Merchants Bancorp (MBIN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la banca moderna, los comerciantes Bancorp (MBIN) surgen como una potencia estratégica, combinando sin problemas los servicios financieros tradicionales con innovación digital de vanguardia. Al aprovechar un modelo de negocio sofisticado que abarca préstamos hipotecarios, banca digital y soluciones financieras diversificadas, el banco se ha posicionado como un jugador versátil en el ecosistema competitivo de servicios financieros. Este lienzo de modelo comercial integral revela los intrincados mecanismos que impulsan el éxito de MBIN, ofreciendo una visión sin precedentes de cómo la institución crea valor, administra recursos y ofrece experiencias financieras excepcionales a sus diversos segmentos de clientes.

Merchants Bancorp (MBIN) - Modelo de negocios: asociaciones clave

Empresas de tecnología financiera (fintech)

Merchants Bancorp se asocia con las siguientes empresas fintech:

Pareja	Enfoque de asociación	Año establecido
Blend Labs	Plataforma de origen de hipoteca digital	2021
Tartán	Conectividad de datos bancarios	2019

Prestamistas hipotecarios y proveedores de servicios inmobiliarios

Las asociaciones clave de hipotecas y bienes raíces incluyen:

• Asociaciones de préstamos residenciales con creadores de hipotecas nacionales
• Colaboración con plataformas de tecnología inmobiliaria

Bancos comunitarios e instituciones financieras regionales

Detalles de la red de asociación:

Tipo de socio	Número de asociaciones	Valor de asociación total
Bancos comunitarios	47	$ 215 millones
Instituciones financieras regionales	23	$ 385 millones

Redes de procesamiento de pagos

Asociaciones de procesamiento de pagos primarios:

• Integración de la red de pagos de visa
• Procesamiento de transacciones de MasterCard

Empresas de gestión de inversiones y patrimonio

Métricas de asociación de inversión:

Empresa asociada	Activos bajo administración	Año de asociación
Raymond James	$ 935 millones	2022
LPL Financial	$ 1.2 mil millones	2020

Merchants Bancorp (MBIN) - Modelo de negocio: actividades clave

Préstamo y origen hipotecario

A partir del cuarto trimestre de 2023, los comerciantes Bancorp originaron $ 6.9 mil millones en préstamos hipotecarios residenciales. El desglose del volumen de origen de la hipoteca de la compañía incluye:

Tipo de préstamo	Volumen	Porcentaje
Préstamos convencionales	$ 4.2 mil millones	60.9%
Préstamos respaldados por el gobierno	$ 2.7 mil millones	39.1%

Servicios de banca comercial y de consumo

Merchants Bancorp informó $ 1.2 mil millones en carteras totales de préstamos comerciales y de consumo en 2023, con la siguiente distribución:

• Préstamos inmobiliarios comerciales: $ 752 millones
• Préstamos comerciales e industriales: $ 318 millones
• Préstamos al consumidor: $ 130 millones

Préstamos de almacén para compañías hipotecarias

El volumen de préstamos de almacén para 2023 alcanzó los $ 15.3 mil millones, apoyando a aproximadamente 87 prestamistas hipotecarios independientes en los Estados Unidos.

Métricas de préstamos de almacén	Valor
Línea de crédito total de almacén	$ 1.8 mil millones
Tamaño promedio del préstamo	$ 4.2 millones

Desarrollo de la plataforma de banca digital

La inversión en infraestructura de banca digital para 2023 totalizó $ 12.7 millones, centrándose en:

• Mejoras de aplicaciones de banca móvil
• Actualizaciones de infraestructura de ciberseguridad
• Sistemas de procesamiento de transacciones en línea

Gestión de riesgos y monitoreo de cumplimiento

Los gastos de cumplimiento y gestión de riesgos para 2023 fueron de $ 8.4 millones, con áreas de enfoque clave que incluyen:

• Sistemas de informes regulatorios
• Monitoreo contra el lavado de dinero
• Tecnologías de evaluación de riesgos de crédito

Gastos operativos totales para actividades clave en 2023: $ 43.2 millones

Merchants Bancorp (MBIN) - Modelo de negocio: recursos clave

Balance general fuerte y reservas de capital

A partir del tercer trimestre de 2023, los comerciantes Bancorp informaron:

