Merchants Bancorp Q1 2025 net income falls 33% to $58.2 million
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.
Key points
- 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.
The filing
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 April 28, 2025.
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.