NASDAQ : MBIN
Merchants Bancorp — Financial statements
Financials · Banks - Regional · United States
Last price 52 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 2.39B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest Income on Loans | 1.02B | 1.03B | 1.13B | 972.37M | 460.38M | 306.58M |
| Interest Income on Investments | 159.74M | 172.66M | 174.84M | 105.43M | 20.45M | 5.31M |
| Total Interest Income | 1.18B | 1.20B | 1.30B | 1.08B | 480.83M | 311.89M |
| Interest Paid on Deposits | 482.60M | 521.35M | 660.36M | 577.21M | 149.65M | 28.26M |
| Interest Paid on Borrowings | 153.20M | 162.44M | 119.74M | 52.52M | 12.64M | 5.64M |
| Total Interest Expense | 635.80M | 683.79M | 780.10M | 629.73M | 162.28M | 33.89M |
| Net Interest Income | 547.44M | 517.06M | 522.62M | 448.07M | 318.55M | 277.99M |
| Mortgage Banking Activities | 6.98M | 7.09M | 5.54M | 7.70M | 5.39M | 12.40M |
| Gain (Loss) on Sale of Investments | -108.00K | 191.00K | ||||
| Other Non-Interest Income | 141.84M | 71.94M | 80.41M | 58.78M | 56.39M | 33.56M |
| Total Non-Interest Income | 220.25M | 164.39M | 148.11M | 114.67M | 125.94M | 157.33M |
| Revenues Before Loan Losses | 767.69M | 681.45M | 670.73M | 562.74M | 444.49M | 435.33M |
| Provision for Loan Losses | 64.25M | 117.75M | 24.28M | 40.23M | 17.30M | 5.01M |
| Revenue | 703.44M | 563.69M | 646.45M | 522.51M | 427.19M | 430.31M |
| Salaries and Employee Benefits | 159.98M | 161.21M | 125.76M | 104.16M | 86.03M | 83.75M |
| Occupancy Expenses | 9.88M | 7.28M | 6.30M | 6.78M | 6.14M | 7.37M |
| Federal Deposit Insurance | 28.31M | 31.80M | 26.16M | 13.58M | 3.46M | 2.69M |
| Selling, General & Administrative | 32.17M | 31.60M | 31.70M | 25.68M | 19.43M | 11.61M |
| Other Non-Interest Expense | 81.70M | 68.01M | 33.89M | 24.40M | 20.99M | 19.98M |
| Total Non-Interest Expense | 312.05M | 299.89M | 223.81M | 174.60M | 136.05M | 125.39M |
| EBT Excluding Unusual Items | 391.39M | 263.80M | 422.64M | 347.91M | 291.14M | 304.93M |
| Pretax Income | 391.39M | 263.80M | 422.64M | 347.91M | 291.14M | 304.93M |
| Income Tax Expense | 72.33M | 45.03M | 102.26M | 68.67M | 71.42M | 77.83M |
| Net Income | 319.06M | 218.77M | 320.39M | 279.23M | 219.72M | 227.10M |
| Preferred Dividends & Other Adjustments | 39.85M | 45.22M | 36.73M | 34.67M | 25.98M | 20.87M |
| Net Income to Common | 279.22M | 173.55M | 283.65M | 244.56M | 193.74M | 206.23M |
| Basic Shares Outstanding | 45.92M | 45.87M | 44.86M | 43.22M | 43.16M | 43.17M |
| Diluted Shares Outstanding | 46.00M | 45.94M | 45.00M | 43.35M | 43.32M | 43.33M |
| EPS (Basic) | 6.08 | 3.78 | 6.32 | 5.66 | 4.49 | 4.78 |
| EPS (Diluted) | 6.07 | 3.78 | 6.30 | 5.64 | 4.47 | 4.76 |
| Dividend Per Share | 0.10 | 0.40 | 0.36 | 0.32 | 0.28 | 0.24 |
| Effective Tax Rate | 18.48% | 17.07% | 24.19% | 19.74% | 24.53% | 25.52% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 319.84M | 212.20M | 476.61M | 584.42M | 226.16M | 1.03B |
| Investment Securities | 788.91M | 606.54M | 566.81M | 552.66M | 422.13M | 344.19M |
| Trading Asset Securities | 677.08M | 480.79M | 158.23M | 160.34M | 570.72M | |
| Mortgage-Backed Securities | 1.54B | 2.12B | 2.30B | 1.94B | 1.13B | 34.83M |
| Total Investments | 2.32B | 3.40B | 3.35B | 2.65B | 1.72B | 949.74M |
| Gross Loans | 12.71B | 11.03B | 10.44B | 10.20B | 7.47B | 5.78B |
| Allowance for Loan Losses | -82.13M | -83.30M | -84.39M | -71.75M | -44.01M | -31.34M |
| Net Loans | 12.63B | 10.95B | 10.35B | 10.13B | 7.43B | 5.75B |
