Merchants Bancorp
merchantsbankofindiana.comWhat Do They Do?
Provides community and commercial banking, residential mortgage loans, and agricultural lending to consumers, businesses, and farmers.
10-K for FY2025, filed Feb 27, 2026Merchants Bancorp (the “Company,” “Merchants,” “we,” “our,” or “us”), an Indiana corporation formed in 2006, is a diversified bank holding…View ↗
The Banking segment includes retail banking, commercial lending, agricultural lending, retail and correspondent residential mortgage…View ↗
Merchants Bank holds loans in its portfolio comprised of multi-family and healthcare bridge loans and multi-family construction loans…View ↗
Merchants Bank’s Lynn and Richmond, Indiana offices primarily offer agricultural loans within its designated CRA assessment area of…View ↗
Merchants Mortgage is the branded division of Merchants Bank that is a single-family mortgage origination and servicing platform. Merchants…View ↗
How Do They Make Money?
Most revenue comes from interest on loans, investment securities and other financial instruments. Other income comes from loan sales, servicing fees and other customer services, with earnings tied to contractual terms, transactions or services provided.
10-K for FY2025, filed Feb 27, 2026The Company’s principal source of revenue is interest income from loans, investment securities and other financial instruments that are not…View ↗
The Company recognizes revenues as they are earned based on contractual terms, as transactions occur, or as services are provided and…View ↗
Our business consists primarily of funding fixed rate, low risk loans meeting underwriting standards of government programs, under an…View ↗
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10-K for FY2025, filed Feb 27, 2026
FY2025 revenue by reportable segment ↗
$1.2B
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10-K for FY2025, filed Feb 27, 2026
$1.2B ↗
| Segment | Share | Revenue |
|---|---|---|
|
Multi-family Mortgage Banking
|
0.4%
FY2022: 0.5%
|
Multi-family Mortgage Banking, FY2025
$4.6M Sources
|
|
Mortgage Warehousing
|
34%
FY2022: 24%
|
Mortgage Warehousing, FY2025
$413.7M Sources
|
|
Banking
|
64%
FY2022: 74%
|
Banking, FY2025
$767.8M Sources
|
Who Are Their Customers?
Multi-family and healthcare borrowers, mortgage lenders, and consumers and businesses use the company’s lending and banking services. It originates some loans directly and also funds loans brought by outside entities; mortgage lenders use warehouse facilities.
10-K for FY2025, filed Feb 27, 2026MCC and MCS, subsidiaries of Merchants Bank, are primarily engaged in mortgage banking, specializing in originating and servicing loans for…View ↗
In addition to the loans originated directly through our Multi-family Mortgage Banking segment, we also fund loans brought to us by…View ↗
Our Mortgage Warehousing segment provides asset-based financing in the form of warehouse facilities to eligible non-depository financial…View ↗
Merchants Bank holds loans in its portfolio comprised of multi-family and healthcare bridge loans and multi-family construction loans…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 18 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$362.2M.
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 7, 2026
Open tableView ↗
Growing. Revenue grew 3.9x in 4 years, from $311.9M in FY2021 to $1.2B in FY2025, about 40% a year.
Banking footprint
The older report described branch-based banking in Illinois as well as Indiana; the latest says the Illinois branches were sold and describes retail banking reaching a national footprint through online and mobile banking.
10-K for FY2022, filed Mar 16, 2023 10-K for FY2025, filed Feb 27, 2026Merchants Bank of Indiana (“Merchants Bank”), one of our wholly owned banking subsidiaries, operates under an Indiana charter and provides…View ↗
The Banking segment includes retail banking, commercial lending, agricultural lending, retail and correspondent residential mortgage…View ↗
Merchants Bank holds loans in its portfolio comprised of multi-family construction and bridge loans referred by MCC, owner occupied…View ↗
Investment advisory services
The latest report also describes the investment-advisory business facilitating capital-markets transactions, including credit-risk transfers and securitizations; the older report focused on investing third-party capital in assets originated by MCC.
10-K for FY2022, filed Mar 16, 2023 10-K for FY2025, filed Feb 27, 2026Additionally, through Merchants Asset Management, LLC (“MAM”), we serve as a registered investment advisor that deploys third party…View ↗
Additionally, through MIP, we serve as a registered investment advisor that deploys third party investor capital into high quality assets…View ↗
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