Merchants Bancorp reported net income of $58.2 million, or diluted earnings per common share of $0.93, for the first quarter of 2025. This represents a 33% decrease in net income compared to $87.1 million in Q1 2024 and a 39% decrease from $95.7 million in Q4 2024.
The decline was primarily driven by a $3.0 million, or 63%, increase in provision for credit losses on loans and a $17.2 million, or 42%, decrease in noninterest income. Non-performing loans increased to $284.6 million, or 2.73% of loans receivable, up from $131.8 million in Q1 2024.
The company redeemed all outstanding shares of its Series B Preferred Stock for approximately $125.0 million on January 2, 2025. Core deposits grew by 14% to $10.7 billion compared to December 31, 2024, representing 86% of total deposits, while brokered deposits decreased by 32%.
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