Merchants Bancorp Q2 FY26 net income more than doubles to $78.3 million; diluted EPS climbs 147% to $1.48

Total assets rose 9% from Dec. 31 to $21.2 billion; loans receivable, net, increased 12% to $12.3 billion.

Core deposits grew 15% from year-end to $13 billion; brokered deposits fell 26% to $1.3 billion.

Merchants Bancorp Q2 net income more than doubled to $78.3 million, lifted by an 83% drop in provision for credit losses to $9.2 million.

Diluted EPS climbed to $1.48, up 147%; the efficiency ratio improved to 40.2% from 43.16% a year earlier.

Warehouse loan funding volume increased 41% year over year to $22.9 billion; a $169.9 million loan-pool credit default swap was executed in June.