| Property, Plant & Equipment | 76.70M | 79.94M | 66.95M | 52.40M | 46.41M | 31.21M |
| Goodwill | 19.14M | 8.01M | 8.01M | 15.85M | 15.85M | 15.85M |
| Other Intangible Assets | 36.00K | 59.00K | 742.00K | 1.19M | 1.71M | |
| Loans Held for Sale | 4.04B | 3.87B | 3.77B | 3.14B | 2.91B | 3.30B |
| Accrued Interest Receivable | 81.04M | 81.81M | 83.41M | 91.35M | 56.26M | 24.10M |
| Other Receivables | 6.50M | |||||
| Other Current Assets | 3.90M | |||||
| Other Real Estate Owned & Foreclosed | 91.70M | 60.15M | 8.21M | |||
| Other Long-Term Assets | 1.07B | 552.67M | 469.77M | 234.55M | 176.08M | 128.91M |
| Total Assets | 20.88B | 19.45B | 18.81B | 16.95B | 12.62B | 11.28B |
| Interest Bearing Deposits | 14.51B | 11.94B | 10.99B | 13.13B | 9.56B | 7.77B |
| Institutional Deposits | 497.45M | 694.80M | 411.20M | 186.40M | 574.00M | |
| Non-Interest Bearing Deposits | 531.11M | 604.08M | 239.00M | 520.07M | 326.88M | 641.44M |
| Total Deposits | 15.04B | 13.04B | 11.92B | 14.06B | 10.07B | 8.98B |
| Short-Term Borrowings | 7.86M | 50.49M | 12.82M | 74.12M | 478.29M | |
| Current Portion of Long-Term Debt | 3.76B | |||||
| Current Portion of Leases | 2.29M | |||||
| Long-Term Debt | 3.02B | 79.73M | 164.09M | 192.74M | ||
| Federal Home Loan Bank Debt, Long-Term | 2.83M | 4.17B | 771.39M | 859.39M | 556.95M | |
| Long-Term Leases | 4.97M | 9.30M | 11.25M | 11.99M | ||
| Long-Term Deferred Tax Liabilities | 60.46M | 33.90M | 25.29M | 19.92M | 19.61M | 19.17M |
| Other Long-Term Liabilities | 280.36M | 235.37M | 221.25M | 181.85M | 119.03M | 86.20M |
| Total Liabilities | 18.40B | 17.17B | 16.56B | 15.25B | 11.16B | 10.12B |
| Preferred Stock, Redeemable | 413.83M | 413.83M | 534.68M | 362.15M | 362.15M | 362.15M |
| Preferred Stock, Non-Redeemable | 137.46M | 137.46M | 137.46M | 137.46M | 137.46M | |
| Total Preferred Equity | 551.29M | 551.29M | 672.13M | 499.61M | 499.61M | 362.15M |
| Common Stock | 245.26M | 243.31M | 240.31M | 140.37M | 137.78M | 137.56M |
| Retained Earnings | 1.69B | 1.49B | 1.33B | 1.06B | 832.87M | 657.15M |
| Comprehensive Income & Other | -2.49M | -33.00K | -133.00K | -2.49M | -10.52M | -1.45M |
| Total Common Equity | 1.93B | 1.73B | 1.57B | 1.20B | 960.13M | 793.26M |
| Shareholders' Equity | 2.48B | 2.28B | 2.24B | 1.70B | 1.46B | 1.16B |
| Total Liabilities & Equity | 20.88B | 19.45B | 18.81B | 16.95B | 12.62B | 11.28B |
| Total Debt | 3.02B | 3.86B | 4.40B | 988.20M | 945.50M | 1.04B |
| Net Cash (Debt) | -2.70B | -2.97B | -3.44B | -242.20M | -555.53M | 573.98M |
| Net Cash Per Share | -58.61 | -64.58 | -76.37 | -5.59 | -12.82 | 13.25 |
| Filing Date Shares Outstanding | 45.94M | 45.96M | 45.85M | 43.33M | 43.23M | 43.27M |
| Total Common Shares Outstanding | 45.94M | 45.89M | 45.77M | 43.24M | 43.11M | 43.18M |
| Book Value Per Share | 42.05 | 37.68 | 34.33 | 27.78 | 22.27 | 18.37 |
| Tangible Book Value | 1.91B | 1.72B | 1.56B | 1.18B | 943.10M | 775.71M |
| Tangible Book Value Per Share | 41.64 | 37.51 | 34.15 | 27.40 | 21.88 | 17.96 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 218.77M | 320.39M | 279.23M | 219.72M | 227.10M | |
| Depreciation & Amortization | 15.69M | 12.91M | 10.47M | 13.47M | 18.88M | |
| Gain (Loss) on Sale of Investments | 108.00K | -191.00K | ||||
| Provision for Credit Losses | 117.75M | 24.28M | 40.23M | 17.30M | 5.01M | |
| Net Decrease (Increase) in Loans Originated / Sold - Operating | -239.77M | -698.24M | -576.80M | 430.11M | 49.56M | |
