MBIN at a glance
Merchants Bancorp (MBIN, SEC CIK 1629019) filed its latest 10-K annual report on February 27, 2026, a 10-Q quarterly report on August 7, 2026, an 8-K current report on August 20, 2026 and Form 4 insider filings as recently as August 24, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), Merchants Bancorp (MBIN) reported revenue of $1.2 billion (down 7.8% from FY2024) and net income of $218.8 million. Diluted EPS was $3.78.
- As of June 30, 2026, 28 institutional investment managers tracked by SignalX reported holding Merchants Bancorp (MBIN) shares worth $520.9 million in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by Kaercher Julia L. on July 30, 2026 of 9,000 shares at $55.20 per share.
- In the last 90 days, MBIN insiders reported 0 open-market purchases ($0) and 2 open-market sales ($994K) on Form 4, a net sale of $994K.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $1.2B
- −7.8% vs prior year
- Insiders · 90 days
- 0 buys · 2 sells
- Net −$994K
- 13F holders
- 28 funds
- $520.9M · +0 vs prior quarter
- Latest 8-K
- Aug 20, 2026
- Item 8.01
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business: Nationwide lender specializing in multi-family, healthcare, and warehouse loans to mortgage bankers
- New emphasis on multi-family financing growth, with loans increasing 15% to $5.3B and representing 48% of total loans
- Strategic shift reducing brokered deposits by 31% to $1.8B, raising core deposits by 20% to $11.3B, enhancing liquidity and lowering borrowing needs
- Servicing rights up 14% to $217.3M, driven by higher escrow earnings rates in multi-family servicing despite lower interest rates impact
- Noteworthy: $60.1M increase in other real estate owned to $60.1M, linked to a multi-family property transfer in December 2025
Risk Factors
- Regulatory risk from Federal Home Loan Bank and Federal Reserve Discount Window borrowing limit impacting liquidity with $5.3B unused capacity as of Dec 31, 2025
- Macroeconomic threat in 32% net income decline to $218.8M due to 385% rise in credit loss provision to $93.5M in 2025
- Operational risk from nonperforming loan collateral preservation and credit default swap premiums adding 680 bps to efficiency ratio to 44.01%
- Competitive risk from Freddie Mac Q-Series mortgage securitizations totaling $783.1M in 2025 challenging market share in multi-family loans
- Financial risk from significant $776.8M or 31% decrease in brokered deposits, a funding source shift affecting liquidity management
Management Discussion & Analysis
- Revenue decline: Net interest income $517.1M in 2025, down $5.6M (1%) YoY from $522.6M in 2024; noninterest income up 11% to $164.4M from $148.1M
- Profitability: Net income $218.8M in 2025, down 32% YoY from $320.4M; net interest margin 2.86% vs 3.03%; efficiency ratio 44.01% vs 33.37%
- Best segment: Multi-family mortgage gains on loan sales $77.2M in 2025, up 36% from $56.8M; Worst impacted: credit losses provision surged 385% to $117.8M from $24.3M
- Cash allocation: Issued $222.7M preferred shares and $97.7M common stock net proceeds; no explicit buyback or dividend data; increased capex implied by infrastructure spend
- Outlook risk: Management highlights rising admin costs for growth, credit risk from multi-family loan values decline, fraud investigations, continued regulatory capital management via loan sales and securitizations
AI summary of the MBIN 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Net income $78.3M, up 106% from $38.0M YoY
- Net interest income $136.5M, up 6% from $128.7M; net interest margin 2.81% vs 2.83%
- Warehouse loans funded $22.9B, up 41% YoY; strongest disclosed operating line
- Provision for credit losses $9.2M, down 83% YoY; criticized loans $444.7M, down 25%
