S&P Dow Jones Indices and Lincoln International Unveil New Benchmarks for the Private Loan Market with Launch of S&P Lincoln Senior Debt Indices [Accessibility Statement] Skip NavigationNEW YORK, Feb. 23, 2026 /PRNewswire/ -- S&P Dow Jones Indices ("S&P DJI"), the world's leading index provider, in collaboration with Lincoln International, a global investment banking advisory firm, today announced the launch of the first two indices in the S&P Lincoln Senior Debt Index Series, to provide key benchmarking to ...

Core Viewpoint - Merchants Bancorp will replace TreeHouse Foods in the S&P SmallCap 600 index effective February 11, 2026, due to an acquisition of TreeHouse Foods by Investindustrial S.A. and its affiliates [1]. Group 1: Index Changes - Effective Date: February 11, 2026 - Index Name: S&P SmallCap 600 - Action: Addition of Merchants Bancorp (Ticker: MBIN) in the Financial sector [1]. - Action: Deletion of TreeHouse Foods (Ticker: THS) in the Consumer Staples sector [1].

Core Viewpoint - Merchants Bancorp (MBIN) shows a significant improvement in earnings outlook, making it an attractive investment option as analysts continue to raise their earnings estimates for the company [1][2]. Earnings Estimate Revisions - The rising trend in earnings estimate revisions reflects growing analyst optimism regarding the earnings prospects of Merchants Bancorp, which is expected to positively influence its stock price [2]. - The earnings estimate for the current quarter is $1.18 per share, representing a 26.9% increase from the previous year [5]. - Over the last 30 days, the Zacks Consensus Estimate for Merchants Bancorp has increased by 7.29%, with three estimates moving higher and no negative revisions [5]. - For the full year, the company is projected to earn $5.24 per share, indicating a 38.6% increase from the prior year [6]. - The consensus estimate for the current year has risen by 5.79% due to three upward revisions and no negative changes [7]. Zacks Rank and Performance - Merchants Bancorp has achieved a Zacks Rank 1 (Strong Buy) due to strong agreement among analysts in revising earnings estimates upward, which is a reliable indicator of potential stock performance [3][8]. - Stocks with a Zacks Rank 1 (Strong Buy) and 2 (Buy) have historically outperformed the S&P 500 [8]. Stock Performance - The stock of Merchants Bancorp has increased by 19.3% over the past four weeks, indicating strong investor interest driven by favorable estimate revisions [9]. - There may still be further upside potential in the stock, suggesting it could be a good addition to investment portfolios [9].

Market Overview - U.S. stock futures show a mixed picture with Dow Jones and S&P 500 futures up by approximately 0.3% and 0.2% respectively, while Nasdaq 100 futures are down by 0.2%, indicating cautious sentiment towards technology stocks [1][2] - Major U.S. indexes experienced a significant retreat, with Nasdaq Composite down 1.4%, S&P 500 down 0.8%, and Dow Jones down 0.3%, largely due to a sell-off in technology shares [3] Economic Data - ADP payrolls data revealed weaker-than-expected private-sector job growth in January, with only 22,000 jobs added, less than half of the anticipated amount, which may impact Federal Reserve policy decisions [4] Corporate News - Advanced Micro Devices (AMD) shares fell approximately 10% in premarket trading despite better-than-expected quarterly results, due to a disappointing outlook for Q1 [5] - Uber Technologies (UBER) saw a drop of 5.9% in premarket trading after missing EPS estimates and providing a lower-than-expected Q1 adjusted EPS forecast [6] - Alphabet (GOOGL) is up 1% in premarket ahead of its quarterly results, while Amazon (AMZN) shows a modest gain of 0.3% ahead of its earnings report [7] - Texas Instruments (TXN) announced the acquisition of Silicon Laboratories (SLAB) for approximately $7.5 billion, leading to a 25% increase in Silicon Labs stock, while Texas Instruments shares declined by 3% [8] - PayPal Holdings Inc. (PYPL) experienced a steep decline of nearly 19% after missing earnings expectations, while Palantir Technologies Inc. (PLTR) rose 7% after exceeding analyst expectations with strong results [9] Analyst Recommendations - Several companies received upgrades, including Airbnb Inc. (ABNB) to Outperform, Cloudflare Inc. (NET) to Buy, and Devon Energy Corp. (DVN) to Overweight [10] Market Sentiment - The market is expected to continue exhibiting a tug-of-war between tech sector concerns and a broader market seeking new leadership, with a focus on incoming economic data and corporate performance [11]

