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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


For the quarterly period ended	June 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to _______________

Commission File No. 001-38258


	MERCHANTS BANCORP
	(Exact name of registrant as specified in its charter)


Indiana		20-5747400
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification Number)

410 Monon Blvd. Carmel, Indiana		46032
(Address of principal		(Zip Code)
executive office)

(317) 569-7420

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.



Large accelerated filer ☒	Accelerated filer ☐	Non-accelerated filer ☐	Smaller reporting company ☐
			Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.). Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, without par value	MBIN	NASDAQ
Depositary Shares, each representing a 1/40^th interest in a share of Series C Preferred Stock, without par value	MBINN	NASDAQ
Depositary Shares, each representing a 1/40^th interest in a share of Series D Preferred Stock, without par value	MBINM	NASDAQ
Depositary Shares, each representing a 1/40^th interest in a share of Series E Preferred Stock, without par value	MBINL	NASDAQ

As of August 1, 2025, the latest practicable date, 45,885,458 shares of the registrant’s common stock, without par value, were issued and outstanding.

Table of Contents

Merchants Bancorp

Index to Quarterly Report on Form 10-Q

PART I – FINANCIAL INFORMATION

Item 1 Interim Financial Statements (Unaudited)

Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024	5

Condensed Consolidated Statements of Income for the Three and Six Months Ended June 30, 2025 and 2024	6

Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2025 and 2024	7

Condensed Consolidated Statements of Shareholders’ Equity for the Three and Six Months Ended June 30, 2025 and 2024	8

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024	9

Notes to Condensed Consolidated Financial Statements	10

Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations	57

Item 3 Quantitative and Qualitative Disclosures About Market Risk	86

Item 4 Controls and Procedures	86

PART II – OTHER INFORMATION	87

Item 1 Legal Proceedings	87

Item 1A Risk Factors	87

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds	87

Item 3 Defaults Upon Senior Securities	87

Item 4 Mine Safety Disclosures	87

Item 5 Other Information	87

Item 6 Exhibits	88

SIGNATURES	89

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Glossary of Defined Terms

As used in this report, references to “Merchants” “the Company,” “we,” “our,” “us,” and similar terms refer to the consolidated entity consisting of Merchants Bancorp and its wholly owned subsidiaries. Merchants Bancorp refers solely to the parent holding company, and Merchants Bank refers to Merchants Bancorp’s bank subsidiary, Merchants Bank of Indiana.

The acronyms and abbreviations identified below are used throughout this report, including the Notes to Consolidated Financial Statements

ACL: allowance for credit losses

ACL-Guarantees: allowance for credit losses on guarantees

ACL-Loans: allowance for credit losses-loans

ACL-OBCE: allowance for credit losses-off-balance sheet credit exposures

AFX: American Financial Exchange

Agency: government agency

AOCL: accumulated other comprehensive loss

ARM: adjustable-rate mortgage

ASC: Accounting Standards Codification

ASU: Accounting Standards Update

Bank: Merchants Bank of Indiana

CCO: Chief Credit Officer

CDS: credit default swap

CMT: constant maturity rate

CODM: chief operating decision maker

Company: Merchants Bancorp

DFI: Indiana Department of Financial Institutions

ESOP: Employee Stock Ownership Plan

Farmer Mac: Federal Agricultural Mortgage Corporation

Fannie Mae: Federal National Mortgage Association

FASB: Financial Accounting Standards Board

FCB: Federal Farm Credit Bank

FDIC: Federal Deposit Insurance Corporation

Federal Reserve: Board of Governors of the Federal Reserve System

FHA: Federal Housing Authority

FHLB: Federal Home Loan Bank

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FMBI: Farmers-Merchants Bank of Illinois, a wholly owned subsidiary of Merchants Bancorp until all branches were sold and the charter collapsed into Merchants Bank in January 2024

Freddie Mac: Federal Home Loan Mortgage Corporation

GAAP: United States generally accepted accounting principles

Ginnie Mae: Government National Mortgage Association

GSE: government sponsored entities, including Fannie Mae and Freddie Mac

HUD: Department of Housing and Urban Development

LIHTC: low-income housing tax credits

LLC: limited liability companies

MAM: Merchants Asset Management, LLC, a wholly owned subsidiary of Merchants Bancorp

MCC: Merchants Capital Corporation, a wholly owned subsidiary of Merchants Bank

MCI: Merchants Capital Investments, LLC, a wholly owned subsidiary of Merchants Bank

MCS: Merchants Capital Servicing, LLC, a wholly owned subsidiary of Merchants Bank

MOU: Memorandum of Understanding

N/A: not applicable

NASDAQ: NASDAQ Capital Market

REMIC: real estate mortgage investment conduit

ROU: right of use

SBA: Small Business Administration

SEC: Securities and Exchange Commission

SOFR: Secured Overnight Financing Rate

SPE: Special Purpose Entity

Treasury: US Department of Treasury

TLM: troubled loan modification

VIE: variable interest entity

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Part I – Financial Information

Item 1. Financial Statements

Merchants Bancorp

Condensed Consolidated Balance Sheets

June 30, 2025 (Unaudited) and December 31, 2024

(In thousands, except share data)


	June 30,		December 31,
	2025		2024*
Assets
Cash and due from banks	$	15,419	$	10,989
Interest-earning demand accounts		631,746		465,621
Cash and cash equivalents		647,165		476,610
Securities purchased under agreements to resell		1,539		1,559
Mortgage loans in process of securitization		402,427		428,206
Securities available for sale ($602,962 and $635,946 utilizing fair value option, respectively)		936,343		980,050
Securities held to maturity ($1,547,525 and $1,664,674 at fair value, respectively)		1,548,211		1,664,686
Federal Home Loan Bank (FHLB) stock and other equity securities		217,850		217,804
Loans held for sale (includes $91,930 and $78,170 at fair value, respectively)		4,105,765		3,771,510
Loans receivable, net of allowance for credit losses on loans of $91,811 and $84,386, respectively		10,432,117		10,354,002
Premises and equipment, net		71,050		58,617
Servicing rights		193,037		189,935
Interest receivable		82,391		83,409
Goodwill		8,014		8,014
Other assets and receivables		495,295		571,330
Total assets	$	19,141,204	$	18,805,732
Liabilities and Shareholders' Equity
Liabilities
Deposits
Noninterest-bearing	$	315,523	$	239,005
Interest-bearing		12,371,312		11,680,971
Total deposits		12,686,835		11,919,976
Borrowings		4,009,474		4,386,122
Deferred tax liabilities		29,228		25,289
Other liabilities		231,035		231,035
Total liabilities		16,956,572		16,562,422
Commitments and Contingencies
Shareholders' Equity
Common stock, without par value
Authorized - 75,000,000 shares
Issued and outstanding - 45,885,458 shares at June 30, 2025 and 45,767,166 shares at December 31, 2024		241,452		240,313
Preferred stock, without par value - 5,000,000 total shares authorized
6% Series B Preferred stock - $1,000 per share liquidation preference
Authorized - no shares at June 30, 2025 and 125,000 shares at December 31, 2024
Issued and outstanding - no shares at June 30, 2025 and 125,000 shares (equivalent to 5,000,000 depositary shares) at December 31, 2024		—		120,844
6% Series C Preferred stock - $1,000 per share liquidation preference
Authorized - 200,000 shares
Issued and outstanding - 196,181 shares (equivalent to 7,847,233 depositary shares)		191,084		191,084
8.25% Series D Preferred stock - $1,000 per share liquidation preference
Authorized - 300,000 shares
Issued and outstanding - 142,500 shares (equivalent to 5,700,000 depositary shares)		137,459		137,459
7.625% Series E Preferred stock - $1,000 per share liquidation preference
Authorized - 230,000 shares
Issued and outstanding - 230,000 shares (equivalent to 9,200,000 depositary shares)		222,748		222,748
Retained earnings		1,392,136		1,330,995
Accumulated other comprehensive loss		(247)		(133)
Total shareholders' equity		2,184,632		2,243,310
Total liabilities and shareholders' equity	$	19,141,204	$	18,805,732

*Derived from audited consolidated financial statements

See notes to condensed consolidated financial statements.

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Merchants Bancorp

Condensed Consolidated Statements of Income (Unaudited)

For the Three and Six Months Ended June 30, 2025 and 2024

(In thousands, except share data)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Interest Income
Loans	$	255,641	$	284,421	$	494,921	$	556,419
Mortgage loans in process of securitization		5,304		3,044		9,047		4,764
Investment securities:
Available for sale		12,095		14,784		24,453		29,172
Held to maturity		23,166		19,799		47,524		40,321
FHLB stock and other equity securities (dividends)		4,641		1,277		9,013		2,121
Other		3,552		4,948		6,645		9,649
Total interest income		304,399		328,273		591,603		642,446
Interest Expense
Deposits		131,375		179,651		255,316		350,673
Short-term borrowings		36,981		11,612		70,345		18,834
Long-term borrowings		7,324		8,891		15,027		17,764
Total interest expense		175,680		200,154		340,688		387,271
Net Interest Income		128,719		128,119		250,915		255,175
Provision for credit losses		53,027		9,965		60,754		14,691
Net Interest Income After Provision for Credit Losses		75,692		118,154		190,161		240,484
Noninterest Income
Gain on sale of loans		23,342		11,168		34,961		20,524
Loan servicing fees, net		6,138		10,827		10,148		30,229
Mortgage warehouse fees		2,039		1,524		3,552		2,506
Losses on sale of investments available for sale (includes $0, $0, $0 and $(108), respectively, related to accumulated other comprehensive loss reclassifications)		—		—		—		(108)
Syndication and asset management fees		9,707		3,233		13,096		8,536
Other income		9,254		4,599		12,416		10,538
Total noninterest income		50,480		31,351		74,173		72,225
Noninterest Expense
Salaries and employee benefits		43,566		28,373		79,985		57,969
Loan expense		1,142		993		1,940		1,949
Occupancy and equipment		2,494		2,239		4,845		4,476
Professional fees		3,159		3,556		6,053		7,655
Deposit insurance expense		7,152		5,579		14,380		10,704
Technology expense		2,446		1,859		4,820		3,713
Credit risk transfer premium expense		4,767		2,294		8,629		2,294
Other expense		12,611		5,487		18,349		10,532
Total noninterest expense		77,337		50,380		139,001		99,292
Income Before Income Taxes		48,835		99,125		125,333		213,417
Provision for income taxes (includes $0, $0, $0 and $26, respectively, of income tax benefit related to accumulated other comprehensive loss reclassifications)		10,854		22,732		29,113		49,970
Net Income	$	37,981	$	76,393	$	96,220	$	163,447
Dividends on preferred stock		(10,266)		(7,757)		(20,531)		(16,424)
Impact of preferred stock redemption		—		(1,823)		(5,371)		(1,823)
Net Income Allocated to Common Shareholders		27,715		66,813		70,318		145,200
Basic Earnings Per Share	$	0.60	$	1.50	$	1.53	$	3.30
Diluted Earnings Per Share	$	0.60	$	1.49	$	1.53	$	3.29
Weighted-Average Shares Outstanding
Basic		45,883,644		44,569,345		45,853,998		43,937,665
Diluted		45,929,563		44,698,324		45,921,988		44,082,485

See notes to condensed consolidated financial statements.

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Merchants Bancorp

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

For the Three and Six Months Ended June 30, 2025 and 2024

(In thousands)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Net Income	$	37,981	$	76,393	$	96,220	$	163,447
Other Comprehensive Income:
Net unrealized (losses) gains on investment securities available for sale, net of tax (benefit) expense of $53, $(209), $36 and $(593), respectively		(170)		663		(114)		1,896
Add: Reclassification adjustment for losses included in net income, net of tax benefit of $0, $0, $0 and $26, respectively		—		—		—		82
Other comprehensive (loss) income for the period		(170)		663		(114)		1,978
Comprehensive Income	$	37,811	$	77,056	$	96,106	$	165,425

See notes to condensed consolidated financial statements.

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Merchants Bancorp

Condensed Consolidated Statement of Shareholders’ Equity (Unaudited)

For the Three and Six Months Ended June 30, 2025 and 2024

(In thousands, except share data)



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
	Shares		Amount	Shares		Amount	Shares		Amount	Shares		Amount
Common Stock
Balance beginning of period	45,881,706	$	240,512	43,354,718	$	139,950	45,767,166	$	240,313	43,242,928	$	140,365
Distribution to employee stock ownership plan	-		-	-		-	30,802		1,124	23,414		997
Issuance of common stock, net of $5.5 million in offering expenses	-		-	2,400,000		97,655	-		-	2,400,000		97,655
Shares issued for stock compensation plans, net of taxes withheld to satisfy tax obligations	3,752		940	2,849		887	87,490		15	91,225		(525)
Balance end of period	45,885,458		241,452	45,757,567		238,492	45,885,458		241,452	45,757,567		238,492

7% Series A Preferred Stock
Balance beginning of period	-		-	2,081,800		50,221	-		-	2,081,800		50,221
Redemption of 7% Series A preferred stock	-		-	(2,081,800)		(50,221)	-		-	(2,081,800)		(50,221)
Balance at beginning and end of period	-		-	-		-	-		-	-		-

6% Series B Preferred Stock
Balance beginning of period	-		-	125,000		120,844	125,000		120,844	125,000		120,844
Redemption of 6% Series B preferred stock	-		-	-		-	(125,000)		(120,844)	-		-
Balance at end of period	-		-	125,000		120,844	-		-	125,000		120,844

6% Series C Preferred Stock
Balance at beginning and end of period	196,181		191,084	196,181		191,084	196,181		191,084	196,181		191,084

8.25% Series D Preferred Stock
Balance at beginning and end of period	142,500		137,459	142,500		137,459	142,500		137,459	142,500		137,459

7.625% Series E Preferred Stock
Balance at beginning and end of period	230,000		222,748	-		-	230,000		222,748	-		-


Retained Earnings
Balance beginning of period			1,369,009			1,138,083			1,330,995			1,063,599
Net income			37,981			76,393			96,220			163,447
Dividends on 7% Series A preferred stock, $1.75 per share, annually			-			-			-			(910)
Dividends on 6% Series B preferred stock, $60.00 per share, annually			-			(1,875)			-			(3,750)
Dividends on 6% Series C preferred stock, $60.00 per share, annually			(2,943)			(2,943)			(5,886)			(5,886)
Dividends on 8.25% Series D preferred stock, $82.50 per share, annually			(2,939)			(2,939)			(5,878)			(5,878)
Dividends on 7.625% Series E preferred stock, $76.25 per share, annually			(4,384)			-			(8,767)			-
Dividends on common stock, $0.40 per share, annually in 2025 and $0.36 per share, annually in 2024			(4,588)			(4,118)			(9,177)			(8,021)
Impact of 7% Series A preferred stock redemption			-			(1,823)			-			(1,823)
Impact of 6% Series B preferred stock redemption			-			-			(4,156)			-
Excise tax on preferred stock redemption			-			-			(1,215)			-
Balance end of period			1,392,136			1,200,778			1,392,136			1,200,778

Accumulated Other Comprehensive Loss
Balance beginning of period			(77)			(1,173)			(133)			(2,488)
Other comprehensive (loss) income			(170)			663			(114)			1,978
Balance end of period			(247)			(510)			(247)			(510)

Total shareholders' equity		$	2,184,632		$	1,888,147		$	2,184,632		$	1,888,147

See notes to condensed consolidated financial statements.

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Merchants Bancorp

Condensed Consolidated Statements of Cash Flows (Unaudited)

Six Months Ended June 30, 2025 and 2024

(In thousands)


	Six Months Ended
	June 30,
	2025		2024
Operating activities:
Net income	$	96,220	$	163,447
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation		1,540		1,471
Provision for credit losses		60,754		14,691
Loss on sale of securities		—		108
Gain on sale of loans		(34,961)		(20,524)
Proceeds from sales of loans		18,150,631		11,889,091
Loans and participations originated and purchased for sale		(18,254,897)		(12,260,927)
Proceeds from sale of low-income housing tax credits		9,777		27,564
Purchases of low-income housing tax credits for sale		(22,987)		(32,106)
Change in servicing rights for paydowns and fair value adjustments		5,550		(14,392)
Net change in:
Mortgage loans in process of securitization		25,779		(98,645)
Other assets and receivables		(14,219)		(8,493)
Other liabilities		(1,865)		5,592
Other		5,564		470
Net cash provided by (used in) operating activities		26,886		(332,653)
Investing activities:
Net change in securities purchased under agreements to resell		20		45
Purchases of securities available for sale		(344,503)		(302,783)
Purchases of securities held to maturity		—		(155,268)
Purchases of mortgage servicing rights		(70)		—
Proceeds from the sale of securities available for sale		—		9,983
Proceeds from calls, maturities and paydowns of securities available for sale		391,790		382,840
Proceeds from calls, maturities and paydowns of securities held to maturity		116,573		68,376
Purchases of loans		(30,408)		(68,468)
Net change in loans receivable		(503,358)		(745,744)
Proceeds from loans held for sale previously classified as loans receivable		386,604		1,600
Purchase of FHLB stock		(46)		(19,316)
Proceeds from sale of FHLB stock		—		395
Purchases of premises and equipment		(11,358)		(7,590)
Purchase of limited partnership interests		(35,210)		(10,488)
Net cash paid on sale of branches		—		(170,594)
Other investing activities		2,737		4,839
Net cash used in investing activities		(27,229)		(1,012,173)
Financing activities:
Net change in deposits		577,652		1,085,442
Proceeds from borrowings		141,830,587		47,606,878
Repayment of borrowings		(142,197,028)		(47,404,262)
Proceeds from notes payable		—		3,592
Proceeds from issuance of common stock		—		97,655
Payment of credit linked notes		(10,605)		(11,529)
Repurchase of preferred stock		—		(52,045)
Dividends		(29,708)		(24,445)
Net cash provided by financing activities		170,898		1,301,286
Net Change in Cash and Cash Equivalents		170,555		(43,540)
Cash and Cash Equivalents, Beginning of Period		476,610		584,422
Cash and Cash Equivalents, End of Period	$	647,165	$	540,882
Supplemental Cash Flows Information:
Interest paid	$	344,939	$	371,467
Income taxes paid, net of refunds		41,093		46,043
Change in payable for limited partnership interest of LLCs		2,752		—
Change in ROU assets due to lease renegotiation		—		(1,063)
Investments received in securitization of loans sold		3,583		—
Liabilities accrued for additions in premises and equipment		2,627		—
Beneficial interests received in exchange for LIHTC's sold		4,227		—
Liabilities accrued for excise tax on preferred stock repurchase		1,215		—
Change in prepaid assets for preferred stock repurchase		125,000		—
Deposits received upon loan origination		189,206		—
Transfer of loans from loans held for sale to loans receivable		18,429		47,850
Transfer of loans from loans receivable to loans held for sale		386,604		1,600

