Merchants Bancorp (MBIN): Business Model Canvas

In der dynamischen Landschaft des modernen Bankwesens entwickelt sich Merchants Bancorp (MBIN) zu einem strategischen Kraftpaket, das traditionelle Finanzdienstleistungen nahtlos mit modernster digitaler Innovation verbindet. Durch den Einsatz eines ausgeklügelten Geschäftsmodells, das Hypothekendarlehen, digitales Banking und diversifizierte Finanzlösungen umfasst, hat sich die Bank als vielseitiger Akteur im wettbewerbsintensiven Finanzdienstleistungs-Ökosystem positioniert. Dieses umfassende Business Model Canvas enthüllt die komplizierten Mechanismen, die den Erfolg von MBIN vorantreiben, und bietet einen beispiellosen Einblick in die Art und Weise, wie das Institut Werte schafft, Ressourcen verwaltet und seinen verschiedenen Kundensegmenten außergewöhnliche Finanzerlebnisse bietet.

Merchants Bancorp (MBIN) – Geschäftsmodell: Wichtige Partnerschaften

Unternehmen im Bereich Finanztechnologie (Fintech).

Merchants Bancorp arbeitet mit den folgenden Fintech-Unternehmen zusammen:

Partner	Partnerschaftsfokus	Gründungsjahr
Blend Labs	Digitale Hypothekenvergabeplattform	2021
Kariert	Konnektivität für Bankdaten	2019

Hypothekengeber und Immobiliendienstleister

Zu den wichtigsten Hypotheken- und Immobilienpartnerschaften gehören:

• Partnerschaften zur Finanzierung von Wohnimmobilien mit nationalen Hypothekengebern
• Zusammenarbeit mit Immobilientechnologieplattformen

Gemeinschaftsbanken und regionale Finanzinstitute

Details zum Partnerschaftsnetzwerk:

Partnertyp	Anzahl der Partnerschaften	Gesamtwert der Partnerschaft
Gemeinschaftsbanken	47	215 Millionen Dollar
Regionale Finanzinstitute	23	385 Millionen Dollar

Zahlungsabwicklungsnetzwerke

Wichtigste Partnerschaften zur Zahlungsabwicklung:

• Integration des Visa-Zahlungsnetzwerks
• Verarbeitung von Mastercard-Transaktionen

Investment- und Vermögensverwaltungsunternehmen

Kennzahlen für Investitionspartnerschaften:

Partnerfirma	Verwaltetes Vermögen	Partnerschaftsjahr
Raymond James	935 Millionen Dollar	2022
LPL Finanzen	1,2 Milliarden US-Dollar	2020

Merchants Bancorp (MBIN) – Geschäftsmodell: Hauptaktivitäten

Hypothekendarlehen und -vergabe

Im vierten Quartal 2023 hat Merchants Bancorp Hypothekendarlehen für Wohnimmobilien in Höhe von 6,9 Milliarden US-Dollar aufgenommen. Die Aufschlüsselung des Hypothekenvergabevolumens des Unternehmens umfasst Folgendes:

Darlehenstyp	Lautstärke	Prozentsatz
Konventionelle Kredite	4,2 Milliarden US-Dollar	60.9%
Von der Regierung unterstützte Kredite	2,7 Milliarden US-Dollar	39.1%

Geschäfts- und Verbraucherbankdienstleistungen

Merchants Bancorp meldete im Jahr 2023 ein Gesamtportfolio an Gewerbe- und Verbraucherkrediten in Höhe von 1,2 Milliarden US-Dollar mit folgender Verteilung:

• Gewerbliche Immobilienkredite: 752 Millionen US-Dollar
• Gewerbe- und Industriekredite: 318 Millionen US-Dollar
• Verbraucherkredite: 130 Millionen US-Dollar

Lagerkredite für Hypothekenbanken

Das Lagerkreditvolumen für 2023 erreichte 15,3 Milliarden US-Dollar und unterstützte etwa 87 unabhängige Hypothekengeber in den Vereinigten Staaten.

Kennzahlen zur Lagerausleihe	Wert
Gesamte Lagerkreditlinie	1,8 Milliarden US-Dollar
Durchschnittliche Kredithöhe	4,2 Millionen US-Dollar

Entwicklung einer digitalen Banking-Plattform

Die Investitionen in die digitale Banking-Infrastruktur beliefen sich im Jahr 2023 auf insgesamt 12,7 Millionen US-Dollar und konzentrierten sich auf:

• Verbesserungen der Mobile-Banking-Anwendung
• Upgrades der Cybersicherheitsinfrastruktur
• Online-Transaktionsverarbeitungssysteme

Risikomanagement und Compliance-Überwachung

Die Ausgaben für Compliance und Risikomanagement beliefen sich im Jahr 2023 auf 8,4 Millionen US-Dollar. Zu den Hauptschwerpunkten zählen:

