Merchants Bancorp

Listed Company

MBINLCIK 0001629019NasdaqLarge AcceleratedState Commercial BanksIndianaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$218.77M

Total Assets

$19.45B

Equity

$2.28B

Shares Out

45.96M

Op. Cash Flow

$-341.25M

Business

Merchants Bancorp is a diversified bank holding company that provides a range of banking, mortgage banking, warehouse lending and related financial services. It offers multi-family and healthcare facility financing and servicing, low-income housing tax credit syndication, mortgage warehouse financing, commercial and portfolio lending, retail and correspondent residential mortgage origination and servicing, agricultural and SBA lending, and traditional community banking products. The company operates through three principal segments: Multi-family Mortgage Banking, Mortgage Warehousing and Banking. Its services are delivered nationally through agency channels, correspondent and custodial relationships and regionally through retail branches and online banking.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans	1,007	1,113	960	452	294
Mortgage loans in process of securitization	21	14	13	8	13
Available for sale	48	57	22	3	3
Held to maturity	93	90	70	12	—
FHLB stock and other equity securities (dividends)	18	9	2	1	—
Other	14	18	12	4	817,000
Total interest income	1,201	1,303	1,078	481	312
Deposits	521	660	577	150	28
Short-term borrowings	131	85	24	8	—
Long-term borrowings	32	35	29	4	—
Total interest expense	684	780	630	162	—
Net Interest Income	517	523	448	319	278
Provision for credit losses	118	24	40	17	5
Net Interest Income After Provision for Credit Losses	399	498	408	301	273
Gain on sale of loans	85	62	48	64	111
Loan servicing fees, net	22	44	26	30	16
Mortgage warehouse fees	7	6	8	5	12
Losses on sale of investments available for sale (includes $0, $(108) and $0 related to accumulated other comprehensive loss reclassifications)	—	−108,000	—	—	191,000
Syndication and asset management fees	24	20	12	9	—
Other income	26	17	20	17	11
Total noninterest income	164	148	115	126	157
Salaries and employee benefits	167	131	108	89	86
Loan expense	4	4	3	5	8
Occupancy and equipment	11	9	9	8	7
Professional fees	13	16	13	9	5
Deposit insurance expense	32	26	14	3	3
Technology expense	10	8	7	5	4
Credit risk transfer premium expense	21	6	—	—	—
Other expense	43	24	21	16	12
Total noninterest expense	300	224	175	136	125
Income Before Income Taxes	264	423	348	291	305
Provision for income taxes (includes $0, $26 and $0 of income tax benefit related to accumulated other comprehensive loss reclassifications)	45	102	69	71	78
Net Income	219	320	279	220	227
Dividends on preferred stock	−41	−35	−35	−26	−21
Preferred stock redemption	−4	−2	—	—	—
Net Income Allocated to Common Shareholders	174	284	245	194	206
Basic Earnings Per Share (in dollars per share)	3.78	6.32	5.66	4.49	4.78
Diluted Earnings Per Share (in dollars per share)	3.78	6.3	5.64	4.47	4.76
Basic (in shares)	46	45	43	43	43
Diluted (in shares)	46	45	43	43	43

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	16	11	16	22	14
Interest-earning demand accounts	196	466	569	204	1,019
Cash and cash equivalents	212	477	584	226	1,033
Securities purchased under agreements to resell	2	2	3	3	6
Mortgage loans in process of securitization	620	428	111	154	569
Securities available for sale (includes $571,314 and $635,946 at fair value)	865	980	1,114	323	311
Securities held to maturity (fair value of $1,543,554 and $1,664,674)	1,544	1,665	1,204	1,119	—
Federal Home Loan Bank (FHLB) stock and other equity securities	228	218	49	—	—
Loans held for sale (includes $76,980 and $78,170 at fair value)	3,873	3,772	3,145	2,911	3,303
Loans receivable (includes $47,318 and $0 at fair value), net of allowance for credit losses on loans of $83,301 and $84,386	10,951	10,354	10,128	7,427	—
Premises and equipment, net	74	59	42	35	31
Servicing rights	217	190	158	146	110
Interest receivable	82	83	91	56	24
Goodwill	8	8	16	16	16
Other real estate owned	60	8	—	—	—
Other assets and receivables	713	563	307	157	93
Total assets	19,449	18,806	16,953	12,615	11,279
Noninterest-bearing	604	239	520	327	641
Interest-bearing	12,437	11,681	13,541	9,744	8,341
Total deposits	13,041	11,920	14,061	10,071	8,983
Borrowings	3,843	4,386	964	930	1,034
Deferred and current tax liabilities, net	34	25	20	20	19
Other liabilities	251	231	206	134	87
Total liabilities	17,168	16,562	15,251	11,155	10,123
Commitments and Contingencies	—	—	—	—	—
Common stock, without par value Authorized - 75,000,000 shares Issued and outstanding - 45,893,172 and 45,767,166 shares	243	240	140	138	138
Retained earnings	1,486	1,331	1,064	833	657
Accumulated other comprehensive loss	−33,000	−133,000	−2	−11	−1
Total shareholders' equity	2,281	2,243	1,701	1,460	1,155
Total liabilities and shareholders' equity	19,449	18,806	16,953	12,615	11,279