See notes to condensed consolidated financial statements.

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Merchants Bancorp

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 1: Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of Merchants Bancorp, a registered bank holding company (the “Company”) and its wholly owned subsidiaries, Merchants Bank, FMBI (whose branches were sold to unaffiliated third parties and its remaining charter collapsed into Merchants Bank on January 26, 2024), and MAM. Merchants Bank’s primary operating subsidiaries include MCC, MCS, and MCI. All directly and indirectly owned subsidiaries of Merchants Bancorp are collectively referred to as the “Company”.

The accompanying unaudited condensed consolidated balance sheets of the Company as of December 31, 2024, which has been derived from audited consolidated financial statements, and unaudited condensed consolidated financial statements of the Company as of June 30, 2025 and for the three and six months ended June 30, 2025 and 2024, were prepared in accordance with the instructions for Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include all of the information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with GAAP. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto of the Company as of and for the year ended December 31, 2024 in its Annual Report on Form 10-K. Reference is made to the accounting policies of the Company described in the Notes to the Financial Statements contained in the Annual Report on Form 10-K.

All adjustments, which are of a normal recurring nature and are in the opinion of management necessary for a fair statement of the results for the periods reported, have been included in the accompanying unaudited condensed consolidated financial statements. All interim amounts have not been audited and the results of operations for the three and six months ended June 30, 2025, herein are not necessarily indicative of the results of operations to be expected for the entire year.

Principles of Consolidation

The unaudited condensed consolidated financial statements as of and for the period ended June 30, 2025 and 2024 include results from the Company, and its wholly owned subsidiaries, Merchants Bank, FMBI (until its branches were sold and its bank charter merged into Merchants Bank on January 26, 2024), and MAM. Also included are Merchants Bank’s primary operating subsidiaries, MCC, MCS, and MCI, as well as all direct and indirectly owned subsidiaries owned by Merchants Bancorp.

The results of Merchants Foundation, Inc., a nonprofit corporation, are consolidated with the Company’s unaudited condensed consolidated financial statements in all periods presented.

In addition, when the Company makes an equity investment in or has a relationship with an entity for which it holds a variable interest, it is evaluated for consolidation requirements under ASC Topic 810. Accordingly, the Company assesses the entities for potential consolidation as a VIE and would only consolidate those entities for which it is a primary beneficiary. A primary beneficiary is defined as the party that has both the power to direct the activities that most significantly impact the entity, and an interest that could be significant to the entity. To determine if an interest could be significant to the entity, both qualitative and quantitative factors regarding the nature, size and form of the Company’s involvement with the entity are evaluated. Alternatively, under the voting interest model, it would only consolidate those entities for which it has a controlling interest.

The Company holds a variable interest in an investment for which it is the primary beneficiary, and its results have been consolidated in all periods presented. Additionally, the Company has certain variable interest investments that it was deemed not to be a primary beneficiary of as of June 30, 2025 and December 31, 2024. These VIEs are not consolidated and the equity method or proportional amortization method of accounting has been applied. The Company will analyze whether the primary beneficiary designation has changed through triggering events on a prospective basis. Changes in facts and circumstances occurring since the previous primary beneficiary determination will be considered as part of this ongoing assessment. See Note 8: Variable Interest Entities (VIEs) for additional information about VIEs.

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Merchants Bancorp

Notes to Condensed Consolidated Financial Statements

(Unaudited)

All significant intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses on loans and fair values of servicing rights and financial instruments.

Significant Accounting Policies

The significant accounting policies followed by the Company for interim financial reporting are consistent with the accounting policies followed for annual financial reporting. For additional information regarding significant accounting policies, see the Company’s 2024 Annual Report on Form 10–K.

Restricted Cash

Included in cash equivalents is an account restricted as collateral for the potential risk of loss on senior credit linked notes issued by the Company in March 2023. The balance of the notes as of June 30, 2025 and December 31, 2024 was $76.9 million and $87.6 million, respectively. As of June 30, 2025 and December 31, 2024, there was $43.8 million and $33.5 million, respectively, in restricted cash held in a separate account included in the total of interest-earning demand accounts on the unaudited condensed consolidated balance sheets. Also see Note 10: Borrowings.

Reclassifications

Certain reclassifications have been made to the 2024 financial statements to conform to the financial statement presentation as of and for the three and six months ended June 30, 2025. These reclassifications had no effect on net income.

Other

The Company and its subsidiaries can be parties to various claims and proceedings arising in the normal course of business. Management, after consultation with legal counsel, believes that the contingent liabilities, if any, arising from such proceedings and claims will not be material to the Company’s consolidated financial position or results of operations.

Recent Accounting Pronouncements

The Company continually monitors for potential accounting standards updates and SEC releases. The following updates and releases have been deemed to have the most applicability to the Company’s financial statements:

FASB ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures

In December 2023, the FASB issued an ASU that will require public business entity’s disclosures to include an enhanced tabular tax rate reconciliation. The update will also require all public entities disclose income tax expense and taxes paid broken down by federal, state, and foreign with a disaggregation for jurisdictions that exceed 5% of income for taxes paid.

