Merchants Bancorp
MBIN, MBINL, MBINM, MBINN · State Commercial Banks · 45.9M shares · +0%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: $4M (gross $4M)
Reference price $46.86 · est. market cap ~$2.2B — last insider sale, 2026-05-06 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C64Merchants Bancorp — multifamily/warehouse-mortgage-focused bank.
Strengths
- ROA 59th pct; strong agency-multifamily-lending franchise
Risks
- Net income down 32% (11th pct); negative reported FCF (loan funding, 1st)
- Mortgage-warehouse/rate-cycle and concentration risk
Notable findings
- Cash burnNegative free cash flow (-362.2M)
- Insider sellingInsider selling — 16 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$4M, last 6mo) Form 4 ↗
Key metrics
Return on equity
9.6%
Return on assets
1.1%
Net-income growth
-31.7%
Free cash flow
-$362M
Tangible book value
$2.3B
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-03 | Dury Michael R. | Gift | 11K | — |
| 2026-05-21 | Dinwiddie Thomas | Grant | 381 | $46.03 |
| 2026-05-21 | Catchings Tamika | Grant | 381 | $46.03 |
| 2026-05-21 | O'Brien Patrick D. | Grant | 381 | $46.03 |
| 2026-05-21 | Sellers Anne E. | Grant | 381 | $46.03 |
| 2026-05-21 | JUSTER ANDREW | Grant | 381 | $46.03 |
| 2026-05-21 | Curless Michael S | Grant | 381 | $46.03 |
| 2026-05-21 | Shaffer Mark E. | Grant | 381 | $46.03 |
| 2026-05-15 | Petrie Michael F. | Gift | 16K | — |
| 2026-05-07 | Langford Kevin T | Gift | 650 | — |
| 2026-05-06 | Petrie Michael F. | Sell | 8.3K | $46.86 |
| 2026-05-05 | Petrie Michael F. | Sell | 20K | $46.75 |
| 2026-05-05 | Petrie Michael F. | Sell | 11K | $46.75 |
| 2026-02-26 | Petrie Michael F. | Sell | 15K | $44.05 |
| 2026-02-26 | Petrie Michael F. | Sell | 14K | $20.25 |
| 2026-02-25 | Petrie Michael F. | Sell | 377 | $20.20 |
| 2026-02-19 | Dinwiddie Thomas | Grant | 377 | $46.45 |
| 2026-02-19 | Catchings Tamika | Grant | 377 | $46.45 |
| 2026-02-19 | O'Brien Patrick D. | Grant | 377 | $46.45 |
| 2026-02-19 | Sellers Anne E. | Grant | 377 | $46.45 |
| 2026-02-19 | Gilroy Sue Anne | Grant | 377 | $46.45 |
| 2026-02-19 | Shane David N. | Grant | 377 | $46.45 |
| 2026-02-19 | JUSTER ANDREW | Grant | 377 | $46.45 |
| 2026-02-18 | Petrie Michael F. | Sell | 1.5K | $20.20 |
| 2026-02-17 | Petrie Michael F. | Sell | 100 | $20.20 |
| 2026-02-10 | Schroeter Martin A | Sell | 5.5K | $46.06 |
| 2026-02-10 | Petrie Michael F. | Sell | 4.5K | $20.20 |
| 2026-02-09 | Petrie Michael F. | Sell | 15K | $20.20 |
| 2026-02-06 | Petrie Michael F. | Sell | 7.1K | $20.20 |
| 2026-02-05 | Petrie Michael F. | Sell | 2.0K | $20.20 |
| 2026-02-04 | Petrie Michael F. | Sell | 6.9K | $20.20 |
| 2026-02-03 | Petrie Michael F. | Sell | 1.4K | $20.20 |
| 2026-02-02 | Petrie Michael F. | Sell | 2.4K | $20.20 |
| 2026-02-01 | Oznick Terry A | Tax withheld | 2.7K | $41.46 |
| 2026-02-01 | Evans Scott A. | Tax withheld | 1.8K | $41.46 |
| 2026-02-01 | Dunlap Michael J. | Tax withheld | 7.8K | $41.46 |
| 2026-02-01 | Koors Jerry F. | Tax withheld | 2.1K | $41.46 |
