Merchants Bancorp (MBIN) Financial Statements
Industry: State Commercial Banks
In fiscal 2025, Merchants Bancorp reported revenue of $681.4M, up 1.6% from $670.7M the year before. Net income was $218.8M (a 32.1% net margin), or $3.78 per diluted share. Net interest income was $517.1M, and the efficiency ratio (noninterest expense / revenue) was 44.0%. Operating activities generated -$341.2M of cash, leaving -$362.2M of free cash flow. At fiscal year end, Merchants Bancorp held $19.45B in total assets against $17.17B in total liabilities.
Open the full interactive Merchants Bancorp financials → Quarterly statements, key ratios, valuation history and price charts.
Merchants Bancorp Key Stats
| Share Price | $48.83 |
|---|---|
| Market Cap | $2.25B |
| P/E Ratio | 12.9 |
| Dividend Yield | 2.69% |
| Revenue YoY Growth | +1.6% |
| 52-Week Range | $30.13 – $55.60 |
| Shares Outstanding | 45.9 million (basic, 2026 Q2) |
Merchants Bancorp Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Net Interest Income | $224.1M | $278.0M | $318.6M | $448.1M | $522.6M | $517.1M |
| Provision for Credit Losses | $11.8M | $5.0M | $17.3M | $40.2M | $24.3M | $117.8M |
| Noninterest Income | $127.5M | $157.3M | $125.9M | $114.7M | $148.1M | $164.4M |
| Noninterest Expense | $96.4M | $125.4M | $136.1M | $174.6M | $223.8M | $299.9M |
| Revenue | $351.6M | $435.3M | $444.5M | $562.7M | $670.7M | $681.4M |
| Pre-Tax Income | $243.4M | $304.9M | $291.1M | $347.9M | $422.6M | $263.8M |
| Income Tax | $62.8M | $77.8M | $71.4M | $68.7M | $102.3M | $45.0M |
| Net Income | $180.5M | $227.1M | $219.7M | $279.2M | $320.4M | $218.8M |
| Diluted EPS | $3.85 | $4.76 | $4.47 | $5.64 | $6.30 | $3.78 |
Merchants Bancorp Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $171.1M | $185.3M | $175.2M | $182.2M |
| Net Income | $54.7M | $67.8M | $67.7M | $78.3M |
| Diluted EPS | $0.97 | $1.48 | $1.25 | $1.48 |
Merchants Bancorp Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $179.7M | $1.03B | $226.2M | — | — | — |
| Loans (Net) | $5.51B | $5.75B | $7.43B | $10.13B | $10.35B | $10.95B |
| Total Assets | $9.65B | $11.28B | $12.62B | $16.95B | $18.81B | $19.45B |
| Deposits | $7.41B | $8.98B | $10.07B | $14.06B | $11.92B | $13.04B |
| Total Long-Term Debt | $1.35B | $1.03B | $930.4M | $10.60B | $4.39B | $3.84B |
| Total Liabilities | $8.83B | $10.12B | $11.16B | $15.25B | $16.56B | $17.17B |
| Shareholders' Equity | $810.6M | $1.16B | $1.46B | $1.70B | $2.24B | $2.28B |
Merchants Bancorp Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$874.9M | -$49.2M | $975.8M | -$356.4M | -$835.3M | -$341.2M |
| Cash From Investing | -$2.53B | -$474.3M | -$2.86B | -$3.26B | -$874.3M | -$195.7M |
| Cash From Financing | $3.08B | $1.38B | $1.08B | $3.97B | $1.60B | $272.5M |
| Free Cash Flow | -$878.5M | -$52.9M | $969.0M | -$363.9M | -$853.7M | -$362.2M |
| Dividends Paid | $23.7M | $31.2M | $38.1M | $48.5M | $51.2M | $59.4M |
Figures from Merchants Bancorp's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Merchants Bancorp financials page for every line item.
Merchants Bancorp Company Profile
| Ticker | MBIN |
|---|---|
| Exchange | Nasdaq |
| Industry | State Commercial Banks |
| Headquarters | Carmel, Indiana |
| Incorporated in | Indiana |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001629019 |
Frequently Asked Questions
What was Merchants Bancorp's revenue in fiscal 2025?
Merchants Bancorp (MBIN) reported revenue of $681.4M for fiscal 2025.
What is Merchants Bancorp's annual revenue history?
Merchants Bancorp's annual revenue by fiscal year: 2020: $351.6M; 2021: $435.3M; 2022: $444.5M; 2023: $562.7M; 2024: $670.7M; 2025: $681.4M.
What was Merchants Bancorp's net income in fiscal 2025?
Merchants Bancorp reported net income of $218.8M for fiscal 2025.
What was Merchants Bancorp's earnings per share (EPS) in fiscal 2025?
Merchants Bancorp's diluted EPS was $3.78 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Merchants Bancorp generate in fiscal 2025?
Merchants Bancorp generated -$362.2M of free cash flow in fiscal 2025.
What was Merchants Bancorp's revenue last quarter?
In its most recent reported quarter (2026 Q2), Merchants Bancorp reported revenue of $182.2M.
How much debt does Merchants Bancorp have?
Merchants Bancorp reported $3.84B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Merchants Bancorp are outstanding?
Merchants Bancorp reported a weighted average of 45.9 million basic shares outstanding in 2026 Q2.
What is Merchants Bancorp's market cap?
Based on its latest closing price, Merchants Bancorp (MBIN) has a market capitalization of about $2.25B.
When does Merchants Bancorp's fiscal year end?
Merchants Bancorp's fiscal year end, as registered with the SEC, is December 31.
Where is Merchants Bancorp headquartered?
Merchants Bancorp lists its business address in Carmel, Indiana in its SEC filings.