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Merchants Bancorp

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The updates in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. An entity shall apply the ASU on a prospective basis to financial statements for annual periods beginning after the effective date. The Company does not expect it to have a material impact on the Company’s financial position or results of operations.

FASB ASU 2024-03 - Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

In November 2024, the FASB issued an ASU which is intended to provide more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation and amortization) included in certain expense captions presented on the face of our consolidated statements of income.

The updates in ASU 2024-03 are effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. An entity may apply the ASU on a prospective basis to financial statements for annual periods beginning after the effective date. The Company is continuing to evaluate the impact of adopting this new guidance.

Note 2: Investment Securities

The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities available for sale and held to maturity were as follows:


	June 30, 2025
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value

	(In thousands)
Securities available for sale:
Treasury notes	$	70,125	$	4	$	27	$	70,102
Federal Agencies		260,000		9		310		259,699
Mortgage-backed - Government Agency ⁽²⁾ - multi-family		3,580		—		—		3,580
Mortgage-backed - Non-Agency - residential - fair value option ⁽¹⁾		407,539		—		—		407,539
Mortgage-backed - Agency - residential - fair value option ⁽¹⁾		195,423		—		—		195,423
Total securities available for sale	$	936,667	$	13	$	337	$	936,343
Securities held to maturity:
Mortgage-backed - Non-Agency - multi-family	$	550,912	$	—	$	1,479	$	549,433
Mortgage-backed - Non-Agency - residential		491,090		1,692		133		492,649
Mortgage-backed - Non-Agency - healthcare		494,439		3		—		494,442
Mortgage-backed - Agency - multi-family		11,770		—		769		11,001
Total securities held to maturity	$	1,548,211	$	1,695	$	2,381	$	1,547,525

FHLB and other equity securities ⁽³⁾	$	217,850

(1)

Fair value option securities represent securities which the Company has elected to carry at fair value with changes in the fair value recognized in earnings as they occur.

(2)

Agency includes government sponsored entities, such as Fannie Mae, Freddie Mac, Ginnie Mae, FHLB and FCB.

(3)

The Company reports the carrying value utilizing the measurement alternative election, reflecting any impairments or other adjustments if observable price changes occur for identical or similar investments of the same issuer.

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Merchants Bancorp

Notes to Condensed Consolidated Financial Statements

(Unaudited)


	December 31, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value

	(In thousands)
Securities available for sale:
Treasury notes	$	89,898	$	108	$	—	$	90,006
Federal Agencies		253,218		—		282		252,936
Mortgage-backed - Government Agency ⁽²⁾ - multi-family		1,162		—		—		1,162
Mortgage-backed - Non-Agency - residential - fair value option ⁽¹⁾		430,779		—		—		430,779
Mortgage-backed - Agency - residential - fair value option ⁽¹⁾		205,167		—		—		205,167
Total securities available for sale	$	980,224	$	108	$	282	$	980,050
Securities held to maturity:
Mortgage-backed - Non-Agency - multi-family	$	592,053	$	—	$	1,162	$	590,891
Mortgage-backed - Non-Agency - residential		526,242		1,871		75		528,038
Mortgage-backed - Non-Agency - healthcare		534,538		374		—		534,912
Mortgage-backed - Agency - multi-family		11,853		—		1,020		10,833
Total securities held to maturity	$	1,664,686	$	2,245	$	2,257	$	1,664,674

FHLB and other equity securities ⁽³⁾	$	217,804

(1)

Fair value option securities represent securities which the Company has elected to carry at fair value with changes in the fair value recognized in earnings as they occur.

(2)

Agency includes government sponsored entities, such as Fannie Mae, Freddie Mac, Ginnie Mae, FHLB, and FCB.

(3)

Accrued interest on securities available for sale totaled $5.3 million at June 30, 2025 and $4.9 million at December 31, 2024, and is excluded from the estimate of credit losses.

Accrued interest on securities held to maturity totaled $4.7 million at June 30, 2025 and $5.8 million at December 31, 2024, and is excluded from the estimate of credit losses.

The amortized cost and fair value of securities available for sale at June 30, 2025 and December 31, 2024, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may

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Merchants Bancorp

Notes to Condensed Consolidated Financial Statements

(Unaudited)

have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.


	June 30, 2025				December 31, 2024
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value

	(In thousands)
Securities available for sale:
Within one year	$	70,125	$	70,102	$	89,898	$	90,006
After one through five years		260,000		259,699		253,218		252,936
		330,125		329,801		343,116		342,942
Mortgage-backed - Agency - multi-family		3,580		3,580		1,162		1,162
Mortgage-backed - Non-Agency residential - fair value option		407,539		407,539		430,779		430,779
Mortgage-backed - Agency - residential - fair value option		195,423		195,423		205,167		205,167
	$	936,667	$	936,343	$	980,224	$	980,050
Securities held to maturity:
Mortgage-backed - Non-Agency - multi-family	$	550,912	$	549,433	$	592,053	$	590,891
Mortgage-backed - Non-Agency - residential		491,090		492,649		526,242		528,038
Mortgage-backed - Non-Agency - healthcare		494,439		494,442		534,538		534,912
Mortgage-backed - Agency - multi-family		11,770		11,001		11,853		10,833
	$	1,548,211	$	1,547,525	$	1,664,686	$	1,664,674

During the three and six months ended June 30, 2025, no securities available for sale were sold. During the three months ended June 30, 2024, no securities available for sale were sold. During the six months ended June 30, 2024, the Company received proceeds of $10.0 million and recognized a net loss of $108,000 from sales of securities available for sale, which consisted of $10,000 in gains and $118,000 of losses.

