MBWM · Mercantile Bank Corp · Shareholders & Ownership

$60.33 -0.35 (-0.58%) Q3 2026 earnings call transcript

Russell 2000 member Rebalance outlook locked

Market Cap

$1.05B

17.29M

Volume · Oct 28 122.83K Avg daily vol (3M) 115.17K

Every disclosed holder of MBWM in one list: 13F institutions, Schedule 13D and 13G filers, insiders (Forms 3, 4 and 5) and registered funds, each from its own latest filing. Holders nest by CIK and SEC reporting links, never by name, and each is summed once.

How the holder list picks a filing →

Who Owns MBWM

13F quarter Sep 30, 2026, combined view: filers that have not filed yet carry their Jun 30, 2026 positions

Holder group	Holders	Shares	% Out	Summed
Institutional (13F)	211	12,012,726	69.49%	Yes
Insiders (Forms 3, 4, 5)	19	561,066	3.25%	Yes
13D/G-only blocks	0	0	0.00%	Yes
Remaining	—	4,712,137	27.26%	Rest
Registered funds (N-PORT, not summed)	210	4,998,109	28.91%	No

Shares outstanding: 17,285,929, the issuer's latest cover-page count restated onto today's split basis.

13D/G-only counts each filer's latest 13D or 13G that no 13F report of the listing contains, that names no 13F filer and that no counted insider files. Funds are never summed: their shares sit inside their advisers' 13F reports.

