Exhibit 99.1

PRESS RELEASE

Merchants Bancorp Reports Third Quarter 2018 Results

For Release October 30, 2018

·                  Net income of $16.7 million increased by 60% compared with September 30, 2017

·                  Earnings of $0.55 per common share increased by 22% compared with September 30, 2017

·                  Loans Receivable of $1.9 billion increased by 39% compared with December 31, 2017

·                  Total assets of $3.8 billion, increased by $413.8 million, or 12%, compared with December 31, 2017

·                  Return on average assets of 1.75% and 1.74% for three and nine months ended September 30, 2018, respectively

·                  Closed on its acquisition of Farmers-Merchants Bank of Paxton, Illinois on October 1, 2018

CARMEL, Indiana — (PR Newswire) - Merchants Bancorp (the “Company” or “Merchants”) (Nasdaq: MBIN), parent company of Merchants Bank of Indiana, today reported third quarter 2018 net income of $16.7 million, or $0.55 per common share, compared with $10.5 million, or $0.45 per common share in the third quarter of 2017.

The Company also reported net income of $47.5 million for the nine months ended September 30, 2018, a 38% increase compared with $34.4 million in the comparable period of 2017.  Earnings per common share of $1.57 for the nine months ended September 30, 2018 compared with $1.50 per common share, on a 7.5 million lower share count, in the comparable period of 2017.

“Our third quarter results continued to demonstrate our commitment to delivering sustainable growth that sets us apart in the marketplace,” said Michael Petrie, Chairman and CEO of Merchants. “As we navigate a higher interest rate environment, we also remain confident in our ability to deliver products and services that will reinforce the success of our differentiated business model,” added Petrie.

Total Assets

Total assets increased $413.8 million, or 12%, to $3.8 billion at September 30, 2018, compared with $3.4 billion at December 31, 2017. The increase was due primarily to loan growth.  Return on average assets was 1.75% for the three months ended September 30, 2018, compared with 1.32% for the three months ended September 30, 2017.

Total loans receivable before allowance for loan losses increased $542.4 million, or 39%, to $1.9 billion at September 30, 2018, compared with $1.4 billion at December 31, 2017. This increase was primarily a result of growth in multi-family and healthcare financing, as well as mortgage warehouse lines of credit.

Asset Quality

The allowance for loan losses increased by $2.9 million, to $11.2 million, at September 30, 2018, compared with $8.3 million at December 31, 2017, reflecting growth in loans held for investment.  Non-performing loans were just $1.9 million, or 0.10% of total loans at September 30, 2018, compared with $3.1 million, or 0.23% of total loans at December 31, 2017.

Total Deposits

Total deposits increased $358.8 million, or 12%, to $3.3 billion at September 30, 2018, compared with $2.9 billion at December 31, 2017. The increase was due primarily to growth in demand deposits and certificates of deposit and during the quarter.   Total brokered deposits decreased by 10%, to $843.7 million, or 26% of total deposits at September 30, 2018, compared with 32% at December 31, 2017.

Interest Income

Interest income increased $11.6 million, or 44%, to $37.6 million for the three months ended September 30, 2018, compared with $26.0 million for the three months ended September 30, 2017. This increase was due to both loan growth and higher loan yields.  The average balance of loans, including loans held for sale, during the three months ended September 30, 2018, increased by $577.4 million, or 27%, to $2.7 billion, compared with $2.1 billion for the three months ended September 30, 2017.  The average yield on loans increased 59 basis points, to 4.75%, for the three months ended September 30, 2018, compared with 4.16% for the three months ended September 30, 2017.

Interest Expense

Total interest expense increased $6.5 million, or 85%, to $14.1 million for the three months ended September 30, 2018, compared with the three months ended September 30, 2017. Interest expense on deposits increased $6.0 million, or 106%, to $11.7 million for the three months ended September 30, 2018, compared with the three months ended September 30, 2017. The increase in the cost of deposits was due primarily to the overall increase in interest rates since last year, but also the higher volume of certificates of deposits. There was a 75 basis point increase in the average cost of interest-bearing deposits, to 1.80%, for the three months ended September 30, 2018, compared with 1.05% for the same period in 2017, and an increase in the average balance of interest-bearing deposits of $444.6 million, or 21%, to $2.6 billion for the three months ended September 30, 2018.

Net Interest Income

Net interest income increased $5.1 million, or 28%, to $23.5 million for the three months ended September 30, 2018 compared to the three months ended September 30, 2017.  The increase was primarily due to the growth in loans and loans held for sale, partially offset by a 4 basis point decrease in our interest rate spread, to 1.94%, for the three months ended September 30, 2018, from 1.98% for the three months ended September 30, 2017.   The net interest margin increased 15 basis points to 2.53% for the three months ended September 30, 2018, from 2.38% for the three months ended September 30, 2017.

