0001104659-26-050319.txt : 20260428 0001104659-26-050319.hdr.sgml : 20260428 20260428160536 ACCESSION NUMBER: 0001104659-26-050319 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20260428 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20260428 DATE AS OF CHANGE: 20260428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Merchants Bancorp CENTRAL INDEX KEY: 0001629019 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] ORGANIZATION NAME: 02 Finance EIN: 205747400 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38258 FILM NUMBER: 26907594 BUSINESS ADDRESS: STREET 1: 410 MONON BLVD CITY: CARMEL STATE: IN ZIP: 46032 BUSINESS PHONE: 3175697420 MAIL ADDRESS: STREET 1: 410 MONON BLVD CITY: CARMEL STATE: IN ZIP: 46032 8-K 1 tm2612857d1_8k.htm FORM 8-K
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United States

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549  

 

 

 

FORM 8-K

 

 

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): April 28, 2026

 

 

 

Merchants Bancorp

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Indiana   001-38258   20-5747400

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

410 Monon Boulevard
Carmel, Indiana 46032
(Address of Principal Executive Offices) (Zip Code)

(317) 569-7420

(Registrant’s Telephone Number, Including Area Code)

 

Not Applicable
(Former name or former address, if changed since last report)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
¨  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
¨  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
¨  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading
Symbol(s)		 Name of each exchange on which registered
Common Stock, without par value MBIN NASDAQ
Depositary Shares, each representing a 1/40th interest in a share of Series C Preferred Stock, without par value MBINN NASDAQ
Depositary Shares, each representing a 1/40th interest in a share of Series D Preferred Stock, without par value MBINM NASDAQ
Depositary Shares, each representing a 1/40th interest in a share of Series E Preferred Stock, without par value MBINL NASDAQ
   

  

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

  Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.      ¨

 

 

 

 

 

 

Item 2.02. Results of Operations and Financial Condition.

 

On April 28, 2026, Merchants Bancorp issued a press release reporting its financial results for the first quarter of 2026. The press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit
No.		   Description
   
99.1   Press Release dated April 28, 2026 issued by Merchants Bancorp.
104   Cover Page Interactive Data File. The cover page XBRL tags are embedded within the inline XBRL document.

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  MERCHANTS BANCORP
     
Date: April 28, 2026 By:  /s/ Terry Oznick
    Name: Terry Oznick
    Title: General Counsel

 

 

 

 EX-99.1 2 tm2612857d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

 

PRESS RELEASE

 

Merchants Bancorp Reports First Quarter 2026 Results

 

For Release April 28, 2026

 

·First quarter 2026 net income of $67.7 million, increased $9.5 million, or 16%, compared to first quarter of 2025 and was relatively stable compared to the fourth quarter 2025.

 

·First quarter 2026 diluted earnings per common share of $1.25 increased 34% compared to the first quarter of 2025 and decreased 2% compared to the fourth quarter of 2025.

 

·Total assets of $20.3 billion reflected the highest level ever reported by the Company, increasing 8% compared to March 31, 2025 and 4% compared to December 31, 2025.

 

·Tangible book value per common share reached a new record level of $38.55, increasing 10% from $34.90 at March 31, 2025, and 3% from $37.51 at December 31, 2025.

 

·Asset quality continued to stabilize, as criticized loans receivable of $505.5 million decreased by 31% from March 31, 2025, and 1% from December 31, 2025.

 

·Capital ratios have remained elevated, with a total capital ratio of 12.8%, reflecting the Company’s continued emphasis on financial strength and balance sheet resilience.

 

·Liquidity remained strong, with $11.1 billion, or 55% of total assets, comprising of unused borrowing capacity of $3.9 billion through the Federal Home Loan Bank and the Federal Reserve Discount Window, as well as cash and cash equivalents, short-term investments (including interest-earning demand deposits), mortgage loans in process of securitization, loans held for sale, and warehouse lines of credit included in loans receivable.

 

·Loans receivable, net of allowance for credit losses, totaled $11.4 billion, increasing $1.1 billion, or 10%, from March 31, 2025, and $448.5 million, or 4%, from December 31, 2025.

 

·Total deposits of $13.0 billion increased 4% from March 31, 2025 and remained relatively flat compared to December 31, 2025. Core deposits of $12.1 billion increased $781.4 million, or 7% during the quarter, while brokered deposits declined $870.8 million, or 50%, to $886.5 million. Core deposits now represent 93% of total deposits.

 

·The Company repurchased 73,164 shares of common stock for $3.0 million, pursuant to its previously authorized share repurchase program.

 

·During the quarter, the Company’s Memorandum of Understanding from mid-2025 with the FDIC and IDFI was terminated, following progress made by management in addressing the MOU provisions.

 

 

 

 

CARMEL, Indiana – (PR Newswire) - Merchants Bancorp (the “Company” or “Merchants”) (Nasdaq: MBIN), parent company of Merchants Bank, today reported first quarter 2026 net income of $67.7 million, or diluted earnings per common share of $1.25. This compared to $58.2 million, or diluted earnings per common share of $0.93 in the first quarter of 2025, and compared to $67.8 million, or diluted earnings per common share of $1.28 in the fourth quarter of 2025.

 

“Achieving record-high assets of $20.3 billion and a record tangible book value of $38.55 per share in the same quarter underscores the strength of our balance sheet and the momentum we are building. Just as important, asset quality continues to stabilize, positioning us exceptionally well as we move forward with confidence," said Michael F. Petrie, Chairman and CEO of Merchants.

