Try our mobile app

Switch to company model in classical logic    *

General information

Country: UNITED STATES

Sector: Banks — Regional

Merchants Bancorp operates as the diversified bank holding company in the United States. The company operates through Multi-family Mortgage Banking, Mortgage Warehousing, and Banking segments. The Multi-family Mortgage Banking segment originates and services government sponsored mortgages for multi-family and healthcare facilities. The Mortgage Warehousing segment funds agency eligible residential loans, including origination, purchase, and sale in the secondary market, as well as commercial loans to non-depository financial institutions. The Banking segment offers a range of financial products and services to consumers and businesses, such as various types of deposit products comprising checking, savings, money market, certificates of deposit, and time deposit accounts, as well as other retail banking products; multi-family construction and bridge, commercial real estate, commercial and industrial, residential mortgage, and consumer loan products; and letters of credit, as well as engages in the agricultural lending, small business administration lending, single-family mortgage lending, and correspondent lending and servicing businesses. It operates 16 branches in Indiana, Illinois, Florida, New York, and Minnesota. Merchants Bancorp was founded in 1990 and is headquartered in Carmel, Indiana.
Website: merchantsbankofindiana.com



Growth: Good revenue growth rate 30.5%, there is acceleration compared to average historical growth rates 28.2%. The revenue growth dynamics is unstable

Profitability: LTM net profit margin is positive, +62.3%. On average the margin is improving unsteadily. Gross margin is high, +100.0%.

Cash Flow Generation: Dividend yield for the last twelve months 7.0%.

Undervaluation: Fundamental value created in LTM (estimate)


Entry Point: Share price is 40.3% higher than minimum and 13.1% lower than maximum for the last 3 years

AI Insight: the companies with similar growth trajectories, Net Income margin, industries and geography on average are valued 6.0x by P / Sales multiple , the company can be >100% undervalued

Key Financials (Download financials)

Ticker: MBINP
Share price, USD:  (0.0%)24.98
year average price 23.64  


year start price 21.85 2023-04-28

min close price 17.80 2023-05-04

max close price 25.44 2024-02-28

current price 24.98 2024-04-26
Common stocks: 43 224 042

Dividend Yield:  7.0%
P / E LTM: 3.9x
P / E annualized: 3.5x
Last revenue growth (y/y):  30.5%
Last growth of Net Income (y/y):  35.1%
Historical revenue growth:  28.2%
Historical growth of Net Income:  27.4%
P / Sales: 2.4x
Margin (Net Income LTM / Revenue): 62.3%
Fundamental value created in LTM:
Market Cap ($m): 1 080
Price to Book: 0.6x

Revenue and Net Income

Quarterly values ($m)

Change (y/y)

Share price and dividends (Download history)

Share price

Payment USD per share

Multiple and potential

EV / Sales

Potential dynamics

More information for subscribed users:
detailed calculation of
Fundamental value created in LTM

Financial reporting

Income Statement

Property 2023 q4 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3
date 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30
symbol MBINP MBINP MBINP MBINP MBINP MBINP
reportedCurrency USD USD USD USD USD USD
cik 2M 2M 2M 2M 2M 2M
fillingDate 2024-03-12 2023-10-26 2023-08-09 2023-05-10 2023-03-16 2022-11-08
acceptedDate 2024-03-12 17:27:15 2023-10-26 16:05:29 2023-08-09 16:06:19 2023-05-10 16:06:04 2023-03-16 16:01:54 2022-11-08 16:10:05
calendarYear 2023.000 2023.000 2023.000 2023.000 2022.000 2022.000
period Q4 Q3 Q2 Q1 Q4 Q3
revenue 346M 149M 113M 114M 117M 134M
costOfRevenue 0 0 0 0 0 0
grossProfit 346M 149M 113M 114M 117M 134M
grossProfitRatio 1.000 1.000 1.000 1.000 1.000 1.000
researchAndDevelopmentExpenses 0 0 0 0 0 0
generalAndAdministrativeExpenses 37M 4M 5M 24M 24M 2M
sellingAndMarketingExpenses 0 29M 28M 0 0 0
sellingGeneralAndAdministrativeExpenses 37M 33M 33M 24M 24M 2M
otherExpenses -17M -14M 0 0 0 0
operatingExpenses 17M 43M 44M 2M 4M 2M
costAndExpenses 247M 43M 44M 2M 4M 2M
interestIncome 312M 297M 258M 211M 181M 134M
interestExpense 15M 179M 152M 111M 86M 49M
depreciationAndAmortization 733 000 -4M 699 000 686 000 653 000 628 000
ebitda 733 000 107M 69M 184M 162M 127M
ebitdaratio 0.002 0.713 0.607 1.611 1.377 0.945
operatingIncome 329M 110M 72M 183M 161M 126M
operatingIncomeRatio 0.951 0.737 0.641 1.605 1.372 0.940
totalOtherIncomeExpensesNet 99M -4M -4M -110M -86M -49M
incomeBeforeTax 99M 107M 69M 73M 75M 77M
incomeBeforeTaxRatio 0.287 0.713 0.607 0.642 0.638 0.577
incomeTaxExpense 22M 25M 3M 18M 18M 19M
netIncome 77M 82M 65M 55M 57M 58M
netIncomeRatio 0.224 0.545 0.578 0.481 0.487 0.436
eps 1.590 1.680 1.310 1.070 1.330 1.360
epsdiluted 1.580 1.680 1.310 1.070 1.320 1.350
weightedAverageShsOut 43M 43M 43M 43M 43M 43M
weightedAverageShsOutDil 43M 43M 43M 43M 43M 43M
link Link Link Link Link Link Link
finalLink Link Link Link Link Link Link

