--- title: "Merchants Bancorp Pref Share MBINM 8.25 Perp 10/01/27 | 8-K: FY2026 Q1 Revenue: USD 317.11 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/284441971.md" datetime: "2026-04-28T20:14:34.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284441971.md) - [en](https://longbridge.com/en/news/284441971.md) - [zh-HK](https://longbridge.com/zh-HK/news/284441971.md) --- # Merchants Bancorp Pref Share MBINM 8.25 Perp 10/01/27 | 8-K: FY2026 Q1 Revenue: USD 317.11 M Revenue: As of FY2026 Q1, the actual value is USD 317.11 M. EPS: As of FY2026 Q1, the actual value is USD 1.25. EBIT: As of FY2026 Q1, the actual value is USD -44.34 M. ### Financial Performance Overview #### Net Income Net income for the first quarter of 2026 was $67.7 million, marking a $9.5 million, or 16%, increase compared to the first quarter of 2025 . This figure remained relatively stable compared to $67.8 million in the fourth quarter of 2025 and was higher than $58.2 million in the first quarter of 2025 . #### Total Assets Total assets reached a record $20.3 billion at March 31, 2026, an increase of 8% compared to March 31, 2025, and 4% compared to December 31, 2025 . This growth was mainly attributed to higher balances in multi-family and warehouse portfolios . #### Loans Receivable, Net Loans receivable, net of allowance for credit losses, totaled $11.4 billion at March 31, 2026, representing an increase of $1.1 billion, or 10%, from March 31, 2025, and $448.5 million, or 4%, from December 31, 2025 . #### Total Deposits Total deposits were $13.0 billion at March 31, 2026, increasing 4% from March 31, 2025, and remaining relatively flat compared to December 31, 2025 . Core deposits increased by $781.4 million, or 7%, during the quarter to $12.1 billion, constituting 93% of total deposits . Brokered deposits declined by $870.8 million, or 50%, to $886.5 million . #### Net Interest Income Net interest income for Q1 2026 was $128.6 million, an increase of $6.5 million, or 5%, compared to Q1 2025, primarily due to lower interest expense on certificates of deposits and borrowings . Compared to Q4 2025, net interest income decreased by $9.4 million, or 7%, driven by lower interest income on loans and loans held for sale . #### Net Interest Margin & Spread Net interest margin for Q1 2026 was 2.92%, an increase of three basis points compared to 2.89% in both Q1 2025 and Q4 2025 . The interest rate spread for Q1 2026 was 2.50%, increasing 12 basis points compared to 2.38% in Q1 2025 and 6 basis points compared to 2.44% in Q4 2025 . #### Noninterest Income Noninterest income was $46.6 million in Q1 2026, a significant increase of $22.9 million, or 97%, compared to Q1 2025 . This was mainly due to an $11.1 million, or 277%, increase in loan servicing fees and a $10.1 million, or 319%, increase in other noninterest income . Compared to Q4 2025, noninterest income declined slightly from $47.2 million, with a $12.2 million decrease in gain on sale of loans partially offset by a $10.9 million increase in loan servicing fees . #### Noninterest Expense Noninterest expense was $75.6 million in Q1 2026, an increase of $14.0 million, or 23%, compared to Q1 2025 . This increase was primarily due to a $7.5 million increase in other noninterest expense, a $2.1 million increase in salaries and employee benefits, and a $1.9 million increase in credit risk transfer premium expense . Compared to Q4 2025, noninterest expense decreased by $8.0 million, or 10%, mainly due to lower costs associated with credit risk transfer premiums and salaries and employee benefits . #### Provision for Credit Losses The provision for credit losses was $15.299 million in Q1 2026, a 98% increase compared to Q1 2025 ($7.727 million) . Compared to Q4 2025 ($27.761 million), the provision decreased by 45% . #### Asset Quality Criticized loans receivable decreased by $226.0 million, or 31%, to $505.5 million at March 31, 2026, compared to March 31, 2025, and declined by $2.7 million, or 1%, compared to December 31, 2025 . The allowance for credit losses on loans decreased by $6.6 million, or 8%, to $76.8 million at March 31, 2026, compared to March 31, 2025 . Charge-offs in Q1 2026 totaled $23.0 million, primarily in healthcare and multi-family loan portfolios, with $616,000 in recoveries . Non-performing loans increased by $50.0 million, or 25%, during the quarter to $247.5 million at March 31, 2026, primarily due to four relationships in the multi-family portfolio, representing 2.16% of loans receivable . Total delinquent loans declined 28%, from $334.7 million as of March 31, 2025, to $242.5 million as of March 31, 2026, but increased 17% from December 31, 2025 . #### Capital Ratios (as of March 31, 2026 - estimates) Estimated capital ratios include a total capital ratio of 12.8%, a Tier I capital ratio of 12.3%, a Common Equity Tier I capital ratio of 9.4%, and a Tier I capital/average assets ratio of 12.3% . #### Liquidity Position The Company maintains strong liquidity, with $11.1 billion, or 55% of total assets, comprising cash, short-term investments, and unused borrowing capacity of $3.9 billion as of March 31, 2026 . #### Share Repurchase The Company repurchased 73,164 shares of common stock for $3.0 million under its authorized share repurchase program . #### Memorandum of Understanding (MOU) The Company’s MOU from mid-2025 with the FDIC and IDFI was terminated during the quarter, following management’s progress in addressing its provisions . ### Segment Performance (Net Income, Q1 2026) - Multi-family Mortgage Banking: $11.014 million - Mortgage Warehousing: $28.648 million - Banking: $37.980 million - Other: - $9.910 million ### Outlook / Guidance The report does not contain explicit forward-looking statements or guidance for future financial performance . It primarily focuses on historical results and current financial position . Management commentary reflects confidence in the balance sheet and asset quality stabilization . ### Related Stocks - [MBINM.US](https://longbridge.com/en/quote/MBINM.US.md) ## Related News & Research - [American Resources files amended 8-K detailing auditor change timeline after GreenGrowth withdraws 2025 opinion](https://longbridge.com/en/news/294229412.md) - [Graham Holdings posts earnings release for Q2 ended June 30, 2026](https://longbridge.com/en/news/294366954.md) - [Ascopiave announces filing of H1 2026 interim financial report](https://longbridge.com/en/news/294500822.md) - [Key facts: Hubbell (HUBB) raises 2026 sales to 16%–18%; files 8‑K](https://longbridge.com/en/news/294167258.md) - [AWK: Q2 2026 EPS increased to $1.61, with guidance and long-term growth targets reaffirmed](https://longbridge.com/en/news/294261314.md)