 

Michael J. Dunlap, President and Chief Operating Officer of Merchants, added, "Our results during the quarter reflected the dedication and resilience of our team. Our people remain accountable, collaborative, and disciplined in their work, reinforcing the culture that defines our organization while supporting the continued execution of our strategic plan."

 

Net income for the first quarter of 2026 was $67.7 million, representing an increase of $9.5 million, or 16%, compared to the first quarter of 2025. The improvement was primarily attributable to a $22.9 million, or 97%, increase in noninterest income driven principally by higher positive fair value adjustments to mortgage servicing rights and certain derivatives. Net income also benefited from a $6.5 million, or 5%, increase in net interest income. These increases were partially offset by a $14.0 million, or 23%, increase in noninterest expense and a $7.6 million increase in the provision for credit losses.

 

Net income of $67.7 million for the first quarter of 2026 remained relatively consistent with the fourth quarter of 2025. Results reflected a $12.5 million, or 45%, decrease in the provision for credit losses and an $8.0 million, or 10%, decrease in noninterest expense, primarily attributable to lower costs associated with credit risk transfer premiums and salaries and employee benefits. These increases to net income were offset by a $9.4 million, or 7%, decrease in net interest income, and a $10.5 million, or 175%, increase in the provision for income taxes, reflecting lower utilization of tax credits compared to the prior quarter. While noninterest income was relatively flat during the quarter, a $12.2 million decrease in gain on sale of loans was nearly offset by the $10.9 million increase in loan servicing fees that reflected higher fair market value adjustments for mortgage servicing rights.

 

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Total Assets

 

Total assets were $20.3 billion at March 31, 2026, increasing $1.5 billion, or 8%, compared to March 31, 2025, and $872.8 million, or 4%, compared to December 31, 2025. The increases for both periods were primarily due to higher balances in the multi-family and warehouse portfolios, including those held for sale and held for investment. These were partially offset by lower balances in the healthcare loan portfolio.

 

Asset Quality

 

The allowance for credit losses on loans of $76.8 million, as of March 31, 2026, decreased by $6.6 million, or 8%, compared to March 31, 2025, and $6.5 million, or 8%, compared to December 31, 2025. The decreases for both periods were primarily attributable to charge-offs on loans with specific reserves.

 

During the first quarter of 2026, the Company recorded charge-offs across seven relationships, primarily in the healthcare and multi-family loan portfolios, totaling $23.0 million, and had $616,000 in recoveries. Nearly 75% of the charge-offs in the first quarter of 2026 were associated with two loan relationships. This compares to $10.5 million in charge-offs and $28,000 in recoveries during the first quarter of 2025 and $38.0 million in charge-offs and $76,000 in recoveries in the fourth quarter of 2025.

 

The increases to provision for credit losses for the last several quarters were largely associated with declines on certain multi-family property values after receiving new appraisals and the ongoing investigation of borrowers involved in mortgage fraud or suspected fraud, as well as loan growth. The increases were also attributable to certain types of subordinated loans that the Company no longer offers to borrowers. These underperforming loans have been largely identified and evaluated for potential losses that have either been included in the allowance for credit losses on loans as specific reserves or charged off.

 

Overall, criticized loans receivable of $505.5 million declined by $226.0 million, or 31%, compared to March 31, 2025, and declined by $2.7 million, or 1% compared to December 31, 2025. This decline reinforces the view that the frequency of migration to criticized status would stabilize and eventually subside, driven by favorable market conditions and the Company’s efforts with proactive portfolio management. As of March 31, 2026, 6% of the criticized loans were covered by credit default swaps.

 

As of March 31, 2026, all substandard loans have been evaluated for impairment, and these loans have specific reserves of $11.7 million. The Company believes that the remaining loan portfolio remains well collateralized. Non-performing loans increased $50.0 million, or 25%, during the quarter, primarily attributable to four relationships in the multi-family portfolio. As of March 31, 2026, non-performing loans were $247.5 million, or 2.16% of loans receivable, compared to $284.6 million, or 2.73%, as of March 31, 2025, and $197.8 million, or 1.79%, as of December 31, 2025.

 

Page | 3

 

 

Total delinquent loans declined 28%, from $334.7 million as of March 31, 2025, to $242.5 million as of March 31, 2026 and increased 17% from December 31, 2025. As of March 31, 2026, 11% of the delinquent loans were covered by credit default swaps.

 

The Company has been making additional efforts to reduce its credit risk through loan sale and securitization activities since 2019. Since 2023, the Company has strategically executed credit protection arrangements through credit default swaps and a credit-linked note to reduce risk of losses, with coverage ranging from 13-15% of the unpaid principal balances for each arrangement. Despite having credit protection on these loans, the Company is required to carry an allowance for credit losses on loans held for investment. As of March 31, 2026, the credit- linked note was repaid in full and the remaining balance of loans protected by credit default swaps was $2.5 billion.

 

Total Deposits

 

Total deposits of $13.0 billion at March 31, 2026 increased by $545.6 million, or 4%, compared to March 31, 2025, and remained relatively unchanged compared to December 31, 2025. The increase compared to March 31, 2025 primarily reflects the growth in core deposits.

 

Core deposits of $12.1 billion at March 31, 2026 reflected increases of $1.4 billion, or 13%, from March 31, 2025 and $781.4 million, or 7%, from December 31, 2025. Core deposits represented 93% of total deposits at March 31, 2026, 86% of total deposits at March 31, 2025, and 87% of total deposits at December 31, 2025.

 

Brokered deposits of $886.5 million at March 31, 2026 decreased $831.9 million, or 48%, from March 31, 2025 and $870.8 million, or 50%, from December 31, 2025. As of March 31, 2026, brokered certificates of deposit had a weighted average remaining duration of 88 days.

 

Liquidity

 

The Company maintains exceptional liquidity, supported by substantial borrowing capacity, including unused lines of credit totaling $3.9 billion as of March 31, 2026, compared to $4.7 billion at March 31, 2025 and $5.3 billion at December 31, 2025.

 

The Company’s most liquid assets are in cash and cash equivalents, short-term investments, including interest-earning demand deposits, mortgage loans in process of securitization, loans held for sale, and warehouse lines of credit included in loans receivable. Combined with unused borrowing capacity of $3.9 billion, these totaled $11.1 billion, or 55%, of its $20.3 billion total assets as of March 31, 2026.

 

Page | 4

 

 

This liquidity position provides the Company with flexibility to manage funding costs, interest expense, and asset levels. In addition, the Company’s business model is designed to continuously sell or securitize a significant portion of its loans, which provides flexibility in managing its liquidity.

 

Comparison of Operating Results for the Three Months Ended

 

March 31, 2026 and 2025

 

Net Interest Income of $128.6 million increased $6.5 million, or 5%, reflecting lower interest expense on certificates of deposits and borrowings, partially offset by higher interest expense on interest-bearing checking accounts and lower interest income on loans and loans held for sale.

 

·Net interest margin of 2.92% increased three basis points compared to 2.89%.

 

·Interest rate spread of 2.50% increased 12 basis points compared to 2.38%.

 

Interest Income of $270.5 million decreased $16.7 million, or 6%, compared to $287.2 million. The decrease was primarily attributable to lower average yields on higher average balances on loans and loans held for sale, as well as lower average yields on lower average balances on securities held to maturity.

 

·Average yields on loans and loans held for sale of 6.34% decreased 72 basis points compared to 7.06%.

 

·Average balances of $14.7 billion for loans and loans held for sale increased by $990.1 million, or 7%, compared to $13.8 billion.

 

·Average yields on securities held to maturity of 5.29% decreased 72 basis points compared to 6.01%.

 

·Average balances of $1.5 billion for securities held to maturity decreased by $150.5 million, or 9%, compared to $1.6 billion.

 

Interest Expense of $141.9 million decreased $23.1 million, or 14%, compared to $165.0 million. The decrease reflected lower average balances at lower average rates on certificates of deposit, and lower average rates on borrowings, which were partially offset by higher average balances at lower average rates on interest-bearing checking accounts.

 

·Average balances of $1.6 billion for certificates of deposit decreased by $1.8 billion, or 54%, compared to $3.4 billion.

 

·Average interest rates of 3.92% for certificates of deposit decreased by 75 basis points compared to 4.67%.

 

·Average interest rates of 4.14% for borrowings decreased by 119 basis points compared to 5.33%.

 

Page | 5

 

 

·Average balances on interest-bearing checking accounts of $7.2 billion increased by $2.1 billion, or 41%, compared to $5.1 billion.

 

·Average interest rates of 3.42% for interest-bearing checking accounts decreased by 59 basis points compared to 4.01%.

 

Noninterest Income of $46.6 million increased $22.9 million, or 97%, compared to $23.7 million. The $22.9 million increase reflected an $11.1 million, or 277%, increase in loan servicing fees, a $10.1 million, or 319% increase in other noninterest income, and a $1.9 million, or 16%, increase in gain on sale of loans.

 

·Loan servicing fees included an $8.9 million positive fair market value adjustment to servicing rights, with a $1.6 million positive adjustment in the Banking segment and a $7.4 positive adjustment in the Multi-family Mortgage Banking segment. This is compared to a $754,000 negative fair market value adjustment to servicing rights in the prior period with a $1.2 million negative adjustment in the Banking segment and a $449,000 positive adjustment in the Multi-family Mortgage Banking segment. The value of servicing rights generally increases in rising 10-year interest rate environments and declines in falling interest rate environments due to expected prepayments and earning rates that are influenced by projected future interest rates on escrow deposits.

 

·Other income included a $2.7 million positive fair market value adjustment to floor derivatives, reflected in the Warehouse segment, compared to a $2.3 million negative fair market value adjustment in the prior period.

 

Noninterest Expense of $75.6 million increased $14.0 million, or 23%, primarily due to a $7.5 million increase in other noninterest expense that included $3.1 million in collateral preservation expenses associated with taxes, insurance, property expenses, and legal fees related to nonperforming assets. The increase also reflects a $2.1 million, or 6%, increase in salaries and employee benefits to support business growth, a $1.9 million increase in credit risk transfer premium expense associated with credit default swaps, as well as $1.2 million, or 16%, increase in deposit insurance expense primarily associated with asset quality.

 

Comparison of Operating Results for the Three Months Ended

 

March 31, 2026 and December 31, 2025

 

Net Interest Income of $128.6 million decreased $9.4 million, or 7%, reflecting lower interest income on loans and loans held for sale, partially offset by lower interest expense on deposits and borrowing.

 

·Net interest margin of 2.92% increased three basis points compared to 2.89%.

 

·Interest rate spread of 2.50% increased six basis points compared to 2.44%.

 

Page | 6

 

 

Interest Income of $270.5 million decreased $37.0 million, or 12%, compared to $307.5 million, primarily reflecting lower average yields on lower average balances on loans and loans held for sale.

 

·Average yields on loans and loans held for sale of 6.34% decreased 32 basis points compared to 6.66%.

 

·Average balances of $14.7 billion for loans and loans held for sale decreased 4% compared to $15.4 billion.

 

Interest Expense of $141.9 million decreased $27.5 million, or 16% compared to $169.4 million. The decrease was primarily driven by lower average rates on lower average balances on interest-bearing checking accounts and borrowings.

 

·Average interest rates on interest-bearing checking accounts of 3.42% decreased by 31 basis points compared to 3.73%.

 

·Average balances of $7.2 billion for interest-bearing checking accounts decreased $426.1 million, or 6%, compared to $7.6 billion.

 

·Average interest rates on borrowings of 4.14% decreased by 74 basis points compared to 4.88%.

 

·Average balances of $3.1 billion for borrowings decreased $368.5 million, or 11%, compared to $3.5 billion.

 

Noninterest Income of $46.6 million declined slightly compared to $47.2 million. Results reflected a $12.2 million, or 48%, decrease in gain on sale of loans and a $2.6 million, or 45%, decrease in syndication and asset management fees. This was partially offset by a $10.9 million, or 257%, increase in loan servicing fees and a $3.5 million, or 36%, increase in other income.

 

·Gain on sale of loans decreased $12.2 million, or 48%, primarily due to higher 10-year interest rates, which delayed borrower decisions to transition to permanent fixed-rate loans. This impact was partially offset by the increase in the fair value adjustments of mortgage servicing rights and floor derivatives as detailed below.

 

·Loan servicing fees included an $8.9 million positive fair market value adjustment to servicing rights, with a $1.6 million positive adjustment in the Banking segment and a $7.4 million positive adjustment in the Multi-family Mortgage Banking segment. This compared to a $179,000 negative fair market value adjustment to servicing rights in the prior period, with a $275,000 negative adjustment in the Banking segment and a $96,000 positive adjustment in the Multi-family Mortgage Banking segment. The value of servicing rights generally increases in rising 10-year interest rate environments and declines in falling interest rate environments due to expected prepayments and earning rates that are influenced by projected future interest rates on escrow deposits.

 

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·Other income included a $2.7 million positive fair market value adjustment to floor derivatives, reflected in the Warehouse segment, compared to a $4.2 million positive fair market value adjustment to derivatives in the prior period. The prior quarter also reflected an impairment of $4.1 million for an investment in a joint venture that was not repeated in the first quarter 2026.

 

Noninterest Expense of $75.6 million decreased $8.0 million, or 10%, compared to $83.6 million, primarily due to a $3.8 million, or 9%, decrease in salaries and employee benefits that reflected lower commissions on lower noninterest income, a $2.4 million, or 30%, decrease in credit risk transfer premium expense associated with credit default swaps, and a $1.4 million, or 10%, decrease in other expenses.

 

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About Merchants Bancorp

 

Merchants Bancorp is a diversified bank holding company headquartered in Carmel, Indiana operating multiple segments, including Multi-family Mortgage Banking that primarily offers multi-family housing and healthcare facility financing and servicing (through this segment it also serves as a syndicator of low-income housing tax credit and debt funds); Mortgage Warehousing that offers mortgage warehouse financing, commercial loans, and deposit services; and Banking that offers retail and correspondent residential mortgage banking, agricultural lending, and traditional community banking. Merchants Bancorp, with $20.3 billion in assets and $13.0 billion in deposits as of March 31, 2026, conducts its business primarily through its direct and indirect subsidiaries, Merchants Bank of Indiana, Merchants Capital Corp., Merchants Capital Investments, LLC, Merchants Capital Servicing, LLC, Merchants Investment Partners, LLC, and Merchants Mortgage, a division of Merchants Bank of Indiana. For more information and financial data, please visit Merchants’ Investor Relations page at investors.merchantsbancorp.com.

 

Forward-Looking Statements

 

This press release contains forward-looking statements which reflect management’s current views with respect to, among other things, future events and financial performance. These statements are often, but not always, made through the use of words or phrases such as "may," "might," "should," "could," "predict," "potential," "believe," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "goal," "target," "outlook," "aim," "would," "annualized" and "outlook," or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about the industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, management cautions that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause actual results to differ materially from those indicated in these forward-looking statements, including the impacts of factors identified in "Risk Factors" or "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company’s Annual Report on Form 10-K and other periodic filings with the Securities and Exchange Commission. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

 

MEDIA CONTACT: REBECCA MARSH

 

Merchants Bancorp

Phone: (317) 805-4356

Email: rmarsh@bankmerchants.com

 

INVESTOR CONTACT: TAMI DURLE

 

Merchants Bancorp

Phone: (317) 324-4556

Email: tdurle@bankmerchants.com

 

Page | 9

 

 

Consolidated Balance Sheets

(Unaudited)

(In thousands, except share data)

 

