Merchants Bancorp (MBIN): Canvas du modèle d'entreprise [Jan-2025 Mise à jour]

Dans le paysage dynamique de la banque moderne, les marchands Bancorp (MBIN) apparaissent comme une puissance stratégique, mélangeant parfaitement les services financiers traditionnels avec l'innovation numérique de pointe. En tirant parti d'un modèle commercial sophistiqué qui couvre les prêts hypothécaires, les banques numériques et les solutions financières diversifiées, la banque s'est positionnée comme un acteur polyvalent dans l'écosystème des services financiers compétitifs. Cette toile complète du modèle commercial révèle les mécanismes complexes qui stimulent le succès de MBIN, offrant un aperçu sans précédent de la façon dont l'institution crée de la valeur, gère les ressources et offre des expériences financières exceptionnelles à ses divers segments de clientèle.

Merchants Bancorp (Mbin) - Modèle d'entreprise: partenariats clés

Entreprises de technologie financière (fintech)

Merchants Bancorp s'associe aux sociétés de fintech suivantes:

Partenaire	Focus de partenariat	Année établie
Mélanger les laboratoires	Plateforme de création d'hypothèque numérique	2021
Plaid	Connectivité des données bancaires	2019

Prêteurs hypothécaires et fournisseurs de services immobiliers

Les partenariats hypothécaires et immobiliers clés comprennent:

• Partenariats de prêts résidentiels avec les initiateurs de prêts hypothécaires nationaux
• Collaboration avec les plateformes de technologies immobilières

Banques communautaires et institutions financières régionales

Détails du réseau de partenariat:

Type de partenaire	Nombre de partenariats	Valeur du partenariat total
Banques communautaires	47	215 millions de dollars
Institutions financières régionales	23	385 millions de dollars

Réseaux de traitement des paiements

Partenariats de traitement des paiements primaires:

• Intégration du réseau de paiement de visa
• Traitement des transactions MasterCard

Sociétés d'investissement et de gestion de la patrimoine

Partenariat d'investissement Mesures:

Entreprise partenaire	Actifs sous gestion	Année de partenariat
Raymond James	935 millions de dollars	2022
LPL financier	1,2 milliard de dollars	2020

Merchants Bancorp (Mbin) - Modèle d'entreprise: Activités clés

Prêts hypothécaires et origine

Au quatrième trimestre 2023, les marchands Bancorp ont créé 6,9 milliards de dollars de prêts hypothécaires résidentiels. La répartition du volume d'origine hypothécaire de la société comprend:

Type de prêt	Volume	Pourcentage
Prêts conventionnels	4,2 milliards de dollars	60.9%
Prêts soutenus par le gouvernement	2,7 milliards de dollars	39.1%

Services bancaires commerciaux et grand public

Merchants Bancorp a déclaré 1,2 milliard de dollars de portefeuilles de prêts commerciaux et grand public en 2023, avec la distribution suivante:

• Prêts immobiliers commerciaux: 752 millions de dollars
• Prêts commerciaux et industriels: 318 millions de dollars
• Prêts à la consommation: 130 millions de dollars

Prêts d'entrepôt pour les sociétés hypothécaires

Le volume des prêts d'entrepôt pour 2023 a atteint 15,3 milliards de dollars, soutenant environ 87 prêteurs hypothécaires indépendants aux États-Unis.

Métriques de prêt d'entrepôt	Valeur
Ligne de crédit d'entrepôt total	1,8 milliard de dollars
Taille moyenne du prêt	4,2 millions de dollars

Développement de la plate-forme bancaire numérique

L'investissement dans l'infrastructure bancaire numérique pour 2023 a totalisé 12,7 millions de dollars, en se concentrant sur:

• Améliorations d'application des banques mobiles
• Mises à niveau des infrastructures de cybersécurité
• Systèmes de traitement des transactions en ligne

Gestion des risques et surveillance de la conformité

Les dépenses de conformité et de gestion des risques pour 2023 étaient de 8,4 millions de dollars, avec des domaines de mise au point clés, notamment:

• Systèmes de rapports réglementaires
• Surveillance anti-blanchiment
• Technologies d'évaluation des risques de crédit

