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About the company
Merchants Bancorp is a diversified bank holding company. The Company conducts its business primarily through its direct and indirect subsidiaries, Merchants Bank of Indiana, Merchants Capital Corp., Merchants Capital Investments, LLC, Merchants Capital Servicing, LLC, Merchants Asset Management, LLC, and Merchants Mortgage. The Company operates through multiple segments, including Multi-family Mortgage Banking, which primarily offers multifamily housing and healthcare facility financing and servicing (through this segment it also serves as a syndicator of low-income housing tax credit and debt funds); Mortgage Warehousing, which offers mortgage warehouse financing, commercial loans, and deposit services, and Banking, which offers retail and correspondent residential mortgage banking, agricultural lending, and traditional community banking. Merchants Bank of Indiana has seven depository branches located in Carmel, Indianapolis, Lynn, Spartanburg, and Richmond, Indiana.
- Revenue in USD (TTM)1.20bn
- Net income in USD173.55m
- Incorporated2006
- Employees663.00
- LocationMerchants Bancorp410 Monon BlvdCARMEL 46032-2345United StatesUSA
- Phone+1 (317) 569-7420
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Peer analysis
Key Information
- Key Information
- Stock Performance
- Per Share Data
- Efficiency
- Management Effectiveness
- Profitability
- Financial Strength
- Growth Rates
| Company | Revenue (TTM) | Net income (TTM) | Market cap | Employees | Price/earnings (TTM) | Price/book value (MRQ) | Price/cash flow (TTM) | Price/sales (TTM) | EPS (excl. extraordinary items, TTM) | EPS (incl. extraordinary items, TTM) | Revenue per share (TTM) | Book value per share (MRQ) | Asset turnover (TTM) | Inventory turnover (TTM) | Receivables turnover (TTM) | Revenues per employee (TTM) | Return on avg assets (TTM) | Return on avg assets (5 yr avg) | Return on investment (TTM) | Return on investment (5 yr avg) | Gross margin (TTM) | Gross margin (5 yr avg) | Net profit margin (TTM) | Net Profit margin (5 yr avg) | Quick ratio (MRQ) | Interest coverage (TTM) | Total debt to capital (MRQ) | Payout ratio (5 yr avg) | Revenue (YOY change %) | Revenue (5 yr growth rate) | Net income (YOY change %) | Net income (5 yr growth rate) | Capital expenditure (5 yr growth rate) | Dividend (5 yr growth rate) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| OFG Bancorp | 773.88m | 199.56m | 1.81bn | 2.22k | 9.52 | 1.35 | 8.06 | 2.48 | 4.40 | 4.40 | 16.09 | 31.07 | -- | -- | -- | -- | 1.68 | 1.50 | -- | -- | -- | -- | 27.34 | 24.83 | -- | -- | -- | 20.72 | 15.63 | 14.95 | 8.96 | 33.16 | 26.33 | 28.99 |
| City Holding Co | 321.22m | 129.33m | 1.82bn | 934.00 | 14.18 | 2.25 | 17.88 | 5.81 | 8.93 | 8.93 | 21.69 | 56.19 | -- | -- | -- | -- | 1.98 | 1.80 | -- | -- | -- | -- | 41.53 | 40.15 | -- | -- | -- | 37.44 | 4.83 | 12.50 | 11.46 | 7.83 | -- | 7.71 |
| First Commonwealth Financial Corp | 632.69m | 152.30m | 1.89bn | 1.55k | 12.50 | 1.22 | 16.83 | 3.61 | 1.47 | 1.47 | 5.05 | 15.11 | -- | -- | -- | -- | 1.27 | 1.35 | -- | -- | -- | -- | 29.13 | 31.51 | -- | -- | -- | 36.05 | 5.37 | 16.00 | 6.82 | 15.70 | -- | 4.18 |
| National Bank Holdings Corp | -100.00bn | -100.00bn | 1.89bn | 1.26k | -- | 1.14 | -- | -- | -- | -- | -- | 36.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Northwest Bancshares Inc | 717.57m | 112.94m | 1.90bn | 1.88k | 14.77 | 1.02 | 15.08 | 3.02 | 0.8796 | 0.8796 | 4.79 | 12.70 | -- | -- | -- | -- | 0.7356 | 0.8631 | -- | -- | -- | -- | 17.97 | 22.47 | -- | -- | -- | 83.48 | 13.82 | 9.90 | -25.60 | -1.94 | -26.69 | 2.13 |
