---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-054002"
form_type: "8-K"
ticker: "MBIN"
cik: "0001629019"
company_name: "Merchants Bancorp"
filed_at: "2024-04-29T23:59:59+00:00"
generated_at: "2026-06-03T05:35:06.501657+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.78
calibrated_materiality_score: 0.78
confidence: "high"
source: SEC EDGAR
---

# Merchants Bancorp reports record Q1 net income of $87.1M; EPS $1.80 (+68% YoY)

## Summary
- Net income $87.1M (+58% YoY); diluted EPS $1.80 (+68% YoY).
- Total assets $17.8B (record, +25% YoY); tangible book value $29.26/sh (+28% YoY).
- Efficiency ratio improved to 29.1% from 30.3% YoY; ROAA 2.07%.
- Entered $544M credit default swap on multi-family loans; sold IL branches for $0.7M gain.
- Series A Preferred Stock redeemed for ~$52M; quarterly dividend raised 13% to $0.09/sh.

## SEC filing metadata
- accession: 0001104659-24-054002
- form_type: 8-K
- ticker: MBIN
- cik: 0001629019
- company_name: Merchants Bancorp
- filed_at: 2024-04-29T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.78
- calibrated_materiality_score: 0.78
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1629019/000110465924054002/0001104659-24-054002-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1629019/000110465924054002/tm2412872d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-054002
- JSON: https://secwatch.observer/filing/0001104659-24-054002.json
- Plain text: https://secwatch.observer/filing/0001104659-24-054002.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: This compared to $55.0 million, or diluted earnings per common share of $1.07 in the first quarter of 2023
  evidence_url: https://www.sec.gov/Archives/edgar/data/1629019/000110465924054002/0001104659-24-054002-index.htm

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