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Merchants Bancorp (MBIN) Financials

Merchants Bancorp logo
$30.74 +0.67 (+2.23%)
Closing price 08/8/2025 04:00 PM Eastern
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$30.74 0.00 (0.00%)
As of 08/8/2025 04:10 PM Eastern
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Annual Income Statements for Merchants Bancorp

Annual Income Statements for Merchants Bancorp

This table shows Merchants Bancorp's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 28 31 51 60 68 166 206 194 245 284
Consolidated Net Income / (Loss)		 28 33 55 63 77 181 227 220 279 320
Net Income / (Loss) Continuing Operations		 28 33 55 63 77 181 227 220 279 320
Total Pre-Tax Income 		47 55 77 84 102 243 305 291 348 423
Total Revenue		 69 82 114 140 169 352 435 444 563 671
Net Interest Income / (Expense)		 42 54 67 90 122 224 278 319 448 523
Total Interest Income		 56 73 94 141 212 283 312 481 1,078 1,303
Loans and Leases Interest Income		 49 63 80 125 194 277 308 460 972 1,128
Investment Securities Interest Income		 2.36 3.25 4.53 6.45 6.48 3.27 3.35 16 94 157
Other Interest Income		 1.09 2.29 4.43 9.26 11 2.93 0.82 4.04 12 18
Total Interest Expense		 14 19 28 51 90 59 34 162 630 780
Deposits Interest Expense		 7.35 12 20 42 85 52 28 150 577 660
Short-Term Borrowings Interest Expense		 - - - - - - - 8.30 24 85
Long-Term Debt Interest Expense		 6.94 7.31 7.79 8.38 5.04 6.41 5.64 4.34 29 35
Total Non-Interest Income		 27 29 48 50 47 127 157 126 115 148
Other Service Charges		 2.21 3.73 9.89 10 11 30 46 62 66 86
Net Realized & Unrealized Capital Gains on Investments		 25 25 38 39 36 97 111 64 48 62
Provision for Credit Losses		 0.96 0.96 2.47 4.63 3.94 12 5.01 17 40 24
Total Non-Interest Expense		 21 27 35 51 63 96 125 136 175 224
Salaries and Employee Benefits		 12 14 21 32 38 59 86 89 108 131
Net Occupancy & Equipment Expense		 1.95 2.33 2.77 4.33 7.23 8.79 12 13 16 17
Property & Liability Insurance Claims		 1.08 1.15 0.93 1.02 2.75 5.80 2.69 3.46 14 26
Other Operating Expenses		 5.93 8.93 9.47 13 15 23 25 30 37 50
Income Tax Expense		 19 22 22 21 25 63 78 71 69 102
Preferred Stock Dividends Declared		 0.00 2.00 3.33 3.33 9.22 14 21 26 35 37
Basic Earnings per Share		 $1.35 $1.47 $2.28 $2.08 $1.58 $3.85 $4.78 $4.49 $5.66 $6.32
Weighted Average Basic Shares Outstanding		 21.08M 21.11M 22.55M 28.69M 43.06M 43.11M 43.17M 43.16M 43.22M 44.86M
Diluted Earnings per Share		 $1.35 $1.47 $2.28 $2.07 $1.58 $3.85 $4.76 $4.47 $5.64 $6.30
Weighted Average Diluted Shares Outstanding		 21.08M 21.11M 22.57M 28.72M 43.12M 43.17M 43.33M 43.32M 43.35M 45.00M
Weighted Average Basic & Diluted Shares Outstanding		 - 21.20M 22.50M 28.60M 28.74M 28.78M 43.27M 43.23M 43.33M 45.85M
Cash Dividends to Common per Share		 $0.20 $0.20 $0.20 $0.24 $0.28 $0.32 $0.24 $0.28 $0.32 $0.36

Quarterly Income Statements for Merchants Bancorp

This table shows Merchants Bancorp's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 53 48 46 57 73 69 78 67 54 85
Consolidated Net Income / (Loss)		 58 57 55 65 82 77 87 76 61 96
Net Income / (Loss) Continuing Operations		 58 57 55 65 82 77 87 76 61 96
Total Pre-Tax Income 		77 75 73 69 107 99 114 99 81 128
Total Revenue		 115 118 115 135 154 159 168 159 150 194
Net Interest Income / (Expense)		 85 95 101 106 117 124 127 128 133 135
Total Interest Income		 134 181 211 258 297 312 314 328 339 321
Loans and Leases Interest Income		 132 166 192 232 269 279 275 289 294 270
Investment Securities Interest Income		 1.46 13 18 23 24 29 35 35 40 47
Other Interest Income		 1.02 1.80 1.75 2.86 3.35 3.66 4.70 4.95 4.54 3.72
Total Interest Expense		 49 86 111 152 179 187 187 200 206 187
Deposits Interest Expense		 45 81 104 138 163 172 171 180 166 144
Long-Term Debt Interest Expense		 3.73 -3.33 6.16 15 16 -8.35 16 21 40 -42
Total Non-Interest Income		 29 23 14 30 36 34 41 31 17 59
Other Service Charges		 16 12 7.53 19 25 15 32 20 0.01 34
Net Realized & Unrealized Capital Gains on Investments		 13 11 6.73 11 11 19 9.25 11 17 25
Provision for Credit Losses		 2.23 6.41 6.87 23 4.01 6.75 4.73 9.97 6.90 2.69
Total Non-Interest Expense		 35 37 35 44 43 53 49 50 61 63
Salaries and Employee Benefits		 23 22 22 26 27 33 30 28 35 38
Net Occupancy & Equipment Expense		 3.29 3.79 3.81 4.03 3.81 4.09 4.09 4.10 4.30 4.32
Property & Liability Insurance Claims		 0.76 1.28 2.18 3.81 3.57 4.03 5.13 5.58 8.98 6.47
Other Operating Expenses		 7.88 9.75 6.64 11 8.51 11 10 12 13 15
Income Tax Expense		 19 18 18 3.27 25 22 27 23 20 32
Preferred Stock Dividends Declared		 5.73 8.80 8.67 8.67 8.67 8.67 8.67 9.58 7.76 11
Basic Earnings per Share		 $1.22 $1.12 $1.07 $1.31 $1.68 $1.59 $1.81 $1.50 $1.17 $1.84
Weighted Average Basic Shares Outstanding		 43.11M 43.16M 43.18M 43.24M 43.24M 43.22M 43.31M 44.57M 45.76M 44.86M
Diluted Earnings per Share		 $1.22 $1.12 $1.07 $1.31 $1.68 $1.59 $1.80 $1.49 $1.17 $1.84
Weighted Average Diluted Shares Outstanding		 43.26M 43.32M 43.29M 43.31M 43.35M 43.35M 43.47M 44.70M 45.91M 45.00M
Weighted Average Basic & Diluted Shares Outstanding		 43.11M 43.23M 43.23M 43.24M 43.24M 43.33M 43.35M 45.76M 45.76M 45.85M

