Merchants Bancorp Reports Fourth Quarter 2024 Results
Merchants Bancorp (MBIN) reported record-breaking results for Q4 and full year 2024. Full-year net income reached $320.4 million, up 15% from 2023, with diluted EPS of $6.30, a 12% increase. Q4 2024 net income was $95.7 million, up 23% year-over-year and 56% quarter-over-quarter.
Total assets grew to $18.8 billion, an 11% increase from 2023. Tangible book value per share reached $34.15, up 25% year-over-year. The company's loan portfolio expanded to $10.4 billion, while core deposits increased by $1.3 billion to $9.4 billion.
Notable developments include completion of a 7.625% Series E Preferred Stock offering raising $222.7 million and execution of a credit default swap on $1.2 billion in warehouse loans. Non-performing loans increased to $279.7 million (2.68% of gross loans), though delinquency levels declined by $56.3 million compared to Q3 2024.
Merchants Bancorp (MBIN) ha riportato risultati da record per il quarto trimestre e l'intero anno 2024. Il reddito netto annuo ha raggiunto 320,4 milioni di dollari, con un aumento del 15% rispetto al 2023, e un utile per azione diluito di 6,30 dollari, in crescita del 12%. Il reddito netto del quarto trimestre 2024 è stato di 95,7 milioni di dollari, con un incremento del 23% rispetto all'anno precedente e del 56% rispetto al trimestre precedente.
Il totale degli attivi è cresciuto a 18,8 miliardi di dollari, un aumento dell'11% rispetto al 2023. Il valore contabile tangibile per azione ha raggiunto 34,15 dollari, in crescita del 25% rispetto all'anno precedente. Il portafoglio prestiti della società si è espanso a 10,4 miliardi di dollari, mentre i depositi core sono aumentati di 1,3 miliardi di dollari, arrivando a 9,4 miliardi di dollari.
Sviluppi notevoli includono il completamento di un'offerta di azioni preferenziali di Serie E al 7,625% che ha raccolto 222,7 milioni di dollari e l'esecuzione di uno swap di default su credito su prestiti da magazzino per 1,2 miliardi di dollari. I prestiti non performanti sono aumentati a 279,7 milioni di dollari (2,68% dei prestiti lordi), sebbene i livelli di insolvenza siano diminuiti di 56,3 milioni di dollari rispetto al terzo trimestre 2024.
Merchants Bancorp (MBIN) reportó resultados récord para el cuarto trimestre y el año completo 2024. El ingreso neto anual alcanzó los 320,4 millones de dólares, un aumento del 15% desde 2023, con ganancias por acción diluidas de 6,30 dólares, un incremento del 12%. El ingreso neto para el cuarto trimestre de 2024 fue de 95,7 millones de dólares, un aumento del 23% interanual y del 56% en comparación con el trimestre anterior.
Los activos totales crecieron a 18,8 mil millones de dólares, un aumento del 11% respecto a 2023. El valor contable tangible por acción alcanzó los 34,15 dólares, un aumento del 25% en comparación con el año anterior. La cartera de préstamos de la empresa se expandió a 10,4 mil millones de dólares, mientras que los depósitos core aumentaron en 1,3 mil millones de dólares, alcanzando los 9,4 mil millones de dólares.
Desarrollos notables incluyen la finalización de una oferta de acciones preferentes de la Serie E al 7,625% que recaudó 222,7 millones de dólares y la ejecución de un swap de incumplimiento crediticio sobre 1,2 mil millones de dólares en préstamos de almacén. Los préstamos no productivos aumentaron a 279,7 millones de dólares (2,68% de los préstamos brutos), aunque los niveles de morosidad disminuyeron en 56,3 millones de dólares en comparación con el tercer trimestre de 2024.
Merchants Bancorp (MBIN)는 2024년 4분기 및 전체 연도에 대한 기록적인 결과를 보고했습니다. 연간 순이익은 3억 2천 4백만 달러에 도달했으며, 이는 2023년 대비 15% 증가한 수치입니다. 희석 주당순이익(EPS)은 6.30달러로, 12% 증가했습니다. 2024년 4분기 순이익은 9천 5백 7십만 달러로, 전년 대비 23% 증가했으며, 전 분기 대비 56% 증가했습니다.
총 자산은 188억 달러로 증가했으며, 이는 2023년 대비 11% 증가한 것입니다. 주당 유형 자산 가치는 34.15달러로, 전년 대비 25% 증가했습니다. 회사의 대출 포트폴리오는 104억 달러로 확대되었으며, 핵심 예금도 13억 달러 증가하여 94억 달러에 도달했습니다.
주목할 만한 발전 사항으로는 7.625%의 E 시리즈 우선주 공모를 완료하여 2억 2천 2백 7십만 달러를 모금하고 12억 달러의 창고 대출에 대한 신용 디폴트 스왑을 실행한 것입니다. 비수익 대출은 2억 7천 9백 7십만 달러(총 대출의 2.68%)로 증가했으나, 연체 수준은 2024년 3분기 대비 5천 6백 3십만 달러 감소했습니다.
Merchants Bancorp (MBIN) a annoncé des résultats record pour le quatrième trimestre et l'année entière 2024. Le revenu net annuel a atteint 320,4 millions de dollars, soit une augmentation de 15 % par rapport à 2023, avec un bénéfice par action dilué de 6,30 dollars, en hausse de 12 %. Le revenu net pour le quatrième trimestre 2024 était de 95,7 millions de dollars, en hausse de 23 % par rapport à l'année précédente et de 56 % par rapport au trimestre précédent.
Le total des actifs a augmenté pour atteindre 18,8 milliards de dollars, soit une augmentation de 11 % par rapport à 2023. La valeur comptable tangible par action a atteint 34,15 dollars, en hausse de 25 % par rapport à l'année précédente. Le portefeuille de prêts de la société s'est élargi à 10,4 milliards de dollars, tandis que les dépôts de base ont augmenté de 1,3 milliard de dollars, atteignant 9,4 milliards de dollars.
Parmi les développements notables, citons l'achèvement d'une offre d'actions privilégiées de la série E à 7,625 %, qui a permis de lever 222,7 millions de dollars, et l'exécution d'un swap de défaut de crédit sur 1,2 milliard de dollars de prêts de stockage. Les prêts non performants ont augmenté à 279,7 millions de dollars (2,68 % des prêts bruts), bien que les niveaux de retard de paiement aient diminué de 56,3 millions de dollars par rapport au troisième trimestre 2024.
Merchants Bancorp (MBIN) hat für das vierte Quartal und das gesamte Jahr 2024 rekordverdächtige Ergebnisse veröffentlicht. Der Jahresüberschuss erreichte 320,4 Millionen Dollar, was einem Anstieg von 15 % gegenüber 2023 entspricht, mit einem verwässerten Gewinn pro Aktie von 6,30 Dollar, ein Anstieg von 12 %. Der Nettoertrag im vierten Quartal 2024 betrug 95,7 Millionen Dollar, was einem Anstieg von 23 % im Jahresvergleich und von 56 % im Vergleich zum Vorquartal entspricht.
Die Gesamtkapitalanlagen wuchsen auf 18,8 Milliarden Dollar, ein Anstieg von 11 % im Vergleich zu 2023. Der tangible Buchwert pro Aktie erreichte 34,15 Dollar und stieg damit um 25 % im Jahresvergleich. Das Kreditportfolio des Unternehmens wurde auf 10,4 Milliarden Dollar ausgeweitet, während die Kern-Einlagen um 1,3 Milliarden Dollar auf 9,4 Milliarden Dollar zunahmen.
Bemerkenswerte Entwicklungen umfassen den Abschluss eines Angebots von Vorzugsaktien der Serie E mit 7,625 %, das 222,7 Millionen Dollar einbrachte, sowie die Durchführung eines Credit Default Swaps über 1,2 Milliarden Dollar an Lagerkrediten. Die notleidenden Kredite stiegen auf 279,7 Millionen Dollar (2,68 % der Bruttokredite), obwohl die Zahl der Zahlungsverzögerungen im Vergleich zum dritten Quartal 2024 um 56,3 Millionen Dollar zurückging.
- Record full-year net income of $320.4 million, up 15% YoY
- Q4 2024 net income increased 23% YoY to $95.7 million
- Diluted EPS grew 12% to $6.30 for full year 2024
- Total assets increased 11% YoY to $18.8 billion
- Tangible book value per share up 25% YoY to $34.15
- Core deposits increased by $1.3 billion YoY
- Non-performing loans increased to 2.68% of gross loans from 0.80% YoY
- Total deposits decreased by $2.1 billion (15%) YoY
- Net interest margin declined 6 basis points YoY to 2.99%
- Interest rate spread decreased 2 basis points YoY to 2.46%
Insights
Merchants Bancorp's Q4 2024 results showcase a remarkably resilient business model with several notable achievements. The record-breaking net income of $320.4M for FY2024 and 15% YoY growth demonstrate exceptional execution in a challenging banking environment.
Three key strategic elements stand out:
- The transformation of the deposit base, with core deposits now representing 79% of total deposits, up from 58% year-over-year, significantly improving funding stability and reducing reliance on volatile brokered deposits.
- Proactive risk management through the execution of credit protection arrangements covering $2.3B in loans, providing 13-14% loss protection on covered balances.
- Strong capital management evidenced by the successful $222.7M Series E Preferred Stock offering and strategic redemption of Series B Preferred Stock, optimizing the capital structure.
While nonperforming loans increased to 2.68% of gross loans, the bank's robust loss absorption capacity is noteworthy - current reserves could cover eight years of losses at recent loss rates. The 25% YoY increase in tangible book value to $34.15 per share reflects strong internal capital generation and effective balance sheet management.
The efficiency ratio improvement to 32.62% demonstrates excellent cost control despite increased regulatory costs and investments in risk management infrastructure. The stable net interest margin of 2.99%, despite significant balance sheet restructuring, indicates strong pricing power and asset-liability management capabilities.
- Full year 2024 net income of
$320.4 million 15% compared to 2023. - Full year 2024 diluted earnings per common share of
$6.30 12% compared to 2023. - Fourth quarter 2024 net income of
$95.7 million 23% compared to fourth quarter of 2023 and increased56% compared to the third quarter 2024, which reflected a$42.4 million 253% , increase in noninterest income. - Fourth quarter 2024 diluted earnings per common share of
$1.85 17% compared to the fourth quarter of 2023 and increased58% compared to the third quarter of 2024. - Favorable fair market value adjustments to servicing rights on loans and interest rate floor derivatives of
$10.4 million $2.6 million $0.21 $0.24 - Total assets of
$18.8 billion 1% compared to September 30, 2024, and increasing11% compared to December 31, 2023. - Tangible book value per common share reached a record-high of
$34.15 25% compared to$27.40 5% compared to$32.38 - As of December 31, 2024, the Company had
$4.3 billion 23% of total assets. - Loans receivable of
$10.4 billion $92.1 million 1% , compared to September 30, 2024, and increased$226.2 million 2% , compared to December 31, 2023. - Core deposits increased
$1.3 billion $9.4 billion $3.4 billion $2.5 billion - On November 25, 2024, the Company completed a
7.625% Series E Preferred Stock offering resulting in proceeds of$222.7 million $7.3 million - On December 27, 2024, the Company executed a credit default swap on a
$1.2 billion - The Company redeemed all outstanding shares of the Series B Preferred Stock for approximately
$125.0 million $1,000 $25
"Our record-breaking performance in 2024, with net income of
Michael J.
Net income of
Net income of
Total Assets
Total assets of
Return on average assets was
Asset Quality
The allowance for credit losses on loans of
The
The Company recorded charge-offs for three customers, primarily in the multi-family loan portfolio, totaling
As of December 31, 2024, non-performing loans were
All substandard loans as of December 31, 2024 have been evaluated for impairment and these loans have specific reserves of
In addition to elevated reserves for credit losses on loans compared to December 2023, the Company has been making additional efforts to reduce its credit risk through loan sale and securitization activities since 2019. In April of 2023, as well as March and December of 2024, the Company strategically executed credit protection arrangements through a credit linked note and credit default swaps totaling
Securities Available for Sale
Total securities available for sale of
Securities Held to Maturity
Total securities held to maturity of
Total Deposits
Total deposits of
Core deposits of
Total brokered deposits of
Liquidity
Cash balances of
This liquidity enhances the ability to effectively manage interest expense and asset levels in the future. Additionally, the Company's business model is designed to continuously sell or securitize a significant portion of its loans, which provides flexibility in managing its liquidity.
Comparison of Operating Results for the Three Months Ended
December 31, 2024 and 2023
Net Interest Income of
- Net interest margin of
2.99% decreased 6 basis points compared to3.05% . The margin was negatively impacted by 5 basis points in the fourth quarter of 2024 from the net reversal of$2.1 million - Interest rate spread of
2.46% decreased 2 basis points compared to2.48% .
Interest Income of
- Average balances of
$14.3 billion $611.1 million 4% compared to$13.7 billion - Average balances of
$1.7 billion $559.9 million 49% , compared to$1.1 billion - Average yields on loans and loans held for sale of
7.43% decreased 55 basis points compared to7.98% .
Interest Expense of
- Average balances of
$3.0 billion $2.3 billion 323% , compared to$720.5 million - Average interest rates of
5.58% for borrowings decreased by 288 basis points compared to8.46% . - Average balances of
$4.1 billion $908.0 million 18% , compared to$5.0 billion - Average interest rates of
5.02% for certificates of deposit decreased by 41 basis points compared to5.43% .
Noninterest Income of
- Loan servicing fees included a
$10.4 million $2.5 million $7.9 million $7.6 million $1.1 million $6.5 million - Gain on sale of loans increased
$5.7 million 29% , reflecting higher volume in the multi-family loan portfolio. - Other income included a
$2.6 million $6.6 million
Noninterest Expense of
- The efficiency ratio of
32.62% decreased 49 basis points compared to33.11% .
Comparison of Operating Results for the Three Months Ended
December 31, 2024 and September 30, 2024
Net Interest Income of
- Net interest margin of
2.99% remain unchanged. The margin was negatively impacted by 5 basis points in the fourth quarter of 2024 from the net reversal of$2.1 million $2.9 million - Interest rate spread of
2.46% increased 3 basis points compared to2.43% .
Interest Income of
- Average yields on loans and loans held for sale of
7.43% decreased 48 basis points compared to7.91% . - Average balances of
$14.3 billion $317.9 million 2% , compared to$14.6 billion - Average balances of
$1.7 billion 32% , compared to$1.3 billion
Interest Expense of
- Average balances of
$4.1 billion $916.7 million 18% , compared to$5.0 billion - Average interest rates of
5.02% for certificate of deposit accounts decreased 45 basis points compared to5.47% . - Average interest rates of
4.19% for interest-bearing checking accounts decreased 51 basis points compared to4.70% . - Average balances of
$3.0 billion $529.2 million 21% , compared to$2.5 billion - Average interest rates of
5.58% for borrowings decreased 81 basis points compared to6.39% .
Noninterest Income of
- Loan servicing fees included a
$10.4 million $2.5 million $7.9 million $6.7 million $1.6 million $5.1 million - Other income included a
$2.6 million $7.7 million - Gain on sale of loans increased
$8.3 million
Noninterest Expense of
- The efficiency ratio of
32.62% decreased 838 basis points compared to41.00% .
About Merchants Bancorp
Ranked as a top performing
Forward-Looking Statements
This press release contains forward-looking statements which reflect management's current views with respect to, among other things, future events and financial performance. These statements are often, but not always, made through the use of words or phrases such as "may," "might," "should," "could," "predict," "potential," "believe," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "goal," "target," "outlook," "aim," "would," "annualized" and "outlook," or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about the industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, management cautions that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause actual results to differ materially from those indicated in these forward-looking statements, including the impacts of factors identified in "Risk Factors" or "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Annual Report on Form 10-K and other periodic filings with the Securities and Exchange Commission. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
Consolidated Balance Sheets | ||||||||||
(Unaudited) | ||||||||||
(In thousands, except share data) | ||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||
2024 | 2024 | 2024 | 2024 | 2023 | ||||||
Assets | ||||||||||
Cash and due from banks | $ 10,989 | $ 12,214 | $ 10,242 | $ 17,924 | $ 15,592 | |||||
Interest-earning demand accounts | 465,621 | 589,692 | 530,640 | 490,831 | 568,830 | |||||
Cash and cash equivalents | 476,610 | 601,906 | 540,882 | 508,755 | 584,422 | |||||
Securities purchased under agreements to resell | 1,559 | 3,279 | 3,304 | 3,329 | 3,349 | |||||
Mortgage loans in process of securitization | 428,206 | 430,966 | 209,244 | 142,629 | 110,599 | |||||
Securities available for sale ( | 980,050 | 953,063 | 1,017,019 | 1,061,288 | 1,113,687 | |||||
Securities held to maturity ( | 1,664,686 | 1,755,047 | 1,291,110 | 1,175,167 | 1,204,217 | |||||
Federal Home Loan Bank (FHLB) stock and other equity securities | 217,804 | 184,050 | 67,499 | 64,215 | 48,578 | |||||
Loans held for sale (includes | 3,771,510 | 3,808,234 | 3,483,076 | 3,503,131 | 3,144,756 | |||||
