secwatch.observer — SEC 8-K summary
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Issuer:     Merchants Bancorp (MBIN)
CIK:        0001629019
Form:       8-K
Filed at:   2026-01-28T23:59:59+00:00
Accession:  0001104659-26-007407
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1629019/000110465926007407/0001104659-26-007407-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1629019/000110465926007407/tm264247d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-007407

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer