Merchants Bancorp (MBIN)

Merchants Bancorp Income Statement

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

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest Income on Loans	1,136	972.37	460.38	306.58	275.04	193.12
Interest Income on Investments	157.36	105.43	20.45	5.31	7.75	18.88
Total Interest Income	1,293	1,078	480.83	311.89	282.79	212
Interest Paid on Deposits	688.41	577.21	149.65	28.26	52.24	84.66
Interest Paid on Borrowings	92.4	52.52	12.64	5.64	6.41	5.04
Total Interest Expense	780.81	629.73	162.28	33.89	58.64	89.7
Net Interest Income	512.32	448.07	318.55	277.99	224.15	122.3
Net Interest Income Growth (YoY)	22.23%	40.66%	14.59%	24.02%	83.28%	35.93%
Mortgage Banking Activities	6.08	7.7	5.39	12.4	20.98	7.15
Gain (Loss) on Sale of Investments	-0.11	-	-	0.19	0.44	0.48
Other Non-Interest Income	60.86	58.78	56.39	33.56	9.47	4.06
Total Non-Interest Income	123.42	114.67	125.94	157.33	127.47	47.09
Non-Interest Income Growth (YoY)	19.60%	-8.95%	-19.96%	23.42%	170.71%	-5.03%
Revenues Before Loan Losses	635.74	562.74	444.49	435.33	351.62	169.39
Provision for Loan Losses	28.34	40.23	17.3	5.01	11.84	3.94
Revenue	607.41	522.51	427.19	430.32	339.78	165.45
Revenue Growth (YoY)	25.90%	22.31%	-0.73%	26.64%	105.37%	22.62%
Salaries and Employee Benefits	122.94	104.16	86.03	83.75	58.01	37.56
Occupancy Expenses	6.42	6.78	6.14	7.37	4.53	2.81
Federal Deposit Insurance	23.72	13.58	3.46	2.69	5.8	2.75
Selling, General & Administrative	28.91	25.68	19.44	11.61	9.11	7.28
Other Non-Interest Expense	31.2	24.4	20.99	19.98	18.97	12.92
Total Non-Interest Expense	213.19	174.6	136.05	125.39	96.42	63.31
EBT Excluding Unusual Items	394.22	347.91	291.14	304.93	243.36	102.13
Pretax Income	394.22	347.91	291.14	304.93	243.36	102.13
Income Tax Expense	92.02	68.67	71.42	77.83	62.82	24.81
Net Income	302.19	279.23	219.72	227.1	180.53	77.33
Preferred Dividends & Other Adjustments	34.67	34.67	25.98	20.87	14.47	9.22
Net Income to Common	267.52	244.56	193.74	206.23	166.06	68.11
Net Income Growth	16.71%	27.09%	-3.25%	25.80%	133.46%	22.99%
Basic Shares Outstanding	44	43	43	43	43	43
Diluted Shares Outstanding	44	43	43	43	43	43
Shares Change (YoY)	2.48%	0.07%	-0.02%	0.37%	0.11%	0.07%
EPS (Basic)	6.05	5.66	4.49	4.78	3.85	1.58
EPS (Diluted)	6.03	5.64	4.47	4.76	3.85	1.58
EPS Growth	16.58%	26.17%	-6.09%	23.64%	143.67%	14.49%
Dividend Per Share	0.350	0.320	0.280	0.240	0.210	0.190
Dividend Growth	12.90%	14.29%	16.67%	14.29%	10.53%	18.75%
Effective Tax Rate	23.34%	19.74%	24.53%	25.52%	25.82%	24.29%

Source: S&P Capital IQ. Banks template. Financial Sources.