1 unchanged sentence
Market Information and Holders
−Removed: Our common stock is traded on the Nasdaq Global Select Market under the symbol “MBWM.” At February 28, 2025, 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.” As of February 20, 2026, there were approximately 1,200 record holders of our common stock.
In addition, we estimate that there were approximately 7,500 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.
−Removed: Our ability to pay dividends to our shareholders depends primarily on our bank’s ability to pay dividends to us.
−Removed: 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.
−Removed: The ability of our bank to pay dividends is also subject to its profitability, financial condition, capital expenditures and other cash flow requirements.
+Added: We are a financial holding company and substantially all of our assets are held by our banks.
+Added: Our ability to pay dividends to our shareholders depends primarily on our banks’ abilities to pay dividends to us.
+Added: Dividend payments and extensions of credit to us from our banks 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 banks.
+Added: The abilities of our banks to pay dividends are also subject to their profitability, financial condition, capital expenditures and other cash flow requirements.
In addition, under the terms of our subordinated debentures, we would be precluded from paying dividends on our common stock if an event of default has occurred and is continuing under the subordinated debentures, or if we exercised our right to defer payments of interest on the subordinated debentures, until the deferral ended.
−Removed: We and our bank are subject to regulatory capital requirements administered by state and federal banking agencies.
+Added: We and our banks are subject to regulatory capital requirements administered by state and federal banking agencies.
Failure to meet the various capital requirements can initiate regulatory action that could have a direct material effect on our financial statements.
14 unchanged sentences
No shares were repurchased during 2024 or 2025.
−Removed: Historically, stock repurchases have been funded from cash dividends paid to us from our bank.
−Removed: 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.
+Added: Historically, stock repurchases have been funded from cash dividends paid to us from Mercantile Bank.
+Added: Additional repurchases may be made in future periods under the authorized plan or a new plan, which would likely be funded from cash dividends paid to us from our banks.
As of December 31, 2025, repurchases aggregating $6.8 million were available to be made under the current repurchase program.
16 unchanged sentences
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.