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Merchants Bancorp
Merchants Bancorp (MBIN) investor relations material
Merchants Bancorp Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary28 Jan, 2026
Executive summary
Achieved record total assets of $19.4 billion at year-end, up 3% year-over-year and sequentially higher from Q3 2025.
Tangible book value per common share reached a record $37.51, up 10% year-over-year and 3% sequentially.
Asset quality improved significantly, with criticized loans down 27% year-over-year and nonperforming loans down 34% sequentially.
Full-year 2025 net income was $218.8 million, down 32% from 2024; Q4 net income was $67.8 million, down 29% year-over-year but up 24% sequentially.
Financial highlights
Q4 2025 diluted EPS was $1.28, down 31% year-over-year but up 32% from Q3 2025.
Full-year 2025 diluted EPS was $3.78, down 40% from 2024.
Net interest income for Q4 2025 was $138.1 million, up 3% year-over-year and 8% sequentially.
Net interest margin for Q4 2025 was 2.89%, down 10 bps year-over-year but up 7 bps sequentially.
Noninterest income for Q4 2025 was $47.2 million, down 20% year-over-year but up 10% sequentially.
Noninterest expense for Q4 2025 was $83.6 million, up 32% year-over-year and 8% sequentially.
Efficiency ratio for Q4 2025 was 45.14%, up from 32.62% a year ago.
Return on average assets for Q4 2025 was 1.37%, down from 2.07% a year ago.
Return on average tangible common shareholders' equity for Q4 2025 was 13.76%, down from 22.10% a year ago.
Outlook and guidance
Management expressed confidence in continued growth and improved credit quality for 2026, citing strong liquidity and operational performance.
Multi-family loan fraud/valuation impact
Reconcile full-year earnings vs Q4 momentum
Credit risk transfer premium strategy and outlook
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Next Merchants Bancorp earnings date
Q1 202628 Apr, 2026
Merchants Bancorp
Next Merchants Bancorp earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
Merchants Bancorp, headquartered in Carmel, Indiana, is a diversified bank holding company primarily operating through its subsidiary, Merchants Bank of Indiana. The company focuses on several key financial services, including multi-family mortgage banking, mortgage warehouse financing, and traditional community banking. Merchants Bancorp serves sectors such as residential and commercial real estate, healthcare facilities, and agriculture. Additionally, it offers a range of retail banking products and correspondent mortgage banking services. The company is known for its strong presence in the mortgage market, particularly in multi-family housing finance. Merchants Bancorp's shares are listed on the NASDAQ.
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