MBIN · XBRL financial data
Merchants Bancorp financial statements, every fiscal year
The same tables from 6 filings, lined up. Matched by XBRL tag: renamed lines keep their history.
How these numbers work
- Every number comes from the company's XBRL financial data filed with the SEC, and each one links to its filing.
- Lines are matched by XBRL tag, so a line renamed between filings keeps its history.
- * marks a quarter worked out from the filing totals: the 10-K year minus the first three quarters, or a year-to-date total minus the earlier one. Fourth-quarter earnings per share is fourth-quarter net income over the fourth-quarter weighted shares.
- 0 means a filing states zero; a dash (—) means no filing states that number.
- “year only” means the 10-K gives the full year but not the quarters needed to work out the fourth. A worked-out quarter of revenue, cost of revenue or operating cash flow more than twice the company's largest quarter of the two years before is shown this way too.
- Gross profit is shown as the company reports it; a worked-out quarter must equal revenue less cost of revenue for that quarter, or it is a dash.
- Operating income can be above gross profit when the company books other operating income between the two, shown on its own line.
- Shares outstanding come from each filing's cover page, as of the date printed there.
- Quarters are fiscal: Q2 FY27 is the second quarter of the company's fiscal 2027.
Income statement
CSVFiscal years (MBIN's year ends in late December)
| In millions of dollars | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|---|---|---|---|
| Interest expense | 59 | 34 | 162 | 630 | — | — |
| Income tax expense (benefit) | 63 | 78 | 71 | 69 | 102 | 45 |
| Net income (loss) | 181 | 227 | 220 | 279 | 320 | 219 |
| Earnings per share, basic‡ USD per share | 3.85 | 4.78 | 4.49 | 5.66 | 6.32 | 3.78 |
| Earnings per share, diluted‡ USD per share | 3.85 | 4.76 | 4.47 | 5.64 | 6.30 | 3.78 |
| Weighted average shares, basic‡ millions of shares | 43 | 43 | 43 | 43 | 45 | 46 |
| Weighted average shares, diluted‡ millions of shares | 43 | 43 | 43 | 43 | 45 | 46 |
- ‡ Per-share figures and share counts are adjusted for the 1.5-for-1 stock split (January 2022); filings made before it reported them unadjusted.
Balance sheet
CSVFiscal years (MBIN's year ends in late December)
| In millions of dollars | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 180 | 1,033 | 226 | 584 | 477 | 212 |
| Property and equipment, net | 30 | 31 | 35 | 42 | 59 | 74 |
| Right-of-use asset | — | — | 11 | 10 | 8 | 6 |
| Goodwill | 16 | 16 | 16 | 16 | 8 | 8 |
| Total assets | 9,645 | 11,279 | 12,615 | 16,953 | 18,806 | 19,449 |
| Total deposits | 7,408 | 8,983 | 10,071 | 14,061 | 11,920 | 13,041 |
| Total liabilities | 8,835 | 10,123 | 11,155 | 15,251 | 16,562 | 17,168 |
| Retained earnings | 462 | 657 | 833 | 1,064 | 1,331 | 1,486 |
| Total stockholders' equity | 811 | 1,155 | 1,460 | 1,701 | 2,243 | 2,281 |
| Total liabilities and equity | 9,645 | 11,279 | 12,615 | 16,953 | 18,806 | 19,449 |
| Common shares outstanding (cover page)‡ millions of shares | 43 | 43 | 43 | 43 | 46 | 46 |
- ‡ Per-share figures and share counts are adjusted for the 1.5-for-1 stock split (January 2022); filings made before it reported them unadjusted.
Cash flows
CSVFiscal years (MBIN's year ends in late December)
| In millions of dollars | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|---|---|---|---|
| Net income (loss) | 181 | 227 | 220 | 279 | 320 | 219 |
| Net cash from operating activities | (875) | (49) | 976 | (356) | (835) | (341) |
| Purchases of property and equipment | 4 | 4 | 7 | 8 | 18 | 21 |
| Net cash from investing activities | (2,532) | (474) | (2,863) | (3,260) | (874) | (196) |
| Proceeds from issuing common stock | — | — | — | — | 98 | — |
| Share repurchases | — | — | 4 | — | — | — |
| Dividends paid | 24 | 31 | 38 | 49 | 51 | 59 |
| Net cash from financing activities | 3,080 | 1,376 | 1,081 | 3,975 | 1,602 | 273 |
| Net change in cash | (327) | 853 | (806) | 358 | (108) | (264) |
Compare with peers
SIC 6022 and related industry codes, similar size. Each row is the latest quarter reported.
How peers are chosen
- SIC 6022 and related industry codes with public float (or, where float is missing, quarterly revenue) between 0.2x and 5x the company's.
- Each row is the latest quarter the company has reported, named in the Quarter column; when that filing is a 10-K, it is the fourth quarter, never the full year.
- * marks a quarter worked out from the filing totals: for a 10-Q, the year-to-date total less the earlier one.
- A cell reading “not reported” means the filings give no figure for that quarter alone.
| Company | Cash ($M) | Revenue, quarter ($M) | Operating cash flow, quarter ($M) | Shares outstanding | Quarter |
|---|---|---|---|---|---|
| Merchants Bancorp | 315 | not reported | 213* | 45.9M | 10-QJun 30, 2026 |
| Oceanfirst Financial | 274 | not reported | 36* | 96.6M | 10-QJun 30, 2026 |
| Peoples Bancorp | 301 | 23 | 49* | 36.0M | 10-QSep 30, 2026 |
| Community Trust Bancorp | 514 | not reported | 44* | 18.2M | 10-QJun 30, 2026 |
| Live Oak Bancshares | 1,100 | not reported | 127* | 46.4M | 10-QSep 30, 2026 |
| Origin Bancorp | 547 | not reported | 40* | 30.8M | 10-QJun 30, 2026 |
| Dime Commercial Bancshares | 2,185 | 6.9 | 108* | 43.7M | 10-QSep 30, 2026 |
| First Mid Bancshares | not reported | not reported | 26* | 26.6M | 10-QJun 30, 2026 |
| ConnectOne Bancorp | 313 | not reported | 85* | 50.3M | 10-QSep 30, 2026 |
Not investment advice. Not affiliated with the U.S. SEC.