CARMEL, Ind., Feb. 19, 2026 /PRNewswire/ -- Merchants Bancorp ("Merchants") (Nasdaq: MBIN), parent company and registered bank holding company of Merchants Bank of Indiana ("Merchants Bank"), today announced that its Board of Directors declared the following quarterly cash dividends for the first quarter of 2026, in each case to shareholders of record on March 13, 2026, payable on April 1, 2026: A dividend of $0.11 per share on the Company's outstanding shares of its common stock (NASDAQ:MBIN); A dividend o ...

Merchants Bancorp Reports Fourth Quarter 2025 Results For Release January 28, 2026 · The Company reported another sequential quarter of higher net income and improved asset quality, reinforcing a positive trajectory for 2026. · Total assets ended the year at $19.4 billion, slightly higher than September 30, 2025, and up $643.2 million, or 3%, compared to December 31, 2024 - setting a new Company milestone. · Tangible book value per common share reached a new record-high of $37.51 and increased 10% compared ...

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, 2025 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) ...

Exhibit 99.1 PRESS RELEASE Merchants Bancorp Reports Third Quarter 2025 Results For Release October 28, 2025 · Third quarter 2025 net income of $54.7 million, decreased $6.6 million compared to third quarter of 2024 and increased $16.7 million compared to the second quarter 2025. · Third quarter 2025 diluted earnings per common share of $0.97 decreased 17% compared to the third quarter of 2024 and increased 62% compared to the second quarter of 2025. · The total provision for credit losses decreased 45%, or ...

Core Viewpoint - China Merchants Port Holdings reported mixed results for 1H25, with revenue growth but a significant decline in net profit attributable to shareholders, primarily due to lower investment income from Shanghai International Port Group [1] Financial Performance - Revenue increased by 11.4% YoY to HK$6.46 billion, while net profit attributable to shareholders fell by 19.5% YoY to HK$3.58 billion, resulting in an EPS of HK$0.854 [1] - Operating cash flow declined YoY, mainly due to a decrease in dividends received from associate companies, but steady cash flow growth was maintained when excluding this factor [2] - Profit from the port business rose by 11.7% YoY in 1H25, and investment income from ports in which the firm holds stakes increased by 38.0% YoY [4] Operational Highlights - Container throughput at controlled terminals rose by 11.3% YoY, with overall container throughput at controlled ports growing by 4.3% YoY [2] - By region, container cargo volume at controlled terminals in the Pearl River Delta, Yangtze River Delta, Bohai Rim, and overseas terminals increased by 7.8%, 5.9%, 0.1%, and 5.0% YoY, respectively [3] - Significant growth in overseas terminal throughput was noted, with container throughput at the HIPG terminal in Sri Lanka rising by 542.9% YoY [5] Cost Management - The firm's costs and expenses fell YoY in 1H25, with the gross margin increasing by 2.9 percentage points YoY to 51% and the administrative expense ratio decreasing by 0.8 percentage points YoY [4] Future Outlook - The long-term growth potential of cargo volume at overseas terminals is viewed positively, with expectations for rapid growth driven by economic development in the hinterlands of these ports [5] - The 2025 net profit forecast remains largely unchanged, with a new 2026 net profit forecast introduced at HK$7.7 billion [6] - The stock is currently trading at 8.2x 2025e and 8.0x 2026e P/E, with a target price raised by 13.8% to HK$16.5, implying a 12.8% upside [6]

