MBWM Mercantile Bank Corporation - Common Stock
$60.60
Price · Aug 19, 2026
Fundamentals as of Jul 31, 2026
52W Range
$43–$62
91% of range
Analyst Rating
BUY
12 analysts
Price Target
$63
+4% upside
P/E (TTM)
11.1
ROE
13.1%
Net Profit Margin
36.6%
MBWM Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$60.60
Market Cap
$1.04B
P/E (TTM)
11.1
EPS (TTM)
$5.47
Revenue (TTM)
—
Div Yield
2.3%
ROE
13.1%
Debt/Equity
—
52W Range
$43 – $62
MBWM Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
—
EPS
$5.47
2016-12-31
→
2025-12-31
Free Cash Flow
—
Margins
36.6%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
MBWM
Peer Median
P/E (TTM)
11.1
12.8
P/S (TTM)
4.3
2.1
P/B
1.4
1.2
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
MBWM
Peer Median
Net Profit Margin
36.6%
30.0%
ROA
1.4%
1.1%
ROE
13.1%
11.7%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
MBWM
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
MBWM
Peer Median
Revenue YoY
4.8%
—
Revenue CAGR 3Y
8.4%
—
Revenue CAGR 5Y
7.7%
—
EPS YoY
10.9%
—
Net Income YoY
11.5%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
MBWM
Peer Median
Payout Ratio
27.0%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
2.3%
Payout Ratio
27.0%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 5, 2026 | $0.3900 |
| March 6, 2026 | $0.3900 |
| Dec. 5, 2025 | $0.3800 |
| Sept. 5, 2025 | $0.3800 |
| June 6, 2025 | $0.3700 |
| March 7, 2025 | $0.3700 |
| Dec. 6, 2024 | $0.3600 |
| Sept. 6, 2024 | $0.3600 |
| June 7, 2024 | $0.3500 |
| Feb. 29, 2024 | $0.3500 |
| Nov. 30, 2023 | $0.3400 |
| Aug. 31, 2023 | $0.3400 |
| June 1, 2023 | $0.3300 |
| March 2, 2023 | $0.3300 |
| Dec. 1, 2022 | $0.3200 |
| Sept. 1, 2022 | $0.3200 |
| June 2, 2022 | $0.3100 |
| March 3, 2022 | $0.3100 |
| Dec. 2, 2021 | $0.3000 |
| Sept. 2, 2021 | $0.3000 |
MBWM Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
12 analysts
- Strong Buy 2 16.7%
- Buy 6 50.0%
- Hold 4 33.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
6 analysts · 2026-08-19
Median
$63.50
Now
$60.60
Low
$60.00
High
$65.00
Median target
$63.50
+4.8%
Mean target
$63.17
+4.2%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.08%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $1.50 | $1.35 | 0.15% |
| March 31, 2026 | $1.46 | $1.34 | 0.12% |
| Dec. 31, 2025 | $1.40 | $1.36 | 0.04% |
| Sept. 30, 2025 | $1.46 | $1.40 | 0.06% |
| June 30, 2025 | $1.39 | $1.27 | 0.12% |
| March 31, 2025 | $1.21 | $1.21 | 0.00% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MBWM | $826M | 8.8 | 4.8% | 36.6% | 13.1% | — |
| AMTB | — | 15.5 | 30.8% | 11.9% | 5.6% | — |
| FSBC | $765M | 12.3 | 25.6% | 38.9% | 14.3% | — |
| CFFN | $839M | 12.2 | 6.5% | 417.3% | 6.5% | — |
| EQBK | — | 36.3 | -6.6% | 10.8% | 3.3% | — |
| HBNC | $869M | -5.2 | 2.0% | 558.0% | -20.3% | — |
| BFST | $771M | 9.4 | 1.2% | 820.8% | 10.1% | — |
| MCBS | $765M | 10.1 | 10.2% | 44.0% | 14.0% | — |
| CCNE | — | 10.5 | 24.6% | 23.4% | 8.8% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Expense | · | · | $78M | $24M | $19M | $26M | $34M | $22M | $16M | $13M | $11M | $11M | |
| Interest Income | $330M | $322M | $271M | $182M | $143M | $148M | $158M | $142M | $126M | $118M | $112M | $89M | |
| Pretax Income | $103M | $98M | $103M | $76M | $74M | $55M | $60M | $52M | $46M | $47M | $39M | $25M | |
| Income Tax | $15M | $19M | $20M | $15M | $15M | $11M | $11M | $10M | $15M | $15M | $12M | $8M | |
| Net Income | $89M | $80M | $82M | $61M | $59M | $44M | $49M | $42M | $31M | $32M | $27M | $17M | |
| EPS (Basic) | $5.47 | $4.93 | $5.13 | $3.85 | $3.69 | $2.71 | $3.01 | $2.53 | $1.90 | $1.96 | $1.63 | $1.28 | |
| EPS (Diluted) | $5.47 | $4.93 | $5.13 | $3.85 | $3.69 | $2.71 | $3.01 | $2.53 | $1.90 | $1.96 | $1.62 | $1.28 | |
| Shares (Basic) | 16,237,974 | 16,130,696 | 16,015,678 | 15,859,889 | 15,986,857 | 16,268,689 | 16,405,159 | 16,600,612 | 16,478,968 | 16,292,086 | 16,609,263 | 13,510,991 | |
| Shares (Diluted) | · | 16,130,696 | 16,015,678 | 15,859,901 | 15,987,303 | 16,269,319 | 16,409,135 | 16,606,416 | 16,489,070 | 16,310,730 | 16,642,140 | 13,541,904 | |
| EBITDA | $6M | $11M | $11M | $13M | $14M | $9M | $10M | $10M | $10M | $10M | $12M | $8M |
Balance Sheet 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PP&E (Net) | $62M | $53M | $51M | $51M | $57M | $59M | $57M | $48M | $46M | $45M | $47M | $49M | |
| PP&E (Gross) | $117M | $103M | $95M | $90M | $94M | $94M | $93M | $82M | $77M | $74M | $73M | $72M | |
| Accum. Depreciation | $54M | $50M | $44M | $39M | $37M | $35M | $35M | $33M | $31M | $29M | $26M | $23M | |
| Goodwill | $73M | $49M | $49M | $49M | $49M | $49M | $49M | $49M | $49M | $49M | $49M | $49M | |
| Intangibles | $20M | $0 | · | $583.0K | $1M | $2M | $4M | $6M | $8M | $10M | $13M | $16M | |
| Total Assets | $6.84B | $6.05B | $5.35B | $4.87B | $5.26B | $4.44B | $3.63B | $3.36B | $3.29B | $3.08B | $2.90B | $2.89B | |
| Total Liabilities | $6.11B | $5.47B | $4.83B | $4.43B | $4.80B | $4.00B | $3.22B | $2.99B | $2.92B | $2.74B | $2.57B | $2.57B | |
| Common Stock | $349M | $300M | $295M | $290M | $286M | $302M | $305M | $308M | $310M | $305M | $305M | $318M | |
| Retained Earnings | $399M | $335M | $278M | $216M | $175M | $134M | $108M | $75M | $61M | $41M | $28M | $10M | |
| AOCI | $-24M | $-50M | $-50M | $-65M | $-4M | $5M | $4M | $-8M | $-5M | $-6M | $1M | $16.0K | |
| Stockholders' Equity | $725M | $585M | $522M | $441M | $457M | $442M | $417M | $375M | $366M | $341M | $334M | $328M | |
| Liabilities + Equity | $6.84B | $6.05B | $5.35B | $4.87B | $5.26B | $4.44B | $3.63B | $3.36B | $3.29B | $3.08B | $2.90B | $2.89B | |
| Shares Outstanding | 17,181,096 | 16,146,374 | 16,125,662 | 15,994,884 | 15,839,944 | 16,330,476 | 16,425,136 | 16,534,256 | 16,592,125 | 16,416,695 | 16,358,711 | 16,976,839 |
Cash Flow 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $6M | $11M | $11M | $13M | $14M | $9M | $10M | $10M | $10M | $10M | $12M | $8M | |
| Stock-based Comp | $3M | $3M | $3M | $3M | $4M | $2M | $3M | $2M | $2M | $1M | $684.0K | $714.0K | |
| Deferred Tax | $2M | $-397.0K | $-2M | $-1M | $2M | $-4M | $26.0K | $-372.0K | $-505.0K | $-699.0K | $5M | $5M | |
| Other Non-cash | $-82M | $8M | $-28M | $44M | $-14M | $-14M | $-17M | $8M | $-4M | $-8M | $-8M | $-16M | |
| Operating Cash Flow | $18M | $101M | $67M | $120M | $65M | $38M | $45M | $62M | $39M | $35M | $36M | $14M | |
| Investing Cash Flow | $-106M | $-425M | $-396M | $-555M | $-496M | $-399M | $-93M | $-210M | $-191M | $-97M | $-96M | $65M | |
| Stock Repurchased | · | · | $0 | $0 | $21M | $7M | $7M | $6M | $0 | $4M | $16M | $0 | |
| Net Stock Activity | · | · | $0 | $0 | $-21M | $-7M | $-7M | $-6M | $0 | $-4M | $-16M | · | |
| Dividends Paid | $24M | $22M | $21M | $20M | $19M | $18M | $17M | $28M | $12M | $19M | $10M | $24M | |
| Financing Cash Flow | $168M | $587M | $363M | $-443M | $780M | $753M | $206M | $24M | $169M | $156M | $-23M | $-53M | |
| Net Change in Cash | $80M | $262M | $34M | $-878M | $349M | $392M | $158M | $-125M | $17M | $94M | $-83M | $26M | |
| Taxes Paid | $45M | $21M | $25M | $11M | $18M | $11M | $12M | $10M | $14M | $15M | $8M | $3M |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 36.6% | 34.4% | 36.4% | 32.1% | 32.7% | 26.4% | 32.6% | 30.2% | 24.3% | 25.1% | 23.1% | 19.7% | |
| Pretax Margin | 42.6% | 42.5% | 45.5% | 39.8% | 40.9% | 32.8% | 39.9% | 37.3% | 35.8% | 37.0% | 33.1% | 28.7% | |
| EBITDA Margin | 2.4% | 4.5% | 5.1% | 6.8% | 7.6% | 5.6% | 6.3% | 7.0% | 8.1% | 7.5% | 9.9% | 8.7% | |
| ROA | 1.4% | 1.4% | 1.6% | 1.2% | 1.2% | 1.1% | 1.4% | 1.3% | 0.98% | 1.1% | 0.93% | 0.80% | |
