---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-051440"
form_type: "8-K"
ticker: "MBIN"
cik: "0001629019"
company_name: "Merchants Bancorp"
filed_at: "2023-04-27T23:59:59+00:00"
generated_at: "2026-06-16T09:02:06.228462+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Merchants Bancorp Q1 net income $55M (+10% YoY); dividend raised 14% to $0.08; NPLs rise to 0.76%

## Summary
- Net income $55.0M, EPS $1.07; net interest margin expanded to 3.27% from 2.62% YoY.
- Quarterly dividend increased 14% to $0.08 per common share.
- Non-performing loans rose to 0.76% of loans from 0.08% a year ago, driven by two customers.
- Issued $158.1M senior credit linked notes in March 2023; net proceeds of $153.5M to reduce risk-weighted assets.
- Uninsured deposits under 25% of total deposits; unused borrowing capacity $4.0B.

## SEC filing metadata
- accession: 0001104659-23-051440
- form_type: 8-K
- ticker: MBIN
- cik: 0001629019
- company_name: Merchants Bancorp
- filed_at: 2023-04-27T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1629019/000110465923051440/0001104659-23-051440-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1629019/000110465923051440/tm2313856d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-051440
- JSON: https://secwatch.observer/filing/0001104659-23-051440.json
- Plain text: https://secwatch.observer/filing/0001104659-23-051440.txt

## Key facts
- Earnings Releases
  Merchants Bancorp reported first quarter of 2023 results: net income $55.0 million, EPS $1.07.
  - Period: first quarter of 2023
  - Net income: $55.0 million
  - EPS: $1.07
  - Result: reported results
  source text: Merchants Bancorp (the “Company” or “Merchants”) (Nasdaq: MBIN), parent company of Merchants Bank of Indiana, today reported first quarter 2023 net income of $55.0 million, or diluted earnings per common share of $1.07. This compared to $50.1 million, or diluted earnings per common share of $1.02 in the first quarter of 2022, and compared to $57.2 million, or diluted earnings per common share of $1.12 in the fourth quarter of 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1629019/000110465923051440/0001104659-23-051440-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.