Slides
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Raymond James2026 U.S. Bank and Banking on Tech Conferences
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Legal DisclaimerThis presentation may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act, Section 21E of the Securities Exchange Act of 1934, asamended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect management's current views with respect to, among otherthings, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “might,” “should,”“could,” “predict,” “potential,” “believe,” “expect,” “continue,” “will,” “will likely result,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “goal,” “target,” “aim,”“annualized,” “would” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-lookingstatements are not historical facts, and are based on current expectations, estimates and projections about the Company's industry, management's beliefs and certainassumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-lookingstatements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that theexpectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed orimplied by the forward-looking statements. Forward-looking statements speak only as of the date they are made and are inherently subject to uncertainties and changes incircumstances, including those described under the heading “Risk Factors” in the Company’s latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed withthe Securities and Exchange Commission (“SEC”). Forward-looking statements are not guarantees of future performance and should not be relied upon as representingmanagement’s views as of any subsequent date. The Company undertakes no obligation to update forward-looking statements, whether as a result of new information, futureevents or otherwise, except as may be required by law.This presentation is not an offer to sell securities, nor is it a solicitation of an offer to buy securities in any locality, state, country or other jurisdiction where such distribution,publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. Neither the SEC nor any otherregulatory body has approved or disapproved of the securities of the Company or passed upon the accuracy or adequacy of this presentation. Any representation to the contraryis a criminal offense. Except as otherwise indicated, this presentation speaks as of the date hereof. The delivery of this presentation shall not, under any circumstances, createany implication there has been no change in the affairs of the Company after the date hereof.This presentation includes industry and market data that we obtained from periodic industry publications, third-party studies and surveys. Although we believe this industry andmarket data is reliable as of the date of this presentation, this information could prove to be inaccurate. Industry and market data could be inaccurate because of the method bywhich sources obtained their data and because information cannot always be verified with complete certainty due to the limits on the availability and reliability of raw data, thevoluntary nature of the data gathering process and other limitations and uncertainties. In addition, we do not know all of the assumptions regarding general economic conditionsor growth that were used in preparing the forecasts from the sources relied upon or cited herein.This presentation contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America(“GAAP”). Management uses these “non-GAAP” measures in its analysis of our performance. Management believes that these non-GAAP financial measures allow for bettercomparability with prior periods, as well as with peers in the industry who provide a similar presentation and provides a further understanding of our ongoing operations. Thesedisclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performancemeasures that may be presented by other companies. A reconciliation of the non-GAAP measures used in this presentation to the most directly comparable GAAP measures isprovided in the Appendix to this presentation.2
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Loans Held for Sale27% Mortgage Warehouse13% Residential Real Estate6% Multi-family34% Healthcare8% Commerical & Commercial Real Estate11% Other1% Assets ($B)$21.2 Headquarters Carmel, INStock Price ($)(2)$55.72 Market Value ($M)(2)$2,560 Price / TBV (x)(2)1.40xPrice / 2026 EPS (x)(2)10.0xDividend Yield (%)(2)0.793 Overview of Merchants Bancorp (MBIN)•Merchants Bancorp (MBIN) is a diversified bank holding company headquartered in Carmel, IN–$21.2B in assets as of 06/30/26–$14.3B in deposits as of 06/30/26•Operates 8 bank branches located in Indianapolis, Richmond and Bloomington, Indiana markets•Key business lines include:–Multi-family Mortgage Banking–Mortgage Warehouse–Banking•Entrepreneurial management team with significant shareholder alignment; founding families still own ~57% of shares outstandingOverview of MerchantsBusiness Summary(2)Gross Loans and Loans Held for Sale (2Q26)(1)Notes:1. Totals may not sum to 100% due to rounding2. Source: S&P Global; market data as of August 3, 20263. Peer group source: S&P Global; Includes banks, as of December 2025, between $15-35B in assets that are publicly-traded on a major exchange. Sample includes 45 banks06/30/26: Loans Receivable: $12.3BLoans Held for Sale: $4.6BYTD Loan Yield: 6.29%Price/Tangible Book Value Per Share vs Peers (3)0.801.001.201.401.601.802.00Dec-21 Jun-23 Dec-24 Jun-26MBINPeers
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5203550Oct-17 Oct-20 Oct-23Aug 26Notes:1. As defined by regulatory agencies; Tier 1 Leverage Ratio defined as the ratio of bank’s core equity capital to its average total assets2. Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures in the Appendix of the presentation3. Source: S&P Global; market data as of August 3, 20264. Peer group source: S&P Global; Includes banks, as of December 2025, between $15-35B in assets that are publicly-traded on a major exchange. Sample includes 45 banks5. Peer is KBW Nasdaq Regional Bank Price Return Index6. LTM refers to last twelve months 4.764.475.646.303.784.982021 2022 2023 2024 2025 LTM17.9621.8827.4034.1537.5139.9321.6618.8420.1822.4323.2622.70 2021 2022 2023 2024 2025 2Q2611.3 12.6 17.0 18.8 19.4 21.2 2021 2022 2023 2024 2025 2Q264 Earnings per Share(4)(6)Tangible Book Value per Share(2)(4)($, per share)Total Assets(4)($B)Stock Price Performance Since IPO (3)($) Strong Financial Performance Has Driven Significant Shareholder Value($, per Share) 11.511.710.112.111.610.4Leverage Ratio (%)(1) Historical Performance Since 2021 $55.72+422% Gain Since IPO vs 35% Peer Growth(5)
