Merchants Bancorp Q1 net income $67.7M (+16% YoY); record assets $20.3B; MOU terminated

Merchants Bancorp

2026-Q1 EPS reported $1.25

Diluted EPS $1.25, up 34% YoY; tangible book value record $38.55/share (+10% YoY).
Total assets $20.3B, record high; loans receivable $11.4B, up 10% YoY.
Criticized loans $505.5M, down 31% YoY; NPLs $247.5M, up 25% QoQ. Charge-offs $23M in Q1.
MOU with FDIC and IDFI terminated during Q1; core deposits now 93% of total deposits.
Net interest margin 2.92% (+3 bps YoY); noninterest income up 97% YoY driven by MSR adjustments.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Merchants Bancorp reported first quarter of 2026 results: net income $67.7 million, EPS $1.25 per diluted share.

Period: first quarter of 2026
Net income: $67.7 million
EPS: $1.25 per diluted share
Result: reported results

Exact text from the filing

Merchants Bancorp Reports First Quarter 2026 Results For Release April 28, 2026 · First quarter 2026 net income of $67.7 million

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Merchants Bancorp filing history →

Source: SEC EDGAR

accession 0001104659-26-050319

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