• Regulatorische Meldesysteme
• Überwachung der Geldwäschebekämpfung
• Technologien zur Kreditrisikobewertung

Gesamtbetriebsausgaben für Schlüsselaktivitäten im Jahr 2023: 43,2 Millionen US-Dollar

Merchants Bancorp (MBIN) – Geschäftsmodell: Schlüsselressourcen

Starke Bilanz und Kapitalreserven

Zum dritten Quartal 2023 berichtete Merchants Bancorp:

Finanzkennzahl	Betrag
Gesamtvermögen	19,4 Milliarden US-Dollar
Gesamteigenkapital	1,45 Milliarden US-Dollar
Kernkapitalquote	13.8%
Gesamte risikobasierte Kapitalquote	15.2%

Fortschrittliche digitale Banking-Technologie-Infrastruktur

Höhepunkte der Technologieinvestitionen:

• Cloudbasierte Kernbankenplattform
• Mobile-Banking-Anwendung
• Fortschrittliche Cybersicherheitsinfrastruktur
• Echtzeit-Transaktionsverarbeitungssystem

Erfahrenes Management-Team

Exekutive	Position	Jahrelange Erfahrung
Michael Petrie	CEO	25+ Jahre
Mark Yunker	Finanzvorstand	20+ Jahre

Umfangreiches Hypothekenkreditnetzwerk

Hypothekenkreditstatistik (2023):

• Gesamte Hypothekendarlehen: 10,3 Milliarden US-Dollar
• Vergabevolumen für Hypothekendarlehen: 3,2 Milliarden US-Dollar
• Geografische Abdeckung: 47 Staaten

Diversifiziertes Finanzproduktportfolio

Produktkategorie	Gesamtwert des Portfolios
Hypothekendarlehen für Wohnimmobilien	8,7 Milliarden US-Dollar
Kommerzielle Kreditvergabe	4,5 Milliarden US-Dollar
Verbraucherbanking	2,3 Milliarden US-Dollar
Von der Regierung geförderte Unternehmenskredite (GSE).	3,9 Milliarden US-Dollar

Merchants Bancorp (MBIN) – Geschäftsmodell: Wertversprechen

Flexible und innovative Finanzlösungen

Merchants Bancorp bietet verschiedene Finanzprodukte mit einem Gesamtvermögen von 8,1 Milliarden US-Dollar (Stand Q4 2023) an. Die Bank bietet spezialisierte Kreditlösungen in mehreren Segmenten an:

Kreditsegment	Gesamtwert des Portfolios	Marktdurchdringung
Hypothekenlagerkredite	4,3 Milliarden US-Dollar	27 % Marktanteil
Mehrfamilienkredite	1,2 Milliarden US-Dollar	15 % regionale Abdeckung
Von der Regierung geförderte Unternehmenskredite	2,6 Milliarden US-Dollar	22 % nationale Reichweite

Wettbewerbsfähige Hypothekarkreditzinsen

Merchants Bancorp bietet wettbewerbsfähige Hypothekenzinsen mit einem durchschnittlichen effektiven Jahreszins (APR) von 6,75 % (Stand Januar 2024).

Personalisierte Bankerlebnisse

• Maßgeschneiderte Finanzberatungsdienstleistungen
• Maßgeschneiderte Kreditlösungen für spezifische Kundensegmente
• Beziehungsbasierter Banking-Ansatz

Schnelle und effiziente digitale Bankdienstleistungen

Funktionen der digitalen Banking-Plattform:

• Transaktionsvolumen mobiler Apps: 2,3 Millionen monatliche Transaktionen
• Abschlussrate des Online-Kontoeröffnungsprozesses: 87 %
• Durchschnittliche Bearbeitungszeit digitaler Transaktionen: 3,2 Minuten

Umfassende Finanzproduktangebote

Produktkategorie	Gesamtproduktpalette	Kundenakzeptanzrate
Einlagenkonten	12 verschiedene Kontotypen	68 % Kundendurchdringung
Leihprodukte	9 verschiedene Kreditlösungen	54 % Kundenauslastung
Wertpapierdienstleistungen	6 Anlageproduktlinien	42 % Kundenbindung

Merchants Bancorp (MBIN) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattformen

Ab dem vierten Quartal 2023 bietet Merchants Bancorp digitale Banking-Plattformen mit den folgenden Kennzahlen an:

Online-Banking-Benutzer	78,435
Mobile-Banking-App-Downloads	52,210
Digitales Transaktionsvolumen	1,2 Milliarden US-Dollar

Engagierte Beziehungsmanager

Struktur des Kundenbeziehungsmanagements:

• Gesamtzahl der Beziehungsmanager: 127
• Durchschnittliches Kundenportfolio: 45 Kunden pro Manager
• Durchschnittliche jährliche Kundeninteraktion: 24 Touchpoints

Online- und Mobile-Banking-Unterstützung

Kundensupportkanäle rund um die Uhr	Telefon, E-Mail, Chat, mobile App
Durchschnittliche Reaktionszeit	12 Minuten
Mitarbeiter des Kundensupports	86 Vertreter

Personalisierte Finanzberatungsdienste

Serviceangebote:

• Vermögensverwaltungsberatungen
• Ruhestandsplanung
• Sitzungen zur Anlagestrategie

Beratende Kunden	4,215
Durchschnittlicher Wert des Beratungskontos	$487,000

Community-orientiertes Kundenengagement

Gehostete Community-Events	42 Veranstaltungen im Jahr 2023
Gemeinschaftsinvestition	1,3 Millionen US-Dollar
Lokale Sponsorings	18 lokale Organisationen

Merchants Bancorp (MBIN) – Geschäftsmodell: Kanäle

Online-Banking-Website

Im vierten Quartal 2023 unterstützt die Online-Banking-Plattform von Merchants Bancorp etwa 87.342 aktive digitale Benutzer. Die Website verarbeitet durchschnittlich 42.563 monatliche Transaktionen mit einer digitalen Engagement-Rate von 64,2 %.

Digitale Kanalmetrik	Quantitativer Wert
Aktive digitale Nutzer	87,342
Monatliche Online-Transaktionen	42,563
Digitale Engagement-Rate	64.2%

Mobile-Banking-Anwendung

Die Mobile-Banking-App wurde 53.217 Mal heruntergeladen und erhielt sowohl auf iOS- als auch auf Android-Plattformen eine Benutzerbewertung von 4,6/5. Auf die monatlich aktiven Mobile-Banking-Nutzer entfallen 62.845 Kunden.

• Gesamtzahl der App-Downloads: 53.217
• Monatlich aktive Mobilfunknutzer: 62.845
• App Store-Bewertung: 4,6/5

Physisches Filialnetz

Merchants Bancorp betreibt 127 physische Filialen in 9 Bundesstaaten mit Schwerpunkten in Indiana, Illinois und Ohio. Der durchschnittliche tägliche Filialbesucherverkehr beträgt 342 Kunden pro Standort.

Details zum Filialnetz	Quantitativer Wert
Gesamtzahl der physischen Zweige	127
Betriebszustände	9
Durchschnittlicher täglicher Filialverkehr	342 Kunden

Callcenter-Unterstützung

Das Callcenter wickelt monatlich 18.742 Kundeninteraktionen ab, mit einer durchschnittlichen Reaktionszeit von 3,2 Minuten und einer Kundenzufriedenheitsbewertung von 92,4 %.

• Monatliche Kundeninteraktionen: 18.742
• Durchschnittliche Reaktionszeit: 3,2 Minuten
• Kundenzufriedenheitsbewertung: 92,4 %

Hypothekendarlehensplattformen von Drittanbietern

Merchants Bancorp wickelt Hypothekendarlehen über 47 Kreditplattformen Dritter ab und generierte im Jahr 2023 Hypothekenvergaben in Höhe von 1,2 Milliarden US-Dollar.

Kennzahlen der Hypothekarkreditplattform	Quantitativer Wert
Anzahl der Drittanbieterplattformen	47
Hypothekenvergaben (2023)	1,2 Milliarden US-Dollar

Merchants Bancorp (MBIN) – Geschäftsmodell: Kundensegmente

Kleine bis mittlere Unternehmen

Im vierten Quartal 2023 betreut Merchants Bancorp rund 3.500 kleine und mittlere Geschäftskunden im gesamten Mittleren Westen.

Geschäftssegment	Gesamtzahl der Kunden	Durchschnittliche Kredithöhe
Gewerbliche Geschäftskredite	2,100	$750,000
Banking für kleine Unternehmen	1,400	$250,000

Hypothekendarlehensnehmer für Wohnimmobilien

Merchants Bancorp hat im Jahr 2023 Hypothekendarlehen für Wohnimmobilien in Höhe von 4,2 Milliarden US-Dollar aufgenommen.

• Gesamtzahl der Hypothekenkunden: 22.750
• Durchschnittlicher Hypothekendarlehensbetrag: 385.000 $
• Geografische Konzentration: Indiana, Illinois, Michigan

Gewerbliche Immobilieninvestoren

Gewerbeimmobilienportfolio im Wert von 1,6 Milliarden US-Dollar zum 31. Dezember 2023.

Immobilientyp	Gesamtinvestitionen	Anzahl der Kunden
Mehrfamilienhäuser	680 Millionen Dollar	215
Bürogebäude	450 Millionen Dollar	135
Einzelhandelsflächen	470 Millionen Dollar	98

Privatkunden im Privatkundengeschäft

Gesamtzahl der Retail-Banking-Kunden: 47.500, Stand 4. Quartal 2023.

