Merchants Bancorp : Investor Overview – Second Quarter 2025

About this update from Merchants Bancorp

Investor Overview Second Quarter 2025 Overview of Merchants Bancorp (MBIN) Overview of Merchants Business Summary (2) Merchants Bancorp (MBIN) is a diversified bank holding company headquartered in Carmel, IN - $19.1B in assets as of 06/30/2025 $12.7B in deposits as of 06/30/2025 Operates 7 bank branches located in Indianapolis and Richmond, Indiana markets Key business lines include: Multi-family Mortgage Banking Mortgage Warehouse Banking Entrepreneurial management team with significant shareholder alignment; founding families still own ~60% of shares outstanding Assets ($B) $19.1 Headquarters Carmel, IN Stock Price ($) (2) $32.32 Market Value ($M) (2) $1,483 Price / TBV (x) (2) 0.9x Price / 2025 EPS (x) (2) 9.6x Gross Loans Held for Investment Composition (2Q25) (1) Dividend Yield (%) (2) 1.24 Healthcare 10% Mortgage Warehouse 12% Other 1% Loans Held for Sale 28% Highest Growth Rate, Lowest Valuation vs Peers MBIN MED 40.00% EPS Growth - 5 Yr CAGR (3) 30.00% 20.00% Multi-family 33% 2Q25: Loans: $10.5B Loan Yield: 6.92% Residential Real Estate 7% Commerical & Commercial Real Estate 9% 10.00% 0.00% -10.00% 5.0 10.0 15.0 20.0 25.0 P/E Multiple - Price/LTM EPS (3) Notes: Totals may not sum to 100% due to rounding Source: S&P Global; market data as of August 12, 2025 Prices as of August 12, 2025; LTM refers to last twelve months ending June 30, 2025; EPS Growth -5 Yr CAGR is for the LTM as of June 30, 2025, compared to twelve months ended June 30, 2021; Peers with $10-25 billion in assets as of December 2024 3 Strong Financial Performance Has Driven Significant Shareholder Value Historical Performance Since 2019 Earnings per Share (4) (6) Tangible Book Value per Share (2)(4) 27.40 24.26 21.88 21.94 23.72 19.64 21.31 17.96 19.5 13.45 ($, per Share) ($, per share) 34.15 35.42 5.64 4.76 4.47 4.55 3.85 6.30 2020 2021 2022 2023 2024 LTM 2020 2021 2022 2023 2024 2Q25 Total Assets (4) ($B) Stock Price Performance Since IPO (3) +203% Gain Since IPO vs 7% Peer Growth (5) ($) 18.8 19.1 50 17.0 12.6 9.6 11.3 35 $32.32 20 Leverage Ratio (%) (1) 2020 2021 2022 2023 2024 2Q25 8.6 10.4 11.7 10.1 12.1 11.5 5 Oct-17 Oct-19 Oct-21 Oct-23 Aug-25 Notes: As defined by regulatory agencies; Tier 1 Leverage Ratio defined as the ratio of bank's core equity capital to its average total assets Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures in the Appendix of the presentation Source: S&P Global; market data as of August 12, 2025 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 Peer is KBW Nasdaq Regional Bank Price Return Index LTM refers to last twelve months 4 Merchants Bancorp: Key Franchise Highlights Superior Profitability & Earnings Growth Profile in Every Interest Rate Environment Unique Originate-to-Sell Model with Differentiated Revenue Streams Reduces Earnings Volatility Highly Efficient Cost Structure, Unique Business Model Diversified, Short Duration Loan Portfolio with Strong Organic Growth Highly Disciplined Credit Culture Driving Superior Asset Quality Growing Deposit Base with Multiple Sources of Funding Efficient Capital Structure Coupled with Low-Risk Balance Sheet with Optimization via Securitizations High-Quality Securities Portfolio with Minimal Mark-to-Market Impact Significant Room for Growth and History of Delivering Industry Leading Returns 5 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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