EPS: As of FY2025 Q1, the actual value is USD 0.93.

EBIT: As of FY2025 Q1, the actual value is USD 76.5 M.

Net Income

Net income for the first quarter of 2025 was $58.2 million, a decrease of $28.8 million compared to the first quarter of 2024 and a decrease of $37.4 million compared to the fourth quarter of 2024.

Tangible Book Value

Tangible book value per common share reached a record-high of $34.90, increasing 19% compared to $29.26 in the first quarter of 2024 and increasing 2% compared to $34.15 in the fourth quarter of 2024.

Total Assets

Total assets as of March 31, 2025, were $18.8 billion, an increase of 5% compared to March 31, 2024, and essentially unchanged compared to December 31, 2024.

Loans Receivable

Loans receivable were $10.3 billion, net of allowance for credit losses on loans, a decrease of $346.8 million, or 3%, compared to March 31, 2024, and a decrease of $10.3 million compared to December 31, 2024.

Core Deposits

Core deposits were $10.7 billion, an increase of $2.5 billion, or 30%, compared to March 31, 2024, and an increase of $1.3 billion, or 14%, compared to December 31, 2024.

Brokered Deposits

Brokered deposits were $1.7 billion, a decrease of $4.0 billion, or 70%, compared to March 31, 2024, and a decrease of $815.7 million compared to December 31, 2024.

Net Interest Income

Net interest income for the first quarter of 2025 was $122.2 million, a decrease of $4.9 million, or 4%, compared to $127.1 million in the first quarter of 2024.

Noninterest Income

Noninterest income for the first quarter of 2025 was $23.7 million, a decrease of $17.2 million, or 42%, compared to $40.9 million in the first quarter of 2024.

Noninterest Expense

Noninterest expense for the first quarter of 2025 was $61.7 million, an increase of $12.8 million, or 26%, compared to $48.9 million in the first quarter of 2024.

Outlook

Despite challenges in the first quarter, Merchants Bancorp remains confident in its strategic direction and outlook for future performance, with ongoing efforts to optimize loan workouts and invest in growth opportunities positioning the company for a stronger future. The company is focused on enhancing operations and investing in people and processes to ensure long-term success.