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AI brief of an SEC Form 8-K · Merchants Bancorp (MBIN)

Merchants Bancorp Q3 net income falls 25% to $61.3 million

Negative Impact 3 of 5 earnings Written later

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.

Key points

  • 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

The filing

CompanyMerchants Bancorp (MBIN)
Form8-K, current report
Filed with the SECOct 28, 2024, 4:05 PM ET
Accession number0001104659-24-111806

Items reported: 2.02 Results of Operations

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 6:56 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 28, 2024.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.