Balance Sheet Statement

Property 2023 q4 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3
date 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30
symbol MBINP MBINP MBINP MBINP MBINP MBINP
reportedCurrency USD USD USD USD USD USD
cik 2M 2M 2M 2M 2M 2M
fillingDate 2024-03-12 2023-10-26 2023-08-09 2023-05-10 2023-03-16 2022-11-08
acceptedDate 2024-03-12 17:27:15 2023-10-26 16:05:29 2023-08-09 16:06:19 2023-05-10 16:06:04 2023-03-16 16:01:54 2022-11-08 16:10:05
calendarYear 2023.000 2023.000 2023.000 2023.000 2022.000 2022.000
period Q4 Q3 Q2 Q1 Q4 Q3
cashAndCashEquivalents 584M 407M 377M 370M 226M 14M
shortTermInvestments 1 114M 625M 648M 680M 323M 322M
cashAndShortTermInvestments -16M 635M 663M 699M 346M 336M
netReceivables 91M 78M 71M 64M 56M 6 959M
inventory -76M 8 946M 0 0 0 0
otherCurrentAssets 790M 965M 0 0 0 0
totalCurrentAssets 790M 10 624M 10 588M 9 338M 7 829M 7 295M
propertyPlantEquipmentNet 52M 37M 37M 36M 35M 35M
goodwill 16M 16M 16M 16M 16M 16M
intangibleAssets 159M 163M 148M 145M 147M 1M
goodwillAndIntangibleAssets 175M 179M 164M 161M 163M 17M
longTermInvestments 3 977M 2 113M 2 009M 1 981M 1 597M 1 465M
taxAssets 11 878M 0 0 0 0 0
otherNonCurrentAssets 81M -2 276M -2 156M -2 125M -1 743M -1 465M
totalNonCurrentAssets 16 163M 53M 54M 53M 52M 53M
otherAssets 0 5 818M 5 233M 4 850M 4 734M 4 631M
totalAssets 16 953M 16 495M 15 875M 14 241M 12 615M 11 979M
accountPayables 0 0 0 0 0 0
shortTermDebt 822M 82M 0 0 30M 0
taxPayables 0 0 0 0 0 0
deferredRevenue 0 0 0 0 0 0
otherCurrentLiabilities 10 987M 5 210M 0 0 -30M 0
totalCurrentLiabilities 11 809M 5 291M 0 0 30M 0
longTermDebt 145M 1 654M 1 017M 1 234M 930M 97M
deferredRevenueNonCurrent 3 063M 0 0 0 0 0
deferredTaxLiabilitiesNonCurrent 20M 18M 16M 33M 20M 19M
otherNonCurrentLiabilities 215M -1 654M -1 017M -1 234M -930M 0
totalNonCurrentLiabilities 3 443M 18M 16M 33M 20M 19M
otherLiabilities 0 -5 291M 0 0 11 106M 10 547M
capitalLeaseObligations 9M 11M 0 0 0 0
totalLiabilities 15 251M 18M 16M 33M 11 155M 10 566M
preferredStock 500M 500M 500M 500M 500M 500M
commonStock 140M 140M 139M 138M 138M 137M
retainedEarnings 1 064M 998M 929M 876M 833M 788M
accumulatedOtherComprehensiveIncomeLoss -2M -5M -7M -8M -11M -12M
othertotalStockholdersEquity 1.000 0 0 0 0 0
totalStockholdersEquity 1 701M 1 633M 1 560M 1 506M 1 460M 1 413M
totalEquity 1 701M 1 633M 1 560M 1 506M 1 460M 1 413M
totalLiabilitiesAndStockholdersEquity 16 953M 16 495M 15 875M 14 241M 12 615M 11 979M
minorityInterest 0 0 0 0 0 0
totalLiabilitiesAndTotalEquity 16 953M 16 495M 15 875M 14 241M 12 615M 11 979M
totalInvestments 3 977M 625M 648M 2 661M 1 920M 1 787M
totalDebt 975M 1 654M 1 017M 1 234M 960M 97M
netDebt 391M 1 247M 640M 864M 734M 83M
link Link Link Link Link Link Link
finalLink Link Link Link Link Link Link