| ROE | 13.1% | 13.6% | 16.4% | 14.2% | 13.0% | 10.1% | 12.0% | 11.1% | 8.6% | 9.2% | 8.2% | 5.3% |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 4.8% | 2.6% | 18.6% | 5.6% | 7.7% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 8.4% | 8.7% | 10.5% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 7.7% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 10.9% | -3.9% | 33.2% | 4.3% | 36.2% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 12.4% | 10.1% | 23.7% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 15.1% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 11.5% | -3.2% | 34.6% | 3.5% | 33.7% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 13.3% | 10.5% | 23.0% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 15.0% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 6.0% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $243M | $231M | $226M | $190M | $180M | $167M | $151M | $139M | $129M | $127M | $117M | $88M | |
| Net Income TTM | $89M | $80M | $82M | $61M | $59M | $44M | $49M | $42M | $31M | $32M | $27M | $17M | |
| Market Cap | $826M | $718M | $651M | $536M | $555M | $444M | $599M | $467M | $587M | $619M | $401M | $357M | |
| P/E | 8.8 | 9.0 | 7.9 | 8.7 | 9.5 | 10.0 | 12.1 | 11.2 | 18.6 | 19.2 | 15.1 | 16.4 | |
| P/S | 3.4 | 3.1 | 2.9 | 2.8 | 3.1 | 2.7 | 4.0 | 3.4 | 4.6 | 4.9 | 3.4 | 4.1 | |
| P/B | 1.1 | 1.2 | 1.2 | 1.2 | 1.2 | 1.0 | 1.4 | 1.2 | 1.6 | 1.8 | 1.2 | 1.1 | |
| P / Tangible Book | 1.3 | 1.3 | 1.4 | 1.4 | 1.4 | 1.1 | · | · | · | · | · | · | |
| P / Cash Flow | 46.0 | 7.1 | 9.8 | 4.5 | 8.6 | 11.7 | 13.4 | 7.6 | 15.2 | 17.9 | 11.1 | 24.8 | |
| Dividend Yield | 2.9% | 3.1% | 3.2% | 3.7% | 3.3% | 4.0% | 2.9% | 5.9% | 2.1% | 3.0% | 2.4% | 6.9% | |
| Earnings Yield | 11.4% | 11.1% | 12.7% | 11.5% | 10.5% | 10.0% | 8.2% | 8.9% | 5.4% | 5.2% | 6.6% | 6.1% | |
| Payout Ratio | 27.0% | 28.2% | 25.6% | 32.1% | 31.4% | 40.6% | 34.6% | 65.4% | 38.5% | 58.7% | 35.2% | 141.2% | |
| Annual Payout | $24M | $22M | $21M | $20M | $19M | $18M | $17M | $28M | $12M | $19M | $10M | $24M |
Income Statement 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Expense | · | · | · | · | · | · | · | · | · | $29M | · | $22M | $18M | $12M | · | $6M | |
| Interest Income | $87M | $85M | $82M | $86M | $82M | $80M | $82M | $83M | $79M | $77M | $74M | $71M | $66M | $60M | $58M | $48M | |
| Pretax Income | $31M | $27M | $26M | $27M | $26M | $24M | $23M | $25M | $24M | $27M | $25M | $26M | $25M | $26M | $27M | $20M | |
| Income Tax | $5M | $5M | $3M | $4M | $3M | $5M | $4M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $4M | |
| Net Income | $26M | $23M | $23M | $24M | $23M | $20M | $20M | $20M | $19M | $22M | $20M | $21M | $20M | $21M | $22M | $16M | |
| EPS (Basic) | $1.50 | $1.32 | $1.41 | $1.46 | $1.39 | $1.21 | $1.20 | $1.22 | $1.17 | $1.34 | $1.25 | $1.30 | $1.27 | $1.31 | $1.37 | $1.01 | |
| EPS (Diluted) | $1.50 | $1.32 | $1.41 | $1.46 | $1.39 | $1.21 | $1.20 | $1.22 | $1.17 | $1.34 | $1.25 | $1.30 | $1.27 | $1.31 | $1.37 | $1.01 | |
| Shares (Basic) | 17,278,057 | 17,237,249 | -32,449,190 | 16,249,267 | 16,239,919 | 16,197,978 | -32,249,295 | 16,138,320 | 16,122,813 | 16,118,858 | -32,002,251 | 16,018,419 | 16,003,372 | 15,996,138 | -31,691,144 | 15,861,551 | |
| Shares (Diluted) | 17,278,057 | 17,237,249 | · | 16,249,267 | 16,239,919 | 16,197,978 | · | 16,138,320 | 16,122,813 | 16,118,858 | · | 16,018,419 | 16,003,372 | 15,996,138 | -31,691,368 | 15,861,551 | |
| EBITDA | · | $2M | · | · | · | $2M | · | · | · | $3M | · | · | · | $3M | · | · |
Balance Sheet 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PP&E (Net) | $61M | $62M | $62M | $56M | $55M | $54M | $53M | $54M | $50M | $51M | · | $52M | $52M | $52M | · | $52M | |
