Merchants Bancorp (MBIN) is a full service bank operating under an Indiana state bank charter. It was listed in 2017 and has enjoyed a run of profit growth buoyed by operational efficiency. Since then, it has engaged in relatively major mergers and acquisitions that have seen its balance sheet size double. However, rapid growth exposes MBIN to an expanding list of risks. MBIN appears to have understated its risk exposure as numerous measures fall far below the industry average. With the onset of COVID-19, MBIN's risk management practices will be its most significant