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Merchants Bancorp

MBIN Nasdaq State Commercial Banks Financials FY2016–FY2025

Revenue Total sales reported in the income statement.
$681M
1.6% vs prior year
Efficiency ratio Noninterest expense as a share of revenue. Lower is better for banks.
44.0%
10.6 pts
Net income Profit after all expenses, interest and tax.
$219M
31.7%
Return on equity Net income as a share of average shareholders' equity.
9.7%
6.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
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P/E Last close divided by diluted earnings per share over the last four quarters.
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On $4.98 EPS (TTM)

What Merchants Bancorp does

No business description yet.

Legal name
Merchants Bancorp
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 27, 2026
Accession · CIK
0001104659-26-021549
0001629019

Revenue and margins

Merchants Bancorp had $681M of revenue in fiscal 2025, up 1.6% on the year before.

Revenue
Revenue
Net interest income share and efficiency ratio
Net interest share Efficiency ratio
Net interest income share and efficiency ratio
Net interest share Efficiency ratio

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 11.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns and efficiency

For banks, return on equity and the efficiency ratio (costs as a share of revenue) say most about how well the business runs.

Return on equity, return on tangible equity and efficiency ratio
ROE ROTE Efficiency ratio

Dividends, buybacks and share count

Merchants Bancorp returned $59.4M to shareholders in fiscal 2025. The diluted share count rose 2.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Loans, deposits and capital at each fiscal year end.

Loans and deposits
Loans Deposits
Fiscal year endFY21FY22FY23FY24FY25
Loans, net $5.8B$7.4B$10.1B$10.4B$11.0B
Deposits $9.0B$10.1B$14.1B$11.9B$13.0B
Loans / deposits 64.0%73.7%72.0%86.9%84.0%
Total assets $11.3B$12.6B$17.0B$18.8B$19.4B
Shareholders' equity $1.2B$1.5B$1.7B$2.2B$2.3B
Goodwill $15.8M$15.8M$15.8M$8.0M$8.0M
Intangible assets $1.7M$1.2M$0.7M$0.1M$0.0M
Provision / loans 0.1%0.2%0.4%0.2%1.1%

