Merchants Bancorp (MBIN) 10-Year Financial Performance & Capital Metrics

MBIN • • Banking & Credit

Financial ServicesRegional BanksDigital & Specialized BankingSBA & Specialty Lending

AboutMerchants Bancorp operates as the diversified bank holding company in the United States. The company operates through Multi-family Mortgage Banking, Mortgage Warehousing, and Banking segments. The Multi-family Mortgage Banking segment originates and services government sponsored mortgages for multi-family and healthcare facilities. This segment also offers customized loan products for independent living, assisted living, memory care, and skilled nursing projects; and operates as a syndicator of low-income housing tax credit and debt funds. The Mortgage Warehousing segment funds agency eligible residential loans, including origination, purchase, and sale in the secondary market, 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, such as various types of deposit products, as well as multi-family construction and bridge, commercial real estate, commercial and industrial, agricultural, residential mortgage, and consumer loan products. This segment also provides single-family mortgage lending; construction, bridge, and lot financing; first-lien home equity lines of credit; and small business administration lending products and services. Merchants Bancorp was founded in 1990 and is headquartered in Carmel, Indiana.Show more

Net Interest Income $523M +16.6%
Total Revenue $1.45B +21.7%
Net Income $320M +14.7%
Return on Equity 16.25% -8.1%
Net Interest Margin 2.78% +5.1%
Efficiency Ratio 15.21% +5.6%
ROA 1.79% -5.1%
Equity / Assets 11.93% +18.9%
Book Value per Share 49.85 +27.0%
Tangible BV/Share 45.45 +29.1%
Debt/Equity 1.93 +241.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 32.9%
✓Efficient operations: 15.2% efficiency ratio
✓10 consecutive years of dividend growth
✓Well capitalized: 11.9% equity/assets
✓Good 3Y average ROE of 16.9%
✓Healthy dividend yield of 3.3%

✗Weaknesses

✗Weak Piotroski F-Score: 3/9

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y41.56%

3Y46.36%

TTM-

Profit (Net Income) CAGR

10Y-

5Y32.88%

3Y12.15%

TTM-18.4%

EPS CAGR

10Y-

5Y31.87%

3Y9.79%

TTM-27.98%

ROCE

10Y Avg16.32%

5Y Avg12.88%

3Y Avg11.48%

Latest8.65%

Peer Comparison

SBA & Specialty Lending

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TFINTriumph Financial, Inc.	1.6B	67.15	124.35	3.34%	3.3%	1%		0.16
LOBLive Oak Bancshares, Inc.	1.66B	36.12	21.37	19.67%	8.34%	5.78%	29.41%	0.11
ESQEsquire Financial Holdings, Inc.	901.77M	105.28	20.48	13.67%	31.57%	17.59%	4.33%
FINWFinWise Bancorp	238.99M	17.59	18.91	12.56%	13.07%	7.97%		0.03
FSFGFirst Savings Financial Group, Inc.	224.48M	32.00	16.16	4.58%	10.11%	11.73%	40.32%	1.98
RBBRBB Bancorp	361.56M	21.21	14.43	-1.75%	11.49%	5.09%	15.96%	0.72
HOPEHope Bancorp, Inc.	1.45B	11.28	13.76	-8.63%	9.96%	2.29%	7.39%	0.18
HAFCHanmi Financial Corporation	830.06M	27.71	13.52	8.03%	14.48%	9.31%	6.18%	0.54

