Merchants Bancorp
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
Index to Quarterly Report on Form 10-Q
| PART I – FINANCIAL INFORMATION | |
|---|---|
| | |
| Item 1 Interim Financial Statements (Unaudited) | |
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| Condensed Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025 | 5 |
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| Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2026 and 2025 | 6 |
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| Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2026 and 2025 | 7 |
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| Condensed Consolidated Statements of Shareholders’ Equity for the Three and Nine Months Ended September 30, 2026 and 2025 | 8 |
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| Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2026 and 2025 | 9 |
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| Notes to Condensed Consolidated Financial Statements | 10 |
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| Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations | 60 |
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| Item 3 Quantitative and Qualitative Disclosures About Market Risk | 91 |
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| Item 4 Controls and Procedures | 91 |
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| PART II – OTHER INFORMATION | 92 |
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| Item 1 Legal Proceedings | 92 |
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| Item 1A Risk Factors | 92 |
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| Item 2 Unregistered Sales of Equity Securities and Use of Proceeds | 92 |
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| Item 3 Defaults Upon Senior Securities | 92 |
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| Item 4 Mine Safety Disclosures | 92 |
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| Item 5 Other Information | 92 |
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| Item 6 Exhibits | 93 |
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| SIGNATURES | 94 |
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 Condensed 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 sponsored entities, including Fannie Mae, Freddie Mac, Ginnie Mae, FHLB, and FCB
ALCO: Asset-Liability Committee
AOCL: accumulated other comprehensive loss
ARM: adjustable-rate mortgage
ASC: FASB’s Accounting Standards Codification
ASU: FASB Accounting Standards Update
Board: Board of Directors of Merchants Bancorp
CCO: Chief Credit Officer
CDS: Credit Default Swap
CECL: FASB Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments adopted by the Corporation on January 1, 2022, as amended
CMT: constant maturity rate
CODM: chief operating decision maker
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 Administration
FHLB: Federal Home Loan Bank
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
HELOC: home equity line of credit
HUD: Department of Housing and Urban Development
LIHTC: low-income housing tax credits
IDFI: Indiana Department of Financial Institutions
LLC: limited liability companies
MBA: Mortgage Bankers Association
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
Merchants Bank: Merchants Bank of Indiana
MIP: Merchants Investment Partners, LLC, formerly known as Merchants Asset Management, LLC, a wholly owned subsidiary of Merchants Bancorp
MOU: Memorandum of Understanding
N/A: not applicable
NASDAQ: NASDAQ Capital Market
PCAOB: Public Company Accounting Oversight Board
REMIC: real estate mortgage investment conduit
ROU: right of use
SBA: Small Business Administration
SEC: Securities and Exchange Commission
SOFR: Secured Overnight Financing Rate
Treasury: US Department of Treasury
VIE: variable interest entity
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.