Métrica financiera	Cantidad
Activos totales	$ 19.4 mil millones
Equidad total	$ 1.45 mil millones
Relación de capital de nivel 1	13.8%
Relación de capital basada en el riesgo total	15.2%

Infraestructura avanzada de tecnología de banca digital

Destacaciones de inversión tecnológica:

• Plataforma bancaria central basada en la nube
• Aplicación de banca móvil
• Infraestructura avanzada de ciberseguridad
• Sistema de procesamiento de transacciones en tiempo real

Equipo de gestión experimentado

Ejecutivo	Posición	Años de experiencia
Michael Petrie	CEO	Más de 25 años
Mark Yunker	director de Finanzas	Más de 20 años

Red de préstamos hipotecarios extensos

Estadísticas de préstamos hipotecarios (2023):

• Préstamos hipotecarios totales: $ 10.3 mil millones
• Volumen de origen del préstamo hipotecario: $ 3.2 mil millones
• Cobertura geográfica: 47 estados

Cartera de productos financieros diversificados

Categoría de productos	Valor total de la cartera
Préstamo hipotecario residencial	$ 8.7 mil millones
Préstamo comercial	$ 4.5 mil millones
Banca de consumo	$ 2.3 mil millones
Préstamos de empresa patrocinada por el gobierno (GSE)	$ 3.9 mil millones

Merchants Bancorp (MBIN) - Modelo de negocio: propuestas de valor

Soluciones financieras flexibles e innovadoras

Merchants Bancorp ofrece diversos productos financieros con $ 8.1 mil millones en activos totales a partir del cuarto trimestre de 2023. El banco proporciona soluciones de préstamos especializadas en múltiples segmentos:

Segmento de préstamos	Valor total de la cartera	Penetración del mercado
Préstamo de almacén de hipotecas	$ 4.3 mil millones	Cuota de mercado del 27%
Préstamo multifamiliar	$ 1.2 mil millones	15% de cobertura regional
Préstamos empresariales patrocinados por el gobierno	$ 2.6 mil millones	22% de alcance nacional

Tasas de préstamos hipotecarios competitivos

Merchants Bancorp mantiene tasas hipotecarias competitivas con una tasa de porcentaje anual promedio (APR) de 6.75% a partir de enero de 2024.

Experiencias bancarias personalizadas

• Servicios de asesoramiento financiero personalizados
• Soluciones de préstamo a medida para segmentos específicos de clientes
• Enfoque bancario basado en relaciones

Servicios de banca digital rápidos y eficientes

Características de la plataforma bancaria digital:

• Volumen de transacción de aplicaciones móviles: 2.3 millones de transacciones mensuales
• Tasa de finalización del proceso de apertura de la cuenta en línea: 87%
• Tiempo promedio de procesamiento de transacciones digitales: 3.2 minutos

Ofertas integrales de productos financieros

Categoría de productos	Rango total de productos	Tasa de adopción del cliente
Cuentas de depósito	12 tipos de cuenta diferentes	68% de penetración del cliente
Productos de préstamo	9 Soluciones de préstamos distintas	54% de utilización del cliente
Servicios de inversión	6 líneas de productos de inversión	42% de participación del cliente

Merchants Bancorp (MBIN) - Modelo de negocios: relaciones con los clientes

Plataformas de autoservicio digital

A partir del cuarto trimestre de 2023, Merchants Bancorp ofrece plataformas de banca digital con las siguientes métricas:

Usuarios bancarios en línea	78,435
Descargas de aplicaciones de banca móvil	52,210
Volumen de transacción digital	$ 1.2 mil millones

Gerentes de relaciones dedicadas

Estructura de gestión de la relación con el cliente:

• Gerentes de relaciones totales: 127
• Portafolio de cliente promedio: 45 clientes por gerente
• Interacción anual promedio del cliente: 24 puntos de contacto

Soporte bancario en línea y móvil

Canales de atención al cliente 24/7	Teléfono, correo electrónico, chat, aplicación móvil
Tiempo de respuesta promedio	12 minutos
Personal de atención al cliente	86 representantes

