莫肯特尔银行 2025年度报告

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YesNo Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YesNo Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90days. YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of RegulationS-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or emerginggrowth company (as defined in Rule 12b-2 of the Exchange Act).Large accelerated filerAccelerated filerEmerging growth company Non-accelerated filerSmaller reporting company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes Oxley Act (15 USC.7262(b)) by the registered public accounting firm that prepared or issued its audit report.YesNo If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filingreflect the correction of an error to previously issued financial statements. YesNo Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by anyof the registrant’s executive officers during the relevant recovery period pursuant to Section 240.10D-1(b). YesNo Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YesNo The aggregate value of the common equity held by non-affiliates (persons other than directors and executive officers) of the registrant, computed by reference tothe closing price of the common stock as of the last business day of the registrant’s most recently completed second fiscal quarter, was approximately $730 million. Asof February 20, 2026, there were issued and outstanding 17,272,961 shares of the registrant’s common stock. DOCUMENTS INCORPORATED BY REFERENCE This Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (this “Annual Report”) incorporates portions of the Company’s proxy statement for theAnnual Meeting of Shareholders to be held May 21, 2026 by reference into Part III. The registrant will file its proxy statement with the Securities and ExchangeCommission within 120 days after the end of the fiscal year covered by this Annual Report. Additionally, portions of Part II of this Annual Report are incorporated byreference from the F pages attached hereto. Item 1.Business. The Company Mercantile Bank Corporation is a registered bank holding company under the Bank Holding Company Act of 1956, as amended (the“Bank Holding Company Act”). Unless the text clearly suggests otherwise, references to “us,” “we,” “our,” or “the company” includeMercantile Bank Corporation and its wholly owned subsidiaries. As a bank holding company, we are subject to regulation by the Board ofGovernors of the Federal Reserve System (the “Federal Reserve Board”). We were organized on July 15, 1997, under the laws of the State ofMichigan, primarily for the purpose of holding all of the stock of Mercantile Bank, and of such other subsidiaries as we may acquire orestablish. Mercantile Bank commenced business on December 15, 1997. During the third quarter of 2013, we filed an election to become afinancial holding company, which election became effective April 14, 2014. Mercantile Insurance Center, Inc. (“our insurance company”), asubsidiary of Mercantile Bank, commenced operations during 2002 to offer insurance products. Mercantile Community Partners ("MCP"),our subsidiary, began operations during 2023 to invest in community development tax credit investments. On July 22, 2025, we entered into amerger agreement with Eastern Michigan Financial Corporation, the bank holding company for Eastern Michigan Bank. Eastern MichiganFinancial Corporation shareholders had the right to receive 0.7116 shares of Mercantile Bank Corporation stock and $32.32 in exchange foreach share of Eastern Michigan Financi