Holders of MBWM

One row per holder Every filing By ultimate parent

All 13F Funds Insiders 13D/G Non-US

#	Holder	Shares	% Out	Change	As of	Notes
1	BlackRock, Inc. 13F CIK 2012383 · Holding company · Jun 30, 2026 carried, not yet filed for the newest quarter	1,534,392	8.88%	+145,678	Jun 30, 2026	carried, not yet filed for the newest quarter
1.1	iShares Russell 2000 ETF Fund S000004344 · Registered fund · Jun 30, 2026 iShares Trust, not summed	477,629	2.76%	+77,828	Jun 30, 2026	iShares Trust, not summed
1.2	iShares Russell 2000 Value ETF Fund S000004342 · Registered fund · Jun 30, 2026 iShares Trust, not summed	172,812	1.00%	+28,033	Jun 30, 2026	iShares Trust, not summed
1.3	iShares Micro-Cap ETF Fund S000004439 · Registered fund · Jun 30, 2026 iShares Trust, not summed	57,659	0.33%	+15,275	Jun 30, 2026	iShares Trust, not summed
1.4	Master Small Cap Index Series Fund S000002716 · Registered fund · Jun 30, 2026 Quantitative Master Series LLC, not summed	32,179	0.19%	+6,863	Jun 30, 2026	Quantitative Master Series LLC, not summed
1.5	iShares ESG Aware MSCI USA Small-Cap ETF Fund S000061604 · Registered fund · Aug 31, 2026 iShares Trust, not summed	30,303	0.18%	—	Aug 31, 2026	iShares Trust, not summed
2	WELLINGTON MANAGEMENT GROUP LLP 13F CIK 902219 · Holding company · Jun 30, 2026 carried, not yet filed for the newest quarter	1,087,998	6.29%	-101,033	Jun 30, 2026	carried, not yet filed for the newest quarter
3	DIMENSIONAL FUND ADVISORS LP 13F CIK 354204 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	1,046,841	6.06%	+13,953	Jun 30, 2026	carried, not yet filed for the newest quarter
3.1	U.S. SMALL CAP VALUE PORTFOLIO Fund S000000987 · Registered fund · Jul 31, 2026 DFA INVESTMENT DIMENSIONS GROUP INC, not summed	233,920	1.35%	0	Jul 31, 2026	DFA INVESTMENT DIMENSIONS GROUP INC, not summed
3.2	U.S. Targeted Value Portfolio Fund S000000970 · Registered fund · Jul 31, 2026 DFA INVESTMENT DIMENSIONS GROUP INC, not summed	131,599	0.76%	0	Jul 31, 2026	DFA INVESTMENT DIMENSIONS GROUP INC, not summed
3.3	U.S. SMALL CAP PORTFOLIO Fund S000000971 · Registered fund · Jul 31, 2026 DFA INVESTMENT DIMENSIONS GROUP INC, not summed	103,198	0.60%	0	Jul 31, 2026	DFA INVESTMENT DIMENSIONS GROUP INC, not summed
3.4	Dimensional U.S. Targeted Value ETF Fund S000070901 · Registered fund · Jul 31, 2026 Dimensional ETF Trust, not summed	93,171	0.54%	+243	Jul 31, 2026	Dimensional ETF Trust, not summed
3.5	Dimensional US Small Cap Value ETF Fund S000075151 · Registered fund · Jul 31, 2026 Dimensional ETF Trust, not summed	90,564	0.52%	+7,805	Jul 31, 2026	Dimensional ETF Trust, not summed
4	VANGUARD CAPITAL MANAGEMENT LLC 13F CIK 2100119 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	735,613	4.26%	+31,289	Jun 30, 2026	carried, not yet filed for the newest quarter
5	AMERICAN CENTURY COMPANIES INC 13F CIK 748054 · Unknown · Jun 30, 2026 carried, not yet filed for the newest quarter	625,015	3.62%	+63,548	Jun 30, 2026	carried, not yet filed for the newest quarter
5.1	Small Company Fund Fund S000005981 · Registered fund · Jun 30, 2026 American Century Quantitative Equity Funds, Inc., not summed	5,394	0.03%	0	Jun 30, 2026	American Century Quantitative Equity Funds, Inc., not summed
6	STATE STREET CORP 13F CIK 93751 · Bank · Jun 30, 2026 carried, not yet filed for the newest quarter	598,641	3.46%	+96,173	Jun 30, 2026	carried, not yet filed for the newest quarter
6.1	State Street(R) SPDR(R) S&P(R) Regional Banking ETF Fund S000012325 · Registered fund · Jun 30, 2026 SPDR SERIES TRUST, not summed	169,182	0.98%	+48,244	Jun 30, 2026	SPDR SERIES TRUST, not summed
6.2	STATE STREET SMALL/MID CAP EQUITY INDEX PORTFOLIO Fund S000050332 · Registered fund · Jun 30, 2026 STATE STREET INSTITUTIONAL INVESTMENT TRUST, not summed	5,800	0.03%	0	Jun 30, 2026	STATE STREET INSTITUTIONAL INVESTMENT TRUST, not summed
6.3	State Street Total Return V.I.S. Fund Fund S000001637 · Registered fund · Jun 30, 2026 STATE STREET VARIABLE INSURANCE SERIES FUNDS INC, not summed	435	0.00%	+66	Jun 30, 2026	STATE STREET VARIABLE INSURANCE SERIES FUNDS INC, not summed
6.4	State Street Balanced Index Fund Fund S000082802 · Registered fund · Jun 30, 2026 STATE STREET INSTITUTIONAL INVESTMENT TRUST, not summed	69	0.00%	0	Jun 30, 2026	STATE STREET INSTITUTIONAL INVESTMENT TRUST, not summed
