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MBIN on Nasdaq

Merchants Bancorp

American state commercial bank based in Carmel, incorporated in Indiana2

In its 2026 annual report the company says: “Merchants Bancorp, an Indiana corporation formed in 2006, is a diversified bank holding company headquartered in Carmel, Indiana and registered under the Bank Holding Company Act of 1956, as amended.”5 Its shares trade on Nasdaq under the symbol MBIN.2

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Last updated Oct 21, 2026.

Overview

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  • TickerMBIN on Nasdaq2
  • IndustryState Commercial Banks2
  • HeadquartersCarmel, United States2
  • Incorporated inIN3
  • Business address410 Monon Blvd, Carmel, In 460323
  • Filer categoryLarge accelerated filer3
  • Legal formFor-Profit Corporation2
  • LEI54930008Y0GPVLF818892
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O CORPORATION SERVICE COMPANY, 46204 Indianapolis, United States2
  • Registered withBusiness Services Division (Secretary of State), 20061011005582

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Merchants Bancorp (the “Company,” “Merchants,” “we,” “our,” or “us”), an Indiana corporation formed in 2006, is a diversified bank holding company headquartered in Carmel, Indiana and registered under the Bank Holding Company Act of 1956, as amended. We currently operate in multiple business segments, including Multi-family Mortgage Banking that offers multi-family housing and healthcare facility financing and servicing (through this segment we also serve as a syndicator of low-income housing tax credit and debt funds); Mortgage Warehousing that offers mortgage warehouse financing, commercial loans, and deposit services; and Banking that offers portfolio lending for multi-family and healthcare facility loans, retail and correspondent residential mortgage banking, agricultural lending, SBA lending, and traditional community banking. As of December 31, 2025, we had $19.4 billion in assets,…5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income678910$218.8M in 2025+183% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $77.3M$77.3M20192020: $180.5M$180.5M2020+133%2021: $227.1M$227.1M2021+26%2022: $219.7M$219.7M2022−3%2023: $279.2M$279.2M2023+27%2024: $320.4M$320.4M2024+15%2025: $218.8M$218.8M2025−32%

Every line of the income statement as filed: the last 3 fiscal years, latest first.10

Period ending2025-12-312024-12-312023-12-31
Loans$1.0B$1.1B$959.7M
Mortgage loans in process of securitization$21.1M$14.5M$12.7M
Available for sale$47.5M$57.5M$21.6M
Held to maturity$93.1M$90.1M$70.0M
FHLB stock and other equity securities (dividends)$18.0M$9.4M$2.2M
Other$14.0M$17.9M$11.6M
Total interest income$1.2B$1.3B$1.1B
Deposits$521.3M$660.4M$577.2M
Short-term borrowings$130.6M$84.7M$23.7M
Long-term borrowings$31.9M$35.0M$28.8M
Total interest expense$683.8M$780.1M$629.7M
Net Interest Income$517.1M$522.6M$448.1M
Provision for credit losses$117.8M$24.3M$40.2M
Net Interest Income After Provision for Credit Losses$399.3M$498.3M$407.8M
Gain on sale of loans$85.4M$62.3M$48.2M
Loan servicing fees, net$22.4M$43.7M$26.2M
Mortgage warehouse fees$7.1M$5.5M$7.7M
Losses on sale of investments available for sale (includes $0, $(108) and $0 related to accumulated other comprehensive loss reclassifications)-$108.0K
Syndication and asset management fees$23.6M$19.7M$12.4M
Other income$25.9M$17.0M$20.2M
Total noninterest income$164.4M$148.1M$114.7M
Salaries and employee benefits$166.5M$130.7M$108.2M
Loan expense$4.2M$3.8M$3.4M
Occupancy and equipment$10.7M$9.0M$9.2M
Professional fees$12.9M$16.2M$12.7M
Deposit insurance expense$31.8M$26.2M$13.6M
Technology expense$10.0M$7.8M$6.5M
Credit risk transfer premium expense$21.0M$6.3M
Other expense$42.8M$23.8M$21.0M
Total noninterest expense$299.9M$223.8M$174.6M
Income Before Income Taxes$263.8M$422.6M$347.9M
Provision for income taxes (includes $0, $26 and $0 of income tax benefit related to accumulated other comprehensive loss reclassifications)$45.0M$102.3M$68.7M
Net Income$218.8M$320.4M$279.2M
Dividends on preferred stock-$41.1M-$34.9M-$34.7M
Preferred stock redemption-$4.2M-$1.8M
Net Income Allocated to Common Shareholders$173.6M$283.7M$244.6M
Basic Earnings Per Share (in dollars per share)$3.78$6.32$5.66
Diluted Earnings Per Share (in dollars per share)$3.78$6.30$5.64
Basic (in shares)45.9M shares44.9M shares43.2M shares
Diluted (in shares)45.9M shares45.0M shares43.3M shares
Reclassifications included in gain (loss) on sale of investment available for sale$0-$108.0K$0
Provision for income taxes related to income tax expense for reclassification items$0$26.0K$0