Annual Cash Flow Statements for Merchants Bancorp

This table details how cash moves in and out of Merchants Bancorp's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 217 -1.10 -86 -23 170 -327 853 -806 358 -108
Net Cash From Operating Activities		 118 -150 -176 204 -1,257 -875 -49 976 -356 -835
Net Cash From Continuing Operating Activities		 118 -150 -176 204 -1,257 -875 -49 976 -356 -835
Net Income / (Loss) Continuing Operations		 28 33 55 63 77 181 227 220 279 320
Consolidated Net Income / (Loss)		 28 33 55 63 77 181 227 220 279 320
Provision For Loan Losses		 0.96 0.96 2.47 4.63 3.94 12 5.01 17 40 24
Depreciation Expense		 0.30 0.28 0.30 0.46 0.85 1.90 2.19 2.49 2.85 3.01
Non-Cash Adjustments to Reconcile Net Income		 110 -150 -245 158 -1,270 -989 -55 336 -683 -839
Changes in Operating Assets and Liabilities, net		 -26 -42 8.98 -24 -80 -81 -229 400 4.00 -344
Net Cash From Investing Activities		 -349 -265 -523 -509 -958 -2,532 -474 -2,863 -3,260 -874
Net Cash From Continuing Investing Activities		 -349 -265 -523 -509 -958 -2,532 -474 -2,863 -3,260 -874
Purchase of Property, Leasehold Improvements and Equipment		 -0.32 -1.20 -0.79 -9.20 -14 -3.62 -3.65 -6.76 -7.53 -18
Purchase of Investment Securities		 -680 -497 -639 -696 -1,637 -3,157 -955 -3,807 -4,018 -1,900
Sale and/or Maturity of Investments		 331 233 117 196 693 628 484 951 765 1,045
Net Cash From Financing Activities		 448 414 613 282 2,385 3,080 1,376 1,081 3,975 1,602
Net Cash From Continuing Financing Activities		 448 414 613 282 2,385 3,080 1,376 1,081 3,975 1,602
Net Change in Deposits		 429 389 515 155 2,247 1,930 1,572 1,089 3,990 -1,912
Issuance of Debt		 299 220 754 1,108 8,924 61,091 31,473 65,782 95,789 166,324
Issuance of Preferred Equity		 10 32 - 0.00 193 0.00 191 137 0.00 223
Issuance of Common Equity		 3.94 - 106 - - - - 0.00 0.00 98
Repayment of Debt		 -289 -220 -755 -971 -8,938 -59,924 -31,788 -65,885 -95,756 -162,903
Repurchase of Preferred Equity		 - - - 0.00 -22 0.00 -42 0.00 0.00 -177
Repurchase of Common Equity		 - - - - - 0.00 0.00 -3.94 0.00 0.00
Payment of Dividends		 -4.22 -6.22 -7.95 -10 -17 -24 -31 -38 -49 -51
Cash Interest Paid		 14 18 27 49 82 69 34 140 610 789
Cash Income Taxes Paid		 19 22 27 17 19 57 79 67 67 80

Quarterly Cash Flow Statements for Merchants Bancorp

This table details how cash moves in and out of Merchants Bancorp's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 66 -98 143 7.72 30 177 -76 32 61 -125
Net Cash From Operating Activities		 959 -858 -302 -241 -550 736 -384 51 -493 -9.98
Net Cash From Continuing Operating Activities		 959 -858 -302 -241 -550 736 -384 51 -493 -9.98
Net Income / (Loss) Continuing Operations		 58 57 55 65 82 77 87 76 61 96
Consolidated Net Income / (Loss)		 58 57 55 65 82 77 87 76 61 96
Provision For Loan Losses		 2.23 6.41 6.87 23 4.01 6.75 4.73 9.97 6.90 2.69
Depreciation Expense		 0.63 0.65 0.69 0.70 0.73 0.73 0.73 0.75 0.78 0.76
Non-Cash Adjustments to Reconcile Net Income		 686 -864 -319 -218 -444 299 -400 -11 -336 -91
Changes in Operating Assets and Liabilities, net		 211 -58 -45 -112 -192 352 -76 -25 -225 -18
Net Cash From Investing Activities		 -1,698 187 -1,120 -1,236 7.46 -911 -695 -317 181 -44
Net Cash From Continuing Investing Activities		 -1,698 187 -1,120 -1,236 7.46 -911 -695 -317 181 -44
Purchase of Property, Leasehold Improvements and Equipment		 -1.07 -0.58 -1.04 -1.90 -0.52 -4.07 -2.31 -5.28 -4.53 -6.28
Purchase of Investment Securities		 -1,709 -736 -1,136 -1,527 -215 -1,139 -794 -503 -235 -369
Sale and/or Maturity of Investments		 12 924 17 292 223 232 101 191 420 331
Net Cash From Financing Activities		 805 573 1,565 1,486 572 352 1,003 298 372 -72
Net Cash From Continuing Financing Activities		 805 573 1,565 1,486 572 352 1,003 298 372 -72
Net Change in Deposits		 2,020 -248 1,274 1,715 -53 1,054 144 941 -2,025 -972
Issuance of Debt		 23,356 20,828 22,489 19,841 27,016 26,443 26,752 20,859 61,373 57,340
Issuance of Preferred Equity		 - 0.09 0.00 - - - 0.00 - - 223
Repayment of Debt		 -24,700 -19,995 -22,185 -20,058 -26,379 -27,133 -25,880 -21,536 -58,964 -56,523
Repurchase of Preferred Equity		 - - - - - - - - 0.00 -125
Payment of Dividends		 -8.75 -12 -12 -12 -12 -12 -13 -12 -12 -15
Cash Interest Paid		 39 76 101 137 177 194 179 193 211 207
Cash Income Taxes Paid		 19 19 0.97 29 20 17 0.78 45 13 21