Dépenses opérationnelles totales pour les activités clés en 2023: 43,2 millions de dollars

Merchants Bancorp (Mbin) - Modèle d'entreprise: Ressources clés

Bilan solide et réserves de capital

Depuis le troisième trimestre 2023, Merchants Bancorp a rapporté:

Métrique financière	Montant
Actif total	19,4 milliards de dollars
Total des capitaux propres	1,45 milliard de dollars
Ratio de capital de niveau 1	13.8%
Ratio de capital total basé sur le risque	15.2%

Infrastructure de technologie bancaire numérique avancée

Faits saillants de l'investissement technologique:

• Plateforme de base de base basée sur le cloud
• Application bancaire mobile
• Infrastructure de cybersécurité avancée
• Système de traitement des transactions en temps réel

Équipe de gestion expérimentée

Exécutif	Position	Années d'expérience
Michael Petrie	PDG	25 ans et plus
Mark Yunker	Directeur financier	20 ans et plus

Réseau de prêts hypothécaires étendu

Statistiques sur les prêts hypothécaires (2023):

• Prêts hypothécaires totaux: 10,3 milliards de dollars
• Volume d'origine du prêt hypothécaire: 3,2 milliards de dollars
• Couverture géographique: 47 États

Portefeuille de produits financiers diversifiés

Catégorie de produits	Valeur totale du portefeuille
Prêts hypothécaires résidentiels	8,7 milliards de dollars
Prêts commerciaux	4,5 milliards de dollars
Banque de consommation	2,3 milliards de dollars
Prêts d'entreprise parrainés par le gouvernement (GSE)	3,9 milliards de dollars

Merchants Bancorp (Mbin) - Modèle d'entreprise: propositions de valeur

Solutions financières flexibles et innovantes

Merchants Bancorp propose divers produits financiers avec 8,1 milliards de dollars d'actifs totaux au T2 2023. La banque fournit des solutions de prêt spécialisées sur plusieurs segments:

Segment de prêt	Valeur totale du portefeuille	Pénétration du marché
Prêts à entrepôt hypothécaire	4,3 milliards de dollars	27% de part de marché
Prêts multifamiliaux	1,2 milliard de dollars	Couverture régionale de 15%
Prêts d'entreprise parrainés par le gouvernement	2,6 milliards de dollars	22% de portée nationale

Taux de prêt hypothécaire concurrentiel

Merchants Bancorp maintient les taux hypothécaires concurrentiels avec un taux de pourcentage annuel moyen (APR) de 6,75% en janvier 2024.

Expériences bancaires personnalisées

• Services de conseil financier personnalisés
• Solutions de prêt sur mesure pour des segments de clientèle spécifiques
• Approche bancaire basée sur les relations

Services bancaires numériques rapides et efficaces

Caractéristiques de la plate-forme bancaire numérique:

• Volume de transaction d'application mobile: 2,3 millions de transactions mensuelles
• Taux d'achèvement du processus d'ouverture du compte en ligne: 87%
• Temps de traitement des transactions numériques moyen: 3,2 minutes

Offres complètes de produits financiers

Catégorie de produits	Gamme de produits totale	Taux d'adoption des clients
Comptes de dépôt	12 types de compte différents	68% de pénétration du client
Produits de prêt	9 solutions de prêt distinctes	54% d'utilisation des clients
Services d'investissement	6 gammes de produits d'investissement	42% d'engagement client

Merchants Bancorp (Mbin) - Modèle d'entreprise: relations avec les clients

Plates-formes de libre-service numériques

Au quatrième trimestre 2023, Merchants Bancorp propose des plateformes bancaires numériques avec les mesures suivantes:

Utilisateurs de la banque en ligne	78,435
Téléchargements d'applications bancaires mobiles	52,210
Volume de transaction numérique	1,2 milliard de dollars

Gestionnaires de relations dédiées

Structure de gestion de la relation client:

• Total des gestionnaires de relations: 127
• Portefeuille client moyen: 45 clients par gestionnaire
• Interaction moyenne annuelle du client: 24 points de contact