| 2026-02-01 | Dury Michael R. | Tax withheld | 3.0K | $41.46 |
| 2026-02-01 | Petrie Michael F. | Tax withheld | 9.7K | $41.46 |
| 2026-02-01 | Sievers Sean A. | Tax withheld | 246 | $41.46 |
| 2026-02-01 | Langford Kevin T | Tax withheld | 2.5K | $41.46 |
| 2026-02-01 | Schroeter Martin A | Tax withheld | 663 | $41.46 |
| 2026-01-27 | Koors Jerry F. | Grant | 5.6K | — |
| 2026-01-27 | Sievers Sean A. | Grant | 6.4K | — |
| 2026-01-27 | Oznick Terry A | Grant | 4.2K | — |
| 2026-01-27 | Evans Scott A. | Grant | 4.0K | — |
| 2026-01-27 | Dunlap Michael J. | Grant | 20K | — |
| 2026-01-27 | Petrie Michael F. | Grant | 21K | — |
| 2026-01-27 | Langford Kevin T | Grant | 4.6K | — |
| 2025-12-12 | Petrie Michael F. | Sell | 1.4K | $19.00 |
| 2025-12-11 | Petrie Michael F. | Sell | 5.3K | $19.00 |
| 2025-12-10 | Petrie Michael F. | Sell | 7.5K | $19.00 |
| 2025-12-08 | Petrie Michael F. | Sell | 1.1K | $19.03 |
| 2025-12-05 | Petrie Michael F. | Sell | 3.2K | $19.14 |
| 2025-12-04 | Petrie Michael F. | Sell | 3.1K | $19.14 |
| 2025-12-02 | Petrie Michael F. | Sell | 500 | $19.50 |
| 2025-12-01 | Petrie Michael F. | Sell | 2.2K | $19.54 |
| 2025-11-26 | Petrie Michael F. | Sell | 81 | $19.42 |
| 2025-11-25 | Petrie Michael F. | Sell | 2.1K | $19.30 |
| 2025-11-24 | Petrie Michael F. | Sell | 1.9K | $19.35 |
| 2025-11-21 | Petrie Michael F. | Sell | 12K | $19.20 |
| 2025-11-19 | Gilroy Sue Anne | Grant | 562 | $31.17 |
| 2025-11-19 | Dinwiddie Thomas | Grant | 562 | $31.17 |
| 2025-11-19 | Catchings Tamika | Grant | 562 | $31.17 |
| 2025-11-19 | O'Brien Patrick D. | Grant | 562 | $31.17 |
| 2025-11-19 | Sellers Anne E. | Grant | 562 | $31.17 |
| 2025-11-19 | Shane David N. | Grant | 562 | $31.17 |
| 2025-11-19 | JUSTER ANDREW | Grant | 562 | $31.17 |
| 2025-11-18 | Petrie Michael F. | Sell | 1.1K | $19.80 |
| 2025-11-14 | Petrie Michael F. | Sell | 101 | $19.83 |
| 2025-11-13 | Petrie Michael F. | Sell | 1.0K | $19.85 |
| 2025-11-10 | Petrie Michael F. | Sell | 100 | $20.05 |
| 2025-10-30 | Dury Michael R. | Buy | 16K | $31.64 |
| 2025-09-15 | Sievers Sean A. | Buy | 3.0K | $24.87 |
| 2025-08-22 | Thomas Darin L. | Buy | 1.1K | $22.60 |
| 2025-08-22 | Thomas Darin L. | Buy | 2.2K | $33.20 |
| 2025-08-21 | Shane David N. | Grant | 540 | $32.42 |
| 2025-08-21 | Sellers Anne E. | Grant | 540 | $32.42 |
| 2025-08-21 | O'Brien Patrick D. | Grant | 540 | $32.42 |
| 2025-08-21 | Gilroy Sue Anne | Grant | 540 | $32.42 |
| 2025-08-21 | Catchings Tamika | Grant | 540 | $32.42 |
| 2025-08-21 | JUSTER ANDREW | Grant | 540 | $32.42 |
| 2025-08-21 | Dinwiddie Thomas | Grant | 540 | $32.42 |
| 2025-08-01 | Petrie Michael F. | Gift | 20K | — |
| 2025-08-01 | Sievers Sean A. | Buy | 2.5K | $29.75 |
| 2025-07-30 | Dury Michael R. | Buy | 12K | $31.45 |
| 2025-07-30 | Dury Michael R. | Buy | 4.2K | $31.86 |
| 2025-05-15 | Catchings Tamika | Grant | 536 | $32.71 |
| 2025-05-15 | Shane David N. | Grant | 536 | $32.71 |
| 2025-05-15 | O'Brien Patrick D. | Grant | 536 | $32.71 |
| 2025-05-15 | JUSTER ANDREW | Grant | 536 | $32.71 |