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Corporate structure

Merchants Bancorp sits at the top of its group. 43 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Merchants Bancorp

  • BlackRock Filed SCHEDULE 13G on Merchants Bancorp, latest Apr 27, 2026
  • Michael F. Petrie Filed SCHEDULE 13G/A on Merchants Bancorp, latest Apr 6, 2026 (5 filings since Feb 11, 2022)
  • Randall D. Rogers Filed SCHEDULE 13G/A on Merchants Bancorp, latest Apr 6, 2026 (4 filings since Feb 11, 2022)
  • Merchants Bancorp Carmel, Indiana, United States
    • --MCI Fund 11 Manager, LLC Subsidiary · Indiana, United States
    • --MCI Fund 12 GP, LLC Subsidiary · Indiana, United States
    • --MCI Fund 13 GP, LLC Subsidiary · Indiana, United States
    • --MCI Fund 14 GP, LLC Subsidiary · Indiana, United States
    • --MCI Fund 15 GP, LLC Subsidiary · Indiana, United States
    • --MCI Fund 16 Manager, LLC Subsidiary · Indiana, United States
    • --MCI Fund 18 GP, LLC Subsidiary · Indiana, United States
    • --MCI Fund 19 GP, LLC Subsidiary · Indiana, United States
    • --MCI Fund 20 Manager, LLC Subsidiary · Indiana, United States
    • --MCI Fund 21 Manager, LLC Subsidiary · Indiana, United States
    • --MCI Fund 22 GP, LLC Subsidiary · Indiana, United States
    • --MCI Fund 23 GP, LLC Subsidiary · Indiana, United States
    • --MCI Fund 24 GP, LLC Subsidiary · Indiana, United States
    • --MCI Fund 25 Manager, LLC Subsidiary · Indiana, United States
    • --MCI Fund 26 GP, LLC Subsidiary · Indiana, United States
    • --MCI Fund 27 GP, LLC Subsidiary · Indiana, United States
    • --MCI Fund 30 GP, LLC Subsidiary · Indiana, United States
    • --MCI Fund IV GP, LLC Subsidiary · Indiana, United States
    • --MCI Fund V GP, LLC Subsidiary · Indiana, United States
    • --MCI GP, LLC Subsidiary · Indiana, United States
    • --MCI MTE GP, LLC Subsidiary · Indiana, United States
    • --MCI SLP, LLC Subsidiary · Indiana, United States
    • --MCI Social Impact GP, LLC Subsidiary · Indiana, United States
    • --Merchants Capital Investments, LLC Subsidiary · Indiana, United States
    • --Merchants Capital Servicing, LLC Subsidiary · Delaware, United States
    • and 16 more

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Merchants Bancorp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$90.3M10 Dec 31, 2025$72.0M10 Dec 31, 2024+25.3%
Accumulated depreciation$16.3M10 Dec 31, 2025$13.4M10 Dec 31, 2024+22.0%
Property and equipment, net$73.9M10 Dec 31, 2025$58.6M10 Dec 31, 2024+26.1%
Operating-lease assets (leased space)$6.0M10 Dec 31, 2025$8.3M10 Dec 31, 2024−27.9%

