# MERCHANTS BANK OF INDIANA
CARMEL, IN · FDIC certificate 8056 · asset band $10-100B · latest filing 2026-06 · live

**Verdict on the desk:** this could be *lender to lenders*. Composite score 5 (one point per flag, capital below 5% counted twice; 7 or more is where departures cluster).

## What the filing shows (filed dollars, derived ratios; band percentiles in parentheses)

| Measure | Value | Band median |
|---|---|---|
| Total assets | $21.17B | |
| Deposits | $14.34B | |
| Loans and leases | $17.36B | |
| Total equity | $2.32B | |
| Loans / deposits | 120.53% (p97 of band) | 85.78% |
| Liquid assets / assets | 9.27% (p2 of band) | |
| Uninsured deposits / deposits | 28.97% (p30 of band) | 38.39% |
| Brokered deposits | 6.13% | |
| Wholesale funding | 26.02% (p92 of band) | |
| FHLB advances / assets | 19.85% | |
| Tier 1 leverage | 11.28% (p77 of band) | 10.17% |
| Unrealized securities loss / equity | -0.13% (p95 of band) | -7.43% |
| AOCI / equity | -0.05% (p72 of band) | |
| ROA (annualized) | 1.49% (p71 of band) | 1.24% |
| Net interest margin | 2.86% (p20 of band) | 3.57% |
| Efficiency ratio | 40.22% (p17 of band) | |
| Noncurrent loans | 1.18% (p81 of band) | 0.66% |
| Net charge-offs (annualized) | 0.34% (p86 of band) | |
| Reserve coverage of noncurrent | 36.86% | |
| Real estate % of loans | 46% | |
| Construction % of loans | 85.93% (p98 of band) | |
| Auto loans | $37,000 (0.00% of loans; DQ 0.00%, NCO 0.00%) | |
| Loans to nondepository financials | $7.81B (336% of equity) (p98 of band) | |
| Deposits YoY | 12.5% | |
| Employees | 743 | |

## Flags firing in the latest filing

- **loans exceed deposits** (`liq_ltd`)
- **wholesale funding >15%** (`liq_wholesale`)
- **liquid assets <10%** (`liq_thin`)
- **reserve under noncurrent** (`aq_reserve`)
- **loans-to-lenders >50% equity** (`conc_warehouse`)

