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.
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From Merchants Bancorp's 10-Q and 10-K filings (SEC XBRL). YoY compares each quarter with the same quarter a year earlier; it is blank when the year-ago figure is missing or negative.
Annual results
Fiscal year
Revenue
Growth
EPS (diluted)
Growth
Net margin
FY2025
—
—
$3.78
-40.0%
—
FY2024
—
—
$6.30
+11.7%
—
FY2023
—
—
$5.64
+26.2%
—
FY2022
—
—
$4.47
-6.1%
—
FY2021
—
—
$4.76
+23.6%
—
Frequently asked questions
When is Merchants Bancorp's next earnings date?
Merchants Bancorp has not announced a report date within the next three weeks. US companies usually report three to six weeks after each quarter ends; this page updates as soon as the date is on the calendar.
What did Merchants Bancorp earn last quarter?
For the quarter ended Sep 2026, Merchants Bancorp reported diluted EPS of $2.06 (+112.4% year over year).
Where do these numbers come from?
Reported revenue, net income and EPS come from the company's own 10-Q and 10-K filings with the SEC (XBRL data). The report date and consensus estimate come from the Nasdaq earnings calendar.
Not investment advice. Figures can be restated by the company in later filings.