Merchants Bancorp ( (MBIN) ) has released its Q4 earnings. Here is a breakdown of the information Merchants Bancorp presented to its investors.
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Merchants Bancorp is a diversified bank holding company headquartered in Carmel, Indiana, primarily engaged in multi-family mortgage banking, mortgage warehousing, and traditional banking services, with a focus on multi-family housing and healthcare facility financing.
In its latest earnings report for the fourth quarter of 2024, Merchants Bancorp announced a record net income of $95.7 million, reflecting a 23% increase compared to the same quarter in 2023. The company’s diluted earnings per share also reached new heights at $6.30 for the full year 2024, marking a 12% rise from the previous year.
Key highlights from the report include a 253% surge in noninterest income during the fourth quarter, driven by gains on the sale of loans and adjustments to servicing rights. The company’s total assets reached $18.8 billion, an 11% increase from the previous year, while core deposits saw significant growth, offsetting declines in brokered deposits. Additionally, Merchants Bancorp strengthened its capital position through a Series E Preferred Stock offering and executed credit default swaps to mitigate risk.
Looking forward, Merchants Bancorp remains optimistic about its growth trajectory, with management focusing on leveraging financial flexibility to sustain growth despite challenges such as increased nonperforming loans. The bank’s strategic initiatives, including recent credit risk transfer transactions, are expected to bolster its capital position and support continued profitable growth in the coming years.
