Merchants Bancorp (MBIN) Financials

$32.24 -0.76 (-2.29%)

As of 03:49 PM Eastern

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

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

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

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

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

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

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%

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%

Financials Breakdown Chart

Key Financial Trends

Merchants Bancorp (NASDAQ: MBIN) Financial Summary and Trends (2022-2024)

Merchants Bancorp has demonstrated consistent growth across key financial metrics over the last several years, reflecting steady operations in its core banking business. Here are the main highlights and trends derived from the quarterly financial statements ending Q4 2024:

Net Interest Income Growth: Net interest income rose from approximately $95.4 million in Q4 2022 to $134.6 million in Q4 2024, showing a substantial increase in core income from loans and securities.
Increasing Non-Interest Income: Non-interest income, including service charges and capital gains, increased considerably. For example, total non-interest income was $22.9 million in Q4 2022 and jumped to $59.1 million in Q4 2024, indicating diversification of revenue streams.
Rising Net Income: Net income attributable to common shareholders improved from $48.4 million (Q4 2022) to $84.9 million (Q4 2024), suggesting improved profitability.
Strong Earnings Per Share (EPS) Trajectory: Basic and diluted EPS increased from $1.12 in Q4 2022 to $1.84 in Q4 2024, reflecting improved profitability on a per-share basis along with controlled share count growth.
Deposit Growth and Balance Sheet Expansion: Total assets grew from approximately $15.9 billion in mid-2023 to over $18.65 billion by Q3 2024, with interest-bearing deposits consistently rising, supporting asset growth and lending capacity.
Controlled Expense Growth: While salaries and benefits expense increased, the rise is consistent with overall company growth. Total non-interest expenses increased from about $37 million in Q4 2022 to $63 million in Q4 2024, in line with expanded operations.
Provision for Credit Losses Variability: Provisions fluctuated quarter to quarter but remained relatively modest (~$2.7 million to $10 million), reflecting stable credit quality, though any sudden increase would warrant attention.
Volatile Cash Flows from Operations: Net cash from operating activities turned negative at times (e.g., -$9.97 million in Q4 2024, -$492 million in Q3 2024) due to changes in operating assets and liabilities, but financing activities have often offset cash outflows.
Negative Net Cash From Investing Activities: Significant purchases of investment securities led to net cash outflows from investing activities (e.g., -$435 million in Q4 2024), which could pressure liquidity if not managed prudently.
Fluctuations in Debt Issuance and Repayments: Large swings in debt issuance and repayments (over $50 billion transactions in Q3/Q4 2024) may create uncertainty regarding cost of debt and refinancing risk, though this may be part of normal balance sheet management.

Overall Analysis: Merchants Bancorp’s financial trends over the past two years show improving revenue, profitability, and equity growth, highlighting solid operational execution. The company has enhanced its net interest margin and non-interest income streams while supporting expansion in assets and deposits.

Investors should monitor the provisions for credit losses and large swings in financing activities, which could reflect changing market conditions or strategic shifts. Cash flow volatility, especially from investing and operating activities, warrants attention to liquidity management, though currently the firm appears to balance these with financing inflows.

EPS growth and stable dividends ($0.36 per share quarterly in 2024 compared to starting around $0.27-$0.32 in prior years) support an outlook of improving shareholder returns.

09/19/25 03:49 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Merchants Bancorp's Financials

When does Merchants Bancorp's fiscal year end?

According to the most recent income statement we have on file, Merchants Bancorp's financial year ends in December. Their financial 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. View Merchants Bancorp's forecast to see where analysts expect Merchants Bancorp to go next.

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 9/19/2025 by MarketBeat.com Staff

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Merchants Bancorp (MBIN) Financials

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Merchants Bancorp (MBIN) Financials

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