Merchants Bancorp (MBIN) Stock Price & How to Invest

Merchants Bancorp (NASDAQ: MBIN), headquartered in Carmel, Indiana and founded in 1990, is a bank holding company that runs three segments: Multi-family Mortgage Banking (originating and servicing government-sponsored FHA multi-family, healthcare, and bridge/construction loans), Mortgage Warehousing (funding agency-eligible residential loans and commercial lines for non-depository lenders), and Banking (retail, commercial, agricultural, SBA, and correspondent residential mortgage banking). This mix makes it less like a plain community bank and more like a specialized housing-finance and warehouse lender that had grown total assets to a record of roughly $20.3 billion as of March 2026.

The investment picture is one of a rapidly scaling niche bank trading at a modest valuation. Earnings have rebounded from a weak 2025 (annual net income fell to about $174 million from $284 million in 2024): the June 2026 quarter brought revenue of about $182 million, up roughly 37 percent year over year, and diluted EPS of $1.48 against a consensus of $1.22, the fourth quarter in a row ahead of estimates. Trailing net income is about $229 million. The shares closed at about $48.88 on October 16, 2026, up roughly 47 percent year to date and 57 percent over a year, yet still trade near 9.8 times trailing and 8.1 times forward earnings, with tangible book value per share of roughly $38.55 as of March 2026. Third-quarter results are due October 28, with consensus EPS of about $1.39. The bull case rests on continued balance-sheet growth and durable fee income from mortgage banking, and the bear case centers on a stretched loan-to-deposit ratio, reliance on external funding, and credit exposure tied to multi-family real estate and warehouse counterparties.

MBIN's loan-to-deposit ratio had climbed to roughly 124 percent as of early 2026, forcing reliance on external wholesale funding that now approaches 30 percent of gross loans, which raises funding cost and liquidity risk. Net interest income has been roughly flat for two years, and net interest income fell about 7 percent year over year in Q1 2026 even as margin ticked up, signaling ongoing spread pressure. Credit exposure is concentrated in multi-family real estate, construction, and warehouse lending to non-depository counterparties, all sensitive to interest rates and commercial-property stress. Rising collateral-preservation and deposit-insurance expenses tied to problem assets have pressured noninterest expense. As a fast-growing lender, its results can be volatile and dependent on continued access to affordable funding. After a 47 percent run in 2026, the stock also carries more expectation than it did a year ago, and several commentators in August and September questioned how much funding and credit risk the rally was overlooking; it has slipped about 6 percent over the past month.

We give no verdict on Merchants Bancorp. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Multi-family and healthcare finance niche. MBIN's core edge is its concentration in government-sponsored FHA multi-family, skilled-nursing, and healthcare-facility lending, a specialized market with high barriers and recurring servicing income.

The case against. MBIN's loan-to-deposit ratio had climbed to roughly 124 percent as of early 2026, forcing reliance on external wholesale funding that now approaches 30 percent of gross loans, which raises funding cost and liquidity risk.

Read the full bull and bear case on MBIN, including what would have to change to break either one. Walnut is not an investment adviser.

Yes. Merchants Bancorp (MBIN) has had one share split in the last 10 years:

• 3:2 on January 18, 2022, so every share held became 1.5 shares.

A split changes the share count and the price per share and leaves the value of a holding unchanged. Someone holding $1,000 of MBIN the day before the 3:2 split held $1,000 the day after, in more shares at a proportionally lower price. Historical prices from before the date are normally shown split-adjusted, which is why a long-run chart shows no cliff.

Splits matter mainly because they make older price figures confusing to compare by hand, and because a board choosing to split is usually signalling that the price has run up far enough to feel awkward for smaller buyers. Neither is a reason to buy or sell.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Merchants Bancorp's investor relations page or your broker.

• Revenue (TTM): ~$632M (+37% YoY latest quarter)
• Net income (TTM): ~$229M (~42% margin)
• Diluted EPS (Q2 2026): ~$1.48 vs ~$1.22 est.
• P/E (trailing / forward): ~9.8x / ~8.1x
• Price / book: ~1.2x
• Dividend yield: ~0.9% ($0.44/yr)
• Market cap: ~$2.25B

Second-quarter 2026 diluted EPS of $1.48 beat the $1.22 consensus, and revenue rose about 37 percent to roughly $182 million, extending a run of four straight beats. Even after a 47 percent gain this year, the stock trades near 9.8 times trailing and 8.1 times forward earnings and about 1.2 times book, a discount that reflects funding and credit concerns. Analysts expect about $1.39 of EPS when third-quarter results arrive on October 28, 2026.

Other names that sit close to MBIN: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get MBIN exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so MBIN sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where MBIN fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

MBIN is a fast-growing, cheaply valued specialty bank whose returns hinge on funding costs and credit quality in its multi-family and warehouse books. After four straight earnings beats and a 47% rise in 2026, the October 28 third-quarter report is the next checkpoint.

Whether MBIN is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is MBIN a buy or a sell?, and where the stock could go from here in the MBIN stock forecast.

For income investors, whether MBIN pays a dividend and how the payout looks is covered in does MBIN pay a dividend? And to weigh MBIN against a peer, read the full side-by-side comparisons: MBIN vs FLG and MBIN vs ONB.