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Exhibit 99.1 MERCHANTS BANCORP PRESS RELEASE Merchants Bancorp Reports First Quarter 2021 Results For Release April 28 , 2021 • • • • • • First quarter 2021 net income of $ 62.0 million increased 152 % compared to the first quarter of 2020 and increased 4 % compared to the fourth quarter of 2020 First quarter 2021 diluted earnings per common share of $ 2.02 increased 177 % compared to the first quarter of 2020 and increased 4 % compared to the fourth quarter of 2020 Total assets of $ 9.7 billion increased $ 1.8 billion , or 23 % , compared to March 31 , 2020 , driven by a 63 % increase in loans receivable , and increased 1 % compared to the fourth quarter of 2020 Return on average assets was 2.49 % in the first quarter of 2021 compared to 1.49 % in the first quarter of 2020 and 2.57 % in the fourth quarter of 2020 Credit quality remained strong , as nonperforming loans decreased to 0.08 % of loans receivable compared to 0.19 % at March 31 , 2020 and 0.11 % at December 31 , 2020 The Company completed a successful offering of its 6 % Series C preferred stock on March 23 , 2021 , raising $ 144.9 million , net of offering costs , in new capital On April 15 , 2021 , all 41,625 shares of the Company's 8 % preferred stock were redeemed for $ 41.6 million , and are expected to be replaced by a private offering of depositary shares of its 6 % Series C preferred stock for those 8 % preferred shareholders . CARMEL , Indiana - ( PR Newswire ) - Merchants Bancorp ( the " Company " or " Merchants " ) ( Nasdaq : MBIN ) , parent company of Merchants Bank of Indiana , today reported first quarter 2021 net income of $ 62.0 million , or diluted earnings per common share of $ 2.02 . This compared to $ 24.6 million , or diluted earnings per common share of $ 0.73 in the first quarter of 2020 , and compared to $ 59.8 million , or diluted earnings per common share of $ 1.95 in the fourth quarter of 2020 . The $ 37.4 million , or 152 % , increase in net income for the first quarter 2021 compared to the first quarter of 2020 was driven by a $ 33.6 million , or 88 % , increase in net interest income that reflected significant growth in multi - family and mortgage warehouse loans . The first quarter of 2021 also benefited from a $ 13.8 million increase in loan servicing fees compared to the first quarter of 2020 , which was primarily associated with a positive fair market value adjustment to mortgage servicing rights .