Investor Overview - Fourth Quarter 2025

0.84

Dividend Yield (%)(2)

12.6x

Price / 2025 EPS (x)(2)

1.27x

Price / TBV (x)(2)

$2,186

Market Value ($M)(2)

$47.63

Stock Price ($)(2)

Carmel, IN

Headquarters

$19.4

Assets ($B)

Business Summary (2)

Overview of Merchants Bancorp (MBIN)

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

  - $19.4B in assets as of 12/31/2025

  • $13.0B in deposits as of 12/31/2025

• 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 ~57% of shares outstanding

2025:

Loans: $11.0B Loan Yield: 6.87%

3

Healthcare 9%

Mortgage Warehouse 11%

Notes:

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

2. Source: S&P Global; market data as of February 16, 2026

3. Peer group source: S&P Global; Includes banks, as of December 2025, between $15-35B in assets that are publicly-traded on a major exchange. Sample includes 45 banks

Peers

MBIN

Residential Real Estate

7%

Dec-25

Dec-24

Dec-23

Dec-22

Dec-21

1.20

1.00

0.80

Dec-20

Commerical & Commercial Real Estate

11%

Multi-family 36%

2.00

1.80

1.60

1.40

Loans Held for Sale 26%

Strong Financial Performance Has Driven Significant Shareholder Value Historical Performance Since 2020

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

($, per Share)

($, per share)

37.51

6.30

5.64

4.76

4.47

3.85

3.78

34.15

27.40

20.28

21.66 21.88

20.28

22.43

21.01

17.96

18.84

13.45

2020 2021 2022 2023 2024 2025

2020 2021 2022 2023 2024 2025

Total Assets(4)

($B)

Stock Price Performance Since IPO (3)

+347% Gain Since IPO vs 25% Peer Growth(5)

($)

18.8 19.4

50

17.0

12.6

9.6

11.3

$47.63

35

20

Leverage Ratio (%) (1)

2020 2021 2022 2023 2024 2025

8.6

10.4

11.7

10.1

12.1

11.5

5

Oct-17 Oct-20 Oct-23 Feb 26

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 February 16, 2026

4. Peer group source: S&P Global; Includes banks, as of December 2025, between $15-35B in assets that are publicly-traded on a major exchange. Sample includes 45 banks

5. Peer is KBW Nasdaq Regional Bank Price Return Index

4

Merchants Bancorp: Key Franchise Highlights

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. Product Mix Focused on Low-Risk, Government-Backed Programs

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

5

1

Superior Profitability & Earnings Growth Profile in Every Interest Rate Environment Profitability Has Been Consistently Above Peers

Net Income Over Time

($M)

$320

$279

$219

$227

$220

$181

Net Interest Margin

(%)

Consistent NIM across all interest rate cycles

4.97%

5.19%

$320

4.28%

5.00%

2.69%

$181

$227

2.86%

2.79%

$220

3.43%

2.97%

3.06%

$279

3.03%

$219

2.86%

4.00%

3.00%

2.59%

0.52%

2020

0.10%

2021

1.92%

2022

1.84%

2023

1.53%

2024

2.32%

2025

2.00%

1.00%

-%

2020

2021

2022

2023

2024

2025

Net Interest Margin Market Yield Curve Spread 1-Month SOFR Net Income

Return on Average Assets (1)(2)

(%)

Return on Average Tangible Common Equity (1)(2)

(%)

30.1%

22.5%

22.9%

20.2%

15.6%

16.6%

13.6%

11.0%

11.5% 10.5%11.1%

34.0%

1.99%

1.85%

1.79%

1.33%

1.17%

0.97%

0.95%

1.16%1.11%

0.95%

2.12%

2.23%

2020

2021

2022

2023

2024

2025

2020

2021

2022

2023

2024

2025

MBIN

Peer Median

Notes:

1. Peer group source: S&P Global; Includes banks, as of December 2025, between $15-35B in assets that are publicly-traded on a major exchange. Sample includes 45 banks

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

6

2

Unique Originate-to-Sell Model With Differentiated Revenue Streams Business Mix Revenue Diversification Reduces Earnings Volatility Through the Full Rate Cycle

