secwatch.observer — SEC 8-K summary
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Issuer:     Merchants Bancorp (MBIN)
CIK:        0001629019
Form:       8-K
Filed at:   2025-04-28T23:59:59+00:00
Accession:  0001104659-25-040189
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1629019/000110465925040189/0001104659-25-040189-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1629019/000110465925040189/tm2513347d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-25-040189

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