---
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"
generated_at: "2026-05-23T05:00:46.501462+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Merchants Bancorp Q1 net income falls 33% YoY to $58.2M; EPS $0.93 down 48%

## Summary
- 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.

## SEC filing metadata
- 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
- 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/1629019/000110465925040189/0001104659-25-040189-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1629019/000110465925040189/tm2513347d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-040189
- JSON: https://secwatch.observer/filing/0001104659-25-040189.json
- Plain text: https://secwatch.observer/filing/0001104659-25-040189.txt

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