Annual Balance Sheets for Merchants Bancorp

This table presents Merchants Bancorp's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 2,719 3,393 3,884 6,372 9,645 11,279 12,615 16,953 18,806
Cash and Due from Banks		 446 360 26 14 10 14 22 16 11
Interest Bearing Deposits at Other Banks		 - - 311 493 170 1,019 204 569 466
Trading Account Securities		 - - 1,334 2,661 3,685 4,189 4,511 5,577 6,846
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 7,427 10,128 0.00
Premises and Equipment, Net		 - - 15 29 30 31 35 42 59
Goodwill		 0.52 3.90 17 16 16 16 16 16 8.01
Other Assets		 54 66 132 143 225 257 399 557 11,416
Total Liabilities & Shareholders' Equity		 0.00 0.00 3,884 6,372 9,645 11,279 12,615 16,953 18,806
Total Liabilities		 0.00 0.00 3,463 5,718 8,835 10,123 11,155 15,251 16,562
Non-Interest Bearing Deposits		 - - 183 272 854 641 327 520 239
Interest Bearing Deposits		 - - 3,048 5,206 6,554 8,341 9,744 13,541 11,681
Long-Term Debt		 - - 195 181 1,348 1,034 930 964 4,386
Other Long-Term Liabilities		 - - 36 59 78 107 154 226 256
Commitments & Contingencies		 - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 0.00 0.00 421 654 811 1,155 1,460 1,701 2,243
Total Preferred & Common Equity		 206 367 421 654 811 1,155 1,460 1,701 2,243
Preferred Stock		 - - 42 213 213 362 500 500 672
Total Common Equity		 0.00 0.00 380 441 598 793 960 1,201 1,571
Common Stock		 - - 135 136 136 138 138 140 240
Retained Earnings		 - - 245 305 462 657 833 1,064 1,331
Accumulated Other Comprehensive Income / (Loss)		 - - -0.31 0.46 0.37 -1.45 -11 -2.49 -0.13

Quarterly Balance Sheets for Merchants Bancorp

This table presents Merchants Bancorp's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024
Total Assets		 11,979 14,241 15,875 16,495 17,823 18,212 18,653
Cash and Due from Banks		 14 19 15 11 18 10 12
Interest Bearing Deposits at Other Banks		 310 351 362 397 491 531 590
Trading Account Securities		 4,313 4,840 5,070 5,594 5,886 6,004 6,951
Loans and Leases, Net of Allowance		 0.00 0.00 9,854 9,911 10,691 10,933 10,262
Premises and Equipment, Net		 35 36 37 37 42 47 53
Goodwill		 16 16 16 16 8.01 8.01 8.01
Other Assets		 7,289 8,979 519 530 687 680 593
Total Liabilities & Shareholders' Equity		 11,979 14,241 15,875 16,495 17,823 18,212 18,653
Total Liabilities		 10,566 12,735 14,315 14,863 16,046 16,324 16,714
Non-Interest Bearing Deposits		 316 314 349 288 320 383 311
Interest Bearing Deposits		 10,004 11,031 12,710 12,719 13,656 14,534 12,581
Long-Term Debt		 97 1,234 1,017 1,654 1,836 1,159 3,569
Other Long-Term Liabilities		 149 156 238 201 234 248 253
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,413 1,506 1,560 1,633 1,776 1,888 1,939
Total Preferred & Common Equity		 1,413 1,506 1,560 1,633 1,776 1,888 1,939
Preferred Stock		 500 500 500 500 500 449 449
Total Common Equity		 913 1,006 1,061 1,133 1,277 1,439 1,490
Common Stock		 137 138 139 140 140 238 239
Retained Earnings		 788 876 929 998 1,138 1,201 1,250
Accumulated Other Comprehensive Income / (Loss)		 -12 -7.73 -7.04 -4.75 -1.17 -0.51 0.10