PART I – FINANCIAL INFORMATION [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) The unaudited statements show a significant net income decrease due to higher credit loss provisions, despite moderate asset growth [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $19.14 billion, driven by loans, while shareholders' equity slightly decreased due to a preferred stock redemption Key Balance Sheet Items | Key Balance Sheet Items | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Assets** | **$19,141,204** | **$18,805,732** | **+1.8%** | | Loans receivable, net | $10,432,117 | $10,354,002 | +0.8% | | Loans held for sale | $4,105,765 | $3,771,510 | +8.9% | | **Total Liabilities** | **$16,956,572** | **$16,562,422** | **+2.4%** | | Total Deposits | $12,686,835 | $11,919,976 | +6.4% | | Borrowings | $4,009,474 | $4,386,122 | -8.6% | | **Total Shareholders' Equity** | **$2,184,632** | **$2,243,310** | **-2.6%** | [Condensed Consolidated Statements of Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Q2 net income fell 50% year-over-year to $38.0 million, primarily driven by a 432% surge in the provision for credit losses Three Months Ended June 30 | Metric (in thousands, except EPS) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Net Interest Income | $128,719 | $128,119 | +0.5% | | Provision for credit losses | $53,027 | $9,965 | +432.2% | | Noninterest Income | $50,480 | $31,351 | +61.0% | | Noninterest Expense | $77,337 | $50,380 | +53.5% | | **Net Income** | **$37,981** | **$76,393** | **-50.3%** | | **Diluted EPS** | **$0.60** | **$1.49** | **-59.7%** | Six Months Ended June 30 | Metric (in thousands, except EPS) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Net Interest Income | $250,915 | $255,175 | -1.7% | | Provision for credit losses | $60,754 | $14,691 | +313.5% | | Noninterest Income | $74,173 | $72,225 | +2.7% | | Noninterest Expense | $139,001 | $99,292 | +40.0% | | **Net Income** | **$96,220** | **$163,447** | **-41.1%** | | **Diluted EPS** | **$1.53** | **$3.29** | **-53.5%** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail a higher Allowance for Credit Losses, two significant loan sales, a preferred stock redemption, and a new regulatory MOU - The Allowance for Credit Losses on Loans (ACL-Loans) increased to **$91.8 million** at June 30, 2025, from $84.4 million at year-end 2024, with a **$64.0 million** provision and **$56.6 million** in charge-offs for the six-month period[96](index=96&type=chunk)[308](index=308&type=chunk) - The company completed a **$373.3 million** multi-family loan securitization and a **$312.1 million** sale of home equity lines of credit in Q2 2025[134](index=134&type=chunk)[135](index=135&type=chunk) - All outstanding shares of 6% Series B Preferred Stock were redeemed on January 2, 2025, for **$125.0 million**[233](index=233&type=chunk)[234](index=234&type=chunk) - The Bank entered into a **confidential Memorandum of Understanding (MOU) with the FDIC and DFI** on June 30, 2025, and was in compliance with its terms as of the report date[268](index=268&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=57&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the net income decline from credit loss provisions, an improved funding mix, and a new regulatory MOU - The **50% decrease in Q2 2025 net income** is directly attributed to a **$43.1 million increase** in the provision for credit losses, linked to multi-family property values and mortgage fraud investigations[282](index=282&type=chunk)[325](index=325&type=chunk)[334](index=334&type=chunk) - The company's funding mix improved as **core deposits grew by $2.0 billion (22%)** since year-end 2024, while **brokered deposits were reduced by $1.3 billion (50%)**[287](index=287&type=chunk)[315](index=315&type=chunk)[316](index=316&type=chunk) - A **confidential MOU with the FDIC and DFI** was executed on June 30, 2025, which may limit or delay future expansion plans, though the bank currently exceeds required capital levels[280](index=280&type=chunk)[281](index=281&type=chunk) - Business volumes remain strong, with warehouse loan funding **increasing 49% YoY to $16.3 billion** and multi-family origination volume **increasing 33% YoY to $1.4 billion** in Q2[287](index=287&type=chunk)[419](index=419&type=chunk)[425](index=425&type-chunk) - A strong liquidity position is maintained with **$5.0 billion in unused borrowing capacity** from the FHLB and Federal Reserve Discount Window[282](index=282&type=chunk)[436](index=436&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=86&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, with models showing an asset-sensitive position within