Every material Form 8-K Merchants Bancorp has filed with the SEC since March 07, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Merchants Bancorp reported third-quarter 2026 net income of $105.2 million, or $2.06 per diluted share, up from $54.7 million, or $0.97 per diluted share, a year earlier. Much of the gain came from positive fair value adjustments to servicing rights and a floor derivative, and the company said its September 14, 2026 acquisition of The Loan Exchange may be dilutive during its initial ramp-up period.
Net income was $105.2 million, up 34% from $78.3 million in the second quarter of 2026 and up 92% from $54.7 million in the third quarter of 2025.
Diluted earnings per share were $2.06, compared with $1.48 in the second quarter of 2026 and $0.97 in the third quarter of 2025.
Noninterest income rose to $80.8 million, including a $28.2 million positive fair value adjustment to servicing rights and a $19.1 million positive adjustment to floor derivatives.
Tangible book value per common share was $41.64 at September 30, 2026, up from $36.31 a year earlier. The company acquired The Loan Exchange on September 14, 2026, for total consideration of $13.9 million.
Merchants Bancorp reported second-quarter 2026 net income of $78.3 million, or $1.48 per diluted share, up from $38.0 million, or $0.60 per share, a year earlier and $67.7 million, or $1.25 per share, in the first quarter. The increase was driven mainly by an 83% drop in the provision for credit losses to $9.2 million, which reflects improved asset quality. Shareholders also saw tangible book value per share rise to $39.93 from $35.42 a year earlier.
Diluted EPS was $1.48, compared with $0.60 in Q2 2025 and $1.25 in Q1 2026.
Provision for credit losses fell to $9.2 million from $53.0 million in Q2 2025.
Tangible book value per common share was $39.93 at June 30, 2026, up 13% from $35.42 at June 30, 2025.
Net interest margin was 2.81%, down 11 basis points from 2.92% in Q1 2026, which the company attributed to a shift in loan mix.
Merchants Bancorp reported first quarter 2026 net income of $67.7 million, up $9.5 million or 16% from a year earlier, and diluted earnings per share of $1.25, up 34% from $0.93, though down 2% from the fourth quarter of 2025. Total assets reached $20.3 billion, and the FDIC and IDFI memorandum of understanding was terminated during the quarter.
Net income of $67.7 million versus $58.2 million in Q1 2025 and $67.8 million in Q4 2025
Diluted EPS of $1.25 versus $0.93 in Q1 2025 and $1.28 in Q4 2025
Noninterest income rose $22.9 million, or 97%, year over year, mainly from mortgage servicing rights fair value adjustments
Non-performing loans rose $50.0 million, or 25%, in the quarter to $247.5 million, mainly from four multi-family relationships
Merchants Bancorp furnished a press release with its fourth quarter and full-year 2025 results as Exhibit 99.1 to this 8-K. Q4 net income rose 24% from the third quarter but fell 29% from a year earlier, and full-year 2025 net income fell 32% to $218.8 million, with diluted EPS of $3.78, down 40%. Credit metrics improved in the quarter, with criticized loans down 13% and total delinquencies down 38% from September 30, 2025.
Q4 2025 net income was $67.8 million, or $1.28 diluted EPS, down from $95.7 million, or $1.85, in Q4 2024 but up from $54.7 million, or $0.97, in Q3 2025.
Full-year 2025 net income was $218.8 million, down $101.6 million, or 32%, from 2024; diluted EPS was $3.78, down 40%.
Criticized loans fell 13% from September 30, 2025 to $508.2 million; non-performing loans were $197.8 million, or 1.79% of loans receivable.
Total assets were $19.4 billion and total deposits were $13.0 billion as of December 31, 2025; tangible book value per share was a record $37.51.
Merchants Bancorp reported third quarter 2025 net income of $54.7 million, or $0.97 per diluted share, down 11% and 17% respectively from the third quarter of 2024 but up 44% and 62% from the second quarter of 2025. The year-over-year decline reflected lower net interest income after provision for credit losses, while the sequential rebound was driven mainly by lower provision expenses. Total assets reached $19.4 billion, the highest level the company has reported.
