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Merchants Bancorp MBIN Mortgage Warehousing — Income Tax Expense Benefit

Other segment segments

Banking
$13.29M+264%
Multi Family Mortgage Banking
$2.84M-15.8%

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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:IncomeTaxExpenseBenefit.

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
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)
Net Income Allocated to Common Shareholders$68,037$27,715$125,504$70,318

Item 1. Interim Financial Statements (Unaudited)

FAQ

What is Merchants Bancorp's mortgage warehousing — income tax expense benefit?
Merchants Bancorp (MBIN) reported mortgage warehousing — income tax expense benefit of $8.78M in Q2 2026.
How has Merchants Bancorp's mortgage warehousing — income tax expense benefit changed year-over-year?
Merchants Bancorp's mortgage warehousing — income tax expense benefit increased by 32.9% year-over-year, from $6.61M to $8.78M.
What is the long-term trend for Merchants Bancorp's mortgage warehousing — income tax expense benefit?
Over 4 years (2021 to 2025), Merchants Bancorp's mortgage warehousing — income tax expense benefit has grown at a -11.3% compound annual growth rate (CAGR), from $31.5M to $19.49M.
What does mortgage warehousing — income tax expense benefit mean?
This metric represents the total income tax expense or benefit recognized by the mortgage warehousing business segment for the reporting period. It reflects the tax impact on the segment's pre-tax earnings based on applicable statutory rates and tax adjustments. Investors use this to understand the segment's effective tax burden and its contribution to the overall corporate tax profile.

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