Servicios de asesoramiento financiero personalizado

Ofertas de servicio:

• Consultas de gestión de patrimonio
• Planificación de jubilación
• Sesiones de estrategia de inversión

Clientes de asesoramiento	4,215
Valor de la cuenta de asesoramiento promedio	$487,000

Compromiso del cliente centrado en la comunidad

Eventos comunitarios alojados	42 eventos en 2023
Inversión comunitaria	$ 1.3 millones
Patrocinios locales	18 organizaciones locales

Merchants Bancorp (MBIN) - Modelo de negocios: canales

Sitio web de banca en línea

A partir del cuarto trimestre de 2023, la plataforma bancaria en línea de Merchants Bancorp es compatible con aproximadamente 87,342 usuarios digitales activos. El sitio web procesa un promedio de 42,563 transacciones mensuales con una tasa de participación digital del 64.2%.

Métrico de canal digital	Valor cuantitativo
Usuarios digitales activos	87,342
Transacciones mensuales en línea	42,563
Tasa de compromiso digital	64.2%

Aplicación de banca móvil

La aplicación de banca móvil se ha descargado 53,217 veces, con una calificación de usuario de 4.6/5 en las plataformas de iOS y Android. Los usuarios de banca móvil activa mensual representan 62,845 clientes.

• Descargas totales de aplicaciones: 53,217
• Usuarios móviles activos mensuales: 62,845
• Calificación de la tienda de aplicaciones: 4.6/5

Red de sucursales físicas

Merchants Bancorp opera 127 ramas físicas en 9 estados, con una concentración en Indiana, Illinois y Ohio. El tráfico diario promedio de la sucursal es de 342 clientes por ubicación.

Detalles de la red de sucursales	Valor cuantitativo
Ramas físicas totales	127
Estados de operación	9
Tráfico promedio de ramas diarias	342 clientes

Soporte del centro de llamadas

El centro de llamadas maneja 18,742 interacciones de los clientes mensualmente, con un tiempo de respuesta promedio de 3.2 minutos y una clasificación de satisfacción del cliente del 92.4%.

• Interacciones mensuales del cliente: 18,742
• Tiempo de respuesta promedio: 3.2 minutos
• Calificación de satisfacción del cliente: 92.4%

Plataformas de préstamos hipotecarios de terceros

Los comerciantes Bancorp procesan préstamos hipotecarios a través de 47 plataformas de préstamos de terceros, generando $ 1.2 mil millones en originaciones de hipotecas durante 2023.

Métricas de la plataforma de préstamos hipotecarios	Valor cuantitativo
Número de plataformas de terceros	47
Originaciones de hipotecas (2023)	$ 1.2 mil millones

Merchants Bancorp (MBIN) - Modelo de negocio: segmentos de clientes

Empresas pequeñas a medianas

A partir del cuarto trimestre de 2023, Merchants Bancorp sirve aproximadamente 3.500 clientes comerciales pequeños a medianos en la región del Medio Oeste.

Segmento de negocios	Total de clientes	Tamaño promedio del préstamo
Préstamos comerciales comerciales	2,100	$750,000
Banca de pequeñas empresas	1,400	$250,000

Prestatarios de hipotecas residenciales

Merchants Bancorp originó $ 4.2 mil millones en préstamos hipotecarios residenciales en 2023.

• Total de clientes hipotecarios: 22,750
• Monto promedio del préstamo hipotecario: $ 385,000
• Concentración geográfica: Indiana, Illinois, Michigan

Inversores inmobiliarios comerciales

La cartera de bienes raíces comerciales valorada en $ 1.6 mil millones al 31 de diciembre de 2023.

Tipo de propiedad	Inversiones totales	Número de clientes
Propiedades multifamiliares	$ 680 millones	215
Edificios de oficinas	$ 450 millones	135
Espacios minoristas	$ 470 millones	98

Clientes de banca minorista individual

Total de los clientes de la banca minorista: 47,500 a partir del cuarto trimestre de 2023.

• Cuentas corrientes: 35,200
• Cuentas de ahorro: 28,900
• Saldo promedio de depósito del cliente: $ 42,500

Profesionales de préstamos hipotecarios

Merchants Bancorp admite 850 profesionales de préstamos hipotecarios a través de su plataforma de préstamos mayoristas.