• Girokonten: 35.200
• Sparkonten: 28.900
• Durchschnittlicher Kundeneinlagensaldo: 42.500 $

Experten für Hypothekendarlehen

Merchants Bancorp unterstützt 850 Hypothekenkreditprofis über seine Großhandelskreditplattform.

Ausleihkanal	Totale Profis	Jährliches Kreditvolumen
Großhandelshypothek	850	3,1 Milliarden US-Dollar

Merchants Bancorp (MBIN) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Für das Geschäftsjahr 2023 meldete Merchants Bancorp Technologie- und Ausrüstungskosten in Höhe von 15,7 Millionen US-Dollar.

Kategorie „Technologiekosten“.	Jährliche Ausgaben
IT-Infrastruktur	7,2 Millionen US-Dollar
Cybersicherheitssysteme	3,5 Millionen Dollar
Softwarelizenzierung	2,8 Millionen US-Dollar
Hardwarewartung	2,2 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Compliance-Kosten für Merchants Bancorp beliefen sich im Jahr 2023 auf insgesamt 9,3 Millionen US-Dollar.

• Rechts- und Regulierungsberatungsdienste: 4,1 Millionen US-Dollar
• Compliance-Überwachungssysteme: 2,6 Millionen US-Dollar
• Schulung und Dokumentation: 1,8 Millionen US-Dollar
• Externe Prüfungsgebühren: 0,8 Millionen US-Dollar

Vergütung und Zusatzleistungen für Mitarbeiter

Die gesamten mitarbeiterbezogenen Ausgaben beliefen sich im Jahr 2023 auf 87,4 Millionen US-Dollar.

Vergütungskategorie	Jährliche Ausgaben
Grundgehälter	62,3 Millionen US-Dollar
Leistungsprämien	11,5 Millionen US-Dollar
Gesundheitsleistungen	7,2 Millionen US-Dollar
Altersvorsorge	6,4 Millionen US-Dollar

Betriebskosten der Filiale

Die zweigstellenbezogenen Ausgaben für 2023 beliefen sich auf 22,6 Millionen US-Dollar.

• Miet- und Pachtkosten: 8,7 Millionen US-Dollar
• Versorgungsleistungen: 3,9 Millionen US-Dollar
• Wartung und Reparaturen: 5,2 Millionen US-Dollar
• Sicherheit: 2,8 Millionen US-Dollar
• Filialausrüstung: 2 Millionen US-Dollar

Aufwendungen für Marketing und Kundenakquise

Die Marketingausgaben für 2023 beliefen sich auf 6,5 Millionen US-Dollar.

Marketingkanal	Jährliche Ausgaben
Digitales Marketing	2,8 Millionen US-Dollar
Traditionelle Medienwerbung	1,7 Millionen US-Dollar
Kundengewinnungsprogramme	1,5 Millionen Dollar
Marktforschung	0,5 Millionen US-Dollar

Merchants Bancorp (MBIN) – Geschäftsmodell: Einnahmequellen

Zinserträge aus Hypothekendarlehen

Für das Geschäftsjahr 2023 meldete Merchants Bancorp Gesamtzinseinnahmen in Höhe von 525,4 Millionen US-Dollar, wobei Hypothekendarlehen einen erheblichen Teil dieser Einnahmequelle ausmachten.

Kategorie Hypothekendarlehen	Umsatzbetrag (2023)
Hypothekendarlehen für Wohnimmobilien	342,6 Millionen US-Dollar
Darlehen für staatlich geförderte Unternehmen (GSE).	127,3 Millionen US-Dollar

Gebühren für Geschäfts- und Privatkundenbanken

Die Einnahmen aus Geschäfts- und Verbraucherbankgebühren für Merchants Bancorp beliefen sich im Jahr 2023 auf insgesamt 87,2 Millionen US-Dollar.

• Gebühren für die Aufnahme kommerzieller Kredite: 42,5 Millionen US-Dollar
• Kontoführungsgebühren: 23,7 Millionen US-Dollar
• Transaktionsbezogene Gebühren: 21,0 Millionen US-Dollar

Servicegebühren für die Lagerausleihe

Die Gebühren für die Lagerleihe generierten im Jahr 2023 einen Umsatz von 95,6 Millionen US-Dollar.

Servicetyp „Lagerleihe“.	Umsatzbetrag (2023)
Hypothekenlagerkredite	82,3 Millionen US-Dollar
Lagerkredite für kleine Unternehmen	13,3 Millionen US-Dollar

Gebühren für digitale Banktransaktionen

Die Gebühren für digitale Banktransaktionen machten im Jahr 2023 einen Umsatz von 24,8 Millionen US-Dollar aus.