Loans receivable, net of allowance for credit losses on loans | 10,354,002 | 10,261,890 | 10,933,189 | 10,690,513 | 10,127,801 | |||||
Premises and equipment, net | 58,617 | 53,161 | 46,833 | 42,450 | 42,342 | |||||
Servicing rights | 189,935 | 177,327 | 178,776 | 172,200 | 158,457 | |||||
Interest receivable | 83,409 | 86,612 | 90,360 | 90,303 | 91,346 | |||||
Goodwill | 8,014 | 8,014 | 8,014 | 8,014 | 15,845 | |||||
Other assets and receivables | 571,330 | 329,427 | 343,116 | 360,582 | 307,117 | |||||
Total assets | $ 18,805,732 | $ 18,652,976 | $ 18,212,422 | $ 17,822,576 | $ 16,952,516 | |||||
Liabilities and Shareholders' Equity | ||||||||||
Liabilities | ||||||||||
Deposits | ||||||||||
Noninterest-bearing | $ 239,005 | $ 311,386 | $ 383,260 | $ 319,872 | $ 520,070 | |||||
Interest-bearing | 11,680,971 | 12,580,501 | 14,533,807 | 13,655,789 | 13,541,390 | |||||
Total deposits | 11,919,976 | 12,891,887 | 14,917,067 | 13,975,661 | 14,061,460 | |||||
Borrowings | 4,386,122 | 3,568,721 | 1,159,206 | 1,835,985 | 964,127 | |||||
Deferred tax liabilities | 25,289 | 19,530 | 25,098 | 43,935 | 19,923 | |||||
Other liabilities | 231,035 | 233,731 | 222,904 | 190,527 | 205,922 | |||||
Total liabilities | 16,562,422 | 16,713,869 | 16,324,275 | 16,046,108 | 15,251,432 | |||||
Commitments and Contingencies | ||||||||||
Shareholders' Equity | ||||||||||
Common stock, without par value | ||||||||||
Authorized - 75,000,000 shares | ||||||||||
Issued and outstanding - 45,767,166 shares, 45,764,023 shares, | 240,313 | 239,448 | 238,492 | 139,950 | 140,365 | |||||
Preferred stock, without par value - 5,000,000 total shares authorized | ||||||||||
Authorized - no shares at December 31, 2024, September 30, 2024 | ||||||||||
Issued and outstanding - no shares at December 31, 2024, September 30, 2024 | — | — | — | 50,221 | 50,221 | |||||
Authorized - 125,000 shares | ||||||||||
Issued and outstanding - 125,000 shares (equivalent to 5,000,000 | 120,844 | 120,844 | 120,844 | 120,844 | 120,844 | |||||
Authorized - 200,000 shares | ||||||||||
Issued and outstanding - 196,181 shares (equivalent to 7,847,233 | 191,084 | 191,084 | 191,084 | 191,084 | 191,084 | |||||
Authorized - 300,000 shares | ||||||||||
Issued and outstanding - 142,500 shares (equivalent to 5,700,000 | 137,459 | 137,459 | 137,459 | 137,459 | 137,459 | |||||
Authorized - 230,000 shares | ||||||||||
Issued and outstanding - 230,000 shares (equivalent to 9,200,000 | 222,748 | — | — | — | — | |||||
Retained earnings | 1,330,995 | 1,250,176 | 1,200,778 | 1,138,083 | 1,063,599 | |||||
Accumulated other comprehensive (loss) income | (133) | 96 | (510) | (1,173) | (2,488) | |||||
Total shareholders' equity | 2,243,310 | 1,939,107 | 1,888,147 | 1,776,468 | 1,701,084 | |||||
Total liabilities and shareholders' equity | $ 18,805,732 | $ 18,652,976 | $ 18,212,422 | $ 17,822,576 | $ 16,952,516 | |||||
Consolidated Statement of Income | |||||||||||||
(Unaudited) | |||||||||||||
(In thousands, except share data) | |||||||||||||
Three Months Ended | Change | ||||||||||||
December 31, | September 30, | December 31, | 4Q24 | 4Q24 | |||||||||
2024 | 2024 | 2023 | vs. 3Q24 | vs. 4Q23 | |||||||||
Interest Income | |||||||||||||
Loans | $ | 266,719 | $ | 290,259 | $ | 274,971 | -8 % | -3 % | |||||
Mortgage loans in process of securitization | 5,662 | 4,062 | 5,294 | 39 % | 7 % | ||||||||
Investment securities: | |||||||||||||
Available for sale | 13,453 | 14,855 | 7,609 | -9 % | 77 % | ||||||||
Held to maturity | 27,673 | 22,081 | 19,491 | 25 % | 42 % | ||||||||
FHLB stock and other equity securities (dividends) | 4,123 | 3,128 | 735 | 32 % | 461 % | ||||||||
Other | 3,716 | 4,543 | 3,659 | -18 % | 2 % | ||||||||
Total interest income | 321,346 | 338,928 | 311,759 | -5 % | 3 % | ||||||||
Interest Expense | |||||||||||||
Deposits | 144,009 | 165,675 | 172,061 | -13 % | -16 % | ||||||||
Borrowed funds | 42,713 | 40,432 | 15,373 | 6 % | 178 % | ||||||||
Total interest expense | 186,722 | 206,107 | 187,434 | -9 % | — | ||||||||
Net Interest Income | 134,624 | 132,821 | 124,325 | 1 % | 8 % | ||||||||
Provision for credit losses | 2,689 | 6,898 | 6,747 | -61 % | -60 % | ||||||||
Net Interest Income After Provision for Credit Losses | 131,935 | 125,923 | 117,578 | 5 % | 12 % | ||||||||
Noninterest Income | |||||||||||||
Gain on sale of loans | 25,020 | 16,731 | 19,342 | 50 % | 29 % | ||||||||
Loan servicing fees, net | 14,953 | (1,509) | (2,162) | 1091 % | 792 % | ||||||||
Mortgage warehouse fees | 1,413 | 1,620 | 1,950 | -13 % | -28 % | ||||||||
Syndication and asset management fees | 9,323 | 1,834 | 4,879 | 408 % | 91 % | ||||||||
Other income | 8,436 | (1,934) | 10,445 | 536 % | -19 % | ||||||||
Total noninterest income | 59,145 | 16,742 | 34,454 | 253 % | 72 % | ||||||||
Noninterest Expense | |||||||||||||
Salaries and employee benefits | 37,536 | 35,218 | 33,259 | 7 % | 13 % | ||||||||
Loan expense | 704 | 1,114 | 660 | -37 % | 7 % | ||||||||
Occupancy and equipment | 2,284 | 2,231 | 2,336 | 2 % | -2 % | ||||||||
Professional fees | 5,135 | 3,439 | 4,157 | 49 % | 24 % | ||||||||
Deposit insurance expense | 6,473 | 8,981 | 4,030 | -28 % | 61 % | ||||||||
Technology expense | 2,038 | 2,068 | 1,758 | -1 % | 16 % | ||||||||
