--- title: "Merchants Bancorp Pref Share MBINN 6 Perp 04/01/26 C | 10-Q: FY2026 Q1 Revenue: USD 317.11 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285610388.md" datetime: "2026-05-07T20:19:49.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285610388.md) - [en](https://longbridge.com/en/news/285610388.md) - [zh-HK](https://longbridge.com/zh-HK/news/285610388.md) generator: "portal-rs" --- # Merchants Bancorp Pref Share MBINN 6 Perp 04/01/26 C | 10-Q: FY2026 Q1 Revenue: USD 317.11 M Revenue: As of FY2026 Q1, the actual value is USD 317.11 M. EPS: As of FY2026 Q1, the actual value is USD 1.25. EBIT: As of FY2026 Q1, the actual value is USD -44.34 M. #### Segmented Financial Performance (Three Months Ended March 31, 2026 vs. 2025) ##### Multi-family Mortgage Banking - **Interest Income**: $1,062 thousand in 2026, decreased from $1,180 thousand in 2025 . - **Interest Expense**: $20 thousand in both 2026 and 2025 . - **Net Interest Income**: $1,042 thousand in 2026, decreased from $1,160 thousand in 2025 . - **Provision for credit losses**: - $7 thousand in 2026, decreased from - $48 thousand in 2025 . - **Noninterest Income**: $39,089 thousand in 2026, increased from $28,896 thousand in 2025 . - **Salaries and employee benefits**: $20,976 thousand in 2026, increased from $20,928 thousand in 2025 . - **Other noninterest expense**: $4,652 thousand in 2026, increased from $3,632 thousand in 2025 . - **Total noninterest expense**: $25,628 thousand in 2026, increased from $24,560 thousand in 2025 . - **Income before income taxes**: $14,510 thousand in 2026, increased from $5,544 thousand in 2025 . - **Net income**: $11,014 thousand in 2026, increased from $3,413 thousand in 2025 . - **Total assets**: $522,976 thousand as of March 31, 2026, increased from $460,441 thousand as of March 31, 2025 . ##### Mortgage Warehousing - **Interest Income**: $100,646 thousand in 2026, increased from $86,117 thousand in 2025 . - **Interest Expense**: $62,079 thousand in 2026, increased from $57,669 thousand in 2025 . - **Net Interest Income**: $38,567 thousand in 2026, increased from $28,448 thousand in 2025 . - **Provision for credit losses**: - $707 thousand in 2026, decreased from - $426 thousand in 2025 . - **Noninterest Income**: $4,321 thousand in 2026, increased from - $740 thousand in 2025 . - **Salaries and employee benefits**: $1,968 thousand in 2026, decreased from $1,977 thousand in 2025 . - **Other noninterest expense**: $5,918 thousand in 2026, decreased from $6,044 thousand in 2025 . - **Total noninterest expense**: $7,886 thousand in 2026, decreased from $8,021 thousand in 2025 . - **Income before income taxes**: $35,709 thousand in 2026, increased from $20,113 thousand in 2025 . - **Net income**: $28,648 thousand in 2026, increased from $15,398 thousand in 2025 . - **Total assets**: $8,544,107 thousand as of March 31, 2026, increased from $5,902,165 thousand as of March 31, 2025 . ##### Banking - **Interest Income**: $165,158 thousand in 2026, decreased from $196,044 thousand in 2025 . - **Interest Expense**: $80,526 thousand in 2026, decreased from $108,107 thousand in 2025 . - **Net Interest Income**: $84,632 thousand in 2026, decreased from $87,937 thousand in 2025 . - **Provision for credit losses**: $16,013 thousand in 2026, increased from $8,201 thousand in 2025 . - **Noninterest Income**: $6,282 thousand in 2026, increased from - $1,067 thousand in 2025 . - **Salaries and employee benefits**: $6,753 thousand in 2026, increased from $6,479 thousand in 2025 . - **Other noninterest expense**: $20,996 thousand in 2026, increased from $10,831 thousand in 2025 . - **Total noninterest expense**: $27,749 thousand in 2026, increased from $17,310 thousand in 2025 . - **Income before income taxes**: $47,152 thousand in 2026, decreased from $61,359 thousand in 2025 . - **Net income**: $37,980 thousand in 2026, decreased from $47,107 thousand in 2025 . - **Total assets**: $10,850,657 thousand as of March 31, 2026, decreased from $12,002,564 thousand as of March 31, 2025 . ##### Other (Corporate Reconciling Items and Eliminations) - **Interest Income**: $3,645 thousand in 2026, decreased from $3,863 thousand in 2025 . - **Interest Expense**: - $762 thousand in 2026, decreased from - $788 thousand in 2025 . - **Net Interest Income**: $4,407 thousand in 2026, decreased from $4,651 thousand in 2025 . - **Provision for credit losses**: $0 thousand in both 2026 and 2025 . - **Noninterest Income**: - $3,093 thousand in 2026, decreased from - $3,396 thousand in 2025 . - **Salaries and employee benefits**: $8,868 thousand in 2026, increased from $7,035 thousand in 2025 . - **Other noninterest expense**: $5,511 thousand in 2026, increased from $4,738 thousand in 2025 . - **Total noninterest expense**: $14,379 thousand in 2026, increased from $11,773 thousand in 2025 . - **Loss before income taxes**: - $13,065 thousand in 2026, increased from - $10,518 thousand in 2025 . - **Net loss**: - $9,910 thousand in 2026, increased from - $7,679 thousand in 2025 . - **Total assets**: $404,042 thousand as of March 31, 2026, decreased from $432,630 thousand as of March 31, 2025 . #### Consolidated Operational Metrics - **Net Income**: Consolidated net income was $67.7 million for the three months ended March 31, 