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8.7%8.3%Tangible CommonEquity / TangibleAssets 10.2%16.4%Securities / Assets Notes:1. Peer group source: S&P Global; Includes banks, as of December 31, 2025, between $15-35B in assets that are publicly-traded on a major exchange. Sample includes 45 banks.2. Accumulated Other Comprehensive Loss (AOCL) reflects unrealized loss related to the Available-for-Sale securities portfolio3. Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures in the Appendix of the presentation4. Data as of 2Q26. MBIN MTM ratios includes AOCL of $1.2M, HTM securities rate A/T FMV negative adjustment of $1 million and loan rate A/T positive FMV adjustment of $10M for 2Q26; Peer group MTM ratios reflect median for the group5. As defined by regulatory agencies; Tier 1 Leverage Ratio defined as the ratio of bank’s core equity capital to its average total assets and CET1 Ratio defined as the ratio of bank’s core equity capital to its risk-weighted assets Capital Ratios Adjusted For AOCL ImpactSecurities Concentration (1)(2)(3)(%, 2Q26) 5 Comparatively Low Composition of Securities with No Accumulated Other Comprehensive Loss BalanceAccumulated Other Comprehensive Loss (AOCL)(2)as of 06/30/26: $1.2M(3)Mark-to-Market Capital Ratios (2)(3)(4)(5)(%, 1Q26)11.610.29.312.38.69.2StatedRatio (%)MBINPeer Median(3)0.1%5.5%AOCI / Tangible CommonEquity0.0%0.7%AOCI / Risk WeightedAssets11.6%8.5%Tier 1 Leverage Ratio9.4%10.4%Common Equity Tier1Ratio (CET1)
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Merchants Bancorp: Key Franchise HighlightsSuperior Profitability & Earnings Growth Profile in Every Interest Rate Environment1Efficient Capital Structure Coupled with Low-Risk Balance Sheet and Optimization via Securitizations7Unique Originate-to-Sell Model with Differentiated Revenue Streams Reduces Earnings Volatility2Growing Deposit Base with Multiple Sources of Funding6Highly Efficient Cost Structure, Unique Business Model3Product Mix Focused on Low-Risk, Government-Backed Programs5Diversified, Short Duration Loan Portfolio with Strong Organic Growth4Significant Room for Growth and History of Delivering Industry Leading Returns9High-Quality Securities Portfolio Support Borrowing Capacity8 6
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(2)2.87% 2.86% 3.03% 3.06% 2.97% 2.79% 2.62%2.32%1.53%1.84%3.43%2.86%3.65%4.28%5.19%4.97%1.92%0.10%$269 $219 $320 $279 $220 $227 06/26 YTD20252024202320222021 -% 1.00% 2.00% 3.00% 4.00% 5.00%Net Interest MarginMarket Yield Curve Spread1-Month SOFR$269$219$320$279$220$227LTM202520242023202220211.24% 1.10% 0.95% 0.95% 1.17% 1.33% 1.48% 1.16% 1.79% 1.85% 1.99% 2.23% 06/26 YTD20252024202320222021Return on Average Assets (1)(%)Net Interest Margin(%)Return on Average Tangible Common Equity (1)(3)(%)7 Superior Profitability & Earnings Growth Profile in Every Interest Rate EnvironmentProfitability Has Been Consistently Above Peers MBINPeer Median 1 ($M)Net Income Over Time 13.5% 13.0% 11.5% 13.6% 16.6% 15.6% 14.0% 10.5% 20.2% 22.9% 22.5% 30.1% 06/26 YTD20252024202320222021Net IncomeNotes:1. Peer group source: S&P Global; Includes banks, as of December 2025, between $15-35B in assets that are publicly-traded on a major exchange. Sample includes 45 banks2. Net income refers to last twelve months 3. Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures in the Appendix of the presentation Consistent NIM across all interest rate cycles(2)
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$182$174$174$130$157$143$174$149$131$103$73$139$276$241$338$287$195$145$633$564$646$523$427$430LTM20252024202320222021 Unique Originate-to-Sell Model With Differentiated Revenue Streams 8 Business Mix Revenue Diversification Reduces Earnings Volatility Through the Full Rate Cycle 37%29%29%22%23%% Fee BasedRevenue($M)Net Revenue by Business Line(1)2 28%Multi-Family Mortgage Banking– Lender to developers of multi-family residential and healthcare properties specializing in FHA, FNMA, and FHLMC Affordable permanent loan products– Tax credit syndications lead to more originations and noninterest income(3)– Revenue primarily from gain on sale of loans originated, as well as servicing fees on loans sold or retainedMortgage Warehousing– Warehouse and commercial lender (MSRs) to independent mortgage banks– Service custodial deposit relationships to match fund– Revenue primarily from interest income and fees earned during the time that agency eligible loans are originated to mortgage bankers and are held for resale within 30 daysBanking– Holds multi-family loans in portfolio– Merchants Mortgage operates nationally; now offering jumbo products– Merchants SBA operates primarily in the Midwest– Traditional community banking in Indiana– Revenue primarily from traditional interest income and gain on sale 44%27%29%% of TotalBankingMortgageWarehousingMulti-FamilyMortgageBankingNotes:1. Net revenue includes net interest income after allowance for credit losses plus noninterest income; totals include revenue from “Other” segment which is not presented.2. LTM refers to last twelve months3. Included on the income statement in “Syndication and asset management fees”(2)