$156

Net Revenue by Business Line (1)

($M)

$103

$287

$523

$646

$131

$338

$73

$139

$149

$241

$564

% of Total

$340

$430

$427

43%

Banking

% Fee Based Revenue

38%

2020

$143

37%

2021

$157

29%

2022

$130

22%

2023

23%

2024

$174

29%

2025

26%

31%

Mortgage Warehousing

Multi-Family Mortgage Banking

• Lender to developers of multi-family residential and healthcare properties specializing in FHA, FNMA, and FHLMC Affordable permanent loan products

• Tax credit syndications lead to more originations and noninterest income

• Revenue primarily from gain on sale of loans originated, as well as servicing fees on loans sold or retained

• Warehouse and commercial lender to independent mortgage banks

• Service custodial deposit relationships to match fund

• Revenue primarily from interest income and fees earned during the time that agency eligible loans are originated to mortgage bankers and are held for resale within 30 days

• Holds multi-family loans in portfolio

• Merchants Mortgage operates nationally; now offering jumbo products

• Merchants SBA operates primarily in the Midwest

• Traditional community banking in Indiana

• Revenue primarily from traditional interest income and gain on sale

Notes:

1. Net revenue includes net interest income after allowance for credit losses plus noninterest income; totals include revenue from "Other" segment which is not presented.

7

3

Highly Efficient Cost Structure, Unique Business Model Industry Leading Efficiency Driven by a Branch Light Model

Non-Interest Expense / Average Assets (1)

(%)

Efficiency Ratio (1)(2)

54.6%

54.9%

54.6%

57.9%

60.8%

56.4%

(%)

Merchants' cost structure has been approximately half of peers relative to assets

Merchants has been significantly more efficient than peer group

2.2%

2.0%

2.1%

2.2%

2.2%

2.2%

MBIN

Peer Median

•

44.0%

Credit risk transfer premiums, collateral preservation of nonperforming loans, and addition of production staff had a negative impact of 680 bps

Unique Business Model Leads to an Industry Leading Expense Profile

Notes:

1. Annualized. Peer group source: S&P Global; Includes banks, as of December 2025, between $15-35B in assets that are publicly-traded on a major exchange. Sample includes 45 banks

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

8

4

Diversified, Short Duration Loan Portfolio with Strong Organic Growth Over Time Low-Risk Loan Composition Across Niche Products

$3.1

$0.4

$0.5

$2.3

$0.7

Loan Portfolio Growth Over Time (1)

$4.6

$1.5

$1.5

$3.8

$14.2

$14.9

$5.3

$1.4

$1.6

$3.9

% of Total (HFI + HFS)

$13.3

26%

Held-for-Sale

$1.3

$4.0

$2.4

$1.6

$3.1

27%

SF / Warehouse: $3.5B Multi-Family: $0.4B

$8.6

$0.8

$2.7

$0.8

$0.5

$3.3

$9.1

$10.4

10%

10%

33%

11%

9%

36%

Commercial and Commercial Real Estate

$1.2B represents Warehouse (3)

Healthcare Financing

Multi-Family

Loans HFI + Loans HFS / Deposits (2)

$1.3

9%

$1.0

$0.8

$0.5

$0.8

$1.4

10%

$1.6

$1.2

$3.1

$1.6

$1.0

$2.9

2020 2021 2022 2023 2024 2025

116%

101%

103%

95%

119%

114%

7%

11%

Residential Real Estate

Mortgage Warehouse Repurchase Agreements

Notes:

1. Totals for each bar may not add due to rounding; Consumer & Margin and Agriculture loans not shown for illustrative purposes due to scale

2. Reflects gross Loans (Loans Held for Investment and Loans Held for Sale) to deposits

3. Includes revolving lines of credit collateralized primarily by single-family mortgage servicing rights ("MSR"); MSR lines of credit balances were $0.9 billion as of 2025, $0.9B as of 2024, $1.1B as of 2023, $0.5B as of 2022, and $0.2B as of 2021