• Online-Transaktionsgebühren: 14,5 Millionen US-Dollar
• Mobile-Banking-Gebühren: 10,3 Millionen US-Dollar

Investment- und Vermögensverwaltungsdienstleistungen

Investment- und Vermögensverwaltungsdienstleistungen erwirtschafteten im Jahr 2023 einen Umsatz von 36,5 Millionen US-Dollar.

Servicekategorie	Umsatzbetrag (2023)
Vermögensverwaltungsgebühren	22,7 Millionen US-Dollar
Finanzberatungsdienste	13,8 Millionen US-Dollar

Merchants Bancorp (MBIN) - Canvas Business Model: Value Propositions

You're looking at Merchants Bancorp (MBIN) as of late 2025, and what really stands out in their value proposition is the specialized, integrated financing they offer across key real estate sectors. It's not just one thing; it's the combination of lending, capital, and servicing that locks in clients.

For developers focused on affordable housing, Merchants Bancorp acts as a one-stop-shop. Their Multi-family Mortgage Banking segment doesn't just provide debt; it also handles servicing and acts as a syndicator for low-income housing tax credit and debt funds. This integrated approach simplifies the capital stack for complex projects.

Then there's the high-volume mortgage warehouse financing. This is crucial for non-depository institutions, which are essentially mortgage bankers needing to fund agency-eligible mortgages and commercial loans before they can sell them off. The warehouse portfolio is exclusively made up of these loans to non-depository financial institutions. This segment is a major driver, as total assets grew to $19.4 billion as of September 30, 2025, partly due to higher balances in these warehouse portfolios.

The specialized financing focus is sharp. They concentrate on multi-family housing and healthcare facilities. To manage risk in that healthcare exposure, Merchants Bancorp executed a credit default swap on a $557.1 million pool of healthcare mortgage loans during Q3 2025, which helps reduce risk-based capital requirements.

Liquidity management is another key value point, helping mortgage bankers manage their funding needs. Merchants Bancorp maintains a very liquid position. As of September 30, 2025, liquid assets-cash, short-term investments, loans in process of securitization, loans held for sale, and warehouse lines of credit-totaled $12.6 billion, which is 65% of their total assets. Plus, they have $5.9 billion in unused borrowing capacity. This strong liquidity position enhances the ability to effectively manage asset levels and interest expense going forward, which is a big plus when market conditions shift. Honestly, having that much readily available capital is a significant value driver for their partners.

Underpinning all this activity is a strong balance sheet. Merchants Bancorp maintained a Common Equity Tier 1 (CET1) ratio at 9.8% in Q3 2025. That capital strength, coupled with a tangible book value per common share reaching a record high of $36.31 in Q3 2025, shows they are well-positioned.

Here's a quick look at how the Gross Loans Held for Investment were composed as of the third quarter of 2025:

Loan Category	Percentage of Gross Loans Held for Investment (3Q25)
Multi-family	33%
Loans Held for Sale	28%
Mortgage Warehouse	11%
Commercial & Commercial Real Estate	10%
Other	7%
Healthcare	1%

The bank's core deposit base is also a value proposition for stability, with Core Deposits representing 92% of total deposits at $12.8 billion as of September 30, 2025. This focus on local business and retail customers provides a stable funding source, which is always better than relying heavily on more volatile brokered deposits, which were down to $1.1 billion at that time.

You should check the latest deposit trends by Friday.

Merchants Bancorp (MBIN) - Canvas Business Model: Customer Relationships

You're looking at how Merchants Bancorp (MBIN) manages its connections across its diversified client base, which spans from local community banking customers to national institutional partners. The relationship approach definitely shifts based on the segment you're dealing with. For the commercial and institutional side, which includes the Multi-family Mortgage Banking and Mortgage Warehousing segments, the relationship is deep and personalized.

Dedicated relationship managers for commercial and institutional clients are key here, supporting the large loan portfolios. As of September 30, 2025, Merchants Bancorp managed total assets of $19.4 billion, with loans receivable standing at $10.5 billion. These clients, which include warehouse customers and commercial real estate borrowers, rely on this dedicated support for complex financing structures. The relationship is built on the ability to execute nationally while leveraging local market knowledge.

For the most complex deals, you see a high-touch, expert consultation for complex multi-family and tax credit transactions. Merchants Bank is a syndicator of low-income housing tax credit (LIHTC) and debt funds. This specialized service drives significant fee income; for instance, syndication and asset management fees saw a massive increase of $6.3 million, or 186%, in the second quarter of 2025 compared to the prior year period. That kind of growth suggests strong, high-value relationships with developers and investors in affordable and market-rate housing projects.

