secwatch.observer — SEC 8-K summary
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Issuer:     Merchants Bancorp (MBIN)
CIK:        0001629019
Form:       8-K
Filed at:   2026-04-28T23:59:59+00:00
Accession:  0001104659-26-050319
Event type: earnings
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1629019/000110465926050319/0001104659-26-050319-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1629019/000110465926050319/tm2612857d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-050319

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