| PP&E (Gross) | $116M | $116M | $117M | $109M | $107M | $105M | $103M | $103M | $97M | $96M | · | $95M | $93M | $92M | · | $89M | |
| Accum. Depreciation | $55M | $54M | $54M | $53M | $52M | $51M | $50M | $48M | $47M | $45M | · | $43M | $41M | $40M | · | $37M | |
| Goodwill | $74M | $74M | $73M | $49M | $49M | $49M | $49M | $49M | $49M | $49M | · | $49M | $49M | $49M | · | $49M | |
| Intangibles | $17M | $18M | $20M | · | · | · | $0 | · | · | · | · | $212.0K | $291.0K | $424.0K | · | $741.0K | |
| Total Assets | $6.82B | $6.95B | $6.84B | $6.31B | $6.18B | $6.14B | $6.05B | $5.92B | $5.60B | $5.47B | · | $5.25B | $5.14B | $4.90B | · | $5.02B | |
| Total Liabilities | $6.06B | $6.21B | $6.11B | $5.65B | $5.55B | $5.53B | $5.47B | $5.33B | $5.05B | $4.93B | · | $4.77B | $4.66B | $4.43B | · | $4.60B | |
| Common Stock | $352M | $351M | $349M | $303M | $302M | $301M | $300M | $299M | $298M | $296M | · | $294M | $293M | $292M | · | $289M | |
| Retained Earnings | $435M | $415M | $399M | $383M | $365M | $348M | $335M | $321M | $307M | $294M | · | $263M | $247M | $232M | · | $200M | |
| AOCI | $-32M | $-29M | $-24M | $-29M | $-36M | $-41M | $-50M | $-36M | $-53M | $-53M | $-50M | $-74M | $-62M | $-56M | $-65M | $-72M | |
| Stockholders' Equity | $755M | $737M | $725M | $658M | $632M | $608M | $585M | $583M | $551M | $537M | $522M | $483M | $479M | $467M | $441M | $416M | |
| Liabilities + Equity | $6.82B | $6.95B | $6.84B | $6.31B | $6.18B | $6.14B | $6.05B | $5.92B | $5.60B | $5.47B | · | $5.25B | $5.14B | $4.90B | · | $5.02B | |
| Shares Outstanding | 17,285,911 | 17,274,356 | 17,181,096 | 16,253,544 | 16,248,694 | 16,235,660 | 16,146,374 | 16,142,433 | 16,137,646 | 16,122,503 | · | 16,023,350 | 16,018,048 | 16,001,448 | · | 15,866,243 |
Cash Flow 11
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1M | $2M | $1M | $1M | $1M | $2M | $2M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | |
| Stock-based Comp | $1M | $971.0K | $821.0K | $929.0K | $937.0K | $786.0K | $785.0K | $898.0K | $891.0K | $742.0K | $879.0K | $824.0K | $828.0K | $853.0K | $979.0K | $790.0K | |
| Amort. of Intangibles | $865.0K | $865.0K | · | · | $0 | $0 | · | · | · | · | · | · | · | · | · | · | |
| Other Non-cash | · | $3M | · | · | · | $-25M | · | · | · | $15M | · | · | · | $-7M | · | · | |
| Operating Cash Flow | $15M | $28M | $6M | $23M | $-8M | $-3M | $60M | $-8M | $9M | $40M | $-7M | $36M | $19M | $18M | $37M | $33M | |
| Investing Cash Flow | $-109M | $-25M | $8M | $64M | $-95M | $-82M | $-103M | $-154M | $-155M | $-13M | $-199M | $-52M | $-88M | $-57M | $-52M | $-167M | |
| Stock Repurchased | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Dividends Paid | $7M | $7M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $5M | $5M | $5M | $5M | $5M | $5M | |
| Financing Cash Flow | $-144M | $102M | $-17M | $94M | $14M | $77M | $108M | $293M | $107M | $80M | $71M | $73M | $219M | $237.0K | $-172M | $-61M | |
| Net Change in Cash | $-238M | $106M | $-4M | $181M | $-89M | $-8M | $64M | $131M | $-40M | $107M | $-135M | $58M | $150M | $-39M | $-187M | $-195M | |
| Taxes Paid | $0 | $-11M | $45M | $0 | $0 | $0 | $5M | $5M | · | · | $6M | $5M | · | · | $5M | $800.0K |
Profitability 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 37.7% | 33.6% | · | 38.1% | 37.1% | 34.1% | · | 33.9% | 33.1% | 37.0% | · | 35.8% | 36.9% | 37.9% | · | 32.3% | |
| Pretax Margin | 45.4% | 40.4% | · | 44.0% | 42.6% | 42.0% | · | 42.4% | 41.4% | 46.3% | · | 44.6% | 46.0% | 47.2% | · | 40.2% | |
| EBITDA Margin | · | 2.5% | · | · | · | 2.9% | · | · | · | 4.8% | · | · | · | 5.5% | · | · | |
| ROA | 0.40% | 0.35% | · | 0.39% | 0.38% | 0.34% | · | 0.35% | 0.35% | 0.42% | · | 0.41% | 0.40% | 0.42% | · | 0.32% | |
| ROE | 3.7% | 3.4% | · | 3.8% | 3.8% | 3.4% | · | 3.7% | 3.6% | 4.3% | · | 4.6% | 4.5% | 4.6% | · | 3.7% |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 |