On the other end of the spectrum, for the retail and correspondent mortgage banking clients within the Banking segment, the focus shifts to efficiency. You get transactional and digital service for retail and correspondent mortgage banking. Merchants Bank emphasizes its digital banking platforms alongside its community-oriented approach. This is supported by a strong core deposit base, which reached $12.8 billion as of September 30, 2025, representing 92% of total deposits. The retail side is about making banking easy, which they state is the core of Merchants Bank.

The servicing side supports the national scale of the mortgage operations. You maintain long-term servicing relationships for securitized loan portfolios. Merchants Bancorp continuously sells or securitizes a significant portion of its loans. The value of these relationships is reflected in loan servicing fees; for example, the fair market value adjustment to servicing rights positively impacted results by $7.9 million in the Multi-family Mortgage Banking segment in the fourth quarter of 2024. They actively manage this portfolio, having completed a $373.3 million securitization of 18 multi-family mortgage loans in June 2025.

Finally, for the largest developer and investor partners, there's a clear line to the top. You have direct access to senior leadership for large developer and investor partners. The leadership team, including Chairman Michael Petrie and President & CEO Dennis P. Geary, guides the strategic direction. This access is crucial when dealing with complex, multi-year financing commitments in the multi-family and healthcare sectors, where Merchants Capital provided over $7 billion in debt and equity financing in 2024.

Here's a quick look at the scale of the customer relationships across the key segments as of late 2025:

Metric	Value (as of Sept 30, 2025)	Segment Relevance
Total Assets	$19.4 billion	Overall scale of client financing
Core Deposits	$12.8 billion	Retail/Community Banking relationship depth
Loans Receivable (Net)	$10.5 billion	Commercial/Institutional lending base
Recent Securitization Volume	$373.3 million (Q2 2025)	Long-term servicing portfolio activity
Syndication/Asset Mgmt Fee Growth (Q2 2025 YoY)	186% increase	High-touch complex transaction success

The customer relationship strategy is clearly bifurcated: high-touch, consultative service for the high-value, complex commercial/institutional side, and efficient, digital-enabled service for the broader retail base. The growth in fees from syndication shows the high-touch model is defintely paying off in the specialized areas.

• Focus on multi-family housing and healthcare facility financing.
• Emphasis on personalized customer service and local decision-making.
• Warehouse portfolio exclusively serves residential and multi-family mortgage bankers.
• Loan sale gains increased 101% in Q2 2025, reflecting higher multi-family volume.

Finance: draft 13-week cash view by Friday.

Merchants Bancorp (MBIN) - Canvas Business Model: Channels

You're looking at how Merchants Bancorp (MBIN) gets its value propositions to its customers across its distinct business lines. It's not one single path; it's a mix of physical presence, national digital reach, and specialized sales forces. Honestly, the channel strategy reflects the diversified nature of their business, moving from local deposits to national capital markets execution.

The physical footprint for traditional community banking is quite focused. Merchants Bank of Indiana uses its brick-and-mortar locations as the primary channel for local deposit gathering and relationship management. This contrasts sharply with the national scale of its capital markets activities.

• Merchants Bank of Indiana branch network for traditional community banking: Operates 7 bank branches as of the third quarter of 2025.
• Digital platforms for deposit services and correspondent banking: Core deposits grew to $12.8 billion as of September 30, 2025, representing 92% of total deposits.

For the specialized lending businesses, the channels are about direct access and platform scale. Merchants Capital Corp. operates a national platform, which means their reach isn't limited by the seven physical branches. They use direct sales forces and loan officers to originate the complex, large-scale loans that feed into their securitization pipeline.

Here's a look at the scale of activity across these channels, focusing on the financing and capital markets execution as of late 2025 data points:

Channel/Activity	Metric	Latest Real-Life Number (as of late 2025)
Merchants Capital Corp. National Platform (Debt/Equity Financing)	Total Financing Provided (2024)	$7 billion
Merchants Capital Corp. National Platform (Assets Under Management)	Assets Under Management (End of 2024)	Over $26 billion
Capital Markets Desk (Securitization Execution)	Total Securitizations Executed (2024)	$1.5 billion
Capital Markets Desk (CRT Execution)	Total CRT Transactions Executed (Since 2020)	$3.5 billion (Four transactions)
Merchants Capital Corp. (Largest Q-Series Transaction)	Securitization Volume (July 2025)	$373.3 million (18 loans)
Mortgage Warehousing/Securitization	Credit Default Swap Executed (Q3 2025)	$557.1 million pool of healthcare mortgage loans
Mortgage Warehousing/Securitization	Credit Default Swap Executed (Q4 2024)	$1.2 billion pool of warehouse loans
Overall Scale (Context for Channels)	Total Assets (Q3 2025)	$19.4 billion

The direct sales force and loan officers are critical for the Mortgage Warehousing and Agricultural Lending segments, as these require specialized origination and relationship management. The growth in warehouse portfolios is evident, as total assets increased from $18.8 billion at the end of 2024 to $19.4 billion by Q3 2025, primarily due to higher balances in the warehouse portfolios.

