Merchants Bank, National Association
Winona, MN — National Bank
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Tier 1 Common Capital Over Time
| Tier 1 Common Capital | Merchants Bank, National Association | All Insured Commercial Banks in Minnesota |
| 12-31-2016 | 174,072,000 | 15,224,660 |
| 09-30-2016 | 170,801,000 | 14,737,857 |
| 06-30-2016 | 167,018,000 | 14,366,457 |
| 03-31-2016 | 164,619,000 | 14,289,626 |
| 12-31-2015 | 161,269,000 | 14,189,737 |
| 09-30-2015 | 158,428,000 | 13,996,152 |
| 06-30-2015 | 154,174,000 | 13,862,413 |
| 03-31-2015 | 154,749,000 | 13,492,716 |