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Highly Efficient Cost Structure, Unique Business ModelNon-Interest Expense / Average Assets (1)(%)Efficiency Ratio (1)(2)(%) 9•Deep relationships with end customers driving economies-of-scale across business lines•High concentration of variable costs and diversified business lines that protect profitability through cycles‒Low-cost structure allows for superior rates to grow core deposits•Modernized infrastructure and efficient, technology-driven operation with significant operational capacity for growth•Recent increases in efficiency ratio associated with credit risk transfer activityUnique Business Model Leads to an Industry Leading Expense Profile 3Merchants’ cost structure has been approximately half of peers relative to assetsMerchants has been significantly more efficient than peer groupMBINPeer Median Industry Leading Efficiency Driven by a Branch Light Model •1.5% 1.6% 1.3% 1.2% 1.2% 1.2% 2.3% 2.2% 2.2% 2.2% 2.1% 2.0% 06/26 YTD2025202420232022202141.7% 44.0% 33.4% 31.0% 30.6% 28.8% 55.4% 57.3% 61.3% 59.5% 55.0% 56.7% 06/26 YTD20252024202320222021Notes:1. Annualized. Peer group source: S&P Global; Includes banks, as of December 2025, between $15-35B in assets that are publicly-traded on a major exchange. Sample includes 45 banks2. Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures in the Appendix of the presentationCredit risk transfer premiums had a negative impact of 335 bps
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$0.8 $1.2 $1.3 $1.3 $1.0 $1.1 $1.6 $2.4 $1.5 $1.4 $1.3 $0.5 $1.0 $1.6 $1.5 $1.6 $1.8 $2.7 $3.1 $4.0 $4.6 $5.3 $5.9 $0.8 $0.5 $0.8 $1.4 $1.6 $2.2 $3.3 $2.9 $3.1 $3.8 $3.9 $4.6 $9.1 $10.4 $13.3 $14.2 $14.9 $17.0 2021 2022 2023 2024 2025 2Q26Notes:1. Totals for each bar may not add due to rounding; Consumer & Margin and Agriculture loans not shown for illustrative purposes due to scale2. Reflects gross Loans (Loans Held for Investment and Loans Held for Sale) to deposits3. Includes revolving lines of credit collateralized primarily by single-family mortgage servicing rights (“MSR”); MSR lines of credit balances were $1.2 billion as of June 30, 2026, $0.9 billion as of 2025 and 2024, $1.1B as of 2023, $0.5B as of 2022, and $0.2B as of 2021 Diversified, Short Duration Loan Portfolio with Strong Organic Growth Over Time 10 Low-Risk Loan Composition Across Niche Products4 101%114%103%95%119%Loans HFI + Loans HFS / Deposits (2) 119%Mortgage Warehouse Repurchase AgreementsResidential Real EstateMulti-FamilyHealthcare FinancingCommercial and Commercial Real EstateHeld-for-Sale27%11%8%34%6%13%% of Total (HFI + HFS)$1.2B represents Warehouse MSR LOCs (3)SF / Warehouse: $4.2B Multi-Family: $0.4BLoan Portfolio Growth Over Time(1)26%11%9%36%7%11%
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0.16%0.19%0.18%0.11%0.04%0.06%0.44% 0.85% 0.07% 0.08% 0.01% 0.01% 06/26 YTD20252024202320222021 Product Mix Focused on Low-Risk, Government-Backed Programs 11 Asset QualityNet Charge-Offs (Recoveries) / Avg. Loans (1)(2)(%) •Loans are predominantly underwritten to agency guidelines for take-out, with variable rates or short maturities•NCOs / Avg. Loans historically below peer levels•Substantially all commercial real estate (CRE) loans are owner-occupied; office loans are not offered•The higher levels of charge-offs in 2025 and 1Q26 were primarily related to mortgage fraud or suspected fraud.Differentiated Risk Management Strategy 5 MBINPeer MedianNotes:1. Peer group source: S&P Global; Includes banks, as of December 2025, between $15-35B in assets that are publicly-traded on a major exchange. Sample includes 45 banks 2. Annualized Merchants NCO’s / Avg. Loans have historically been below peer group levels
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Reserve Adequacy 12 ACL coverage appropriate for specialized loan portfolio risk•No losses on Warehouse•Guaranteed loans through government participation programs•Credit default swap transactions executed in 2024 through 2026 to reduce risk12,338.6$ 0.61%Less:Mortgage Warehouse2,168.2$ No losses since inception; participations in FHA & USDA guaranteed loans1st Lien Res Real Estate (All-in-One© HELOCs)847.7 Historically low losses since inception & strong credit profileMulti-Family Construction1,870.6 No losses since inception; includes FHLMC & FNMA forwardsLIHTC Fund Loans527.1 Industry losses essentially nonexistentMSR Lines of Credit1,156.6 No losses since inception; cross-collateralized to warehouse facilityMulti-Family & Healthcare Credit Default Swaps968.9 CDS provides a minimum 12% loss coverage on full UPB by third partyTotal removals7,539.1$ 0.97%4,799.6$ 1.58% ACL total at 06/30/26 is $75.8M1.20% ACL coverage at 06/30/26Peer MedianRationale for Removing Balances from ACL CoverageTOTALRemainder - TotalACL Coverage ($'s in millions)GROSS UPB (LHFI)ACL Coverage
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$3.3 $2.2 $4.2 Unused Borrowing Capacity Uninsured DepositsCashFederal Reserve FundingFHLB Funding$6.8 $7.3 $8.1 $9.4 $11.3 $13.0 $2.2 $2.8 $6.0 $2.5 $1.8 $1.3 $9.0 $10.1 $14.1 $11.9 $13.0 $14.3 2021 2022 2023 2024 2025 2Q26 Growing Deposit Base with Multiple Sources of Funding Funding Sources and Options13 Deposit Growth Has Supported Loan Growth Over Time; Flexible Funding Options Available6Deposit Growth Over Time($B, End of Period Deposit Balances)Avg. duration of CDs is 4 months as of 06/30/26Liquidity Coverage Relative to Uninsured Deposits ($B, 2Q26)$5.5Uninsured deposits represent 29% of total Bank deposits 1.3x •Short duration brokered deposits available as needed•$1.3B of brokered deposits as of June 30, 2026•Utilized when most cost-effective option vs LOCs•$5.5B unused borrowing capacity with the FHLB and FR discount window as of June 30, 2026•Self-funding mechanism in place•Warehouse lending custodial deposits generally fund warehouse loans•Most accounts have 180 days notice to cancel•Merchants Capital’s servicing portfolio provides significant deposits•Core deposits grew 15% YTD, representing 91% of total deposits as of June 30, 2026•Adjustable and fixed rate CDs < 1 year 9% Brokered% of Total91% CoreFHLB & Federal ReserveCore Traditional Bank DepositsCore Custodial Escrow DepositsBrokered Deposits21%79%13%87%Notes:1. Totals and sub-totals may not foot due to rounding
