Merchants Bancorp Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Interest Income on Loans	1,028	1,128	972.37	460.38	306.58
Interest Income on Investments	172.67	174.84	105.43	20.45	5.31
Total Interest Income	1,201	1,303	1,078	480.83	311.89
Interest Paid on Deposits	521.35	660.36	577.21	149.65	28.26
Interest Paid on Borrowings	162.44	119.74	52.52	12.64	5.64
Total Interest Expense	683.79	780.1	629.73	162.28	33.89
Net Interest Income	517.06	522.62	448.07	318.55	277.99
Net Interest Income Growth (YoY)	-1.06%	16.64%	40.66%	14.59%	24.02%
Mortgage Banking Activities	7.09	5.54	7.7	5.39	12.4
Gain (Loss) on Sale of Investments	-	-0.11	-	-	0.19
Other Non-Interest Income	71.94	80.41	58.78	56.39	33.56
Total Non-Interest Income	164.39	148.11	114.67	125.94	157.33
Non-Interest Income Growth (YoY)	10.99%	29.17%	-8.95%	-19.96%	23.43%
Revenues Before Loan Losses	681.45	670.73	562.74	444.49	435.33
Provision for Loan Losses	117.75	24.28	40.23	17.3	5.01
Revenue	563.69	646.45	522.51	427.19	430.32
Revenue Growth (YoY)	-12.80%	23.72%	22.31%	-0.73%	26.65%
Salaries and Employee Benefits	166.51	125.76	104.16	86.03	83.75
Occupancy Expenses	10.68	6.3	6.78	6.14	7.37
Federal Deposit Insurance	31.8	26.16	13.58	3.46	2.69
Selling, General & Administrative	22.9	31.71	25.68	19.44	11.61
Other Non-Interest Expense	68.01	33.89	24.4	20.99	19.98
Total Non-Interest Expense	299.89	223.81	174.6	136.05	125.39
EBT Excluding Unusual Items	263.8	422.64	347.91	291.14	304.93
Pretax Income	263.8	422.64	347.91	291.14	304.93
Income Tax Expense	45.03	102.26	68.67	71.42	77.83
Net Income	218.77	320.39	279.23	219.72	227.1
Preferred Dividends & Other Adjustments	45.22	36.73	34.67	25.98	20.87
Net Income to Common	173.55	283.65	244.56	193.74	206.23
Net Income Growth	-31.72%	14.74%	27.09%	-3.25%	25.80%
Basic Shares Outstanding	46	45	43	43	43
Diluted Shares Outstanding	46	45	43	43	43
Shares Change (YoY)	2.08%	3.83%	0.07%	-0.02%	0.37%
EPS (Basic)	3.78	6.32	5.66	4.49	4.78
EPS (Diluted)	3.78	6.30	5.64	4.47	4.76
EPS Growth	-40.00%	11.70%	26.17%	-6.09%	23.64%
Dividend Per Share	0.400	0.360	0.320	0.280	0.240
Dividend Growth	11.11%	12.50%	14.29%	16.67%	14.29%
Effective Tax Rate	17.07%	24.19%	19.74%	24.53%	25.52%

Source: S&P Global Market Intelligence. Banks template. Financial Sources.