---
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"
generated_at: "2026-05-18T00:17:10.313824+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-071178
- JSON: https://secwatch.observer/filing/0001104659-25-071178.json
- Plain text: https://secwatch.observer/filing/0001104659-25-071178.txt

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