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2011-03 | 5 | uninsured deposits >50%, brokered >10%, wholesale funding >15%, NIM <2.5%, reserve under noncurrent |  |
| 2011-06 | 4 |  | wholesale funding >15% |
| 2011-09 | 4 |  |  |
| 2011-12 | 5 | wholesale funding >15%, capital falling | uninsured deposits >50% |
| 2012-03 | 3 |  | NIM <2.5%, capital falling |
| 2012-06 | 3 | NIM <2.5% | reserve under noncurrent |
| 2012-09 | 4 | capital falling |  |
| 2012-12 | 2 | uninsured deposits >50% | brokered >10%, wholesale funding >15%, NIM <2.5% |
| 2013-03 | 3 | brokered >10%, NIM <2.5% | capital falling |
| 2013-06 | 2 |  | brokered >10% |
| 2013-09 | 2 | loans-to-lenders >50% equity | NIM <2.5% |
| 2013-12 | 2 |  |  |
| 2014-03 | 3 | losing money |  |
| 2014-06 | 4 | capital falling |  |
| 2014-09 | 4 | NIM <2.5%, uninsured deposits leaving | uninsured deposits >50%, capital falling |
| 2014-12 | 4 | brokered >10% | losing money |
| 2015-03 | 3 |  | brokered >10% |
| 2015-06 | 4 | brokered >10% |  |
| 2015-09 | 3 |  | uninsured deposits leaving |
| 2015-12 | 4 | wholesale funding >15% |  |
| 2016-03 | 4 |  |  |
| 2016-06 | 4 |  |  |
| 2016-09 | 4 |  |  |
| 2016-12 | 6 | capital falling, uninsured deposits leaving |  |
| 2017-03 | 4 |  | capital falling, uninsured deposits leaving |
| 2017-06 | 4 |  |  |
| 2017-09 | 4 | capital falling | NIM <2.5% |
| 2017-12 | 3 |  | capital falling |
| 2018-03 | 3 |  |  |
| 2018-06 | 3 |  |  |
| 2018-09 | 3 |  |  |
| 2018-12 | 3 |  |  |
| 2019-03 | 3 |  |  |
| 2019-06 | 3 |  |  |
| 2019-09 | 4 | capital falling |  |
| 2019-12 | 4 |  |  |
| 2020-03 | 5 | loans exceed deposits, NIM <2.5% | capital falling |
| 2020-06 | 6 | liquid assets <10% |  |
| 2020-09 | 6 | capital falling | NIM <2.5% |
| 2020-12 | 5 |  | capital falling |
| 2021-03 | 3 |  | brokered >10%, wholesale funding >15% |
| 2021-06 | 4 | wholesale funding >15% |  |
| 2021-09 | 4 | brokered >10% | liquid assets <10% |
| 2021-12 | 5 | capital falling |  |
| 2022-03 | 4 | liquid assets <10%, deposits shrinking | wholesale funding >15%, brokered >10%, capital falling |
| 2022-06 | 5 | brokered >10%, wholesale funding >15% | deposits shrinking |
| 2022-09 | 3 |  | loans exceed deposits, liquid assets <10% |
| 2022-12 | 5 | loans exceed deposits, capital falling |  |
| 2023-03 | 5 | reserve under noncurrent | capital falling |
| 2023-06 | 5 |  |  |
| 2023-09 | 7 | capital falling, uninsured deposits leaving |  |
| 2023-12 | 5 |  | loans exceed deposits, uninsured deposits leaving |
| 2024-03 | 5 | loans exceed deposits | capital falling |
| 2024-06 | 4 |  | loans exceed deposits |
| 2024-09 | 5 | loans exceed deposits |  |
| 2024-12 | 7 | noncurrent p90, deposits shrinking |  |
| 2025-03 | 6 |  | brokered >10% |
| 2025-06 | 6 | charge-offs p90 | noncurrent p90 |
| 2025-09 | 6 | noncurrent p90 | deposits shrinking |
| 2025-12 | 5 |  | noncurrent p90 |
| 2026-03 | 6 | liquid assets <10% |  |
| 2026-06 | 5 |  | charge-offs p90 |