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	42.05M	53.97M	66.6M	89.97M	122.3M	224.15M	277.99M	318.55M	448.07M	522.62M
NII Growth %	-	0.28%	0.23%	0.35%	0.36%	0.83%	0.24%	0.15%	0.41%	0.17%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	56.34M	72.94M	94.39M	140.56M	212M	282.79M	311.89M	480.83M	1.08B	1.3B
Interest Expense	14.29M	18.97M	27.79M	50.59M	89.7M	58.64M	33.89M	162.28M	629.73M	780.1M
Loan Loss Provision	960K	960K	2.47M	4.63M	3.94M	11.84M	5.01M	17.3M	40.23M	24.28M
Non-Interest Income+	24.27M	24.25M	43.58M	44.96M	42.55M	118.39M	149.68M	121.23M	111.26M	144.34M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	80.62M	97.19M	137.97M	185.53M	254.55M	401.18M	461.56M	602.07M	1.19B	1.45B
Revenue Growth %	-	0.21%	0.42%	0.34%	0.37%	0.58%	0.15%	0.3%	0.97%	0.22%
Non-Interest Expense	18.19M	22.47M	30.55M	46.28M	58.78M	87.34M	117.73M	131.35M	171.19M	220.04M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	47.18M	54.8M	77.16M	84.03M	102.13M	243.36M	304.93M	291.14M	347.91M	422.64M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-	0.16%	0.41%	0.09%	0.22%	1.38%	0.25%	-0.05%	0.19%	0.21%
Pretax Income+	47.18M	54.8M	77.16M	84.03M	102.13M	243.36M	304.93M	291.14M	347.91M	422.64M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	18.8M	21.67M	22.48M	21.15M	24.8M	62.82M	77.83M	71.42M	68.67M	102.26M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	28.38M	33.13M	54.68M	62.87M	77.33M	180.53M	227.1M	219.72M	279.23M	320.39M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-	0.17%	0.65%	0.15%	0.23%	1.33%	0.26%	-0.03%	0.27%	0.15%
Net Income (Continuing)	28.38M	33.13M	54.68M	62.87M	77.33M	180.53M	227.1M	219.72M	279.23M	320.39M
EPS (Diluted)+	0.90	0.98	1.52	1.38	1.58	3.85	4.76	4.47	5.64	6.30
EPS Growth %	-	0.09%	0.55%	-0.09%	0.14%	1.44%	0.24%	-0.06%	0.26%	0.12%
EPS (Basic)	0.90	0.98	1.52	1.39	1.58	3.85	4.78	4.49	5.66	6.32
Diluted Shares Outstanding	31.61M	31.76M	33.85M	43.09M	43.12M	43.17M	43.33M	43.32M	43.35M	45.01M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	446.8M	445.7M	359.52M	336.52M	506.71M	179.73M	1.03B	226.16M	584.42M	476.61M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	1.63B	2.03B	2.77B	3.21B	5.4B	9.19B	9.93B	11.93B	15.7B	17.2B
Investments Growth %	-	0.24%	0.37%	0.16%	0.68%	0.7%	0.08%	0.2%	0.32%	0.1%
Long-Term Investments	1.38B	1.7B	2.36B	2.88B	5.11B	8.92B	9.62B	11.61B	14.59B	17.11B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	523K	523K	3.9M	17.48M	15.85M	15.85M	15.85M	15.85M	15.85M	8.01M
Intangible Assets	55.55M	53.67M	67.59M	81.39M	78.19M	84.89M	112.06M	147.43M	159.2M	189.99M
PP&E (Net)	3.97M	4.85M	5.35M	15.14M	29.27M	29.76M	31.21M	35.44M	42.34M	58.62M
Other Assets	126.16M	182.48M	178.4M	210.86M	327.06M	126.77M	128.42M	200.04M	358.3M	790.63M
Total Current Assets	705.86M	776.94M	776.22M	681.42M	815.31M	471.3M	1.37B	605.76M	1.79B	650.02M
Total Non-Current Assets	1.56B	1.94B	2.62B	3.2B	5.56B	9.17B	9.91B	12.01B	15.16B	18.16B
Total Assets+	2.27B	2.72B	3.39B	3.88B	6.37B	9.65B	11.28B	12.62B	16.95B	18.81B
Asset Growth %	-	0.2%	0.25%	0.14%	0.64%	0.51%	0.17%	0.12%	0.34%	0.11%
Return on Assets (ROA)	0.01%	0.01%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
Accounts Payable	1.84M	1.79M	0	0	0	0	0	0	0	0
Total Debt+	57.49M	57.01M	56.61M	195.45M	181.44M	1.24B	1.17B	940.39M	964.13M	4.34B
Net Debt	-389.31M	-388.69M	-302.91M	-141.07M	-325.27M	1.06B	141.34M	714.23M	379.7M	3.86B
Long-Term Debt	32.49M	32.01M	31.61M	162.3M	174.9M	1.24B	873.95M	910.39M	964.13M	4.34B
Short-Term Debt	25M	25M	25M	33.15M	6.54M	0	300M	30M	0	0
Other Liabilities	4.19M	7.44M	13.06M	20.94M	41.77M	170.25M	-52.51M	124.14M	205.92M	281.04M
Total Current Liabilities	2.07B	2.46B	2.97B	3.26B	5.48B	7.41B	9.28B	10.1B	14.06B	11.92B
Total Non-Current Liabilities	54.88M	56.81M	57.1M	198.69M	233.59M	1.43B	840.62M	1.05B	1.19B	4.64B
