Merchants Bancorp Q2 2026 net income rises 106% to $78.3 million
Merchants Bancorp reported second-quarter 2026 net income of $78.3 million, or $1.48 per diluted share, up from $38.0 million, or $0.60 per share, a year earlier and $67.7 million, or $1.25 per share, in the first quarter. The increase was driven mainly by an 83% drop in the provision for credit losses to $9.2 million, which reflects improved asset quality. Shareholders also saw tangible book value per share rise to $39.93 from $35.42 a year earlier.
Key points
- Diluted EPS was $1.48, compared with $0.60 in Q2 2025 and $1.25 in Q1 2026.
- Provision for credit losses fell to $9.2 million from $53.0 million in Q2 2025.
- Tangible book value per common share was $39.93 at June 30, 2026, up 13% from $35.42 at June 30, 2025.
- Net interest margin was 2.81%, down 11 basis points from 2.92% in Q1 2026, which the company attributed to a shift in loan mix.
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 July 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.