   March 31,   December 31,   September 30,   June 30,   March 31, 
   2026   2025   2025   2025   2025 
Assets                         
Cash and due from banks  $19,642   $15,844   $11,566   $15,419   $15,609 
Interest-earning demand accounts   63,573    196,358    586,470    631,746    505,687 
Cash and cash equivalents   83,215    212,202    598,036    647,165    521,296 
Securities purchased under agreements to resell   1,511    1,520    1,529    1,539    1,550 
Mortgage loans in process of securitization   437,001    620,094    414,786    402,427    389,797 
Securities available for sale (includes $550,207, $571,314, $591,379, $602,962 and $626,271 at fair value)   843,896    865,058    885,070    936,343    961,183 
Securities held to maturity (fair value of $1,426,444, $1,543,554, $1,670,306, $1,547,525 and $1,605,151)   1,425,982    1,543,659    1,670,555    1,548,211    1,606,286 
Federal Home Loan Bank (FHLB) stock and other equity securities   227,589    227,589    217,850    217,850    217,850 
Loans held for sale (includes $163,426, $76,980, $112,832, $91,930 and $75,920 at fair value)   4,709,688    3,873,012    4,129,329    4,105,765    3,983,452 
Loans receivable (includes $46,427, $47,318, $0, $0 and $0 at fair value), net of allowance for credit losses on loans of $76,831, $83,301, $93,330, $91,811 and $83,413   11,399,882    10,951,381    10,515,221    10,432,117    10,343,724 
Premises and equipment, net   73,695    73,929    75,148    71,050    67,787 
Servicing rights   229,576    217,296    213,156    193,037    189,711 
Interest receivable   77,326    81,807    82,445    82,391    82,811 
Goodwill   8,014    8,014    8,014    8,014    8,014 
Other real estate owned   60,226    60,145    4,347    7,049    7,049 
Other assets and receivables   744,181    713,237    539,161    488,246    417,290 
Total assets  $20,321,782   $19,448,943   $19,354,647   $19,141,204   $18,797,800 
Liabilities and Shareholders' Equity                         
  Liabilities                         
Deposits                         
Noninterest-bearing  $501,864   $604,081   $399,814   $315,523   $313,296 
Interest-bearing   12,449,889    12,437,111    13,534,891    12,371,312    12,092,869 
Total deposits   12,951,753    13,041,192    13,934,705    12,686,835    12,406,165 
Borrowings   4,773,490    3,842,592    2,902,631    4,009,474    4,001,744 
Deferred and current tax liabilities, net   46,403    33,900    28,973    29,228    35,740 
Other liabilities   219,833    250,500    262,904    231,035    193,416 
Total liabilities   17,991,479    17,168,184    17,129,213    16,956,572    16,637,065 
Commitments and  Contingencies                         
Shareholders' Equity                         
Common stock, without par value                         
Authorized - 75,000,000 shares                         
Issued and outstanding  - 45,935,408 shares, 45,893,172 shares, 45,889,238 shares, 45,885,458 shares and 45,881,706 shares   243,433    243,310    242,371    241,452    240,512 
Preferred stock, without par value - 5,000,000 total shares authorized                         
6% Series C Preferred stock - $1,000 per share liquidation preference                         
Authorized - 200,000 shares                         
Issued and outstanding - 196,181 shares (equivalent to 7,847,233 depositary shares)   191,084    191,084    191,084    191,084    191,084 
8.25% Series D Preferred stock - $1,000 per share liquidation preference                         
Authorized - 300,000 shares                         
Issued and outstanding - 142,500 shares (equivalent to 5,700,000 depositary shares)   137,459    137,459    137,459    137,459    137,459 
7.625% Series E Preferred stock - $1,000 per share liquidation preference                         
Authorized - 230,000 shares                         
Issued and outstanding - 230,000 shares (equivalent to 9,200,000 depositary shares)   222,748    222,748    222,748    222,748    222,748 
Retained earnings   1,536,383    1,486,191    1,431,983    1,392,136    1,369,009 
Accumulated other comprehensive loss   (804)   (33)   (211)   (247)   (77)
Total shareholders' equity   2,330,303    2,280,759    2,225,434    2,184,632    2,160,735 
Total liabilities and shareholders' equity  $20,321,782   $19,448,943   $19,354,647   $19,141,204   $18,797,800 

 

Page | 10

 

 

Consolidated Statement of Income

(Unaudited)

(In thousands, except share data)

 

   Three Months Ended   Change 
   March 31,   December 31,   March 31,   1Q26   1Q26 
   2026   2025   2025   vs. 4Q25   vs. 1Q25 
Interest Income                         
Loans  $230,269   $258,090   $239,280    -11%   -4%
Mortgage loans in process of securitization   4,387    6,719    3,743    -35%   17%
Investment securities:                         
Available for sale   9,942    11,178    12,358    -11%   -20%
Held to maturity   19,479    23,182    24,358    -16%   -20%
FHLB stock and other equity securities (dividends)   4,394    4,723    4,372    -7%   1%
Other   2,040    3,577    3,093    -43%   -34%
Total interest income   270,511    307,469    287,204    -12%   -6%
Interest Expense                         
Deposits   109,849    126,288    123,941    -13%   -11%
Short-term borrowings   28,937    34,283    33,364    -16%   -13%
Long-term borrowings   3,077    8,812    7,703    -65%   -60%
Total interest expense   141,863    169,383    165,008    -16%   -14%
Net Interest Income   128,648    138,086    122,196    -7%   5%
Provision for credit losses   15,299    27,761    7,727    -45%   98%
Net Interest Income After Provision for Credit Losses   113,349    110,325    114,469    3%   -1%
Noninterest Income                         
Gain on sale of loans   13,506    25,730    11,619    -48%   16%
Loan servicing fees, net   15,099    4,235    4,010    257%   277%
Mortgage warehouse fees   1,620    1,801    1,513    -10%   7%
Syndication and asset management fees   3,117    5,680    3,389    -45%   -8%
Other income   13,257    9,755    3,162    36%   319%
Total noninterest income   46,599    47,201    23,693    -1%   97%
Noninterest Expense                         
Salaries and employee benefits   38,565    42,375    36,419    -9%   6%
Loan expense   1,185    1,004    798    18%   48%
Occupancy and equipment   3,081    3,382    2,351    -9%   31%
Professional fees   2,767    3,436    2,894    -19%   -4%
Deposit insurance expense   8,408    8,040    7,228    5%   16%
Technology expense   2,679    2,611    2,374    3%   13%
Credit risk transfer premium expense   5,764    8,198    3,862    -30%   49%
Other expense   13,193    14,596    5,738    -10%   130%
Total noninterest expense   75,642    83,642    61,664    -10%   23%
Income Before Income Taxes   84,306    73,884    76,498    14%   10%
Provision for income taxes   16,574    6,035    18,259    175%   -9%
Net Income  $67,732   $67,849   $58,239    —    16%
Dividends on preferred stock   (10,265)   (10,266)   (10,265)   —    — 
Impact of preferred stock redemption   —    1,215    (5,371)   -100%   -100%
Net Income Available to Common Shareholders  $57,467   $58,798   $42,603    -2%   35%
Basic Earnings Per Share  $1.25   $1.28   $0.93    -2%   34%
Diluted Earnings Per Share  $1.25   $1.28   $0.93    -2%   34%
Weighted-Average Shares Outstanding                         
Basic   45,929,936    45,891,077    45,824,022           
Diluted   45,997,744    45,976,153    45,914,083           

