Merchants Bancorp Q2 net income $38M, down 50% YoY; provision surges on multi-family fraud

Merchants Bancorp

2025-Q2 EPS reported $1.53

Diluted EPS of $0.60 declined 60% from $1.49 in Q2 2024 and 35% from $0.93 in Q1 2025.
Provision for credit losses increased $43.1M YoY and $45.3M QoQ, driven by multi-family property appraisal declines and mortgage fraud investigation.
Charge-offs of $46.1M in Q2 2025 vs $3.5M in Q2 2024; net charge-offs primarily from 14 multi-family loan customers.
Tangible book value per share reached record $35.42, up 13% YoY; core deposits grew 7% QoQ to $11.4B (90% of total deposits).
Completed $373.3M Freddie Mac Q-Series securitization; total criticized loans declined 19% QoQ to $589.2M.

item 2.02item 9.01

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.