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Merchants Bancorp MBIN Mortgage Warehousing — Noninterest Expense

Other segment segments

Multi Family Mortgage Banking
$30.76M-8.4%
Banking
$19.86M-15.0%

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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:NoninterestExpense.

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
Technology expense2,8932,4465,5724,820
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)

Item 1. Interim Financial Statements (Unaudited)

FAQ

What is Merchants Bancorp's mortgage warehousing — noninterest expense?
Merchants Bancorp (MBIN) reported mortgage warehousing — noninterest expense of $7.64M in Q2 2026.
How has Merchants Bancorp's mortgage warehousing — noninterest expense changed year-over-year?
Merchants Bancorp's mortgage warehousing — noninterest expense decreased by 9.0% year-over-year, from $8.4M to $7.64M.
What is the long-term trend for Merchants Bancorp's mortgage warehousing — noninterest expense?
Over 4 years (2021 to 2025), Merchants Bancorp's mortgage warehousing — noninterest expense has grown at a 28.7% compound annual growth rate (CAGR), from $11.95M to $32.77M.
What does mortgage warehousing — noninterest expense mean?
The aggregate of all operating expenses, including labor and miscellaneous costs, required to run the mortgage warehousing segment. This metric measures the total overhead burden of the business unit. It is essential for calculating the efficiency ratio and assessing the overall cost structure of the segment.

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