Merchants Bancorp (MBIN) reported Q1 earnings late Monday of $0.93 per diluted share, down from $1.80 a year earlier.

Three analysts polled by FactSet expected $1.25.

Revenue, expressed as the sum of net interest income and total noninterest income, was $145.9 million for the quarter ended March 31, down from $167.9 million a year earlier.

Two analysts surveyed by FactSet expected $169 million.