Merchants Bancorp Depositary Shares, Each Representing a 1/40thInterest in a Share of 7.25% Fixed Rate Series E Non-CumulativePerpetual Preferred Stock, without par value (MBINL) Stock Price

MBINLStock

$25.05+64.14%52W

Market Cap—

P/E11.62x

PEG Ratio—

Div yield0.81%

Beta1.22

MBINL Share Price Chart

Favorite Metrics

Price vs S&P 500 (26W)13.53%

Price vs S&P 500 (4W)-5.69%

VGM Score46.34

P/E Ratio (Annual)11.62x

Indicated Dividend Yield (Annual)0.81%

Book Value / Share (Quarterly)$50.73

P/TBV (Annual)0.76x

Indicated Dividend (Annual)$0.44

Cash Flow / Share (Quarterly)$-24.30

Payout Ratio (TTM)26.23%

Price vs S&P 500 (YTD)43.99%

EPS (TTM)$4.97

10-Day Avg Trading Volume0.13M

EPS Excl Extra (TTM)$4.97

EPS (Annual)$4.77

Dividend / Share (Annual)$1.30

ROI (Annual)9.27%

P/E Basic Excl Extra (TTM)11.14x

EPS Growth (5Y)-5.33%

P/E Normalized (Annual)11.62x

ROA (Last FY)1.12%

EBITD / Share (TTM)$6.00

ROE (5Y Avg)15.00%

Cash Flow / Share (Annual)$-8.21

P/B Ratio1.09x

P/B Ratio (Quarterly)0.85x

Net Income / Employee (Annual)$297,600

ROA (TTM)1.17%

EPS Growth QoQ (YoY)16.09%

EV / EBITDA (TTM)9.17x

EPS Incl Extra (Annual)$4.77

3-Month Avg Trading Volume0.16M

52-Week Price Return64.14%

P/E Incl Extra (TTM)11.14x

Tangible BV / Share (Quarterly)$45.73

52-Week High$56.87

EPS Excl Extra (Annual)$4.77

CapEx CAGR (5Y)57.78%

Tangible BV CAGR (5Y)23.24%

26-Week Price Return25.46%

13-Week Price Return12.73%

Total Debt / Equity (Annual)0.04x

Enterprise Value$2.96B

Book Value / Share Growth (5Y)12.00%

3-Month Return Std Dev31.79%

Net Income / Employee (TTM)$310,600

EBITDA CAGR (5Y)1.73%

EBITDA Interim CAGR (5Y)0.24%

ROE (Last FY)9.59%

EPS Basic Excl Extra (Annual)$4.77

P/FCF (TTM)15.39x

EV / Free Cash Flow (TTM)244.87x

Total Debt / Equity (Quarterly)0.18x

EPS Incl Extra (TTM)$4.97

ROI (TTM)9.13%

Dividend Growth Rate (5Y)9.49%

Tangible BV / Share (Annual)$44.96

Forward P/E9.80x

Price vs S&P 500 (52W)45.58%

P/E Ratio (TTM)11.14x

EPS Growth TTM (YoY)-22.26%

Year-to-Date Return56.81%

5-Day Price Return-1.24%

EPS Normalized (Annual)$4.77

ROA (5Y Avg)1.64%

Month-to-Date Return-3.21%

EBITD / Share (Annual)$5.83

EPS Growth (3Y)-2.03%

LT Debt / Equity (Annual)0.04x

P/CF (TTM)41.04x

ROI (5Y Avg)13.06%

P/E Excl Extra (TTM)11.14x

LT Debt / Equity (Quarterly)0.12x

EPS Basic Excl Extra (TTM)$4.97

P/TBV (Quarterly)0.94x

Payout Ratio (Annual)27.16%

P/B Ratio (Annual)0.69x

Dividend / Share (TTM)$1.30

Book Value / Share (Annual)$49.70

Price vs S&P 500 (13W)10.77%

Dividend Yield (TTM)2.36%

Beta1.22x

P/FCF (Annual)2.63x

ROE (TTM)10.12%

52-Week Low$30.37

vGradeC

gGradeF

mGradeB

vgmGradeC

MBINL Analyst Recommendations

May 2026

Jun 2026

Jul 2026

Aug 2026

4.00

3.89

Industry Peers — State Banks(189)

