Merchants Bancorp

MBIN · Nasdaq · Financials · Financials, fiscal 2016 to 2025

MBIN · Last close · November 6, 2026

$51.76

Merchants Bancorp's revenue rose 1.6% to $681 million in fiscal 2025. Net income was $219 million, down 31.7%. Its return on equity was 9.7%, down from 16.2% a year earlier. Its efficiency ratio was 44.0%, up from 33.4% a year earlier. It paid out $59 million in dividends and buybacks. The diluted share count rose 2.1%.

MERCHANTS BANCORP Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0001104659-26-021549 Updated November 7, 2026

Revenue

$681M

1.6%

Net income

$219M

31.7%

Return on equity

9.7%

6.6 pts

Return on tangible equity

7.7%

6.8 pts

Efficiency ratio

44.0%

10.6 pts

Market cap

$2.4B

Nov 6 close

P/E

8.5x

On $6.07 EPS, 4 qtrs

Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Share counts and per-share figures for earlier years are restated for a stock split (1.5-for-1), so every year is on today's share basis.

Charts show fiscal years, from the 10-K filings.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both. Revenue is net of interest expense.

Revenue (left axis)Net income (right axis)

Efficiency ratio and net interest income

Percent of revenue. The efficiency ratio is noninterest expense over revenue.

Efficiency ratioNet interest income share

From fiscal 2016 to 2025, earnings per share grew 16.2% a year and net income 23.3% a year, as new shares raised the share count by 45% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Return on equity

Percent. Net income over average equity; tangible equity excludes goodwill, intangibles and preferred stock.

Return on equityReturn on tangible common equity

Balance sheet

Loans and deposits

US$ billions, at each fiscal year end

Loans, netDeposits

Total assets and shareholders' equity

US$ billions, at each fiscal year end. Assets on the left axis, equity on the right.

Total assets (left axis)Equity (right axis)

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Loans, net	5,751	7,427	10,128	10,354	10,951
Deposits	8,983	10,071	14,062	11,920	13,041
Loans to deposits	64.0%	73.7%	72.0%	86.9%	84.0%
Provision for credit losses	5	17	40	24	118
Provision to average loans	0.1%	0.3%	0.5%	0.2%	1.1%
Total assets	11,279	12,615	16,952	18,806	19,449
Shareholders' equity	1,155	1,460	1,701	2,243	2,281

US$ millions unless stated, at each fiscal year end.

Cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Merchants Bancorp's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them. Every projected figure is yours: it is not a forecast of ours.

Open Merchants Bancorp's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Merchants Bancorp shares on the open market, and 2 insiders sold $5.2 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Jul 30, 2026	Michael F. PetrieChairman and CEO, Director, 10% owner	Sold	9,000	$55.20	$496,800	Form 4
May 6, 2026	Michael F. PetrieChairman and CEO, Director, 10% owner	Sold	8,334	$46.86	$390,531	Form 4
May 5, 2026	Michael F. PetrieChairman and CEO, Director, 10% owner	Sold	30,696	$46.75	$1.4 million	Form 4
Feb 26, 2026	Michael F. PetrieChairman and CEO, Director, 10% owner	Sold	28,871	$32.62	$941,638	Form 4
Feb 25, 2026	Michael F. PetrieChairman and CEO, Director, 10% owner	Sold	377	$20.20	$7,615	Form 4
Feb 18, 2026	Michael F. PetrieChairman and CEO, Director, 10% owner	Sold	1,502	$20.20	$30,340	Form 4
Feb 17, 2026	Michael F. PetrieChairman and CEO, Director, 10% owner	Sold	100	$20.20	$2,020	Form 4
Feb 10, 2026	Martin A SchroeterPresident-Warehouse Lending	Sold	5,500	$46.06	$253,330	Form 4
Feb 10, 2026	Michael F. PetrieChairman and CEO, Director, 10% owner	Sold	4,455	$20.20	$89,991	Form 4
Feb 9, 2026	Michael F. PetrieChairman and CEO, Director, 10% owner	Sold	14,610	$20.20	$295,122	Form 4
Feb 6, 2026	Michael F. PetrieChairman and CEO, Director, 10% owner	Sold	7,149	$20.20	$144,410	Form 4
Feb 5, 2026	Michael F. PetrieChairman and CEO, Director, 10% owner	Sold	2,034	$20.20	$41,087	Form 4

The latest 12 of 31 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Compare

Put Merchants Bancorp side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Net margin	Return on equity	Return on tangible equity	Efficiency ratio	Compare
Merchants Bancorp	FY25	1.6%	32.1%	9.7%	7.7%	44.0%
Bancfirst	FY25	9.4%	34.8%	13.8%	15.5%	55.0%	Compare
NBT Bancorp	FY25	20.8%	24.3%	9.9%	13.5%	63.9%	Compare
Park National	FY25	2.9%	27.1%	13.9%	15.8%	48.8%	Compare
Bancorp	FY25	31.9%	32.4%	30.9%	30.9%	31.7%	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	82	114	140	169	352	435	444	563	671	681
Revenue growth	19.4%	38.6%	22.1%	21.4%	107.6%	23.8%	2.1%	26.6%	19.2%	1.6%
Net interest income	54	67	90	122	224	278	319	448	523	517
Noninterest income	28	48	50	47	128	157	126	115	148	164
Noninterest expense	27	35	51	63	96	125	136	175	224	300
Provision for credit losses	1	2	5	4	12	5	17	40	24	118
Net income	33	55	63	77	180	227	220	279	320	219
Diluted EPS (US$)	0.98	1.52	1.38	1.58	3.85	4.76	4.47	5.64	6.30	3.78
Diluted shares (millions)	32	34	43	43	43	43	43	43	45	46
Payouts
Dividends paid	6	8	10	17	24	31	38	48	51	59
Share buybacks	0	0	0	0	0	0	4	0	0	0
Balance sheet at fiscal year end
Loans, net	936	1,366	2,045	3,012	5,508	5,751	7,427	10,128	10,354	10,951
Deposits	2,429	2,944	3,231	5,478	7,408	8,983	10,071	14,062	11,920	13,041
Total assets	2,718	3,393	3,884	6,372	9,645	11,279	12,615	16,952	18,806	19,449
Shareholders' equity	206	368	421	654	811	1,155	1,460	1,701	2,243	2,281
Ratios
Return on equity	18.7%	19.1%	15.9%	14.4%	24.7%	23.1%	16.8%	17.7%	16.2%	9.7%
Return on tangible common equity	20.0%	21.2%	17.5%	—	—	21.4%	15.0%	15.6%	14.5%	7.7%
Return on assets	1.3%	1.8%	1.7%	1.5%	2.2%	2.2%	1.8%	1.9%	1.8%	1.1%
Efficiency ratio	32.4%	30.3%	36.5%	37.4%	27.4%	28.8%	30.6%	31.0%	33.4%	44.0%

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Merchants Bancorp's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Merchants Bancorp.