 

Page | 11

 

 

Key Operating Results

(Unaudited)

($ in thousands, except share data)

 

   Three Months Ended   Change 
   March 31,   December 31,   March 31,   1Q26   1Q26 
   2026   2025   2025   vs. 4Q25   vs. 1Q25 
Noninterest expense  $75,642   $83,642   $61,664    -10%   23%
                          
Net interest income (before provision for credit losses)   128,648    138,086    122,196    -7%   5%
Noninterest income   46,599    47,201    23,693    -1%   97%
Total income  $175,247   $185,287   $145,889    -5%   20%
                          
Efficiency ratio   43.16%   45.14%   42.27%   (198)bps   89bps
                          
Average assets  $18,952,948   $19,815,940   $17,831,950    -4%   6%
Net income   67,732    67,849    58,239    —    16%
Return on average assets before annualizing   0.36%   0.34%   0.33%          
Annualization factor   4.00    4.00    4.00           
Return on average assets   1.43%   1.37%   1.31%   6bps   12bps
                          
Return on average tangible common shareholders' equity (1)   13.01%   13.76%   10.65%   (75)bps   236bps
                          
Tangible book value per common share (1)  $38.55   $37.51   $34.90    3%   10%
                          
Tangible common shareholders' equity/tangible assets (1)   8.72%   8.85%   8.52%   (13)bps   20bps
                          
Consolidated ratios                         
Total capital/risk-weighted assets(2)   12.8%   13.6%   13.0%          
Tier I capital/risk-weighted assets(2)   12.3%   13.1%   12.4%          
Common Equity Tier I capital/risk-weighted assets(2)   9.4%   9.9%   9.2%          
Tier I capital/average assets(2)   12.3%   11.5%   12.1%          

 

(1) Non-GAAP financial measure - see "Reconciliation of Non-GAAP Measures" below:

 

(2) As defined by regulatory agencies; March 31, 2026 shown as estimates and prior periods shown as reported.

 

Certain non-GAAP financial measures provide useful information to management and investors that is supplementary to the Company's financial condition, results of operations and cash flows computed in accordance with GAAP; however, they do have a number of limitations.  As such, the reader should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable  to non-GAAP financial measures that other companies use.  A reconciliation of GAAP to non-GAAP financial measures is below.  Net Income Available to Common Shareholders excludes preferred stock dividends.  Tangible common shareholders' equity is calculated by excluding the balance of goodwill and other intangible assets and preferred stock from the calculation of total equity.  Tangible Assets is calculated by excluding the balance of goodwill and intangible assets.  Tangible book value per share is calculated by dividing tangible common shareholders' equity by the number of shares outstanding.       

 

   Three Months Ended   Change 
   March 31,   December 31,   March 31,   1Q26   1Q26 
   2026   2025   2025   vs. 4Q25   vs. 1Q25 
Average shareholders' equity  $2,326,390   $2,268,832   $2,160,169    3%   8%
Less: average goodwill & intangibles   (8,048)   (8,054)   (8,070)   —    — 
Less: average preferred stock   (551,291)   (551,291)   (552,633)   —    — 
Average tangible common shareholders' equity  $1,767,051   $1,709,487   $1,599,466    3%   10%
                          
Annualization factor   4.00    4.00    4.00           
Return on average tangible common shareholders' equity   13.01%   13.76%   10.65%   (75)bps   236bps
                          
Total equity  $2,330,303   $2,280,759   $2,160,735    2%   8%
Less: goodwill and intangibles   (8,045)   (8,051)   (8,068)   —    — 
Less: preferred stock   (551,291)   (551,291)   (551,291)   —    — 
Tangible common shareholders' equity  $1,770,967   $1,721,417   $1,601,376    3%   11%
                          
Assets  $20,321,782   $19,448,943   $18,797,800    4%   8%
Less: goodwill and intangibles   (8,045)   (8,051)   (8,068)   —    — 
Tangible assets  $20,313,737   $19,440,892   $18,789,732    4%   8%
                          
Ending common shares   45,935,408    45,893,172    45,881,706           
                          
Tangible book value per common share  $38.55   $37.51   $34.90    3%   10%
Tangible common shareholders' equity/tangible assets   8.72%   8.85%   8.52%   (13)bps   20bps

 

Page | 12

 

 

Merchants Bancorp

Average Balance Analysis

($ in thousands)

(Unaudited)

 

   Three Months Ended 
   March 31, 2026   December 31, 2025   March 31, 2025 
   Average       Yield/   Average       Yield/   Average       Yield/ 
   Balance   Interest   Rate   Balance   Interest   Rate   Balance   Interest   Rate 
Assets:                                             
                                              
Interest-earning deposits, and other interest or dividends  $433,306   $6,434    6.02%  $556,453   $8,300    5.92%  $511,077   $7,465    5.92%
Securities available for sale   856,846    9,942    4.71%   870,949    11,178    5.09%   961,065    12,358    5.21%
Securities held to maturity   1,493,185    19,479    5.29%   1,627,341    23,182    5.65%   1,643,703    24,358    6.01%
Mortgage loans in process of securitization   338,052    4,387    5.26%   506,704    6,719    5.26%   277,426    3,743    5.47%
Loans and loans held for sale   14,741,304    230,269    6.34%   15,368,719    258,090    6.66%   13,751,197    239,280    7.06%
Total interest-earning assets   17,862,693    270,511    6.14%   18,930,166    307,469    6.44%   17,144,468    287,204    6.79%
Allowance for credit losses on loans   (85,226)             (99,349)             (86,711)          
Noninterest-earning assets   1,175,481              985,123              774,193           
Total assets  $18,952,948             $19,815,940             $17,831,950           
                                              
                                              
Liabilities & Shareholders' Equity:                                             
                                              
Interest-bearing checking  $7,199,340    60,763    3.42%  $7,625,489    71,599    3.73%  $5,121,343    50,609    4.01%
Money market /savings deposits   3,925,326    34,000    3.51%   3,870,411    35,743    3.66%   3,544,828    34,521    3.95%
Certificates of deposit   1,562,186    15,086    3.92%   1,818,058    18,946    4.13%   3,369,269    38,811    4.67%
Total interest-bearing deposits   12,686,852    109,849    3.51%   13,313,958    126,288    3.76%   12,035,440    123,941    4.18%
                                              
Borrowings   3,137,379    32,014    4.14%   3,505,903    43,095    4.88%   3,125,935    41,067    5.33%
Total interest-bearing liabilities   15,824,231    141,863    3.64%   16,819,861    169,383    4.00%   15,161,375    165,008    4.41%
                                              
Noninterest-bearing deposits   560,176              492,650              294,248           
Noninterest-bearing liabilities   242,151              234,597              216,158           
                                              
Total liabilities   16,626,558              17,547,108              15,671,781           
                                              
Shareholders' equity   2,326,390              2,268,832              2,160,169           
                                              
Total liabilities and shareholders' equity  $18,952,948             $19,815,940             $17,831,950           
                                              
Net interest income       $128,648             $138,086             $122,196      
                                              
Net interest spread             2.50%             2.44%             2.38%
                                              
Net interest-earning assets  $2,038,462             $2,110,305             $1,983,093           
                                              
Net interest margin             2.92%             2.89%             2.89%
                                              
Average interest-earning assets to average interest-bearing liabilities             112.88%             112.55%             113.08%

 

Page | 13

 

 

Supplemental Results

(Unaudited)

($ in thousands)

 

   Net Income     
   Three Months Ended     
   March 31,       December 31,       March 31,     
   2026       2025       2025     
Segment                              
Multi-family Mortgage Banking  $11,014        $15,397        $3,413      
Mortgage Warehousing   28,648         34,996         15,398      
Banking   37,980         30,773         47,107      
Other   (9,910)        (13,317)        (7,679)     
Total  $67,732        $67,849        $58,239      

 

   Total Assets 
   March 31, 2026   December 31, 2025   March 31, 2025 
   Amount   %   Amount   %   Amount   % 
Segment                              
Multi-family Mortgage Banking  $522,976    3%  $526,423    3%  $460,441    3%
Mortgage Warehousing   8,544,107    42%   7,251,653    37%   5,902,165    31%
Banking   10,850,657    53%   11,307,401    58%   12,002,564    64%
Other   404,042    2%   363,466    2%   432,630    2%
Total  $20,321,782    100%  $19,448,943    100%  $18,797,800    100%

 

   Gain on Sale of Loans     
   Three Months Ended     
   March 31,       December 31,       March 31,     
   2026       2025       2025     
Loan Type                              
Multi-family  $11,422        $24,823        $10,125      
Single-family   388         (328)        206      
Small Business Association (SBA)   1,696         1,235         1,288      
Total  $13,506        $25,730        $11,619      

 

   Servicing Rights     
   Three Months Ended     
   March 31,       December 31,       March 31,     
   2026       2025       2025     
Balance, beginning of period  $217,296        $213,156        $189,935      
Additions                              
Purchased servicing   125         1,554         —      
Originated servicing   5,749         7,484         3,338      
Subtractions                              
Paydowns   (2,532)        (4,719)        (2,808)     
Changes in fair value   8,938         (179)        (754)     
Balance, end of period  $229,576        $217,296        $189,711      

 

Page | 14

 

 

Supplemental Results

(Unaudited)

($ in thousands)

 

   Loans Receivable and Loans Held for Sale 
   March 31,   December 31,   March 31, 
   2026   2025   2025 
Mortgage warehouse repurchase agreements (4)  $1,982,411   $1,600,285   $1,408,239 
Residential real estate (1)   1,038,724    1,018,780    1,332,601 
Multi-family financing   5,537,711    5,332,680    4,600,117 
Healthcare financing   1,260,821    1,385,359    1,583,290 
Commercial and commercial real estate (2)(3)(4)   1,560,788    1,603,551    1,418,741 
Agricultural production and real estate   92,527    92,077    79,190 
Consumer and margin loans   3,731    1,950    4,959 
Loans receivable   11,476,713    11,034,682    10,427,137 
    Less: Allowance for credit losses on loans   76,831    83,301    83,413 
Loans receivable, net  $11,399,882   $10,951,381   $10,343,724 
                
Loans held for sale (4)   4,709,688    3,873,012    3,983,452 
Total loans, net of allowance  $16,109,570   $14,824,393   $14,327,176 

 

(1)     Includes $0.8 billion, $0.8 billion and $1.2 billion of All-In-One © first-lien home equity lines of credit as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively.