- Liquidity $13.0B, supported by $5.5B unused borrowing capacity; capital ratio 12.5%
Risk Factors
- No material risk-factor changes from the December 31, 2025 Form 10-K
- Carried-forward regulatory, legal, and compliance risks unchanged from the 10-K
- Carried-forward operational, competitive, and market risks unchanged from the 10-K
- Carried-forward financial risks unchanged from the 10-K
AI summary of the MBIN 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 8.01: Other Events
- Quarterly cash dividends declared across common and preferred securities
- Common dividend: $0.11 per share, payable October 1, 2026
Item EX-99.1: Item EX-99.1
- Quarterly cash dividends declared for Q3 2026, signaling continued shareholder distributions
- Common dividend $0.11 per MBIN share, payable October 1, 2026
Item 2.02: Results of Operations and Financial Condition
- Second-quarter 2026 financial results released July 28, 2026
- Detailed earnings information furnished in Exhibit 99.1
Item EX-99.1: Item EX-99.1
- Net income $78.3M, up 106% YoY and 16% QoQ, primarily reflecting an 83% decline in credit-loss provision to $9.2M
- Diluted EPS $1.48, up 147% YoY and 18% QoQ, supporting materially stronger shareholder returns
Item 8.01: Other Events
- Common-stock quarterly dividend of $0.11 per share, signaling continued shareholder distributions
- Series C preferred dividend of $15.00 per share, or $0.375 per depositary share
Item 5.07: Submission of Matters to a Vote of Security Holders
- All 12 director nominees elected, with strongest support for Michael S. Curless, receiving 40,634,251 votes
- Tamika D. Catchings, Andrew A. Juster, Patrick D. O’Brien, and Anne E. Sellers faced elevated withheld votes
AI summaries of MBIN 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for MBIN
Don't miss the next MBIN filing
- Alerts as it files. A push when MBIN files an 8-K or an insider trades.
- Fund moves. Which tracked funds opened, added or cut MBIN, by share count.
- Ask anything. An AI agent that reads every MBIN filing and answers with sources.
MBIN alerts on your phone. Follow it in the SignalX Android app.
Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Catchings Tamika | A | Aug 20, 2026 | 328 | $53.50 |
| O'Brien Patrick D. | A | Aug 20, 2026 | 328 | $53.50 |
| JUSTER ANDREW | A | Aug 20, 2026 | 328 | $53.50 |
| Curless Michael S | A | Aug 20, 2026 | 328 | $53.50 |
| Sellers Anne E. | A | Aug 20, 2026 | 328 | $53.50 |
| Dinwiddie Thomas | A | Aug 20, 2026 | 328 | $53.50 |
| Shaffer Mark E. | A | Aug 20, 2026 | 328 | $53.50 |
| Dury Michael R. | G | Aug 5, 2026 | 3,700 | - |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | $1.1B | $1.3B | $1.2B |
| Net Income | $279.2M | $320.4M | $218.8M |
| Net Margin | 25.9% | 24.6% | 18.2% |
| Balance Sheet | |||
| Total Assets | $17.0B | $18.8B | $19.4B |
| Equity | $1.7B | $2.2B | $2.3B |
| ROE | 16.4% | 14.3% | 9.6% |
| Per Share | |||
| EPS | - | $6.30 | $3.78 |
| Cash Flow | |||
| Operating CF | -$356.4M | -$835.3M | -$341.2M |
| CapEx | $7.5M | $18.4M | $20.9M |
Source: XBRL data in Merchants Bancorp (MBIN)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate MBIN share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 28 | $520.9M |
| Q1 2026 | 28 | $436.6M |
| Q4 2025 | 25 | $249.7M |
| Q3 2025 | 26 | $248.7M |
| Q2 2025 | 26 | $253.2M |
| Q1 2025 | 23 | $198.9M |
| Q4 2024 | 20 | $166.1M |
| Q3 2024 | 16 | $134.2M |
- Invesco Ltd+85.3K (+55%)
- Dimensional Fund Advisors+68.2K (+4%)
- BlackRock+54.3K (+1%)
- State Street Corp+32.3K (+3%)
- Citigroup+29.1K (+220%)
- Goldman Sachs Group−55.3K (-44%)
- D.E. Shaw & Co−11.9K (-42%)
- JPMorgan Chase & Co−11.4K (-39%)
- Franklin Resources−8.7K (-8%)