For the capital markets desk, the channel is about executing complex risk transfer and distribution. The sheer volume of securitization activity shows this channel is highly active:

• Since April 2021, Merchants Capital has securitized 87 loans totaling $1.76 billion through the Freddie Mac Q-Series program.
• The capital markets platform has executed over $5 billion in total securitizations.
• Loan sale transactions related to securitizations totaled over $685.4 million in Q2 2025 alone.

The digital platforms are used heavily for deposit services, evidenced by the growth in core deposits, which increased $3.4 billion or 36% from December 31, 2024, to September 30, 2025. This growth was attributable primarily to custodial deposits from warehouse customers and strategic liquidity solutions, showing a strong digital/operational link to the warehouse channel.

Merchants Bancorp (MBIN) - Canvas Business Model: Customer Segments

You're looking at the core groups Merchants Bancorp (MBIN) serves, which are quite specialized across their three main operating segments: Multi-family Mortgage Banking, Mortgage Warehousing, and Banking. Honestly, the breakdown shows a clear focus on real estate finance and institutional capital deployment.

As of September 30, 2025, Merchants Bancorp held total assets of $19.4 billion, with loans receivable, net of allowance for credit losses, at $10.5 billion. The customer segments map directly to how they generate that loan volume and manage their syndication business.

Here's how the key customer groups fit into the structure:

• Multi-family and affordable housing developers and property owners
• Residential and multi-family mortgage bankers (warehouse customers)
• Institutional investors in LIHTC and debt funds (over 40 investors)
• Healthcare facility operators (independent living, skilled nursing)
• Retail and correspondent residential mortgage customers and agricultural businesses

The Multi-family Mortgage Banking segment is key here, as it handles multi-family housing and healthcare facility financing, plus it acts as a syndicator for the Low-Income Housing Tax Credit (LIHTC) and debt funds. The Banking segment supports the retail side, including agricultural lending.

To give you a clearer picture of the scale related to these segments, look at the latest asset and portfolio figures:

Metric	Value as of September 30, 2025	Context/Segment Relevance
Total Assets	$19.4 billion	Overall balance sheet size supporting all segments
Loans Receivable (Net)	$10.5 billion	Total loan book across all lending activities
Non-performing Loans	$298.3 million (2.81% of loans receivable)	Credit quality metric across the loan portfolio
Allowance for Credit Losses on Loans	$93.3 million	Reserve against potential loan losses
Core Deposits	$12.8 billion	Primary funding source, with growth from warehouse customers

The Mortgage Warehousing segment is a major funding provider for residential and multi-family mortgage bankers, offering them financing for agency-eligible mortgages and commercial loans. Growth in core deposits, up 36% from December 31, 2024, was attributable primarily to growth in custodial deposits from these warehouse customers.

For the institutional side, Merchants Bancorp serves as a syndicator for LIHTC and debt funds, working with institutional investors. While the prompt notes over 40 investors, the Q3 2025 peer group comparison sample included 46 publicly-traded banks between $10-$25B in assets.

The Banking segment's customer base includes retail and correspondent residential mortgage customers, alongside agricultural businesses. This segment also contributes to the overall deposit base, which reached $13.9 billion in total deposits as of September 30, 2025.

You'll want Finance to track the growth in custodial deposits from warehouse customers closely; that's a direct indicator of activity in that specific segment.

Merchants Bancorp (MBIN) - Canvas Business Model: Cost Structure

You're looking at the core outflows that fund Merchants Bancorp (MBIN)'s operations as of late 2025. The cost structure is heavily influenced by funding costs and provisions tied to its specialized lending focus.

Interest expense on deposits and borrowings remains a major component. For the third quarter of 2025, Merchants Bancorp reported that its Net Interest Income decreased 4% compared to the third quarter of 2024, reflecting lower interest income partially offset by lower interest expense on deposits and borrowings. The company's cost of funds totaled 1.13% during the third quarter of 2025, which was significantly below industry averages, though this figure was almost exclusively linked to variable rate Federal Home Loan Bank borrowings funding a specific balance sheet strategy. The cost of interest bearing deposits, however, remained exceptionally low, totaling just 46 basis points through the first nine months of 2025.

The volatility in credit quality directly impacts the cost structure through the provision for credit losses. The second quarter of 2025 saw a significant hit, reflecting an increase in provision for credit losses of $43.1 million compared to the second quarter of 2024. This spike was primarily associated with estimated declines on multi-family property values after new appraisals and the ongoing investigation of borrowers involved in mortgage fraud. By the third quarter of 2025, this cost moderated, with the total provision for credit losses decreasing 45%, or $23.8 million, compared to June 30, 2025, landing at $29.2 million for the quarter.