Total Liabilities	2.12B	2.51B	3.03B	3.46B	5.72B	8.83B	10.12B	11.16B	15.25B	16.56B
Total Equity+	148.2M	206.29M	367.47M	421.24M	653.73M	810.62M	1.16B	1.46B	1.7B	2.24B
Equity Growth %	-	0.39%	0.78%	0.15%	0.55%	0.24%	0.43%	0.26%	0.17%	0.32%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.19%	0.19%	0.19%	0.16%	0.14%	0.25%	0.23%	0.17%	0.18%	0.16%
Book Value per Share	4.69	6.50	10.86	9.78	15.16	18.78	26.67	33.70	39.24	49.85
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	20.06M	20.06M	134.89M	135.06M	135.64M	135.86M	137.56M	137.78M	140.37M	240.31M
Additional Paid-in Capital	0	0	0	0	0	0	0	0	0	0
Retained Earnings	118.37M	145.27M	192.01M	244.91M	304.98M	461.74M	657.15M	832.87M	1.06B	1.33B
Accumulated OCI	-232K	-628K	-1.01M	-310K	458K	374K	-1.45M	-10.52M	-2.49M	-133K
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	10M	41.58M	41.58M	41.58M	212.65M	212.65M	362.15M	499.61M	499.61M	672.13M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	118.33M	-149.77M	-175.89M	204.34M	-1.26B	-874.89M	-49.22M	975.77M	-356.4M	-835.28M
Operating CF Growth %	-	-2.27%	-0.17%	2.16%	-7.15%	0.3%	0.94%	20.83%	-1.37%	-1.34%
Net Income	28.38M	33.13M	54.68M	62.87M	77.33M	180.53M	227.1M	219.72M	279.23M	320.39M
Depreciation & Amortization	301K	278K	296K	461K	852K	1.9M	2.19M	2.48M	2.85M	3.01M
Deferred Taxes	482K	-1.44M	-2.42M	2.31M	-978K	-692K	5.31M	4.73M	-2.44M	4.63M
Other Non-Cash Items	115.95M	-139.84M	-235.94M	167.13M	-1.25B	-973.78M	-50.52M	350.28M	-635.98M	-811.94M
Working Capital Changes	-26.79M	-41.9M	7.49M	-28.44M	-86.09M	-82.85M	-233.3M	398.56M	-70K	-351.37M
Cash from Investing+	-349.33M	-265.3M	-523.14M	-509.07M	-957.67M	-2.53B	-474.26M	-2.86B	-3.26B	-874.27M
Purchase of Investments	-361.14M	-301.52M	-202.33M	-50.85M	-648.74M	-601.02M	-232.38M	-1.32B	-1.6B	-992.81M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	363K	-14.32M	0	0	-464K	0	0	-170.59M
Other Investing	-316.7M	-180.91M	-436.89M	-629.38M	-984.57M	-2.56B	-414.35M	-1.7B	-2.35B	-829.25M
Cash from Financing+	448.15M	413.97M	612.84M	282.48M	2.38B	3.08B	1.38B	1.08B	3.97B	1.6B
Dividends Paid	-4.22M	-6.22M	-7.95M	-10.22M	-17.25M	-23.67M	-31.23M	-38.07M	-48.51M	-51.17M
Share Repurchases	0	0	0	-700K	0	0	0	-3.94M	0	0
Stock Issued	3.94M	31.58M	106.25M	700K	0	0	0	0	0	97.66M
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	-485K	-394K	1000K	-1000K	1000K	-1000K	-1000K	1000K	1000K
Other Financing	428.8M	389.1M	514.94M	155M	2.25B	1.94B	1.57B	1.09B	3.99B	-1.91B
Net Change in Cash+	217.15M	-1.1M	-86.18M	-23M	170.19M	-326.98M	852.89M	-806.45M	358.26M	-107.81M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	229.66M	446.8M	445.7M	359.52M	336.52M	506.71M	179.73M	1.03B	226.16M	584.42M
Cash at End	446.8M	445.7M	359.52M	336.52M	506.71M	179.73M	1.03B	226.16M	584.42M	476.61M
Interest Paid	14.23M	17.8M	26.76M	49.28M	81.89M	69.11M	33.9M	140.37M	609.69M	789.05M
Income Taxes Paid	19.47M	22.23M	27.05M	16.96M	19.33M	57.32M	78.76M	66.51M	67.39M	79.58M
Free Cash Flow+	116.87M	-152.33M	-177.88M	188.83M	-1.27B	-878.51M	-52.86M	966.96M	-363.93M	-853.67M
FCF Growth %	-	-2.3%	-0.17%	2.06%	-7.73%	0.31%	0.94%	19.29%	-1.38%	-1.35%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	19.15%	18.69%	19.06%	15.94%	14.39%	24.66%	23.1%	16.8%	17.67%	16.25%
Return on Assets (ROA)	1.25%	1.33%	1.79%	1.73%	1.51%	2.25%	2.17%	1.84%	1.89%	1.79%
Net Interest Margin	1.85%	1.99%	1.96%	2.32%	1.92%	2.32%	2.46%	2.53%	2.64%	2.78%
Efficiency Ratio	22.56%	23.12%	22.14%	24.94%	23.09%	21.77%	25.51%	21.82%	14.4%	15.21%
Equity / Assets	6.53%	7.59%	10.83%	10.84%	10.26%	8.4%	10.24%	11.57%	10.03%	11.93%
Book Value / Share	4.69	6.5	10.86	9.78	15.16	18.78	26.67	33.7	39.24	49.85
NII Growth	-	28.33%	23.39%	35.1%	35.93%	83.28%	24.02%	14.59%	40.66%	16.64%
Dividend Payout	14.88%	18.79%	14.54%	16.25%	22.31%	13.11%	13.75%	17.33%	17.37%	15.97%

