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Merchants Bancorp operates as the diversified bank holding company in the United States. It operates through three segments: Multi-family Mortgage Banking, Mortgage Warehousing, and Banking. The Multi-family Mortgage Banking segment engages in the mortgage banking, which originates, and services government sponsored mortgages, including bridge financing products to refinance, acquire, or reposition multi-family housing projects, and construction lending for housing development and healthcare facilities financing. This segment also offers customized loan products for need-based skilled nursing facilities, such as independent living, assisted living, and memory care; and tax credit equity syndicator service. The Mortgage Warehousing segment funds agency eligible residential loans, as well as commercial loans to non-depository financial institutions. The Banking segment offers a range of financial products and services to consumers and businesses, which includes retail banking, commercial lending, agricultural lending, retail and correspondent residential mortgage banking, and small business administration lending. Merchants Bancorp was founded in 1990 and is headquartered in Carmel, Indiana.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $677M | - | $219M | $-377M | 12.6% | 1.5% | -31.7% |
| 2024 | $667M | - | $320M | $-854M | 20.4% | 19.2% | 14.7% |
| 2023 | $559M | - | $279M | $-364M | 23.2% | 27.2% | 27.1% |
| 2022 | $440M | - | $220M | $967M | 22.9% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 439.78 | 559.33 | 666.96 | 677.24 |
| Pretax Income | - | 291.14 | 347.91 | 422.64 | 263.80 |
| Tax Provision | - | 71.42 | 68.67 | 102.26 | 45.03 |
| Net Income | - | 219.72 | 279.23 | 320.39 | 218.77 |
| Net Income Common Stockholders | - | 193.74 | 244.56 | 283.65 | 173.55 |
| Interest Expense | - | 162.28 | 629.73 | 780.10 | 683.79 |
| Interest Income | - | 480.83 | 1,077.80 | 1,302.72 | 1,200.85 |
| Selling General And Administration | - | 92.55 | 121.76 | 156.88 | 198.31 |
| Normalized Income | - | 219.72 | 279.23 | 320.39 | 218.77 |
| Market Cap | 2,250.30 | 2,250.30 | 2,250.30 | 2,250.30 | 2,250.30 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Merchants Bancorpthis co. | MBIN | $2.8B | 10.29 | 1.30 | 12.6% | - |
| WaFd, Inc. | WAFD | $3.0B | 11.81 | 0.97 | 8.3% | - |
| CorVel Corporation | CRVL | $2.9B | 30.87 | 9.12 | 29.6% | 18.59 |
| First Financial Bancorp. | FFBC | $2.9B | 12.55 | 1.16 | 9.2% | - |
| The Western Union Company | WU | $2.9B | 5.58 | 2.91 |
| - |
| - |
| - |
| - |
| - |
| 52.2% |
| 4.56 |
| SiriusPoint Ltd. | SPNT | $2.9B | 6.05 | 1.22 | 20.2% | - |
| Seacoast Banking Corporation of Florida | SBCF | $2.8B | 21.13 | 1.13 | 5.3% | - |
| Artisan Partners Asset Management Inc. | APAM | $2.7B | 9.24 | 6.11 | 66.2% | 5.40 |
| The Bancorp, Inc. | TBBK | $2.6B | 10.71 | 3.54 | 33.1% | - |
| Peer Median | - | 11.26 | 2.07 | 24.9% | 5.40 | |