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Funding Overview 14 Access to Well-Diversified Funding Sources Notes:1. Includes Liquidity Solutions and Client Deposit Services which provide solutions for businesses and organizations with large deposits that need strategies to maximize safety, liquidity, and yield. 2. Duration is typically overnight to approximately less than 2 months.Self-funding mechanisms in placeoWarehouse largely self-funded with custodial deposits oWarehouse segment uses lines of credit and short term brokered deposits to match duration as needed; other businesses are funded by core depositsoWarehouse is 30-day SOFR variable rate and majority requires 180-day notice of intent to withdrawoMulti-family escrows are captive at the BankSupplement funding with short duration² brokered deposits or short-term borrowings as neededo$1.3B of brokered deposits as of June 30, 2026 (9% of deposits)oAverage duration of brokered certificates of deposit was 51 days as of June 30, 2026FHLB of Indianapolis and FRB lines of unused capacity of $5.5B as of June 30, 2026Funding Sources(Dollars in thousands)MultiAverage At Family Liquidity Retail & YTD 06/30/26 Warehouse Escrows Brokered Solutions(1)Other TotalNon-interest Bearing 542,526$ 606,682$ 132,077$ 153,635$ -$ 146,811$ 174,159$ 606,682$ Interest Bearing Demand 7,891,368 8,323,361 4,865,227 730,947 503,257 1,938,942 284,988 8,323,361 Money Market/Savings 4,117,113 3,947,589 219,363 18,457 2,912 2,319,970 1,386,887 3,947,589 Certificate of Deposits 1,386,717 1,376,682 5,834 - 791,621 166,453 412,774 1,376,682 Total 13,937,724$ 14,254,314$ 5,222,501$ 903,039$ 1,297,790$ 4,572,176$ 2,258,808$ 14,254,314$ % of Total Deposits 36.6% 6.3% 9.2% 32.1% 15.8% 100.0%$ Change in Deposits YTD 1,495,767$ (85,138)$ (459,536)$ 539,497$ (277,468)$ 1,213,122$ % Change in Deposits YTD 40.1% -8.6% -26.1% 13.4% -10.9% 9.3%Deposit Balances at June 30, 2026
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15 Total Capital to Risk-Weighted Assets(1)(4)(%)Tangible Common Equity / Tangible Assets(2)(%) Efficient Capital Structure Coupled with Low-Risk Balance SheetCapital Optimization via Securitizations; Short Duration Balance Sheet with Optimal Asset-Liability Positioning7 •Low-risk originate to sell business model‒Primary focus on funding low-risk loans meeting underwriting standards of government programs ‒Adjustable-rate loans held for investment to hedge interest rate risk and protect net interest margin•Short duration balance sheet with ~97% of loans repricing within 3 months or less‒Majority could be sold or securitized within 120 days•Mortgage warehouse lines fully collateralized by underlying mortgages until sold to an investor‒Merchants Mortgage is a risk mitigant to Mortgage Warehousing because it provides us with a ready platform to sell the underlying collateral to secure repaymentLoan Portfolio Duration($M)9.97.77.89.39.3n/aCommon Equity Tier 1 Ratio (CET1) (%)(3)(4) 12.5% 13.6% 13.9% 11.6% 12.2% n/a2Q262025 2024 2023 2022 20218.6% 8.9% 8.3% 7.0% 7.5% 6.9% 2Q262025 2024 2023 2022 2021Balance Avg. Days to Reprice % TotalLoan TypeMortgage Loans in Process of Securitization407$ ~30 DaysTotal Loans Held for Sale4,616$ ~30 Days 27%Loans HFIMulti-Family Financing5,856$ ~60 Days 34%Healthcare Financing1,304$ ~30 Days 8%Commercial and Commercial Real Estate1,837$ ~60 Days 11%Residential Real Estate1,078$ ~7 Mos 6%Mortgage Warehouse Repurchase Agreements2,168$ ~30 Days 13%Agricultural Production and Real Estate92$ ~3 Years 1%Consumer and Margin Loans4$ ~45 Days -%Total Loans HFI 12,339$ ~60-90 Days 73%Total Loans HFI and Loans HFS 16,955$ 100%June 30, 2026Notes:1. As defined by regulatory agencies2. Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures in the Appendix of the presentation3. As defined by regulatory agencies; CET1 Ratio defined as the ratio of bank’s core equity capital to its risk-weighted assets4. Merchants utilized the Community Bank Leverage Ratio (CBLR) framework from 1Q20 through 2Q22
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Notes:1. UPB of risk transfer transactions included from year of initial launch2. Loans remain on the balance sheet with a reduced risk weight3. Repack loans are sold off the balance sheet, but the Company replaces a portion of the loans with a security; see the next slide for example4. Includes LHFS-$4.6B, Multi-family LHFI-$5.9B, Healthcare LHFI-$1.3B, and Repack securities-$0.7B as of June 30, 2026 Credit Risk Transfer Alternatives Increasing Origination & Balance Sheet Capacity•Decreases credit risk•Increases origination capacity •Increases ROE •Provides avenues to drive future non-interest income, incl. MSR/GOS 16 Loan OriginationsMF & HC Bridge Loans Held for InvestmentCredit Linked Notes (repaid in 2025)Loans Held for SaleCredit Default SwapsFreddie Q Debt Funds Future Permanent Loans to SellAverage Gain on Sale 50-200bps, net~$16B UPB >>> ~ $80M-$320M GOS Increases capacity to originate more loans and generate more GOS($M)2021 2022 2023 2024 2025 2026 Total TotalOff-Balance Sheet: 3,597 Debt Funds 341 884 102 98 - -1,425Freddie-Q Deals 262 498 304 325 783 -2,172Hybrid-Repacks: ($0.3M Off-Balance Sheet)(3)- 1,161 - 629 - -1,790 1,790 On-Balance Sheet: 4,401 Credit Linked Notes(2)- - 1,130 - - -1,130Credit Default Swap(2)- - - 1,744 1,357 1703,271Total 603 2,543 1,536 2,796 2,140 170 9,788 9,788 2021 - 2026 YTD Loan Risk Transfer Activity(1)(1) Repack Securities(3)$12B On-Balance Sheet(4)$4B Off-Balance Sheet (1)