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	4	3	3	3	2
Deferred income tax, net	8	5	−2	5	5
Loss on sale of securities	—	108,000	—	—	−191,000
Proceeds from sales of loans held for sale	45,074	29,369	22,136	25,773	61,232
Loans and participations originated and purchased for sale	−45,314	−30,068	−22,713	−25,343	−61,182
Proceeds from sale of low-income housing tax credits	18	26	9	14	7
Purchases of low-income housing tax credits for sale	−60	−96	−68	−40	−10
Purchases of other tax credits	−143	—	—	—	—
Change in servicing rights for paydowns and fair value adjustments	11	−13	3	−9	4
Mortgage loans in process of securitization	−192	−318	44	415	−231
Other assets and receivables	−32	−21	−85	−37	−7
Other liabilities	3	−13	42	21	4
Other	31	7	4	2	5
Net cash used in operating activities	−341	−835	−356	976	−49
Net change in securities purchased under agreements to resell	39,000	2	115,000	2	692,000
Purchases of securities available for sale	−744	−784	−1,292	−51	−221
Purchases of securities held to maturity	−260	−155	−293	−1,253	—
Purchases of servicing rights	−14	—	—	−2	—
Purchases of other equity securities	−1	−30	—	—	—
Proceeds from the sale of securities available for sale	0	10	2	11	39
Proceeds from calls, maturities and paydowns of securities available for sale	871	897	490	14	138
Proceeds from calls, maturities and paydowns of securities held to maturity	381	229	208	134	—
Purchases of loans	−68	−109	−358	−551	−369
Net change in loans receivable	−742	−671	−2,048	−1,930	−350
Proceeds from loans held for sale previously classified as loans receivable	432	78	66	789	262
Purchase of FHLB stock	−9	−140	−9	−10	−4
Proceeds from sale of FHLB stock	—	394,000	—	784,000	45
Purchases of premises and equipment	−21	−18	−8	−7	−4
Purchase of limited partnership interests	−28	−23	−19	−15	−11
Net cash paid on sale of branches	—	−171	—	—	−464,000
Other investing activities	8	10	2	4	404,000
Net cash used in investing activities	−196	−874	−3,260	−2,863	−474
Net change in deposits	879	−1,912	3,990	1,089	1,572
Proceeds from borrowings	323,575	166,317	95,570	65,778	31,471
Repayment of borrowings	−324,034	−162,866	−95,700	−65,885	−31,788
Proceeds from notes payable	—	7	65	4	2
Repayments on notes payable	—	—	−21	—	—
Proceeds from credit-linked notes	—	—	154	—	—
Repayment of credit-linked notes	−88	−36	−34	—	—
Proceeds from issuance of common stock	—	98	—	—	—
Proceeds from issuance of preferred stock	—	223	—	137	191
Repurchase of preferred stock	—	−52	—	—	−42
Funds disbursed for future repurchase of Series B preferred stock	—	−125	—	—	—
Dividends	−59	−51	−49	−38	−31
Net cash provided by financing activities	273	1,602	3,975	1,081	1,376
Net Change in Cash and Cash Equivalents	−264	−108	358	−806	853
Interest paid	693	789	610	140	34
Income taxes paid, net of refunds	48	80	67	67	79
Reduction in commitment payable for limited partnership interest of LLCs	3	—	—	—	—
Liabilities accrued for additions in premises and equipment	185,000	2	—	—	—
Change in prepaid assets for preferred stock repurchase	125	—	—	—	—

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