Cash Flow Statement

Property 2023 q4 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3
date 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30
symbol MBINP MBINP MBINP MBINP MBINP MBINP
reportedCurrency USD USD USD USD USD USD
cik 2M 2M 2M 2M 2M 2M
fillingDate 2024-03-12 2023-10-26 2023-08-09 2023-05-10 2023-03-16 2022-11-08
acceptedDate 2024-03-12 17:27:15 2023-10-26 16:05:29 2023-08-09 16:06:19 2023-05-10 16:06:04 2023-03-16 16:01:54 2022-11-08 16:10:05
calendarYear 2023.000 2023.000 2023.000 2023.000 2022.000 2022.000
period Q4 Q3 Q2 Q1 Q4 Q3
netIncome 77M 82M 65M 55M 57M 25M
depreciationAndAmortization 733 000 734 000 699 000 686 000 653 000 628 000
deferredIncomeTax -2M 0 11M 0 5M 0
stockBasedCompensation 4M 0 748 000 0 0 0
changeInWorkingCapital -13M -192M -110M -43M -63M 934M
accountsReceivables 0 0 0 0 0 0
inventory 0 0 0 0 0 0
accountsPayables 0 0 0 0 0 0
otherWorkingCapital -13M -192M 0 0 -63M 0
otherNonCashItems -39M -418M -208M -314M -858M 0
netCashProvidedByOperatingActivities 23M -528M -241M -302M -858M 959M
investmentsInPropertyPlantAndEquipment -4M -516 000 -2M -1M -583 000 -1M
acquisitionsNet 65M -83M -1 298M 0 0 0
purchasesOfInvestments -622M -124M -229M -359M -220M 23 000
salesMaturitiesOfInvestments 285M 201M 292M 17M 135M 12M
otherInvestingActivites 78M -9M 416 000 -776M 273M -1 709M
netCashUsedForInvestingActivites -197M -15M -1 236M -1 120M 187M -1 698M
debtRepayment -690M -26 379M -20 058M -22 185M -19 995M -24 700M
commonStockIssued 0 0 0 0 88 000 137M
commonStockRepurchased 0 0 0 0 0 0
dividendsPaid -12M -12M -12M -12M -12M -9M
otherFinancingActivites 1 054M 26 964M 21 556M 23 762M 20 580M 25 377M
netCashUsedProvidedByFinancingActivities 352M 572M 1 486M 1 565M 573M 805M
effectOfForexChangesOnCash 0 43M -89M 0 0 0
netChangeInCash 177M 30M 8M 143M -98M 66M
cashAtEndOfPeriod 584M 407M 377M 370M 226M 324M
cashAtBeginningOfPeriod 407M 377M 370M 226M 324M 258M
operatingCashFlow 23M -528M -241M -302M -858M 959M
capitalExpenditure -4M -516 000 -2M -1M -583 000 -1M
freeCashFlow 18M -528M -243M -303M -859M 958M
link Link Link Link Link Link Link
finalLink Link Link Link Link Link Link

