secwatch.observer — SEC 8-K summary
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Issuer:     Merchants Bancorp (MBIN)
CIK:        0001629019
Form:       8-K
Filed at:   2022-10-27T23:59:59+00:00
Accession:  0001104659-22-112006
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Merchants Bancorp Q3 net income $58.5M flat YoY; TBV up 23% to $20.78; NIM expands 32 bps
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- Net income $58.5M, diluted EPS $1.22, flat YoY; up 8% and 10% QoQ respectively.
- Total assets $12.0B, up 8% from June 30, 2022; net interest margin 3.05% vs 2.73% YoY.
- Completed $137.4M Series D preferred offering; sold $1.2B loans via REMIC, bought $1.0B HTM security.
- Non-performing loans rose to 0.38% of loans from 0.07% in Q2, due to one fully collateralized healthcare loan.
- Tangible book value per share $20.78, up 23% YoY; ROAA 2.05% vs 2.29% YoY.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1629019/000110465922112006/0001104659-22-112006-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1629019/000110465922112006/tm2229046d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-22-112006

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer