Merchants Bancorp 8-K, filed Oct 28, 2026

Merchants Bancorp (MBIN)

8-K 2026-10-28 For: 2026-10-28

Added on October 28, 2026

About this 8-K

Merchants Bancorp filed this 8-K on October 28, 2026.

Merchants Bancorp reported third-quarter 2026 net income of $105.2 million, up 92% from the third quarter of 2025, and diluted earnings per common share of $2.06. Tangible book value per common share reached a record $41.64. AI summary

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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☐	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))


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


Exhibit No.		Description

99.1		Press Release dated October 28, 2026 issued by Merchants Bancorp.
104		Cover Page Interactive Data File. The cover page XBRL tags are embedded within the inline XBRL document.


	MERCHANTS BANCORP

Date: October 28, 2026	By:	/s/ Terry Oznick
		Name: Terry Oznick
		Title: General Counsel


Consolidated Balance Sheets
(Unaudited)
(In thousands, except share data)

	September 30,		June 30,		March 31,		December 31,		September 30,
	2026		2026		2026		2025		2025
Assets
Cash and due from banks	$	11,906	$	17,875	$	19,642	$	15,844	$	11,566
Interest-earning demand accounts		307,938		296,828		63,573		196,358		586,470
Cash and cash equivalents		319,844		314,703		83,215		212,202		598,036
Securities purchased under agreements to resell		1,489		1,501		1,511		1,520		1,529
Mortgage loans in process of securitization		447,905		407,418		437,001		620,094		414,786
Securities available for sale (includes $496,567, $527,676, $550,207, $571,314 and $591,379 at fair value)		787,423		820,105		843,896		865,058		885,070
Securities held to maturity (fair value of $1,535,615, $1,353,543, $1,426,444, $1,543,554 and $1,670,306)		1,535,361		1,354,885		1,425,982		1,543,659		1,670,555
Federal Home Loan Bank (FHLB) stock and other equity securities		227,589		227,589		227,589		227,589		217,850
Loans held for sale (includes $169,774, $148,368, $163,426, $76,980 and $112,832 at fair value)		4,043,914		4,615,894		4,709,688		3,873,012		4,129,329
Loans receivable (includes $41,548, $46,024, $46,427, $47,318 and $0 at fair value), net of allowance for credit losses on loans of $82,130, $75,803, $76,831, $83,301 and $93,330		12,184,623		12,262,800		11,399,882		10,951,381		10,515,221
Premises and equipment, net		76,704		74,664		73,695		73,929		75,148
Servicing rights		267,613		236,949		229,576		217,296		213,156
Interest receivable		81,042		82,078		77,326		81,807		82,445
Goodwill		19,144		8,014		8,014		8,014		8,014
Other real estate owned		91,696		72,389		60,226		60,145		4,347
Other assets and receivables		799,152		750,993		744,181		713,237		539,161
Total assets	$	20,883,499	$	21,229,982	$	20,321,782	$	19,448,943	$	19,354,647
Liabilities and Shareholders' Equity
Liabilities
Deposits
Noninterest-bearing	$	531,108	$	606,682	$	501,864	$	604,081	$	399,814
Interest-bearing		14,510,687		13,647,632		12,449,889		12,437,111		13,534,891
Total deposits		15,041,795		14,254,314		12,951,753		13,041,192		13,934,705
Borrowings		3,017,581		4,282,597		4,773,490		3,842,592		2,902,631

Deferred and current tax liabilities, net		60,462		50,140		46,403		33,900		28,973
Other liabilities		280,364		249,127		219,833		250,500		262,904
Total liabilities		18,400,202		18,836,178		17,991,479		17,168,184		17,129,213
Commitments and Contingencies
Shareholders' Equity
Common stock, without par value
Authorized - 75,000,000 shares
Issued and outstanding - 45,940,371 shares, 45,938,075 shares, 45,935,408 shares, 45,893,172 shares and 45,889,238 shares		245,265		244,345		243,433		243,310		242,371
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		1,689,230		1,599,367		1,536,383		1,486,191		1,431,983
Accumulated other comprehensive loss		(2,489)		(1,199)		(804)		(33)		(211)
Total shareholders' equity		2,483,297		2,393,804		2,330,303		2,280,759		2,225,434
Total liabilities and shareholders' equity	$	20,883,499	$	21,229,982	$	20,321,782	$	19,448,943	$	19,354,647