Annual Metrics And Ratios for Merchants Bancorp

This table displays calculated financial ratios and metrics derived from Merchants Bancorp's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 0.00% 19.42% 38.56% 22.12% 21.38% 107.58% 23.81% 2.10% 26.60% 19.19%
EBITDA Growth		 0.00% 18.66% 27.61% 8.53% 31.02% 115.56% 25.23% -4.39% 19.46% 21.35%
EBIT Growth		 0.00% 16.14% 40.82% 8.90% 21.55% 138.27% 25.30% -4.52% 19.50% 21.48%
NOPAT Growth		 0.00% 16.71% 65.07% 14.98% 22.99% 133.46% 25.80% -3.25% 27.09% 14.74%
Net Income Growth		 0.00% 16.71% 65.07% 14.98% 22.99% 133.46% 25.80% -3.25% 27.09% 14.74%
EPS Growth		 0.00% 8.89% 55.10% -9.21% 22.99% 133.46% 25.80% -6.09% 26.17% 11.70%
Operating Cash Flow Growth		 0.00% -226.57% -17.44% 216.17% -715.17% 30.40% 94.37% 2,082.64% -136.53% -134.36%
Free Cash Flow Firm Growth		 0.00% 0.00% 76.91% 558.00% -104.97% -709.91% 117.20% -90.36% -78.08% -87,818.70%
Invested Capital Growth		 0.00% 0.00% 24.82% -81.83% 35.43% 158.50% 1.41% 9.17% 11.51% 148.74%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 3.76% -3.70% 20.46% 5.04% 1.22% 7.73% 5.50%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% 2.40% -7.67% 20.41% 2.16% 0.74% 7.56% 7.16%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% -0.64% -8.55% 29.07% 2.14% 0.72% 7.60% 7.21%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% -7.24% 23.35% 12.09% 2.56% 0.90% 7.85% 6.02%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% -7.24% 23.35% 12.09% 2.56% 0.90% 7.85% 6.02%
EPS Q/Q Growth		 0.00% 0.00% 0.00% -11.91% 23.35% 12.09% 2.56% -1.11% 8.88% 7.69%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% -157.61% 298.81% 19.64% -9.17% 9.69% -55.09% 81.73% -838.84%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 43.94% 19.79% -70.99% -96.98% 100.27% -89.90%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 29.93% 5.84% -9.11% 14.09% 58.30% -18.91% 20.36%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 76.51% 76.02% 70.02% 62.22% 67.17% 69.75% 70.55% 66.06% 62.33% 63.46%
EBIT Margin		 68.32% 66.44% 67.52% 60.21% 60.30% 69.21% 70.05% 65.50% 61.82% 63.01%
Profit (Net Income) Margin		 41.10% 40.17% 47.85% 45.05% 45.65% 51.34% 52.17% 49.43% 49.62% 47.77%
Tax Burden Percent		 60.16% 60.46% 70.87% 74.83% 75.71% 74.18% 74.48% 75.47% 80.26% 75.81%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 39.84% 39.54% 29.13% 25.17% 24.29% 25.82% 25.52% 24.53% 19.74% 24.19%
Return on Invested Capital (ROIC)		 0.00% 2.44% 1.79% 3.14% 10.65% 12.06% 10.45% 9.60% 11.05% 6.89%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 2.44% 1.79% 3.14% 10.65% 12.06% 10.45% 9.60% 11.05% 6.89%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 26.72% 3.73% 12.60% 12.66% 7.21% 6.62% 9.35%
Return on Equity (ROE)		 0.00% 0.00% 0.00% 29.85% 14.39% 24.66% 23.10% 16.80% 17.67% 16.25%
Cash Return on Invested Capital (CROIC)		 0.00% -197.56% -20.29% 141.62% -19.44% -76.36% 9.04% 0.83% 0.16% -78.41%
Operating Return on Assets (OROA)		 0.00% 2.02% 2.53% 2.31% 1.99% 3.04% 2.91% 2.44% 2.35% 2.36%
Return on Assets (ROA)		 0.00% 1.22% 1.79% 1.73% 1.51% 2.25% 2.17% 1.84% 1.89% 1.79%
Return on Common Equity (ROCE)		 0.00% 0.00% 0.00% 26.91% 10.98% 17.50% 16.35% 11.27% 12.08% 11.42%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 16.06% 14.88% 14.93% 11.83% 22.27% 19.66% 15.05% 16.42% 14.28%
Net Operating Profit after Tax (NOPAT)		 28 33 55 63 77 181 227 220 279 320
NOPAT Margin		 41.10% 40.17% 47.85% 45.05% 45.65% 51.34% 52.17% 49.43% 49.62% 47.77%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 20.14% 20.18% 21.22% 26.21% 26.76% 19.34% 22.35% 23.07% 22.02% 22.00%
Operating Expenses to Revenue		 30.29% 32.40% 30.32% 36.47% 37.38% 27.42% 28.80% 30.61% 31.03% 33.37%
Earnings before Interest and Taxes (EBIT)		 47 55 77 84 102 243 305 291 348 423
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 53 63 80 87 114 245 307 294 351 426
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 1.41 1.22 1.28 1.67 1.07 1.52 1.06
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 1.49 1.27 1.32 1.71 1.09 1.54 1.07
Price to Revenue (P/Rev)		 0.00 0.00 4.57 3.84 3.17 2.18 3.05 2.31 3.24 2.49
Price to Earnings (P/E)		 0.00 0.00 10.17 8.99 7.89 4.62 6.43 5.31 7.46 5.88
Dividend Yield		 0.00% 0.00% 0.27% 1.29% 1.50% 1.20% 0.78% 1.17% 0.76% 0.99%
Earnings Yield		 0.00% 0.00% 9.83% 11.12% 12.68% 21.66% 15.54% 18.85% 13.40% 17.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.05 0.71 0.51 0.99 0.77 0.93 1.01 0.94
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 1.43 3.12 2.51 6.11 3.88 5.02 4.81 9.32
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 2.04 5.02 3.73 8.76 5.50 7.60 7.71 14.68
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 2.11 5.19 4.16 8.83 5.54 7.67 7.77 14.79
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 2.98 6.93 5.49 11.90 7.44 10.16 9.68 19.51