2026, an increase of $9.5 million compared to the same period in 2025 . - **Total Assets**: Consolidated total assets reached $20.3 billion as of March 31, 2026, representing an 8% increase from March 31, 2025, and a 4% increase from December 31, 2025 . - **Loans Receivable, Net**: Loans receivable, net, totaled $11.4 billion as of March 31, 2026, an increase of $1.1 billion (10%) from March 31, 2025, and $448.5 million (4%) from December 31, 2025 . - **Allowance for Credit Losses (ACL-Loans)**: The allowance for credit losses on loans was $76.8 million as of March 31, 2026, decreasing by $6.5 million (8%) from $83.3 million at December 31, 2025, primarily due to $23.0 million in charge-offs partially offset by a $15.9 million increase in provision expense on loans . - **Servicing Rights**: Servicing rights increased by $12.3 million to $229.6 million as of March 31, 2026, compared to $217.3 million at December 31, 2025, driven by a positive fair market value adjustment of $8.9 million and originated/purchased servicing of $5.9 million, partially offset by $2.5 million in paydowns . - **Mortgage Loans in Process of Securitization**: Mortgage loans in process of securitization decreased by $183.1 million (30%) to $437.0 million as of March 31, 2026, from $620.1 million at December 31, 2025 . - **Mortgage Warehouse Repurchase Agreements**: Mortgage warehouse repurchase agreements increased by $382.1 million (24%) to $2.0 billion as of March 31, 2026, reflecting higher loan volume . - **Multi-family Financing Loans**: Multi-family financing loans increased by $205.0 million (4%) to $5.5 billion as of March 31, 2026, due to higher origination volume . - **Healthcare Financing Loans**: Healthcare financing loans decreased by $124.5 million (9%) to $1.3 billion as of March 31, 2026 . - **Commercial and Commercial Real Estate Loans**: Commercial and commercial real estate loans decreased by $42.8 million (3%) to $1.6 billion as of March 31, 2026 . - **Criticized Loans Receivable**: Criticized loans receivable were $505.5 million as of March 31, 2026, a 1% decrease from December 31, 2025 . - **Deposits**: Total deposits were $13.0 billion as of March 31, 2026, a decrease of $89.4 million (1%) compared to December 31, 2025 . - **Core Deposits**: Core deposits increased by $1.4 billion (13%) to $12.1 billion as of March 31, 2026, from March 31, 2025, and $781.4 million (7%) from December 31, 2025, representing 93% of total deposits . - **Brokered Deposits**: Brokered deposits decreased by $831.9 million (48%) to $886.5 million as of March 31, 2026, from March 31, 2025, and $870.8 million (50%) from December 31, 2025 . - **Volume of Warehouse Loans Funded**: The volume of warehouse loans funded was $19.6 billion for the three months ended March 31, 2026, an increase of $7.7 billion (65%) compared to the same period in 2025 . - **Volume of Multi-family Business Loans**: The volume of multi-family business loans originated and acquired was $1.2 billion for the three months ended March 31, 2026, an increase of $245.3 million (26%) compared to $934.4 million for the same period in 2025 . #### Cash Flow - **Net cash used in operating activities**: Net cash used in operating activities was - $597,324 thousand for the three months ended March 31, 2026, compared to $148,038 thousand provided by operating activities in the same period of 2025 . - **Net cash used in investing activities**: Net cash used in investing activities was - $335,257 thousand for the three months ended March 31, 2026, compared to - $903 thousand used in the same period of 2025 . - **Net cash provided by financing activities**: Net cash provided by financing activities was $803,594 thousand for the three months ended March 31, 2026, compared to - $102,449 thousand used in the same period of 2025 . #### Future Outlook and Strategy Merchants Bancorp’s strategy focuses on funding low-risk, government-program-eligible loans through an originate-to-sell model while retaining adjustable-rate loans for investment to mitigate interest rate risk . The company aims to maximize net income and shareholder return by combining net interest income with noninterest income from the sale of low-risk assets, expecting lower-than-industry charge-offs and expense base . Key synergies exist across segments, including the Banking segment funding loans for MCC and MCS, providing Ginnie Mae custodial services, and leveraging low-income tax credit syndication and debt fund offerings to complement multi-family mortgage customers . ### Related Stocks - [MBINN.US](https://longbridge.com/en/quote/MBINN.US.md) ## Related News & Research - [EQL Pharma shareholders voted to carry forward 2025/26 earnings, no dividend paid](https://longbridge.com/en/news/296515906.md) - [Xcel Energy sets BRL 0.26 per unit distribution for payment Oct. 26, 2026](https://longbridge.com/en/news/296646864.md) - [Gold & SP 500 Futures Update 8/16/26](https://longbridge.com/en/news/296029152.md) - [Caterpillar declares Q3 2026 distribution of R$ 0.35 per unit, payable Aug. 26](https://longbridge.com/en/news/296394630.md) - [Banco Invex to return USD 10 million capital to HV2PI 20D holders on Aug. 26](https://longbridge.com/en/news/296271915.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**