Investments

ItemLatestA year beforeChange
Loans, net of allowance$11.0B10 Dec 31, 2025$10.4B10 Dec 31, 2024+5.8%
Deposits held (banks)$13.0B10 Dec 31, 2025$11.9B10 Dec 31, 2024+9.4%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$8.0M10 Dec 31, 2025$8.0M10 Dec 31, 20240%
Finite-lived intangibles, gross$224.0K10 Dec 31, 2025$4.0M10 Dec 31, 2024−94.4%
Accumulated amortization$188.0K10 Dec 31, 2025$3.4M10 Dec 31, 2024−94.5%
Finite-lived intangibles, net$36.0K10 Dec 31, 2025$59.0K10 Dec 31, 2024−39.0%

Properties, in its own words

The Company owns its headquarters building, which includes a Bank branch at 410 Monon Blvd. in Carmel, Indiana. Employees of all three of our segments have operations in these locations. There are also several other branches and small offices in Indiana and other states. We believe that our facilities are in good condition and are adequate to meet our operating needs for the foreseeable future.

The Company also owns the Merchants Capital headquarters, opened in 2025, at 420 3rd Ave. SW in Carmel, Indiana.

Item 2 of the 10-K filed Feb 27, 2026.5

Leadership

Who has led Merchants Bancorp, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Michael F. Petrie2017–2020
  2. Michael R. Dury2020–now

Chair

  1. Michael F. Petrie2017–now

President

  1. Jerry F. Koors2017–2019
  2. Michael J. Dunlap2017–2019
  3. Randall D. Rogers2017
  4. Michael R. Dury2019–2020
  5. Scott A. Evans2019–2020
  6. Susan Dehner Kucer2019–2024
  7. Martin A. Schroeter2020–now

Chief financial officer

  1. John F. Macke2017–2024
  2. Sean A. Sievers2024–now

Chief operating officer

  1. Michael J. Dunlap2017–now
  2. Michael R. Dury2017
  3. Randall D. Rogers2017
  4. Scott A. Evans2017–2018
20202025
Board members and other officers (20)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • --MCI Fund 11 Manager, LLC Indiana4
  • --MCI Fund 12 GP, LLC Indiana4
  • --MCI Fund 13 GP, LLC Indiana4
  • --MCI Fund 14 GP, LLC Indiana4
  • --MCI Fund 15 GP, LLC Indiana4
  • --MCI Fund 16 Manager, LLC Indiana4
  • --MCI Fund 18 GP, LLC Indiana4
  • --MCI Fund 19 GP, LLC Indiana4
  • --MCI Fund 20 Manager, LLC Indiana4
  • --MCI Fund 21 Manager, LLC Indiana4
  • --MCI Fund 22 GP, LLC Indiana4
  • --MCI Fund 23 GP, LLC Indiana4
  • --MCI Fund 24 GP, LLC Indiana4
  • --MCI Fund 25 Manager, LLC Indiana4
  • --MCI Fund 26 GP, LLC Indiana4
  • --MCI Fund 27 GP, LLC Indiana4
  • --MCI Fund 30 GP, LLC Indiana4
  • --MCI Fund IV GP, LLC Indiana4
  • --MCI Fund V GP, LLC Indiana4
  • --MCI GP, LLC Indiana4
  • --MCI MTE GP, LLC Indiana4
  • --MCI SLP, LLC Indiana4
  • --MCI Social Impact GP, LLC Indiana4
  • --Merchants Capital Investments, LLC Indiana4
All 40 listed subsidiaries
  • --Merchants Capital Servicing, LLC Delaware4
  • --Merchants Healthcare Fund I GP, LLC Indiana4
  • --Merchants Healthcare Fund I Offshore GP, LLC Delaware4
  • --RMF Holdings, LLC Indiana4
  • -Ash Realty Holdings, LLC Indiana4
  • -CMG Funding, LLC Indiana4
  • -MBI Michigan 441, LLC Indiana4
  • -MBI Midtown West II, LLC Indiana4
  • -MBI Midtown West, LLC Indiana4
  • -MCI PCR NMTC, LLC Indiana4
  • -Merchants Capital Corp Indiana4
  • -OneTrust Funding, Inc. Indiana4
  • Merchants Bank of Indiana (also d/b/a Merchants Mortgage) Indiana4
  • Merchants Capital 2021-FLI GP, LLC Indiana4
  • Merchants Capital 2021-FLI LP, LLC Indiana4
  • Merchants Investment Partners, LLC Delaware4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Aug 20, 20268-K Other events46
  2. Jul 28, 20268-K Results of operations47
  3. May 21, 20268-K Shareholder vote; Other events48
  4. Apr 28, 20268-K Results of operations49
  5. Feb 19, 20268-K Other events50
  6. Jan 28, 20268-K Results of operations51
  7. Nov 19, 20258-K Other events52
  8. Oct 28, 20258-K Results of operations53
  9. Aug 21, 20258-K Other events54
  10. Jul 28, 20258-K Results of operations55
  11. May 15, 20258-K Shareholder vote; Other events56
  12. Apr 28, 20258-K Results of operations57
  13. Jan 24, 2020New chief executive Michael R. Dury becomes CEO16
  14. Oct 26, 2017New chief executive Michael F. Petrie becomes CEO17
  15. Oct 10, 2006Founded Merchants Bancorp is founded2