Revenue by Segment

	2017
Mortgage Warehousing	14.3M
Mortgage Warehousing Growth	-

Frequently Asked Questions

Valuation & Price

Merchants Bancorp (MBIN) has a price-to-earnings (P/E) ratio of 5.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Merchants Bancorp (MBIN) grew revenue by 21.7% over the past year. This is strong growth.

Yes, Merchants Bancorp (MBIN) is profitable, generating $246.6M in net income for fiscal year 2024 (22.1% net margin).

Dividend & Returns

Yes, Merchants Bancorp (MBIN) pays a dividend with a yield of 3.26%. This makes it attractive for income-focused investors.

Merchants Bancorp (MBIN) has a return on equity (ROE) of 16.2%. This is reasonable for most industries.

Industry Metrics

Merchants Bancorp (MBIN) has a net interest margin (NIM) of 2.8%. NIM has been under pressure due to interest rate environment.

Merchants Bancorp (MBIN) has an efficiency ratio of 15.2%. This is excellent, indicating strong cost control.

US Stock Screener

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Merchants Bancorp (MBIN) 10-Year Financial Performance & Capital Metrics

MBIN • • Banking & Credit

Financial ServicesRegional BanksDigital & Specialized BankingSBA & Specialty Lending

Net Interest Income $523M +16.6%
Total Revenue $1.45B +21.7%
Net Income $320M +14.7%
Return on Equity 16.25% -8.1%
Net Interest Margin 2.78% +5.1%
Efficiency Ratio 15.21% +5.6%
ROA 1.79% -5.1%
Equity / Assets 11.93% +18.9%
Book Value per Share 49.85 +27.0%
Tangible BV/Share 45.45 +29.1%
Debt/Equity 1.93 +241.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 32.9%
✓Efficient operations: 15.2% efficiency ratio
✓10 consecutive years of dividend growth
✓Well capitalized: 11.9% equity/assets
✓Good 3Y average ROE of 16.9%
✓Healthy dividend yield of 3.3%

✗Weaknesses

✗Weak Piotroski F-Score: 3/9

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y41.56%

3Y46.36%

TTM-

Profit (Net Income) CAGR

10Y-

5Y32.88%

3Y12.15%

TTM-18.4%

EPS CAGR

10Y-

5Y31.87%

3Y9.79%

TTM-27.98%

ROCE

10Y Avg16.32%

5Y Avg12.88%

3Y Avg11.48%

Latest8.65%

Peer Comparison

SBA & Specialty Lending

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TFINTriumph Financial, Inc.	1.6B	67.15	124.35	3.34%	3.3%	1%		0.16
LOBLive Oak Bancshares, Inc.	1.66B	36.12	21.37	19.67%	8.34%	5.78%	29.41%	0.11
ESQEsquire Financial Holdings, Inc.	901.77M	105.28	20.48	13.67%	31.57%	17.59%	4.33%
FINWFinWise Bancorp	238.99M	17.59	18.91	12.56%	13.07%	7.97%		0.03
FSFGFirst Savings Financial Group, Inc.	224.48M	32.00	16.16	4.58%	10.11%	11.73%	40.32%	1.98
RBBRBB Bancorp	361.56M	21.21	14.43	-1.75%	11.49%	5.09%	15.96%	0.72
HOPEHope Bancorp, Inc.	1.45B	11.28	13.76	-8.63%	9.96%	2.29%	7.39%	0.18
HAFCHanmi Financial Corporation	830.06M	27.71	13.52	8.03%	14.48%	9.31%	6.18%	0.54

