Merchants Bancorp 2025年季度报告

FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedSeptember 30, 2025 OR TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to _______________ Commission File No.001-38258 MERCHANTS BANCORP (Exact name of registrant as specified in its charter) (317)569-7420(Registrant’stelephone number, including area code)N/A(Former name or former address, if changed since last report) Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d)of the SecuritiesExchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports)and (2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuantto Rule405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrantwas required to submit such files).☒Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reportingcompany,” and “emerging growth company” in Rule12b-2 of the Exchange Act. Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act.). Yes☐No☒ Securities registered pursuant to Section 12(b) of the Act: As of October 31, 2025, the latest practicable date,45,889,238shares of the registrant’s common stock, without par value, were issuedand outstanding. Merchants Bancorp Index to Quarterly Report on Form10-Q PART I – FINANCIAL INFORMATIONItem 1 Interim Financial Statements (Unaudited)Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31,20245Condensed Consolidated Statements of Income for the Three and Nine Months EndedSeptember 30, 2025 and 20246Condensed Consolidated Statements of Comprehensive Income for the Three and NineMonths Ended September 30, 2025 and 20247Condensed Consolidated Statements of Shareholders’ Equity for the Three and NineMonths Ended September 30, 2025 and 20248Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September30, 2025 and 20249Notes to Condensed Consolidated Financial Statements10Item 2 Management’s Discussion and Analysis of Financial Condition and Results ofOperations57Item 3 Quantitative and Qualitative Disclosures About Market Risk86Item 4 Controls and Procedures86PART II – OTHER INFORMATION87Item 1 Legal Proceedings87Item 1A Risk Factors87Item 2 Unregistered Sales of Equity Securities and Use of Proceeds87Item 3 Defaults Upon Senior Securities87Item 4 Mine Safety Disclosures87Item 5 Other Information87Item 6 Exhibits88SIGNATURES89 Glossary of Defined Terms As used in this report, references to “Merchants” “the Company,” “we,” “our,” “us,” and similarterms 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 MerchantsBancorp’s bank subsidiary, Merchants Bank of Indiana. The acronyms and abbreviations identified below are used throughout this report, including theNotes to Consolidated Financial Statements ACL: allowance for credit lossesACL-Guarantees: allowance for credit losses on guaranteesACL-Loans: allowance for credit losses-loansACL-OBCE: allowance for credit losses-off-balance sheet credit exposuresAFX: American Financial ExchangeAgency: government agencyAOCL: accumulated other comprehensive lossARM: adjustable-rate mortgageASC: FASB’s Accounting Standards CodificationASU: FASB Accounting Standards UpdateBank: Merchants Bank of IndianaCCO: Chief Credit OfficerCDS: credit default swap(s)CMT: constant maturity rateCODM: chief operating decision makerCompany: Merchants BancorpDFI: Indiana Department of Financial InstitutionsESOP: Employee Stock Ownership PlanFarmer Mac: Federal Agricultural Mortgage CorporationFannie Mae: Federal National Mortgage AssociationFASB: Financial Accounting Standards BoardFCB: Federal Farm Credit BankFDIC: Federal Deposit Insurance CorporationFederal Reserve: Board of Governors of the Federal Reserve SystemFHA: Federal Housing AuthorityFHLB: Federal Home Loan BankFMBI: Farmers-Merchants Bank of Il