Assistance bancaire en ligne et mobile

Canaux de support client 24/7	Téléphone, e-mail, chat, application mobile
Temps de réponse moyen	12 minutes
Personnel de support client	86 représentants

Services de conseil financier personnalisés

Offres de service:

• Consultations en gestion de patrimoine
• Planification de la retraite
• Sessions de stratégie d'investissement

Clients consultatifs	4,215
Valeur du compte consultatif moyen	$487,000

Engagement client axé sur la communauté

Événements communautaires organisés	42 événements en 2023
Investissement communautaire	1,3 million de dollars
Parrainages locaux	18 organisations locales

Merchants Bancorp (Mbin) - Modèle d'entreprise: canaux

Site Web de banque en ligne

Depuis le quatrième trimestre 2023, la plate-forme bancaire en ligne de Merchants Bancorp prend en charge environ 87 342 utilisateurs numériques actifs. Le site Web traite en moyenne 42 563 transactions mensuelles avec un taux d'engagement numérique de 64,2%.

Métrique du canal numérique	Valeur quantitative
Utilisateurs numériques actifs	87,342
Transactions en ligne mensuelles	42,563
Taux d'engagement numérique	64.2%

Application bancaire mobile

L'application bancaire mobile a été téléchargée 53 217 fois, avec une note d'utilisateurs de 4,6 / 5 sur les plates-formes iOS et Android. Les utilisateurs mensuels des banques mobiles actifs représentent 62 845 clients.

• Total des téléchargements d'applications: 53 217
• Utilisateurs mobiles actifs mensuels: 62 845
• Évaluation de l'App Store: 4.6 / 5

Réseau de succursale physique

Merchants Bancorp exploite 127 branches physiques dans 9 États, avec une concentration dans l'Indiana, l'Illinois et l'Ohio. Le trafic quotidien moyen de la succursale est de 342 clients par emplacement.

Détails du réseau de branche	Valeur quantitative
Branches physiques totales	127
États d'opération	9
Traffical quotidien moyen	342 clients

Assistance du centre d'appels

Le centre d'appels gère 18 742 interactions client mensuellement, avec un temps de réponse moyen de 3,2 minutes et une cote de satisfaction du client de 92,4%.

• Interactions mensuelles du client: 18 742
• Temps de réponse moyen: 3,2 minutes
• Évaluation de satisfaction du client: 92,4%

Plateformes de prêt hypothécaire tierces

Merchants Bancorp traite les prêts hypothécaires via 47 plateformes de prêt tierces, générant 1,2 milliard de dollars de créations hypothécaires au cours de 2023.

Métriques de la plate-forme de prêt hypothécaire	Valeur quantitative
Nombre de plateformes tierces	47
Originations hypothécaires (2023)	1,2 milliard de dollars

Merchants Bancorp (Mbin) - Modèle d'entreprise: segments de clientèle

Petites et moyennes entreprises

Depuis le quatrième trimestre 2023, Merchants Bancorp dessert environ 3 500 clients commerciaux de petite à moyenne taille de la région du Midwest.

Segment d'entreprise	Total des clients	Taille moyenne du prêt
Prêts commerciaux	2,100	$750,000
Banque des petites entreprises	1,400	$250,000

Emprunteurs d'hypothèques résidentielles

Merchants Bancorp a créé 4,2 milliards de dollars de prêts hypothécaires résidentiels en 2023.

• Clients hypothécaires totaux: 22,750
• Montant moyen du prêt hypothécaire: 385 000 $
• Concentration géographique: Indiana, Illinois, Michigan

Investisseurs immobiliers commerciaux

Portfolio immobilier commercial d'une valeur de 1,6 milliard de dollars au 31 décembre 2023.

Type de propriété	Investissements totaux	Nombre de clients
Propriétés multifamiliales	680 millions de dollars	215
Immeubles de bureaux	450 millions de dollars	135
Espaces de vente au détail	470 millions de dollars	98

Clients bancaires de détail individuels

Total des clients bancaires au détail: 47 500 au T2 2023.

