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Merchants Bank of Indiana

Carmel, IN · Cert 8056 · Merchants Bcorp

State charter, non-member · FDIC · 8 branches

Q2 2026

Board Package

Performance Trends and Peer Comparison

Part 1Performance Trends, own institution only2
Part 2Peer Comparison, banks over $10B in assets3

Basis

Quarter: Q2 2026, the quarter ended June 30, 2026, on both parts.

Income statement: year to date as filed, annualized, on both parts.

Balance sheet: as filed at quarter end.

Peer group

Banks over $10B in assets (n=142 to 144). Each measure ranks only the institutions that reported it, so n varies by measure.

Peer groups below the disclosure floor are suppressed.

Peer standing

Capital

21

Q2 2024Q2 2026peer median (50)

Asset Quality

22

Q2 2024Q2 2026peer median (50)

Profitability

51

Q2 2024Q2 2026peer median (50)

Liquidity

0

Q2 2024Q2 2026peer median

Efficiency

87

Q2 2024Q2 2026peer median (50)

Growth

No peer data yet

Capital, Asset Quality, Profitability, Efficiency: higher is always a stronger peer standing (▲ better, ▼ worse). Liquidity, Growth: the score reflects closeness to the peer median -- 100 is sitting exactly at the median, falling the same way whether the bank runs above or below it.

Source: FFIEC Call Report (031/041/051), as filed. Dollar figures derived from reported amounts in thousands. Ratios computed by CallReports.ai using published regulatory formulas.

CallReports · callreports.ai · Board PackageGenerated 2026-10-11

Merchants Bank of Indiana

Carmel, IN · Cert 8056 · Merchants Bcorp

State charter, non-member · FDIC · 8 branches

Q2 2026

$21.2BAssets
$17.4BLoans
$14.3BDeposits
$2.3BEquity
Loan mix
85%RE $7.4B15%C&I $1.3B0%Consumer $0.0BQ2 2025Q2 2026
Deposit mix
95%Interest-bearing $13.7B5%Noninterest $0.7BQ2 2025Q2 2026

NIM

7.23%Q2 ’246.24%Q2 ’255.49%Q2 ’26-8%-3%

Non-interest income vs. expense

1.10%Q2 ’241.45%Q2 ’251.41%Q2 ’26+119%-23%

Market Position · Indianapolis-Carmel-Greenwood, IN · 2026 SOD (annual) · 14.8% share · #2 of 49 inst. · $13.6B of $91.8B

43.0% Hamilton
21.9% Wayne
1.1% Marion
31.2% Randolph

Executive Summary

  • Earnings: ROA of 1.49%, up 43 bps year over year; NIM at 2.63%.
  • Asset quality: problem loans at 1.18% of loans (-49 bps YoY), with net charge-offs at 0.39%.
  • Capital: tier 1 leverage ratio of 11.28%, up 3 bps from a year ago.
  • Funding: loans stand at 121.06% of deposits as of Q2 2026.

Financial Results

Return on Assets (YTD, annualized)

1.49%+43 bps YoY

Net Interest Margin (YTD, annualized)

2.63%-7 bps YoY

Efficiency Ratio (YTD, annualized)

40.22%-177 bps YoY

Tier 1 Leverage Ratio

11.28%+3 bps YoY

Year to date, annualized, through each quarter.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets1.05%1.09%1.20%1.41%1.49%+43 bps
Return on Equity9.41%9.74%10.59%12.46%13.29%+388 bps
Net Interest Margin2.71%2.75%2.67%2.78%2.63%-7 bps
Efficiency Ratio41.99%42.87%43.06%41.71%40.22%-177 bps
Non-Interest Burden0.70%0.72%0.68%0.60%0.54%-16 bps
Growth
Asset Growth (YoY)4.94%3.78%4.13%8.12%10.94%+599 bps
Loan Growth (YoY)2.21%3.88%6.08%12.32%15.50%+1,329 bps
Deposit Growth (YoY)-14.80%8.18%9.37%4.59%12.47%+2,727 bps
Asset Quality
Nonperforming Loans / Loans1.67%1.97%1.27%1.49%1.18%-49 bps
Net Charge-Offs / Loans0.75%0.76%0.80%0.54%0.39%-36 bps
Allowance / Loans0.61%0.62%0.54%0.46%0.44%-17 bps
Allowance Coverage of NPLs0.4x0.3x0.4x0.3x0.4x0.0x
Capital
Tier 1 Leverage Ratio11.26%11.58%11.28%11.91%11.28%+3 bps
Total Risk-Based Capital13.12%13.36%13.37%12.38%12.18%-94 bps
Equity / Assets11.20%11.29%11.53%11.14%10.97%-24 bps
Liquidity & Funding
Loans / Deposits117.89%108.24%118.52%127.47%121.06%+317 bps
Liquid Assets / Assets11.42%11.70%8.97%7.35%7.80%-362 bps
CRE / Total Capitaln/a303%296%279%n/an/a

Source: FFIEC Call Report (031/041/051), as filed. Dollar figures derived from reported amounts in thousands. Ratios computed by CallReports.ai using published regulatory formulas. Income-statement figures are year-to-date as filed, annualized (the UBPR convention). Each quarter includes the ones before it.

CallReports · callreports.ai· Performance TrendsGenerated 2026-10-11

Merchants Bank of Indiana

Carmel, IN · Cert 8056 · Peer group: banks over $10B in assets (n=142-144) · Merchants Bcorp

State charter, non-member · FDIC · 8 branches

Q2 2026

$21.2BAssets
$17.4BLoans
$14.3BDeposits
$2.3BEquity

Executive Summary

  • Strongest standing: efficiency ratio outperforms 87% of banks over $10B in assets (rank 20 of 144).
  • Widest gap: total risk-based capital ratio trails 95% of banks over $10B in assets (rank 137 of 144).
  • Overall: at or above the peer median on 3 of 9 directional measures.

Return on Assets

1.43%

Rank 46 of 144

Net Interest Margin

2.63%

Rank 121 of 144

Efficiency Ratio

40.22%

Rank 20 of 144

Equity / Assets

10.97%

Rank 82 of 144

Non-interest income vs. expense

$179.1M$289.2MINCOMEEXPENSE
Unfavorable gap of $110.1M · efficiency ratio beats 87% of banks over $10B in assets
Bank 40.22%Peer median 56.0%Q3 2024Q2 2026Shaded: peer 25th to 75th percentile
MetricYour BankPeer 25thPeer MedianPeer 75thStandingRankPeer Position
Earnings
Return on Assets1.43%1.00%1.26%1.54%Beats 68%46 / 144
Return on Equity13.00%8.98%11.34%14.40%Beats 69%44 / 144
Net Interest Margin2.63%2.82%3.31%3.68%Beats 16%121 / 144
Efficiency Ratio40.22%49.42%56.02%62.41%Beats 87%20 / 144
Asset Quality
Nonperforming Loans / Loans1.18%0.48%0.73%1.07%Beats 20%114 / 142
Net Charge-Offs / Loans0.23%0.05%0.11%0.22%Beats 24%109 / 142
Capital
Tier 1 Capital Ratio11.76%12.07%12.98%14.92%Beats 15%123 / 144
Total Risk-Based Capital Ratio12.18%13.39%14.14%16.25%Beats 5%137 / 144
Equity / Assets10.97%9.69%11.39%12.96%Beats 43%82 / 144
Liquidity & Funding
Loans / Deposits121.06%75.72%84.92%91.56%97th pctl4 / 143
Loans / Assets82.01%59.83%69.07%74.80%94th pctl9 / 144
Brokered Deposits / Depositsn/aNot reported for this institution