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Dec 31, 2025
Merchants Bank Q4 2025 Earnings Report
Merchants Bancorp reported its fourth quarter 2025 results, showing an increase in net income and improved asset quality.
Key Takeaways
Merchants Bancorp reported a net income of $67.8 million for the fourth quarter of 2025, an increase of 24% compared to the previous quarter. Total assets reached a new milestone of $19.4 billion, and asset quality improved significantly with a 13% decrease in criticized loans receivable. Diluted earnings per common share were $1.28.
Net income for Q4 2025 increased by 24% sequentially to $67.8 million.
Total assets reached a new Company milestone of $19.4 billion, up 3% compared to December 31, 2024.
Asset quality improved meaningfully, with criticized loans receivable decreasing by 13% sequentially and 27% year-over-year.
Tangible book value per common share reached a new record-high of $37.51, increasing 3% sequentially and 10% year-over-year.
Revenue by Segment
Forward Guidance
The company anticipates continued positive momentum into 2026, driven by strengthening credit quality and strategic growth initiatives.
Positive Outlook
- Continued improvement in asset quality, with criticized loans and nonperforming loans decreasing.
- Record-high tangible book value per common share, indicating strong shareholder value.
- Highest gain on sale of multi-family loans in company history, suggesting strong market performance.
- Strong liquidity position with substantial unused borrowing capacity.
- Disciplined execution and commitment to excellence driving meaningful progress.
Challenges Ahead
- Full year 2025 net income decreased by 32% compared to 2024.
- Full year 2025 diluted earnings per common share decreased by 40% compared to 2024.
- Net interest income after provision for credit losses decreased by 16% compared to Q4 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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