The following tables show the Company’s gross unrealized losses and fair value of the Company’s investment securities with unrealized losses for which an ACL has not been recorded, aggregated by investment class and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2025 and December 31, 2024:


	June 30, 2025
					12 Months or
	Less than 12 Months				Longer				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses

	(In thousands)
Securities available for sale:
Treasury notes	$	26,900	$	27	$	—	$	—	$	26,900	$	27
Federal Agencies		234,690		310		—		—		234,690		310
	$	261,590	$	337	$	—	$	—	$	261,590	$	337

December 31, 2024

12 Months or

Less than 12 Months

Longer

Total

Gross

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

Value

Losses

Value

Losses

Value

Losses

(In thousands)

Securities available for sale:

Federal Agencies

252,936

282

—

252,936

282

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Merchants Bancorp

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Allowance for Credit Losses

For securities available for sale with an unrealized loss position, the Company evaluates the securities to determine whether the decline in the fair value below the amortized cost basis is due to credit-related factors or noncredit-related factors. Any expected loss that is not credit-related is recognized in accumulated other comprehensive loss, net of tax. Credit-related expected losses are recognized as an ACL for securities available for sale on the balance sheet, limited to the amount by which the amortized cost basis exceeds the fair value, with a corresponding adjustment to earnings. Accrued interest receivable is excluded from the estimate of credit losses. Both the ACL and the adjustment to net income may be reversed if conditions change. However, if the Company expects, or is required, to sell a security available for sale before recovering its amortized cost basis, the entire expected credit loss amount would be recognized in earnings with a corresponding adjustment to the security’s amortized cost basis. Because the security’s amortized cost basis is adjusted to fair value, there is no ACL in this situation.

In evaluating securities available for sale in unrealized loss positions for credit losses and the criteria regarding its intent or requirement to sell such securities, the Company considers the extent to which fair value is less than amortized cost, whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuers’ financial condition, among other factors. Unrealized losses on the Company’s investment securities portfolio have not been recognized as an expense because the securities are of high credit quality, and the decline in fair values is attributable to changes in the prevailing interest rate environment since the purchase date. Fair value is expected to recover as securities reach maturity and/or the interest rate environment returns to conditions similar to when these securities were purchased. There were no credit-related factors underlying unrealized losses on available for sale debt securities at June 30, 2025 and December 31, 2024.

Securities held to maturity are primarily comprised of non-Agency mortgage-backed senior securities secured by multi-family, single-family or healthcare properties, and agency mortgage-backed securities secured by multi-family properties. The agency securities held to maturity are Ginnie Mae mortgage-backed securities and backed by the full faith and credit of the U.S. government and have an implicit or explicit government guarantee. Accordingly, no allowance for credit losses has been recorded for these securities.

For non-Agency mortgage-backed senior securities, qualitative factors are evaluated, including the timeliness of principal and interest payments under the contractual terms of the securities, as well as the investment ratings assigned to the securities by third parties and their qualification to be pledged to FHLB as collateral. In the event credit stress in the underlying loans is identified in any single security, risk grades and collateral values are evaluated to determine whether the bank has exposure to credit losses.

The Company has a held to maturity mortgage-backed security with an amortized cost value of $550.9 million and fair value of $549.4 million at June 30, 2025, acquired via a mortgage securitization transaction facilitated by the Company, which has experienced delinquencies in some of the underlying loans. The underlying loans in the securitization have an average loan-to-value ratio of 61%. Additionally, the security is a senior tranche that has credit protection from the first 14.4% of losses. The company continues to receive timely interest payments on this security, which is current as of June 30, 2025. The asset is not expected to have credit losses based on the loan-to-value of the underlying loans, its credit protection and expected cash flows. However, given the delinquencies on some of the underlying loans, the Company has classified the security as Special Mention as of June 30, 2025. All other securities held to maturity were classified as Pass as of June 30, 2025. All securities held to maturity were classified as Pass as of December 31, 2024. No allowance for credit losses were recorded for this, or any other non-agency security, as of June 30, 2025 and December 31, 2024.

Note 3: Mortgage Loans in Process of Securitization

Mortgage loans in process of securitization are recorded at fair value with changes in fair value recorded in earnings. These include multi-family rental real estate loan originations to be sold as Ginnie Mae mortgage-backed

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Merchants Bancorp

Notes to Condensed Consolidated Financial Statements

(Unaudited)

securities and Fannie Mae and Freddie Mac participation certificates, all of which are pending settlement under firm investor commitments to purchase the securities, typically occurring within 30 days. The aggregate positive fair value adjustment recorded in mortgage loans in process of securitization was $3.0 million and $4.1 million as of June 30, 2025 and December 31, 2024, respectively.

Note 4: Loans and Allowance for Credit Losses on Loans

Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost at their outstanding principal balances adjusted for unearned income, charge-offs, the ACL-Loans, any unamortized deferred fees or costs on originated loans, and unamortized premiums or discounts on purchased loans.

For loans at amortized cost, interest income is accrued based on the unpaid principal balance.

The Company has made a policy election to exclude accrued interest from the amortized cost basis of loans and reports accrued interest separately from the related loan balance on the unaudited condensed consolidated balance sheets. Accrued interest on loans totaled $47.5 million and $51.9 million at June 30, 2025 and December 31, 2024, respectively.

The Company also elected not to measure an allowance for credit losses for accrued interest receivables. The accrual of interest on loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past-due status is based on contractual terms of the loan. Loans may be placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful.

All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest subsequently collected on these loans is applied to the principal balance until the loan can be returned to an accrual status, which is no less than six months. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

For all loan portfolio segments, the Company charges off loans, or portions thereof, when available information confirms that specific loans are uncollectable based on information that includes, but is not limited to, (1) the deteriorating financial condition of the borrower, (2) declining collateral values, and/or (3) legal action, including bankruptcy, that impairs the borrower’s ability to adequately meet its obligations.

For loan modifications, interest income is recognized on an accrual basis at the renegotiated rate if the loan is in compliance with the modified terms.

The Company offers mortgage warehouse repurchase agreements to third parties to fund mortgage loans held for sale from closing until sale to an investor. Under a warehousing arrangement, the Company funds a mortgage loan as secured financing. The warehousing arrangement is secured by the underlying mortgages and a combination of deposits, personal guarantees and advance rates, and may be cross-collateralized with other loans. The Company typically holds the collateral until it is sent under a bailee arrangement instructing the investor to send proceeds to the Company. Typical investors are large financial institutions or government agencies. Interest earned from the time of funding to the time of sale is recognized as interest income as accrued. Warehouse fees are accrued as noninterest income.