7	VANGUARD TOTAL STOCK MARKET INDEX FUND Fund S000002848 · Registered fund · Jun 30, 2026 VANGUARD INDEX FUNDS, not summed	520,137	3.01%	+25,300	Jun 30, 2026	VANGUARD INDEX FUNDS, not summed
8	Avantis U.S. Small Cap Value ETF Fund S000066459 · Registered fund · May 31, 2026 American Century ETF Trust, not summed	494,795	2.86%	+47,968	May 31, 2026	American Century ETF Trust, not summed
9	GEODE CAPITAL MANAGEMENT, LLC 13F CIK 1214717 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	466,410	2.70%	+31,398	Jun 30, 2026	carried, not yet filed for the newest quarter
10	RENAISSANCE TECHNOLOGIES LLC 13F CIK 1037389 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	446,613	2.58%	-25,600	Jun 30, 2026	carried, not yet filed for the newest quarter
11	NORTH STAR ASSET MANAGEMENT INC 13F CIK 1056559 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	377,427	2.18%	-5,753	Jun 30, 2026	carried, not yet filed for the newest quarter
12	VANGUARD PORTFOLIO MANAGEMENT LLC 13F CIK 2100121 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	290,093	1.68%	+14,772	Jun 30, 2026	carried, not yet filed for the newest quarter
13	LSV ASSET MANAGEMENT 13F CIK 1050470 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	280,786	1.62%	-2,400	Jun 30, 2026	carried, not yet filed for the newest quarter
13.1	LSV Small Cap Value Fund Fund S000039922 · Registered fund · Jul 31, 2026 ADVISORS' INNER CIRCLE FUND, not summed	48,657	0.28%	0	Jul 31, 2026	ADVISORS' INNER CIRCLE FUND, not summed
14	NORTHERN TRUST CORP 13F CIK 73124 · Bank · Jun 30, 2026 carried, not yet filed for the newest quarter	240,668	1.39%	+8,068	Jun 30, 2026	carried, not yet filed for the newest quarter
14.1	Small Cap Value Fund Fund S000001246 · Registered fund · Jun 30, 2026 Northern Funds, not summed	13,072	0.08%	0	Jun 30, 2026	Northern Funds, not summed
14.2	Small Cap Index Fund Fund S000001245 · Registered fund · Jun 30, 2026 Northern Funds, not summed	8,699	0.05%	+662	Jun 30, 2026	Northern Funds, not summed
14.3	Small Cap Core Fund Fund S000001244 · Registered fund · Jun 30, 2026 Northern Funds, not summed	3,547	0.02%	-101	Jun 30, 2026	Northern Funds, not summed
14.4	FlexShares Morningstar US Market Factor Tilt Index Fund Fund S000033312 · Registered fund · Jul 31, 2026 FlexShares Trust, not summed	2,210	0.01%	+104	Jul 31, 2026	FlexShares Trust, not summed
15	Tributary Capital Management, LLC 13F CIK 1441888 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	218,146	1.26%	-6,486	Jun 30, 2026	carried, not yet filed for the newest quarter
15.1	TRIBUTARY SMALL COMPANY FUND Fund S000022139 · Registered fund · Jun 30, 2026 TRIBUTARY CAPITAL MANAGEMENT, LLC, not summed	129,052	0.75%	-5,020	Jun 30, 2026	TRIBUTARY CAPITAL MANAGEMENT, LLC, not summed
16	TWO SIGMA INVESTMENTS, LP 13F CIK 1179392 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	213,740	1.24%	+32,093	Jun 30, 2026	carried, not yet filed for the newest quarter
17	VANGUARD EXTENDED MARKET INDEX FUND Fund S000002841 · Registered fund · Jun 30, 2026 VANGUARD INDEX FUNDS, not summed	199,073	1.15%	+6,199	Jun 30, 2026	VANGUARD INDEX FUNDS, not summed
18	HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 13F CIK 1164833 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	192,503	1.11%	+1,350	Jun 30, 2026	carried, not yet filed for the newest quarter
18.1	Hotchkis and Wiley Small Cap Diversified Value Fund Fund S000045868 · Registered fund · Jun 30, 2026 HOTCHKIS & WILEY FUNDS/DE/, not summed	47,240	0.27%	0	Jun 30, 2026	HOTCHKIS & WILEY FUNDS/DE/, not summed
19	CHARLES SCHWAB INVESTMENT MANAGEMENT INC 13F CIK 884546 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	144,188	0.83%	+3,742	Jun 30, 2026	carried, not yet filed for the newest quarter
19.1	Schwab U.S. Small-Cap ETF Fund S000026636 · Registered fund · Aug 31, 2026 SCHWAB STRATEGIC TRUST, not summed	82,573	0.48%	-914	Aug 31, 2026	SCHWAB STRATEGIC TRUST, not summed
19.2	Schwab Small-Cap Index Fund Fund S000005912 · Registered fund · Jul 31, 2026 SCHWAB CAPITAL TRUST, not summed	41,911	0.24%	+5,180	Jul 31, 2026	SCHWAB CAPITAL TRUST, not summed
19.3	Schwab Total Stock Market Index Fund Fund S000005913 · Registered fund · Jul 31, 2026 SCHWAB CAPITAL TRUST, not summed	10,502	0.06%	0	Jul 31, 2026	SCHWAB CAPITAL TRUST, not summed
