Merchants Bancorp has rewarded shareholders over recent years, and the valuation conversation now circles around a simple question: Does the current share price fairly reflect what the bank is earning today and what those earnings may support over time?

• Over the past 5 years the stock has returned 89.4%, which puts real weight on whether that climb is in step with the underlying earnings power of the business.
• Merchants Bancorp leans heavily on lending and fee income, so the durability of its net interest margin and credit quality can be crucial to how much of those earnings are available to equity holders.
• Your read on Merchants Bancorp is one view; the desks covering it have another. See what analysts think Merchants Bancorp’s shares…