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MERCHANTS BANCORP Exhibit 99.1 PRESS RELEASE Merchants Bancorp Reports Third Quarter 2021 Results For Release October 28 , 2021 • Third quarter 2021 net income of $ 58.5 million increased 6 % compared to the third quarter of 2020 and increased 14 % compared to the second quarter of • • • • • 2021 Third quarter 2021 diluted earnings per common share of $ 1.83 increased 2 % compared to the third quarter of 2020 and increased 16 % compared to the second quarter of 2021 Assets reached another record level of $ 11.0 billion , increasing 11 % compared to June 30 , 2021 , and increasing 14 % compared to December 31 , 2020 . Return on average assets was 2.29 % in the third quarter of 2021 compared to 2.34 % in the third quarter of 2020 and 2.14 % in the second quarter of 2021 Tangible book value per common share reached a new record of $ 25.36 compared to $ 18.30 in the third quarter of 2020 and $ 23.59 in the second quarter of 2021 Credit quality remained strong , as nonperforming loans represented 0.05 % of loans receivable compared to 0.05 % at June 30 , 2021 and 0.11 % at December 31 , 2020 CARMEL , Indiana - ( PR Newswire ) - Merchants Bancorp ( the “ Company ” or “ Merchants " ) ( Nasdaq : MBIN ) , parent company of Merchants Bank of Indiana , today reported third quarter 2021 net income of $ 58.5 million , or diluted earnings per common share of $ 1.83 . This compared to $ 55.0 million , or diluted earnings per common share of $ 1.79 in the third quarter of 2020 , and compared to $ 51.4 million , or diluted earnings per common share of $ 1.58 in the second quarter of 2021 . " As total assets surpassed the $ 10 billion mark during the third quarter , Merchants continued to effectively manage its capital by organically growing its product offerings and expanding its customer base to deliver profitable growth , all while minimizing credit and interest rate risk . During the quarter our tangible book value reached $ 25.36 per common share , return on assets reached 2.29 % , and our return on average tangible common equity was 29.8 % , " said Michael F. Petrie , Chairman and CEO of Merchants .