Merchants Bancorp Q1 2026 net income rises 16% to $67.7 million
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.
Key points
- 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
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 6:56 AM ET, from the text of the filing and its press-release exhibits 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, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.