding	16M
Aug 06, 2021	10-Q filing \| 16.1M shares outstanding	16M
May 07, 2021	10-Q filing \| 16.3M shares outstanding	16M
Mar 05, 2021	10-K filing \| 16.3M shares outstanding	16M
Nov 06, 2020	10-Q filing \| 16.2M shares outstanding	16M
Aug 07, 2020	10-Q filing \| 16.2M shares outstanding	16M
May 11, 2020	10-Q filing \| 16.4M shares outstanding	16M
Mar 02, 2020	10-K filing \| 16.4M shares outstanding	16M

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