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 2.13 0.00 0.00 0.00 2.29 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.15 0.00 0.00 8.60 117.75 651.01 0.00
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.46 0.28 1.66 0.89 0.64 0.57 1.96
Long-Term Debt to Equity		 0.00 0.00 0.00 0.46 0.28 1.66 0.89 0.64 0.57 1.96
Financial Leverage		 0.00 0.00 0.00 8.52 0.35 1.04 1.21 0.75 0.60 1.36
Leverage Ratio		 0.00 0.00 0.00 17.28 9.54 10.94 10.64 9.14 9.35 9.07
Compound Leverage Factor		 0.00 0.00 0.00 17.28 9.54 10.94 10.64 9.14 9.35 9.07
Debt to Total Capital		 0.00% 0.00% 0.00% 31.69% 21.72% 62.45% 47.23% 38.93% 36.17% 66.16%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 31.69% 21.72% 62.45% 47.23% 38.93% 36.17% 66.16%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 6.74% 25.46% 9.85% 16.54% 20.90% 18.75% 10.14%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 0.00% 0.00% 61.56% 52.81% 27.70% 36.23% 40.17% 45.08% 23.70%
Debt to EBITDA		 0.00 0.00 0.00 2.25 1.59 5.50 3.37 3.17 2.75 10.30
Net Debt to EBITDA		 0.00 0.00 0.00 -1.62 -2.86 4.76 0.00 2.40 1.08 9.18
Long-Term Debt to EBITDA		 0.00 0.00 0.00 2.25 1.59 5.50 3.37 3.17 2.75 10.30
Debt to NOPAT		 0.00 0.00 0.00 3.11 2.35 7.47 4.55 4.23 3.45 13.69
Net Debt to NOPAT		 0.00 0.00 0.00 -2.24 -4.21 6.47 0.01 3.21 1.36 12.20
Long-Term Debt to NOPAT		 0.00 0.00 0.00 3.11 2.35 7.47 4.55 4.23 3.45 13.69
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 9.87% 23.65% 29.04% 29.24% 32.95% 31.61% 29.71%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -2,685 -620 2,839 -141 -1,143 197 19 4.15 -3,644
Operating Cash Flow to CapEx		 36,747.83% -12,439.45% -22,320.56% 2,222.24% -8,989.51% -24,148.16% -1,350.23% 14,432.39% -4,734.35% -4,541.78%
Free Cash Flow to Firm to Interest Expense		 0.00 -141.57 -22.31 56.12 -1.57 -19.49 5.80 0.12 0.01 -4.67
Operating Cash Flow to Interest Expense		 8.28 -7.90 -6.33 4.04 -14.01 -14.92 -1.45 6.01 -0.57 -1.07
Operating Cash Flow Less CapEx to Interest Expense		 8.26 -7.96 -6.36 3.86 -14.17 -14.98 -1.56 5.97 -0.58 -1.09
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.00 0.03 0.04 0.04 0.03 0.04 0.04 0.04 0.04 0.04
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 7.63 11.91 14.28 13.34 14.47 13.29
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 0.00 2,719 3,393 617 835 2,159 2,189 2,390 2,665 6,629
Invested Capital Turnover		 0.00 0.06 0.04 0.07 0.23 0.23 0.20 0.19 0.22 0.14
Increase / (Decrease) in Invested Capital		 0.00 2,719 675 -2,776 218 1,324 30 201 275 3,964
Enterprise Value (EV)		 0.00 0.00 163 436 425 2,148 1,690 2,232 2,704 6,251
Market Capitalization		 0.00 0.00 522 535 537 767 1,327 1,028 1,825 1,669
Book Value per Share		 $0.00 $0.00 $0.00 $13.23 $15.37 $20.80 $27.56 $22.27 $27.79 $34.33
Tangible Book Value per Share		 $0.00 ($0.02) ($0.14) $12.50 $14.68 $20.17 $26.95 $21.88 $27.42 $34.16
Total Capital		 0.00 0.00 0.00 617 835 2,159 2,189 2,390 2,665 6,629
Total Debt		 0.00 0.00 0.00 195 181 1,348 1,034 930 964 4,386
Total Long-Term Debt		 0.00 0.00 0.00 195 181 1,348 1,034 930 964 4,386
Net Debt		 0.00 -446 -360 -141 -325 1,169 1.34 704 380 3,910
Capital Expenditures (CapEx)		 0.32 1.20 0.79 9.20 14 3.62 3.65 6.76 7.53 18
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 0.00 2,719 3,393 195 181 1,348 1,034 930 964 4,386
Total Depreciation and Amortization (D&A)		 5.66 7.91 2.85 2.81 12 1.90 2.19 2.49 2.85 3.01
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.90 $0.98 $1.52 $1.39 $1.58 $3.85 $4.78 $0.00 $5.66 $6.32
Adjusted Weighted Average Basic Shares Outstanding		 31.61M 31.67M 33.83M 43.04M 43.06M 43.11M 43.17M 0.00 43.22M 44.86M
Adjusted Diluted Earnings per Share		 $0.90 $0.98 $1.52 $1.38 $1.58 $3.85 $4.76 $0.00 $5.64 $6.30
Adjusted Weighted Average Diluted Shares Outstanding		 31.61M 31.67M 33.85M 43.09M 43.12M 43.17M 43.33M 0.00 43.35M 45.00M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 31.80M 43.04M 43.06M 43.10M 43.17M 43.27M 0.00 43.33M 45.85M
Normalized Net Operating Profit after Tax (NOPAT)		 28 33 55 63 77 181 227 220 279 320
Normalized NOPAT Margin		 41.10% 40.17% 47.85% 45.05% 45.65% 51.34% 52.17% 49.43% 49.62% 47.77%
Pre Tax Income Margin		 68.32% 66.44% 67.52% 60.21% 60.30% 69.21% 70.05% 65.50% 61.82% 63.01%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 3.30 2.89 2.78 1.66 1.14 4.15 9.00 1.79 0.55 0.54
NOPAT to Interest Expense		 1.99 1.75 1.97 1.24 0.86 3.08 6.70 1.35 0.44 0.41
EBIT Less CapEx to Interest Expense		 3.28 2.83 2.75 1.48 0.98 4.09 8.89 1.75 0.54 0.52
NOPAT Less CapEx to Interest Expense		 1.96 1.68 1.94 1.06 0.71 3.02 6.59 1.31 0.43 0.39
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 14.88% 18.79% 14.54% 16.25% 22.31% 13.11% 13.75% 17.33% 17.37% 15.97%
Augmented Payout Ratio		 14.88% 18.79% 14.54% 16.25% 22.31% 13.11% 13.75% 19.12% 17.37% 15.97%

Quarterly Metrics And Ratios for Merchants Bancorp

This table displays calculated financial ratios and metrics derived from Merchants Bancorp's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 4.96% 4.76% 14.59% 21.85% 33.98% 34.11% 46.08% 17.69% -2.57% 22.04%
EBITDA Growth		 -1.43% 2.96% 9.75% -4.64% 37.52% 32.65% 55.42% 44.17% -23.45% 28.40%
EBIT Growth		 -1.53% 2.88% 9.70% -4.80% 37.68% 32.82% 55.89% 44.55% -23.66% 28.58%
NOPAT Growth		 -0.03% 3.54% 9.60% 21.08% 39.35% 35.55% 58.41% 16.98% -24.82% 23.48%
Net Income Growth		 -0.03% 3.54% 9.60% 21.08% 39.35% 35.55% 58.41% 16.98% -24.82% 23.48%
EPS Growth		 0.00% -2.61% 4.90% 18.02% 37.70% 41.96% 68.22% 13.74% -30.36% 15.72%
Operating Cash Flow Growth		 245.67% -353.42% -123.27% 42.62% -157.31% 185.81% -27.27% 121.17% 10.38% -101.36%
Free Cash Flow Firm Growth		 -9.17% -681.07% -33.38% 106.03% -462.55% -37.60% -27.58% -349.87% -27.39% -1,857.70%
Invested Capital Growth		 -21.32% 9.17% 32.44% -3.46% 117.69% 11.51% 31.87% 18.25% 67.57% 148.74%
Revenue Q/Q Growth		 3.03% 3.34% -2.90% 17.87% 13.29% 3.44% 5.76% -5.04% -6.21% 29.56%
EBITDA Q/Q Growth		 7.40% -3.20% -2.02% -6.39% 54.88% -6.62% 14.80% -13.17% -17.76% 56.63%
EBIT Q/Q Growth		 7.44% -3.25% -2.08% -6.47% 55.39% -6.67% 14.92% -13.27% -17.93% 57.20%
NOPAT Q/Q Growth		 8.44% -2.28% -3.85% 18.83% 24.81% -4.95% 12.37% -12.25% -19.79% 56.13%
Net Income Q/Q Growth		 8.44% -2.28% -3.85% 18.83% 24.81% -4.95% 12.37% -12.25% -19.79% 56.13%
EPS Q/Q Growth		 9.91% -8.20% -4.46% 22.43% 28.24% -5.36% 13.21% -17.22% -21.48% 57.27%
Operating Cash Flow Q/Q Growth		 327.90% -189.47% 64.86% 19.91% -127.64% 233.95% -153.72% 113.32% -1,063.73% 97.97%
Free Cash Flow Firm Q/Q Growth		 117.88% -130.71% -328.97% 125.58% -1,175.71% 88.34% -297.74% 49.89% -448.41% -79.12%
Invested Capital Q/Q Growth		 -43.44% 58.30% 14.61% -5.92% 27.54% -18.91% 35.54% -15.64% 80.74% 20.36%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 68.10% 63.80% 64.38% 51.13% 69.90% 63.10% 68.49% 62.63% 54.91% 66.39%
EBIT Margin		 67.55% 63.24% 63.78% 50.61% 69.42% 62.64% 68.06% 62.16% 54.39% 66.00%
Profit (Net Income) Margin		 51.05% 48.28% 47.80% 48.19% 53.10% 48.79% 51.84% 47.90% 40.97% 49.37%
Tax Burden Percent		 75.57% 76.33% 74.95% 95.23% 76.49% 77.90% 76.17% 77.07% 75.32% 74.81%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 24.43% 23.67% 25.05% 4.77% 23.51% 22.10% 23.83% 22.93% 24.68% 25.19%
Return on Invested Capital (ROIC)		 13.08% 9.37% 9.13% 8.88% 11.56% 10.86% 10.05% 10.90% 5.92% 7.13%
ROIC Less NNEP Spread (ROIC-NNEP)		 13.08% 9.37% 9.13% 8.88% 11.56% 10.86% 10.05% 10.90% 5.92% 7.13%
Return on Net Nonoperating Assets (RNNOA)		 4.70% 7.04% 7.16% 7.83% 6.65% 6.51% 9.40% 6.88% 8.66% 9.67%
Return on Equity (ROE)		 17.77% 16.41% 16.29% 16.71% 18.21% 17.37% 19.45% 17.77% 14.58% 16.79%
Cash Return on Invested Capital (CROIC)		 36.57% 0.83% -18.57% 12.51% -63.29% 0.16% -17.69% -5.26% -43.64% -78.41%
Operating Return on Assets (OROA)		 2.59% 2.35% 2.45% 1.81% 2.55% 2.38% 2.61% 2.33% 1.97% 2.48%
Return on Assets (ROA)		 1.96% 1.80% 1.84% 1.73% 1.95% 1.86% 1.99% 1.80% 1.48% 1.85%
Return on Common Equity (ROCE)		 11.70% 11.00% 11.08% 11.55% 12.24% 11.88% 13.53% 12.88% 10.71% 11.80%
Return on Equity Simple (ROE_SIMPLE)		 15.42% 0.00% 14.91% 15.12% 15.86% 0.00% 17.53% 17.08% 15.58% 0.00%
Net Operating Profit after Tax (NOPAT)		 58 57 55 65 82 77 87 76 61 96
NOPAT Margin		 51.05% 48.28% 47.80% 48.19% 53.10% 48.79% 51.84% 47.90% 40.97% 49.37%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 22.97% 22.03% 22.58% 21.96% 20.10% 23.53% 20.06% 20.36% 26.42% 21.60%
Operating Expenses to Revenue		 30.51% 31.34% 30.25% 32.71% 27.97% 33.11% 29.13% 31.59% 41.00% 32.62%
Earnings before Interest and Taxes (EBIT)		 77 75 73 69 107 99 114 99 81 128
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 78 76 74 69 107 100 115 100 82 129
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 1.07 1.07 1.11 1.03 1.05 1.52 1.46 1.22 1.38 1.06
Price to Tangible Book Value (P/TBV)		 1.09 1.09 1.12 1.05 1.06 1.54 1.47 1.23 1.39 1.07
Price to Revenue (P/Rev)		 2.22 2.31 2.42 2.27 2.28 3.24 3.03 2.75 3.24 2.49
Price to Earnings (P/E)		 5.01 5.31 5.69 5.37 5.30 7.46 6.75 6.13 7.69 5.88
Dividend Yield		 1.19% 1.17% 1.13% 1.18% 1.13% 0.76% 0.77% 0.84% 0.78% 0.99%
Earnings Yield		 19.95% 18.85% 17.59% 18.62% 18.86% 13.40% 14.82% 16.32% 13.00% 17.00%
Enterprise Value to Invested Capital (EV/IC)		 0.83 0.93 0.90 0.87 0.89 1.01 1.02 0.93 0.99 0.94
Enterprise Value to Revenue (EV/Rev)		 2.85 5.02 5.39 4.62 5.62 4.81 6.00 4.42 8.61 9.32
Enterprise Value to EBITDA (EV/EBITDA)		 4.29 7.60 8.25 7.53 9.00 7.71 9.43 6.69 13.78 14.68
Enterprise Value to EBIT (EV/EBIT)		 4.32 7.67 8.32 7.60 9.08 7.77 9.50 6.74 13.88 14.79
Enterprise Value to NOPAT (EV/NOPAT)		 5.74 10.16 11.03 9.47 11.34 9.68 11.86 8.76 18.11 19.51
