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Q2 2026 · read from the 30 June 2026 Call Report · United States · Great Lakes · Indiana, the state note

Merchants Bank of Indiana

Carmel, Indiana · $21.17B in assets · beside the 11 other the Great Lakes states banks over $10B (the state alone holds too few in the band to rank)

The filing

0.4x
Coverage of noncurrent
12th of 12
121.1%
Loans / deposits
11th of 12
1.18%
NPA / loans
11th of 12

Merchants Bank of Indiana is the seventh largest of the 12 the Great Lakes states banks nearest its size over $10B, with $21.17B in assets at 30 June 2026. Loans are 121.1% of deposits, 11th of 12 against a median of 89.7%, and equity is 11.0% of assets, 8th of 12. Loans grew +15.5% in the year, 6th of 12, and deposits grew 12.5%; the cohort's median loan growth is +15.1%.

Noncurrent loans are 1.18% of the book, 11th of 12 against a median of 0.76%; 0.26% is 30 to 89 days past due, and the allowance covers them 0.4 times. Net charge-offs are 0.39% of loans, the highest in the cohort. Commercial real estate is 34.8% of loans, 10th of 12 against a median of 28.7%, and 252% of capital, below the 300% screen, with construction at 83% against the 100% screen.

Return on assets is 1.47%, 6th of 12 against a median of 1.43%, on an efficiency ratio of 40.2%, 2nd of 12. Five years ago it was 2.43%. The question is which of these lines moves first over the next four quarters, and against which peer.

Loans as a share of depositsGreat Lakes states banks over $10B · 30 June 2026 · lower is stronger, listed first
median 89.7% NT Northern Trust Co. 29.6% FF First Financial Bank 77.3% CB CIBC Bank USA 84.2% NN Nicolet National Bank 87.0% BB Busey Bank 87.1% ON Old National Bank 89.2% PN Park National Bank 90.3% AB Associated Bank N.A. 91.2% CB Centier Bank 92.3% FM First Merchants Bank 93.0% MB Merchants Bank of Indiana 121.1% TF Third Federal Savings & Loan Association of Cleveland 159.7%
Loans, year over yearGreat Lakes states banks over $10B · 30 June 2026 · no better direction, largest first
median +15.1% NN Nicolet National Bank +64.5% PN Park National Bank +22.2% AB Associated Bank N.A. +19.1% FM First Merchants Bank +17.1% FF First Financial Bank +16.6% MB Merchants Bank of Indiana +15.5% CB CIBC Bank USA +14.6% ON Old National Bank +5.9% CB Centier Bank +4.4% TF Third Federal Savings & Loan Association of Cleveland +3.6% NT Northern Trust Co. +1.2% BB Busey Bank -4.5%

SBA 7(a), FY2008 to FY2026

Merchants Bank of Indiana is the 20th largest 7(a) lender into Illinois of 537, with $164M across 112 loans, 1.1% of everything approved in the state (Byline Bank leads with $2.39B). 56 of its 172 markets have had no approvals since before FY2023: an absence in the record, not a stated withdrawal.

Where it lends in Illinois, and where it has gone quietshare movement, FY2023 to FY2025 against FY2020 to FY2022; outlined counties are on the book
Gaining shareLosing shareFlatGone quiet: nothing since FY2023Too thin to read a directionNo record
Every market on the book, largest firstrank and share among every lender in the county, FY2008 to FY2026
CountyApprovedRankShareTrend
Cook, IL$103M14th of 2821.6%+1.5 pts
Marion, IN$55M7th of 1723.3%-3.8 pts
Hamilton, IN$21M12th of 1322.4%+1.4 pts
Lake, IL$14M18th of 1601.3%-0.1 pts
Dupage, IL$11M38th of 1880.6%+0.7 pts
Madison, IN$10M3rd of 567.9%+22.1 pts
Hancock, IN$10M3rd of 569.4%-17.4 pts
Mchenry, IL$9M13th of 1082.1%-1.8 pts
Delaware, IN$9M3rd of 477.1%quiet FY2021
Dallas, TX$9M103rd of 3140.2%+0.3 pts
Kane, IL$8M22nd of 1411.0%quiet FY2022
Allen, IN$7M21st of 1011.4%-1.4 pts
Duval, FL$7M51st of 1710.5%quiet FY2022
159 smaller markets not shown.
What it lends to: the five largest industries on the bookshare of book is concentration; share of sector and rank are position, among every 7(a) lender nationally
IndustryLoansApprovedShare of bookShare of sectorRank
Accommodation & food services90$148M25.7%0.19%110th of 2,596
Retail trade83$104M18.2%0.17%106th of 2,589
Other services54$49M8.6%0.14%121st of 2,248
Construction51$47M8.2%0.15%107th of 2,063
Manufacturing38$44M7.7%0.11%167th of 2,246
7(a) lenders into Illinois, share of approvals since FY2008537 lenders on record; the ten largest and Merchants Bank of Indiana
BB Byline Bank 15.8% $2.39B · 2,427 loans TH The Huntington National Bank 6.2% $942M · 4,109 loans UB U.S. Bank, National Association 4.6% $694M · 2,828 loans JC JPMorgan Chase Bank, National Ass… 4.4% $660M · 4,997 loans LO Live Oak Banking Company 4.0% $607M · 489 loans VB Village Bank and Trust, National … 2.6% $396M · 826 loans MB Millennium Bank 2.4% $366M · 195 loans BB Busey Bank 2.1% $317M · 323 loans WF Wells Fargo Bank National Associa… 1.7% $250M · 513 loans FT Fifth Third Bank 1.6% $244M · 721 loans MB Merchants Bank of Indiana 1.1% $164M · 112 loans

