---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-103169"
form_type: "8-K"
ticker: "MBIN"
cik: "0001629019"
company_name: "Merchants Bancorp"
filed_at: "2025-10-28T23:59:59+00:00"
generated_at: "2026-05-17T01:56:36.747614+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-25-103169
- form_type: 8-K
- ticker: MBIN
- cik: 0001629019
- company_name: Merchants Bancorp
- filed_at: 2025-10-28T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1629019/000110465925103169/0001104659-25-103169-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1629019/000110465925103169/tm2529591d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-103169
- JSON: https://secwatch.observer/filing/0001104659-25-103169.json
- Plain text: https://secwatch.observer/filing/0001104659-25-103169.txt

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