9

5

Product Mix Focused on Low-Risk, Government-Backed Programs Asset Quality

Net Charge-Offs (Recoveries) / Avg. Loans (1)

(%)

Merchants NCO's / Avg. Loans have historically been below peer group levels

0.85%

0.13%

0.18%

0.19%

0.06%

0.08%

0.11%

0.07%

0.00%

0.01%

0.01%

0.04%

2020

2021

2022

2023

2024

2025

MBIN

Peer Median

Differentiated Risk Management Strategy

Notes:

1. Peer group source: S&P Global; Includes banks, as of December 2025, between $15-35B in assets that are publicly-traded on a major exchange. Sample includes 45 banks

10

Reserve Adequacy ACL coverage appropriate for specialized loan portfolio risk

11

6

Growing Deposit Base with Multiple Sources of Funding Deposit Growth Has Supported Loan Growth Over Time; Flexible Funding Options Available

$1.8

$2.5

$2.8

$2.2

$1.2

$6.0

$7.4

$9.0

21%

42%

$10.1

$11.9

$13.0

$14.1

Deposit Growth Over Time

($B, End of Period Deposit Balances)

Avg. duration of CDs is 5 months as of 12/31/2025

Liquidity Coverage Relative to Uninsured Deposits

($B, 2025)

$1.9

$3.4

% of Total

13% Brokered

$5.5

1.8x

$3.1

Uninsured deposits represent 23% of total Bank deposits

58%

79%

87% Core

2020 2021 2022 2023 2024 2025

Funding Sources and Options

Unused Borrowing Capacity Uninsured Deposits

Cash Federal Reserve Funding FHLB Funding

Notes:

1. Totals and sub-totals may not foot due to rounding

12

Funding Overview Access to Well-Diversified Funding Sources

Notes:

1. Includes Liquidity Solutions and Client Deposit Services which provide solutions for businesses and organizations with large deposits that need strategies to maximize safety, liquidity, and yield.

13

7

Efficient Capital Structure Coupled with Low-Risk Balance Sheet Capital Optimization via Securitizations; Short Duration Balance Sheet with Optimal Asset-Liability Positioning

Total Capital to Risk-Weighted Assets(1)(4)

(%)

13.9%

13.6%

12.2%

11.6%

n/a

n/a

2020

2021

2022

2023

2024

2025

Tangible Common Equity / Tangible Assets (2)

(%)

6.9%

7.5%

7.0%

6.0%

8.3%

8.9%

Loan Portfolio Duration

($M)

As of December 31, 2025 Balance Avg. Days to Reprice % Total

n/a

Common Equity Tier 1 Ratio

(CET1) (%) (3)(4)

2020

2021

n/a

2022

7.7

2023

7.8

2024

9.3

2025

9.9

Notes:

1. As defined by regulatory agencies

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

3. As defined by regulatory agencies; CET1 Ratio defined as the ratio of bank's core equity capital to its risk-weighted assets

4. Merchants utilized the Community Bank Leverage Ratio (CBLR) framework from 1Q20 through 2Q22

14

Credit Risk Transfer Alternatives Increasing Origination & Balance Sheet Capacity

• Decreases credit risk

• Increases origination capacity

• Increases ROE

• Provides avenues to drive future noninterest income, incl. MSR/GOS

(1)

Increases capacity to originate more loans and generate more GOS

$11B On-Balance Sheet (4)

$4B Off-Balance Sheet (1)

Notes:

1. UPB of risk transfer transactions included from year of initial launch

2. Loans remain on the balance sheet with a reduced risk weight

3. Repack loans are sold off the balance sheet, but the Company replaces a portion of the loans with a security; see the next slide for example

4. Includes LHFS-$3.9B, Multi-family LHFI-$5.3B, Healthcare LHFI-$1.4B, and Repack securities-$0.8B as of December 31, 2025

15

Credit Risk Transfers - Examples

(In thousands)

• Expands opportunity for gain on sale of permanent loans

• Increases return on equity

• Higher return on risk weighted assets

• Increases loan origination capacity

• Reduces risk-based capital requirements

• Increases credit protection via off-balance sheet, third party protection

Notes:

