Merchants Bancorp

NASDAQ•MBIN

CEO: Mr. Michael F. Petrie CMB

セクター: Financial Services

業種: Banks - Regional

上場日: 2017-10-27

Merchants Bancorp operates as the diversified bank holding company in the United States. It operates through three segments: Multi-family Mortgage Banking, Mortgage Warehousing, and Banking. The Multi-family Mortgage Banking segment engages in the mortgage banking, which originates and services government sponsored mortgages, including bridge financing products to refinance, acquire, or reposition multi-family housing projects, and construction lending for multi-family and healthcare facilities. This segment also offers customized loan products for need-based skilled nursing facilities, such as independent living, assisted living, and memory care; and tax credit equity syndicator service. The Mortgage Warehousing segment funds agency eligible residential loans, as well as commercial loans to non-depository financial institutions. The Banking segment offers a range of financial products and services to consumers and businesses, which includes retail banking, commercial lending, agricultural lending, retail and correspondent residential mortgage banking, and small business administration lending. Merchants Bancorp was founded in 1990 and is headquartered in Carmel, Indiana.

連絡先情報

410 Monon Boulevard, Carmel, IN, 46032, United States

317-569-7420

www.merchantsbancorp.com

時価総額

$2.11B

PER (TTM)

9.3

23.4

配当利回り

0.9%

52週高値

$50.26

52週安値

$28.75

52週レンジ

80%

順位48Top 64.4%

3.3

F-Score

改良版 Piotroski 分析

10年ファンダメンタル

弱い • 3.3 / 9 ポイント

スコアレンジ (0-9)

8-9: 価値が優れている

6-7: 基礎体質が強い

4-5: 全体的に堅調

0-3: パフォーマンスが弱い

データ期間: 2016-2025

財務ダッシュボード

Q1 2026 データ

売上高

$317.11M+0.00%

直近4四半期の推移

EPS

$1.25+0.00%

直近4四半期の推移

フリーCF

-$781.56M+0.00%

直近4四半期の推移

2025 Annual 決算ハイライト

主なハイライト

Asset Growth Milestone Achieved Total assets reached $19.4B, a 3% increase year-over-year, driven by strong warehouse loan funding volume growth of 46% ($66.3B funded).

Net Income Decline Driven by Credit Net income fell 32% to $218.8M, primarily due to a 385% surge in provision for credit losses, totaling $117.8M for the year.

Asset Quality Shows Improvement Criticized loans decreased 27% to $508.2M, and total nonperforming loans fell 29% to $197.8M by year-end 2025.

Core Deposits Strengthen Funding Base Core deposits grew 20% to $11.3B, now representing 87% of total deposits, while reliance on brokered deposits decreased 31%.

リスク要因

NIM Compression Pressure Continues Net interest margin declined 17 basis points to 2.86% due to lower interest rate spreads and shifts in balance sheet mix.

Concentrated Credit Risk Exposure Significant charge-offs ($124.1M) driven by multi-family property value declines and ongoing fraud investigations pose ongoing credit risk.

Rising Operational Expenses Impact Efficiency Efficiency ratio worsened significantly to 44.01% due to higher salaries, credit risk transfer premiums, and nonperforming loan collateral costs.

Regulatory Scrutiny and Compliance Costs As an institution exceeding $10B in assets, the company faces heightened regulatory scrutiny, increasing compliance costs and operational complexity.

見通し

Interest Rate Environment Uncertainty Future NIM performance depends on stabilizing interest rates; MBA forecasts 30-year rates in the 6%-6.5% range for 2026.

Strategic Growth Execution Expected Expect continued growth in multi-family originations and warehouse lending, supported by successful execution of the LIHTC syndication platform.

Capital Levels Remain Strong Capital adequacy ratios remain well above regulatory minimums, supporting ongoing growth and expansion activities as needed.

Anticipated Lower Credit Costs Anticipate lower overall provision for credit losses in 2026 due to resolution of identified impairments, though monitoring remains critical.

同業比較

売上高 (TTM)

WAFD

$1.38B

-8.8%

MBIN

$1.37B

-2.4%

LOB

$1.06B

+12.7%

粗利益率 (最新四半期)

BLX

94.3%

+1.2pp

TCBK

77.8%

+5.9pp

GABC

76.5%

+2.9pp

主要指標

銘柄コード	時価総額	PER (TTM)	ROE (TTM)	負債比率
WAFD	$2.60B	10.5	8.4%	11.3%
FRME	$2.53B	12.3	8.0%	7.8%
MBIN	$2.11B	9.3	10.1%	23.6%

長期トレンド

直近4四半期

売上高

純利益

営業キャッシュフロー

4四半期売上高CAGR

-3.6%

横ばい

4四半期純利益CAGR

21.3%

収益性の大幅な改善

キャッシュフロー安定性

25%

キャッシュフローに注意が必要

深度リサーチ

次回決算:2026年7月23日

EPS:$1.29

売上高:$179.20M

財務データ

決算説明会

財務レポート

ニュース

損益計算書

バランスシート

キャッシュフロー計算書

財務比率

変化率

損益計算書	直近12ヶ月

データなし