Valuation (TTM) 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $260M | $248M | · | $239M | $233M | $230M | · | $231M | $228M | $227M | · | $218M | $202M | $187M | · | $164M | |
| Net Income TTM | $95M | $89M | · | $86M | $81M | $80M | · | $81M | $82M | $84M | · | $78M | $69M | $60M | · | $51M | |
| Market Cap | $993M | $872M | · | $731M | $754M | $705M | · | $706M | $655M | $621M | · | $495M | $442M | $489M | · | $471M | |
| P/E | 10.1 | 9.4 | · | 8.5 | 9.3 | 8.8 | · | 8.7 | 8.0 | 7.4 | · | 6.3 | 6.4 | 8.1 | · | 9.2 | |
| P/S | 3.8 | 3.5 | · | 3.1 | 3.2 | 3.1 | · | 3.1 | 2.9 | 2.7 | · | 2.3 | 2.2 | 2.6 | · | 2.9 | |
| P/B | 1.3 | 1.2 | · | 1.1 | 1.2 | 1.2 | · | 1.2 | 1.2 | 1.2 | · | 1.0 | 0.9 | 1.0 | · | 1.1 | |
| P / Tangible Book | 1.5 | 1.4 | · | 1.2 | 1.3 | 1.3 | · | 1.3 | 1.3 | 1.3 | · | 1.1 | 1.0 | 1.2 | · | 1.3 | |
| P / Cash Flow | · | 30.8 | · | · | · | -237.0 | · | · | · | 15.4 | · | · | · | 27.1 | · | · | |
| Earnings Yield | 9.9% | 10.7% | · | 11.7% | 10.8% | 11.4% | · | 11.5% | 12.5% | 13.6% | · | 15.8% | 15.7% | 12.4% | · | 10.8% | |
| Payout Ratio | · | 29.2% | · | · | · | 30.2% | · | · | · | 25.7% | · | · | · | 24.6% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Net Income | $89M | $80M | $82M | $61M | $59M |
| Diluted EPS | $5.47 | $4.93 | $5.13 | $3.85 | $3.69 |
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Institutional owners (13F) 223 filers · $502.5M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 39 (+13 vs prior Q) | 22 (+6 vs prior Q) | 62 (-7 vs prior Q) | 58 (+10 vs prior Q) | +722K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| DIMENSIONAL FUND ADVISORS LP | $57,664,035 | 1,004,250 | 11.48% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $53,246,657 | 927,319 | 10.60% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $42,238,898 | 735,613 | 8.41% | Shares |
| AMERICAN CENTURY COMPANIES INC | $35,888,361 | 625,015 | 7.14% | Shares |
| STATE STREET CORP | $34,373,966 | 598,641 | 6.84% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $25,644,518 | 446,613 | 5.10% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $23,186,288 | 403,705 | 4.61% | Shares |
| NORTH STAR ASSET MANAGEMENT INC | $19,350,590 | 383,180 | 3.85% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $16,657,140 | 290,093 | 3.31% | Shares |
| Tributary Capital Management, LLC | $12,525,959 | 218,146 | 2.49% | Shares |
| TWO SIGMA INVESTMENTS, LP | $12,272,951 | 213,740 | 2.44% | Shares |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $11,053,522 | 192,503 | 2.20% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $8,279,275 | 144,188 | 1.65% | Shares |
| BANC FUNDS CO LLC | $7,531,207 | 131,160 | 1.50% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $7,345,317 | 127,923 | 1.46% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $6,472,497 | 112,722 | 1.29% | Shares |
| Rhino Investment Partners, Inc | $5,393,174 | 93,925 | 1.07% | Shares |
| CITADEL ADVISORS LLC | $5,002,718 | 87,125 | 1.00% | Shares |
| Siena Capital Partners GP, LLC | $4,822,167 | 83,966 | 0.96% | Shares |
| De Lisle Partners LLP | $4,346,262 | 75,649 | 0.86% | Shares |
| GOLDMAN SACHS GROUP INC | $4,109,951 | 71,577 | 0.82% | Shares |
| jvl associates llc | $3,858,279 | 67,194 | 0.77% | Shares |
| Bank of New York Mellon Corp | $3,858,222 | 67,193 | 0.77% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $3,726,788 | 64,904 | 0.74% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $3,561,130 | 62,019 | 0.71% | Shares |
| Abundance Wealth Counselors | $3,225,913 | 56,181 | 0.64% | Shares |
| Elizabeth Park Capital Advisors, Ltd. | $2,926,755 | 50,971 | 0.58% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $2,778,669 | 48,392 | 0.55% | Shares |
| Rosenthal | Henry Capital Advisors, Inc. | $2,583,900 | 45,000 | 0.51% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $2,352,612 | 40,972 | 0.47% | Shares |
| Quantinno Capital Management LP | $2,350,775 | 40,940 | 0.47% | Shares |
| AMERIPRISE FINANCIAL INC | $2,165,825 | 37,719 | 0.43% | Shares |
| TWO SIGMA ADVISERS, LP | $1,966,520 | 40,884 | 0.39% | Shares |
| FRANKLIN RESOURCES INC | $1,937,695 | 33,746 | 0.39% | Shares |
| Swiss National Bank | $1,889,118 | 32,900 | 0.38% | Shares |
| Empowered Funds, LLC | $1,778,240 | 30,969 | 0.35% | Shares |
| LaFleur & Godfrey LLC | $1,756,779 | 30,595 | 0.35% | Shares |
| Brandywine Global Investment Management, LLC | $1,594,371 | 33,147 | 0.32% | Shares |
| MALTESE CAPITAL MANAGEMENT LLC | $1,481,091 | 25,794 | 0.29% | Shares |
| OSAIC HOLDINGS, INC. | $1,446,809 | 25,195 | 0.29% | Shares |
| BlackRock, Inc. | $1,407,536 | 24,513 | 0.28% | Shares |
| XTX Topco Ltd | $1,327,493 | 23,119 | 0.26% | Shares |
| Focus Partners Advisor Solutions, LLC | $1,305,214 | 22,731 | 0.26% | Shares |
| CREDIT AGRICOLE S A | $1,288,620 | 22,442 | 0.26% | Shares |
| State of New Jersey Common Pension Fund D | $1,249,517 | 21,761 | 0.25% | Shares |
| BARCLAYS PLC | $1,232,750 | 21,469 | 0.25% | Shares |
| RHUMBLINE ADVISERS | $1,229,068 | 21,405 | 0.24% | Shares |
| Man Group plc | $1,144,036 | 19,924 | 0.23% | Shares |
| Discipline Wealth Solutions, LLC | $1,138,409 | 19,826 | 0.23% | Shares |
| BANK OF AMERICA CORP /DE/ | $1,119,460 | 19,496 | 0.22% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $1,116,819 | 19,450 | 0.22% | Shares |
| ALLIANCEBERNSTEIN L.P. | $1,088,831 | 21,561 | 0.22% | Shares |
| DEUTSCHE BANK AG\ | $1,029,770 | 17,934 | 0.20% | Shares |
| IEQ CAPITAL, LLC | $1,016,569 | 17,704 | 0.20% | Shares |
| BAILARD, INC. | $1,010,649 | 17,601 | 0.20% | Shares |
| Baird Financial Group, Inc. | $1,003,414 | 17,475 | 0.20% | Shares |
| Round Hill Asset Management | $971,834 | 16,925 | 0.19% | Shares |
| CHICAGO TRUST Co NA | $895,235 | 15,591 | 0.18% | Shares |
| Pathstone Holdings, LLC | $883,490 | 15,386 | 0.18% | Shares |
| Atom Investors LP | $869,626 | 15,145 | 0.17% | Shares |
| WEDGE CAPITAL MANAGEMENT L L P/NC | $828,958 | 16,415 | 0.16% | Shares |
| STRS OHIO | $826,848 | 14,400 | 0.16% | Shares |
| LPL Financial LLC | $823,086 | 14,334 | 0.16% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $776,892 | 15,384 | 0.15% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $742,957 | 12,939 | 0.15% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $730,612 | 12,724 | 0.15% | Shares |
| BLAIR WILLIAM & CO/IL | $704,888 | 12,276 | 0.14% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $683,298 | 11,900 | 0.14% | Shares |
| Daytona Street Capital LLC | $673,842 | 11,856 | 0.13% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $673,077 | 11,722 | 0.13% | Shares |
| Point72 Asset Management, L.P. | $668,024 | 11,634 | 0.13% | Shares |
| Shakespeare Wealth Management, LLC | $664,579 | 11,574 | 0.13% | Shares |
| Strategies Wealth Advisors, LLC | $639,405 | 11,136 | 0.13% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $626,334 | 10,971 | 0.12% | Shares |
| Allianz Asset Management GmbH | $622,766 | 12,332 | 0.12% | Shares |
| Bluebird Wealth Management LLC | $609,341 | 10,612 | 0.12% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $579,827 | 10,098 | 0.12% | Shares |
| ALPS ADVISORS INC | $575,119 | 10,016 | 0.11% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $571,846 | 9,959 | 0.11% | Shares |
| MetLife Investment Management, LLC | $555,137 | 9,668 | 0.11% | Shares |
| Rafferty Asset Management, LLC | $551,117 | 9,598 | 0.11% | Shares |
| Azimuth Capital Investment Management LLC | $527,632 | 9,189 | 0.10% | Shares |
