−Removed: Market for Registrant ’
−Removed: s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
+Added: Market for Registrant ’ s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Market Information and Holders
−Removed: Our common stock is traded on the Nasdaq Global Select Market under the symbol “MBWM.”
−Removed: At March 1, 2023, there were approximately 1,200 record holders of our common stock.
+Added: Our common stock is traded on the Nasdaq Global Select Market under the symbol “MBWM.” At February 29, 2024, there were approximately 1,200 record holders of our common stock.
In addition, we estimate that there were approximately 7,000 beneficial owners of our common stock who own their shares through brokers or banks.
11 unchanged sentences
We may only pay dividends out of funds that are legally available for that purpose.
−Removed: We are a financial holding company and substantially all of our assets are held by our bank and its subsidiaries.
−Removed: Our ability to pay dividends to our shareholders depends primarily on our bank’s ability to pay dividends to us.
+Added: We are a financial holding company and substantially all of our assets are held by our bank.
+Added: Our ability to pay dividends to our shareholders depends primarily on our bank’s ability to pay dividends to us.
Dividend payments and extensions of credit to us from our bank are subject to legal and regulatory limitations, generally based on capital levels and current and retained earnings, imposed by law and regulatory agencies with authority over our bank.
3 unchanged sentences
Failure to meet the various capital requirements can initiate regulatory action that could have a direct material effect on our financial statements.
−Removed: Our bank’s ability to pay cash and stock dividends or repurchase equity securities is subject to limitations under various laws and regulations and to prudent and sound banking practices.
+Added: Our bank’s ability to pay cash and stock dividends or repurchase equity securities is subject to limitations under various laws and regulations and to prudent and sound banking practices.
On January 12, 2023, our Board of Directors declared a cash dividend on our common stock in the amount of $0.33 per share that was paid on March 15, 2023 to shareholders of record as of March 3, 2023.
11 unchanged sentences
The program may be discontinued at any time.
−Removed: No shares were repurchased during 2022.
+Added: No shares were repurchased during 2022 or 2023.
Historically, stock repurchases have been funded from cash dividends paid to us from our bank.
2 unchanged sentences
Repurchases made during the fourth quarter of 2023 are detailed in the table below.
−Removed: October 1 –
−Removed: November 1 –
−Removed: December 1 –
+Added: Maximum number of shares or approximate dollar value that may yet be purchased under the plans or programs is presented in thousands.
+Added: October 1 – 31
+Added: November 1 – 30
+Added: December 1 – 31
Shareholder Return Performance Graph
−Removed: Set forth below is a line graph comparing the yearly percentage change in the cumulative total shareholder return on our common stock (based on the last reported sales price of the respective year) with the cumulative total return of the Nasdaq Composite Index and the SNL Bank Nasdaq Index from December 31, 2017 through December 31, 2022.
−Removed: The following is based on an investment of $100 on December 31, 2017 in our common stock, the Nasdaq Composite Index and the SNL Bank Nasdaq Index, with dividends reinvested where applicable.
+Added: Set forth below is a line graph comparing the yearly percentage change in the cumulative total shareholder return on our common stock (based on the last reported sales price of the respective year) with the cumulative total return of the Nasdaq Composite Index and the KBW Nasdaq Bank Index from December 31, 2018 through December 31, 2023.
+Added: The following is based on an investment of $100 on December 31, 2018 in our common stock, the Nasdaq Composite Index and the KBW Nasdaq Bank Index, with dividends reinvested where applicable.
Period Ending
1 unchanged sentence
NASDAQ Composite Index
−Removed: KBW Bank NASDAQ Index
−Removed: Management ’
−Removed: s Discussion and Analysis of Financial Condition and Results of Operations.
−Removed: Management’s Discussion and Analysis included in this Annual Report is incorporated here by reference.
+Added: KBW NASDAQ Bank Index
+Added: Management ’ s Discussion and Analysis of Financial Condition and Results of Operations.
+Added: Management’s Discussion and Analysis included in this Annual Report is incorporated here by reference.
Quantitative and Qualitative Disclosures About Market Risk.
−Removed: The information under the heading “Market Risk Analysis”
−Removed: included in this Annual Report is incorporated here by reference.
+Added: The information under the heading “Market Risk Analysis” included in this Annual Report is incorporated here by reference.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.