• Comptes chèques: 35 200
• Comptes d'épargne: 28 900
• Solde moyen des dépôts du client: 42 500 $

Professionnels des prêts hypothécaires

Merchants Bancorp soutient 850 professionnels des prêts hypothécaires via sa plateforme de prêt en gros.

Canal de prêt	Total des professionnels	Volume de prêt annuel
Hypothèque en gros	850	3,1 milliards de dollars

Merchants Bancorp (Mbin) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Pour l'exercice 2023, Merchants Bancorp a déclaré des frais de technologie et d'équipement de 15,7 millions de dollars.

Catégorie de coûts technologiques	Dépenses annuelles
Infrastructure informatique	7,2 millions de dollars
Systèmes de cybersécurité	3,5 millions de dollars
Licence de logiciel	2,8 millions de dollars
Maintenance matérielle	2,2 millions de dollars

Frais de conformité réglementaire

Les coûts de conformité pour les marchands Bancorp en 2023 ont totalisé 9,3 millions de dollars.

• Services de conseil juridique et réglementaire: 4,1 millions de dollars
• Systèmes de surveillance de la conformité: 2,6 millions de dollars
• Formation et documentation: 1,8 million de dollars
• Frais d'audit externe: 0,8 million de dollars

Compensation et avantages sociaux des employés

Les dépenses totales liées aux employés pour 2023 étaient de 87,4 millions de dollars.

Catégorie de compensation	Dépenses annuelles
Salaires de base	62,3 millions de dollars
Bonus de performance	11,5 millions de dollars
Avantages sociaux	7,2 millions de dollars
Plans de retraite	6,4 millions de dollars

Coûts d'exploitation de la succursale

Les dépenses liées aux succursales pour 2023 s'élevaient à 22,6 millions de dollars.

• Frais de location et de location: 8,7 millions de dollars
• Services publics: 3,9 millions de dollars
• Entretien et réparations: 5,2 millions de dollars
• Sécurité: 2,8 millions de dollars
• Équipement de succursale: 2 millions de dollars

Frais de marketing et d'acquisition des clients

Les dépenses de marketing pour 2023 étaient de 6,5 millions de dollars.

Canal de marketing	Dépenses annuelles
Marketing numérique	2,8 millions de dollars
Publicité médiatique traditionnelle	1,7 million de dollars
Programmes d'acquisition de clients	1,5 million de dollars
Recherche marketing	0,5 million de dollars

Merchants Bancorp (Mbin) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des prêts hypothécaires

Pour l'exercice 2023, Merchants Bancorp a déclaré 525,4 millions de dollars de revenus d'intérêts totaux, les prêts hypothécaires représentant une partie importante de cette source de revenus.

Catégorie de prêt hypothécaire	Montant des revenus (2023)
Prêts hypothécaires résidentiels	342,6 millions de dollars
Prêts d'entreprise parrainés par le gouvernement (GSE)	127,3 millions de dollars

Frais de banque commerciale et de consommation

Les revenus des frais de banque commerciale et de consommation pour les marchands Bancorp en 2023 ont totalisé 87,2 millions de dollars.

• Frais d'origine des prêts commerciaux: 42,5 millions de dollars
• Frais de maintenance du compte: 23,7 millions de dollars
• Frais liés aux transactions: 21,0 millions de dollars

Frais de service de prêt d'entrepôt

Les frais de service de prêt d'entrepôt ont généré 95,6 millions de dollars de revenus pour 2023.

Type de service de prêt d'entrepôt	Montant des revenus (2023)
Prêts à entrepôt hypothécaire	82,3 millions de dollars
Prêts d'entrepôt de petites entreprises	13,3 millions de dollars

Frais de transaction bancaire numérique

Les frais de transaction bancaire numérique ont représenté 24,8 millions de dollars de revenus pour 2023.

• Frais de transaction en ligne: 14,5 millions de dollars
• Frais de banque mobile: 10,3 millions de dollars

Services d'investissement et de gestion de la patrimoine

Les services d'investissement et de gestion de la patrimoine ont généré 36,5 millions de dollars de revenus pour 2023.

Catégorie de service	Montant des revenus (2023)
Frais de gestion des actifs	22,7 millions de dollars
Services de conseil financier	13,8 millions de dollars

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.