## In the news (Google News, unfiltered, newest first; check the city)

- 2026-08-20 [Merchants Bancorp Declares Quarterly Common and Preferred Dividends - PR Newswire](https://news.google.com/rss/articles/CBMiwAFBVV95cUxPUmVhNkY0NC13ZVhlbzVoNmkyRTd4R0o0eVVkNU5iRkxYcVZHcEx5dzdFYU9heXZ2RTVlWjVGdmhNQlFjVk1ad21fZHJEMmdTTFlsT3JXTHNsbGViV1MxQU93ZWNEUm9zNGNvNldpYVRsazF2RGgzZUxXeEJGWHZPa3NramlGanlVZjFEa3BKWXZ1UnRNZkZHeVZibjFrVktlelZGRmFBcTd4MHBmclhXejI0S0NtT0RaS05SVEs0c1o?oc=5) · PR Newswire
- 2026-07-03 [WHO GETS IT?- $144MM Up For Grabs as Merchants Bank of Indiana Sues Account Holders and CFPB In Unusual Interpleader Action - natlawreview.com](https://news.google.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?oc=5) · natlawreview.com
- 2026-08-06 [Merchants Bank Indiana Number of Employees 2026 | Employee Count & Headcount Data - reveliolabs.com](https://news.google.com/rss/articles/CBMiekFVX3lxTE14WkNyYzA5TWw1ekxGWnA1Z053YVNrZkFBWjQyVmV1cUNFVDdxaHNHMTM4ZGNHVEFDSUxqaXFvTjdSTjRuVlNZNXFMYnBIZUVXS2xzMXdxa2V1U2R3ZWV4X25vbnVvSTFJWTVqZE1OMTlpMlpWX09Nay1B?oc=5) · reveliolabs.com
- 2026-09-01 [Best 1-Month CD Rates Of September 2026 - Forbes](https://news.google.com/rss/articles/CBMic0FVX3lxTE5zVmNPbzJzaTF4VWVNZlA0MVV4MUI3bFd5b1ZTZVhwdllKb2xGdF8wMVBWcUpLb2hqbUJuNTlXSUp1Zjg3YWZCNHdpZExHeXkwemZWZV9QSHhsSXhSX2QzamtEYklPaDM2d2NWeHdlRFUyenM?oc=5) · Forbes
- 2026-07-08 [Who Gets the Money? Bank Asks Court To Decide Fate of Millions In CashCall-CFPB Fight - cutoday.info](https://news.google.com/rss/articles/CBMivgFBVV95cUxPNDBpTW9vUk81SkRNNFJSMC1nY1lSTGVDd2xZUU1rbHNTQlM4OHJ6ZzVkTGhfTFlKSzJyTTR0bWpyRGFhUlREU0F1Zk5sQmRBYTRNVURFbFdKRmwwVFU4aV9IR3gtZVctSHN0a0h4TzRWSFBMRDgyQ3dhdzlKUTV2ZGlNTWRvUldPVDA0dTFZSWFPQURNdnNmVlN6dDJqWW1MZWdmTzhGNXJveFRqallwLXdCRFdYZ0N5di1rV213?oc=5) · cutoday.info
- 2025-10-16 [Merchants Bank reveals more exposure to embattled Moshe Silber - The Real Deal](https://news.google.com/rss/articles/CBMinAFBVV95cUxPeU9vNi1DUTY1TmlyRlVUN08zWW01QXA4YW5qOUhDbGJYWGtwdlNKem9pcjVxWGphamJQLXhmTGllNXlVZDdQbW1DaTI4MmlrclJrX0pneWtBYVJRV3UxVHV1eHhTVUc1R2ZCNFgtMnhzY0RVNkh6X0g1T3hFTHN0QkJxV2R5Z3RIZV9objlXcXN0enhOSlFuTjUxZUo?oc=5) · The Real Deal
- 2025-10-24 [Ribbon cut on Merchants Capital headquarters in Midtown Carmel - Current Publishing](https://news.google.com/rss/articles/CBMiogFBVV95cUxOM29oREZnX3NfeTdVWEtSb20xZmNQdmJpOUtEMHB1emVLX0ctYVFWQlZTS3RzYXliSVlCZ1hvWGFBUmlRclh0VTlEUjZWNU0zTks4bERrdWpXTDhUWFEwVy1IYllwUDFaNks3WXcwTi1weXFlR3B5Q1QxdjVPcnhyajU5S1RhZjBvd0NVaEtqTFRTYkFlWEVJRVAzZ1FyRGhqOUE?oc=5) · Current Publishing
- 2026-02-27 [Sherwin Patidar - Crain's Chicago Business](https://news.google.com/rss/articles/CBMitgFBVV95cUxNMW9ESTRwUkFSMlo1aVdpWHZjSF96SThLbnEyYzhBZDliQnk2aV93RVEzVHlyY2k5VWdnRG81RHJ5ZGNPX1RhSUtyemJTWkdtTncydml1OFEyVWFJdXpYUlNXM29CMkRrUXNWTTFvRWRxVmtFQ3VRMGhGalNLajZyOVVrX3N5YWtmVWJzeUQ5UnpkSFFsc0EyRFZzT0d6ZnpfUndBWHcwcDdnMHhqSzZuME1Ibkpodw?oc=5) · Crain's Chicago Business

## How to verify

- Page: https://getbookiq.com/bank-desk/#bank=8056 (click any number for its formula and FFIEC field codes)
- Latest row, JSON: https://getbookiq.com/bank-desk/data/summary.json · history: https://getbookiq.com/bank-desk/data/h/56.json (key "8056", columns cycle, ASSET, DEP, LNLSGR, EQTOT, ltd, liquid_pct, unins_pct, lev, aoci_pct_eq, sec_loss_eq, roa, nim, eff, nc_pct, nco_pct, LNAUTO, auto_dq, auto_nco, LNNDEPD, ndfi_eq, wholesale_pct, dep_yoy, score, flags)
- Field definitions: https://getbookiq.com/dictionary/#bank-LNNDEPD and the rest of the bank dictionary
- Source: FDIC call report via BankFind, dollars in thousands as filed. Departed means stopped filing, which is usually a merger; FAILED is the FDIC's own list.

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Rendered 2026-09-10 from the desks' own data files. Full guide: https://getbookiq.com/guide