Merchants Bancorp (MBIN) reported Q4 earnings late Wednesday of $1.28 per diluted share, down from $1.85 a year earlier.

Three analysts polled by FactSet expected $0.94.

Revenue for the three months ended Dec. 31, expressed as the sum of net interest income and total noninterest income, was $185.3 million, down from $193.8 million a year earlier.

Two analysts surveyed by FactSet expected $170.8 million.

Separately, the company said its board approved a share buyback program of up to $100 million of common shares, expiring Dec. 31, 2027.