Calendar

Coming up

  1. Oct 28, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.97 a share, on Oct 28, 2025.58

When it reported results

  1. Jul 28, 2026Reported quarterly or annual results47
  2. Apr 28, 2026Reported quarterly or annual results49
  3. Jan 28, 2026Reported quarterly or annual results51
  4. Oct 28, 2025Reported quarterly or annual results53
  5. Jul 28, 2025Reported quarterly or annual results55
  6. Apr 28, 2025Reported quarterly or annual results57
  7. Jan 28, 2025Reported quarterly or annual results59
  8. Oct 28, 2024Reported quarterly or annual results60

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

471 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 55 major events, 321 insider forms, 10 large holders, 65 other. The latest 20:

  1. Aug 24, 20264 PRIMARY DOCUMENT EDGAR
  2. Aug 24, 20264 PRIMARY DOCUMENT EDGAR
  3. Aug 24, 20264 PRIMARY DOCUMENT EDGAR
  4. Aug 24, 20264 PRIMARY DOCUMENT EDGAR
  5. Aug 24, 20264 PRIMARY DOCUMENT EDGAR
  6. Aug 24, 20264 PRIMARY DOCUMENT EDGAR
  7. Aug 24, 20264 PRIMARY DOCUMENT EDGAR
  8. Aug 20, 20268-K EDGAR
  9. Aug 7, 20264 PRIMARY DOCUMENT EDGAR
  10. Aug 7, 202610-Q EDGAR
  11. Jul 31, 20264 PRIMARY DOCUMENT EDGAR
  12. Jul 31, 20264 PRIMARY DOCUMENT EDGAR
  13. Jul 30, 2026144 EDGAR
  14. Jul 28, 20268-K EDGAR
  15. Jun 11, 2026144 EDGAR
  16. Jun 5, 20264 PRIMARY DOCUMENT EDGAR
  17. May 26, 20264 PRIMARY DOCUMENT EDGAR
  18. May 26, 20264 PRIMARY DOCUMENT EDGAR
  19. May 26, 20264 PRIMARY DOCUMENT EDGAR
  20. May 26, 20264 PRIMARY DOCUMENT EDGAR

