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MBIN

Merchants Bancorp

MBIN

Merchants Bancorp • NASDAQ
$32.69 ▼ -0.40% (-0.13)
Market Cap $1.50 B
52w High $43.82
52w Low $27.25
Dividend Yield 0.39%
P/E 7.51
Volume 63.24K
Outstanding Shares 45.89M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $343.53M ▼ $75.987M ▼ $54.701M ▲ 15.923% ▲ $0.97 ▲ $65.348M ▲
Q2-2025 $353.737M ▲ $76.195M ▲ $37.981M ▼ 10.737% ▼ $0.6 ▼ $49.605M ▼
Q1-2025 $310.099M ▼ $60.866M ▼ $58.239M ▼ 18.781% ▼ $0.93 ▼ $77.268M ▼
Q4-2024 $379.787M ▲ $62.498M ▲ $95.666M ▲ 25.189% ▲ $1.86 ▲ $128.638M ▲
Q3-2024 $354.556M $60.204M $61.273M 17.282% $1.17 $82.13M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.248B ▼ $19.355B ▲ $17.129B ▲ $2.225B ▲
Q2-2025 $1.324B ▲ $19.141B ▲ $16.957B ▲ $2.185B ▲
Q1-2025 $1.228B ▲ $18.798B ▼ $16.637B ▲ $2.161B ▼
Q4-2024 $566.616M ▼ $18.806B ▲ $16.562B ▼ $2.243B ▲
Q3-2024 $1.555B $18.653B $16.714B $1.939B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $54.701M ▲ $29.765M ▲ $-181.127M ▼ $102.233M ▼ $-49.129M ▼ $41.193M ▲
Q2-2025 $37.981M ▼ $-121.152M ▼ $-26.326M ▼ $273.347M ▲ $125.869M ▲ $-125.721M ▼
Q1-2025 $58.239M ▼ $148.038M ▲ $-903K ▲ $-102.449M ▼ $44.686M ▲ $141.179M ▲
Q4-2024 $95.666M ▲ $-9.977M ▲ $-43.512M ▼ $-71.807M ▼ $-125.296M ▼ $-16.252M ▲
Q3-2024 $61.273M $-492.648M $181.41M $372.262M $61.024M $-497.174M

Five-Year Company Overview

Income Statement

Income Statement Merchants Bancorp’s income statement shows a clear growth story. Revenue has climbed steadily over the past five years, more than doubling, and profits have risen alongside it. Earnings per share have grown strongly, which suggests the bank has been able to scale without letting costs run out of control. Profitability stayed healthy even through different interest rate environments, with only small year‑to‑year bumps. Overall, the business looks like it has moved from “solid regional bank” toward a more earnings‑rich, specialized lender.

Balance Sheet

Balance Sheet The balance sheet has expanded quickly, with total assets growing substantially over five years. Shareholders’ equity has also built up, which is positive, but recent growth has leaned more heavily on borrowing. Debt levels jumped in the latest year, which makes the bank more leveraged than before and increases its sensitivity to funding conditions and interest costs. Cash balances move around quite a bit, typical for a lender that actively grows and securitizes loans. In simple terms: larger and stronger than a few years ago, but also carrying more balance‑sheet risk than before.

Cash Flow

Cash Flow Cash flow is choppy, which is common for a fast‑growing bank. Operating cash flow swung between positive and negative, largely reflecting loan growth and balance‑sheet moves rather than basic profitability problems. Free cash flow mostly tracks this pattern and is often negative, suggesting that growth is being funded by deposits and other borrowings rather than by excess internal cash. Capital spending on physical assets is very light, so this is not an equipment‑heavy story; it is really about how aggressively the bank chooses to grow its loan book and manage its funding.

Competitive Edge

Competitive Edge Merchants Bancorp occupies a specialized niche rather than competing head‑to‑head with giant national banks. Its strength lies in multifamily, affordable, and senior housing finance, where it works closely with government‑sponsored entities and HUD. The “bank‑backed agency lender” structure and its role in low‑income housing tax credit syndication give it a tailored offering that is not easy for generalist banks to copy. This creates a real moat in a complex, regulation‑heavy corner of the market. At the same time, outside observers have flagged risks around rapid commercial real‑estate growth and reliance on certain funding sources, so the competitive strengths come with meaningful concentration and credit‑cycle risk.

Innovation and R&D

Innovation and R&D The company is not a tech firm, but it uses technology in a focused way where it matters most: lending workflows and risk management. The rollout of the Blue Sage digital lending platform should streamline jumbo and other mortgage processes across channels, improving speed and consistency. Its originate‑to‑sell model and securitization strategy are more “process innovations” than pure tech, but they are central to how MBIN manages interest‑rate and capital risk. The build‑out of a tax credit syndication platform is another strategic innovation, turning the bank into a one‑stop shop for affordable housing finance. Overall, innovation is targeted and practical rather than flashy, aimed at deepening its niche.

Summary

Merchants Bancorp looks like a specialized regional bank that has grown quickly by focusing on complex, government‑linked housing finance and related services. The income statement shows strong, compounding earnings; the balance sheet shows a bigger, more capable institution but with a recent step‑up in leverage; and cash flows reflect an aggressive growth stance more than a mature, cash‑harvesting phase. Its competitive edge comes from expertise, structure, and product breadth in affordable and multifamily housing, supported by selective technology adoption. The main trade‑off is that this specialization and rapid growth bring concentrated exposures and funding risks that will matter most in a weaker credit or interest‑rate environment.

NEWS

November 19, 2025 · 4:05 PM UTC

Merchants Bancorp Declares Quarterly Common and Preferred Dividends

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October 28, 2025 · 4:05 PM UTC

Merchants Bancorp Reports Third Quarter 2025 Results

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