Merchants Bank

Apr 27, 2023

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Mar 31, 2023

Merchants Bank Q1 2023 Earnings Report

Merchants Bancorp reported first quarter 2023 results with increased net income and total assets.

Key Takeaways

Merchants Bancorp reported a strong first quarter in 2023, with a net income of $55.0 million and diluted earnings per share of $1.07. The company saw growth in net interest income, driven by higher yields and average balances on loans and loans held for sale, as well as new balances of securities held to maturity. Total assets reached $14.2 billion, reflecting significant growth in the multi-family and healthcare loan portfolios.

Net income for Q1 2023 increased by 10% compared to Q1 2022, reaching $55.0 million.

Total assets grew to $14.2 billion, a 48% increase compared to March 31, 2022.

Net interest income increased by 53% compared to Q1 2022, driven by higher yields on loans and securities.

Unused borrowing capacity increased to $4.0 billion, enhancing the ability to manage interest expense and asset levels.