Merchants Bancorp (MBIN)

Merchants Bancorp reported its Fourth Quarter 2025 results on January 28, 2026, showing higher net income sequentially and improved asset quality. On the same day, the company announced a stock repurchase program of up to $100 million of common stock. On February 6, 2026, Merchants Bancorp was set to join the S&P SmallCap 600. On February 19, 2026, the company increased its quarterly common dividend by 10% and declared quarterly common and preferred dividends. Chairman and CEO Michael F. Petrie sold a total of 21,759 Series C Depositary Shares on February 6 and February 9, 2026. The stock has delivered strong performance, with a 47.44% return over the past six months and a 32.3% return year-to-date as of February 10, 2026. As of April 12, 2026, the stock has gained +48.4% over the last six months.

Merchants Bancorp experiences demand seasonality in its core deposits. A decrease in total deposits in the fourth quarter of 2025 compared to the third quarter of 2025 primarily reflected expected seasonal fluctuations in core deposits. The nature of mortgage banking and lending can often be influenced by seasonal factors such as housing market activity and interest rate changes.

Merchants Bancorp (Indiana) is a diversified bank holding company based in Carmel, Indiana, operating in the Financials sector, specifically in Commercial & Residential Mortgage Finance and as a Regional Bank. Founded in 1990, it has expanded its operations to include multi-family mortgage banking, mortgage warehousing, and traditional banking services. The company offers financing and servicing for multi-family housing and healthcare facilities, mortgage warehouse financing, and traditional community banking services.

Merchants Bancorp is headquartered in Carmel, Indiana, and aims for a national presence through its mortgage banking services. Merchants Bank of Indiana has 7 domestic locations, all within Indiana. Its subsidiary, Merchants Capital, is expanding its national footprint, including a renewed focus on West Coast operations, and provided over $7 billion in financing in 2025 across the nation.

Merchants Bancorp has been recognized as a top-performing U.S. public bank by S&P Global Market Intelligence and Merchants Bank of Indiana has consistently received a "superior" rating from IDC Financial Publishing, Inc. However, the company's reputation has faced challenges due to events related to mortgage fraud. In July 2025, Merchants Bancorp reported a 50% drop in its second-quarter net income year-over-year due to increased credit loss reserves and the discovery of fraud among some of its multifamily loan customers. A short-seller, NINGI Research, issued a report in October 2024, warning that the bank was not holding the required reserves for potential losses.

Merchants Bancorp's ownership is distributed among institutional shareholders, individual insiders, and the general public. Major institutional owners include Dimensional Fund Advisors LP, The Vanguard Group, Inc., DOMA Perpetual Capital Management, LLC, Nomura Investment Management Business Trust, BlackRock, Inc., and State Street Global Advisors, Inc. Major individual owners include Jody J. Petrie (owning 32.67% of the company), Michael F. Petrie (owning 29.53% of the company), Randall D. Rogers, and Mary H. Rogers. Individual insiders collectively own 54.1% of the shares, while institutions hold 35.3%.