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Merchants Bancorp MBIN Banking — Goodwill

Other segment segments

Multi Family Mortgage Banking
$3.79M0.0%
Mortgage Warehousing
$3.7M0.0%

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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:Goodwill.

The source filing: Merchants Bancorp’s 10-K, filed February 27, 2026.

Filed
Feb 27, 2026, 4:07 PM EST
Fiscal year
FY2025
Accession
0001104659-26-021549
Line item2025 / Multi-family2025 / Banking2025 / Warehouse2025 / Total2024 / Multi-family2024 / Banking2024 / Warehouse2024 / Total2023 / Multi-family2023 / Banking2023 / Warehouse2023 / Total
Balance, beginning of period$3,791$522$3,701$8,014$3,791$8,353$3,701$15,845$3,791$8,353$3,701$15,845
Sale of FMBI branches(7,831)(7,831)
Balance, end of period$3,791$522$3,701$8,014$3,791$522$3,701$8,014$3,791$8,353$3,701$15,845

Item 8. Financial Statements and Supplementary Data.

FAQ

What is Merchants Bancorp's banking — goodwill?
Merchants Bancorp (MBIN) reported banking — goodwill of $522K in Q4 2025.
How has Merchants Bancorp's banking — goodwill changed year-over-year?
Merchants Bancorp's banking — goodwill decreased by 0.0% year-over-year, from $522K to $522K.
What does banking — goodwill mean?
This represents the intangible asset created when the banking segment acquires another business for a price higher than the fair market value of its net identifiable assets. It reflects the premium paid for brand reputation, customer lists, and intellectual property within the banking unit.

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