Symbol	Value Score	Growth Score	Momentum Score	Price
MBINLMerchants Bancorp Depositary Shares, Each Representing a 1/40thInterest in a Share of 7.25% Fixed Rate Series E Non-CumulativePerpetual Preferred Stock, without par value	C	F	B	$25.05
BNSBank of Nova Scotia	C	C	A	$92.39
BNYBank of New York Mellon Corporation	F	B	A	$162.50
ITUBItau Unibanco Holding S.A. American Depositary Shares	B	D	D	$7.50
DBDeutsche Bank Aktiengesellschaft	A	C	B	$40.36
STTState Street Corporation	C	B	A	$193.33
XLFState Street Financial Select Sector SPDR ETF	—	—	C	$58.10
FITBFifth Third Bancorp	D	C	C	$54.54
BBDBanco Bradesco S.A. American Depositary Shares (Each representing one Preferred Shares)	A	D	D	$3.25
MTBM&T Bank Corp.	C	B	C	$237.29
NTRSNorthern Trust Corp	D	C	B	$186.79
BBDOBanco Bradesco S.A. American Depositary Shares (Each representing one Common Share, no par value)	A	D	D	$3.03
CFGCitizens Financial Group, Inc.	C	C	B	$69.71
FCNCAFirst Citizens BancShares Inc	C	B	C	$2194.07
EWBCEast-West Bancorp Inc	C	B	C	$129.44
ALLYAlly Financial Inc.	A	C	D	$42.18
BPOPPopular Inc	C	C	B	$169.75
WTFCWintrust Financial Corp	B	B	D	$152.95
SSBSouthState Bank Corporation	C	B	C	$105.98
PBProsperity Bancshares Inc	D	D	D	$72.30
WALWestern Alliance Bancorporation	B	B	D	$78.53
COLBColumbia Banking Systems Inc	B	C	D	$30.07
CBSHCommerce Bancshares Inc	C	D	D	$58.04
CBCCentral Bancompany, Inc. Class A Common Stock	D	C	A	$32.60
UBSIUnited Bankshares Inc	C	C	C	$47.60
GBCIGlacier Bancorp Inc	D	C	D	$46.88
HWCHancock Whitney Corporation Common Stock	C	C	C	$75.07
HOMBHome BancShares, Inc.	C	D	D	$29.62
ASBAssociated Banc-Corp	B	C	C	$30.92
AUBAtlantic Union Bankshares Corporation	C	B	D	$40.66
ABCBAmeris Bancorp	D	C	D	$85.59
FFINFirst Financial Bankshares Inc	D	D	F	$33.39
SFBSServisFirst Bancshares Inc.	D	B	D	$43.20
IBOCInternational Bancshares Corp	C	C	F	$70.93
TCBITexas Capital Bancshares, Inc.	C	C	D	$98.64
FBPFirst BanCorp.	C	C	B	$28.01
UCBUnited Community Banks, Inc.	B	B	D	$35.18
CATYCathay General Bancorp	C	C	C	$61.87
CVBFCVB Financial Corp	D	D	D	$22.19
INDBIndependent Bank Corp/MA	C	C	D	$82.06
RNSTRenasant Corporation	C	B	D	$41.09
FIBKFirst Interstate BancSystem, Inc. Common Stock (DE)	B	B	D	$37.04
MCHBMechanics Bancorp Class A Common Stock	D	C	C	$15.89
SBCFSeacoast Banking Corp of Florida	D	B	C	$34.37
FHBFirst Hawaiian, Inc. Common Stock	B	D	F	$25.79
BOHBank of Hawaii Corp.	C	C	D	$77.29
FBKFB Financial Corporation	D	B	D	$57.85
CUBICUSTOMERS BANCORP INC	B	B	D	$78.58
FBNCFirst Bancorp/NC	D	C	C	$63.99
BUSEFirst Busey Corporation Class A Common Stock	B	C	B	$30.29
SYBTStock Yards Bancorp, Inc.	D	C	C	$79.84

About Merchants Bancorp Depositary Shares, Each Representing a 1/40thInterest in a Share of 7.25% Fixed Rate Series E Non-CumulativePerpetual Preferred Stock, without par value

Merchants Bancorp is a bank holding company specializing in FHA-backed multi-family housing and healthcare facility financing, supplemented by residential mortgage banking and traditional community banking services. The company operates through three integrated segments: Multi-family Mortgage Banking (government-sponsored mortgage origination and servicing), Mortgage Warehousing (warehouse financing and commercial lending), and Banking (portfolio lending and community banking).