| Columbia Financial Inc | 470.95m | 51.77m | 1.91bn | 708.00 | 36.20 | 1.65 | 43.44 | 7.40 | 0.5085 | 0.5085 | 2.54 | 11.16 | -- | -- | -- | -- | 0.4817 | 0.5022 | -- | -- | -- | -- | 20.01 | 20.50 | -- | -- | -- | -- | 4.33 | 9.75 | 544.23 | -2.11 | -- | -- |
| Merchants Bancorp | 1.20bn | 173.55m | 2.19bn | 663.00 | 12.61 | 1.26 | 18.67 | 3.21 | 3.78 | 3.78 | 14.83 | 49.70 | -- | -- | -- | -- | 1.14 | 1.71 | -- | -- | -- | -- | 32.10 | 45.27 | -- | -- | -- | 6.45 | -7.82 | 33.54 | -38.82 | 0.8865 | -- | 13.40 |
| Banner Corp | 804.96m | 195.38m | 2.19bn | 1.96k | 11.38 | 1.12 | 13.86 | 3.31 | 5.64 | 5.64 | 19.07 | 57.08 | -- | -- | -- | -- | 1.20 | 1.18 | -- | -- | -- | -- | 29.57 | 30.35 | -- | -- | -- | 33.64 | 5.07 | 9.17 | 15.68 | 11.00 | -- | 3.63 |
| First Busey Corp | 893.86m | 125.39m | 2.33bn | 1.92k | 20.61 | 0.9423 | 25.45 | 3.23 | 1.29 | 1.29 | 8.50 | 28.18 | -- | -- | -- | -- | 0.8972 | 0.9762 | -- | -- | -- | -- | 18.80 | 25.16 | -- | -- | -- | 48.77 | 70.69 | 22.31 | 10.29 | 4.56 | -- | 2.56 |
| Hilltop Holdings Inc. | 784.05m | 165.59m | 2.34bn | 3.62k | 14.86 | 1.08 | 16.49 | 1.82 | 2.64 | 2.64 | 20.43 | 36.42 | -- | -- | -- | -- | 1.07 | 1.09 | -- | -- | -- | -- | 13.42 | 13.53 | -- | -- | -- | 24.08 | -6.26 | 7.49 | 46.27 | -16.56 | -- | 13.67 |
| NBT Bancorp Inc | 710.99m | 169.24m | 2.40bn | 2.08k | 13.85 | 1.26 | 18.18 | 3.44 | 3.31 | 3.31 | 13.71 | 36.25 | -- | -- | -- | -- | 1.14 | 1.14 | -- | -- | -- | -- | 24.28 | 26.35 | -- | -- | -- | 39.73 | 16.24 | 15.34 | 20.33 | 10.15 | -- | 5.63 |
| Customers Bancorp Inc | 1.36bn | 209.18m | 2.49bn | 787.00 | 11.73 | 1.18 | 14.61 | 3.04 | 6.20 | 6.20 | 24.48 | 61.87 | -- | -- | -- | -- | 0.9494 | 1.17 | -- | -- | -- | -- | 27.38 | 33.37 | -- | -- | -- | -- | 2.39 | 20.14 | 25.69 | 10.15 | -- | -- |
| WaFd Inc | 1.32bn | 228.37m | 2.49bn | 2.04k | 11.38 | 0.9209 | 18.73 | 3.34 | 2.89 | 2.89 | 9.42 | 39.63 | -- | -- | -- | -- | 0.8841 | 0.9705 | -- | -- | -- | -- | 32.59 | 32.30 | -- | -- | -- | 33.83 | -2.35 | 16.61 | 14.04 | 4.04 | -2.11 | 4.23 |
| First Bancorp (North Carolina) | -100.00bn | -100.00bn | 2.53bn | 1.35k | -- | 1.53 | -- | -- | -- | -- | -- | 39.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Bancorp Inc | 511.42m | 228.21m | 2.57bn | 771.00 | 11.91 | 3.73 | 14.67 | 3.65 | 4.92 | 4.92 | 15.16 | 15.71 | -- | -- | -- | -- | 2.52 | 2.25 | -- | -- | -- | -- | 32.42 | 37.19 | -- | -- | -- | -- | -31.92 | 12.24 | 4.91 | 23.14 | -- | -- |
| First Merchants Corp | 924.79m | 224.13m | 2.65bn | 2.12k | 10.83 | 0.9809 | 13.86 | 4.00 | 3.88 | 3.88 | 11.48 | 43.31 | -- | -- | -- | -- | 1.21 | 1.24 | -- | -- | -- | -- | 34.09 | 34.70 | -- | -- | -- | 35.08 | -2.45 | 15.57 | 12.33 | 8.74 | -- | 6.58 |
Data as of Feb 13 2026. Currency figures normalised to Merchants Bancorp's reporting currency: US Dollar USD
19.35%Per cent of shares held by top holders
| Holder | Shares | % Held |
|---|---|---|
| BlackRock Fund Advisorsas of 31 Dec 2025 | 1.69m | 3.68% |
| Dimensional Fund Advisors LPas of 31 Dec 2025 | 1.56m | 3.40% |
| The Vanguard Group, Inc.as of 31 Dec 2025 | 1.20m | 2.62% |
| Nomura Investment Management Business Trustas of 30 Sep 2025 | 897.07k | 1.96% |
| Royce & Associates LPas of 31 Dec 2025 | 808.31k | 1.76% |
| Geode Capital Management LLCas of 31 Dec 2025 | 715.39k | 1.56% |
| American Century Investment Management, Inc.as of 31 Dec 2025 | 675.52k | 1.47% |
| SSgA Funds Management, Inc.as of 31 Dec 2025 | 574.09k | 1.25% |
| Hotchkis & Wiley Capital Management LLCas of 30 Sep 2025 | 389.88k | 0.85% |
| Millennium Management LLCas of 30 Sep 2025 | 365.08k | 0.80% |
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Data from 30 Sep 2025 - 31 Dec 2025Source: FactSet Research Systems Inc.