Credit risk transfer premium expense | 1,947 | 2,079 | — | -6 % | 100 % | ||||||||
Other expense | 7,085 | 6,188 | 6,379 | 14 % | 11 % | ||||||||
Total noninterest expense | 63,202 | 61,318 | 52,579 | 3 % | 20 % | ||||||||
Income Before Income Taxes | 127,878 | 81,347 | 99,453 | 57 % | 29 % | ||||||||
Provision for income taxes | 32,212 | 20,074 | 21,980 | 60 % | 47 % | ||||||||
Net Income | $ | 95,666 | $ | 61,273 | $ | 77,473 | 56 % | 23 % | |||||
Dividends on preferred stock | (10,728) | (7,757) | (8,667) | 38 % | 24 % | ||||||||
Net Income Available to Common Shareholders | $ | 84,938 | $ | 53,516 | $ | 68,806 | 59 % | 23 % | |||||
Basic Earnings Per Share | $ | 1.86 | $ | 1.17 | $ | 1.59 | 59 % | 17 % | |||||
Diluted Earnings Per Share | $ | 1.85 | $ | 1.17 | $ | 1.58 | 58 % | 17 % | |||||
Weighted-Average Shares Outstanding | |||||||||||||
Basic | 45,765,458 | 45,759,667 | 43,241,600 | ||||||||||
Diluted | 45,924,176 | 45,910,052 | 43,430,973 | ||||||||||
Consolidated Statement of Income | ||||||||
(Unaudited) | ||||||||
(In thousands, except share data) | ||||||||
Twelve Months Ended | ||||||||
December 31, | December 31, | |||||||
2024 | 2023 | Change | ||||||
Interest Income | ||||||||
Loans | $ | 1,113,397 | $ | 959,714 | 16 % | |||
Mortgage loans in process of securitization | 14,488 | 12,652 | 15 % | |||||
Investment securities: | ||||||||
Available for sale | 57,480 | 21,621 | 166 % | |||||
Held to maturity | 90,075 | 69,983 | 29 % | |||||
FHLB stock and other equity securities (dividends) | 9,372 | 2,205 | 325 % | |||||
Other | 17,908 | 11,623 | 54 % | |||||
Total interest income | 1,302,720 | 1,077,798 | 21 % | |||||
Interest Expense | ||||||||
Deposits | 660,357 | 577,210 | 14 % | |||||
Borrowed funds | 119,743 | 52,517 | 128 % | |||||
Total interest expense | 780,100 | 629,727 | 24 % | |||||
Net Interest Income | 522,620 | 448,071 | 17 % | |||||
Provision for credit losses | 24,278 | 40,231 | -40 % | |||||
Net Interest Income After Provision for Credit Losses | 498,342 | 407,840 | 22 % | |||||
Noninterest Income | ||||||||
Gain on sale of loans | 62,275 | 48,183 | 29 % | |||||
Loan servicing fees, net | 43,673 | 26,198 | 67 % | |||||
Mortgage warehouse fees | 5,539 | 7,701 | -28 % | |||||
Loss on sale of investments available for sale (1) | (108) | — | -100 % | |||||
Syndication and asset management fees | 19,693 | 12,355 | 59 % | |||||
Other income | 17,040 | 20,231 | -16 % | |||||
Total noninterest income | 148,112 | 114,668 | 29 % | |||||
Noninterest Expense | ||||||||
Salaries and employee benefits | 130,723 | 108,181 | 21 % | |||||
Loan expense | 3,767 | 3,409 | 11 % | |||||
Occupancy and equipment | 8,991 | 9,220 | -2 % | |||||
Professional fees | 16,229 | 12,704 | 28 % | |||||
Deposit insurance expense | 26,158 | 13,582 | 93 % | |||||
Technology expense | 7,819 | 6,515 | 20 % | |||||
Credit risk transfer premium expense | 6,320 | — | 100 % | |||||
Other expense | 23,805 | 20,990 | 13 % | |||||
Total noninterest expense | 223,812 | 174,601 | 28 % | |||||
Income Before Income Taxes | 422,642 | 347,907 | 21 % | |||||
Provision for income taxes (2) | 102,256 | 68,673 | 49 % | |||||
Net Income | $ | 320,386 | $ | 279,234 | 15 % | |||
Dividends on preferred stock | (34,909) | (34,670) | 1 % | |||||
Impact of preferred stock redemption | (1,823) | — | -100 % | |||||
Net Income Available to Common Shareholders | $ | 283,654 | $ | 244,564 | 16 % | |||
Basic Earnings Per Share | $ | 6.32 | $ | 5.66 | 12 % | |||
Diluted Earnings Per Share | $ | 6.30 | $ | 5.64 | 12 % | |||
Weighted-Average Shares Outstanding | ||||||||
Basic | 44,855,100 | 43,224,042 | ||||||
Diluted | 45,004,786 | 43,345,799 | ||||||
(1) Includes | ||||||||
(2) Includes | ||||||||
Key Operating Results | ||||||||||||
(Unaudited) | ||||||||||||
($ in thousands, except share data) | ||||||||||||
Three Months Ended | Change | |||||||||||
December 31, | September 30, | December 31, | 4Q24 | 4Q24 | ||||||||
2024 | 2024 | 2023 | vs. 3Q24 | vs. 4Q23 | ||||||||
Noninterest expense | $ 63,202 | $ 61,318 | $ 52,579 | 3 % | 20 % | |||||||
Net interest income (before provision for credit losses) | 134,624 | 132,821 | 124,325 | 1 % | 8 % | |||||||
Noninterest income | 59,145 | 16,742 | 34,454 | 253 % | 72 % | |||||||
Total income | $ 193,769 | $ 149,563 | $ 158,779 | 30 % | 22 % | |||||||
Efficiency ratio | 32.62 % | 41.00 % | 33.11 % | (838) | bps | (49) | bps | |||||
Average assets | $ 18,512,380 | $ 18,311,393 | $ 16,671,484 | 1 % | 11 % | |||||||
Net income | 95,666 | 61,273 | 77,473 | 56 % | 23 % | |||||||
Return on average assets before annualizing | 0.52 % | 0.33 % | 0.46 % | |||||||||
Annualization factor | 4.00 | 4.00 | 4.00 | |||||||||
Return on average assets | 2.07 % | 1.34 % | 1.86 % | 73 | bps | 21 | bps | |||||
Return on average tangible common shareholders' equity (1) | 22.10 % | 14.43 % | 23.60 % | 767 | bps | (150) | bps | |||||
Tangible book value per common share (1) | $ 34.15 | $ 32.38 | $ 27.40 | 5 % | 25 % | |||||||
Tangible common shareholders' equity/tangible assets (1) | 8.32 % | 7.95 % | 7.00 % | 37 | bps | 132 | bps | |||||
Consolidated ratios | ||||||||||||
Total capital/risk-weighted assets(2) | 13.6 | % | 12.2 | % | 11.6 | % | ||||||
