{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-25-071178","form_type":"8-K","ticker":"MBIN","cik":"0001629019","company_name":"Merchants Bancorp","filed_at":"2025-07-28T23:59:59+00:00","discovered_at":"2026-05-14T18:02:44.519777+00:00","generated_at":"2026-05-18T00:17:10.313824+00:00","sec_items":["2.02","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"Merchants Bancorp Q2 net income $38M, down 50% YoY; provision surges on multi-family fraud","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-25-071178","json":"https://secwatch.observer/filing/0001104659-25-071178.json","markdown":"https://secwatch.observer/filing/0001104659-25-071178.md","text":"https://secwatch.observer/filing/0001104659-25-071178.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1629019/000110465925071178/0001104659-25-071178-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1629019/000110465925071178/tm2521858d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-18T00:17:10.313824+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"}