# MERCHANTS BANK
RUGBY, ND · FDIC certificate 8943 · asset band <$300M · latest filing 2026-06 · live

**Verdict on the desk:** this could be *ordinary*. Composite score 1 (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 | $254.3M | |
| Deposits | $223.4M | |
| Loans and leases | $190.6M | |
| Total equity | $26.5M | |
| Loans / deposits | 84.32% (p69 of band) | 73.59% |
| Liquid assets / assets | 23.62% (p29 of band) | |
| Uninsured deposits / deposits | 24.89% (p68 of band) | 19.81% |
| Brokered deposits | 7.86% | |
| Wholesale funding | 8.64% (p82 of band) | |
| FHLB advances / assets | 0.78% | |
| Tier 1 leverage | 10.56% (p33 of band) | 11.76% |
| Unrealized securities loss / equity | -3.26% (p64 of band) | -6.57% |
| AOCI / equity | -0.18% (p60 of band) | |
| ROA (annualized) | 1.50% (p67 of band) | 1.17% |
| Net interest margin | 4.12% (p60 of band) | 3.93% |
| Efficiency ratio | 47.10% (p10 of band) | |
| Noncurrent loans | 1.25% (p75 of band) | 0.36% |
| Net charge-offs (annualized) | 0.06% (p82 of band) | |
| Reserve coverage of noncurrent | 94.99% | |
| Real estate % of loans | 40% | |
| Construction % of loans | 0.19% (p18 of band) | |
| Auto loans | $1.5M (0.81% of loans; DQ 1.69%, NCO 0.00%) | |
| Loans to nondepository financials | $0 (0% of equity) (p48 of band) | |
| Deposits YoY | 2.7% | |
| Employees | 32 | |

## Flags firing in the latest filing

- **reserve under noncurrent** (`aq_reserve`)

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2011-03 | 0 |  |  |
| 2011-06 | 0 |  |  |
| 2011-09 | 0 |  |  |
| 2011-12 | 0 |  |  |
| 2012-03 | 1 | leverage <7% |  |
| 2012-06 | 0 |  | leverage <7% |
| 2012-09 | 0 |  |  |
| 2012-12 | 0 |  |  |
| 2013-03 | 1 | capital falling |  |
| 2013-06 | 0 |  | capital falling |
| 2013-09 | 0 |  |  |
| 2013-12 | 0 |  |  |
| 2014-03 | 2 | capital falling, reserve under noncurrent |  |
| 2014-06 | 1 |  | capital falling |
| 2014-09 | 1 |  |  |
| 2014-12 | 0 |  | reserve under noncurrent |
| 2015-03 | 1 | capital falling |  |
| 2015-06 | 0 |  | capital falling |
| 2015-09 | 0 |  |  |
| 2015-12 | 0 |  |  |
| 2016-03 | 0 |  |  |
| 2016-06 | 0 |  |  |
| 2016-09 | 0 |  |  |
| 2016-12 | 0 |  |  |
| 2017-03 | 1 | capital falling |  |
| 2017-06 | 1 | assets shrinking | capital falling |
| 2017-09 | 1 | uninsured deposits leaving | assets shrinking |
| 2017-12 | 0 |  | uninsured deposits leaving |
| 2018-03 | 0 |  |  |
| 2018-06 | 0 |  |  |
| 2018-09 | 1 | reserve under noncurrent |  |
| 2018-12 | 1 |  |  |
| 2019-03 | 1 |  |  |
| 2019-06 | 0 |  | reserve under noncurrent |
| 2019-09 | 0 |  |  |
| 2019-12 | 0 |  |  |
| 2020-03 | 0 |  |  |
| 2020-06 | 0 |  |  |
| 2020-09 | 0 |  |  |
| 2020-12 | 1 | capital falling |  |
| 2021-03 | 1 |  |  |
| 2021-06 | 1 | reserve under noncurrent | capital falling |
| 2021-09 | 0 |  | reserve under noncurrent |
| 2021-12 | 0 |  |  |
| 2022-03 | 2 | capital falling, charge-offs p90 |  |
| 2022-06 | 4 | AOCI drag >20% of equity, securities losses >30% of equity |  |
| 2022-09 | 5 | noncurrent p90, reserve under noncurrent | capital falling |
| 2022-12 | 4 |  | charge-offs p90 |
| 2023-03 | 1 |  | AOCI drag >20% of equity, securities losses >30% of equity, noncurrent p90 |
| 2023-06 | 2 | deposits shrinking, uninsured deposits leaving | reserve under noncurrent |
| 2023-09 | 3 | wholesale funding >15%, reserve under noncurrent | deposits shrinking |
| 2023-12 | 2 |  | wholesale funding >15% |
| 2024-03 | 1 |  | uninsured deposits leaving |
| 2024-06 | 1 |  |  |
| 2024-09 | 1 |  |  |
| 2024-12 | 1 |  |  |
| 2025-03 | 1 |  |  |
| 2025-06 | 1 |  |  |
| 2025-09 | 1 |  |  |
| 2025-12 | 0 |  | reserve under noncurrent |
| 2026-03 | 0 |  |  |
| 2026-06 | 1 | reserve under noncurrent |  |

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

- 2026-06-02 [Merchants Bank and IU Athletics Announce Summer Signing Series Featuring Student-Athletes - Indiana University Athletics](https://news.google.com/rss/articles/CBMizwFBVV95cUxOcjgtNE52ZGZtWjJDWFdYZXdXRjV6RGZacERqTEZBMVJ2SmJzZk1ndXdKTl9qQjRkZXdOakJwMVBoXzZ4RUVfOW5Teks2Q1BpY2JyaDVhNnRQeXlxYXhBOU9iNHdNRGppTFdjcmxwbjVVelRvYk4temR5X3c0TDNrMHZkcDlIelBuc2hYN0NyMkxTWlcyUkMyRkVCZ19FRFRJOGMzLVpmWmd1SXhiSThDZkNaRC02dU55NlRTNHJTaUpLVGpUV00xTHl1NWZjeG8?oc=5) · Indiana University Athletics
- 2026-08-31 [Farmers & Merchants Bank sold about $1 billion in bonds—and expects a Q3 loss - stocktitan.net](https://news.google.com/rss/articles/CBMiuwFBVV95cUxQTzJrUjlSRHItVVp0NnB0NVU0dTVYd3RZWS1tRTNtSU92cnNoUHh0UFc0NTF3ODYxamFzYzl1Q0p3ZWo3NDJkZDN4aGZESjVKeUIwZ3Excnk5cGw1b3E4UUZaQUlTbDZlemE2YW1lMEJ5R0hLZ3ZGTkJLdVk5UGhMbHQ4Ml9uTXRPTGhyNXhZWE5EbXdnNUlPTExRRXZmcVFfRF9tTUFHWkxURmwxakVBcVlmWlNsM3JZQ2tB?oc=5) · stocktitan.net
- 2026-06-25 [First Merchants Bank and NCRC Announce New $2 Billion Community Benefits Agreement to Expand Impact Across the Midwest - Yahoo Finance](https://news.google.com/rss/articles/CBMioAFBVV95cUxQS2kxREJyanl2YmpVTjBVLUgyb1VLRlBNeVRpaDBlanAwRGM1c0JLT2VUZENlemo3YmNKS2lCVEZ3WHVQYzRINGRZNkt0OGtQQ2huc05hRkwycEtFUUI3MlN2T3g5LU1aSVFhYmZOelB4UkdlU3VscVp6RENKb2VIVlVDRk13T2NIMXVjX201Z2ZBWW5kUF9oLXBISTlnMFp0?oc=5) · Yahoo Finance
- 2026-06-30 [Farmers & Merchants Bank appoints Chris Ward as regional president - KNWA FOX24](https://news.google.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?oc=5) · KNWA FOX24
- 2026-07-10 [First Merchants lands on TIME’s best companies list - The Star Press](https://news.google.com/rss/articles/CBMi4gFBVV95cUxQSVMzR2NZZnB2Z0RGWTZCaXF2MFFJdEs4eUI3T3R0ZHp1LXFZWUstd0ZxRnMzOFBCWXN3dnFQZWtaNjBFWU5RZ1lVUE9NTVhYcGtoMW1VRE1vc2xWYW1OWGFyaVE5VDhtV0xmc3dGUW1JN3lpdi1vM1Y2NEFqUkV0MjFzWERVRmU5aERjQW81bXlpeElMcV9MajJWVjBqbHktX2JvcEJCSm5ldnRDMzV5eTE2dV94Vk9ubXA3c2lCWDJkS2dETHRaVWViMVBYai1jdHVjY0l4Q0xVSjBHNk9XM2Jn?oc=5) · The Star Press
- 2026-01-23 [Farmers & Merchants Bank, Bank of Fayetteville promotes 3 leaders to directors - Talk Business & Politics](https://news.google.com/rss/articles/CBMirgFBVV95cUxNeVh3Qk04UHowWk1qZ2RoWWtSNV90WWwyRm5fRFhOWGpiNW1uejBFajh3TENZTFdUUTFHV2VEdjRZem1ibkFlT1Y0VFpNYUJ6bDdSVHVCNmF0TUVPZmdlX3ZyQXgyV3BXMkl6YWswYlpLX3o3V1dOVDJLbGppQkV5MVJSVUp0T3VTZldUVjA5OFJsNG9PRnFhTC1pNWNBRzBGOWNLTWNPRVFERFBuaFE?oc=5) · Talk Business &amp; Politics
- 2026-04-01 [Merchants & Marine Bancorp, Inc. Completes Acquisition of Farmers-Merchants Bank - Business Wire](https://news.google.com/rss/articles/CBMizwFBVV95cUxPaVJFZVJiRG16LXVONHBpOFdVcmUzTzhOSWJUaGY4SjNYLWtwVXlmQTllT3g3VGYwLTdYUGs5Rkl1elZlOGg4VmZUSW1RblYxVzdBTU9hOXdrTm0wZVJod0ZBMS1uTXlEUHE1VEtXVFJHOUJjZzY4bHhaMWh4YUtrT1MtOVpWazB0Z2JCV28yYVRvaXBzc3Nibll5enBYRHpwc2dIMFJNaVU3eGxxal9jN1RPSTl1U1RPOV9wTG5mM2VnTXFybUlXRmJxbTNJUUU?oc=5) · Business Wire
- 2026-02-11 [Merchants Bank: no jerks allowed - The Hamilton County Reporter](https://news.google.com/rss/articles/CBMibEFVX3lxTE9vNFhNaHEyWERYNi1nSGthRFNVby02dmFYV2R0QzZNSlc5QlZwSjlfMGo0TVRoMGR0cmIySVpIcndDcks2aHdTU3dDOWZwUmh6MEFhVVpFMnp6Z3NEbUNuUGZ2TXpvSnlabmt1Sg?oc=5) · The Hamilton County Reporter

## How to verify

- Page: https://getbookiq.com/bank-desk/#bank=8943 (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/47.json (key "8943", 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