Tier I capital/risk-weighted assets(2) | 13.0 | % | 11.6 | % | 11.1 | % | ||||||
Common Equity Tier I capital/risk-weighted assets(2) | 9.1 | % | 8.9 | % | 7.8 | % | ||||||
Tier I capital/average assets(2) | 12.1 | % | 10.5 | % | 10.1 | % | ||||||
(1) Non-GAAP financial measure - see "Reconciliation of Non-GAAP Measures" below: | ||||||||||||
(2) As defined by regulatory agencies; December 31, 2024 shown as estimates and prior periods shown as reported. | ||||||||||||
Certain non-GAAP financial measures provide useful information to management and investors that is supplementary to the Company's financial condition, results of operations and cash flows computed in accordance with GAAP; however, they do have a number of limitations. As such, the reader should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other companies use. A reconciliation of GAAP to non-GAAP financial measures is below. Net Income Available to Common Shareholders excludes preferred stock dividends. Tangible common shareholders' equity is calculated by excluding the balance of goodwill and other intangible assets and preferred stock from the calculation of total equity. Tangible Assets is calculated by excluding the balance of goodwill and intangible assets. Tangible book value per share is calculated by dividing tangible common shareholders' equity by the number of shares outstanding. | ||||||||||||
Three Months Ended | Change | |||||||||||
December 31, | September 30, | December 31, | 4Q24 | 4Q24 | ||||||||
2024 | 2024 | 2023 | vs. 3Q24 | vs. 4Q23 | ||||||||
Net income | $ 95,666 | $ 61,273 | $ 77,473 | 56 % | 23 % | |||||||
Less: preferred stock dividends | (10,728) | (7,757) | (8,667) | 38 % | 24 % | |||||||
Net income available to common shareholders | $ 84,938 | $ 53,516 | $ 68,806 | 59 % | 23 % | |||||||
Average shareholders' equity | $ 2,084,627 | $ 1,941,026 | $ 1,682,270 | 7 % | 24 % | |||||||
Less: average goodwill & intangibles | (8,076) | (8,092) | (16,629) | -0 % | -51 % | |||||||
Less: average preferred stock | (538,970) | (449,387) | (499,608) | 20 % | 8 % | |||||||
Average tangible common shareholders' equity | $ 1,537,581 | $ 1,483,547 | $ 1,166,033 | 4 % | 32 % | |||||||
Annualization factor | 4.00 | 4.00 | 4.00 | |||||||||
Return on average tangible common shareholders' equity | 22.10 % | 14.43 % | 23.60 % | 767 | bps | (150) | bps | |||||
Total equity | $ 2,243,310 | $ 1,939,107 | $ 1,701,084 | 16 % | 32 % | |||||||
Less: goodwill and intangibles | (8,073) | (8,079) | (16,587) | — | -51 % | |||||||
Less: preferred stock | (672,135) | (449,387) | (499,608) | 50 % | 35 % | |||||||
Tangible common shareholders' equity | $ 1,563,102 | $ 1,481,641 | $ 1,184,889 | 5 % | 32 % | |||||||
Assets | $ 18,805,732 | $ 18,652,976 | $ 16,952,516 | 1 % | 11 % | |||||||
Less: goodwill and intangibles | (8,073) | (8,079) | (16,587) | — | -51 % | |||||||
Tangible assets | $ 18,797,659 | $ 18,644,897 | $ 16,935,929 | 1 % | 11 % | |||||||
Ending common shares | 45,767,166 | 45,764,023 | 43,242,928 | |||||||||
Tangible book value per common share | $ 34.15 | $ 32.38 | $ 27.40 | 5 % | 25 % | |||||||
Tangible common shareholders' equity/tangible assets | 8.32 % | 7.95 % | 7.00 % | 37 | bps | 132 | bps | |||||
Key Operating Results | ||||||||
(Unaudited) | ||||||||
($ in thousands, except share data) | ||||||||
Twelve Months Ended | ||||||||
December 31, | December 31, | |||||||
2024 | 2023 | Change | ||||||
Noninterest expense | $ 223,812 | $ 174,601 | 28 % | |||||
Net interest income (before provision for credit losses) | 522,620 | 448,071 | 17 % | |||||
Noninterest income | 148,112 | 114,668 | 29 % | |||||
Total income | $ 670,732 | $ 562,739 | 19 % | |||||
Efficiency ratio | 33.37 % | 31.03 % | 234 | bps | ||||
Average assets | $ 17,860,787 | $ 15,078,390 | 18 % | |||||
Net income | 320,386 | 279,234 | 15 % | |||||
Return on average assets before annualizing | 1.79 % | 1.85 % | ||||||
Annualization factor | 1.00 | 1.00 | ||||||
Return on average assets | 1.79 % | 1.85 % | (6) | bps | ||||
Return on average tangible common shareholders' equity (1) | 20.16 % | 22.92 % | (276) | bps | ||||
Tangible book value per common share (1) | $ 34.15 | $ 27.40 | 25 % | |||||
Tangible common shareholders' equity/tangible assets (1) | 8.32 % | 7.00 % | 132 | bps | ||||
(1) Non-GAAP financial measure - see "Reconciliation of Non-GAAP Measures" below: | ||||||||
Certain non-GAAP financial measures provide useful information to management and investors that is supplementary to the Company's financial condition, results of operations and cash flows computed in accordance with GAAP; however, they do have a number of limitations. As such, the reader should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other companies use. A reconciliation of GAAP to non-GAAP financial measures is below. Net Income Available to Common Shareholders excludes preferred stock dividends. Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets and preferred stock from the calculation of total assets. Tangible Assets is calculated by excluding the balance of goodwill and intangible assets. Tangible book value per share is calculated by dividing tangible common equity by the number of shares outstanding. | ||||||||
