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Distressed Note Industry
Indiana Multifamily Real Estate
Analyzing multifamily real estate loan performance across 74 Indiana banks
As of Q2 2025, 74 Indiana banks report multifamily real estate portfolios totaling $17.0B. Non-performing loans in this category total $290.5M — an average NPL ratio of 1.71% — with $14.6M 30-89 days delinquent, $9.8M 90+ days delinquent, and $280.7M in nonaccrual status. The most distressed lender in this category is MERCHANTS BANK OF INDIANA (IN) with an NPL ratio of 5.50%.
Total Lenders
74
Total Loan Portfolio
$17.0B
Total NPL
$290.5M
Average NPL %
1.71%
Delinquency Breakdown
30-89 Days
$14.6M
90+ Days
$9.8M
Nonaccrual
$280.7M
Charge-offs
$49.1M
Banks by NPL Ratio
Distribution of banks by non-performing loan ratio
Top Distressed Banks - Multifamily Real Estate in Indiana
Highest NPL %| Bank Name | State | Portfolio | NPL | NPL % |
|---|---|---|---|---|
| MERCHANTS BANK OF INDIANA | IN | $3.2B | $175.7M | 5.50% |
| OLD NATIONAL BANK | IN | $5.7B | $111.7M | 1.96% |
| PEOPLES BANK | IN | $200.4M | $2.2M | 1.08% |
| FIRST SAVINGS BANK | IN | $34.4M | $210K | 0.61% |
| SECURITY FEDERAL SAVINGS BANK | IN | $14.1M | $59K | 0.42% |
| FIRST FINANCIAL BANK, NATIONAL ASSOCIATION | IN | $324.1M | $552K | 0.17% |
| FIRST MERCHANTS BANK | IN | $658.2M | $38K | 0.01% |
| UNITED FIDELITY BANK, FSB | IN | $3.2B | $123K | 0.00% |
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Multifamily Real Estate in Other States
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