Merchants Bancorp (MBIN): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico dos bancos modernos, os comerciantes Bancorp (MBIN) surgem como uma potência estratégica, misturando serviços financeiros tradicionais perfeitamente com inovação digital de ponta. Ao alavancar um modelo de negócios sofisticado que abrange empréstimos hipotecários, bancos digitais e soluções financeiras diversificadas, o banco se posicionou como um participante versátil no ecossistema competitivo de serviços financeiros. Esta tela abrangente do modelo de negócios revela os intrincados mecanismos que impulsionam o sucesso da MBIN, oferecendo um vislumbre sem precedentes sobre como a instituição cria valor, gerencia recursos e oferece experiências financeiras excepcionais aos seus diversos segmentos de clientes.

Comerciantes Bancorp (MBIN) - Modelo de Negócios: Parcerias -Chaves

Empresas de Tecnologia Financeira (Fintech)

Merchants Bancorp faz parceria com as seguintes empresas de fintech:

Parceiro	Foco em parceria	Ano estabelecido
Blend Labs	Plataforma de originação hipotecária digital	2021
Xadrez	Conectividade de dados bancários	2019

Credores hipotecários e provedores de serviços imobiliários

As principais parcerias hipotecárias e imobiliárias incluem:

• Parcerias de empréstimos residenciais com originadores nacionais de hipotecas
• Colaboração com plataformas de tecnologia imobiliária

Bancos comunitários e instituições financeiras regionais

Detalhes da rede de parceria:

Tipo de parceiro	Número de parcerias	Valor total da parceria
Bancos comunitários	47	US $ 215 milhões
Instituições Financeiras Regionais	23	US $ 385 milhões

Redes de processamento de pagamento

Parcerias de processamento de pagamento primário:

• Integração da rede de pagamento de visto
• Processamento de transações MasterCard

Empresas de gestão de investimentos e patrimônio

Métricas de parceria de investimento:

Empresa parceira	Ativos sob gestão	Ano de parceria
Raymond James	US $ 935 milhões	2022
LPL Financial	US $ 1,2 bilhão	2020

Comerciantes bancorp (mbin) - modelo de negócios: atividades -chave

Empréstimos e originação hipotecária

No quarto trimestre 2023, os comerciantes Bancorp se originaram de US $ 6,9 bilhões em empréstimos hipotecários residenciais. A repartição do volume de originação hipotecária da empresa inclui:

Tipo de empréstimo	Volume	Percentagem
Empréstimos convencionais	US $ 4,2 bilhões	60.9%
Empréstimos apoiados pelo governo	US $ 2,7 bilhões	39.1%

Serviços bancários comerciais e de consumo

Os comerciantes Bancorp reportaram US $ 1,2 bilhão em carteiras de empréstimos comerciais e de consumo totais em 2023, com a seguinte distribuição:

• Empréstimos imobiliários comerciais: US $ 752 milhões
• Empréstimos comerciais e industriais: US $ 318 milhões
• Empréstimos ao consumidor: US $ 130 milhões

Empréstimos de armazém para empresas de hipotecas

O volume de empréstimos do armazém para 2023 atingiu US $ 15,3 bilhões, apoiando aproximadamente 87 credores hipotecários independentes nos Estados Unidos.

Métricas de empréstimos de armazém	Valor
Linha de crédito total do armazém	US $ 1,8 bilhão
Tamanho médio do empréstimo	US $ 4,2 milhões

Desenvolvimento da plataforma bancária digital

O investimento em infraestrutura bancária digital para 2023 totalizou US $ 12,7 milhões, com foco em:

• Aprimoramentos de aplicativos bancários móveis
• Atualizações de infraestrutura de segurança cibernética
• Sistemas de processamento de transações online

Gerenciamento de riscos e monitoramento de conformidade

Os gastos com conformidade e gerenciamento de riscos para 2023 foram de US $ 8,4 milhões, com áreas de foco importantes, incluindo:

• Sistemas de relatórios regulatórios
• Monitoramento de lavagem de dinheiro
• Tecnologias de avaliação de risco de crédito