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.58 2.29 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 1.99 117.75 0.00 6.81 0.00 651.01 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.07 0.64 0.82 0.65 1.01 0.57 1.03 0.61 1.84 1.96
Long-Term Debt to Equity		 0.07 0.64 0.82 0.65 1.01 0.57 1.03 0.61 1.84 1.96
Financial Leverage		 0.36 0.75 0.78 0.88 0.58 0.60 0.94 0.63 1.46 1.36
Leverage Ratio		 9.09 9.14 8.87 9.67 9.35 9.35 9.77 9.88 9.84 9.07
Compound Leverage Factor		 9.09 9.14 8.87 9.67 9.35 9.35 9.77 9.88 9.84 9.07
Debt to Total Capital		 6.44% 38.93% 45.04% 39.46% 50.32% 36.17% 50.82% 38.04% 64.79% 66.16%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 6.44% 38.93% 45.04% 39.46% 50.32% 36.17% 50.82% 38.04% 64.79% 66.16%
Preferred Equity to Total Capital		 33.08% 20.90% 18.24% 19.39% 15.20% 18.75% 13.83% 14.75% 8.16% 10.14%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 60.47% 40.17% 36.73% 41.16% 34.47% 45.08% 35.35% 47.21% 27.05% 23.70%
Debt to EBITDA		 0.33 3.17 4.11 3.43 5.07 2.75 4.69 2.74 8.98 10.30
Net Debt to EBITDA		 -0.78 2.40 2.88 2.15 3.82 1.08 3.39 1.46 7.47 9.18
Long-Term Debt to EBITDA		 0.33 3.17 4.11 3.43 5.07 2.75 4.69 2.74 8.98 10.30
Debt to NOPAT		 0.45 4.23 5.49 4.31 6.39 3.45 5.90 3.60 11.81 13.69
Net Debt to NOPAT		 -1.04 3.21 3.85 2.71 4.82 1.36 4.26 1.92 9.82 12.20
Long-Term Debt to NOPAT		 0.45 4.23 5.49 4.31 6.39 3.45 5.90 3.60 11.81 13.69
Noncontrolling Interest Sharing Ratio		 34.16% 32.95% 31.99% 30.90% 32.81% 31.61% 30.44% 27.52% 26.57% 29.71%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 468 -144 -616 158 -1,695 -198 -786 -394 -2,160 -3,869
Operating Cash Flow to CapEx		 90,060.19% -147,194.17% -28,965.71% -12,696.48% -106,533.72% 18,096.14% -16,642.32% 967.43% -10,884.84% -159.00%
Free Cash Flow to Firm to Interest Expense		 9.60 -1.67 -5.57 1.03 -9.46 -1.05 -4.20 -1.97 -10.48 -20.72
Operating Cash Flow to Interest Expense		 19.68 -9.98 -2.73 -1.58 -3.07 3.93 -2.05 0.26 -2.39 -0.05
Operating Cash Flow Less CapEx to Interest Expense		 19.66 -9.98 -2.74 -1.60 -3.07 3.91 -2.06 0.23 -2.41 -0.09
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04
Fixed Asset Turnover		 13.12 13.34 13.05 13.42 14.47 14.47 15.74 15.27 14.14 13.29
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 1,510 2,390 2,739 2,577 3,287 2,665 3,612 3,047 5,508 6,629
Invested Capital Turnover		 0.26 0.19 0.19 0.18 0.22 0.22 0.19 0.23 0.14 0.14
Increase / (Decrease) in Invested Capital		 -409 201 671 -92 1,777 275 873 470 2,221 3,964
Enterprise Value (EV)		 1,249 2,232 2,476 2,235 2,935 2,704 3,694 2,825 5,473 6,251
Market Capitalization		 977 1,028 1,112 1,096 1,188 1,825 1,867 1,758 2,057 1,669
Book Value per Share		 $21.18 $22.27 $23.27 $24.53 $26.21 $27.79 $29.47 $33.19 $32.56 $34.33
Tangible Book Value per Share		 $20.78 $21.88 $22.88 $24.15 $25.82 $27.42 $29.28 $33.00 $32.38 $34.16
Total Capital		 1,510 2,390 2,739 2,577 3,287 2,665 3,612 3,047 5,508 6,629
Total Debt		 97 930 1,234 1,017 1,654 964 1,836 1,159 3,569 4,386
Total Long-Term Debt		 97 930 1,234 1,017 1,654 964 1,836 1,159 3,569 4,386
Net Debt		 -227 704 864 640 1,247 380 1,327 618 2,967 3,910
Capital Expenditures (CapEx)		 1.07 0.58 1.04 1.90 0.52 4.07 2.31 5.28 4.53 6.28
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 97 930 1,234 1,017 1,654 964 1,836 1,159 3,569 4,386
Total Depreciation and Amortization (D&A)		 0.63 0.65 0.69 0.70 0.73 0.73 0.73 0.75 0.78 0.76
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.22 $1.12 $1.07 $1.31 $1.68 $1.59 $1.81 $1.50 $1.17 $1.84
Adjusted Weighted Average Basic Shares Outstanding		 43.11M 43.16M 43.18M 43.24M 43.24M 43.22M 43.31M 44.57M 45.76M 44.86M
Adjusted Diluted Earnings per Share		 $1.22 $1.12 $1.07 $1.31 $1.68 $1.59 $1.80 $1.49 $1.17 $1.84
Adjusted Weighted Average Diluted Shares Outstanding		 43.26M 43.32M 43.29M 43.31M 43.35M 43.35M 43.47M 44.70M 45.91M 45.00M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $1.12 $0.00 $0.00 $0.00 $1.59 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 43.11M 43.23M 43.23M 43.24M 43.24M 43.33M 43.35M 45.76M 45.76M 45.85M
Normalized Net Operating Profit after Tax (NOPAT)		 58 57 55 65 82 77 87 76 61 96
Normalized NOPAT Margin		 51.05% 48.28% 47.80% 48.19% 53.10% 48.79% 51.84% 47.90% 40.97% 49.37%
Pre Tax Income Margin		 67.55% 63.24% 63.78% 50.61% 69.42% 62.64% 68.06% 62.16% 54.39% 66.00%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 1.59 0.87 0.66 0.45 0.59 0.53 0.61 0.50 0.39 0.68
NOPAT to Interest Expense		 1.20 0.66 0.50 0.43 0.45 0.41 0.47 0.38 0.30 0.51
EBIT Less CapEx to Interest Expense		 1.57 0.86 0.65 0.44 0.59 0.51 0.60 0.47 0.37 0.65
NOPAT Less CapEx to Interest Expense		 1.18 0.66 0.49 0.42 0.45 0.39 0.45 0.36 0.28 0.48
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 15.88% 17.33% 18.45% 19.00% 18.61% 17.37% 15.72% 15.10% 16.03% 15.97%
Augmented Payout Ratio		 17.68% 19.12% 18.45% 19.00% 18.61% 17.37% 15.72% 15.10% 16.03% 15.97%