| 2025-05-15 | Dinwiddie Thomas | Grant | 536 | $32.71 |
| 2025-05-15 | Gilroy Sue Anne | Grant | 536 | $32.71 |
| 2025-05-15 | Sellers Anne E. | Grant | 536 | $32.71 |
| 2025-05-01 | Dury Michael R. | Buy | 3.3K | $30.86 |
| 2025-04-30 | Dury Michael R. | Buy | 1.9K | $29.89 |
| 2025-04-30 | Dury Michael R. | Buy | 3.3K | $30.37 |
| 2025-04-29 | Dunlap Michael J. | Buy | 3.4K | $30.56 |
| 2025-04-29 | Dunlap Michael J. | Buy | 571 | $30.80 |
| 2025-02-20 | Sellers Anne E. | Grant | 409 | $42.82 |
| 2025-02-20 | O'Brien Patrick D. | Grant | 409 | $42.82 |
| 2025-02-20 | Shane David N. | Grant | 409 | $42.82 |
| 2025-02-20 | Dinwiddie Thomas | Grant | 409 | $42.82 |
| 2025-02-20 | Catchings Tamika | Grant | 409 | $42.82 |
| 2025-02-20 | Gilroy Sue Anne | Grant | 409 | $42.82 |
| 2025-02-20 | JUSTER ANDREW | Grant | 409 | $42.82 |
| 2025-02-04 | Petrie Michael F. | Gift | 12K | — |
| 2025-02-03 | Petrie Michael F. | Gift | 72K | — |
| 2025-02-01 | Langford Kevin T | Tax withheld | 2.9K | $41.93 |
| 2025-02-01 | Koors Jerry F. | Tax withheld | 2.9K | $41.93 |
| 2025-02-01 | Dunlap Michael J. | Tax withheld | 9.6K | $41.93 |
| 2025-02-01 | Schroeter Martin A | Tax withheld | 1.8K | $41.93 |
| 2025-02-01 | Oznick Terry A | Tax withheld | 2.8K | $41.93 |
| 2025-02-01 | Petrie Michael F. | Tax withheld | 12K | $41.93 |
| 2025-02-01 | Evans Scott A. | Tax withheld | 2.2K | $41.93 |
| 2025-02-01 | Dury Michael R. | Tax withheld | 3.8K | $41.93 |
| 2025-01-29 | Evans Scott A. | Sell | 25K | $43.10 |
| 2025-01-28 | Sievers Sean A. | Grant | 2.3K | — |
| 2025-01-28 | Evans Scott A. | Grant | 4.5K | — |
| 2025-01-28 | Oznick Terry A | Grant | 4.5K | — |
| 2025-01-28 | Langford Kevin T | Grant | 5.1K | — |
| 2025-01-28 | Koors Jerry F. | Grant | 5.1K | — |
| 2025-01-28 | Dury Michael R. | Grant | 5.3K | — |
| 2025-01-28 | Dunlap Michael J. | Grant | 21K | — |
| 2025-01-28 | Petrie Michael F. | Grant | 23K | — |
| 2025-01-02 | Petrie Michael F. | Disposition | 21K | $25.00 |
| 2025-01-02 | O'Brien Patrick D. | Disposition | 6.0K | $25.00 |
| 2025-01-02 | O'Brien Patrick D. | Disposition | 4.0K | $25.00 |
| 2025-01-02 | Dunlap Michael J. | Disposition | 1.5K | $25.00 |
| 2025-01-02 | Oznick Terry A | Disposition | 1.9K | $25.00 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-21 | 2026-05-21 | 0001104659-26-065139 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001104659-26-057107 ↗ |
| 8-K | 2026-04-28 | 2026-04-28 | 0001104659-26-050319 ↗ |
| 10-K | 2026-02-27 | 2025-12-31 | 0001104659-26-021549 ↗ |
| 8-K | 2026-02-19 | 2026-02-19 | 0001104659-26-017537 ↗ |
| 8-K | 2026-01-28 | 2026-01-28 | 0001104659-26-007407 ↗ |
| 8-K | 2025-11-19 | 2025-11-19 | 0001104659-25-114085 ↗ |
| 10-Q | 2025-11-07 | 2025-09-30 | 0001104659-25-108470 ↗ |
| 8-K | 2025-10-28 | 2025-10-28 | 0001104659-25-103169 ↗ |
| 8-K | 2025-08-21 | 2025-08-21 | 0001104659-25-081407 ↗ |
| 10-Q | 2025-08-11 | 2025-06-30 | 0001558370-25-011041 ↗ |
| 8-K | 2025-07-28 | 2025-07-28 | 0001104659-25-071178 ↗ |