1. Based on 10% capital requirement 16

2. Estimated Net Interest Margin (NIM. CRT premium expense not incurred on repack and other credit risk transfer options)

3. Merchants continues to service the loans sold in the repack; recognizing a mortgage servicing asset, an MSR gain, and earning recurring servicing fees not factored in the returns in this example

4. Merchants purchases only the senior, Class A certificates. Unaffiliated, third parties purchase the lower tranche certificates and will absorb the first losses. In this example that would be 15%, or $150M

5. Loans sold, therefore increases capacity to originate new loans

8 High-Quality Securities Portfolio Support Borrowing Capacity

No Mark-to-Market Impact; Primarily Variable Rates

Security Porfolio Composition - December 31, 2025 ($ in thousands)

2025 AFS Securities Yield: 5.12%

2025 HTM Securities Yield: 5.86%

17

10

Significant Growth Opportunities History of Delivering Industry Leading Performance and Shareholder Returns

Historical Price Performance(1)(2)

Indexed to 100 (%)

500

450

+347% MBIN

400

350

300

+167% S&P 500

250

200

150

100

+25% KRX

50

Oct-2

Oct-17 Oct-19 Oct-21 Oct-23 Feb-26

MBIN

KRX

S&P 500

Notes:

1.

2.

Data is from S&P Global as of February 16, 2026.

KRX is KBW Nasdaq Regional Bank Price Return Index

18

History of Merchants Bank of Indiana

Merchants History Driven by a Strong Underlying Culture and Commitment to Firm Values

• Acquired Joy State Bank in January 2018

• Rebranded to " Merchants Bank of Indiana" in April 2009

• Launched Mortgage Warehouse

  business line

• Acquired Symphony Bancorp in January 2009 ($55M in total assets)

• Established Merchants Mortgage residential origination and servicing

  • Completed $115M IPO in October 2017

  • Acquired RICHMAC

    ($43M in total assets)

    • Acquired Famers-

      Merchants

      of Paxton in October 2018 ($110M in total assets)

    • Acquired Assets of

      • Merchants Capital Surpasses $2.8B in LIHTC Equity Raised since inception

        • Completed three

    • Acquired Greensfork

      2009

      2014

      Funding, LLC in August 2017

      2017

      NattyMac in December

      2018 to expand warehouse lending

      2018

• Sold Branches of

  Farmers-Merchants Bank of Illinois in January 2024

• Common stock offering 2.4M shares with net proceeds

  $98M in May 2024

• Completed $325M of Freddie Mac Sponsored Q Series securitization in April 2024

  i

• Completed Private Securitization of $629M

  2025

  securitizations

  totaling $783M of 24 MF mortgage loans through Freddie Mac-sponsored Q-Series transactions

  • Executed $1.4B in two credit default swap

    Township State

    Bank in March 2002 ($7M in total assets)

    2002

    • Expanded SBA lending in Indiana

    • Opened new corporate HQ in Carmel, Indiana

    • Completed $52M Preferred Offering

      in March 2019

    • Completed $125M Preferred Offering

      in August 2019

      2019

      Healthcare Loans in September 2024

    • Completed $230M Preferred Offering in November 2024.

    • Executed $1.7B in two credit default swaps in 2024

      2024

      transactions in

      2025

      1990

      • PR Mortgage is founded by Michael Petrie and Randall Rogers in August 1990

      • Completed $150M Preferred Offering in March 2021

      • Completed $262M of Freddie Mac Sponsored Q Series securitizations in May 2021

2021

2022

• Completed $130M Preferred Offering in September 2022

• Completed Private Securitization of $1.2B Multifamily Loans in September 2022

• Completed ~$498M of Freddie Mac-sponsored Q-Series securitization in May/November 2022

  2023

  • Issued and Sold

    $158M Senior Credit Linked Notes linked to

    $1B pool of healthcare loans in March 2023

  • Completed a

$304M

securitization of 11 multi-family mortgage loans through a Freddie Mac-sponsored Q-Series transaction

20