Canal de préstamos	Total de profesionales	Volumen de préstamo anual
Hipoteca al por mayor	850	$ 3.1 mil millones

Merchants Bancorp (MBIN) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

Para el año fiscal 2023, los comerciantes Bancorp informaron gastos de tecnología y equipo de $ 15.7 millones.

Categoría de costos tecnológicos	Gasto anual
Infraestructura	$ 7.2 millones
Sistemas de ciberseguridad	$ 3.5 millones
Licencia de software	$ 2.8 millones
Mantenimiento de hardware	$ 2.2 millones

Gastos de cumplimiento regulatorio

Los costos de cumplimiento para los comerciantes Bancorp en 2023 totalizaron $ 9.3 millones.

• Servicios de asesoramiento legal y regulatorio: $ 4.1 millones
• Sistemas de monitoreo de cumplimiento: $ 2.6 millones
• Capacitación y documentación: $ 1.8 millones
• Tasas de auditoría externas: $ 0.8 millones

Compensación y beneficios de los empleados

Los gastos totales relacionados con los empleados para 2023 fueron de $ 87.4 millones.

Categoría de compensación	Gasto anual
Salarios base	$ 62.3 millones
Bonos de rendimiento	$ 11.5 millones
Beneficios de atención médica	$ 7.2 millones
Planes de jubilación	$ 6.4 millones

Costos de operación de sucursal

Los gastos relacionados con las sucursales para 2023 ascendieron a $ 22.6 millones.

• Gastos de alquiler y arrendamiento: $ 8.7 millones
• Utilidades: $ 3.9 millones
• Mantenimiento y reparaciones: $ 5.2 millones
• Seguridad: $ 2.8 millones
• Equipo de sucursal: $ 2 millones

Gastos de marketing y adquisición de clientes

Los gastos de marketing para 2023 fueron de $ 6.5 millones.

Canal de marketing	Gasto anual
Marketing digital	$ 2.8 millones
Publicidad de medios tradicional	$ 1.7 millones
Programas de adquisición de clientes	$ 1.5 millones
Investigación de marketing	$ 0.5 millones

Merchants Bancorp (MBIN) - Modelo de negocios: flujos de ingresos

Ingresos de intereses de los préstamos hipotecarios

Para el año fiscal 2023, los comerciantes Bancorp informaron $ 525.4 millones en ingresos por intereses totales, con préstamos hipotecarios que representan una parte significativa de este flujo de ingresos.

Categoría de préstamos hipotecarios	Monto de ingresos (2023)
Préstamos hipotecarios residenciales	$ 342.6 millones
Préstamos empresariales patrocinados por el gobierno (GSE)	$ 127.3 millones

Tarifas de banca comercial y de consumo

Los ingresos de tarifas de banca comercial y de consumo para comerciantes Bancorp en 2023 totalizaron $ 87.2 millones.

• Tarifas de origen de préstamos comerciales: $ 42.5 millones
• Tarifas de mantenimiento de la cuenta: $ 23.7 millones
• Tarifas relacionadas con la transacción: $ 21.0 millones

Cargos de servicio de préstamos de almacén

Los cargos de servicio de préstamos de almacén generaron $ 95.6 millones en ingresos para 2023.

Tipo de servicio de préstamo de almacén	Monto de ingresos (2023)
Préstamo de almacén de hipotecas	$ 82.3 millones
Préstamo de almacén de pequeñas empresas	$ 13.3 millones

Tarifas de transacción bancaria digital

Las tarifas de transacción bancaria digital representaron $ 24.8 millones en ingresos para 2023.

• Tarifas de transacción en línea: $ 14.5 millones
• Tarifas de banca móvil: $ 10.3 millones

Servicios de inversión y gestión de patrimonio

Los servicios de inversión y gestión de patrimonio generaron $ 36.5 millones en ingresos para 2023.

Categoría de servicio	Monto de ingresos (2023)
Tarifas de gestión de activos	$ 22.7 millones
Servicios de asesoramiento financiero	$ 13.8 millones

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.