Earning call transcript

Press-releases

Show financial reports only

2024-02-14 21:05 ET
Merchants Bancorp Increases Quarterly Common Dividend by 13%; Declares Quarterly Common and Preferred Dividends
2023-11-15 21:05 ET
Merchants Bancorp Declares Quarterly Common and Preferred Dividends
2023-08-17 20:05 ET
Merchants Bancorp Declares Quarterly Common and Preferred Dividends
2023-05-18 20:05 ET
Merchants Bancorp Declares Quarterly Common and Preferred Dividends
2023-02-16 21:05 ET
Merchants Bancorp Increases Quarterly Common Dividend by 14%; Declares Quarterly Common and Preferred Dividends
2022-11-16 21:05 ET
Merchants Bancorp Declares Quarterly Common and Preferred Dividends
2022-08-18 20:05 ET
Merchants Bancorp Declares Quarterly Common and Preferred Dividends
2022-05-19 20:05 ET
Merchants Bancorp Declares Quarterly Common and Preferred Dividends
2022-02-17 21:05 ET
Merchants Bancorp Increases Quarterly Common Dividend by 17%; Declares Quarterly Common and Preferred Dividends
2021-11-17 21:05 ET
Merchants Bancorp Announces 3-for-2 Stock Split and Declares Quarterly Common and Preferred Dividends
2021-08-19 20:05 ET
Merchants Bancorp Declares Quarterly Common and Preferred Dividends
2021-05-20 20:05 ET
Merchants Bancorp Declares Quarterly Common and Preferred Dividends
2021-02-18 21:05 ET
Merchants Bancorp Increases Quarterly Common Dividend by 13%; Declares Quarterly Common and Preferred Dividends
2020-11-18 21:05 ET
Merchants Bancorp Declares Quarterly Common and Preferred Dividends
2020-08-20 20:05 ET
Merchants Bancorp Declares Quarterly Common and Preferred Dividends
2019-11-20 21:05 ET
Merchants Bancorp Declares Quarterly Common and Preferred Dividends
2019-08-19 20:05 ET
Merchants Bancorp Declares Quarterly Common and Preferred Dividends