19.4	Schwab U.S. Broad Market ETF Fund S000026631 · Registered fund · Aug 31, 2026 SCHWAB STRATEGIC TRUST, not summed	10,339	0.06%	0	Aug 31, 2026	SCHWAB STRATEGIC TRUST, not summed
20	JPMORGAN CHASE & CO 13F CIK 19617 · Bank · Jun 30, 2026 carried, not yet filed for the newest quarter	140,097	0.81%	-8,761	Jun 30, 2026	carried, not yet filed for the newest quarter
21	AQR CAPITAL MANAGEMENT LLC 13F CIK 1167557 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	137,726	0.80%	-8,987	Jun 30, 2026	carried, not yet filed for the newest quarter
21.1	AQR Small Cap Multi-Style Fund Fund S000040064 · Registered fund · Jun 30, 2026 AQR Funds, not summed	6,650	0.04%	+2,370	Jun 30, 2026	AQR Funds, not summed
21.2	AQR Small Cap Momentum Style Fund Fund S000025644 · Registered fund · Mar 31, 2026 AQR Funds, not summed	2,370	0.01%	—	Mar 31, 2026	AQR Funds, not summed
22	BANC FUNDS CO LLC 13F CIK 1029311 · Unknown · Jun 30, 2026 carried, not yet filed for the newest quarter	131,160	0.76%	0	Jun 30, 2026	carried, not yet filed for the newest quarter
23	MERCER GLOBAL ADVISORS INC /ADV 13F CIK 853758 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	127,923	0.74%	-1,334	Jun 30, 2026	carried, not yet filed for the newest quarter
24	CHRISTMAS CHARLES E Insider CIK 1208502 · Feb 17, 2026 EVP & CFO, issuer-wide	123,500	0.71%	-1,679	Feb 17, 2026	EVP & CFO, issuer-wide
25	MORGAN STANLEY 13F CIK 895421 · Holding company · Jun 30, 2026 carried, not yet filed for the newest quarter	123,030	0.71%	-4,206	Jun 30, 2026	carried, not yet filed for the newest quarter
25.1	E*TRADE No Fee Total Market Index Fund Fund S000090722 · Registered fund · Jul 31, 2026 E Trade Trust, not summed	68	0.00%	0	Jul 31, 2026	E Trade Trust, not summed
26	VANGUARD FIDUCIARY TRUST CO 13F CIK 933478 · Unknown · Jun 30, 2026 carried, not yet filed for the newest quarter	112,722	0.65%	+2,463	Jun 30, 2026	carried, not yet filed for the newest quarter
27	GOLDMAN SACHS GROUP INC 13F CIK 886982 · Holding company · Jun 30, 2026 carried, not yet filed for the newest quarter	101,031	0.58%	-11,690	Jun 30, 2026	carried, not yet filed for the newest quarter
27.1	Goldman Sachs ActiveBeta(R) U.S. Small Cap Equity ETF Fund S000048296 · Registered fund · Aug 31, 2026 Goldman Sachs ETF Trust, not summed	9,827	0.06%	+539	Aug 31, 2026	Goldman Sachs ETF Trust, not summed
27.2	Multi-Manager U.S. Small Cap Equity Fund Fund S000051363 · Registered fund · Apr 30, 2026 Goldman Sachs Trust II, not summed	7,526	0.04%	—	Apr 30, 2026	Goldman Sachs Trust II, not summed
27.3	Goldman Sachs Absolute Return Tracker Fund Fund S000020314 · Registered fund · Aug 31, 2026 GOLDMAN SACHS TRUST, not summed	4,580	0.03%	+326	Aug 31, 2026	GOLDMAN SACHS TRUST, not summed
28	Bank of New York Mellon Corp 13F CIK 1390777 · Bank · Jun 30, 2026 carried, not yet filed for the newest quarter	98,102	0.57%	+5,443	Jun 30, 2026	carried, not yet filed for the newest quarter
29	VANGUARD DIVIDEND APPRECIATION INDEX FUND Fund S000011322 · Registered fund · Jul 31, 2026 VANGUARD SPECIALIZED FUNDS, not summed	97,713	0.57%	+1,360	Jul 31, 2026	VANGUARD SPECIALIZED FUNDS, not summed
30	Rhino Investment Partners, Inc 13F CIK 1828776 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	93,925	0.54%	+93,925	Jun 30, 2026	carried, not yet filed for the newest quarter
31	CITADEL ADVISORS LLC 13F CIK 1423053 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	93,094	0.54%	+64,161	Jun 30, 2026	carried, not yet filed for the newest quarter
32	KAMINSKI ROBERT B Insider CIK 1208523 · May 2, 2025 Director, issuer-wide	89,796	0.52%	-250	May 2, 2025	Director, issuer-wide
33	Reitsma Raymond E. Insider CIK 1693989 · Feb 17, 2026 Director, President and CEO, issuer-wide	89,538	0.52%	-2,232	Feb 17, 2026	Director, President and CEO, issuer-wide
34	VANGUARD RUSSELL 2000 INDEX FUND Fund S000030003 · Registered fund · May 31, 2026 VANGUARD SCOTTSDALE FUNDS, not summed	86,266	0.50%	+7,537	May 31, 2026	VANGUARD SCOTTSDALE FUNDS, not summed
35	Siena Capital Partners GP, LLC 13F CIK 1694886 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	83,966	0.49%	0	Jun 30, 2026	carried, not yet filed for the newest quarter
