Merchants Bancorp Q3 net income falls 11% from a year earlier to $54.7 million
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.
Key points
- 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.
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 October 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.