Company: MBINL
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001558370-25-007170
Chunk: 9

Company: Merchants Bancorp
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 2M
Chunk 9
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8 billion increased 5% compared to March 31, 2024, and were essentially unchanged from December 31, 2024. 

●Loans receivable of $10.3 billion, net of allowance for credit losses on loans, decreased $346.8 million, or 3%, compared to March 31, 2024, and decreased $10.3 million compared to December 31, 2024. 

●Core deposits of $10.7 billion increased $2.5 billion, or 30%, compared to March 31, 2024 and increased $1.3 billion, or 14%, compared to December 31, 2024.  Core deposits now represent 86% of total deposits, reaching the highest level the Company has reported since March 2022.

●Brokered deposits of $1.7 billion decreased $4.0 billion, or 70%, compared to March 31, 2024 and decreased $815.7 million compared to December 31, 2024.

●As of March 31, 2025, approximately 95% of loans reprice within three months, which reduces the risk of market rate increases.

●Net interest margin was 2.89% compared to 3.14% for the three months ended March 31, 2024.