Merchants Bancorp — Form 8-K

Merchants Bancorp reported Q2 2026 net income of $78.3M (diluted EPS $1.48), up 106% from $38.0M ($0.60 EPS) in Q2 2025. The increase was primarily driven by an 83% decrease in provision for credit losses ($9.2M vs. $53.0M), reflecting improved asset quality: nonperforming loans fell 17% to $205.6M (1.67% of loans), criticized loans declined 12% to $444.7M, and delinquencies dropped 14%. Total assets reached $21.2B (5th consecutive quarterly high); tangible book value per share rose 13% YoY to $39.93 (30th consecutive quarterly record). Total deposits increased 10% to $14.3B with core deposits at 91% of total. The company executed a $169.9M credit default swap on multi-family mortgages in June 2026. Capital ratios remain strong at 12.5% total capital. No M&A, leadership changes, or restatements disclosed.