- Two Sigma Investments−7.0K (-17%)
- Millennium Management+25.5K
Source: 13F-HR filings on SEC EDGAR (aggregated from 192 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
MBIN filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
8-K current reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Aug 24, 2026 | - | - | - |
| 4 | Aug 24, 2026 | - | - | - |
| 4 | Aug 24, 2026 | - | - | - |
| 4 | Aug 24, 2026 | - | - | - |
| 4 | Aug 24, 2026 | - | - | - |
| 4 | Aug 24, 2026 | - | - | - |
| 4 | Aug 24, 2026 | - | - | - |
| 8-K | Aug 20, 2026 | - | Analysis | - |
| 4 | Aug 7, 2026 | - | - | - |
| 10-Q | Aug 7, 2026 | Jun 30, 2026 | Analysis | |
| 4 | Jul 31, 2026 | - | - | - |
| 4 | Jul 31, 2026 | - | - | - |
| 8-K | Jul 28, 2026 | - | Analysis | - |
| 4 | Jun 5, 2026 | - | - | |
| 4 | May 26, 2026 | - | - | |
| 4 | May 26, 2026 | - | - | |
| 4 | May 26, 2026 | - | - | |
| 4 | May 26, 2026 | - | - | |
| 4 | May 26, 2026 | - | - | |
| 4 | May 26, 2026 | - | - | |
| 8-K | May 21, 2026 | - | Analysis | |
| 4 | May 19, 2026 | - | - | |
| 10-Q | May 7, 2026 | Mar 31, 2026 | Analysis | |
| 4 | May 7, 2026 | - | - | |
| 4 | May 7, 2026 | - | - |
Related Financials companies
- SRCE · 1ST SOURCE CORPState Commercial Banks
- ACNB · ACNB CORPState Commercial Banks
- ALLY · Ally Financial IncState Commercial Banks
- AMAL · Amalgamated Financial Corp.State Commercial Banks
- ABCB · Ameris BancorpState Commercial Banks
- ASB · ASSOCIATED BANC-CORPState Commercial Banks
- AUB · Atlantic Union Bankshares CorpState Commercial Banks
- AVBH · Avidbank Holdings, Inc.State Commercial Banks
MBIN SEC filings: frequently asked questions
Are MBIN insiders buying or selling?
In the last 90 days, Merchants Bancorp (MBIN) officers, directors and 10% owners reported no open-market purchases and 2 open-market sales worth $993,600 by 2 insiders on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold MBIN stock?
As of June 30, 2026, the largest Merchants Bancorp (MBIN) holders among the 13F filers tracked by SignalX were BlackRock ($205.3 million), Dimensional Fund Advisors ($91.4 million), State Street Corp ($53.5 million), Vanguard Capital Management LLC ($50.8 million), Vanguard Portfolio Management LLC ($24.4 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was MBIN's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), Merchants Bancorp (MBIN) reported revenue of $1.2 billion (down 7.8% from FY2024) and net income of $218.8 million. Diluted EPS was $3.78. The figures come from the XBRL data in the 10-K.
What are the main risks in MBIN's latest 10-K?
In the 10-K filed February 27, 2026, Merchants Bancorp (MBIN) flagged: Regulatory risk from Federal Home Loan Bank and Federal Reserve Discount Window borrowing limit impacting liquidity with $5.3B unused capacity as of Dec 31, 2025. Macroeconomic threat in 32% net income decline to $218.8M due to 385% rise in credit loss provision to $93.5M in 2025. (AI summary of the Risk Factors section.)
What did MBIN report in its latest 8-K?
Merchants Bancorp (MBIN) filed an 8-K on August 20, 2026 reporting Item 8.01 (Other Events). Quarterly cash dividends declared across common and preferred securities.
What are the latest MBIN SEC filings?
Merchants Bancorp (MBIN) filed its latest 10-K annual report on February 27, 2026, a 10-Q quarterly report on August 7, 2026, an 8-K current report on August 20, 2026 and a Form 4 insider filing on August 24, 2026.
What is MBIN's SEC CIK number?
Merchants Bancorp (MBIN)'s SEC Central Index Key (CIK) is 1629019. EDGAR lists every MBIN filing under that number.
Ask anything about MBIN
The research agent reads MBIN's filings, financials, insider trades and 13F holders, then answers with sources.