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	42.05M	53.97M	66.6M	89.97M	122.3M	224.15M	277.99M	318.55M	448.07M	522.62M
NII Growth %	-	0.28%	0.23%	0.35%	0.36%	0.83%	0.24%	0.15%	0.41%	0.17%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	56.34M	72.94M	94.39M	140.56M	212M	282.79M	311.89M	480.83M	1.08B	1.3B
Interest Expense	14.29M	18.97M	27.79M	50.59M	89.7M	58.64M	33.89M	162.28M	629.73M	780.1M
Loan Loss Provision	960K	960K	2.47M	4.63M	3.94M	11.84M	5.01M	17.3M	40.23M	24.28M
Non-Interest Income+	24.27M	24.25M	43.58M	44.96M	42.55M	118.39M	149.68M	121.23M	111.26M	144.34M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	80.62M	97.19M	137.97M	185.53M	254.55M	401.18M	461.56M	602.07M	1.19B	1.45B
Revenue Growth %	-	0.21%	0.42%	0.34%	0.37%	0.58%	0.15%	0.3%	0.97%	0.22%
Non-Interest Expense	18.19M	22.47M	30.55M	46.28M	58.78M	87.34M	117.73M	131.35M	171.19M	220.04M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	47.18M	54.8M	77.16M	84.03M	102.13M	243.36M	304.93M	291.14M	347.91M	422.64M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-	0.16%	0.41%	0.09%	0.22%	1.38%	0.25%	-0.05%	0.19%	0.21%
Pretax Income+	47.18M	54.8M	77.16M	84.03M	102.13M	243.36M	304.93M	291.14M	347.91M	422.64M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	18.8M	21.67M	22.48M	21.15M	24.8M	62.82M	77.83M	71.42M	68.67M	102.26M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	28.38M	33.13M	54.68M	62.87M	77.33M	180.53M	227.1M	219.72M	279.23M	320.39M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-	0.17%	0.65%	0.15%	0.23%	1.33%	0.26%	-0.03%	0.27%	0.15%
Net Income (Continuing)	28.38M	33.13M	54.68M	62.87M	77.33M	180.53M	227.1M	219.72M	279.23M	320.39M
EPS (Diluted)+	0.90	0.98	1.52	1.38	1.58	3.85	4.76	4.47	5.64	6.30
EPS Growth %	-	0.09%	0.55%	-0.09%	0.14%	1.44%	0.24%	-0.06%	0.26%	0.12%
EPS (Basic)	0.90	0.98	1.52	1.39	1.58	3.85	4.78	4.49	5.66	6.32
Diluted Shares Outstanding	31.61M	31.76M	33.85M	43.09M	43.12M	43.17M	43.33M	43.32M	43.35M	45.01M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	446.8M	445.7M	359.52M	336.52M	506.71M	179.73M	1.03B	226.16M	584.42M	476.61M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	1.63B	2.03B	2.77B	3.21B	5.4B	9.19B	9.93B	11.93B	15.7B	17.2B
Investments Growth %	-	0.24%	0.37%	0.16%	0.68%	0.7%	0.08%	0.2%	0.32%	0.1%
Long-Term Investments	1.38B	1.7B	2.36B	2.88B	5.11B	8.92B	9.62B	11.61B	14.59B	17.11B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	523K	523K	3.9M	17.48M	15.85M	15.85M	15.85M	15.85M	15.85M	8.01M
Intangible Assets	55.55M	53.67M	67.59M	81.39M	78.19M	84.89M	112.06M	147.43M	159.2M	189.99M
PP&E (Net)	3.97M	4.85M	5.35M	15.14M	29.27M	29.76M	31.21M	35.44M	42.34M	58.62M
Other Assets	126.16M	182.48M	178.4M	210.86M	327.06M	126.77M	128.42M	200.04M	358.3M	790.63M
Total Current Assets	705.86M	776.94M	776.22M	681.42M	815.31M	471.3M	1.37B	605.76M	1.79B	650.02M
Total Non-Current Assets	1.56B	1.94B	2.62B	3.2B	5.56B	9.17B	9.91B	12.01B	15.16B	18.16B
Total Assets+	2.27B	2.72B	3.39B	3.88B	6.37B	9.65B	11.28B	12.62B	16.95B	18.81B
Asset Growth %	-	0.2%	0.25%	0.14%	0.64%	0.51%	0.17%	0.12%	0.34%	0.11%
Return on Assets (ROA)	0.01%	0.01%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
Accounts Payable	1.84M	1.79M	0	0	0	0	0	0	0	0
Total Debt+	57.49M	57.01M	56.61M	195.45M	181.44M	1.24B	1.17B	940.39M	964.13M	4.34B
Net Debt	-389.31M	-388.69M	-302.91M	-141.07M	-325.27M	1.06B	141.34M	714.23M	379.7M	3.86B
Long-Term Debt	32.49M	32.01M	31.61M	162.3M	174.9M	1.24B	873.95M	910.39M	964.13M	4.34B
Short-Term Debt	25M	25M	25M	33.15M	6.54M	0	300M	30M	0	0
Other Liabilities	4.19M	7.44M	13.06M	20.94M	41.77M	170.25M	-52.51M	124.14M	205.92M	281.04M
Total Current Liabilities	2.07B	2.46B	2.97B	3.26B	5.48B	7.41B	9.28B	10.1B	14.06B	11.92B
Total Non-Current Liabilities	54.88M	56.81M	57.1M	198.69M	233.59M	1.43B	840.62M	1.05B	1.19B	4.64B
Total Liabilities	2.12B	2.51B	3.03B	3.46B	5.72B	8.83B	10.12B	11.16B	15.25B	16.56B
Total Equity+	148.2M	206.29M	367.47M	421.24M	653.73M	810.62M	1.16B	1.46B	1.7B	2.24B
Equity Growth %	-	0.39%	0.78%	0.15%	0.55%	0.24%	0.43%	0.26%	0.17%	0.32%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.19%	0.19%	0.19%	0.16%	0.14%	0.25%	0.23%	0.17%	0.18%	0.16%
Book Value per Share	4.69	6.50	10.86	9.78	15.16	18.78	26.67	33.70	39.24	49.85
