secwatch.observer — SEC 8-K summary
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Issuer:     Merchants Bancorp (MBIN)
CIK:        0001629019
Form:       8-K
Filed at:   2024-10-28T23:59:59+00:00
Accession:  0001104659-24-111806
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1629019/000110465924111806/0001104659-24-111806-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1629019/000110465924111806/tm2426947d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-111806

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