Commercial real estate against capital

Commercial real estate concentrationthe 2006 interagency screens against total risk-based capital; owner-occupied excluded; bold marks a screen met
Merchants Bank of IndianaRankCohort median
Total CRE against capital, the 300% screen252%11th of 12190%
Construction against capital, the 100% screen83%12th of 1241%
Construction and land development, share of loans11.5%12th of 126.0%
Non-owner-occupied nonfarm nonresidential, share of loans4.1%2nd of 1216.6%
Total CRE, the guidance definition, share of loans34.8%10th of 1228.7%
CRE growth over 36 months, the third prong-7.0%2nd of 12+24.0%

Among its peers

Where it sits among its peersnavy: the stronger half of each column; amber: the weaker; darker at the ends
InstitutionAssetsROAEfficiencyNPA / loansNet charge-offsAllowance / loansLoans / depositsEquity / assets
Northern Trust Co.$178.57B1.6%70.3%0.23%0.00%0.4%29.6%6.7%
Old National Bank$73.86B1.4%49.4%0.92%0.25%1.1%89.2%11.3%
CIBC Bank USA$66.50B1.5%36.8%1.35%0.25%1.1%84.2%17.4%
Associated Bank N.A.$51.76B1.0%58.8%0.42%0.16%1.2%91.2%10.4%
First Financial Bank$22.35B1.5%57.5%0.70%0.27%1.4%77.3%13.4%
First Merchants Bank$21.32B0.7%65.2%0.82%0.18%1.5%93.0%12.8%
Merchants Bank of Indiana$21.17B1.5%40.2%1.18%0.39%0.4%121.1%11.0%
Busey Bank$18.15B1.3%59.9%0.51%0.21%1.2%87.1%13.7%
Third Federal Savings & Loan Association of Cleveland$18.06B0.6%60.7%0.25%-0.02%0.5%159.7%9.9%
Nicolet National Bank$15.39B1.0%64.9%0.63%0.03%1.2%87.0%15.0%
Park National Bank$12.61B1.8%54.7%0.86%0.11%1.1%90.3%12.4%
Centier Bank$10.41B1.5%48.2%0.82%0.08%1.2%92.3%9.9%
Five years, 2021 to 2026same quarter, five years apart; dollars as growth, ratios in points
Merchants Bank of IndianaCohort median
20212026Change20212026Change
Loans$8.66B$17.36B+100%$9.34B$15.94B+71%
Deposits$7.86B$14.34B+83%$10.80B$15.97B+48%
NPA / loans0.03%1.18%+1.16 pts0.51%0.76%+0.25 pts
Efficiency26.5%40.2%+13.8 pts56.5%58.1%+1.6 pts
ROA2.43%1.47%-0.96 pts1.36%1.43%+0.07 pts

This read was prepared for Merchants Bank of Indiana's board and management from the public record, and is one slice of what Lynx builds for any bank from its own filing: the peer cohort, the capital, liquidity and rate models with the assumptions the institution sets, and a summary report of twenty sections for the board.

The full pack on Merchants Bank of Indiana is prepared on request, and thirty days on the institution's own numbers are open to anyone at the bank.

Ask for the pack

Prepared 7 September 2026
Filing 30 June 2026
Cohort Great Lakes states banks over $10B
Institution www.bankmerchants.com

Public record only: FFIEC Call Report, 30 June 2026; FDIC data; cohort by New England and asset band; SBA 7(a) FOIA release as of the 2026 file, loans credited to the institution holding them today. Computed from the institution's own Call Report and its peers' as published; no estimate, no adjustment; not a rating, not an audited statement and not a supervisory judgement.
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