Merchants Bancorp Q1 Net Income Climbs 16% to $67.7M; Assets Hit $20.3B
Merchants Bancorp reported Q1 net income of $67.7 million, up 16% year-over-year, and EPS of $1.25, a 34% increase from Q1 2025. Total assets reached a record $20.3 billion, tangible book value per share rose 10% to $38.55, and criticized loans fell 31% year-over-year.
1. First Quarter Financial Results
Merchants Bancorp reported net income of $67.7 million for Q1 2026, a 16% increase from Q1 2025, driven by a 97% rise in noninterest income and a 5% gain in net interest income; diluted EPS reached $1.25, up 34% year-over-year and down 2% sequentially.
2. Balance Sheet Highlights
Total assets hit a record $20.3 billion, up 8% year-over-year and 4% sequentially, while tangible book value per share rose 10% to $38.55; total deposits stood at $13.0 billion with core deposits at $12.1 billion, and the total capital ratio remained robust at 12.8%.
3. Asset Quality and Regulatory Update
Criticized loans receivable fell 31% year-over-year to $505.5 million, and the allowance for credit losses decreased 8% to $76.8 million; the quarter saw $23.0 million in charge-offs, and the company terminated its FDIC and IDFI MOU following progress on compliance measures.