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Merchants Bancorp MBIN Pre-Tax Income

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Segments

By segment

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Banking$60.63M+233%
Mortgage Warehousing$39.38M+33.1%
Multi Family Mortgage Banking$13.18M+4.2%

Other financials

Income statement

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Revenue$182.2M+1.7%
Net income$78.3M+106%
EPS (diluted)$1.48+147%

Balance sheet

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Cash & equivalents$314.7M-51.4%
Total debt$4.3B+7.0%
Total equity$2.4B+9.6%
Total assets$21.2B+10.9%

Cash flow

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Operating cash flow-$597.3M-503%
CapEx$2.4M-45.8%
Free cash flow-$598.5M-524%

Valuation

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Market cap$2.48B+75.9%
Enterprise value$6.47B+35.2%
P/E9.3×+3.7×
P/S3.5×+1.4×

Profitability

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Net margin37.6%-0.2pp
FCF margin-155%-376pp

Returns & leverage

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Return on equity11.7%-0.7pp
Debt / equity1.8×0.0×

Where this comes from

Reported directly by Merchants Bancorp in its filing.

Tagged under the XBRL concept us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest.

The source filing: Merchants Bancorp’s 10-Q, filed August 7, 2026.

Filed
Aug 7, 2026, 4:10 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001104659-26-092702
Line itemThree Months Ended / June 30, 2026Three Months Ended / June 30, 2025Six Months Ended / June 30, 2026Six Months Ended / June 30, 2025
Credit risk transfer premium expense6,1004,76711,8648,629
Other expense11,05012,61124,24318,349
Total noninterest expense73,24877,337148,890139,001
Income Before Income Taxes99,78448,835184,090125,333
Provision for income taxes21,48110,85438,05529,113
Net Income$78,303$37,981$146,035$96,220
Dividends on preferred stock(10,266)(10,266)(20,531)(20,531)
Impact of preferred stock redemption(5,371)

Item 1. Interim Financial Statements (Unaudited)

FAQ

What is Merchants Bancorp's pre-tax income?
Merchants Bancorp (MBIN) reported pre-tax income of $99.78M in Q2 2026.
How has Merchants Bancorp's pre-tax income changed year-over-year?
Merchants Bancorp's pre-tax income increased by 104.3% year-over-year, from $48.84M to $99.78M.
What is the long-term trend for Merchants Bancorp's pre-tax income?
Over 4 years (2021 to 2025), Merchants Bancorp's pre-tax income has grown at a -3.6% compound annual growth rate (CAGR), from $304.93M to $263.8M.
What does pre-tax income mean?
Total income from all sources — operating income plus non-operating items like interest income, investment gains, and other income — before the provision for income taxes.

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