Merchants Bancorp Q3 net income $54.7M ($0.97 EPS); provision down 45% QoQ; tangible book value record $36.31

Merchants Bancorp

2025-Q3 EPS reported $2.50

Net income $54.7M ($0.97 diluted EPS) vs $61.3M ($1.17) in Q3 2024; up 44% from Q2 2025.
Total provision for credit losses decreased 45% ($23.8M) from Q2 2025; charge-offs $29.5M in Q3.
Gain on sale of loans increased $7.9M (47%) YoY; included Freddie Mac Q-Series securitization.
Record tangible book value per share $36.31, up 12% YoY; increased 3% from Q2 2025.
Core deposits $12.8B, up 12% from Q2, represent 92% of total deposits; executed credit default swap on $557.1M healthcare loan pool.

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