Merchants Bancorp (MBIN)

MBIN's stock price has fluctuated over the past six months, with a price of around $32.95 as of October 26, 2025, reflecting a 1.57% increase over six months but a 23.30% decrease over the past year. Key events include a significant drop in Q2 2025 net income due to increased credit loss provisions related to estimated declines in multi-family property values and an ongoing investigation into mortgage fraud. First-quarter 2025 net income also decreased due to market uncertainty delaying origination closings and permanent loan conversions. The company has consistently declared quarterly common and preferred dividends. In May 2024, Merchants Bancorp launched a public offering of common stock for general corporate purposes. There have been reports of insider buying in the months leading up to October 2025.

Demand seasonality for Merchants Bancorp's products and services varies across its segments. The Mortgage Warehousing segment has demonstrated growth through periods of high refinance volume seasonality. Mortgage banking can be seasonal, with increased activity in certain periods. Traditional banking services typically experience more stable demand throughout the year, although economic cycles can influence overall activity.

Merchants Bancorp operates as a diversified bank holding company in the United States, primarily through Merchants Bank of Indiana. The company operates in the Financials sector, specifically within the Banks - Regional industry. Its business is divided into three segments: Multi-family Mortgage Banking, Mortgage Warehousing, and Banking. The Multi-family Mortgage Banking segment focuses on government-sponsored mortgages for multi-family housing and healthcare facilities. The Mortgage Warehousing segment funds agency-eligible residential and commercial loans. The Banking segment offers a range of financial products and services to consumers and businesses.

Merchants Bancorp is headquartered in Carmel, Indiana, with community banking operations mainly in Indiana, including seven branches in the Indianapolis and Richmond markets. Its mortgage banking and warehousing activities serve a national customer base. The company also has a presence in Illinois through Farmers-Merchants Bank of Illinois.

Merchants Bancorp has generally maintained a strong brand reputation, consistently ranking as a top-performing U.S. public bank. Merchants Bank of Indiana has received a "superior" rating from IDC Financial Publishing, Inc. every quarter since 2009 and has been recognized as a "Best Place to Work in Indiana" for seven consecutive years and an Indianapolis Top Workplace in 2023. However, the company's reputation has faced challenges due to the discovery of mortgage fraud, which led to increased credit loss provisions and loan write-downs in Q2 2025.

Merchants Bancorp's ownership is distributed among institutional shareholders, individual insiders, and retail investors. Institutional shareholders hold approximately 33.27% of the company, while insiders own 69.05%. Major institutional owners include Elser Financial Planning, Inc., BlackRock, Inc., Dimensional Fund Advisors LP, Vanguard Group Inc., Macquarie Group Ltd., Royce & Associates LP, and Geode Capital Management, LLC. Key individual insider owners include Jody J. Petrie, Michael F. Petrie, Randall D. Rogers, and Mary H. Rogers. The founding families collectively own approximately 60% of the outstanding shares.