Key Financial Trends

Merchants Bancorp (NASDAQ: MBIN) has shown a generally strong financial performance over the past four years, with key trends evident in its income statements, balance sheets, and cash flow statements through 2022 to the end of 2024.

Positive Trends:

  • Consistent Increase in Net Interest Income: Over recent quarters, net interest income has steadily increased, reaching $134.6 million in Q4 2024 compared to $95.4 million in Q4 2022, demonstrating strong core earnings from lending activities.
  • Growth in Net Income Attributable to Common Shareholders: Net income to common shareholders rose to $84.9 million in Q4 2024 from $48.4 million in Q4 2022, with earnings per share also increasing from $1.12 to $1.84, indicating improving profitability.
  • Total Assets Growth: Total assets grew from approximately $11.98 billion in Q3 2022 to $18.65 billion in Q3 2024, reflecting asset expansion and business growth.
  • Solid Capital Position: Total equity increased over time, reaching $1.94 billion by Q3 2024, providing a strong capital buffer for the bank.
  • Non-Interest Income Increasing: Non-interest income showed improvement, with total non-interest income at $59.1 million in Q4 2024, nearly doubling since Q4 2022, driven by gains and service charges.
  • Robust Dividend Payments: Dividends per share increased slightly and have been consistently paid, with $0.36 per share in Q3 and Q4 2024, signaling confidence in cash flow stability.

Neutral Factors:

  • Volatility in Provision for Credit Losses: The provision fluctuated significantly between quarters ($2.7 million in Q4 2024 vs. higher amounts in prior quarters), which is common but worth monitoring for credit quality.
  • Fluctuating Cash Flow From Operating Activities: Occasionally negative cash flows from operations (e.g., -$9.9 million in Q4 2024) contrast with positive cash flows in other quarters, indicating some variability in working capital management.
  • Issuance and Repayment of Debt: Large-scale issuances and repayments of debt occur every quarter, reflecting active balance sheet management, which can affect liquidity and leverage ratios.

Negative Trends or Risks:

  • Significant Increase in Interest Expense: Interest expense rose to $187 million in Q4 2024 from $86 million in Q4 2022, driven mainly by deposits interest expense, putting pressure on net interest margin.
  • Declining Deposits in Some Quarters: There was a substantial decline in deposits in Q4 2024 (-$972 million) and other quarters, which could affect funding stability if persistent.
  • Investing Activities Show Consistent Cash Outflows: The company has ongoing net cash outflows from investing activities (e.g., -$43.5 million in Q4 2024), reflecting heavy purchases of investment securities that could impact liquidity.
  • Increase in Long-Term Debt Levels: Long-term debt rose significantly, from around $97 million in Q3 2022 to nearly $3.57 billion in Q3 2024, indicating higher leverage and potential future interest burdens.
  • Operating Expenses Rising: Salaries and employee benefits expenses increased from $22.3 million in Q4 2022 to $37.5 million in Q4 2024, which may pressure operating margins if not offset by revenue growth.

Summary: Merchants Bancorp demonstrates solid growth in revenues, net income, and total assets over the analyzed period, along with improved equity and consistent dividend payouts, all positives for shareholders. However, investors should watch rising interest expenses, higher operating costs, substantial long-term debt increases, and variable deposits and operating cash flows. These factors could temper profitability and liquidity if trends continue unfavorably.

08/09/25 06:21 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Merchants Bancorp's Financials

When does Merchants Bancorp's financial year end?

According to the most recent income statement we have on file, Merchants Bancorp's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Merchants Bancorp's net income changed over the last 9 years?

Merchants Bancorp's net income appears to be on an upward trend, with a most recent value of $320.39 million in 2024, rising from $28.38 million in 2015. The previous period was $279.23 million in 2023. See where experts think Merchants Bancorp is headed by visiting Merchants Bancorp's forecast page.

How has Merchants Bancorp's revenue changed over the last 9 years?

Over the last 9 years, Merchants Bancorp's total revenue changed from $69.06 million in 2015 to $670.73 million in 2024, a change of 871.2%.

How much debt does Merchants Bancorp have?

Merchants Bancorp's total liabilities were at $16.56 billion at the end of 2024, a 8.6% increase from 2023, and a 1,656,242,200,000.0% increase since 2016.

How much cash does Merchants Bancorp have?

In the past 8 years, Merchants Bancorp's cash and equivalents has ranged from $10.06 million in 2020 to $445.70 million in 2016, and is currently $10.99 million as of their latest financial filing in 2024.

How has Merchants Bancorp's book value per share changed over the last 9 years?

Over the last 9 years, Merchants Bancorp's book value per share changed from 0.00 in 2015 to 34.33 in 2024, a change of 3,433.2%.


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This page (NASDAQ:MBIN) was last updated on 8/9/2025 by MarketBeat.com Staff
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