Merchants Bancorp Balance Sheet

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
Cash & Equivalents	212.2	476.61	584.42	226.16	1,033
Investment Securities	866.58	566.81	552.67	422.13	344.19
Trading Asset Securities	-	480.79	158.23	160.34	570.72
Mortgage-Backed Securities	1,544	2,302	1,941	1,134	34.83
Total Investments	2,410	3,349	2,652	1,717	949.74
Gross Loans	11,655	10,438	10,200	7,471	5,783
Allowance for Loan Losses	-83.3	-84.39	-71.75	-44.01	-31.34
Net Loans	11,571	10,354	10,128	7,427	5,751
Property, Plant & Equipment	73.93	66.95	52.4	46.41	31.21
Goodwill	8.01	8.01	15.85	15.85	15.85
Other Intangible Assets	-	0.06	0.74	1.19	1.71
Loans Held for Sale	3,873	3,772	3,145	2,911	3,303
Accrued Interest Receivable	81.81	83.41	91.35	56.26	24.1
Other Receivables	-	-	-	-	6.5
Other Current Assets	-	-	-	-	3.9
Other Real Estate Owned & Foreclosed	60.15	-	-	-	-
Other Long-Term Assets	930.53	477.98	234.55	176.08	128.91
Total Assets	19,449	18,806	16,953	12,615	11,279
Interest Bearing Deposits	12,437	10,986	13,130	9,558	7,767
Institutional Deposits	-	694.77	411.2	186.4	574
Non-Interest Bearing Deposits	604.08	239.01	520.07	326.88	641.44
Total Deposits	13,041	11,920	14,061	10,071	8,983
Short-Term Borrowings	-	50.49	12.82	74.12	478.29
Current Portion of Long-Term Debt	-	4,166	-	-	-
Current Portion of Leases	-	2.32	-	-	-
Long-Term Debt	3,843	164.09	192.74	-	-
Federal Home Loan Bank Debt, Long-Term	-	6.27	771.39	859.39	556.95
Long-Term Leases	-	6.98	11.25	11.99	-
Long-Term Deferred Tax Liabilities	33.9	25.29	19.92	19.61	19.17
Other Long-Term Liabilities	250.5	221.25	181.85	119.03	86.2
Total Liabilities	17,168	16,562	15,251	11,155	10,123
Preferred Stock, Redeemable	413.83	534.68	362.15	362.15	362.15
Preferred Stock, Non-Redeemable	137.46	137.46	137.46	137.46	-
Total Preferred Equity	551.29	672.14	499.61	499.61	362.15
Common Stock	243.31	240.31	140.37	137.78	137.57
Retained Earnings	1,486	1,331	1,064	832.87	657.15
Comprehensive Income & Other	-0.03	-0.13	-2.49	-10.52	-1.45
Total Common Equity	1,729	1,571	1,201	960.13	793.26
Shareholders' Equity	2,281	2,243	1,701	1,460	1,155
Total Liabilities & Equity	19,449	18,806	16,953	12,615	11,279
Total Debt	3,843	4,396	988.2	945.5	1,035
Net Cash (Debt)	-3,629	-3,437	-242.2	-555.53	573.98
Net Cash Per Share	-78.99	-76.37	-5.59	-12.82	13.25
Filing Date Shares Outstanding	45.89	45.85	43.33	43.23	43.27
Total Common Shares Outstanding	45.89	45.77	43.24	43.11	43.18
Book Value Per Share	37.68	34.33	27.78	22.27	18.37
Tangible Book Value	1,721	1,563	1,185	943.1	775.71
Tangible Book Value Per Share	37.51	34.15	27.40	21.88	17.96

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