Merchants Bancorp Q4 net income $67.8M, up 24% QoQ but down 29% YoY; asset quality improves

Merchants Bancorp

2025-FY EPS reported $3.78

Diluted EPS $1.28, up 32% from Q3 2025 ($0.97) but down 31% from Q4 2024 ($1.85).
Tangible book value per common share record $37.51, up 10% YoY.
Criticized loans fell 13% QoQ to $508.2M; non-performing loans dropped 34% QoQ to $197.8M.
Full-year 2025 net income $218.8M, down 32% vs 2024; diluted EPS $3.78, down 40%.
Total assets hit record $19.4B, up 3% YoY; core deposits 87% of total deposits, up from 79%.

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