| STIFEL FINANCIAL CORP | $525,714 | 9,156 | 0.10% | Shares |
| CWM, LLC | $521,970 | 10,336 | 0.10% | Shares |
| Modern Wealth Management, LLC | $497,689 | 8,668 | 0.10% | Shares |
| Allspring Global Investments Holdings, LLC | $495,592 | 8,631 | 0.10% | Shares |
| Regal Investment Advisors LLC | $491,568 | 8,561 | 0.10% | Shares |
| FEDERATED HERMES, INC. | $482,902 | 8,410 | 0.10% | Shares |
| SEI INVESTMENTS CO | $471,246 | 8,207 | 0.09% | Shares |
| FIFTH THIRD BANCORP | $461,025 | 8,029 | 0.09% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $455,168 | 7,927 | 0.09% | Shares |
| Sequoia Financial Advisors, LLC | $443,209 | 7,719 | 0.09% | Shares |
| VANGUARD GROUP INC | $442,039 | 9,190 | 0.09% | Shares |
| FIRST NATIONAL BANK OF OMAHA | $417,615 | 7,273 | 0.08% | Shares |
| Farther Finance Advisors, LLC | $404,930 | 7,053 | 0.08% | Shares |
| COMERICA BANK | $401,395 | 8,345 | 0.08% | Shares |
| Trexquant Investment LP | $399,069 | 6,950 | 0.08% | Shares |
| Associated Banc-Corp | $395,681 | 6,891 | 0.08% | Shares |
| Invesco Ltd. | $394,188 | 6,865 | 0.08% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $385,988 | 6,769 | 0.08% | Shares |
Company insiders 32 insiders · 9 officers · 24 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Raymond E. Reitsma | President and CEO | Feb. 17, 2026 F | 64,270 | 0 | 0 | $0 |
| Charles E Christmas | EVP & CFO | Feb. 17, 2026 F | 70,527 | 0 | 0 | $0 |
| Scott P Setlock | EVP, COO, & SECRETARY | Feb. 5, 2026 A | 23,143 | 0 | 0 | $0 |
| Robert B Kaminski | COO, Exec. V.P., Secretary | Nov. 11, 2013 M | 27,072 | 0 | 0 | $0 |
| Mark S Augustyn | EVP&Chief Comm Banking Officer | Feb. 5, 2026 A | 32,499 | 0 | 0 | $0 |
| Tara M Randall | EVP & Chief Experience Officer | Feb. 5, 2026 A | 16,578 | 0 | 0 | $0 |
| Brett Hoover | EVP & CHIEF HR OFFICER | Feb. 5, 2026 A | 18,520 | 0 | 0 | $0 |
| Gerald R Johnson JR | Chairman & Chief Exec. Officer | Feb. 28, 2007 M | 118,841 | 0 | 0 | $0 |
| John R Zimmerman | Vice President | Nov. 16, 2006 A | 300 | 0 | 0 | $0 |
| David B Ramaker | Director | May 22, 2026 A | 15,815 | 1 | 0 | $70,065 |
| Michael H Price | Director | May 22, 2026 A | 12,994 | 0 | 2 | $-209,799 |
| Steven Schweihofer | Director | Jan. 6, 2026 A | 5,603 | 0 | 0 | $0 |
| Nelson F Sanchez | Director | Oct. 31, 2025 P | 3,502 | 1 | 0 | $43,500 |
| Michael D Faas | Director | Nov. 29, 2012 A | 12,700 | 0 | 0 | $0 |
| Kirk Agerson | Director | Nov. 29, 2012 A | 2,205 | 0 | 0 | $0 |
| Timothy O Schad | Director | Nov. 29, 2012 A | 12,025 | 0 | 0 | $0 |
| Calvin D Murdock | Director | Nov. 29, 2012 A | 26,287 | 0 | 0 | $0 |
| Lawrence W Larsen | Director | Nov. 29, 2012 A | 10,067 | 0 | 0 | $0 |
| Doyle A Hayes | Director | Nov. 29, 2012 A | 8,875 | 0 | 0 | $0 |
| Edward J Clark | Director | Nov. 29, 2012 A | 45,322 | 0 | 0 | $0 |
| David M Cassard | Director | Nov. 29, 2012 A | 19,785 | 0 | 0 | $0 |
| Donald Williams SR | Director | Feb. 29, 2012 P | 2,787 | 0 | 0 | $0 |
| Richard Earl Posthumus | Director | Oct. 26, 2010 P | 2,000 | 0 | 0 | $0 |
| Betty S Burton | Director | Jan. 27, 2010 P | 3,850 | 0 | 0 | $0 |
| Dale J Visser | Director | May 29, 2009 P | 93,861 | 0 | 0 | $0 |
| Merle J Prins | Director | Feb. 24, 2009 P | 7,312 | 0 | 0 | $0 |
| John C Gill | Director | July 20, 2007 P | 41,545 | 0 | 0 | $0 |
| David M Hecht | Director | Oct. 18, 2004 A | 88,018 | 0 | 0 | $0 |
| Peter A Cordes | Director | Oct. 18, 2004 A | — | 0 | 0 | $0 |
| Robert M Wynalda | Director | Oct. 23, 2003 A | — | 0 | 0 | $0 |
| John F Donnelly | — | Nov. 29, 2012 A | 2,200 | 0 | 0 | $0 |