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	20.06M	20.06M	134.89M	135.06M	135.64M	135.86M	137.56M	137.78M	140.37M	240.31M
Additional Paid-in Capital	0	0	0	0	0	0	0	0	0	0
Retained Earnings	118.37M	145.27M	192.01M	244.91M	304.98M	461.74M	657.15M	832.87M	1.06B	1.33B
Accumulated OCI	-232K	-628K	-1.01M	-310K	458K	374K	-1.45M	-10.52M	-2.49M	-133K
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	10M	41.58M	41.58M	41.58M	212.65M	212.65M	362.15M	499.61M	499.61M	672.13M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	118.33M	-149.77M	-175.89M	204.34M	-1.26B	-874.89M	-49.22M	975.77M	-356.4M	-835.28M
Operating CF Growth %	-	-2.27%	-0.17%	2.16%	-7.15%	0.3%	0.94%	20.83%	-1.37%	-1.34%
Net Income	28.38M	33.13M	54.68M	62.87M	77.33M	180.53M	227.1M	219.72M	279.23M	320.39M
Depreciation & Amortization	301K	278K	296K	461K	852K	1.9M	2.19M	2.48M	2.85M	3.01M
Deferred Taxes	482K	-1.44M	-2.42M	2.31M	-978K	-692K	5.31M	4.73M	-2.44M	4.63M
Other Non-Cash Items	115.95M	-139.84M	-235.94M	167.13M	-1.25B	-973.78M	-50.52M	350.28M	-635.98M	-811.94M
Working Capital Changes	-26.79M	-41.9M	7.49M	-28.44M	-86.09M	-82.85M	-233.3M	398.56M	-70K	-351.37M
Cash from Investing+	-349.33M	-265.3M	-523.14M	-509.07M	-957.67M	-2.53B	-474.26M	-2.86B	-3.26B	-874.27M
Purchase of Investments	-361.14M	-301.52M	-202.33M	-50.85M	-648.74M	-601.02M	-232.38M	-1.32B	-1.6B	-992.81M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	363K	-14.32M	0	0	-464K	0	0	-170.59M
Other Investing	-316.7M	-180.91M	-436.89M	-629.38M	-984.57M	-2.56B	-414.35M	-1.7B	-2.35B	-829.25M
Cash from Financing+	448.15M	413.97M	612.84M	282.48M	2.38B	3.08B	1.38B	1.08B	3.97B	1.6B
Dividends Paid	-4.22M	-6.22M	-7.95M	-10.22M	-17.25M	-23.67M	-31.23M	-38.07M	-48.51M	-51.17M
Share Repurchases	0	0	0	-700K	0	0	0	-3.94M	0	0
Stock Issued	3.94M	31.58M	106.25M	700K	0	0	0	0	0	97.66M
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	-485K	-394K	1000K	-1000K	1000K	-1000K	-1000K	1000K	1000K
Other Financing	428.8M	389.1M	514.94M	155M	2.25B	1.94B	1.57B	1.09B	3.99B	-1.91B
Net Change in Cash+	217.15M	-1.1M	-86.18M	-23M	170.19M	-326.98M	852.89M	-806.45M	358.26M	-107.81M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	229.66M	446.8M	445.7M	359.52M	336.52M	506.71M	179.73M	1.03B	226.16M	584.42M
Cash at End	446.8M	445.7M	359.52M	336.52M	506.71M	179.73M	1.03B	226.16M	584.42M	476.61M
Interest Paid	14.23M	17.8M	26.76M	49.28M	81.89M	69.11M	33.9M	140.37M	609.69M	789.05M
Income Taxes Paid	19.47M	22.23M	27.05M	16.96M	19.33M	57.32M	78.76M	66.51M	67.39M	79.58M
Free Cash Flow+	116.87M	-152.33M	-177.88M	188.83M	-1.27B	-878.51M	-52.86M	966.96M	-363.93M	-853.67M
FCF Growth %	-	-2.3%	-0.17%	2.06%	-7.73%	0.31%	0.94%	19.29%	-1.38%	-1.35%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	19.15%	18.69%	19.06%	15.94%	14.39%	24.66%	23.1%	16.8%	17.67%	16.25%
Return on Assets (ROA)	1.25%	1.33%	1.79%	1.73%	1.51%	2.25%	2.17%	1.84%	1.89%	1.79%
Net Interest Margin	1.85%	1.99%	1.96%	2.32%	1.92%	2.32%	2.46%	2.53%	2.64%	2.78%
Efficiency Ratio	22.56%	23.12%	22.14%	24.94%	23.09%	21.77%	25.51%	21.82%	14.4%	15.21%
Equity / Assets	6.53%	7.59%	10.83%	10.84%	10.26%	8.4%	10.24%	11.57%	10.03%	11.93%
Book Value / Share	4.69	6.5	10.86	9.78	15.16	18.78	26.67	33.7	39.24	49.85
NII Growth	-	28.33%	23.39%	35.1%	35.93%	83.28%	24.02%	14.59%	40.66%	16.64%
Dividend Payout	14.88%	18.79%	14.54%	16.25%	22.31%	13.11%	13.75%	17.33%	17.37%	15.97%

Revenue by Segment

	2017
Mortgage Warehousing	14.3M
Mortgage Warehousing Growth	-

Frequently Asked Questions

Valuation & Price

Merchants Bancorp (MBIN) has a price-to-earnings (P/E) ratio of 5.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Merchants Bancorp (MBIN) grew revenue by 21.7% over the past year. This is strong growth.

Yes, Merchants Bancorp (MBIN) is profitable, generating $246.6M in net income for fiscal year 2024 (22.1% net margin).

Dividend & Returns

Yes, Merchants Bancorp (MBIN) pays a dividend with a yield of 3.26%. This makes it attractive for income-focused investors.

Merchants Bancorp (MBIN) has a return on equity (ROE) of 16.2%. This is reasonable for most industries.

Industry Metrics

Merchants Bancorp (MBIN) has a net interest margin (NIM) of 2.8%. NIM has been under pressure due to interest rate environment.

Merchants Bancorp (MBIN) has an efficiency ratio of 15.2%. This is excellent, indicating strong cost control.