Merchants Bancorp (MBIN) Financial Statements (2024 and earlier)
Company Profile
| Business Address |
410 MONON BLVD CARMEL, IN 46032 |
| State of Incorp. | IN |
| Fiscal Year End | December 31 |
| Industry (SIC) | 6022 - State Commercial Banks (benchmarking) |
| More info | Complete Financial Analysis Financial Benchmarking |
Balance Sheet (Statement of Financial Position) ($ in thousands)
| 6/30/2024 MRQ | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | |||
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| Current Assets | |||||||||
| Cash, cash equivalents, and short-term investments | 584,422 | 226,164 | 1,032,614 | 179,728 | 506,709 | 499,943 | |||
| Cash and cash equivalents | 584,422 | 226,164 | 1,032,614 | 179,728 | 506,709 | 336,524 | |||
| Short-term investments | 163,419 | ||||||||
| Receivables | 6,000 | 6,500 | 4,600 | ||||||
| Total current assets: | 584,422 | 232,164 | 1,039,114 | 184,328 | 506,709 | 499,943 | |||
| Noncurrent Assets | |||||||||
| Operating lease, right-of-use asset | 10,060 | 10,969 | ✕ | ||||||
| Property, plant and equipment | 42,342 | 35,438 | 31,212 | 29,761 | 29,274 | 15,136 | |||
| Intangible assets, net (including goodwill) | 16,587 | 17,031 | 17,552 | 18,128 | 19,644 | 21,019 | |||
| Goodwill | 15,845 | 15,845 | 15,845 | 15,845 | 15,845 | 17,477 | |||
| Intangible assets, net (excluding goodwill) | 742 | 1,186 | 1,707 | 2,283 | 3,799 | 3,542 | |||
| Investment, proportional amortization method, elected, amount | 131,400 | 73,000 | 31,500 | 14,900 | 14,900 | 17,200 | |||
| Total noncurrent assets: | 200,389 | 136,438 | 80,264 | 62,789 | 63,818 | 53,355 | |||
| Other undisclosed assets | 16,167,705 | 12,246,625 | 10,159,260 | 9,398,258 | 5,801,401 | 3,330,865 | |||
| TOTAL ASSETS: | 16,952,516 | 12,615,227 | 11,278,638 | 9,645,375 | 6,371,928 | 3,884,163 | |||
| LIABILITIES AND EQUITY | |||||||||
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Noncurrent Liabilities | |||||||||
| Liabilities, other than long-term debt | 61,400 | 36,800 | 24,400 | 9,000 | 1,100 | ||||
| Investment program, proportional amortization method, elected, commitment | 61,400 | 36,800 | 24,400 | 9,000 | 1,100 | ||||
| Total noncurrent liabilities: | 61,400 | 36,800 | 24,400 | 9,000 | 1,100 | ||||
| Other undisclosed liabilities | 15,190,032 | 11,118,688 | 10,098,829 | 8,825,754 | 5,718,200 | 3,461,826 | |||
| Total liabilities: | 15,251,432 | 11,155,488 | 10,123,229 | 8,834,754 | 5,718,200 | 3,462,926 | |||
| Equity | |||||||||
| Equity, attributable to parent, including: | 1,701,084 | 1,459,739 | 1,155,409 | 810,621 | 653,728 | 421,237 | |||
| Preferred stock | 41,581 | ||||||||
| Common stock | 140,365 | 137,781 | 137,565 | 135,857 | 135,640 | 135,057 | |||
| Accumulated other comprehensive income (loss) | (2,488) | (10,521) | (1,454) | 374 | 458 | (310) | |||
| Retained earnings | 1,063,599 | 832,871 | 657,149 | 461,744 | 304,984 | 244,909 | |||
| Other undisclosed equity, attributable to parent | 499,608 | 499,608 | 362,149 | 212,646 | 212,646 | ||||
| Total equity: | 1,701,084 | 1,459,739 | 1,155,409 | 810,621 | 653,728 | 421,237 | |||
| TOTAL LIABILITIES AND EQUITY: | 16,952,516 | 12,615,227 | 11,278,638 | 9,645,375 | 6,371,928 | 3,884,163 | |||
Income Statement (P&L) ($ in thousands)
| 6/30/2024 TTM | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | ||
|---|---|---|---|---|---|---|---|---|
| Revenues | 1,007,897 | 516,123 | 408,556 | 364,204 | 228,795 | 158,723 | ||
| Gain on disposition of assets for financial service operations | 48,183 | 64,150 | 111,376 | 97,019 | 35,887 | |||
| Net investment income | 959,714 | 451,973 | 297,180 | 267,185 | 192,908 | 119,457 | ||
| Financial services revenue | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | 39,266 | |
| Cost of revenue | (40,231) | (17,295) | (4,296) | (13,672) | (10,789) | (2,348) | ||
| Provision for loan, lease, and other losses | (40,231) | (17,295) | ||||||
| Amortization of mortgage servicing rights (msrs) | (4,296) | (13,672) | (10,789) | (2,348) | ||||
| Gross profit: | 967,666 | 498,828 | 404,260 | 350,532 | 218,006 | 156,375 | ||
| Operating expenses | (31,848) | (27,219) | (24,649) | (21,543) | (14,092) | (43,778) | ||
| Operating income: | 935,818 | 471,609 | 379,611 | 328,989 | 203,914 | 112,597 | ||
| Interest and debt expense | (629,727) | (162,282) | (33,892) | (58,644) | (89,697) | (50,592) | ||
| Income from continuing operations before equity method investments, income taxes: | 306,091 | 309,327 | 345,719 | 270,345 | 114,217 | 62,005 | ||
| Other undisclosed income (loss) from continuing operations before income taxes | 41,816 | (18,185) | (40,789) | (26,988) | (12,083) | 22,022 | ||
| Income from continuing operations before income taxes: | 347,907 | 291,142 | 304,930 | 243,357 | 102,134 | 84,027 | ||
| Income tax expense | (68,673) | (71,421) | (77,826) | (62,824) | (24,805) | (21,153) | ||
| Income from continuing operations: | 279,234 | 219,721 | 227,104 | 180,533 | 77,329 | 62,874 | ||
| Income before gain (loss) on sale of properties: | ✕ | ✕ | ✕ | 227,104 | 180,533 | 77,329 | 62,874 | |
| Net income attributable to parent: | 279,234 | 219,721 | 227,104 | 180,533 | 77,329 | 62,874 | ||
| Preferred stock dividends and other adjustments | (34,670) | (25,983) | (20,873) | (14,473) | (9,216) | (3,330) | ||
| Net income available to common stockholders, diluted: | 244,564 | 193,738 | 206,231 | 166,060 | 68,113 | 59,544 | ||
Comprehensive Income ($ in thousands)
| 6/30/2024 TTM | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | ||
|---|---|---|---|---|---|---|---|---|
| Net income: | 279,234 | 219,721 | 227,104 | 180,533 | 77,329 | 62,874 | ||
| Comprehensive income: | 279,234 | 219,721 | 227,104 | 180,533 | 77,329 | 62,874 | ||
| Other undisclosed comprehensive income (loss), net of tax, attributable to parent | 8,033 | (9,067) | (1,828) | (84) | 768 | 939 | ||
| Comprehensive income, net of tax, attributable to parent: | 287,267 | 210,654 | 225,276 | 180,449 | 78,097 | 63,813 | ||
Statements Sources
The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.