{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-25-040189","form_type":"8-K","ticker":"MBIN","cik":"0001629019","company_name":"Merchants Bancorp","filed_at":"2025-04-28T23:59:59+00:00","discovered_at":"2026-05-14T18:02:49.124001+00:00","generated_at":"2026-05-23T05:00:46.501462+00:00","sec_items":["2.02","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Merchants Bancorp Q1 net income falls 33% YoY to $58.2M; EPS $0.93 down 48%","bullets":["Q1 2025 net income $58.2M, down 33% YoY; diluted EPS $0.93, down 48% from $1.80.","Net interest margin 2.89%, down 25bps YoY; charge-offs $10.5M vs $0.9M in Q1 2024.","Non-performing loans $284.6M, 2.73% of loans receivable, up from 1.22% a year ago.","Core deposits grew 30% YoY to $10.7B; brokered deposits down 70% to $1.7B.","Tangible book value per share record $34.90, up 19% YoY; Series B preferred redeemed for $125M."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-25-040189","json":"https://secwatch.observer/filing/0001104659-25-040189.json","markdown":"https://secwatch.observer/filing/0001104659-25-040189.md","text":"https://secwatch.observer/filing/0001104659-25-040189.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1629019/000110465925040189/0001104659-25-040189-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1629019/000110465925040189/tm2513347d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-23T05:00:46.501462+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}