Merchants Bancorp (MBIN) Form 10-Q — Aug 7, 2026

$MBINForm 10-QFiled Aug 7, 2026, 4:10 PM ET0001104659-26-092702Original filing

Merchants Bancorp reported Q2 2026 net income of $78.3 million, up 106% from $38.0 million a year earlier, with diluted EPS rising 147% to $1.48. Six-month net income reached $146.0 million versus $96.2 million in the prior-year period. The earnings surge was driven primarily by a provision for credit losses of $9.2 million, down 83% year over year, as asset quality improved meaningfully. Criticized loans fell 12% from year-end to $444.7 million, and nonperforming loans improved to 1.67% of loans receivable.

Key figures

Eps: $1.48 diluted (Q2 2026); $2.73 diluted (six months 2026)
Net Income: $78.3 million (Q2 2026); $146.0 million (six months 2026)
Total Debt: $4.3 billion (total borrowings)
Total Assets: $21.2 billion
Cash Position: $314.7 million
Shares Outstanding: 45938075
Acl loans: $75.8 million (down 9% vs December 31, 2025)
Core deposits: $13.0 billion (+15% vs December 31, 2025; 91% of total deposits)
Net income yoy: +106% (Q2 2026 vs Q2 2025)
Total deposits: $14.3 billion (+9% vs December 31, 2025)
Common dividend: $0.44 per share annually (2026)
Diluted eps yoy: +147% (Q2 2026 vs Q2 2025)
Criticized loans: $444.7 million (down 12% vs December 31, 2025)
Efficiency ratio: 40.20% (vs 43.16% Q2 2025)
Brokered deposits: $1.3 billion (down 26% vs December 31, 2025)
Net interest margin: 2.81% (vs 2.83% Q2 2025)
Nonperforming loans: $205.6 million, or 1.67% of loans receivable
Total capital ratio: 12.5%
Warehouse volume q2: $22.9 billion (+41% YoY)
Cre to tier1 capital: 301%
Loans receivable net: $12.3 billion (+12% vs December 31, 2025)
Buyback authorization: $100 million program expiring December 31, 2027
Noninterest income q2: $45.7 million
Net interest income q2: $136.5 million (vs $128.7 million Q2 2025)
Total interest income q2: $294.1 million
Unused borrowing capacity: $5.5 billion
Share repurchases six months: 73,164 shares for $3.0 million at average $41.03
Tangible book value per share: $39.93 (+13% YoY)
Provision for credit losses q2: $9.2 million (down 83% from $53.0 million Q2 2025)

Price after filing

1 day: 0.0%7 days: +1.2%30 days: -2.9%

Close on the filing date to close N calendar days later (from $54.25). Historical, not a forecast.

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