---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-111806"
form_type: "8-K"
ticker: "MBIN"
cik: "0001629019"
company_name: "Merchants Bancorp"
filed_at: "2024-10-28T23:59:59+00:00"
generated_at: "2026-05-30T09:41:31.594144+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Merchants Bancorp Q3 net income $61.3M (-25% YoY); EPS $1.17 (-30% YoY); NPLs rise

## Summary
- Diluted EPS of $1.17, down 30% YoY and 21% QoQ; net income fell 25% YoY to $61.3M.
- Non-performing loans hit $210.9M (2.04% of gross loans), up from $143.5M (1.30%) at June 30.
- Negative fair value adjustments on derivatives ($7.7M) and servicing rights ($6.7M) reduced EPS by $0.24.
- Tangible book value per share record $32.38 (+25% YoY); total assets $18.7B (+10% vs Dec 2023).
- Sold $629M healthcare bridge loans via REMIC; purchased $535M senior security with lower capital requirement.

## SEC filing metadata
- accession: 0001104659-24-111806
- form_type: 8-K
- ticker: MBIN
- cik: 0001629019
- company_name: Merchants Bancorp
- filed_at: 2024-10-28T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- 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/1629019/000110465924111806/0001104659-24-111806-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1629019/000110465924111806/tm2426947d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-111806
- JSON: https://secwatch.observer/filing/0001104659-24-111806.json
- Plain text: https://secwatch.observer/filing/0001104659-24-111806.txt

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