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Merchants Bancorp MBIN Mortgage Warehousing — Noninterest Income

Other segment segments

Multi Family Mortgage Banking
$42.84M-4.3%
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$2.02M-38.3%

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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:NoninterestIncome.

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
Mortgage warehouse fees1,8572,0393,4773,552
Syndication and asset management fees6,9339,70710,05013,096
Other income11,7389,25424,99512,416
Total noninterest income45,68050,48092,27974,173
Noninterest Expense
Salaries and employee benefits39,34543,56677,91079,985
Loan expense1,1771,1422,3621,940
Occupancy and equipment3,4622,4946,5434,845

Item 1. Interim Financial Statements (Unaudited)

FAQ

What is Merchants Bancorp's mortgage warehousing — noninterest income?
Merchants Bancorp (MBIN) reported mortgage warehousing — noninterest income of $3.77M in Q2 2026.
How has Merchants Bancorp's mortgage warehousing — noninterest income changed year-over-year?
Merchants Bancorp's mortgage warehousing — noninterest income decreased by 44.8% year-over-year, from $6.82M to $3.77M.
What is the long-term trend for Merchants Bancorp's mortgage warehousing — noninterest income?
Over 4 years (2021 to 2025), Merchants Bancorp's mortgage warehousing — noninterest income has grown at a 0.4% compound annual growth rate (CAGR), from $12.4M to $12.6M.
What does mortgage warehousing — noninterest income mean?
Includes all revenue generated by the mortgage warehousing segment that is not derived from interest-bearing assets, such as fees for services, processing, or other administrative charges. This metric highlights the segment's ability to diversify its revenue streams beyond traditional interest spreads. It is an important indicator of the segment's operational versatility and fee-based service capabilities.

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