Consolidated Statement of Income
(Unaudited)
(In thousands, except share data)

	Three Months Ended						Change
	September 30,		June 30,		September 30,		3Q26	3Q26
	2026		2026		2025		vs. 2Q26	vs. 3Q25
Interest Income
Loans	$	261,789	$	252,546	$	254,101	4%	3%
Mortgage loans in process of securitization		5,240		4,455		5,308	18%	(1)%
Investment securities:
Available for sale		9,377		9,562		11,880	(2)%	(21)%
Held to maturity		20,056		18,076		22,427	11%	(11)%
FHLB stock and other equity securities (dividends)		4,866		4,979		4,265	(2)%	14%
Other		9,858		4,454		3,798	121%	160%
Total interest income		311,186		294,072		301,779	6%	3%
Interest Expense
Deposits		129,627		116,839		139,744	11%	(7)%
Short-term borrowings		34,715		37,608		25,926	(8)%	34%
Long-term borrowings		2,675		3,089		8,051	(13)%	(67)%
Total interest expense		167,017		157,536		173,721	6%	(4)%
Net Interest Income		144,169		136,536		128,058	6%	13%
Provision for credit losses		12,003		9,184		29,239	31%	(59)%
Net Interest Income After Provision for Credit Losses		132,166		127,352		98,819	4%	34%
Noninterest Income
Gain on sale of loans		19,045		13,160		24,671	45%	(23)%
Loan servicing fees, net		34,225		11,992		7,986	185%	329%
Mortgage warehouse fees		1,698		1,857		1,736	(9)%	(2)%
Syndication and asset management fees		6,050		6,933		4,864	(13)%	24%
Other income		19,754		11,738		3,757	68%	426%
Total noninterest income		80,772		45,680		43,014	77%	88%
Noninterest Expense
Salaries and employee benefits		44,999		39,345		44,152	14%	2%
Loan expense		998		1,177		1,263	(15)%	(21)%
Occupancy and equipment		3,360		3,462		2,453	(3)%	37%
Professional fees		1,793		3,328		3,371	(46)%	(47)%
Deposit insurance expense		5,972		5,893		9,376	1%	(36)%
Technology expense		3,959		2,893		2,608	37%	52%
Credit risk transfer premium expense		7,106		6,100		4,194	16%	69%
Other expense		11,333		11,050		9,833	3%	15%
Total noninterest expense		79,520		73,248		77,250	9%	3%
Income Before Income Taxes		133,418		99,784		64,583	34%	107%
Provision for income taxes		28,237		21,481		9,882	31%	186%
Net Income	$	105,181	$	78,303	$	54,701	34%	92%
Dividends on preferred stock		(10,265)		(10,266)		(10,265)	—	—
Net Income Available to Common Shareholders	$	94,916	$	68,037	$	44,436	40%	114%
Basic Earnings Per Share	$	2.07	$	1.48	$	0.97	40%	113%
Diluted Earnings Per Share	$	2.06	$	1.48	$	0.97	39%	112%
Weighted-Average Shares Outstanding
Basic		45,939,123		45,936,610		45,887,143
Diluted		46,032,977		46,005,938		45,950,216


Key Operating Results
(Unaudited)
($ in thousands, except share data)

	Three Months Ended									Change
	September 30,			June 30,			September 30,			3Q26		3Q26
	2026			2026			2025			vs. 2Q26		vs. 3Q25

Noninterest expense	$	79,520		$	73,248		$	77,250		9%		3%

Net interest income (before provision for credit losses)		144,169			136,536			128,058		6%		13%
Noninterest income		80,772			45,680			43,014		77%		88%
Total income	$	224,941		$	182,216		$	171,072		23%		31%

Efficiency ratio		35.35	%		40.20	%		45.16	%	(485)	bps	(981)	bps


Average assets	$	21,389,646		$	20,578,875		$	18,813,165		4%		14%
Net income		105,181			78,303			54,701		34%		92%
Return on average assets before annualizing		0.49	%		0.38	%		0.29	%
Annualization factor		4.00			4.00			4.00
Return on average assets		1.97	%		1.52	%		1.16	%	45	bps	81	bps

Return on average tangible common shareholders' equity ⁽¹⁾		20.11	%		14.95	%		10.69	%	516	bps	942	bps

Tangible book value per common share⁽¹⁾	$	41.64		$	39.93		$	36.31		4%		15%

Tangible common shareholders' equity/tangible assets ⁽¹⁾		9.17	%		8.64	%		8.61	%	53	bps	56	bps

Consolidated ratios
Total capital/risk-weighted assets⁽²⁾		13.3	%		12.5	%		13.6	%
Tier I capital/risk-weighted assets⁽²⁾		12.8	%		12.1	%		13.0	%
Common Equity Tier I capital/risk-weighted assets⁽²⁾		9.9	%		9.3	%		9.8	%
Tier I capital/average assets⁽²⁾		11.5	%		11.6	%		11.8	%


	Nine Months Ended
	September 30,			September 30,
	2026			2025			Change


Average shareholders' equity	$	2,384,971		$	2,194,786		9%
Less: average goodwill & intangibles		(8,085)			(8,065)		—
Less: average preferred stock		(551,291)			(551,733)		—
Average tangible common shareholders' equity	$	1,825,595		$	1,634,988		12%

Annualization factor		1.33			1.33
Return on average tangible common shareholders' equity		16.06	%		9.33	%	673	bps

Total equity	$	2,483,297		$	2,225,434		12%
Less: goodwill and intangibles		(19,179)			(8,056)		138%
Less: preferred stock		(551,291)			(551,291)		—
Tangible common shareholders' equity	$	1,912,827		$	1,666,087		15%

Assets	$	20,883,499		$	19,354,647		8%
Less: goodwill and intangibles		(19,179)			(8,056)		138%
Tangible assets	$	20,864,320		$	19,346,591		8%

Ending common shares		45,940,371			45,889,238

Tangible book value per common share	$	41.64		$	36.31		15%
Tangible common shareholders' equity/tangible assets		9.17	%		8.61	%	56	bps


Merchants Bancorp
Average Balance Analysis
($ in thousands)
(Unaudited)

	Three Months Ended
	September 30, 2026					June 30, 2026					September 30, 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	$	1,261,259	$	14,724	4.63%	$	689,479	$	9,433	5.49%	$	556,894	$	8,063	5.74%
Securities available for sale		811,347		9,377	4.59%		832,715		9,562	4.61%		923,603		11,880	5.10%
Securities held to maturity		1,547,486		20,056	5.14%		1,398,098		18,076	5.19%		1,510,857		22,427	5.89%
Mortgage loans in process of securitization		385,028		5,240	5.40%		353,297		4,455	5.06%		395,388		5,308	5.33%
Loans and loans held for sale		16,223,620		261,789	6.40%		16,185,486		252,546	6.26%		14,654,535		254,101	6.88%
Total interest-earning assets		20,228,740		311,186	6.10%		19,459,075		294,072	6.06%		18,041,277		301,779	6.64%
Allowance for credit losses on loans		(75,220)					(80,566)					(105,347)
Noninterest-earning assets		1,236,126					1,200,366					877,235

Total assets	$	21,389,646				$	20,578,875				$	18,813,165


Liabilities & Shareholders' Equity:

Interest-bearing checking	$	9,374,540		83,186	3.52%	$	7,891,368		67,395	3.43%	$	7,451,868		75,415	4.02%
Money market/savings deposits		3,966,775		35,540	3.55%		4,117,113		36,120	3.52%		3,806,731		38,547	4.02%
Certificates of deposit		1,123,002		10,901	3.85%		1,386,717		13,324	3.85%		2,238,401		25,782	4.57%
Total interest-bearing deposits		14,464,317		129,627	3.56%		13,395,198		116,839	3.50%		13,497,000		139,744	4.11%

Borrowings		3,641,885		37,390	4.07%		4,017,881		40,697	4.06%		2,476,365		33,977	5.44%
Total interest-bearing liabilities		18,106,202		167,017	3.66%		17,413,079		157,536	3.63%		15,973,365		173,721	4.31%

Noninterest-bearing deposits		562,897					542,526					392,569
Noninterest-bearing liabilities		272,928					243,697					225,554

Total liabilities		18,942,027					18,199,302					16,591,488

Shareholders' equity		2,447,619					2,379,573					2,221,677

Total liabilities and shareholders' equity	$	21,389,646				$	20,578,875				$	18,813,165

