Financial Performance - First quarter 2024 net income reached $87.1 million, a 58% increase compared to $55.0 million in the first quarter of 2023[2] - Diluted earnings per common share for the first quarter 2024 were $1.80, up 68% from $1.07 in the first quarter of 2023[2] - Net income for Q1 2024 reached $87,054,000, representing a 12% increase from Q4 2023 and a 58% increase from Q1 2023[40] - The company reported a net income allocated to common shareholders of $78,387,000, a 14% increase from Q4 2023 and a 69% increase from Q1 2023[40] - Net income for the three months ended March 31, 2024, was $87,054 million, a 12.4% increase from $77,473 million in the previous quarter and a 58.5% increase from $54,955 million in the same quarter last year[49] Asset and Loan Growth - Total assets increased to $17.8 billion, a 25% rise compared to $14.2 billion as of March 31, 2023[7] - Loans receivable amounted to $10.7 billion, reflecting a $2.1 billion increase, or 25%, compared to March 31, 2023[7] - Total assets as of March 31, 2024, reached $17,822,576 million, up from $16,952,516 million at the end of the previous quarter and $14,240,966 million a year ago, reflecting a year-over-year growth of 25.5%[49] - Loans receivable as of March 31, 2024, totaled $10,690,513 million, an increase of 5.5% from $10,127,801 million in the previous quarter and a 24.7% increase from $8,575,210 million a year ago[49] - Total loans, net of allowance for credit losses, reached $14,193,644 million as of March 31, 2024, compared to $13,272,557 million in the previous quarter and $11,430,460 million a year ago, reflecting a year-over-year growth of 23.5%[49] Income and Expense Analysis - Noninterest income surged to $40.9 million, a 187% increase compared to $14.3 million in the prior year[23] - Noninterest Income increased by $6.4 million, or 19%, to $40.9 million, driven by a $21.6 million, or 997%, rise in loan servicing fees[31] - Total noninterest expense decreased by 7% to $48,912,000 compared to Q4 2023, while increasing by 41% from Q1 2023[40] - Noninterest Expense decreased by $3.7 million, or 7%, to $48.9 million, primarily due to lower salaries and employee benefits[32] Efficiency and Ratios - The efficiency ratio improved to 29.1% in the first quarter of 2024, down from 30.3% in the first quarter of 2023[25] - The efficiency ratio improved to 29.1%, a decrease of 398 basis points from 33.1%[32] - Efficiency ratio improved to 29.13%, down from 33.11% in Q4 2023 and 30.25% in Q1 2023[42] - Return on average tangible common shareholders' equity rose to 25.34%, up 174 basis points from Q4 2023 and 645 basis points from Q1 2023[44] Deposits and Cash Management - Total deposits reached $14.0 billion, an increase of $2.6 billion compared to March 31, 2023[14] - Brokered deposits rose to $5.8 billion, a 54% increase from $3.8 billion as of March 31, 2023[15] - Cash balances stood at $508.8 million, an increase of $139.2 million compared to March 31, 2023[17] - Total deposits decreased to $13.98 billion from $14.06 billion, with noninterest-bearing deposits dropping significantly[37] Credit Losses and Risk Management - The allowance for credit losses on loans was $75.7 million, a 46% increase compared to $51.8 million as of March 31, 2023[9] - Provision for credit losses was $4,726,000, a 30% decrease from Q4 2023 and a 31% decrease from Q1 2023[40] - The company reported an allowance for credit losses on loans of $75,712 million as of March 31, 2024, compared to $71,752 million in the previous quarter and $51,838 million a year ago, indicating a proactive approach to risk management[49] Segment Performance - Merchants Bancorp operates multiple segments, including Multi-family Mortgage Banking and Mortgage Warehousing, contributing to its diversified business model[33] - Multi-family mortgage banking segment net income rose to $16,609 million for the three months ended March 31, 2024, compared to $8,580 million in the previous quarter and $1,966 million a year ago, indicating significant growth[49] - Mortgage warehousing segment net income decreased to $20,190 million for the three months ended March 31, 2024, down from $26,362 million in the previous quarter but up from $8,641 million a year ago[49] - The banking segment reported net income of $56,425 million for the three months ended March 31, 2024, an increase from $49,996 million in the previous quarter and $49,307 million a year ago[49]

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K [Mark One] ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number 001-38258 MERCHANTS BANCORP (Exact name of Registrant as specified in its charter) | INDIANA | 20-57474 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 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) FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly peri ...

Table of Contents 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, 2023 OR ☐ 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 (317) 569-7420 (Registrant's telephone number, including area code) N/A (Forme ...

Table of Contents 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 March 31, 2023 OR ☐ 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) Indi ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K [Mark One] ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number 001-38258 MERCHANTS BANCORP (Exact name of Registrant as specified in its charter) | INDIANA | 20-57474 ...

Table of Contents 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 September 30, 2022 OR ☐ 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) ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ 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 20-57474 ...

Table of Contents 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 March 31, 2022 OR ☐ 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) Indi ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K [Mark One] ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number 001-38258 MERCHANTS BANCORP (Exact name of Registrant as specified in its charter) | INDIANA | 20-57474 ...