| Change in Other Net Operating Assets | -220.55M | -351.37M | -70.00K | 398.56M | -233.30M | |
| Other Operating Activities | -147.78M | -81.08M | -61.28M | -39.23M | -5.10M | |
| Operating Cash Flow | -341.25M | -835.28M | -356.40M | 975.77M | -49.22M | |
| Capital Expenditures | -20.94M | -18.39M | -7.53M | -6.76M | -3.65M | |
| Investment in Securities | 218.86M | 145.75M | -904.54M | -1.16B | -55.11M | |
| Divestitures | -170.59M | -464.00K | ||||
| Purchase / Sale of Intangibles | -14.48M | -2.06M | 438.00K | |||
| Net Decrease (Increase) in Loans Originated / Sold - Investing | -378.42M | -702.06M | -2.34B | -1.69B | -456.95M | |
| Other Investing Activities | -684.00K | -128.99M | -7.51M | -5.15M | 41.47M | |
| Investing Cash Flow | -195.67M | -874.27M | -3.26B | -2.86B | -474.26M | |
| Long-Term Debt Issued | 323.57B | 166.32B | 95.79B | 65.78B | 31.47B | |
| Total Debt Issued | 323.57B | 166.32B | 95.79B | 65.78B | 31.47B | |
| Long-Term Debt Repaid | -324.12B | -162.90B | -95.76B | -65.89B | -31.79B | |
| Total Debt Repaid | -324.12B | -162.90B | -95.76B | -65.89B | -31.79B | |
| Net Debt Issued (Repaid) | -546.72M | 3.42B | 33.13M | -103.56M | -314.30M | |
| Issuance of Common Stock | 97.66M | |||||
| Repurchase of Common Stock | -3.94M | |||||
| Preferred Stock Issued | 222.75M | 137.46M | 191.08M | |||
| Preferred Share Repurchases | -125.00M | -41.62M | ||||
| Common Dividends Paid | -18.36M | -16.26M | -13.84M | -12.08M | -10.36M | |
| Preferred Dividends Paid | -41.06M | -34.91M | -34.67M | -25.98M | -20.87M | |
| Total Dividends Paid | -59.42M | -51.17M | -48.51M | -38.07M | -31.23M | |
| Net Increase (Decrease) in Deposit Accounts | 878.65M | -1.91B | 3.99B | 1.09B | 1.57B | |
| Other Financing Activities | -52.04M | |||||
| Financing Cash Flow | 272.51M | 1.60B | 3.97B | 1.08B | 1.38B | |
| Net Cash Flow | -264.41M | -107.81M | 358.26M | -806.45M | 852.89M | |
| Free Cash Flow | -362.19M | -853.67M | -363.93M | 969.01M | -52.86M | |
| Free Cash Flow Margin | -64.25% | -132.05% | -69.65% | 226.83% | -12.28% | |
| Free Cash Flow Per Share | -7.88 | -18.97 | -8.40 | 22.37 | -1.22 | |
| Cash Interest Paid | 692.92M | 789.05M | 609.69M | 140.37M | 33.90M | |
| Cash Income Tax Paid | 47.64M | 79.58M | 67.39M | 66.51M | 78.76M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.43B | 1.56B | 1.67B | 1.84B | 1.05B | 1.36B |
| Last Close Price | 52.09 | 33.83 | 35.80 | 41.43 | 23.41 | 30.03 |
| PE Ratio | 8.71 | 9.01 | 5.88 | 7.53 | 5.41 | 6.61 |
| PS Ratio | 3.40 | 2.77 | 2.58 | 3.52 | 2.45 | 3.17 |
| PB Ratio | 1.24 | 0.69 | 0.74 | 1.08 | 0.72 | 1.18 |
| P/FCF Ratio | 1.08 | |||||
| P/OCF Ratio | 1.07 | |||||
| Debt / Equity Ratio | 1.22 | 1.69 | 1.96 | 0.58 | 0.65 | 0.90 |
| Debt / FCF Ratio | 0.98 | |||||
| Net Debt / Equity Ratio | 1.09 | 1.30 | 1.53 | 0.14 | 0.38 | -0.50 |
| Net Debt / FCF Ratio | -8.19 | -4.03 | -0.67 | 0.57 | 10.86 | |
| Return on Equity (ROE) | 13.55% | 9.67% | 16.25% | 17.67% | 16.80% | 23.10% |
| Return on Assets (ROA) | 1.59% | 1.14% | 1.79% | 1.89% | 1.84% | 2.17% |
| Earnings Yield | 11.48% | 14.00% | 19.20% | 15.17% | 20.96% | 16.67% |
| FCF Yield | -31.98% | -23.17% | -51.15% | -19.77% | 92.43% | -3.88% |
| Dividend Yield | 0.84% | 1.17% | 0.99% | 0.75% | 1.15% | 0.76% |
| Payout Ratio | 7.25% | 27.16% | 15.97% | 17.37% | 17.32% | 13.75% |
| Buyback Yield / Dilution | -0.16% | -2.08% | -3.83% | -0.07% | 0.02% | -0.37% |
| Total Shareholder Return | 0.69% | -0.91% | -2.84% | 0.69% | 1.17% | 0.40% |