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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 |
| Operating Revenue | - | 439.78 | 559.33 | 666.96 | 677.24 |
| Selling General And Administration | - | 92.55 | 121.76 | 156.88 | 198.31 |
| Interest Income | - | 480.83 | 1,077.80 | 1,302.72 | 1,200.85 |
| Interest Expense | - | 162.28 | 629.73 | 780.10 | 683.79 |
| Net Interest Income | - | 318.55 | 448.07 | 522.62 | 517.06 |
| Pretax Income | - | 291.14 | 347.91 | 422.64 | 263.80 |
| Tax Provision | - | 71.42 | 68.67 | 102.26 | 45.03 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 219.72 | 279.23 | 320.39 | 218.77 |
| Net Income From Continuing And Discontinued Operation | - | 219.72 | 279.23 | 320.39 | 218.77 |
| Net Income From Continuing Operation Net Minority Interest | - | 219.72 | 279.23 | 320.39 | 218.77 |
| Net Income | - | 219.72 | 279.23 | 320.39 | 218.77 |
| Net Income Common Stockholders | - | 193.74 | 244.56 | 283.65 | 173.55 |
| Net Income Including Noncontrolling Interests | - | 219.72 | 279.23 | 320.39 | 218.77 |
| Normalized Income | - | 219.72 | 279.23 | 320.39 | 218.77 |
| Diluted NI Availto Com Stockholders | - | 193.74 | 244.56 | 283.65 | 173.55 |
| Basic Average Shares | - | 43.16 | 43.22 | 44.86 | 45.87 |
| Diluted Average Shares | - | 43.32 | 43.35 | 45 | 45.94 |
| Reconciled Depreciation | - | 2.48 | 2.85 | 3.01 | 3.46 |
| Preferred Stock Dividends | - | 25.98 | 34.67 | 34.91 | 41.06 |
| Gain On Sale Of Security | - | 0 | 0 | -0.11 | 0 |
| General And Administrative Expense | - | 92.55 | 121.76 | 156.88 | 198.31 |
| Other Gand A | 4.20 | - | - | - | - |
| Salaries And Wages | - | 89.08 | 108.18 | 130.72 | 166.51 |
| Insurance And Claims | - | 3.46 | 13.58 | 26.16 | 31.80 |
| Otherunder Preferred Stock Dividend | - | - | - | 1.82 | 4.16 |
| Occupancy And Equipment | - | 8.17 | 9.22 | 8.99 | 10.68 |
| Professional Expense And Contract Services Expense | - | 9.06 | 12.70 | 16.23 | 12.86 |
| Other Non Interest Expense | - | 21.56 | 27.50 | 37.94 | 73.84 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Merchants Bancorpthis co. | MBIN | $2.2B | 10.02↓ discount | 1.27 | 12.6% | - |
| First Bancorp | FBNC | $2.5B | 22.27 | 1.49 | 6.7% | - |
| NBT Bancorp Inc. | NBTB | $2.4B | 14.27 | 1.27 | 8.9% | - |
| The Western Union Company | WU | $2.4B | 4.82 | 2.52 | 52.2% | 4.15 |
| Beacon Financial Corporation | BBT | $2.4B | 26.55 |
| - |
| - |
| - |
| - |
| - |
| 0.96 |
| 3.6% |
| - |
| The Bancorp, Inc. | TBBK | $2.2B | 9.77 | 3.23 | 33.1% | - |
| Banner Corporation | BANR | $2.2B | 11.23 | 1.13 | 10.0% | - |
| Hilltop Holdings Inc. | HTH | $2.2B | 13.12 | 1.00 | 7.6% | - |
| Stewart Information Services Corporation | STC | $1.9B | 16.70 | 1.18 | 7.0% | - |
| Peer Median | - | 13.70 | 1.22 | 8.3% | 4.15 | |