---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-006686"
form_type: "8-K"
ticker: "MBIN"
cik: "0001629019"
company_name: "Merchants Bancorp"
filed_at: "2025-01-28T23:59:59+00:00"
generated_at: "2026-05-27T08:22:59.354665+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Merchants Bancorp Reports Record Q4 Net Income of $95.7M; Full Year EPS $6.30

## Summary
- Full year 2024 net income $320.4M (record), up 15% YoY; diluted EPS $6.30 (record), up 12%.
- Q4 net income $95.7M, up 23% YoY and 56% QoQ; diluted EPS $1.85.
- Total assets $18.8B (record), up 11% YoY; tangible book value $34.15 (record), up 25%.
- Nonperforming loans increased to $279.7M (2.68%) from $210.9M (2.04%) QoQ and $82.0M (0.80%) YoY.
- Completed Series E preferred offering ($222.7M net) and redeemed Series B preferred ($125M) on Jan 2, 2025.

## SEC filing metadata
- accession: 0001104659-25-006686
- form_type: 8-K
- ticker: MBIN
- cik: 0001629019
- company_name: Merchants Bancorp
- filed_at: 2025-01-28T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1629019/000110465925006686/0001104659-25-006686-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1629019/000110465925006686/tm254609d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-006686
- JSON: https://secwatch.observer/filing/0001104659-25-006686.json
- Plain text: https://secwatch.observer/filing/0001104659-25-006686.txt

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