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
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