Company: MBINL
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001104659-25-108470
Chunk: 8

Company: Merchants Bancorp
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 2M
Chunk 8
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Management’s discussion and analysis of the financial condition at September 30, 2025 and results of operations for the three and nine months ended September 30, 2025 and 2024, is intended to assist in understanding the financial condition and results of operations of the Company. The information contained in this section should be read in conjunction with the unaudited condensed consolidated financial statements and the notes thereto, appearing in Part I, Item 1 of this Form 10-Q.

The words “the Company,” “we,” “our” and “us” refer to Merchants Bancorp and its consolidated subsidiaries, unless we indicate otherwise. 

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Financial Highlights for the Three Months Ended September 30, 2025 

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●Net income of $54.7 million decreased $6.6 million, or 11%, compared to the three months ended September 30, 2024. 

●Diluted earnings per share of $0.97 decreased 17% compared to the three months ended September 30, 2024.  

●Tangible book value per common share of $36.31 increased 12% compared to $32.38 for the three months ended September 30, 2024. See Non-GAAP Financial Measures section at the end of Item 2. 

●As of September 30, 2025, the Company had $5.9 billion in unused borrowing capacity with the Federal Home Loan Bank and the Federal Reserve Discount window based on available collateral, an increase of 37%, compared to $4.3 billion at December 31, 2024.  

●Total assets of $19.4 billion increased 1% compared to June 30, 2025 and $548.9 million, or 3%, compared to December 31, 2024. 

●Loans receivable of $10.5 billion, net of allowance for credit losses on loans, increased $83.1 million, or 1%, compared to June 30, 2025, and increased $161.2 million, or 2%, compared to December 31, 2024. 

●Core deposits of $12.8 billion increased $1.4 billion, or 12%, compared to June 30, 2025 and increased $3.4 billion, or 36%, compared to December 31, 2024. Core deposits now represent 92