Merchants Bancorp reports Q4 EPS $1.28, consensus 94c

“This quarter reflects a decisive shift for Merchants. Asset quality improved meaningfully, with criticized loans down 13% and nonperforming loans reduced by nearly one-third during the quarter. We also achieved a record tangible book value of $37.51 per share and the strongest quarterly gain on sale of multi-family loans in our history. While total assets increased to $19.4 billion-the highest level reported in company history-the real story is the progress we’ve made in strengthening credit quality and positioning the company for growth in 2026,” said Michael Petrie, Chairman and CEO of Merchants.