Merchants Bancorp (MBIN) Q4 FY2023 earnings: revenue $159 million, up 34.1% on the year

Merchants Bancorp (MBIN) reported revenue of $159 million for Q4 FY2023, the quarter ended 31 December 2023, up 34.1% on the same quarter a year earlier. Net income was $77 million, up 35.5% on the year, and diluted earnings per share $1.58. The figures are the company's own, from the 10-K it filed with the SEC on 12 March 2024.

Revenue$159 millionup 34.1%

Net income$77 millionup 35.5%

Diluted EPS$1.58

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	159	154	n/a	n/a
Interest expense	187	179	n/a	n/a
Pre-tax income	99.5	107	n/a	n/a
Income tax	22.0	25.1	n/a	n/a
Effective tax rate	22.1%	23.5%	n/a
Net income	77.5	81.5	n/a	n/a
Net margin	48.8%	53.1%	n/a
Diluted EPS	$1.58	$1.68	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	714	-528	n/a	n/a
Capital expenditure	4.1	0.5	n/a	n/a
Free cash flow	710	-528	n/a	n/a
Cash from investing	-889	-14.5	n/a	n/a
Cash from financing	352	572	n/a	n/a
Dividends paid	12.1	12.1	n/a	n/a
Dividend per share	n/a	$0.32	n/a	n/a
Diluted shares, weighted	n/a	43m	n/a	n/a
Shares outstanding at period end	43m	43m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,701	1,633	n/a	n/a
Deposits	14,061	13,007	n/a	n/a
Debt	964	1,654	n/a	n/a
Other liabilities	226	201	n/a	n/a
Total liabilities and equity	16,953	16,495	n/a	n/a
Fixed assets	42.3	36.7	n/a	n/a
Goodwill	15.8	15.8	n/a	n/a
Intangible assets	0.7	0.8	n/a	n/a
Securities held for sale or to maturity	2,318	1,637	n/a	n/a
Loans	10,128	9,911	n/a	n/a
Trading assets	111	476	n/a	n/a
Cash and equivalents	584	407	n/a	n/a
Other assets	3,753	4,010	n/a	n/a
Total assets	16,953	16,495	n/a	n/a

Questions

What was Merchants Bancorp's revenue in Q4 FY2023?

Merchants Bancorp (MBIN) reported revenue of $159 million for Q4 FY2023, the quarter ended 31 December 2023, up 34.1% on the same quarter a year earlier.

How much did Merchants Bancorp earn in Q4 FY2023?

Net income for Q4 FY2023 was $77 million, up 35.5% on the year, and diluted earnings per share $1.58.

When did Merchants Bancorp report Q4 FY2023 results?

Merchants Bancorp filed its 10-K for the quarter ended 31 December 2023 with the SEC on 12 March 2024.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	154	159	168	159	150	194	146	179	171	185	175	182
Interest expense	179	187	187	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	107	99.5	114	99.1	81.3	128	76.5	48.8	64.6	73.9	84.3	99.8
Tax rate	24%	22%	24%	23%	25%	25%	24%	22%	15%	8%	20%	22%
Net income	81.5	77.5	87.1	76.4	61.3	95.7	58.2	38.0	54.7	67.8	67.7	78.3
Net margin	53%	49%	52%	48%	41%	49%	40%	21%	32%	37%	39%	43%
Diluted EPS	$1.68	$1.58	$1.80	$1.49	$1.17	$1.84	$0.93	$0.60	$0.97	$1.28	$1.25	$1.48
Operating cash flow	-528	714	-384	51.1	-493	-10.0	148	-121	29.8	-398	-597	213
Capital expenditure	0.5	4.1	2.3	5.3	4.5	6.3	6.9	4.5	5.8	3.8	1.1	2.4
Free cash flow	-528	710	-386	45.8	-497	-16.3	141	-126	24.0	-402	-598	211
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	3.0	0.0
Dividends paid	12.1	12.1	12.6	11.9	11.9	14.8	14.9	14.9	14.9	14.9	15.3	15.3
Shares outstanding	43m	43m	43m	46m	46m	46m	46m	46m	46m	46m	46m	46m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 12 March 2024, accession 0001558370-24-003005: the filing on EDGAR. All of Merchants Bancorp's filings: EDGAR company page.

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