Company: MBINL
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001558370-25-011041
Chunk: 9

Company: Merchants Bancorp
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 2M
Chunk 9
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 decreased 60% compared to the three months ended June 30, 2024.  

●The $38.4 million decrease in net income compared to the three months ended June 30, 2024, reflected an increase in provision for credit losses of $43.1 million. The increase in provision for credit losses was primarily associated with estimated declines on multi-family property values, after receiving new appraisals, and the ongoing investigation of borrowers involved in mortgage fraud or suspected fraud. 

●Tangible book value per common share of $35.42 increased 13% compared to $31.27 for the three months ended June 30, 2024. See Non-GAAP Financial Measures section at the end of Item 2. 

●As of June 30, 2025, the Company had $5.0 billion in unused borrowing capacity with the Federal Home Loan Bank and the Federal Reserve Discount window based on available collateral, compared to $4.3 billion at December 31, 2024.  

●Total assets of $19.1 billion increased 2% compared to both March 31, 2025 and December 31, 2024. 

●Loans receivable of $10.4 billion, net of allowance for credit losses on loans, increased $88.4 million, or 1%, compared to March 31, 2025, and increased $78.1 million, or 1%, compared to December 31, 2024.