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Credit Risk Transfers - Examples 17 (In thousands) Expands opportunity for gain on sale of permanent loansIncreases return on equityHigher return on risk weighted assetsNotes:1. Based on 10% capital requirement2. Estimated Net Interest Margin (“NIM”). CRT premium expense not incurred on repack and other credit risk transfer options)3. Merchants continues to service the loans sold in the repack; recognizing a mortgage servicing asset, an MSR gain, and earning recurring servicing fees not factored in the returns in this example4. Merchants purchases only the senior, Class A certificates. Unaffiliated, third parties purchase the lower tranche certificates and will absorb the first losses. In this example that would be 15%, or $150M5. Loans sold, therefore increases capacity to originate new loansIncreases loan origination capacityReduces risk-based capital requirementsIncreases credit protection via off-balance sheet, third party protection As OriginatedCredit Default SwapFreddie Q / Debt FundsMerchantsMerchants Merchants (4)Third PartiesMerchants (5)Loan Balances 1,000,000$ 1,000,000$ -$ -$ -$ Securities Balances -$ -$ 850,000$ 150,000$ -$ Risk Based Capital (%) 100% 20% 20% N/A N/ACapital Required ($) (1)100,000$ 20,000$ 17,000$ N/A -$ Balance Sheet Capacity Created-$ 800,000$ 830,000$ N/A 1,000,000$ NIM $30,000$ 30,000$ 13,600$ N/A N/AGain on Sale-$ -$ 6,000$ N/A 3,500$ Deal Costs/Commissions-$ 2,000$ 5,000$ N/A 3,000$ CRT Premium Expense-$ 8,000$ -$ N/A -$ NIM % (2)3.00% 3.00% 1.60% N/A N/ANIM % (if CRT premium expense included)(2)3.00% 2.20% 1.60% N/A N/AReturn on Assets (3)3.0% 2.0% 1.7% N/A N/AReturn on RWA (3)3.0% 10.0% 8.6% N/A N/AReturn on Equity (3)30.0% 100.0% 85.9% N/A N/ACredit Protection - ACL9,000$ 9,000$ -$ N/AN/ACredit Protection - CRT (Loans)-$ 130,000$ -$ N/AN/ACredit Protection - CRT (Securities)-$ -$ 127,500$ N/AN/ACredit Protection - Total9,000$ 139,000$ -$ N/AN/AEligible to be pledgedYes Yes No N/AN/A RepackCredit Risk Transfer Options
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18 No Mark-to-Market Impact; Primarily Variable RatesHigh-Quality Securities Portfolio Support Borrowing Capacity8 YTD 2Q26 AFS Securities Yield: 4.66% YTD 2Q26 HTM Securities Yield: 5.24%
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Significant Growth Opportunities 19 History of Delivering Industry Leading Performance and Shareholder ReturnsKey Future Growth DriversSales growth in all segments through existing and new markets; new sales hiresFuture reductions or stabilization in interest rates promote higher production and noninterest income from diverse sources and improve asset qualityContinue to develop Capital Markets unit to reduce credit risk on balance sheet via securitizations, debt funds, and other structures that generate ongoing non-interest income, provide capacity to originate new loans, and increase ROEDeploy technologies to enhance efficiencies, including deposit gathering systemsEffectively manage capital deployment to maximize returns Historical Price Performance(1)(2)Indexed to 100 (%) Notes:1. Data is from S&P Global as of August 3, 2026.2. KRX is KBW Nasdaq Regional Bank Price Return Index +422% MBIN MBINKRXS&P 500+197% S&P 500+35% KRX 9 50125200275350425500 Oct-17 Oct-20 Oct-23Aug-26
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APPENDIXAdditional Materials
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i •PR Mortgage was founded by Michael Petrie and Randall Rogers in August 1990•Acquired Greensfork Township State Bankin March 2002 ($7M in total assets)•Rebranded to “ Merchants Bank of Indiana”in April 2009 •Launched Mortgage Warehousebusiness line•Acquired Symphony Bancorpin January 2009 ($55M in total assets) •Established Merchants Mortgage residential origination and servicing•Completed $115M IPOin October 2017•Acquired RICHMAC Funding, LLC in August 2017•Acquired Assets of NattyMac in December 2018 to expand warehouse lending•Expanded SBA lendingin Indiana•Opened new corporate HQin Carmel, Indiana•Completed $52M Preferred Offeringin March 2019•Completed $125M Preferred Offeringin August 2019•Completed $150M Preferred Offeringin March 2021•Completedfirst of many Freddie Mac Sponsored Q Series securitizationsin May 2021•Launched LIHTC syndication business•Completed $130M Preferred Offeringin September 2022•Completed Private Securitization of $1.2B Multifamily Loans in September 2022•Common stock offering 2.4M shares with net proceeds $98M in May 2024•Completed Private Securitization of $629M Healthcare loans in September 2024•Completed $230M Preferred Offering in November 2024.•Executed $1.7Bin two credit default swaps in 202419902002200920142017201820192021202220242025History of Merchants Bank of IndianaMerchants History Driven by a Strong Underlying Culture and Commitment to Firm Values•Announced$100M common stock repurchase plan•Executed $170M in a credit default swap transaction in June 2026.2026 21 •Merchants Capital surpassed $2.8B in LIHTC equity raised since inception•Executed $1.4B in two credit default swap transactions in 2025
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Recent Awards and Accolades 22 Top-Performing Bank#7 in 2025 ranking of top banks $10–$50 billion in assetsTop-Performing U.S. Public Bank#10 in 2023 and 2024 and #1 in 2022 ranking of U.S public Banks with more than $10 billion in assets Small-Cap All StarsClass of 2023 100 Fastest Growing Companies2023 ranking Top National SBA LenderSBA.gov 2023 rankingFINANCIALSERVICESINDUSTRY #4 Affordable Housing Lender2024 ranking Community Bankers CupRaymond James 2019 Superior Rating 16 ConsecutiveYearsIDC Financial Publishing since 2009 Best Regional U.S. Banks2023 ranking Top 10 Correspondent LenderScotsman Guide2023 ranking #2 Warehouse Lender Inside Mortgage Finance 2024 ranking
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MIKE LARSONEVP, IRE, Chief Investment Officer25 years in industry2 years with companyPHIL DAUBENMIREEVP, Chief Credit Officer21 years in industry21 years with companyARIANA MEISERSVP, Market President16 years in industry9 years with company Overview of the Management Team 23 MICHAEL PETRIEChairman47 years in industry36 years with companyMICHAEL DUNLAPPresident & CEO34 years in industry17 years with companySCOTT EVANSMarket President & COO37 years in industry22 years with companyMICHAEL DURYPresident & CEO, Merchants Capital19 years in industry19 years with companySEAN SIEVERSEVP & CFO27 years in industry2 years with company TERRY OZNICKEVP, General Counsel17 years in industry10 years with company SHAUN WENDELSVP, Finance, Treasury14 years in industry1 year with companyCHERYL LIKENSEVP, Chief Risk Officer32 years in industry5 years with company MARTIN SCHROETEREVP, Warehouse Lending37 years in industry7 years with company Experienced Leadership with Strong Industry Experience KEVIN LANGFORDEVP, Chief Administrative Officer35 years in industry9 years with company JERRY F. KOORSPresident, Merchants Mortgage34 years in industry12 years with company