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Merchants Bancorp

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Loan Portfolio Summary‌

Loans receivable at June 30, 2025 and December 31, 2024 include:


	June 30,		December 31,
	2025		2024

	(In thousands)
Mortgage warehouse repurchase agreements	$	1,843,742	$	1,446,068
Residential real estate⁽¹⁾		988,783		1,322,853
Multi-family financing		4,833,548		4,624,299
Healthcare financing		1,442,095		1,484,483
Commercial and commercial real estate⁽²⁾⁽³⁾		1,328,765		1,476,211
Agricultural production and real estate		82,425		77,631
Consumer and margin loans		4,570		6,843
Loans Receivable		10,523,928		10,438,388
Less:
ACL-Loans		91,811		84,386

Loans Receivable, net	$	10,432,117	$	10,354,002

(1)

Includes $0.8 billion and $1.2 billion of All-in-One^© first-lien home equity lines of credit at June 30, 2025 and December 31, 2024, respectively.

(2)

Includes $0.8 billion and $0.9 billion revolving lines of credit collateralized primarily by single-family mortgage servicing rights as of June 30, 2025 and December 31, 2024, respectively.

(3)

Includes only $19.8 million and $18.7 million of non-owner occupied commercial real estate as of June 30, 2025 and December 31, 2024, respectively.

Risk characteristics applicable to each segment of the loan portfolio are described as follows.

Mortgage Warehouse Repurchase Agreements (MTG WHRA): Under its warehouse program, the Company provides warehouse financing arrangements to approved mortgage companies for their origination and sale of residential mortgage and multi-family loans. Loans secured by mortgages placed on existing one-to-four family dwellings may be originated or purchased and placed through each mortgage warehouse facility.

As a secured repurchase agreement, collateral pledged to the Company secures each individual mortgage until the mortgage company sells the loan in the secondary market. A traditional secured warehouse facility typically carries a base interest rate of the SOFR, or mortgage note rate, and a margin.

Risk is evident if there is a change in the fair value of mortgage loans originated by mortgage companies in warehouse, the sale of which is the expected source of repayment under a warehouse facility. However, the warehouse customers are required to hedge the change in value of these loans to mitigate the risk, typically through forward sales contracts.

Residential Real Estate Loans (RES RE): Real estate loans are secured primarily by owner-occupied one-to-four family residences. Repayment of residential real estate loans is primarily dependent on the personal income and assets of the borrowers. Credit risk for these loans is driven by those factors, as well as the credit rating of the borrowers and property values. In addition to loans originated for sale, and some loans held for investment, included in this segment are All-in-One^© first-lien HELOC products that integrate a borrower’s mortgage and deposit account into a single facility and have typically carried a base interest rate of One-Year CMT, plus a margin. New originations are tied to 30-day SOFR, plus a margin.

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Merchants Bancorp

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Multi-Family Financing (MF FIN): The Company specializes in originating multi-family financing that can be Market Rate or Affordable. The portfolio includes loans for construction, acquisition, refinance, or permanent financing. Loans are typically secured by real estate mortgages, assignment of LIHTCs, and/or equity interest in the underlying properties. All loans are assessed and reviewed at a minimum based on borrower strength/experience, historical property performance, market trends, projected financial performance with regards to intended strategy, and source of repayment. Independent third-party reports are used to ensure legal conformity and support valuations of the assets. Exit strategies and sources of repayment are provided through the secondary market via governmental programs, strategic refinances, LIHTC equity installments, and cashflow from the properties. Repayment of these loans depends on the successful operation of a business or property and the borrower’s cash flows. Credit risk in these loans may be impacted by the creditworthiness of a borrower, property values and the local economy in the related market area. These loans are well-collateralized and underwritten to agency guidelines. Loans included in this segment typically carry a base rate of 30-day SOFR that adjusts on a monthly basis, and a margin. The Company focuses on loan classes that are government backed or can be sold in the secondary market.

Healthcare Financing (HC FIN): The healthcare financing portfolio includes customized loan products for independent living, assisted living, memory care and skilled nursing projects. A variety of loan products are available to accommodate rehabilitation, acquisition, and refinancing of healthcare properties. Credit risk in these loans is primarily driven by local demographics and the expertise of the operators of the facilities. Repayment of these loans may include permanent loans, sales of developed property or an interim loan commitment from the Company until permanent agency-eligible financing is obtained, as well as successful operation of a business or property and the borrower’s cash flows. These loans are well-collateralized and underwritten to agency guidelines. Loans included in this segment typically carry a base rate of 30-day SOFR that adjusts on a monthly basis, and a margin. The Company focuses on loan classes that are government backed or can be sold in the secondary market.

Commercial Lending and Commercial Real Estate Loans (CML & CRE): The commercial lending and commercial real estate portfolio includes loans to commercial customers for use in financing working capital needs, equipment purchases and expansions, as well as loans to commercial customers to finance land and improvements. It also includes lines of credit collateralized by mortgage servicing rights that are assessed for fair value quarterly at the Company’s request. The loans in this category are repaid primarily from the cash flow of a borrower’s principal business operation. Credit risk in these loans is driven by creditworthiness of a borrower and the economic conditions that impact the cash flow stability from business operations. SBA loans are included in this category. An immaterial portion of commercial and commercial real estate loans are typically made up of non-owner occupied commercial real estate loans.

Agricultural Production and Real Estate Loans (AG & AGRE): Agricultural production loans are generally comprised of seasonal operating lines of credit to grain farmers to plant and harvest corn and soybeans and term loans to fund the purchase of equipment. The Company also offers long-term financing to purchase agricultural real estate. Specific underwriting standards have been established for agricultural-related loans including the establishment of projections for each operating-year based on industry-developed estimates of farm input costs and expected commodity yields and prices. Operating lines are typically written for one year and secured by the crop and other farm assets as considered necessary. The Company is approved to sell agricultural loans in the secondary market through Farmer Mac and uses this relationship to manage interest rate risk within the portfolio. Agricultural real estate loans included in this segment are typically structured with a one-year ARM, three-year ARM or five-year ARM indexed to CMT and a margin. Agriculture production, livestock, and equipment loans are structured with variable rates that are indexed to prime or fixed for terms not exceeding five years.