The 471 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

92 open-market trades by officers, directors and large owners since October 2021: 39 buys and 53 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jul 30, 2026Kaercher Julia L.DirectorSale9,000$55.20$496.8KForm 4
Jul 30, 2026Petrie Michael F.Chairman and CEOSale9,000$55.20$496.8KForm 4
May 6, 2026Petrie Michael F.Chairman and CEOSale8,334$46.86$390.5KForm 4
May 5, 2026Petrie Michael F.Chairman and CEOSale30,696$46.75$1.4MForm 4
Feb 26, 2026Petrie Michael F.Chairman and CEOSale28,871$32.62$941.6KForm 4
Feb 25, 2026Petrie Michael F.Chairman and CEOSale377$20.20$7.6KForm 4
Feb 18, 2026Petrie Michael F.Chairman and CEOSale1,502$20.20$30.3KForm 4
Feb 17, 2026Petrie Michael F.Chairman and CEOSale100$20.20$2.0KForm 4
Feb 10, 2026Schroeter Martin APresident-Warehouse LendingSale5,500$46.06$253.3KForm 4
Feb 10, 2026Petrie Michael F.Chairman and CEOSale4,455$20.20$90.0KForm 4
Feb 9, 2026Petrie Michael F.Chairman and CEOSale14,610$20.20$295.1KForm 4
Feb 6, 2026Petrie Michael F.Chairman and CEOSale7,149$20.20$144.4KForm 4
Feb 5, 2026Petrie Michael F.Chairman and CEOSale2,034$20.20$41.1KForm 4
Feb 4, 2026Petrie Michael F.Chairman and CEOSale6,929$20.20$140.0KForm 4
Feb 3, 2026Petrie Michael F.Chairman and CEOSale1,383$20.20$27.9KForm 4
Feb 2, 2026Petrie Michael F.Chairman and CEOSale2,404$20.20$48.6KForm 4
Dec 12, 2025Petrie Michael F.Chairman and CEOSale1,380$19.00$26.2KForm 4
Dec 11, 2025Petrie Michael F.Chairman and CEOSale5,336$19.00$101.4KForm 4
Dec 10, 2025Petrie Michael F.Chairman and CEOSale7,541$19.00$143.3KForm 4
Dec 8, 2025Petrie Michael F.Chairman and CEOSale1,129$19.03$21.5KForm 4

All 92 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Elser Financial Planning, Inc26,808,625$1.3B58.1%−174,476
BlackRock, Inc.4,105,193$205.3M0.0%+54,275
Dimensional Fund Advisors LP1,827,144$91.4M0.0%+68,159
State Street Corp1,066,972$53.5M0.0%+32,340
Nomura Asset Management International Inc.1,044,992$52.2M0.1%−48,012
Vanguard Capital Management LLC1,015,813$50.8M0.0%+15,037
American Century Companies Inc837,052$41.9M0.0%+94,417
Doma Perpetual Capital Management LLC810,082$40.5M9.4%−305,512
Geode Capital Management, LLC740,326$37.0M0.0%+14,891
Royce & Associates LP527,047$26.4M0.2%−40,220
Vanguard Portfolio Management LLC488,221$24.4M0.0%+23,558
Morgan Stanley308,775$15.4M0.0%+10,715
Northern Trust Corp301,802$15.1M0.0%+14,709
Hotchkis & Wiley Capital Management LLC298,438$14.9M0.0%−3,970
Banc Funds Co LLC285,062$14.3M2.4%+4,000
Basswood Capital Management, L.l.c.273,747$13.7M0.6%No change
Charles Schwab Investment Management Inc252,548$12.6M0.0%+4,466
Invesco Ltd.240,395$12.0M0.0%+85,328
Bank of New York Mellon Corp234,378$11.7M0.0%−1,768
Valeo Financial Advisors, LLC226,998$11.3M0.2%−8,102
Royal Bank Of Canada220,641$11.0M0.0%+7,789
Vanguard Fiduciary Trust Co190,624$9.5M0.0%+8,748
Denali Advisors LLC174,576$8.7M0.9%−20,134
Principal Financial Group Inc142,476$7.1M0.0%−140
Ballast Asset Management, LP135,270$6.8M2.7%−1,316