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $82.5M $114M $140M $169M $352M $435M $444M $563M $671M $681M
Net interest income $54.0M $66.6M $90.0M $122M $224M $278M $319M $448M $523M $517M
Noninterest income $28.5M $47.7M $49.6M $47.1M $127M $157M $126M $115M $148M $164M
Noninterest expense $26.7M $34.6M $50.9M $63.3M $96.4M $125M $136M $175M $224M $300M
Provision for credit losses −$1.0M −$2.5M −$4.6M −$3.9M $11.8M $5.0M $17.3M $40.2M $24.3M $118M
Interest expense $19.0M $27.8M $50.6M $89.7M $58.6M $33.9M $162M $630M — —
Pretax income $54.8M $77.2M $84.0M $102M $243M $305M $291M $348M $423M $264M
Income tax $21.7M $22.5M $21.2M $24.8M $62.8M $77.8M $71.4M $68.7M $102M $45.0M
Net income $33.1M $54.7M $62.9M $77.3M $181M $227M $220M $279M $320M $219M
Net income to common $31.1M $51.4M $59.5M $68.1M $166M $206M $194M $245M $284M $174M
Diluted EPS $1.47 $2.28 $2.07 $1.58 $3.85 $4.76 $4.47 $5.64 $6.30 $3.78
Diluted shares 0.02B 0.02B 0.03B 0.04B 0.04B 0.04B 0.04B 0.04B 0.05B 0.05B
Cash flow
Cash from operations −$150M −$176M $204M −$1.3B −$875M −$49.2M $976M −$356M −$835M −$341M
Capital expenditure $1.2M $0.8M $9.2M $14.0M $3.6M $3.6M $6.8M $7.5M $18.4M $20.9M
Free cash flow −$151M −$177M $195M −$1.3B −$879M −$52.9M $969M −$364M −$854M −$362M
Depreciation and amortization $0.3M $0.3M $0.5M $0.9M $1.9M $2.2M $2.5M $2.9M $3.0M $3.5M
Share buybacks — — — — — — $3.9M — — —
Dividends paid $6.2M $8.0M $10.2M $17.3M $23.7M $31.2M $38.1M $48.5M $51.2M $59.4M
Dividends and buybacks $6.2M $8.0M $10.2M $17.3M $23.7M $31.2M $42.0M $48.5M $51.2M $59.4M
Balance sheet
Cash and short-term investments $446M $360M $337M $507M $180M $1.0B $226M $584M $477M $212M
Total debt $57.0M $56.6M $195M $181M $1.3B $1.0B — — — —
Loans, net $936M $1.4B $2.0B $3.0B $5.5B $5.8B $7.4B $10.1B $10.4B $11.0B
Deposits $2.4B $2.9B $3.2B $5.5B $7.4B $9.0B $10.1B $14.1B $11.9B $13.0B
Property and equipment, net $4.9M $5.4M $15.1M $29.3M $29.8M $31.2M $35.4M $42.3M $58.6M $73.9M
Goodwill $0.5M $3.9M $17.5M $15.8M $15.8M $15.8M $15.8M $15.8M $8.0M $8.0M
Intangible assets — $1.5M $3.5M $3.8M $2.3M $1.7M $1.2M $0.7M $0.1M $0.0M
Total assets $2.7B $3.4B $3.9B $6.4B $9.6B $11.3B $12.6B $17.0B $18.8B $19.4B
Total liabilities $2.5B $3.0B $3.5B $5.7B $8.8B $10.1B $11.2B $15.3B $16.6B $17.2B
Preferred stock $41.6M $41.6M $41.6M — — — — — — —
Shareholders' equity $206M $367M $421M $654M $811M $1.2B $1.5B $1.7B $2.2B $2.3B
Margins
Net margin 40.2% 47.9% 45.1% 45.7% 51.3% 52.2% 49.4% 49.6% 47.8% 32.1%
FCF margin −183.1% −154.6% 139.8% −750.3% −249.8% −12.1% 218.0% −64.7% −127.3% −53.2%
Net interest share of revenue 65.4% 58.3% 64.5% 72.2% 63.7% 63.9% 71.7% 79.6% 77.9% 75.9%
Efficiency ratio 32.4% 30.3% 36.5% 37.4% 27.4% 28.8% 30.6% 31.0% 33.4% 44.0%
Returns
Return on equity 16.1% 19.1% 15.9% 14.4% 24.7% 23.1% 16.8% 17.7% 16.2% 9.7%
Return on assets 1.2% 1.8% 1.7% 1.5% 2.3% 2.2% 1.8% 1.9% 1.8% 1.1%
Return on tangible equity 15.1% 14.2% 14.9% 10.7% 21.0% 18.1% 13.4% 14.5% 12.7% 7.6%
Growth
Revenue growth — 38.6% 22.1% 21.4% 107.6% 23.8% 2.1% 26.6% 19.2% 1.6%
Net income growth — 65.1% 15.0% 23.0% 133.5% 25.8% −3.3% 27.1% 14.7% −31.7%
EPS growth — 55.1% −9.2% −23.7% 143.7% 23.6% −6.1% 26.2% 11.7% −40.0%
FCF growth — — — −751.3% — — — −137.6% — —
Share count change — 6.9% 27.3% 50.1% 0.1% 0.4% −0.0% 0.1% 3.8% 2.1%
Financial health
Debt / equity 0.3x 0.2x 0.5x 0.3x 1.7x 0.9x — — — —
Loans / deposits 38.5% 46.4% 63.3% 55.0% 74.4% 64.0% 73.7% 72.0% 86.9% 84.0%
Provision / loans −0.1% −0.2% −0.2% −0.1% 0.2% 0.1% 0.2% 0.4% 0.2% 1.1%
Capital allocation
Capex / revenue 1.5% 0.7% 6.6% 8.3% 1.0% 0.8% 1.5% 1.3% 2.7% 3.1%
Payouts / FCF — — 5.2% — — — 4.3% — — —
Quality scores
Piotroski F-score — 4.0 5.0 2.0 3.0 4.0 — — — —
Accruals ratio 6.7% 7.5% −3.9% 26.0% 13.2% 2.6% −6.3% 4.3% 6.5% 2.9%

Source: SEC EDGAR XBRL filings (CIK 0001629019). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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