Business
Merchants Bancorp : Investor Overview – First Quarter 2025
Merchants Bancorp : Investor Overview – First Quarter
About this update from Merchants Bancorp
Investor Overview - First Quarter 2025 May 2025 Overview of Merchants Bancorp (MBIN) Overview of Merchants Business Summary (2) Merchants Bancorp (MBIN) is a diversified bank holding company headquartered in Carmel, IN - $18.8B in assets as of 03/31/2025 $12.4B in deposits as of 03/31/2025 Operates 7 bank branches located in Indianapolis and Richmond, Indiana markets Key business lines include: Multi-family Mortgage Banking Mortgage Warehouse Banking Entrepreneurial management team with significant shareholder alignment; founding families still own ~60% of shares outstanding Assets ($B) $18.8 Headquarters Carmel, IN Stock Price ($) (2) $31.47 Market Value ($M) (2) $1,444 Price / TBV (x) (2) 0.9x Price / 2025 EPS (x) (2) 6.8x Gross Loans Held for Investment Composition (1Q25) (1) Highest Growth Rate, Lowest Valuation vs Peers Dividend Yield (%) (2) 1.27 Healthcare 11% Mortgage Warehouse 9% Other 1% Loans Held for Sale 28% 30.00% EPS Growth - 5 Yr CAGR (3) 20.00% MBIN Multi-family 32% 1Q25: Loans: $10.4B Loan Yield: 7.06% Commerical & Commercial Real Estate 10% Residential Real Estate 9% 10.00% 0.00% -10.00% MED 5.0 10.0 15.0 20.0 25.0 P/E Multiple - Price/LTM EPS (3) Notes: Totals may not sum to 100% due to rounding Source: S&P Global; market data as of May 8, 2025 Prices as of May 8, 2025; LTM refers to last twelve months ending March 31, 2025; EPS Growth -5 Yr CAGR is for the LTM as of March 31, 2025, compared to twelve months ended March 31, 2021; Peers with $10-25 billion in assets as of March 31, 2025 3 Strong Financial Performance Has Driven Significant Shareholder Value Historical Performance Since 2019 Earnings per Share (4) Tangible Book Value per Share (2)(4) ($, per Share) ($, per share) 34.15 34.90 27.40 24.43 19.64 21.31 21.88 19.5 21.94 23.72 17.96 13.45 6.30 5.64 4.76 4.47 3.85 1.58 2019 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 1Q25 Total Assets (4) ($B) Stock Price Performance Since IPO (3) +195% Gain Since IPO vs 2% Peer Growth (5) ($) Leverage Ratio (%) (1) 18.8 18.8 17.0 12.6 9.6 11.3 10.4 11.7 10.1 12.1 8.6 2020 2021 2022 2023 2024 1Q25 12.1 50 35 $31.47 20 Apr-25 Oct-17 Apr-19 Oct-20 Apr-22 Oct-23 May-25 5 Notes: As defined by regulatory agencies; Tier 1 Leverage Ratio defined as the ratio of bank's core equity capital to its average total assets Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures in the Appendix of the presentation Source: S&P Global; market data as of May 8, 2025 Peer group source: S&P Global; Includes banks, as of December 2024, between $10-25B in assets that are publicly-traded on a major exchange. Sample includes 46 banks Peer is KBW Nasdaq Regional Bank Price Return Index LTM refers to last twelve months 4 Merchants Bancorp: Key Franchise Highlights Superior Profitability & Earnings Growth Profile in Every Interest Rate Environment Unique Originate-to-Sell Model with Differentiated Revenue Streams Reduces Earnings Volatility Highly Efficient Cost Structure, Unique Business Model Diversified, Short Duration Loan Portfolio with Strong Organic Growth Highly Disciplined Credit Culture Driving Superior Asset Quality Growing Deposit Base with Multiple Sources of Funding Efficient Capital Structure Coupled with Low-Risk Balance Sheet with Optimization via Securitizations High-Quality Securities Portfolio with Minimal Mark-to-Market Impact Significant Room for Growth and History of Delivering Industry Leading Returns 5 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .