--- title: "Merchants Bankcorp Pref Shares MBIN 7.625 Perp 01/01/30 | 8-K: FY2026 Q2 Revenue: USD 339.75 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/294107337.md" datetime: "2026-07-28T20:10:38.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294107337.md) - [en](https://longbridge.com/en/news/294107337.md) - [zh-HK](https://longbridge.com/zh-HK/news/294107337.md) generator: "portal-rs" --- # Merchants Bankcorp Pref Shares MBIN 7.625 Perp 01/01/30 | 8-K: FY2026 Q2 Revenue: USD 339.75 M Revenue: As of FY2026 Q2, the actual value is USD 339.75 M. EPS: As of FY2026 Q2, the actual value is USD 1.48. EBIT: As of FY2026 Q2, the actual value is USD 99.78 M. #### Net Income Net income for the second quarter of 2026 was $78.3 million, an increase of $40.3 million or 106% compared to the second quarter of 2025, and an increase of $10.6 million or 16% compared to the first quarter of 2026. Year-to-date net income for June 30, 2026, was $146.035 million, marking a 52% increase from $96.220 million for the same period in 2025. #### Total Assets Total assets reached $21.2 billion ($21,229,982 thousand) as of June 30, 2026, representing a 4% increase compared to March 31, 2026, and a 9% increase compared to December 31, 2025. #### Tangible Book Value Per Common Share Tangible book value per common share increased to $39.93 at June 30, 2026, rising 13% from $35.42 at June 30, 2025, and 4% from $38.55 at March 31, 2026. #### Asset Quality Criticized loans receivable totaled $444.7 million, decreasing $60.8 million or 12% from March 31, 2026, and decreasing $63.5 million or 12% from December 31, 2025. Nonperforming loans were $205.6 million at June 30, 2026, a decrease of $41.8 million or 17% compared to March 31, 2026. Total delinquent loans decreased $34.6 million or 14% to $208.0 million compared to March 31, 2026. The allowance for credit losses on loans was $75.8 million as of June 30, 2026, a decrease of $1.0 million or 1% from March 31, 2026, and a decrease of $7.5 million or 9% from December 31, 2025. Charge-offs for the second quarter of 2026 totaled $16.5 million, with recoveries of $4.8 million. The provision for credit losses was $9.2 million, an 83% decrease compared to $53.0 million in the second quarter of 2025, and a 40% decrease compared to $15.3 million in the first quarter of 2026. For the six months ended June 30, 2026, the provision for credit losses was $24.483 million, a 60% decrease from $60.754 million for the same period in 2025. Total nonperforming assets were $278.021 million at June 30, 2026, compared to $307.684 million at March 31, 2026, and $257.957 million at December 31, 2025. #### Capital Ratios The total capital ratio was 12.5% at June 30, 2026, while the Tier I capital ratio was 12.1%, and the Common Equity Tier I capital ratio was 9.3%. The Tier I capital to average assets ratio was 11.6%. #### Liquidity Liquidity remained strong at $13.0 billion, or 61% of total assets, supported by $5.5 billion of unused borrowing capacity with the Federal Home Loan Bank and Federal Reserve Discount Window as of June 30, 2026. #### Loans Receivable, Net Loans receivable, net of allowance for credit losses, totaled $12.3 billion ($16,878,694 thousand), increasing $862.9 million or 8% from March 31, 2026, and increasing $1.3 billion or 12% from December 31, 2025. #### Total Deposits Total deposits reached $14.3 billion at June 30, 2026, an increase of $1.3 billion or 10% from March 31, 2026, and an increase of $1.2 billion or 9% compared to December 31, 2025. Core deposits of $13.0 billion increased $891.3 million compared to March 31, 2026, and represented 91% of total deposits at June 30, 2026. Brokered deposits were $1.3 billion at June 30, 2026, an increase of $411.3 million or 46% from March 31, 2026, but a decrease of $459.5 million or 26% from December 31, 2025. #### Net Interest Income Net interest income for the second quarter of 2026 was $136.5 million, an increase of $7.8 million or 6% compared to $128.7 million in the second quarter of 2025. It also increased $7.9 million or 6% compared to $128.6 million in the first quarter of 2026. The year-to-date net interest income for June 30, 2026, was $265.184 million, a 6% increase from $250.915 million for the same period in 2025. #### Net Interest Margin and Spread Net interest margin was 2.81% in the second quarter of 2026, a decrease of two basis points compared to 2.83% in Q2 2025, and a decrease of 11 basis points compared to 2.92% in Q1 2026. The interest rate spread was 2.43% in Q2 2026, an increase of ten basis points compared to 2.33% in Q2 2025, but a decrease of seven basis points compared to 2.50% in Q1 2026. #### Noninterest Income Noninterest income was $45.7 million in the second quarter of 2026, a decrease of $4.8 million or 10% compared to $50.5 million in Q2 2025. It decreased 2% compared to $46.6 million in Q1 2026. The year-to-date noninterest income for June 30, 2026, was $92.279 million, a 24% increase from $74.173 million for the same period in 2025. Loan servicing fees included a $6.0 million positive fair market value adjustment to servicing rights in Q2 2026. #### Noninterest Expense Noninterest expense was $73.2 million in the second quarter of 2026, a decrease of $4.1 million or 5% compared to $77.3 million in Q2 2025. It decreased $2.4 million or 3% compared to $75.6 million in Q1 2026. The year-to-date noninterest expense for June 30, 2026, was $148.890 million, a 7% increase from $139.001 million for the same period in 2025. #### Segment Net Income (Three Months Ended June 30, 2026) - **Multi-family Mortgage Banking**: $10,336 thousand - **Mortgage Warehousing**: $30,599 thousand - **Banking**: $47,337 thousand - **Other**: -$9,969 thousand #### Segment Total Assets (June 30, 2026) - **Multi-family Mortgage Banking**: $567,941 thousand (2% of total) - **Mortgage Warehousing**: $8,647,738 thousand (41% of total) - **Banking**: $11,581,635 thousand (55% of total) - **Other**: $432,668 thousand (2% of total) #### Outlook / Guidance Higher interest rates are expected to pressure near-term gain on sale of loans, though robust pipeline loans are anticipated to convert into permanent loans over time. Elevated rates also continue to support valuations on servicing rights and derivatives, providing an offset to pressure on gain on sale revenue. The company’s strong liquidity, capital, and improving credit trends are positioned to generate continued earnings growth and long-term shareholder value. ### Related Stocks - [MBINL.US](https://longbridge.com/en/quote/MBINL.US.md) ## Related News & Research - [Vuxen Group announces availability of FY2025/2026 annual report (May 1, 2025–April 30, 2026)](https://longbridge.com/en/news/297499193.md) - [Merchants Bancorp’s Rally Is Testing How Much Risk Investors Will Overlook](https://longbridge.com/en/news/298111569.md) - [IOT: Q2 FY27 ARR grew 30% to $2.1B, with raised FY27 revenue guidance and improved margins](https://longbridge.com/en/news/297955529.md) - [Fortress REIT LTV ratio stands at 47.43% at June 30, within 50% covenant limit](https://longbridge.com/en/news/297906828.md) - [Octopus Future Generations VCT sees estimated NAV per share up about 4%-6% as of June 30, 2026](https://longbridge.com/en/news/298172026.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**