Net income of $54.7 million was down $6.6 million from $61.3 million in Q3 2024 and up $16.7 million from $38.0 million in Q2 2025.
Provision for credit losses fell 45% to $29.2 million from $53.0 million in Q2 2025.
Net interest income of $128.1 million fell 4% from $132.8 million a year earlier, while noninterest income rose 157% to $43.0 million.
Tangible book value per common share reached a record $36.31, up 12% from $32.38 a year earlier.
Merchants Bancorp reported second-quarter 2025 net income of $38.0 million, down 50% from a year earlier, as its provision for credit losses rose $43.1 million, tied to estimated declines in multi-family property values and an ongoing investigation of mortgage fraud. Diluted earnings per share fell to $0.60 from $1.49, but tangible book value per share rose 13% year over year to a record $35.42.
Net income was $38.0 million, down from $76.4 million in Q2 2024 and $58.2 million in Q1 2025.
Diluted earnings per share were $0.60, compared with $1.49 in Q2 2024 and $0.93 in Q1 2025.
Provision for credit losses increased $43.1 million year over year, primarily tied to multi-family property value declines and mortgage fraud investigations.
Tangible book value per share reached $35.42, up 13% from $31.27 a year earlier.
Merchants Bancorp reported first quarter 2025 net income of $58.2 million, or $0.93 per diluted share, down from $87.1 million, or $1.80 per share, in the first quarter of 2024. The company cited market uncertainty that delayed loan closings and reduced gain on sale and net interest margin, and it said non-performing loans rose, which matters to shareholders because earnings per share roughly halved year over year.
Diluted EPS of $0.93 fell 48% from $1.80 a year earlier and 50% from the fourth quarter of 2024.
Net interest margin was 2.89%, down from 3.14% a year earlier, as lower-margin warehouse loans grew.
Non-performing loans were $284.6 million, or 2.73% of loans receivable, up from $131.8 million, or 1.22%, a year earlier.
Merchants Bancorp appointed Darin Thomas, 57, as its Chief Accounting Officer on March 17, 2025, taking over principal accounting officer duties from CFO Sean A. Sievers. The filing discloses no compensation terms or family relationships, and it does not describe any financial results.
Darin Thomas, 57, appointed Chief Accounting Officer on March 17, 2025
Takes over principal accounting officer duties from CFO Sean A. Sievers
Previously Controller at Barclays' United States Consumer Bank from 2019 to 2025
Filing states no family relationships or Item 404(a) related-party interests
Merchants Bancorp reported record full-year 2024 net income of $320.4 million and diluted EPS of $6.30, both up year over year. Fourth-quarter net income rose 23% from a year earlier to $95.7 million, helped by favorable fair market value adjustments on servicing rights and derivatives, though nonperforming loans rose to $279.7 million.
Full-year 2024 net income $320.4 million, up 15%; diluted EPS $6.30, up 12%
Q4 2024 net income $95.7 million, up 23% from Q4 2023 and 56% from Q3 2024; diluted EPS $1.85
Non-performing loans rose to $279.7 million, or 2.68% of gross loans, from $82.0 million a year earlier
Tangible book value per share reached a record $34.15, up 25% from $27.40 a year earlier
On November 18, 2024, Merchants Bancorp agreed with a group of underwriters to sell 9.2 million depositary shares, each representing a 1/40th interest in its 7.625% Series E non-cumulative perpetual preferred stock, with a $25 liquidation value per depositary share. The company expects to use the net proceeds to redeem its Series B preferred stock and for general corporate purposes, including supporting balance sheet growth at Merchants Bank, with closing expected November 25, 2024.
9,200,000 depositary shares offered, each with a $25 liquidation value and a 1/40th interest in a Series E preferred share
Dividends at 7.625% per annum, payable quarterly when declared by the board, starting January 1, 2025
Offering expected to close on or about November 25, 2024; proceeds to redeem Series B preferred stock and for general corporate purposes
Merchants Bancorp reported third quarter 2024 net income of $61.3 million, or $1.17 per diluted share, down 25% and 30% respectively from a year earlier. The decline was driven mainly by unfavorable fair market value adjustments to derivatives and servicing rights and higher specific reserves on loans, which the filing says lowered results by about $0.24 per diluted share.