Noninterest Income

Noninterest income increased by $3.9 million, or 48%, to $11.9 million for the three months ended September 30, 2018, compared with the three months ended September 30, 2017. The increase was primarily due to a $1.9 million increase in loan servicing fees that was positively impacted by a $500,000 fair market value adjustment in mortgage servicing rights.  Gain on sale of loans increased $1.6 million, primarily associated with multi-family loan sales in the secondary market.

Noninterest Expense

Noninterest expense increased $3.5 million, or 39%, to $12.4 million for the three months ended September 30, 2018, compared with $8.9 million for the three months ended September 30, 2017.  The increase was due primarily to a $2.5 million, or 47%, increase in salaries and employee benefits.  The increase in salaries and employee benefits was due primarily to an increase in the number of employees resulting from business growth, higher commissions related to higher multi-family volume, and additional hiring associated with becoming a publicly traded company.  Despite the increase in

salaries and benefits, the efficiency ratio remained relatively stable, at 35.2% in the third quarter of 2018, compared with 33.8% for the third quarter of 2017.

Income Taxes

Income tax expense decreased $861,000 million, or 13%, to $5.6 million for the three months ended September 30, 2018, compared with the three months ended September 30, 2017.  The decrease was due primarily to the lower tax rates under the recent federal income tax reform legislation, partially offset by a 32% increase in pre-tax income over the same period.  The effective tax rate was 25.0% for the three months ended September 30, 2018 compared with 38.1% for the three months ended September 30, 2017.

Segments

For the three months ended September 30, 2018, net income increased by 113% for Banking, 95% for Multi-family Mortgage Banking, and 2% for Mortgage Warehousing, compared with the third quarter of 2017, as the Company continues to diversify its business mix.

About Merchants Bancorp

Merchants Bancorp is a diversified bank holding company headquartered in Carmel, Indiana operating multiple lines of business with a focus on Federal Housing Administration (“FHA”) multi-family housing and healthcare facility financing and servicing; mortgage warehouse financing; retail and correspondent residential mortgage banking; agricultural lending; and traditional community banking.  Merchants Bancorp, with $3.8 billion in assets and $3.3 billion in deposits as of September 30, 2018, conducts its business through its direct and indirect subsidiaries, Merchants Bank of Indiana, Merchants Capital Corp. (formally known as P/R Mortgage and Investment Corp. prior to October 1, 2018), Farmers-Merchants Bank of Illinois (formerly known as Joy State Bank prior to October 22, 2018), RICHMAC Funding LLC, and Merchants Mortgage, a division of Merchants Bank of Indiana. For more information and financial data, please visit Merchants’ Investor Relations page at investors.merchantsbankofindiana.com.

Forward-Looking Statements

This press release contains forward-looking statements which reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “might,” “should,” “could,” “predict,” “potential,” “believe,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “goal,” “target,” “outlook,” “aim,” “would,” “annualized” and “outlook,” or the

negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.  A number of important factors could cause our actual results to differ materially from those indicated in these forward-looking statements, including those factors identified in “Risk Factors” or “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K and other periodic filings with the Securities and Exchange Commission.  Any forward-looking statements presented herein are made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Media Contact: Rebecca Marsh

Merchants Bancorp

Phone: (317) 805-4356

Email: rmarsh@merchantsbankofindiana.com

Investor Contact: John Macke

Merchants Bancorp

Phone: (317) 536-7421

Email: jmacke@merchantsbankofindiana.com

Consolidated Balance Sheets

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Consolidated Statement of Income

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Key Operating Results

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(1) Non-GAAP financial measure - see “Reconciliation of Non-GAAP Measures”

(1) Reconciliation of Non-GAAP Financial Measures

Certain non-GAAP financial measures provide useful information to management and investors that is supplementary to the company’s financial condition, results of operations and cash flows computed in accordance with GAAP; however, they do have a number of limitations.  As such, the reader should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable  to non-GAAP financial measures that other companies use.  A reconciliation of GAAP to non-GAAP financial measures is below.  Net Income Available to Common Shareholders excludes preferred stock.  Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets and preferred stock from the calculation of total assets.  Tangible Assets is calculated by excluding the balance of goodwill and intangible assets.  Tangible book value per share is calculated by dividing tangible common equity by the number of shares outstanding.

Merchants Bancorp

Average Balance Analysis

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Segment Results

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