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Mar 31, 2020
Merchants Bank Q1 2020 Earnings Report
Merchants Bancorp reported strong first quarter results driven by growth in multi-family and mortgage warehouse loans.
Key Takeaways
Merchants Bancorp reported a net income of $24.6 million, or $0.73 per common share, for the first quarter of 2020. The increase in net income was primarily driven by a significant increase in gain on sale of loans and net interest income.
Net income increased by 133% compared to Q1 2019, driven by loan growth and higher net interest income.
Total assets increased by 99% compared to March 31, 2019, reaching $7.9 billion.
Net interest income increased by 59% compared to Q1 2019.
The company strategically expanded its SBA team to support small businesses through the CARES Act.
Merchants Bank
Merchants Bank
Forward Guidance
This press release contains forward-looking statements which reflect management’s current views with respect to, among other things, future events and financial performance.