policy limits Net Interest Income Sensitivity (12-Months Forward) | Net Interest Income Sensitivity (12-Months Forward) | -200 bps | -100 bps | +100 bps | +200 bps | | :--- | :--- | :--- | :--- | :--- | | **Dollar Change (in thousands)** | $(84,289) | $(44,357) | $42,895 | $85,982 | | **Percent Change** | (15.9)% | (8.3)% | 8.1% | 16.2% | Economic Value of Equity Sensitivity (Immediate Shock) | Economic Value of Equity Sensitivity (Immediate Shock) | -200 bps | -100 bps | +100 bps | +200 bps | | :--- | :--- | :--- | :--- | :--- | | **Dollar Change (in thousands)** | $54,849 | $36,112 | $2,604 | $4,897 | | **Percent Change** | 2.6% | 1.7% | 0.1% | 0.2% | [Item 4. Controls and Procedures](index=86&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes to internal controls - The CEO and CFO concluded that as of June 30, 2025, the Company's **disclosure controls and procedures were effective**[486](index=486&type=chunk) - **No material changes** to the Company's internal control over financial reporting occurred during the quarter[487](index=487&type=chunk) PART II – OTHER INFORMATION [Item 1. Legal Proceedings](index=87&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no legal proceedings for the period - None[490](index=490&type=chunk) [Item 1A. Risk Factors](index=87&type=section&id=Item%201A.%20Risk%20Factors) No material changes were reported from the risk factors previously disclosed in the 2024 Annual Report - **No material changes** from the risk factors disclosed in the 2024 Form 10-K[491](index=491&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=87&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[492](index=492&type=chunk) [Item 6. Exhibits](index=88&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including Sarbanes-Oxley certifications and XBRL interactive data files - Exhibits filed include **CEO and CFO certifications** under Sarbanes-Oxley Sections 302 and 906, along with XBRL interactive data files[497](index=497&type=chunk)

Exhibit 99.1 PRESS RELEASE Merchants Bancorp Reports Second Quarter 2025 Results For Release July 28, 2025 Total assets of $19.1 billion at June 30, 2025 increased by $343.4 million, or 2%, compared to March 31, 2025, and $335.5 million compared to December 31, 2024. The increase compared to both periods was primarily driven by higher balances in the mortgage warehouse portfolios. Total loan balances grew by 2% even with two loan sale transactions in the second quarter totaling over $685.4 million related t ...

PART I – FINANCIAL INFORMATION [Item 1. Financial Statements](index=8&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited condensed consolidated financial statements for Q1 2025, including balance sheets, income, comprehensive income, equity, and cash flows [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets remained stable at $18.8 billion, with increased loans held for sale and deposits, offset by reduced borrowings and preferred stock redemption Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **$18,797,800** | **$18,805,732** | **-0.04%** | | Loans receivable, net | $10,343,724 | $10,354,002 | -0.10% | | Loans held for sale | $3,983,452 | $3,771,510 | +5.62% | | **Total Liabilities** | **$16,637,065** | **$16,562,422** | **+0.45%** | | Total deposits | $12,406,165 | $11,919,976 | +4.08% | | Borrowings | $4,001,744 | $4,386,122 | -8.76% | | **Total Shareholders' Equity** | **$2,160,735** | **$2,243,310** | **-3.68%** | - The company redeemed all outstanding shares of its **6% Series B Preferred Stock** in Q1 2025, which reduced total shareholders' equity[12](index=12&type=chunk) [Condensed Consolidated Statements of Income](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Q1 2025 net income significantly decreased to $58.2 million, driven by lower net interest and noninterest income, and higher expenses Consolidated Statements of Income Highlights (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Net Interest Income | $122,196 | $127,056 | -3.8% | | Provision for credit losses | $7,727 | $4,726 | +63.5% | | Total noninterest income | $23,693 | $40,874 | -42.0% | | Total noninterest expense | $61,664 | $48,912 | +26.1% | | **Net Income** | **$58,239** | **$87,054** | **-33.1%** | | **Diluted EPS** | **$0.93** | **$1.80** | **-48.3%** | - A significant factor in the noninterest income decline was a sharp drop in loan servicing fees, which fell from **$19.4 million in Q1 2024 to $4.0 million in Q1 2025**[15](index=15&type=chunk) - The company incurred a **$5.4 million impact** from preferred stock redemption in Q1 2025, which reduced net income allocated to common shareholders[15](index=15&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=14&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2025 operating activities generated $148.0 million cash, reversing a prior-year outflow, leading to a $44.7 million increase in cash Consolidated Cash Flow Summary (in thousands) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $148,038 | $(383,772) | | Net cash used in investing activities | $(903) | $(695,019) | | Net cash (used in) provided by financing activities | $(102,449) | $1,003,124 | | **Net Change in Cash and Cash Equivalents** | **$44,686** | **$(75,667)** | [Notes to Condensed Consolidated Financial Statements](index=15&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed disclosures on financial statements, including asset sales, loan composition, credit losses, and regulatory capital - On January 26, 2024, the company completed the sale of its Farmers-Merchants Bank of Illinois (FMBI) branches, resulting in a net gain of **$715,000**[28](index=28&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk) - The company holds restricted cash of **$33.4 million** as of March 31, 2025, as collateral for senior credit linked notes[40](index=40&type=chunk) Loan Portfolio Composition (in thousands) | Loan Type | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Mortgage warehouse repurchase agreements | $1,408,239 | $1,446,068 | | Residential real estate | $1,332,601 | $1,322,853 | | Multi-family financing | $4,600,117 | $4,624,299 | | Healthcare financing | $1,583,290 | $1,484,483 | | Commercial and commercial real estate | $1,418,741 | $1,476,211 | | **Total Loans Receivable** | **$10,427,137** | **$10,438,388** | Allowance for Credit Losses (ACL) Activity - Q1 2025 (in thousands) | Activity | Amount | | :--- | :--- | | Beginning Balance (Jan 1, 2025) | $84,386 | | Provision for credit losses | $9,506 | | Charge-offs | $(10,507) | | Recoveries | $28 | | **Ending Balance (Mar 31, 2025)** | **$83,413** | - Nonaccrual loans increased to **$284.0 million** at March 31, 2025, from $279.7 million at December 31, 2024, primarily within the Multi-family financing portfolio[106](index=106&type=chunk) - The company redeemed all outstanding shares of its **6.00% Series B Preferred Stock** on January 2, 2025, for **$125.0 million**[197](index=197&type=chunk) Segment Net Income (in thousands) | Segment | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Multi-family Mortgage Banking | $3,413 | $16,609 | | Mortgage Warehousing | $15,398 | $20,190 | | Banking | $47,107 | $56,425 | | Other | $(7,679) | $(6,170) | | **Total Net Income** | **$58,239** | **$87,054** | - As of March 31, 2025, both the Company and Merchants Bank were categorized as **well capitalized** under regulatory frameworks[223](index=223&type=chunk)[225](index=225&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=91&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q1 2025 net income declined due to market uncertainty, lower noninterest income, higher expenses, and increased credit losses, despite strong liquidity - Net income for Q1 2025 was **$58.2 million**, a decrease of **$28.8 million** from Q1 2024, with diluted EPS falling **48% to $0.93**[237](index=237&type=chunk) - Of the **$28.8 million decrease** in net income, management attributes **$19.3 million** (or **$0.34 per diluted share**) to changes in valuation adjustments[237](index=237&type=chunk) - Core deposits grew **30% year-over-year to $10.7 billion**, representing **86% of total deposits**, while brokered deposits decreased by **70% to $1.7 billion**[237](index=237&type=chunk) Key Performance Metrics | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Interest Margin | 