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Overview of the Board of Directors 24 Strong Governance StructureName / Role AgeDirector SinceCommittee ChairBiographyMichael Petrie, Chairman of the Board72 2006Mr. Petrie has served as Chairman and Chief Executive Officer of the Company since October 2006 and has also served as Chairman of Merchants Bank since March 2002. From March 2002 through December 2019, Mr. Petrie served as Chief Executive Officer of Merchants Bank, and served as President of the Company’s subsidiary Merchants Capital Corp from when it was founded in August 1990 until January 2018. In 2005, Petrie served as Chairman of the Mortgage Banker's Association Board of Directors.Scott Evans 61 2006Mr. Evans has served as a director of the Company and President of the Lynn/Richmond market and Chief Operating Officer of Merchants Bank since 2004 and was Chairman of the Board of Directors of our Illinois bank subsidiary, Farmers-Merchants Bank of Illinois, from 2017 until its sale in 2024. Mr. Evans has over 34 years of community banking and related experience.Michael Dunlap 60 2014Mr. Dunlap has served as a director of the Company since May 2014. Mr. Dunlap became President and Chief Operating Officer of the Company in January 2018 and became Chief Executive Officer of Merchants Bank in January 2020. Prior to becoming Chief Executive Officer of Merchants Bank, Mr. Dunlap had been President and Co-Chief Operating Officer since May 2014. Mr. Dunlap has over 30 years of mortgage banking experience and joined Merchants Bank as Sr. VP of Mortgage Banking in 2009.Julia Kaercher 39 2026Ms. Kaercher was recently elected as a director of the Company in May 2026. Ms. Kaercher has served as the Executive Director of Merchants Foundation, the charitable arm of the Company, since 2022. Prior to that, Ms. Kaercher was the VP of Program Development at RDOOR Housing Corporation, an affordable housing non-profit located in the Indianapolis area. Randall Rogers, Jr. 53 2026Mr. Rogers was recently elected as a director of the Company in May 2026. Mr. Rogers is currently a Sr VP of Originations at Merchants Capital Corp., a subsidiary of Merchants Bank, where he has been part of the production and originations team since 2015, and is currently a member of Merchants Bank’s Management Committee. Prior to his role at Merchants Capital Corp., Mr. Rogers was an employee of Merchants Bank from 2010 to 2015.Patrick O'Brien 68 2013Compensation CommitteeMr. O’Brien has served as a director of the Company since November 2013. Since 1990, Mr. O’Brien has been President of O’Brien Toyota, a Toyota dealership serving the Indianapolis, Indiana area. Mr. O’Brien is also the owner and managing member of K&P Property Development, LLC, a real estate holding company, and co-owner and managing member of Pinheads, a family entertainment center in Fishers, Indiana. Anne Sellers 65 2017Nominating / Corporate Governance CommitteeMs. Sellers has served as a director of the Company since June 2017. Ms. Sellers is an audio/visual technology consultant and, from 2006 through 2019, Ms. Sellers served as Managing Principal and majority owner of Sensory Technologies, LLC, an Indianapolis-based company that specializes in audiovisual integration technologies, including videoconferencing system design, web streaming, and sound / acoustic design.Andrew Juster 73 2019 Audit CommitteeMr. Juster has served as a director of the Company since May 2019. From 1989 through 2018, Mr. Juster was employed by Simon Property Group, Inc., a global leader in the ownership of premier shopping, dining, entertainment and mixed-use destinations, an S&P 100 company, and one of largest publicly traded real estate investment trusts in the United States. He served as EVP and CFO of Simon Properties from 2015 - 2018, and held roles as Executive Vice President and Treasurer from 2008 - 2014.Tamika Catchings 46 2022Ms. Catchings has served as a director of the Company since May 2022. From 2001 to 2016, Ms. Catchings played for the Indiana Fever, Indianapolis’s WNBA team. Ms. Catchings is a 4-time Olympic gold medalist, 10-time WNBA All-Star, 5-time Defensive Player of the Year, and a WNBA Champion. Additionally, Ms. Catchings is known for her off-court professionalism and was a 3-time recipient of the Kim Perrot Sportsmanship award. From 2017 - 2022, served as VP of Basketball Operations + General Manager of the Indiana Fever.Thomas Dinwiddie 78 2022Mr. Dinwiddie has served as a director of the Company since May 2022. Mr. Dinwiddie is a partner at the law firm of Dinsmore & Shohl, LLP. Mr. Dinwiddie has been a director of Merchants Bank since 2002. Additionally, Mr. Dinwiddie has represented the Indiana Mortgage Bankers Association for more than 40 years and was the first recipient of their Distinguished Service Award.Michael Curless 62 2026Mr. Curless was recently elected as a director of the Company in May 2026. From 2010 to 2023, Mr. Curless served as the Chief Investment Officer, Chief Customer Officer, and Advisor to the CEO at Prologis, the world’s largest industrial real estate investment trust. From 2000 to 2010, Mr. Curless worked as the President and Principal of Lauth Property Group, a commercial real estate and development firm located in Carmel, Indiana. Additionally, Mr. Curless brings over two decades of real estate and development knowledge and experience.Mark Shaffer 59 2026 Risk CommitteeMr. Shaffer was recently elected as a director of the Company in May 2026. Mr. Shaffer was employed by KPMG LLP from July 1988 to his retirement from the firm in 2025 where he served in many roles including partner, Managing Partner of the Indianapolis office, and Partner in Charge of a four-state region. In his role at KPMG, Mr. Shaffer served as lead audit partner for more than a dozen public companies. Since his retirement from KPMG, he has served as Managing Director, Strategic Relationships for FWO Accounting and Consulting, a leading provider of accounting and technology consulting services to family offices and hedge funds. Additionally, Mr. Shaffer brings to the Board, extensive experience in accounting, internal control over financial reporting, and enterprise risk management, and leadership in the local community. Internal (Employee) DirectorsExternal Directors