| Susan K Jones | — | Nov. 29, 2012 A | 7,851 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Sandler O’Neill Asset Management, LLC, SOAM Holdings, LLC, Malta Partners, L.P., Malta Hedge Fund, L.P., Malta Hedge Fund II, L.P., Malta MLC Fund, L.P., Malta MLC Offshore, Ltd, Malta Offshore, Ltd, Terry Maltese ×2 filings | Jan. 28, 2008 | — | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 52 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| SMDV · ProShares Trust | 1.00% | 124,104 NS | May 31, 2026 | N-PORT |
| BFOR · ALPS ETF Trust | 0.24% | 9,911 NS | May 31, 2026 | N-PORT |
| IWC · iShares Trust | 0.24% | 59,170 SH | Aug. 8, 2026 | Daily |
| FSCC · Federated Hermes ETF Trust | 0.18% | 9,510 NS | May 31, 2026 | N-PORT |
| HAPS · Harbor ETF Trust | 0.16% | 4,777 NS | April 30, 2026 | N-PORT |
| DPST · Direxion Shares ETF Trust | 0.11% | 10,323 NS | April 30, 2026 | N-PORT |
| AVUV · AMERICAN CENTURY ETF TRUST | 0.10% | 494,795 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.07% | 37,812 NS | May 31, 2026 | N-PORT |
| IWN · iShares Trust | 0.07% | 163,646 SH | Aug. 8, 2026 | Daily |
| ESML · iShares Trust | 0.06% | 29,295 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.06% | 14,998 SH | Aug. 8, 2026 | Daily |
| DFSV · Dimensional ETF Trust | 0.06% | 82,759 NS | April 30, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.05% | 9,288 NS | May 31, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.04% | 1,811 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.04% | 465,615 SH | Aug. 8, 2026 | Daily |
| DFAT · Dimensional ETF Trust | 0.03% | 92,928 NS | April 30, 2026 | N-PORT |
| ISCV · iShares Trust | 0.03% | 3,811 SH | Aug. 8, 2026 | Daily |
| VFMF · VANGUARD WELLINGTON FUND | 0.03% | 3,232 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.03% | 99,217 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.03% | 7,254 NS | April 30, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.02% | 11,648 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.02% | 792 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.02% | 56,874 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.02% | 83,487 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.02% | 758 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.01% | 619 NS | May 31, 2026 | N-PORT |
| FNCL · FIDELITY COVINGTON TRUST | 0.01% | 4,434 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 198,999 SH | Aug. 8, 2026 | Daily |
| VFH · VANGUARD WORLD FUND | 0.01% | 27,016 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.01% | 625 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 936 SH | Aug. 8, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.01% | 534 NS | April 30, 2026 | N-PORT |
| AVSU · AMERICAN CENTURY ETF TRUST | 0.01% | 577 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 788 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.01% | 2,106 NS | April 30, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.00% | 10,118 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 39,441 NS | April 30, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 16 NS | May 31, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 9,460 NS | May 31, 2026 | N-PORT |
| PFM · Invesco Exchange-Traded Fund Trust | 0.00% | 492 SH | Aug. 8, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.00% | 1,718 NS | April 30, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 4,399 NS | April 30, 2026 | N-PORT |
| DFUV · Dimensional ETF Trust | 0.00% | 4,938 NS | April 30, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.00% | 682 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 6,037 NS | April 30, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 4,840 SH | Aug. 8, 2026 | Daily |
| ITOT · iShares Trust | 0.00% | 22,522 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 10,339 NS | May 31, 2026 | N-PORT |
| EBI · RBB Fund Trust | 0.00% | 39 NS | May 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 520,137 SH | Aug. 8, 2026 | Daily |