SEC forms

Show financial reports only

SEC form 10
2024-03-12 00:00 ET
Merchants Bancorp reported for 2023 q4
SEC form 8
2024-01-29 00:00 ET
Merchants Bancorp published news for 2023 q4
SEC form 8
2024-01-29 00:00 ET
Merchants Bancorp published news for 2023 q4
SEC form 10
2023-11-09 00:00 ET
Merchants Bancorp reported for 2023 q3
SEC form 10
2023-08-09 00:00 ET
Merchants Bancorp reported for 2023 q2
SEC form 8
2023-07-27 00:00 ET
Merchants Bancorp reported for 2023 q2
SEC form 10
2023-05-10 00:00 ET
Merchants Bancorp reported for 2023 q1
SEC form 8
2023-04-27 00:00 ET
Merchants Bancorp reported for 2023 q1
SEC form 6
2023-03-30 16:05 ET
Merchants Bancorp published news for 2022 q4
SEC form 10
2023-03-16 16:01 ET
Merchants Bancorp reported for 2022 q4
SEC form 10
2023-03-16 00:00 ET
Merchants Bancorp reported for 2022 q4
SEC form 6
2023-03-13 14:14 ET
Merchants Bancorp published news for 2022 q4
SEC form 6
2023-02-16 16:06 ET
Merchants Bancorp published news for 2022 q4
SEC form 6
2023-01-30 16:05 ET
Merchants Bancorp published news for 2022 q4
SEC form 8
2023-01-30 00:00 ET
Merchants Bancorp reported for 2022 q4
SEC form 6
2022-11-16 16:05 ET
Merchants Bancorp published news for 2022 q3
SEC form 10
2022-11-08 16:10 ET
Merchants Bancorp reported for 2022 q3
SEC form 10
2022-11-08 00:00 ET
Merchants Bancorp reported for 2022 q3
SEC form 6
2022-10-27 16:07 ET
Merchants Bancorp published news for 2022 q3
SEC form 8
2022-10-27 00:00 ET
Merchants Bancorp reported for 2022 q3
SEC form 6
2022-09-27 16:38 ET
Merchants Bancorp published news for 2022 q2
SEC form 6
2022-09-23 16:18 ET
Merchants Bancorp published news for 2022 q2
SEC form 6
2022-09-22 16:05 ET
Merchants Bancorp published news for 2022 q2
SEC form 6
2022-08-18 16:06 ET
Merchants Bancorp published news for 2022 q2
SEC form 10
2022-08-08 16:07 ET
Merchants Bancorp reported for 2022 q2
SEC form 10
2022-08-08 00:00 ET
Merchants Bancorp reported for 2022 q2
SEC form 6
2022-07-28 16:08 ET
Merchants Bancorp published news for 2022 q2
SEC form 8
2022-07-28 00:00 ET
Merchants Bancorp reported for 2022 q2
SEC form 6
2022-05-24 16:05 ET
Merchants Bancorp published news for 2022 q1
SEC form 6
2022-05-19 16:31 ET
Merchants Bancorp published news for 2022 q1
SEC form 6
2022-05-19 16:30 ET
Merchants Bancorp published news for 2022 q1
SEC form 6
2022-05-19 16:05 ET
Merchants Bancorp published news for 2022 q1
SEC form 10
2022-05-09 17:09 ET
Merchants Bancorp reported for 2022 q1
SEC form 10
2022-05-09 00:00 ET
Merchants Bancorp reported for 2022 q1
SEC form 6
2022-04-28 16:05 ET
Merchants Bancorp published news for 2022 q1
SEC form 8
2022-04-28 00:00 ET
Merchants Bancorp reported for 2022 q1
SEC form 6
2022-04-08 16:05 ET
Merchants Bancorp published news for 2022 q1
SEC form 6
2022-03-25 17:02 ET
Merchants Bancorp published news for 2021 q4
SEC form 10
2022-03-04 16:02 ET
Merchants Bancorp published news for 2021 q4
SEC form 10
2022-03-04 00:00 ET
Merchants Bancorp published news for 2021 q4
SEC form 6
2022-02-17 16:05 ET
Merchants Bancorp published news for 2021 q4
SEC form 6
2022-01-31 16:05 ET
Merchants Bancorp published news for 2021 q4
SEC form 8
2022-01-31 00:00 ET
Merchants Bancorp published news for 2021 q4
SEC form 6
2021-11-17 16:05 ET
Merchants Bancorp published news for 2021 q3
SEC form 10
2021-11-08 16:06 ET
Merchants Bancorp published news for 2021 q3
SEC form 10
2021-11-08 00:00 ET
Merchants Bancorp published news for 2021 q3
SEC form 6
2021-10-28 16:06 ET
Merchants Bancorp published news for 2021 q3
SEC form 8
2021-10-28 00:00 ET
Merchants Bancorp published news for 2021 q3
SEC form 6
2021-08-19 16:05 ET
Merchants Bancorp published news for 2021 q2
SEC form 10
2021-08-09 16:07 ET
Merchants Bancorp published news for 2021 q2
SEC form 10
2021-08-09 00:00 ET
Merchants Bancorp published news for 2021 q2
SEC form 6
2021-07-28 16:05 ET
Merchants Bancorp published news for 2021 q2
SEC form 8
2021-07-28 00:00 ET
Merchants Bancorp published news for 2021 q2
SEC form 6
2021-05-20 16:05 ET
Merchants Bancorp published news for 2021 q1
SEC form 10
2021-05-10 16:07 ET
Merchants Bancorp published news for 2021 q1
SEC form 6
2021-05-10 16:05 ET
Merchants Bancorp published news for 2021 q1
SEC form 10
2021-05-10 00:00 ET
Merchants Bancorp published news for 2021 q1
SEC form 6
2021-04-28 16:08 ET
Merchants Bancorp published news for 2021 q1
SEC form 8
2021-04-28 00:00 ET
Merchants Bancorp published news for 2021 q1
SEC form 6
2021-04-09 16:05 ET
Merchants Bancorp published news for 2021 q1
SEC form 6
2021-03-23 16:54 ET
Merchants Bancorp published news for 2020 q4
SEC form 6
2021-03-17 17:24 ET
Merchants Bancorp published news for 2020 q4
SEC form 10
2021-03-05 16:02 ET
Merchants Bancorp published news for 2020 q4
SEC form 6
2021-02-18 16:05 ET
Merchants Bancorp published news for 2020 q4
SEC form 6
2021-01-28 16:05 ET
Merchants Bancorp published news for 2020 q4
SEC form 6
2021-01-22 16:05 ET
Merchants Bancorp published news for 2020 q4
SEC form 6
2020-11-18 16:06 ET
Merchants Bancorp published news for 2020 q3
SEC form 10
2020-11-09 16:07 ET
Merchants Bancorp published news for 2020 q3
SEC form 6
2020-10-28 16:05 ET
Merchants Bancorp published news for 2020 q3