Investor Overview – First Quarter 2025

May 2025

• Merchants Bancorp (MBIN) is a diversified bank holding company headquartered in Carmel, IN

  - $18.8B in assets as of 03/31/2025

  • $12.4B in deposits as of 03/31/2025

• Operates 7 bank branches located in Indianapolis and Richmond, Indiana markets

• Key business lines include:

  • Multi-family Mortgage Banking

  • Mortgage Warehouse

  • Banking

• Entrepreneurial management team with significant shareholder alignment; founding families still own ~60% of shares outstanding

Assets ($B) $18.8

Headquarters Carmel, IN

Stock Price ($)(2)$31.47

Market Value ($M)(2)$1,444

Price / TBV (x)(2)0.9x

Price / 2025 EPS (x)(2)6.8x

Highest Growth Rate, Lowest Valuation vs Peers

Dividend Yield (%)(2) 1.27

Healthcare 11%

Mortgage Warehouse 9%

Other 1%

Loans Held for Sale 28%

30.00%

EPS Growth - 5 Yr CAGR(3)

20.00%

MBIN

Multi-family 32%

1Q25:

Loans: $10.4B Loan Yield: 7.06%

Commerical & Commercial Real Estate 10%

Residential Real Estate 9%

10.00%

0.00%

-10.00%

MED

5.0 10.0 15.0 20.0 25.0

P/E Multiple - Price/LTM EPS(3)

Notes:

1. Totals may not sum to 100% due to rounding

2. Source: S&P Global; market data as of May 8, 2025

3. Prices as of May 8, 2025; LTM refers to last twelve months ending March 31, 2025; EPS Growth -5 Yr CAGR is for the LTM as of March 31, 2025, compared to twelve months ended March 31, 2021; Peers with $10-25 billion in assets as of March 31, 2025

3

Earnings per Share(4) Tangible Book Value per Share (2)(4)

($, per Share)

($, per share)

34.15 34.90

27.40

24.43

19.64

21.31

21.88

19.5

21.94

23.72

17.96

13.45

6.30

5.64

4.76

4.47

3.85

1.58

2019 2020 2021 2022 2023 2024

2020 2021 2022 2023 2024 1Q25

Total Assets(4)

($B)

Stock Price Performance Since IPO (3)

+195% Gain Since IPO vs 2% Peer Growth(5)

($)

Leverage Ratio (%) (1)

18.8 18.8

17.0

12.6

9.6

11.3

10.4

11.7

10.1

12.1

8.6

2020 2021 2022 2023 2024 1Q25

12.1

50

35 $31.47

20

Apr-25

Oct-17

Apr-19

Oct-20

Apr-22

Oct-23

May-25

5

Notes:

1. As defined by regulatory agencies; Tier 1 Leverage Ratio defined as the ratio of bank's core equity capital to its average total assets

2. Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures in the Appendix of the presentation

3. Source: S&P Global; market data as of May 8, 2025

4. Peer group source: S&P Global; Includes banks, as of December 2024, between $10-25B in assets that are publicly-traded on a major exchange. Sample includes 46 banks

5. Peer is KBW Nasdaq Regional Bank Price Return Index

6. LTM refers to last twelve months

4

1. Superior Profitability & Earnings Growth Profile in Every Interest Rate Environment

2. Unique Originate-to-Sell Model with Differentiated Revenue Streams Reduces Earnings Volatility

3. Highly Efficient Cost Structure, Unique Business Model

4. Diversified, Short Duration Loan Portfolio with Strong Organic Growth

5. Highly Disciplined Credit Culture Driving Superior Asset Quality

6. Growing Deposit Base with Multiple Sources of Funding

7. Efficient Capital Structure Coupled with Low-Risk Balance Sheet with Optimization via Securitizations

8. High-Quality Securities Portfolio with Minimal Mark-to-Market Impact

9. Significant Room for Growth and History of Delivering Industry Leading Returns

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