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Merchants Bancorp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMerchants Bancorp1
  • CIK0001629019
  • Employer ID (EIN)20-57474005
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inIndiana5
  • Fiscal year endsDecember 311
  • Industry code (SIC)6022 State Commercial Banks1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address410 Monon Blvd, Carmel, IN 460321
  • Phone31756974201
  • Shares outstanding45,938,075 as of Jul 30, 202613
  • Public float$990.6M as of Jun 30, 20255
  • AuditorForvis Mazars, LLP, Indianapolis, Indiana PCAOB ID 686; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceDec 29, 20141
  • Filings791 in all: 4 (458), 8-K (108), 3 (31), 10-Q (27), 144 (22), SC 13G/A (16), 10-K (9), CORRESP (9)1
    All 39 form types

    DEF 14A (9), DEFA14A (9), 3/A (8), FWP (8), UPLOAD (8), 424B5 (7), 8-A12B (6), 424B2 (5), CERT (5), D (5), EFFECT (5), ARS (4), S-3 (4), 4/A (3), SC 13G (3), SCHEDULE 13G/A (3), 144/A (2), 25-NSE (2), 5 (2), DRSLTR (2), 424B4 (1), CERTNAS (1), D/A (1), DRS (1), DRS/A (1), POS EX (1), PRE 14A (1), S-1 (1), S-1/A (1), S-8 (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Proxy statement (DEF 14A) Apr 10, 2026
    Latest 8-K (8-K) Aug 20, 2026

Securities registered for trading

ClassSymbolExchange
Depositary Shares, each representing a 1/40th interest in a share of Series D Preferred Stock, without par valueMBINMNASDAQ
Depositary Shares, each representing a 1/40th interest in a share of Series E Preferred Stock, without par valueMBINLNASDAQ
Common Stock, without par valueMBINNASDAQ
Depositary Shares, each representing a 1/40th interest in a share of Series C Preferred Stock, without par valueMBINNNASDAQ

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks Merchants Bancorp names in Item 1A of its 10-K filed Feb 27, 2026: 44 risks under these headings, as written.5