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As of June 30,2026 2025 2024 2023 Change Since 2023Key Items ($M)Total Assets 21,230 19,449 18,806 16,953 25%Loans HFI 12,339 11,035 10,438 10,200 21%Loans HFS 4,616 3,873 3,772 3,145 47%Total Deposits 14,254 13,041 11,920 14,061 1%Tangible Common Equity 1,834 1,721 1,563 1,185 55%Net Income (LTM)(2)269 219 320 279 -4%Profitability (%)(3)ROAA 1.48% 1.16% 1.79% 1.85% (37 bps)ROATCE 13.99% 10.49% 20.16% 22.92% (893 bps)Net Interest Margin 2.87% 2.86% 3.03% 3.06% (19 bps)Fee-based Revenue / Total Revenue 28% 29% 23% 22% 580 bpsEfficiency Ratio 41.7% 44.0% 33.4% 31.0% 1070 bpsYield on Loans and Loans HFS 6.29% 6.87% 7.85% 7.73% (144 bps)Cost of Deposits 3.36% 3.92% 4.75% 4.55% (118 bps)Balance Sheet and Capital Ratios (%)Loans and Loans HFS / Deposits 118.9% 114.3% 119.2% 94.9% 2400 bpsTCE / TA 8.6% 8.9% 8.3% 7.0% 160 bpsCET1 Ratio 9.3% 9.9% 9.3% 7.8% 150 bpsTotal Capital Ratio 12.5% 13.6% 13.9% 11.6% 90 bpsAsset Quality (%)Non-accrual loans / Loans and Loans HFS 1.21% 1.33% 1.97% 0.55% 66 bpsNPAs / Assets 1.31% 1.33% 1.53% 0.48% 83 bpsReserves / Loans Receivable 0.61% 0.75% 0.81% 0.70% (9 bps)NCOs / Avg Loans (Annualized) 0.44% 0.85% 0.07% 0.08% 36 bps December 31,Financial Position: Key Highlights 25 Strong Financial Performance
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As of June 30,($M, unless otherwise stated)2026 2025 2024 2023 AssetsCash and Cash Equivalents 315 212 477 584 Securities Purchased Under Agreements to Resell 2 2 2 3 Mortgage Loans In Process Of Securitization 407 620 428 111 Securities Available for Sale 820 865 980 1,114 Securities Held To Maturity 1,355 1,544 1,665 1,204 Federal Home Loan Bank (FHLB) Stock and Other Equity Securities 228 228 218 49 Loans Held for Sale 4,616 3,873 3,772 3,145 Loans Receivable, Net Of Allowance for Credit Losses on Loans 12,263 10,951 10,354 10,128 Premises and Equipment, Net 75 74 59 42 Servicing Rights 237 217 190 158 Interest Receivable 82 82 83 91 Goodwill 8 8 8 16 Other Real Estate Owned 72 60 8 - Other Assets and Receivables 751 713 563 307 Total Assets 21,230 19,449 18,806 16,953 Liabilities And Equity$0.0Total Deposits 14,254 13,041 11,920 14,061 Borrowings 4,283 3,843 4,386 964 Deferred and Current Tax Liabilities 50 34 25 20 Other Liabilities 249 251 231 206 Total Liabilities 18,836 17,168 16,562 15,251 0 0 0 0 Common Equity 244 243 240 140 Preferred Equity 551 551 672 500 Retained Earnings 1,599 1,486 1,331 1,064 Accumulated Other Comprehensive Loss (1) - - (2)Total Shareholders' Equity 2,394 2,281 2,243 1,701 Total Liabilities And Shareholders' Equity 21,230 19,449 18,806 16,953 December 31, Notes:1. Totals and sub-totals may not foot due to rounding Financial Position: Balance Sheet(1) 26Short duration AFS securities portfolio
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Six Months Ended June 30,($M, unless otherwise stated)2026 2025 2024 2023Income StatementInterest Income 565 1,201 1,303 1,078Interest Expense 299 684 780 630Net Interest Income 265 517 523 448Provision for Credit Losses 24 118 24 40NII After Provision for Credit Losses 241 399 498 408Gain on Sale of Loans 27 85 62 48Loan Servicing Fees, Net 27 22 44 26Syndication And Asset Management Fees 10 24 20 12Other Income 28 33 22 29Non-Interest Income 92 164 148 115Net Revenue 333 564 646 523Salaries and Employee Benefits 78 167 131 108Deposit Insurance Expense 14 32 26 14Other Expenses 57 102 67 53Non-Interest Expense 149 300 224 175Pre-Tax Income 184 264 423 348Provision for Income Taxes 38 45 102 69Net Income 146 219 320 279 Year Ended December 31, Notes:1. Totals and sub-totals may not foot due to rounding Financial Position: Income Statement (1) 27
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Multi-Family Mortgage Banking25%Mortgage Warehousing27%Banking47%Multi-Family Mortgage Banking15%Mortgage Warehousing41%Banking58%28 (%)Net Income by Business Line (3)(%) Business Segments: Financial OverviewMerchants Operates a Balanced Mix of BusinessesNet Revenue by Business Line(2)(3)(1)($M, unless otherwise stated)Multi-Family Mortgage BankingMortgage Warehousing Banking Other TotalConsolidated FinancialsInterest Income 2 218 337 7 565Interest Expense - 135 166 (2) 299Net Interest Income 2 83 171 9 265Provision for Loan Losses - - 24 - 24NII After Provision for Credit Losses 2 83 147 9 241Non-Interest Income 82 8 8 (6) 92Net Revenue (2)84 91 155 3 333Net Revenue Contribution 25% 27% 47% 1% 100%Noninterest Expense 56 16 48 29 149Income Before Income Taxes 28 75 108 (26) 184Income Taxes 6 16 22 (7) 38Net Income 21 59 85 (20) 146Net Income Contribution 15% 41% 58% (14%) 100%Total Assets 568 8,648 11,582 433 21,230 Six Months Ended June 30, 2026 Notes:1. Totals and sub-totals may not foot due to rounding2. Net revenues equal to net interest income plus noninterest income, less provision for loan losses3. Total does not add to 100% since “Other Revenue” is excluded from pie
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Business Segments: Merchants Capital Overview 29 Nationally ranked lender to developers of multi-family residential and healthcare properties, specializing in government agency (FHA, Fannie Mae, and Freddie Mac) permanent loan products that are typically sold as mortgage-backed securities within 30 days; Utilize an originate to sell model, with short durationsDifferentiated focus on need-based healthcare and the Affordable/Workforce Housing niche, not luxuryOffer customers the ability to pair affordable debt with tax credit equity through Merchants Capital Investments, a nationally ranked, fully integrated tax credit equity syndicator began in 2021 that has closed over $3.0B in equity Originated or acquired loans totalled $6B in 2023, $6B in 2024, $6.5B in 2025 and $4.1B in 2Q26 YTDAs of June 30, 2026, total loans serviced for others, including sub-servicing, was approximately $27B Current staffing is well-positioned for future growth with strong pipelineSignificant opportunities in declining interest rate environment Top 10 Correspondent Lender.Scotsman Guide2023 ranking #4 Affordable Housing Lender2024 ranking Notes:1. Net revenues includes net interest income after allowance for credit losses plus noninterest income Multi-family generated 25% of Total Net Revenues in 2Q26 YTD(1)