Net interest income			$	144,169				$	136,536				$	128,058

Net interest spread					2.44%					2.43%					2.33%

Net interest-earning assets	$	2,122,538				$	2,045,996				$	2,067,912

Net interest margin					2.83%					2.81%					2.82%

Average interest-earning assets to average interest-bearing liabilities					111.72%					111.75%					112.95%


Supplemental Results
(Unaudited)
($ in thousands)

	Net Income						Net Income
	Three Months Ended							Nine Months Ended
	September 30,		June 30,		September 30,		September 30,
	2026		2026		2025		2026		2025
Segment
Multi-family Mortgage Banking	$	30,817	$	10,336	$	12,076	$	52,167	$	24,758
Mortgage Warehousing		44,550		30,599		23,564		103,797		61,948
Banking		43,774		47,337		29,551		129,091		91,232
Other		(13,960)		(9,969)		(10,490)		(33,839)		(27,017)
Total	$	105,181	$	78,303	$	54,701	$	251,216	$	150,921


	Total Assets
	September 30, 2026			June 30, 2026			December 31, 2025
	Amount		%	Amount		%	Amount		%
Segment
Multi-family Mortgage Banking	$	579,955	3%	$	567,941	2%	$	526,423	3%
Mortgage Warehousing		8,086,866	39%		8,647,738	41%		7,251,653	37%
Banking		11,760,899	56%		11,581,635	55%		11,307,401	58%
Other		455,779	2%		432,668	2%		363,466	2%
Total	$	20,883,499	100%	$	21,229,982	100%	$	19,448,943	100%


	Gain on Sale of Loans						Gain on Sale of Loans
	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,
	2026		2026		2025		2026		2025
Loan Type
Multi-family	$	18,583	$	11,755	$	22,458	$	41,760	$	52,398
Single-family		(403)		489		775		474		3,409
Small Business Association (SBA)		865		916		1,438		3,477		3,825
Total	$	19,045	$	13,160	$	24,671	$	45,711	$	59,632


	Servicing Rights						Servicing Rights
	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,
	2026		2026		2025		2026		2025

Balance, beginning of period	$	236,949	$	229,576	$	193,037	$	217,296	$	189,935
Additions
Purchased servicing		110		-		12,858		235		12,928
Originated servicing		5,422		4,010		7,588		15,181		16,170
Subtractions
Paydowns		(3,019)		(2,652)		(2,450)		(8,203)		(7,504)
Changes in fair value		28,151		6,015		2,123		43,104		1,627
Balance, end of period	$	267,613	$	236,949	$	213,156	$	267,613	$	213,156


	Loan Credit Risk Profile
	September 30, 2026			June 30, 2026			December 31, 2025
	Amount		%	Amount		%	Amount		%

Pass	$	11,806,653	96.2%	$	11,893,874	96.4%	$	10,526,493	95.4%

Special mention		181,402	1.5%		214,786	1.7%		204,918	1.9%
Substandard		278,698	2.3%		229,943	1.9%		303,271	2.7%
Criticized loans		460,100	3.8%		444,729	3.6%		508,189	4.6%
Total loans receivable	$	12,266,753	100.0%	$	12,338,603	100.0%	$	11,034,682	100.0%
Charge-offs (year-to-date)	$	43,398		$	39,511		$	124,116
Recoveries (year-to-date)	$	5,612		$	5,405		$	127


	Nonperforming Loans
	September 30,			June 30,			December 31,
	2026			2026			2025

Nonaccrual loans	$	177,568		$	205,545		$	197,812
90 days past due and still accruing		2,710			87			—
Total nonperforming loans	$	180,278		$	205,632		$	197,812
Other real estate owned		91,696			72,389			60,145
Total nonperforming assets	$	271,974		$	278,021		$	257,957
Nonperforming loans to total loans receivable		1.47	%		1.67	%		1.79	%
Nonperforming assets to total assets		1.30	%		1.31	%		1.33	%


	Emerging growth company	☐


	Delinquent Loans
	September 30,			June 30,			December 31,
	2026			2026			2025

Delinquent loans:
Loans receivable	$	215,560		$	207,700		$	206,561
Loans held for sale		—			263			265
Total delinquent loans	$	215,560		$	207,963		$	206,826
Total loans receivable and loans held for sale	$	16,310,667		$	16,954,497		$	14,907,694
Delinquent loans to total loans		1.32	%		1.23	%		1.39	%