Twelve Months Ended | ||||||||
December 31, | December 31, | |||||||
2024 | 2023 | Change | ||||||
Net income | $ 320,386 | $ 279,234 | 15 % | |||||
Less: preferred stock dividends | (34,909) | (34,670) | 1 % | |||||
Less: preferred stock redemption | (1,823) | - | -100 % | |||||
Net income available to common shareholders | $ 283,654 | $ 244,564 | 16 % | |||||
Average shareholders' equity | $ 1,900,130 | $ 1,583,485 | 20 % | |||||
Less: average goodwill & intangibles | (8,697) | (16,801) | -48 % | |||||
Less: average preferred stock | (484,391) | (499,608) | -3 % | |||||
Average tangible common shareholders' equity | $ 1,407,042 | $ 1,067,076 | 32 % | |||||
Annualization factor | 1.00 | 1.00 | ||||||
Return on average tangible common shareholders' equity | 20.16 % | 22.92 % | (276) | bps | ||||
Total equity | $ 2,243,310 | $ 1,701,084 | 32 % | |||||
Less: goodwill and intangibles | (8,073) | (16,587) | -51 % | |||||
Less: preferred stock | (672,135) | (499,608) | 35 % | |||||
Tangible common shareholders' equity | $ 1,563,102 | $ 1,184,889 | 32 % | |||||
Assets | $ 18,805,732 | $ 16,952,516 | 11 % | |||||
Less: goodwill and intangibles | (8,073) | (16,587) | -51 % | |||||
Tangible assets | $ 18,797,659 | $ 16,935,929 | 11 % | |||||
Ending common shares | 45,767,166 | 43,242,928 | ||||||
Tangible book value per common share | $ 34.15 | $ 27.40 | 25 % | |||||
Tangible common shareholders' equity/tangible assets | 8.32 % | 7.00 % | 132 | bps | ||||
Merchants Bancorp | |||||||||||
Average Balance Analysis | |||||||||||
($ in thousands) | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||
December 31, 2024 | September 30, 2024 | December 31, 2023 | |||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | ||||||
Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||
Assets: | |||||||||||
Interest-earning deposits, and other interest | $ 499,308 | $ 7,839 | 6.25 % | $ 484,712 | $ 7,671 | 6.30 % | $ 268,083 | $ 4,394 | 6.50 % | ||
Securities available for sale | 986,063 | 13,453 | 5.43 % | 1,011,146 | 14,855 | 5.84 % | 716,315 | 7,609 | 4.21 % | ||
Securities held to maturity | 1,701,595 | 27,673 | 6.47 % | 1,288,466 | 22,081 | 6.82 % | 1,141,664 | 19,491 | 6.77 % | ||
Mortgage loans in process of securitization | 414,883 | 5,662 | 5.43 % | 308,362 | 4,062 | 5.24 % | 380,645 | 5,294 | 5.52 % | ||
Loans and loans held for sale | 14,285,852 | 266,719 | 7.43 % | 14,603,750 | 290,259 | 7.91 % | 13,674,793 | 274,971 | 7.98 % | ||
Total interest-earning assets | 17,887,701 | 321,346 | 7.15 % | 17,696,436 | 338,928 | 7.62 % | 16,181,500 | 311,759 | 7.64 % | ||
Allowance for credit losses on loans | (85,772) | (81,178) | (67,114) | ||||||||
Noninterest-earning assets | 710,451 | 696,135 | 557,098 | ||||||||
Total assets | $ 18,512,380 | $ 18,311,393 | $ 16,671,484 | ||||||||
Liabilities & Shareholders' Equity: | |||||||||||
Interest-bearing checking | $ 5,579,688 | 58,781 | 4.19 % | $ 5,297,908 | 62,603 | 4.70 % | 5,607,744 | 68,899 | 4.87 % | ||
Savings deposits | 145,599 | 15 | 0.04 % | 145,305 | 17 | 0.05 % | 242,788 | 346 | 0.57 % | ||
Money market | 2,961,272 | 33,288 | 4.47 % | 2,816,906 | 33,858 | 4.78 % | 2,825,051 | 34,058 | 4.78 % | ||
Certificates of deposit | 4,115,462 | 51,925 | 5.02 % | 5,032,159 | 69,197 | 5.47 % | 5,023,434 | 68,758 | 5.43 % | ||
Total interest-bearing deposits | 12,802,021 | 144,009 | 4.48 % | 13,292,278 | 165,675 | 4.96 % | 13,699,017 | 172,061 | 4.98 % | ||
Borrowings | 3,047,586 | 42,713 | 5.58 % | 2,518,405 | 40,432 | 6.39 % | 720,521 | 15,373 | 8.46 % | ||
Total interest-bearing liabilities | 15,849,607 | 186,722 | 4.69 % | 15,810,683 | 206,107 | 5.19 % | 14,419,538 | 187,434 | 5.16 % | ||
Noninterest-bearing deposits | 352,374 | 327,930 | 366,152 | ||||||||
Noninterest-bearing liabilities | 225,772 | 231,754 | 203,524 | ||||||||
Total liabilities | 16,427,753 | 16,370,367 | 14,989,214 | ||||||||
Shareholders' equity | 2,084,627 | 1,941,026 | 1,682,270 | ||||||||
Total liabilities and shareholders' equity | $ 18,512,380 | $ 18,311,393 | $ 16,671,484 | ||||||||
Net interest income | $ 134,624 | ||||||||||
Net interest spread | 2.46 % | 2.43 % | 2.48 % | ||||||||
Net interest-earning assets | $ 2,038,094 | $ 1,885,753 | $ 1,761,962 | ||||||||
Net interest margin | 2.99 % | 2.99 % | 3.05 % | ||||||||
Average interest-earning assets to | 112.86 % | 111.93 % | 112.22 % | ||||||||
Supplemental Results | ||||||||||||||||
(Unaudited) | ||||||||||||||||
($ in thousands) | ||||||||||||||||
Net Income | Net Income | |||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | September 30, | December 31, | December 31, | |||||||||||||
2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||
Segment | ||||||||||||||||
Multi-family Mortgage Banking | $ 22,183 | $ 8,068 | $ 8,580 | $ 55,897 | $ 36,473 | |||||||||||
Mortgage Warehousing | 24,402 | 15,940 | 26,362 | 82,802 | 73,525 | |||||||||||
Banking | 56,287 | 44,983 | 49,996 | 210,073 | 194,398 | |||||||||||
Other | (7,206) | (7,718) | (7,465) | (28,386) | (25,162) | |||||||||||
Total | $ 95,666 | $ 61,273 | $ 77,473 | $ 320,386 | $ 279,234 | |||||||||||