Consumer and Margin Loans (CON & MAR): Consumer loans are those loans secured by household assets. Margin loans are those loans secured by marketable securities. The term and maximum amount for these loans are determined by considering the purpose of the loan, the margin (advance percentage against value) in all collateral, the primary source of repayment, and the borrower’s other related cash flow.

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Merchants Bancorp

Notes to Condensed Consolidated Financial Statements

(Unaudited)

ACL-Loans

The ACL-Loans is the Company’s estimate of current expected life of loan credit losses. Loans receivable is presented net of the allowance to reflect the principal balance expected to be collected over the contractual term of the loans. This life of loan allowance is established through a provision for credit losses included in net interest income after provision for credit losses as loans are recorded in the unaudited condensed consolidated financial statements. The provision for a reporting period also reflects increases or decreases in the allowance related to changes in credit loss expectations. Actual credit losses are charged against the allowance when management believes the loan balance, or a portion thereof, is uncollectible. Subsequent recoveries, if any, are credited to the allowance.

The ACL-Loans is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans considering relevant available information from internal and external sources, including historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, and prevailing economic conditions. The allowance also incorporates reasonable and supportable forecasts. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. The level of the ACL-Loans is believed to be adequate to absorb expected future losses in the loan portfolio as of the measurement date.

The ACL-Loans consists of individually evaluated loans and pooled loan components. The Company’s primary portfolio segmentation is by loans with similar risk characteristics. Loans risk graded substandard and worse are individually evaluated for expected credit losses. For individually evaluated loans that are collateral dependent, the Company may use the fair value of the collateral, less estimated costs to sell, as a practical expedient as of the reporting date to determine the carrying amount of an asset and the allowance for credit losses, as applicable. A loan is considered to be collateral dependent when repayment is expected to be provided substantially through the operation or the sale of the collateral when the borrower is experiencing financial difficulty as of the reporting date.

To calculate the ACL-Loans, the portfolio is segmented by loans with similar risk characteristics.


Loan Portfolio Segment		ACL-Loans Methodology

Mortgage warehouse repurchase agreements		Remaining Life Method
Residential real estate loans		Discounted Cash Flow
Multi-family financing		Discounted Cash Flow
Healthcare financing		Discounted Cash Flow
Commercial and commercial real estate		Discounted Cash Flow
Agricultural production and real estate		Remaining Life Method
Consumer and margin loans		Remaining Life Method

Loan characteristics used in determining the segmentation include the underlying collateral, type or purpose of the loan, and expected credit loss patterns. The initial estimation of expected credit losses for each segment is based on historical credit loss experience and management’s judgement. Given the Company’s modest historical credit loss experience, peer and industry data was incorporated into the measurement. Expected life of loan credit losses are quantified using discounted cash flows and remaining life methodologies.

Model results are supplemented by qualitative adjustments for risk factors relevant in assessing the expected credit losses within the portfolio segments. These adjustments may increase or decrease the estimate of expected credit losses based upon the assessed level of risk for each qualitative factor.

The models utilized and the applicable qualitative adjustments require assumptions and management judgement that can be subjective in nature. The above measurement approach is also used to estimate the expected credit losses associated with unfunded loan commitments, which also incorporates expected utilization rates.

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Merchants Bancorp

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The following tables present, by loan portfolio segment, the activity in the ACL-Loans for the three and six months ended June 30, 2025 and 2024:


	Three Months Ended June 30, 2025
	MTG WHRA		RES RE		MF FIN		HC FIN		CML & CRE		AG & AGRE		CON & MAR		TOTAL

	(In thousands)
ACL-Loans
Balance, beginning of period	$	3,747	$	6,145	$	53,416	$	9,127	$	10,295	$	608	$	75	$	83,413
Provision for credit losses		1,167		(1,634)		48,364		4,714		1,822		29		(1)		54,461
Loans charged to the allowance		—		—		(38,309)		(7,497)		(257)		—		—		(46,063)
Recoveries of loans previously charged-off		—		—		—		—		—		—		—		—
Balance, end of period	$	4,914	$	4,511	$	63,471	$	6,344	$	11,860	$	637	$	74	$	91,811


	Three Months Ended June 30, 2024
	MTG WHRA		RES RE		MF FIN		HC FIN		CML & CRE		AG & AGRE		CON & MAR		TOTAL

	(In thousands)
ACL-Loans
Balance, beginning of period	$	3,022	$	6,905	$	28,664	$	24,587	$	11,990	$	450	$	94	$	75,712
Provision for credit losses		594		(595)		9,097		(1,065)		702		39		(19)		8,753
Loans charged to the allowance		—		—		(3,349)		—		(103)		—		—		(3,452)
Recoveries of loans previously charged-off		—		13		—		—		2		—		—		15
Balance, end of period	$	3,616	$	6,323	$	34,412	$	23,522	$	12,591	$	489	$	75	$	81,028

The Company recorded a total provision for credit losses of $53.0 million for the three months ended June 30, 2025. The $53.0 million total provision for credit losses consisted of $54.5 million for the ACL-Loans as shown above, net of $1.1 million for the ACL-OBCE’s and $0.4 million for the release of reserves on the ACL-Guarantees, related to a loan securitization.

The Company recorded a total provision for credit losses of $10.0 million for the three months ended June 30, 2024. The $10.0 million total provision for credit losses consisted of $8.8 million for the ACL-Loans as shown above and $1.2 million for the ACL-OBCE’s.


	Six Months Ended June 30, 2025
	MTG WHRA		RES RE		MF FIN		HC FIN		CML & CRE		AG & AGRE		CON & MAR		TOTAL

	(In thousands)
ACL-Loans
Balance, beginning of period	$	3,816	$	5,942	$	55,126	$	8,562	$	10,293	$	539	$	108	$	84,386
Provision for credit losses		1,098		(1,431)		57,048		5,279		1,909		98		(34)		63,967
Loans charged to the allowance		—		—		(48,703)		(7,497)		(370)		—		—		(56,570)
Recoveries of loans previously charged-off		—

Merchants Bancorp 10-Q