2.89% | 3.14% | | Efficiency Ratio | 42.27% | 29.13% | | Tangible Book Value per Share | $34.90 | $29.26 | [Financial Condition](index=95&type=section&id=Financial%20Condition) Total assets stable at $18.8 billion, with increased loans held for sale and core deposits, reduced brokered deposits and borrowings, and lower shareholders' equity - Loans held for sale increased by **$211.9 million (6%) to $4.0 billion**, mainly due to higher volume in warehouse participations[254](index=254&type=chunk) - Core deposits increased by **$1.3 billion (14%) to $10.7 billion**, now comprising **86% of total deposits**, up from 79% at year-end 2024[271](index=271&type=chunk) - Brokered deposits were reduced by **$815.7 million (32%) to $1.7 billion**, representing **14% of total deposits** compared to 21% at year-end 2024[272](index=272&type=chunk) - Shareholders' equity decreased by **$82.6 million**, largely due to the **$125.0 million redemption of Series B Preferred Stock**, partially offset by **$58.2 million in net income**[277](index=277&type=chunk) [Asset Quality](index=98&type=section&id=Asset%20Quality) Asset quality deteriorated with nonperforming loans rising to 2.73% of total loans, primarily in multi-family and healthcare portfolios, leading to higher net charge-offs - Nonperforming loans were **$284.6 million (2.73% of total loans)** at Q1 2025, compared to $279.7 million (2.68%) at Q4 2024 and $131.8 million (1.22%) at Q1 2024[279](index=279&type=chunk) - The increase in nonperforming loans is attributed to multi-family and healthcare customers with variable-rate loans facing higher payments due to elevated interest rates[279](index=279&type=chunk)[281](index=281&type=chunk) - The company executed credit protection arrangements (credit linked notes and credit default swaps) covering a loan balance of **$2.2 billion** as of March 31, 2025, to mitigate credit risk[283](index=283&type=chunk) - Net charge-offs for Q1 2025 were **$10.5 million**, primarily from five customers in the multi-family portfolio[287](index=287&type=chunk) [Results of Operations](index=100&type=section&id=Results%20of%20Operations) Q1 2025 net income fell 33% due to decreased net interest income, a 42% drop in noninterest income, and a 26% rise in noninterest expense - Net interest margin decreased to **2.89%** from 3.14% in Q1 2024, negatively impacted by a business mix shift towards lower-margin loans held for sale[293](index=293&type=chunk) - Noninterest income decreased by **$17.2 million (42%)**, primarily due to a **$15.4 million drop in loan servicing fees**, including a negative fair value adjustment of **$0.8 million** on servicing rights in Q1 2025[316](index=316&type=chunk)[317](index=317&type=chunk) - Noninterest expense increased by **$12.8 million (26%)**, driven by a **$6.8 million increase in salaries** and a new **$3.9 million expense** for credit risk transfer premiums[321](index=321&type=chunk) - The provision for credit losses increased **63% to $7.7 million**, with **$9.5 million** allocated for loans, primarily in the multi-family portfolio[313](index=313&type=chunk)[314](index=314&type=chunk)[315](index=315&type=chunk) [Our Segments](index=111&type=section&id=Our%20Segments) All primary segments experienced year-over-year net income declines in Q1 2025, impacted by lower servicing fees, negative derivative adjustments, and reduced net interest income Segment Net Income (in thousands) | Segment | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Multi-family Mortgage Banking | $3,413 | $16,609 | -79% | | Mortgage Warehousing | $15,398 | $20,190 | -24% | | Banking | $47,107 | $56,425 | -17% | - The Multi-family Mortgage Banking segment's decline was primarily due to a **$12.5 million decrease in loan servicing fees** and a **$5.0 million increase in noninterest expense**[336](index=336&type=chunk) - Despite a **49% increase in loan funding volume to $11.9 billion**, the Mortgage Warehousing segment's net income fell due to a negative swing in derivative fair value adjustments[340](index=340&type=chunk)[341](index=341&type=chunk) [Liquidity and Capital Resources](index=115&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained