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

Merchants Bancorp Q4 net income falls 29% to $67.8 million; credit improves

Mixed Impact 3 of 5 earnings Written later

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.

Key points

  • 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.

The filing

CompanyMerchants Bancorp (MBIN)
Form8-K, current report
Filed with the SECJan 28, 2026, 4:05 PM ET
Accession number0001104659-26-007407

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 January 28, 2026.

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.