(2)     Includes $0.9 billion, $0.9 billion and $0.8 billion of revolving  lines of credit collateralized primarily by mortgage servicing rights as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively.

(3)     Includes only $19.7 million, $19.5 million and $19.5 million of non-owner occupied commercial real estate as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively.

(4)    The warehouse portfolio is exclusively made up of loans to residential and multi-family mortgage bankers that are funding agency-eligible mortgages and commercial loans, which represent all of the Company's loans to non-depository institutions.

 

   Loan Credit Risk Profile 
   March 31, 2026   December 31, 2025   March 31, 2025 
   Amount   %   Amount   %   Amount   % 
Pass  $10,971,183    95.6%  $10,526,493    95.4%  $9,695,595    93.0%
                               
Special mention   234,346    2.0%   204,918    1.9%   407,895    3.9%
Substandard   271,184    2.4%   303,271    2.7%   323,647    3.1%
Criticized loans   505,530    4.4%   508,189    4.6%   731,542    7.0%
Total loans receivable  $11,476,713    100.0%  $11,034,682    100.0%  $10,427,137    100.0%
Charge-offs (year-to-date)  $22,979        $124,116        $10,507      
Recoveries (year-to-date)  $616        $127        $28      

 

   Nonperforming Loans     
   March 31,       December 31,       March 31,     
   2026       2025       2025     
Nonaccrual loans  $239,108        $197,812        $284,019      
90 days past due and still accruing   8,350         -         585      
Total nonperforming loans  $247,458        $197,812        $284,604      
Other real estate owned   60,226         60,145         7,049      
Total nonperforming assets  $307,684        $257,957        $291,653      
Nonperforming loans to total loans receivable   2.16%        1.79%        2.73%     
Nonperforming assets to total assets   1.51%        1.33%        1.55%     

 

   Delinquent Loans     
   March 31,       December 31,       March 31,     
   2026       2025       2025     
Delinquent loans:                              
    Loans receivable  $242,271        $206,561        $304,560      
    Loans held for sale   264         265         30,103      
Total delinquent loans  $242,535        $206,826        $334,663      
Total loans receivable and loans held for sale  $16,186,401        $14,907,694        $14,410,589      
   Delinquent loans to total loans   1.50%        1.39%        2.32%     

 

Page | 15

 

 

Supplemental Results

(Unaudited)

($ in thousands)

 

   Deposits 
   March 31,   December 31,   March 31, 
   2026   2025   2025 
Noninterest-bearing deposits               
   Core demand deposits  $501,864   $604,081   $313,296 
                
Interest-bearing deposits               
   Demand deposits:               
      Core demand deposits  $6,949,611   $6,207,814   $5,432,133 
      Brokered demand deposits   301,111    600,000    — 
        Total interest-bearing demand deposits   7,250,722    6,807,814    5,432,133 
   Money market/savings deposits:               
      Core money market/savings deposits   3,872,344    3,566,523    3,618,210 
      Brokered money market/savings deposits   200,867    201,010    353 
        Total money market/savings deposits   4,073,211    3,767,533    3,618,563 
   Certificates of deposit:               
      Core certificates of deposits   741,452    905,448    1,324,126 
      Brokered certificates of deposits   384,504    956,316    1,718,047 
         Total certificates of deposits   1,125,956    1,861,764    3,042,173 
                
   Total interest-bearing deposits   12,449,889    12,437,111    12,092,869 
                
Total deposits  $12,951,753   $13,041,192   $12,406,165 
                
Total core deposits  $12,065,271   $11,283,866   $10,687,765 
Total brokered deposits   886,482    1,757,326    1,718,400 
Total deposits  $12,951,753   $13,041,192   $12,406,165 

 

Page | 16

 

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Cover
Apr. 28, 2026
Document Type 8-K
Amendment Flag false
Document Period End Date Apr. 28, 2026
Entity File Number 001-38258
Entity Registrant Name Merchants Bancorp
Entity Central Index Key 0001629019
Entity Tax Identification Number 20-5747400
Entity Incorporation, State or Country Code IN
Entity Address, Address Line One 410 Monon Boulevard
Entity Address, City or Town Carmel
Entity Address, State or Province IN
Entity Address, Postal Zip Code 46032
City Area Code 317
Local Phone Number 569-7420
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock [Member]  
Title of 12(b) Security Common Stock, without par value
Trading Symbol MBIN
Security Exchange Name NASDAQ
Series C Preferred Stock [Member]  
Title of 12(b) Security Depositary Shares, each representing a 1/40th interest in a share of Series C Preferred Stock, without par value
Trading Symbol MBINN
Security Exchange Name NASDAQ
Series D Preferred Stock [Member]  
Title of 12(b) Security Depositary Shares, each representing a 1/40th interest in a share of Series D Preferred Stock, without par value
Trading Symbol MBINM
Security Exchange Name NASDAQ
Series E Preferred Stock [Member]  
Title of 12(b) Security Depositary Shares, each representing a 1/40th interest in a share of Series E Preferred Stock, without par value
Trading Symbol MBINL
Security Exchange Name NASDAQ
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