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Business Segments: Warehouse OverviewMerchants Bank saw an opportunity to start its warehouse lending business in 2009 and has grown to fund volumes of $33B in 2022, $33B in 2023, $46B in 2024, $66B in 2025 and $42B in 2Q26 YTD•Segment volume increased 51% for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, versus the industry average of only 24%Growth opportunities in all product lines, multi-family, and refinancing cycles Highly efficient business in three locations with just 40 FTEs Warehouse and commercial lender to independent residential and multi-family mortgage bankersCustomers nationwide and many of the top 10 mortgage banks in the US Full product offering - warehouse lines to fund loans, lines of credit collateralized by mortgage servicing rights, and operating lines of credit •Customers fund their loans under warehouse agreements, use lines of credit, and provide deposits from their servicing operations•Having relationships on both sides of balance sheet enhances retention and reduces liquidity risk Operating lines of credit collateralized by mortgage servicing rights leads to growth opportunities in loans and corporate/custodial deposits30 #2 Warehouse Lender. Inside Mortgage Finance 2024 ranking Notes:1. Net revenues includes net interest income after allowance for credit losses plus noninterest income Generated 27% of Total Net Revenues in 2Q26 YTD(1)
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Business Segments: Banking Overview (1 of 2)Nationally ranked lender to developers of multi-family residential and healthcare properties, offering bridge loan products underwritten to government agencies’ guidelines (FHA, Fannie Mae, and Freddie Mac)All loans underwritten to federal agency guidelines for ultimate conversion to Merchants Capital permanent financingLoans held in portfolio until securitized, paid-off, or converted to permanent financing Holds loans comprised of multi-family and healthcare bridge loans originated by Merchants Capital. Participations are used as a source of liquidity Capital Markets team provides Merchants with debt funds and other avenues to securitize or de-risk Merchants’ balance sheet •Conducted a series of Freddie Mac-sponsored Q-Series, Credit Linked Notes, and private loan securitization transactions •Securitizations free up capital, providing capacity to originate more loans and increase future noninterest income •Provides avenues for continuous noninterest income - gain on sale of loans, asset management and loan servicing fees31 Bridge Loans / Multi-family SecuritizationsGenerated 47% of Total Net Revenues in 2Q26 YTD(1)1 Top National SBA Lender.SBA 2023 ranking Notes:1. Net revenues includes net interest income after allowance for credit losses plus noninterest income
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Business Segments: Banking Overview (2 of 2)Full-service retail and correspondent single-family mortgage origination and servicing platform since it began in 2013Profitable every year across all interest rate cyclesAuthorized agency for Fannie Mae, Freddie Mac, FHA, and USDA since 2017Offers attractive product portfolio, including All-in-One©first-lien HELOC mortgages to high-net-worth borrowers•Floating rate mortgages that are swept daily against checking account•AIO securitizations lead to lower risk, higher returnBegan offering Jumbo correspondent products in June 202532 Merchants MortgageGenerated 47% of Total Net Revenues in 2Q26 YTD(1)2 Top National SBA Lender.SBA 2023 ranking Traditional Banking3Traditional community banking covering Indianapolis metro, Richmond, and Bloomington, INOffers Business Banking and C&I Lending; minimal consumer loans or investment in CRENational footprint; Regional SBA lending Competitive service through online and mobileBranch light model allows for higher cost of depositsNotes:1. Net revenues includes net interest income after allowance for credit losses plus noninterest income
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Six Months Ended (Dollars in thousands) June 30, 2026 2025 2024 2023 2022 2021Tangible common shareholders' equity: Shareholders' equity per GAAP 2,393,804$ 2,280,759$ 2,243,310$ 1,701,084$ 1,459,739$ 1,155,409$ Less: goodwill & intangibles (8,040) (8,051) (8,073) (16,587) (17,031) (17,552)Tangible shareholders' equity 2,385,764 2,272,708 2,235,237 1,684,497 1,442,708 1,137,857Less: preferred stock (551,291) (551,291) (672,135) (499,608) (499,608) (362,149)Tangible common shareholders' equity 1,834,473$ 1,721,417$ 1,563,102$ 1,184,889$ 943,100$ 775,708$ Average tangible common shareholders' equity:Average shareholders' equity per GAAP 2,353,128$ 2,213,449$ 1,900,130$ 1,583,485$ 1,276,443$ 1,028,834$ Less: average goodwill & intangibles (8,045) (8,062) (8,697) (16,801) (17,293) (17,841)Less: average preferred stock (551,291) (551,622) (484,391) (499,608) (398,182) (325,904)Average tangible common shareholders' equity 1,793,792$ 1,653,765$ 1,407,042$ 1,067,076$ 860,968$ 685,089$ Tangible assets:Assets per GAAP 21,229,982$ 19,448,943$ 18,805,732$ 16,952,516$ 12,615,227$ 11,278,638$ Less: goodwill & intangibles (8,040) (8,051) (8,073) (16,587) (17,031) (17,552)Tangible assets 21,221,942$ 19,440,892$ 18,797,659$ 16,935,929$ 12,598,196$ 11,261,086$ Ending Common Shares45,938,075 45,893,172 45,767,166 43,242,928 43,113,127 43,180,079Tangible book value per common share 39.93$ 37.51$ 34.15$ 27.40$ 21.88$ 17.96$ Return on average tangible common equity 13.99% 10.49% 20.16% 22.92% 22.50% 30.10%Tangible common equity to tangible assets 8.6% 8.9% 8.3% 7.0% 7.5% 6.9% December 31, Notes:1. Totals and sub-totals may not foot due to rounding Non-GAAP Reconciliation(1) 33