strong liquidity with $4.7 billion in unused borrowing capacity and capital ratios well above regulatory minimums, despite preferred stock redemption - The company had **$4.7 billion** in available unused borrowing capacity with the FHLB and Federal Reserve discount window as of March 31, 2025[346](index=346&type=chunk) - Uninsured deposits totaled approximately **$3.0 billion**, representing **24% of total Bank deposits**, with an insured cash sweep program holding **$1.5 billion**[273](index=273&type=chunk)[348](index=348&type=chunk) - The company redeemed all outstanding shares of its **6% Series B Preferred Stock** on January 2, 2025, for **$125.0 million**[361](index=361&type=chunk) Company Capital Ratios | Ratio | March 31, 2025 | Minimum to be Well Capitalized | | :--- | :--- | :--- | | Total capital (to risk-weighted assets) | 13.0% | 10.5% (with buffer) | | Tier I capital (to risk-weighted assets) | 12.4% | 8.5% (with buffer) | | Common Equity Tier I capital | 9.2% | 7.0% (with buffer) | | Tier I capital (to average assets) | 12.1% | 5.0% | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=121&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is asset-sensitive, with NII and EVE within policy limits under various interest rate shock scenarios as of March 31, 2025 Net Interest Income (NII) Sensitivity (Twelve Months Forward) | Rate Change (bps) | Dollar Change (in thousands) | Percent Change | | :--- | :--- | :--- | | +200 | $73,001 | 13.9% | | +100 | $36,422 | 6.9% | | -100 | $(35,378) | -6.7% | | -200 | $(66,284) | -12.6% | Economic Value of Equity (EVE) Sensitivity (Immediate Shock) | Rate Change (bps) | Dollar Change (in thousands) | Percent Change | | :--- | :--- | :--- | | +200 | $(10,228) | -0.5% | | +100 | $(5,088) | -0.2% | | -100 | $8,370 | 0.4% | | -200 | $(1,762) | -0.1% | - The company's interest rate risk management policy limits the change in NII to **20% for a +/-100 bps move** and **30% for a +/-200 bps move**, remaining within these limits as of March 31, 2025[388](index=388&type=chunk) [Item 4. Controls and Procedures](index=126&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls - The CEO and CFO concluded that as of March 31, 2025, the Company's disclosure controls and procedures were effective[396](index=396&type=chunk) - No material changes to the Company's internal control over financial reporting occurred during the first quarter of 2025[397](index=397&type=chunk) PART II – OTHER INFORMATION [Item 1. Legal Proceedings](index=127&type=section&id=Item%201.%20Legal%20Proceedings) No legal proceedings were reported during the period - There are no legal proceedings to report[399](index=399&type=chunk) [Item 1A. Risk Factors](index=127&type=section&id=Item%201A.%20Risk%20Factors) No material changes to previously disclosed risk factors occurred - No material changes from the risk factors disclosed in the 2024 Annual Report on Form 10-K have occurred[400](index=400&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=127&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities or use of proceeds were reported - There were no unregistered sales of equity securities to report[401](index=401&type=chunk) [Item 6. Exhibits](index=128&type=section&id=Item%206.%20Exhibits) Lists exhibits including corporate governance documents and CEO/CFO certifications - Exhibits filed include corporate governance documents and CEO/CFO certifications as required by Sections 302 and 906 of the Sarbanes-Oxley Act[406](index=406&type=chunk)

Net income of $58.2 million for the first quarter of 2025 decreased by $28.8 million, or 33%, compared to the first quarter of 2024, reflecting market uncertainty that delayed origination closings and permanent loan conversions in a growing pipeline, which negatively impacted the recognition of gain on sale and net interest margin. The decrease in net income was primarily driven by a $17.2 million, or 42%, decrease in noninterest income, a $12.8 million, or 26%, increase in noninterest expense, a $4.9 milli ...

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, 2024 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 ...