Diluted EPS was $1.17, down from $1.68 in Q3 2023 and $1.49 in Q2 2024
Unfavorable fair value adjustments to derivatives and servicing rights hurt results by about $0.24 per diluted share
Non-performing loans rose to $210.9 million, or 2.04% of gross loans, from $143.5 million at June 30, 2024
Total assets reached $18.7 billion, while total deposits fell 14% from June 30, 2024 to $12.9 billion
Merchants Bancorp appointed Sean Sievers as Chief Financial Officer effective September 9, 2024, and he will also serve as principal accounting officer. He succeeds John F. Macke, who is retiring on September 27, 2024, and the two will share duties until then.
Sean Sievers was appointed CFO effective September 9, 2024; he previously was CFO at Rate (formerly Guaranteed Rate) since 2022
Sievers' compensation includes an annual base salary of $600,000, a target cash incentive of 50% of base salary, and a target equity incentive of 50% of base salary
He receives a one-time cash award of $250,000 and a one-time equity award of common stock equal to $250,000
Merchants Bancorp reported second quarter 2024 net income of $76.4 million, or $1.49 per diluted share, up 17% and 14% from the second quarter of 2023 but down 12% and 17% from the first quarter of 2024. Total assets reached $18.2 billion and tangible book value per share rose 30% year over year to $31.27.
Net income of $76.4 million, up 17% from $65.3 million a year earlier and down 12% from $87.1 million in Q1 2024
Diluted EPS of $1.49, up from $1.31 a year earlier and down from $1.80 in Q1 2024
Total assets of $18.2 billion at June 30, 2024; tangible book value per share of $31.27, up 30% from $24.14
Non-performing loans rose to $143.5 million, or 1.30% of gross loans, from $131.8 million (1.22%) at March 31, 2024
Merchants Bancorp sold 2,400,000 shares of common stock at $43.00 per share in an underwritten public offering under an agreement dated May 13, 2024, and the offering closed on May 16, 2024. The company expects net proceeds of about $97.6 million, which it plans to use for general corporate purposes, including supporting balance sheet growth at Merchants Bank of Indiana. Shareholders would see a larger share count after the offering, and the underwriters also hold a 30-day option to buy up to 360,000 more shares.
2,400,000 shares sold at a public offering price of $43.00 per share
Underwriters have a 30-day right to buy up to an additional 360,000 shares
Expected net proceeds of about $97.6 million; offering closed May 16, 2024
Proceeds intended for general corporate purposes, including balance sheet growth at Merchants Bank of Indiana
Merchants Bancorp reported first quarter 2024 net income of $87.1 million, or $1.80 per diluted share, up 58% and 68% from the first quarter of 2023 and the highest quarterly earnings in company history. The gain was driven mainly by a $14.0 million positive fair value adjustment to servicing rights and a $26.4 million rise in net interest income, and total assets reached $17.8 billion.
Net income of $87.1 million and diluted EPS of $1.80 for Q1 2024, versus $55.0 million and $1.07 in Q1 2023
Efficiency ratio improved to 29.1% from 30.3% a year earlier; return on average assets was 2.07%
Non-performing loans rose to $131.8 million, or 1.22% of loans, from $82.0 million at December 31, 2023
Series A Preferred Stock redeemed for approximately $52 million on April 1, 2024
Merchants Bancorp said its Executive Vice President and Chief Financial Officer, John F. Macke, notified the company on March 7, 2024 that he intends to retire. The company said the decision was voluntary and not the result of any dispute or disagreement with management, the Board, or its operations, policies, or practices. Shareholders will see a change in the company's top financial officer, with Macke staying in the role during the transition.
John F. Macke, EVP, CFO and principal accounting officer, notified the company of his intention to retire on March 7, 2024.
Macke will continue in his current role and help with the transition until his retirement on or before September 30, 2024.
The company will begin a search for Macke's replacement; no successor was named in the filing.
The filing states the retirement was voluntary and not related to any dispute or disagreement.
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