---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-050319"
form_type: "8-K"
ticker: "MBIN"
cik: "0001629019"
company_name: "Merchants Bancorp"
filed_at: "2026-04-28T23:59:59+00:00"
generated_at: "2026-05-15T02:52:09.059784+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-26-050319
- form_type: 8-K
- ticker: MBIN
- cik: 0001629019
- company_name: Merchants Bancorp
- filed_at: 2026-04-28T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1629019/000110465926050319/0001104659-26-050319-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1629019/000110465926050319/tm2612857d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-050319
- JSON: https://secwatch.observer/filing/0001104659-26-050319.json
- Plain text: https://secwatch.observer/filing/0001104659-26-050319.txt

## Key facts
- Earnings Releases
  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
  source text: Merchants Bancorp Reports First Quarter 2026 Results For Release April 28, 2026 · First quarter 2026 net income of $67.7 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/1629019/000110465926050319/0001104659-26-050319-index.htm

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