---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-111739"
form_type: "8-K"
ticker: "MBIN"
cik: "0001629019"
company_name: "Merchants Bancorp"
filed_at: "2023-10-26T23:59:59+00:00"
generated_at: "2026-06-09T08:35:43.083389+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Merchants Bancorp Q3 net income $81.5M, EPS $1.68, up 39% YoY; record assets $16.5B

## Summary
- Net income of $81.5M, up 39% vs Q3 2022; diluted EPS $1.68, up 38% YoY.
- Total assets reached $16.5B, up 31% vs Dec 2022; tangible book value $25.82 (+24% YoY).
- Net interest income $117.4M (+38% YoY); efficiency ratio improved to 28.0% from 30.5%.
- Completed $303.6M Freddie Mac Q-Series multi-family securitization on Aug 31, 2023.
- Agreed to sell four Illinois branch locations to Bank of Pontiac and CBI Bank & Trust.

## SEC filing metadata
- accession: 0001104659-23-111739
- form_type: 8-K
- ticker: MBIN
- cik: 0001629019
- company_name: Merchants Bancorp
- filed_at: 2023-10-26T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- 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/1629019/000110465923111739/0001104659-23-111739-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1629019/000110465923111739/tm2329162d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-111739
- JSON: https://secwatch.observer/filing/0001104659-23-111739.json
- Plain text: https://secwatch.observer/filing/0001104659-23-111739.txt

## Key facts
- Earnings Releases
  Merchants Bancorp reported the third quarter of 2023 results: revenue $16.5 billion, net income $81.5 million, EPS $1.68.
  - Period: the third quarter of 2023
  - Revenue: $16.5 billion
  - Net income: $81.5 million
  - EPS: $1.68
  - Result: reported results
  source text: 2023 diluted earnings per common share of $1.68 increased 38% compared to the third quarter of 2022 and increased 28% compared to the second quarter of 2023. · Total assets of $16.5 billion increased 4% compared to June 30, 2023, and increased 31% compared to December 31, 2022. · As of September 30, 2023, the Company had $5.4 billion, or 32% of total assets, in
  evidence_url: https://www.sec.gov/Archives/edgar/data/1629019/000110465923111739/0001104659-23-111739-index.htm

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