Despesas operacionais totais para atividades -chave em 2023: US $ 43,2 milhões

Merchants Bancorp (MBIN) - Modelo de negócios: Recursos -chave

Balanço forte e reservas de capital

A partir do terceiro trimestre de 2023, os comerciantes Bancorp relataram:

Métrica financeira	Quantia
Total de ativos	US $ 19,4 bilhões
Patrimônio total	US $ 1,45 bilhão
Índice de capital de camada 1	13.8%
Índice total de capital baseado em risco	15.2%

Infraestrutura de tecnologia bancária digital avançada

Destaques de investimento em tecnologia:

• Plataforma bancária de núcleo baseada em nuvem
• Aplicativo bancário móvel
• Infraestrutura avançada de segurança cibernética
• Sistema de processamento de transações em tempo real

Equipe de gerenciamento experiente

Executivo	Posição	Anos de experiência
Michael Petrie	CEO	Mais de 25 anos
Mark Yunker	Diretor Financeiro	Mais de 20 anos

Extensa rede de empréstimos hipotecários

Estatísticas de empréstimos hipotecários (2023):

• Empréstimos hipotecários totais: US $ 10,3 bilhões
• Volume de originação de empréstimos hipotecários: US $ 3,2 bilhões
• Cobertura geográfica: 47 estados

Portfólio de produtos financeiros diversificados

Categoria de produto	Valor total do portfólio
Empréstimo de hipoteca residencial	US $ 8,7 bilhões
Empréstimos comerciais	US $ 4,5 bilhões
Bancos bancários do consumidor	US $ 2,3 bilhões
Empréstimos corporativos patrocinados pelo governo (GSE)	US $ 3,9 bilhões

Comerciantes bancorp (MBIN) - Modelo de negócios: proposições de valor

Soluções financeiras flexíveis e inovadoras

Os comerciantes Bancorp oferecem diversos produtos financeiros com US $ 8,1 bilhões em ativos totais a partir do quarto trimestre 2023. O banco fornece soluções de empréstimos especializados em vários segmentos:

Segmento de empréstimo	Valor total do portfólio	Penetração de mercado
Empréstimos do armazém hipotecário	US $ 4,3 bilhões	27% participação de mercado
Empréstimos multifamiliares	US $ 1,2 bilhão	15% de cobertura regional
Empréstimos corporativos patrocinados pelo governo	US $ 2,6 bilhões	22% de alcance nacional

Taxas competitivas de empréstimos hipotecários

Os comerciantes Bancorp mantêm as taxas de hipoteca competitivas com uma taxa percentual média anual (APR) de 6,75% em janeiro de 2024.

Experiências bancárias personalizadas

• Serviços de consultoria financeira personalizada
• Soluções de empréstimos personalizados para segmentos de clientes específicos
• Abordagem bancária baseada em relacionamento

Serviços bancários digitais rápidos e eficientes

Recursos da plataforma bancária digital:

• Volume de transação de aplicativos móveis: 2,3 milhões de transações mensais
• Taxa de conclusão do processo de abertura da conta on -line: 87%
• Tempo médio de processamento da transação digital: 3,2 minutos

Ofertas abrangentes de produtos financeiros

Categoria de produto	Gama total de produtos	Taxa de adoção do cliente
Contas de depósito	12 tipos de conta diferentes	68% de penetração do cliente
Produtos de empréstimos	9 soluções de empréstimos distintos	54% de utilização do cliente
Serviços de investimento	6 linhas de produtos de investimento	42% de envolvimento do cliente

Merchants Bancorp (MBIN) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas de autoatendimento digital

A partir do quarto trimestre 2023, os comerciantes Bancorp oferecem plataformas bancárias digitais com as seguintes métricas:

Usuários bancários online	78,435
Downloads de aplicativos bancários móveis	52,210
Volume de transação digital	US $ 1,2 bilhão

Gerentes de relacionamento dedicados

Estrutura de gerenciamento de relacionamento com o cliente:

• Gerentes de relacionamento total: 127
• Portfólio médio de clientes: 45 clientes por gerente
• Interação média anual do cliente: 24 pontos de contato

Suporte bancário online e móvel

Canais de suporte ao cliente 24/7	Telefone, e -mail, chat, aplicativo móvel
Tempo médio de resposta	12 minutos
Equipe de suporte ao cliente	86 representantes

Serviços de Consultoria Financeira Personalizada

Ofertas de serviço:

• Consultas de gerenciamento de patrimônio
• Planejamento de aposentadoria
• Sessões de estratégia de investimento

Clientes consultivos	4,215
Valor médio da conta consultiva	$487,000

Engajamento do cliente focado na comunidade

Eventos comunitários hospedados	42 eventos em 2023
Investimento comunitário	US $ 1,3 milhão
Patrocínios locais	18 organizações locais

Comerciantes bancorp (MBIN) - Modelo de negócios: canais

Site bancário online

A partir do quarto trimestre 2023, a plataforma bancária on -line do Merchants Bancorp suporta aproximadamente 87.342 usuários digitais ativos. O site processa uma média de 42.563 transações mensais com uma taxa de engajamento digital de 64,2%.

Métrica de canal digital	Valor quantitativo
Usuários digitais ativos	87,342
Transações online mensais	42,563
Taxa de engajamento digital	64.2%

Aplicativo bancário móvel

O aplicativo Banking Mobile foi baixado 53.217 vezes, com uma classificação de usuário de 4,6/5 nas plataformas iOS e Android. Os usuários mensais de bancos móveis ativos são responsáveis ​​por 62.845 clientes.

• Downloads de aplicativos totais: 53.217
• Usuários móveis ativos mensais: 62.845
• App Store Classificação: 4.6/5

Rede de ramificação física

Os comerciantes Bancorp opera 127 ramos físicos em 9 estados, com uma concentração em Indiana, Illinois e Ohio. O tráfego diário de pedestres diário é de 342 clientes por local.

Detalhes da rede de filiais	Valor quantitativo
Ramos físicos totais	127
Estados de operação	9
Tráfego médio diário de ramificação	342 clientes

Suporte de call center

O call center lida com 18.742 interações com os clientes mensalmente, com um tempo médio de resposta de 3,2 minutos e uma classificação de satisfação do cliente de 92,4%.

• Interações mensais do cliente: 18.742
• Tempo médio de resposta: 3,2 minutos
• Classificação de satisfação do cliente: 92,4%

Plataformas de empréstimos hipotecários de terceiros

Os comerciantes Bancorp processa empréstimos hipotecários por meio de 47 plataformas de empréstimos de terceiros, gerando US $ 1,2 bilhão em origens hipotecárias durante 2023.

Métricas da plataforma de empréstimos hipotecários	Valor quantitativo
Número de plataformas de terceiros	47
Origenas hipotecárias (2023)	US $ 1,2 bilhão

Comerciantes bancorp (MBIN) - Modelo de negócios: segmentos de clientes

Pequenas e médias empresas

A partir do quarto trimestre de 2023, os comerciantes Bancorp atendem a aproximadamente 3.500 clientes comerciais pequenos e médios em toda a região do Centro-Oeste.

Segmento de negócios	Total de clientes	Tamanho médio do empréstimo
Empréstimos comerciais comerciais	2,100	$750,000
Bancos de pequenas empresas	1,400	$250,000

Mutificadores de hipotecas residenciais

Os comerciantes Bancorp se originaram de US $ 4,2 bilhões em empréstimos hipotecários residenciais em 2023.

• Total de clientes hipotecários: 22.750
• Valor médio do empréstimo hipotecário: US $ 385.000
• Concentração geográfica: Indiana, Illinois, Michigan

Investidores imobiliários comerciais

O portfólio imobiliário comercial avaliado em US $ 1,6 bilhão em 31 de dezembro de 2023.

Tipo de propriedade	Total de investimentos	Número de clientes
Propriedades multifamiliares	US $ 680 milhões	215
Edifícios de escritórios	US $ 450 milhões	135
Espaços de varejo	US $ 470 milhões	98

Clientes bancários de varejo individuais

Total de clientes bancários de varejo: 47.500 a partir do quarto trimestre 2023.

• Contas de corrente: 35.200
• Contas de poupança: 28.900
• Saldo médio de depósito de cliente: US $ 42.500

Profissionais de empréstimos hipotecários

Os comerciantes Bancorp suportam 850 profissionais de empréstimos hipotecários por meio de sua plataforma de empréstimos por atacado.

