Every material Form 8-K Merchants Bancorp filed with the SEC in 2026, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Merchants Bancorp reported third-quarter 2026 net income of $105.2 million, or $2.06 per diluted share, up from $54.7 million, or $0.97 per diluted share, a year earlier. Much of the gain came from positive fair value adjustments to servicing rights and a floor derivative, and the company said its September 14, 2026 acquisition of The Loan Exchange may be dilutive during its initial ramp-up period.
Net income was $105.2 million, up 34% from $78.3 million in the second quarter of 2026 and up 92% from $54.7 million in the third quarter of 2025.
Diluted earnings per share were $2.06, compared with $1.48 in the second quarter of 2026 and $0.97 in the third quarter of 2025.
Noninterest income rose to $80.8 million, including a $28.2 million positive fair value adjustment to servicing rights and a $19.1 million positive adjustment to floor derivatives.
Tangible book value per common share was $41.64 at September 30, 2026, up from $36.31 a year earlier. The company acquired The Loan Exchange on September 14, 2026, for total consideration of $13.9 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.
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.
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.
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
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.
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.
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