Total Assets | ||||||||||||||||
December 31, 2024 | September 30, 2024 | December 31, 2023 | ||||||||||||||
Amount | % | Amount | % | Amount | % | |||||||||||
Segment | ||||||||||||||||
Multi-family Mortgage Banking | $ 479,099 | 2 % | $ 453,281 | 2 % | $ 411,097 | 2 % | ||||||||||
Mortgage Warehousing | 6,000,624 | 32 % | 5,842,489 | 31 % | 4,522,175 | 27 % | ||||||||||
Banking | 11,761,202 | 63 % | 12,035,581 | 65 % | 11,760,943 | 69 % | ||||||||||
Other | 564,807 | 3 % | 321,625 | 2 % | 258,301 | 2 % | ||||||||||
Total | $ 18,805,732 | 100 % | $ 18,652,976 | 100 % | $ 16,952,516 | 100 % | ||||||||||
Gain on Sale of Loans | Gain on Sale of Loans | |||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | September 30, | December 31, | December 31, | |||||||||||||
2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||
Loan Type | ||||||||||||||||
Multi-family | $ 24,026 | $ 15,302 | $ 19,082 | $ 56,834 | $ 42,979 | |||||||||||
Single-family | 413 | 690 | (183) | 1,907 | 1,247 | |||||||||||
Small Business Association (SBA) | 581 | 739 | 443 | 3,534 | 3,957 | |||||||||||
Total | $ 25,020 | $ 16,731 | $ 19,342 | $ 62,275 | $ 48,183 | |||||||||||
Servicing Rights | Servicing Rights | |||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | September 30, | December 31, | December 31, | |||||||||||||
2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||
Balance, beginning of period | $ 177,327 | $ 178,776 | $ 162,141 | $ 158,457 | $ 146,248 | |||||||||||
Additions | ||||||||||||||||
Purchased servicing | - | - | 513 | $ - | $ 513 | |||||||||||
Originated servicing | 5,373 | 7,370 | 5,591 | $ 18,670 | $ 14,755 | |||||||||||
Subtractions | ||||||||||||||||
Paydowns | (3,172) | (2,090) | (2,190) | $ (9,901) | $ (7,621) | |||||||||||
Changes in fair value | 10,407 | (6,729) | (7,598) | 22,709 | 4,562 | |||||||||||
Balance, end of period | $ 189,935 | $ 177,327 | $ 158,457 | $ 189,935 | $ 158,457 | |||||||||||
Supplemental Results | ||||||||||||
(Unaudited) | ||||||||||||
($ in thousands) | ||||||||||||
Loans Receivable and Loans Held for Sale | ||||||||||||
December 31, | September 30, | December 31, | ||||||||||
2024 | 2024 | 2023 | ||||||||||
Mortgage warehouse repurchase agreements | $ 1,446,068 | $ 1,213,429 | $ 752,468 | |||||||||
Residential real estate (1) | 1,322,853 | 1,317,234 | 1,324,305 | |||||||||
Multi-family financing | 4,624,299 | 4,456,129 | 4,006,160 | |||||||||
Healthcare financing | 1,484,483 | 1,733,674 | 2,356,689 | |||||||||
Commercial and commercial real estate (2)(3) | 1,476,211 | 1,548,689 | 1,643,081 | |||||||||
Agricultural production and real estate | 77,631 | 71,391 | 103,150 | |||||||||
Consumer and margin loans | 6,843 | 5,893 | 13,700 | |||||||||
Loans receivable | 10,438,388 | 10,346,439 | 10,199,553 | |||||||||
Less: Allowance for credit losses on loans | 84,386 | 84,549 | 71,752 | |||||||||
Loans receivable, net | $ 10,354,002 | $ 10,261,890 | $ 10,127,801 | |||||||||
Loans held for sale | 3,771,510 | 3,808,234 | 3,144,756 | |||||||||
Total loans, net of allowance | $ 14,125,512 | $ 14,070,124 | $ 13,272,557 | |||||||||
(1) Includes | ||||||||||||
(2) Includes | ||||||||||||
(3) Includes only | ||||||||||||
Loan Credit Risk Profile | ||||||||||||
December 31, 2024 | September 30, 2024 | December 31, 2023 | ||||||||||
Amount | % | Amount | % | Amount | % | |||||||
Pass | $ 9,741,087 | 93.4 % | $ 9,707,205 | 93.8 % | $ 9,879,659 | 96.9 % | ||||||
Special mention | 379,969 | 3.6 % | 351,407 | 3.4 % | 191,267 | 1.9 % | ||||||
Substandard | 317,332 | 3.0 % | 287,827 | 2.8 % | 128,577 | 1.2 % | ||||||
Doubtful | — | — | — | — | 50 | — | ||||||
Loans receivable | $ 10,438,388 | 100.0 % | $ 10,346,439 | 100.0 % | $ 10,199,553 | 100.0 % | ||||||
Charge-offs (year-to-date) | $ 10,587 | $ 6,437 | $ 9,791 | |||||||||
Recoveries (year-to-date) | $ 136 | $ 23 | $ 41 | |||||||||
Nonperforming Loans | ||||||||||||
December 31, | September 30, | December 31, | ||||||||||
2024 | 2024 | 2023 | ||||||||||
Nonaccrual loans | $ 279,716 | $ 210,811 | $ 73,847 | |||||||||
90 days past due and still accruing | 6 | 91 | 8,168 | |||||||||
Total nonperforming loans | $ 279,722 | $ 210,902 | $ 82,015 | |||||||||
Other real estate owned | $ 8,209 | $ 896 | — | |||||||||
Total nonperforming assets | $ 287,931 | $ 211,798 | $ 82,015 | |||||||||
Nonperforming loans to total loans receivable | 2.68 % | 2.04 % | 0.80 % | |||||||||
Nonperforming assets to total assets | 1.53 % | 1.14 % | 0.48 % | |||||||||
Delinquent Loans | ||||||||||||
December 31, | September 30, | December 31, | ||||||||||
2024 | 2024 | 2023 | ||||||||||
Delinquent loans: | ||||||||||||
Loans receivable | $ 292,263 | $ 257,459 | $ 183,529 | |||||||||
Loans held for sale | 32,343 | 123,445 | 16,500 | |||||||||
Total delinquent loans | $ 324,606 | $ 380,904 | $ 200,029 | |||||||||
Total loans receivable and loans held for sale | $ 14,209,898 | $ 14,154,673 | $ 13,344,309 | |||||||||
Delinquent loans to total loans | 2.28 % | 2.69 % | 1.50 % | |||||||||
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SOURCE Merchants Bancorp
FAQ
What was Merchants Bancorp's (MBIN) net income for Q4 2024?
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