36	De Lisle Partners LLP 13F CIK 2011184 · Non-US institution · Jun 30, 2026 carried, not yet filed for the newest quarter	75,649	0.44%	0	Jun 30, 2026	carried, not yet filed for the newest quarter
37	jvl associates llc 13F CIK 1915765 · Registered investment adviser · Sep 30, 2026	67,194	0.39%	0	Sep 30, 2026
38	ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 13F CIK 1164508 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	64,904	0.38%	0	Jun 30, 2026	carried, not yet filed for the newest quarter
39	ENVESTNET ASSET MANAGEMENT INC 13F CIK 1407543 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	62,019	0.36%	-3,883	Jun 30, 2026	carried, not yet filed for the newest quarter
40	MALTESE CAPITAL MANAGEMENT LLC 13F CIK 1040762 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	60,000	0.35%	+60,000	Jun 30, 2026	carried, not yet filed for the newest quarter
41	FRANKLIN RESOURCES INC 13F CIK 38777 · Investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	55,462	0.32%	+2,379	Jun 30, 2026	carried, not yet filed for the newest quarter
41.1	Putnam Dynamic Asset Allocation Growth Fund Fund S000000780 · Registered fund · Jun 30, 2026 Putnam Asset Allocation Funds, not summed	3,141	0.02%	+293	Jun 30, 2026	Putnam Asset Allocation Funds, not summed
41.2	Putnam Dynamic Asset Allocation Balanced Fund Fund S000000778 · Registered fund · Jun 30, 2026 Putnam Asset Allocation Funds, not summed	2,144	0.01%	+200	Jun 30, 2026	Putnam Asset Allocation Funds, not summed
41.3	Putnam Dynamic Asset Allocation Conservative Fund Fund S000000779 · Registered fund · Jun 30, 2026 Putnam Asset Allocation Funds, not summed	338	0.00%	+31	Jun 30, 2026	Putnam Asset Allocation Funds, not summed
41.4	Franklin Multi-Asset Income Fund Fund S000067964 · Registered fund · Aug 31, 2026 Putnam Asset Allocation Funds, not summed	207	0.00%	+14	Aug 31, 2026	Putnam Asset Allocation Funds, not summed
41.5	Franklin Dynamic Asset Allocation Equity Fund Fund S000024760 · Registered fund · Aug 31, 2026 Putnam Funds Trust, not summed	193	0.00%	+10	Aug 31, 2026	Putnam Funds Trust, not summed
42	AMERIPRISE FINANCIAL INC 13F CIK 820027 · Investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	55,186	0.32%	+61	Jun 30, 2026	carried, not yet filed for the newest quarter
42.1	Columbia Research Enhanced Small Cap ETF Fund S000095313 · Registered fund · Jun 30, 2026 Columbia ETF Trust I, not summed	30	0.00%	—	Jun 30, 2026	Columbia ETF Trust I, not summed
43	Elizabeth Park Capital Advisors, Ltd. 13F CIK 1600583 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	50,971	0.29%	0	Jun 30, 2026	carried, not yet filed for the newest quarter
44	HRT FINANCIAL LP 13F CIK 1475597 · Unknown · Jun 30, 2026 carried, not yet filed for the newest quarter	48,934	0.28%	+48,934	Jun 30, 2026	carried, not yet filed for the newest quarter
45	Connor, Clark & Lunn Investment Management Ltd. 13F CIK 1596800 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	48,392	0.28%	-458	Jun 30, 2026	carried, not yet filed for the newest quarter
46	PRICE MICHAEL H Insider CIK 1208528 · May 22, 2026 Director, issuer-wide	47,745	0.28%	+1,322	May 22, 2026	Director, issuer-wide
47	RAYMOND JAMES FINANCIAL INC 13F CIK 720005 · Unknown · Jun 30, 2026 carried, not yet filed for the newest quarter	47,323	0.27%	-838	Jun 30, 2026	carried, not yet filed for the newest quarter
48	Rosenthal \| Henry Capital Advisors, Inc. 13F CIK 1697539 · Unknown · Sep 30, 2026	45,000	0.26%	0	Sep 30, 2026
49	VANGUARD STRATEGIC SMALL-CAP EQUITY FUND Fund S000012432 · Registered fund · Jun 30, 2026 VANGUARD HORIZON FUNDS, not summed	41,597	0.24%	0	Jun 30, 2026	VANGUARD HORIZON FUNDS, not summed
50	JPMorgan Small Cap Value Fund Fund S000003899 · Registered fund · Jun 30, 2026 JPMorgan Trust II, not summed	41,333	0.24%	-2,521	Jun 30, 2026	JPMorgan Trust II, not summed

27 more nested rows are not shown here; Every filing lists them all.

Shares are restated onto today's split basis. Change compares each row with the same holder's previous filing in the same source; a dash means there is none to compare. Nested 13D/G, insider and fund rows are not summed, since a 13F report already holds them.

Showing 1–50 of 332 holders

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Key facts CIK 1042729 CUSIP 587376104 13F (30d) 44 filings 43 filers Visit website Investor relations