---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-007407"
form_type: "8-K"
ticker: "MBIN"
cik: "0001629019"
company_name: "Merchants Bancorp"
filed_at: "2026-01-28T23:59:59+00:00"
generated_at: "2026-05-16T07:00:49.966319+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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%.

## SEC filing metadata
- accession: 0001104659-26-007407
- form_type: 8-K
- ticker: MBIN
- cik: 0001629019
- company_name: Merchants Bancorp
- filed_at: 2026-01-28T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1629019/000110465926007407/0001104659-26-007407-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1629019/000110465926007407/tm264247d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-007407
- JSON: https://secwatch.observer/filing/0001104659-26-007407.json
- Plain text: https://secwatch.observer/filing/0001104659-26-007407.txt

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