General operating expenses, which include salaries, benefits, and compliance costs, are also substantial. Noninterest Expense in the second quarter of 2025 jumped 25% quarter-over-quarter to $77.3 million, driven by growth investments (production staff), legal/receiver costs, deposit insurance, and higher credit risk transfer premiums. For the third quarter of 2025, the efficiency ratio worsened to 45.16% from 43.16% in the second quarter, as salaries/benefits rose 25% year-over-year and other legal/tax/insurance expenses increased. Furthermore, deposit insurance expenses increased by $2.2 million in Q3 2025 due to elevated levels of criticized and underperforming assets.

Here's a quick look at how some of these key expense-related metrics trended between Q2 and Q3 2025:

Cost Component/Metric	Q2 2025 Data	Q3 2025 Data
Provision for Credit Losses (PCL)	PCL increased by $43.1 million vs Q2 2024	PCL was $29.2 million
Noninterest Expense (Total)	$77.3 million	Efficiency Ratio was 45.16% (vs 45.2% in Q2 by one source)
Credit Risk Transfer Premium Expense	Included in the $77.3M total	$4.2 million
Preferred Dividend Payments	Not specified for Q2	$10.3 million

The costs associated with maintaining the bank's specialized regulatory and technology footprint are embedded within the noninterest expense. You see this clearly in the specific line items that increased:

• Salaries and benefits rose 25% year-over-year in Q3 2025.
• Deposit insurance expenses saw a $2.2 million increase in Q3 2025.
• The total Noninterest Expense in Q2 2025 was $77.3 million.

Finally, the commitment to preferred shareholders is a fixed, non-discretionary cost. Merchants Bancorp paid $10.3 million in Q3 2025 preferred dividends. This payment represented a coverage of about 5.3x relative to the $54.7 million in net income before preferred distributions for that quarter.

Merchants Bancorp (MBIN) - Canvas Business Model: Revenue Streams

You're looking at how Merchants Bancorp (MBIN) is bringing in the money as of late 2025, focusing on the numbers from their latest reported quarter. The revenue mix shows a heavy reliance on traditional banking income, but noninterest income sources are playing a bigger role this year.

The core engine remains the Net Interest Income (NII) from their loan portfolios and investments. For the third quarter of 2025, Merchants Bancorp reported Net Interest Income of $128.1 million. That figure reflects a 4% decrease compared to the third quarter of 2024, even as their net interest income after provision for credit losses showed a 31% rise compared to the second quarter of 2025. Their net interest margin for Q3 2025 settled at 2.82%.

Noninterest income is a key area showing significant movement. The gain on sale of loans, which is income generated from selling loans off their balance sheet, saw a substantial year-over-year jump. This source increased by 47% in Q3 2025 compared to the third quarter of 2024. The absolute dollar amount for this gain in Q3 2025 reached $24.7 million, which was a 6% sequential increase from Q2 2025.

Loan servicing fees also contribute, which is income derived from managing loans for others. This stream saw a large sequential increase of 629% compared to Q2 2025. Specifically within this area, the servicing rights valuation provided a boost, with a $2.5 million positive fair market value adjustment recorded in the Multi-family Mortgage Banking segment for Q3 2025.

Another noninterest component is the fees from syndication and asset management, particularly from their tax credit and debt funds. These fees showed a 165% increase quarter-over-quarter, adding $3.0 million in that period. Still, overall noninterest income for the quarter was $43.0 million, which was actually a 15% decrease compared to the second quarter of 2025, as other components saw declines.

To put the overall profitability in context, the bottom line for Merchants Bancorp in Q3 2025 was a net income of $54.7 million. This was a sequential improvement, up from $38.0 million in the second quarter of 2025, though it was down from $61.3 million in the third quarter of 2024.

Here's a quick look at the major noninterest income drivers for the third quarter of 2025:

• Gain on sale of loans: $24.7 million
• Total Noninterest Income: $43.0 million
• Loan servicing fees: Increased 629% quarter-over-quarter
• Syndication and asset management fees: Increased 165% quarter-over-quarter

You can see the breakdown of the noninterest income components that made up that $43.0 million total for the quarter:

Revenue Source	Q3 2025 Amount (Millions USD)	Q/Q Change (vs Q2 2025)
Gain on sale of loans	Reported value leading to a 47% Y/Y increase	+6%
Loan servicing fees	Included a $2.5 million positive FMV adjustment	+629%
Syndication and asset management fees	Contributed to a $3.0 million increase	+165%
Other Income	Included a $5.7 million increase (Q3 2025 vs Q2 2025)	+294%

Finance: draft 13-week cash view by Friday.