Core Insights - Merchants Bancorp (MBIN) reported a revenue of $185.29 million for the quarter ended December 2025, reflecting a decrease of 4.4% year-over-year, while EPS was $1.28 compared to $1.85 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $171.87 million by 7.81%, and the EPS surpassed the consensus estimate of $0.94 by 36.17% [1] Financial Performance Metrics - Efficiency Ratio stood at 45.1%, slightly better than the average estimate of 45.6% from three analysts [4] - Net interest margin was reported at 2.9%, above the average estimate of 2.8% from three analysts [4] - Average Earning Assets totaled $18.93 billion, exceeding the average estimate of $18.3 billion from three analysts [4] - Tier I capital/risk-weighted assets Ratio was 13.1%, compared to the estimated 13% by two analysts [4] - Total capital/risk-weighted assets Ratio was 13.6%, slightly below the estimated 13.7% by two analysts [4] - Net Interest Income reached $138.09 million, surpassing the average estimate of $129.39 million from three analysts [4] - Gain on Sale of Loans was $25.73 million, exceeding the average estimate of $24.82 million from three analysts [4] - Total Noninterest Income was reported at $47.2 million, above the average estimate of $42.49 million from three analysts [4] - Other income was $9.76 million, significantly higher than the average estimate of $4.62 million from three analysts [4] Stock Performance - Shares of Merchants Bancorp have returned +4.9% over the past month, outperforming the Zacks S&P 500 composite's +0.8% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

分组1 - Merchants Bancorp (MBIN) reported quarterly earnings of $1.28 per share, exceeding the Zacks Consensus Estimate of $0.94 per share, but down from $1.85 per share a year ago, representing an earnings surprise of +36.17% [1] - The company posted revenues of $185.29 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 7.81%, although this is a decrease from year-ago revenues of $193.77 million [2] - Merchants Bancorp shares have increased by approximately 3.7% since the beginning of the year, outperforming the S&P 500's gain of 1.9% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $1.10 on revenues of $172.77 million, and for the current fiscal year, it is $4.95 on revenues of $714.82 million [7] - The Zacks Industry Rank for Banks - Northeast is currently in the top 23% of over 250 Zacks industries, indicating that the industry outlook can significantly impact stock performance [8]

Core Viewpoint - Merchants Bancorp has announced a stock repurchase program of up to $100 million, set to expire on December 31, 2027, aimed at enhancing shareholder value [1]. Group 1: Stock Repurchase Program - The stock repurchase program allows Merchants to buy back shares in the open market or through other means, with management determining the appropriate prices, quantities, and terms [2]. - The program is not mandatory and can be modified, suspended, or discontinued at the discretion of the Board of Directors [2]. - Repurchases will be influenced by various factors, including market conditions and the financial and regulatory status of Merchants [3]. Group 2: Company Overview - Merchants Bancorp is a diversified bank holding company based in Carmel, Indiana, recognized as a top-performing U.S. public bank by S&P Global Market Intelligence [4]. - The company operates multiple segments, including Multi-family Mortgage Banking, Mortgage Warehousing, and traditional community banking, with total assets of $19.4 billion and deposits of $13.0 billion as of December 31, 2025 [4].

Financial Performance - Full year 2025 net income was $218.8 million, a decrease of $101.6 million, or 32%, compared to 2024[1] - Fourth quarter 2025 net income of $67.8 million decreased by $27.8 million, or 29%, compared to Q4 2024[5] - Net income for Q4 2025 was $67,849,000, representing a 24% increase from Q3 2025 but a 29% decrease from Q4 2024[46] - The company reported a net income available to common shareholders of $58,798,000, a 32% increase from Q3 2025 but a 31% decrease from Q4 2024[46] - Net income available to common shareholders fell by 39% to $173,552,000 compared to $283,654,000[48] - Total net income for the year ended December 31, 2025, was $218,770 thousand, a decrease from $320,386 thousand in 2024[60] Asset and Liability Management - Total assets reached a record-high of $19.4 billion, up $643.2 million, or 3%, compared to December 31, 2024[1] - Total assets increased to $19,448,943 million as of December 31, 2025, up from $19,354,647 million in the previous quarter, representing a growth of 0.49%[43] - Total liabilities rose to $17,168,184 million, compared to $17,129,213 million, an increase of 0.23%[43] - Total liabilities increased to $17,547,108 thousand in Q4 2025 from $16,591,488 thousand in Q3 2025[58] Loan Performance - Criticized loans receivable decreased by 13% to $508.2 million compared to September 30, 2025, and by 27% compared to December 31, 2024[10] - Total loan delinquencies fell by 38% to $206.8 million compared to September 30, 2025[14] - Non-performing loans decreased by 34% to $197.8 million, or 1.79% of loans receivable, compared to September 30, 2025[13] - Total loans receivable increased to $11,034,682 million as of December 31, 2025, up from $10,608,551 million in the previous quarter, representing a growth of 4.0%[62] - The net loans receivable after allowance for credit losses was $10,951,381 million, compared to $10,515,221 million as of September 30, 2025, indicating a quarter-over-quarter increase of 4.1%[62] - Nonperforming loans decreased to $197,812 million, down from $298,268 million in the previous quarter, reflecting a reduction of 33.6%[65] Deposit Trends - Deposits grew by 9% in 2025, reaching $13.0 billion, while core deposits increased by 20% to $11.3 billion[1] - Total deposits decreased to $13,041,192 million from $13,934,705 million, a decline of 6.40% quarter-over-quarter[43] - Core demand deposits increased significantly to $604,081 million from $399,814 million in the previous quarter, marking a growth of 51.1%[67] - Total interest-bearing deposits decreased to $12,437,111 million from $13,534,891 million in the previous quarter, a decline of 8.1%[67] Income and Expense Analysis - Noninterest income decreased by $11.9 million, or 20%, to $47.2 million compared to Q4 2024[28] - Noninterest income increased by 11% to $164,388,000 from $148,112,000[55] - Total noninterest expense rose by 34% to $299,893,000 from $223,812,000[55] - Noninterest Expense of $83.6 million increased $6.4 million, or 8%, primarily reflecting a $4.8 million, or 48%, increase in other expenses[37] Equity and Book Value - Tangible book value per common share increased to $37.51, a 10% rise from $34.15 in Q4 2024[1] - Average shareholders' equity increased by 16% to $2,213,449 thousand in 2025 from $1,900,130 thousand in 2024[56] - Common stock issued and outstanding reached 45,893,172 shares, slightly up from 45,889,238 shares[43] - Goodwill remained stable at $8,014 million, unchanged from previous quarters[43] Credit Quality - Provision for credit losses decreased by 5% to $27,761,000 compared to Q3 2025, but increased significantly by 932% compared to Q4 2024[46] - The allowance for credit losses on loans was $83,301 million, down from $93,330 million in the previous quarter, indicating a decrease of 10.8%[62] - The percentage of pass loans improved to 95.4% of total loans receivable, up from 94.5% in the previous quarter[65] - The company reported year-to-date charge-offs of $124,116 million, compared to $86,070 million in the previous year, reflecting an increase of 44.3%[65]

Exhibit 99.1 PRESS RELEASE 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 ...

Core Insights - Merchants Bancorp reported a fourth quarter 2025 net income of $67.8 million, a decrease of 29% compared to the same quarter in 2024, but an increase of 24% from the third quarter of 2025 [1][5]. Financial Performance - The company achieved a record tangible book value of $37.51 per share, up 10% from $34.15 in Q4 2024 and 3% from $36.31 in Q3 2025 [4]. - Total assets reached $19.4 billion, marking a 3% increase from $18.8 billion at the end of 2024 [4][6]. - Net interest income for Q4 2025 was $138.1 million, a 3% increase from Q4 2024, driven by lower interest expenses [22][28]. - Noninterest income decreased by 20% to $47.2 million, primarily due to a significant drop in loan servicing fees [26][33]. Asset Quality - Criticized loans decreased by 13% to $508.2 million compared to Q3 2025 and by 27% compared to Q4 2024 [10][12]. - Non-performing loans fell by 34% during the quarter, totaling $197.8 million, or 1.79% of loans receivable [12][13]. - Total delinquent loans decreased by 38% to $206.8 million compared to Q3 2025 [13]. Deposits and Liquidity - Total deposits were $13.0 billion, a 9% increase from the previous year but a 6% decrease from Q3 2025 [15][16]. - Core deposits represented 87% of total deposits, with a 20% increase year-over-year [16]. - The company maintained strong liquidity with $5.3 billion in unused borrowing capacity, representing 27% of total assets [19][20]. Operational Efficiency - Noninterest expenses increased by 32% to $83.6 million, largely due to higher credit risk transfer premiums and employee benefits [27][34]. - The company recorded a significant decrease in provision for credit losses, reflecting improved asset quality [5][31]. Strategic Outlook - The management expressed confidence in the company's growth trajectory for 2026, emphasizing the importance of credit quality improvements and operational performance [2][3].