Merchants Bancorp (MBIN)

Merchants Bancorp Income Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest Income on Loans	1,071	1,128	972.37	460.38	306.58	275.04
Interest Income on Investments	181.21	174.84	105.43	20.45	5.31	7.75
Total Interest Income	1,252	1,303	1,078	480.83	311.89	282.79
Interest Paid on Deposits	565	660.36	577.21	149.65	28.26	52.24
Interest Paid on Borrowings	168.52	119.74	52.52	12.64	5.64	6.41
Total Interest Expense	733.52	780.1	629.73	162.28	33.89	58.64
Net Interest Income	518.36	522.62	448.07	318.55	277.99	224.15
Net Interest Income Growth (YoY)	4.31%	16.64%	40.66%	14.59%	24.02%	83.28%
Mortgage Banking Activities	6.59	5.54	7.7	5.39	12.4	20.98
Gain (Loss) on Sale of Investments	-	-0.11	-	-	0.19	0.44
Other Non-Interest Income	66.76	80.41	58.78	56.39	33.56	9.47
Total Non-Interest Income	150.06	148.11	114.67	125.94	157.33	127.47
Non-Interest Income Growth (YoY)	5.12%	29.17%	-8.95%	-19.96%	23.43%	170.71%
Revenues Before Loan Losses	668.42	670.73	562.74	444.49	435.33	351.62
Provision for Loan Losses	70.34	24.28	40.23	17.3	5.01	11.84
Revenue	598.08	646.45	522.51	427.19	430.32	339.78
Revenue Growth (YoY)	-2.63%	23.72%	22.31%	-0.73%	26.65%	105.37%
Salaries and Employee Benefits	147.62	125.76	104.16	86.03	83.75	58.01
Occupancy Expenses	6.61	6.3	6.78	6.14	7.37	4.53
Federal Deposit Insurance	29.83	26.16	13.58	3.46	2.69	5.8
Selling, General & Administrative	31.43	31.71	25.68	19.44	11.61	9.11
Other Non-Interest Expense	48.04	33.89	24.4	20.99	19.98	18.97
Total Non-Interest Expense	263.52	223.81	174.6	136.05	125.39	96.42
EBT Excluding Unusual Items	334.56	422.64	347.91	291.14	304.93	243.36
Pretax Income	334.56	422.64	347.91	291.14	304.93	243.36
Income Tax Expense	81.4	102.26	68.67	71.42	77.83	62.82
Net Income	253.16	320.39	279.23	219.72	227.1	180.53
Preferred Dividends & Other Adjustments	44.39	36.73	34.67	25.98	20.87	14.47
Net Income to Common	208.77	283.65	244.56	193.74	206.23	166.06
Net Income Growth	-21.48%	14.74%	27.09%	-3.25%	25.80%	133.46%
Basic Shares Outstanding	46	45	43	43	43	43
Diluted Shares Outstanding	46	45	43	43	43	43
Shares Change (YoY)	5.00%	3.83%	0.07%	-0.02%	0.37%	0.11%
EPS (Basic)	4.56	6.32	5.66	4.49	4.78	3.85
EPS (Diluted)	4.55	6.30	5.64	4.47	4.76	3.85
EPS Growth	-30.59%	11.70%	26.17%	-6.09%	23.64%	143.67%
Dividend Per Share	0.380	0.360	0.320	0.280	0.240	0.210
Dividend Growth	11.77%	12.50%	14.29%	16.67%	14.29%	10.53%
Effective Tax Rate	24.33%	24.19%	19.74%	24.53%	25.52%	25.82%

Updated May 9, 2025. Source: S&P Global Market Intelligence. Banks template. Financial Sources.

SEC Filings: 10-K · 10-Q