  • Risks Related to Our Business
  • Mortgage Banking and Community Banking Risks
  • Decreased residential and multi-family mortgage origination, volume and pricing decisions of competitors, and changes in interest rates, may adversely affect our profitability.
  • Our mortgage banking profitability could significantly decline if we are not able to originate and resell a high volume of mortgage loans.
  • If we violate HUD requirements, our multi-family FHA origination and servicing business could be adversely affected.
  • Real estate construction loans are based upon estimates of costs and values associated with the complete project. These estimates may be inaccurate, and we may be exposed to significant losses on loans for these projects.
  • We face strong competition from financial services companies and other companies that offer banking, mortgage, leasing, and providers of multi-family agency financing and servicing, which could harm our business.
  • If the federal government shuts down or otherwise fails to fully fund the federal budget, or makes material changes to the federal government’s budget or staffing, our multi-family FHA origination business could be adversely affected.
  • Our ability to maintain our reputation is critical to the success of our business, and the failure to do so may materially adversely affect our business and the value of our stock.
  • Credit and Financial Risks
  • A decline in general business and economic conditions and any regulatory responses to such conditions could have a material adverse effect on our business, financial position, results of operations and growth prospects.
  • If we do not effectively manage our credit risk, we may experience increased levels of delinquencies, nonperforming loans and charge-offs, which could require increases in our provision for credit losses.
The other 35 risks
  • Nonperforming assets take significant time to resolve and adversely affect our results of operations and financial condition, and could result in further losses in the future.
  • Our ACL-Loans may prove to be insufficient to absorb potential losses in our loan portfolio.
  • The small to midsized businesses that we lend to may have fewer resources to weather adverse business developments, which may impair a borrower’s ability to repay a loan, and such impairment could adversely affect our results of operations and financial condition.
  • We depend on the accuracy and completeness of information provided by customers and counterparties.
  • If the goodwill that we have recorded or may record in connection with a business acquisition becomes impaired, it could require charges to earnings.
  • Changes in accounting standards could materially impact our financial statements.
  • Failure to maintain effective internal controls over financial reporting could have a material adverse effect on our business and stock price.
  • The accuracy of our financial statements and related disclosures could be affected if the judgments, assumptions or estimates used in our critical accounting policies are inaccurate.
  • Downgrades to the credit rating of the U.S. government or of its securities or any of its agencies by one or more of the credit ratings agencies could have a material adverse effect on general economic conditions, as well as our business.
  • Downgrades to the credit rating of the Company or its subsidiaries by one or more of the credit rating agencies could have a material adverse effect on the cost of or our ability to raise additional capital for future growth.
  • Operational Risks
  • Our risk management framework may not be effective in mitigating risks and/or losses to us.
  • We are highly dependent on our management team, and the loss of our senior executive officers or other key employees could harm our ability to implement our strategic plan, impair our relationships with customers and adversely affect our business, results of operations and growth prospects.
  • Our management depends on the use of data and modeling in decision-making, and faulty data or modeling approaches could negatively impact decision-making or possibly subject us to regulatory scrutiny in the future.
  • System failure or breaches of our network security could subject us to increased operating costs as well as litigation and other liabilities.
  • Adoption of AI may present significant challenges relating to compliance risk, credit risk, reputation risk, and operational risk.
  • Our operations could be interrupted if our third-party service providers experience difficulty, terminate their services or fail to comply with banking regulations.
  • We have a continuing need for technological change, and we may not have the resources to effectively implement new technology or we may experience operational challenges when implementing new technology.
  • We are subject to certain operational risks, including customer or employee fraud and data processing system failures and errors.
  • We may not be able to overcome the integration and other risks associated with acquisitions, which could have an adverse effect on our ability to implement our business strategy.
  • Certain of our directors and executive officers and their immediate families beneficially own approximately 57% of our outstanding shares of common stock which allows them the ability to substantially influence the outcome of matters requiring shareholder approval.
  • Our operations could be adversely affected by extraordinary events beyond our control.
  • Market, Interest Rate, and Liquidity Risks
  • Fluctuations in interest rates may reduce net interest income and otherwise negatively impact our financial condition and results of operations.
  • Negative changes in the economy affecting real estate values and liquidity could impair the value of collateral securing our real estate loans and result in loan and other losses.
  • Liquidity risks could affect operations and jeopardize our business, financial condition, and results of operations.
  • If we breach any of the representations or warranties we make to a purchaser of our mortgage loans, we may be liable to the purchaser for certain costs and damages.
  • We may be adversely affected by the soundness of other financial institutions.
  • Legal, Regulatory, and Compliance Risks
  • We may need to raise additional capital in the future, and if we fail to maintain sufficient capital, whether due to losses, an inability to raise additional capital or otherwise, our financial condition, liquidity and results of operations, ability to grow, as well as our ability to maintain regulatory compliance, would be adversely affected.
  • Legislative and regulatory actions taken now or in the future may increase our costs and impact our business, governance structure, financial condition or results of operations.
  • We are subject to heightened regulatory requirements because we exceed $10 billion in assets.
  • We are subject to stringent capital requirements and failure to meet such requirements could limit our activities.
  • Monetary policies and regulations of the Federal Reserve could adversely affect our business, financial condition, and results of operations.
  • We are subject to numerous laws designed to protect consumers, including the CRA and fair lending laws, and failure to comply with these laws could lead to a wide variety of sanctions.
  • We are subject to a complex set of laws relating to our processing and safeguarding of personal information.
  • We face a risk of noncompliance and enforcement action with the Bank Secrecy Act and other anti-money laundering statutes and regulations.
  • The Federal Reserve may require us to commit capital resources to support Merchants Bank.

Legal proceedings

There are no material pending legal proceedings other than ordinary routine litigation incidental to the business which we operate.

The opening of Item 3, Legal Proceedings.5

Sources

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