Canal de empréstimo	Total de profissionais	Volume anual de empréstimo
Hipoteca por atacado	850	US $ 3,1 bilhões

Comerciantes bancorp (mbin) - modelo de negócios: estrutura de custos

Manutenção de infraestrutura de tecnologia

Para o ano fiscal de 2023, a Merchants Bancorp registrou despesas de tecnologia e equipamentos de US $ 15,7 milhões.

Categoria de custo de tecnologia	Despesa anual
Infraestrutura de TI	US $ 7,2 milhões
Sistemas de segurança cibernética	US $ 3,5 milhões
Licenciamento de software	US $ 2,8 milhões
Manutenção de hardware	US $ 2,2 milhões

Despesas de conformidade regulatória

Os custos de conformidade para os comerciantes Bancorp em 2023 totalizaram US $ 9,3 milhões.

• Serviços de consultoria jurídica e regulatória: US $ 4,1 milhões
• Sistemas de monitoramento de conformidade: US $ 2,6 milhões
• Treinamento e documentação: US $ 1,8 milhão
• Taxas de auditoria externa: US $ 0,8 milhão

Compensação e benefícios dos funcionários

As despesas totais relacionadas aos funcionários em 2023 foram de US $ 87,4 milhões.

Categoria de compensação	Despesa anual
Salários da base	US $ 62,3 milhões
Bônus de desempenho	US $ 11,5 milhões
Benefícios de saúde	US $ 7,2 milhões
Planos de aposentadoria	US $ 6,4 milhões

Custos de operação da filial

As despesas relacionadas à filial em 2023 totalizaram US $ 22,6 milhões.

• Despesas de aluguel e arrendamento: US $ 8,7 milhões
• Utilitários: US $ 3,9 milhões
• Manutenção e reparos: US $ 5,2 milhões
• Segurança: US $ 2,8 milhões
• Equipamento de ramificação: US $ 2 milhões

Despesas de marketing e aquisição de clientes

As despesas de marketing para 2023 foram de US $ 6,5 milhões.

Canal de marketing	Gasto anual
Marketing digital	US $ 2,8 milhões
Publicidade tradicional da mídia	US $ 1,7 milhão
Programas de aquisição de clientes	US $ 1,5 milhão
Pesquisa de marketing	US $ 0,5 milhão

Comerciantes Bancorp (MBIN) - Modelo de Negócios: Fluxos de Receita

Receita de juros de empréstimos hipotecários

Para o ano fiscal de 2023, a Merchants Bancorp registrou US $ 525,4 milhões em receita total de juros, com empréstimos hipotecários representando uma parcela significativa desse fluxo de receita.

Categoria de empréstimos hipotecários	Valor da receita (2023)
Empréstimos hipotecários residenciais	US $ 342,6 milhões
Empréstimos corporativos patrocinados pelo governo (GSE)	US $ 127,3 milhões

Taxas bancárias comerciais e de consumo

A taxa de taxa bancária comercial e de consumidor para os comerciantes Bancorp em 2023 totalizou US $ 87,2 milhões.

• Taxas de originação de empréstimos comerciais: US $ 42,5 milhões
• Taxas de manutenção de conta: US $ 23,7 milhões
• Taxas relacionadas à transação: US $ 21,0 milhões

Cobranças de serviço de empréstimo de armazém

As cobranças do serviço de empréstimos ao armazém geraram US $ 95,6 milhões em receita para 2023.

Tipo de serviço de empréstimo de armazém	Valor da receita (2023)
Empréstimos do armazém hipotecário	US $ 82,3 milhões
Empréstimos de armazém de pequenas empresas	US $ 13,3 milhões

Taxas de transação bancária digital

As taxas de transação bancária digital representaram US $ 24,8 milhões em receita para 2023.

• Taxas de transação online: US $ 14,5 milhões
• Taxas bancárias móveis: US $ 10,3 milhões

Serviços de investimento e gerenciamento de patrimônio

Os serviços de gestão de investimentos e patrimônio geraram US $ 36,5 milhões em receita para 2023.

Categoria de serviço	Valor da receita (2023)
Taxas de gerenciamento de ativos	US $ 22,7 milhões
Serviços de Consultoria Financeira	US $ 13,8 milhões

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.