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Jun 30, 2020
Merchants Bank Q2 2020 Earnings Report
Merchants Bancorp reported record results, driven by growth in net interest income and gain on sale of loans.
Key Takeaways
Merchants Bancorp reported a record second quarter with net income of $41.2 million, or $1.31 per common share, driven by significant growth in mortgage warehouse loans and single-family mortgages.
Net income increased by 150% compared to Q2 2019, driven by an 83% increase in net interest income and an 88% increase in gain on sale of loans.
Total assets reached $9.4 billion, a 48% increase compared to December 31, 2019.
Total loans and loans held for sale increased by 57% since the end of December 2019.
Return on average assets was 1.89% for the second quarter of 2020, compared to 1.41% for the second quarter of 2019.
Merchants Bank
Merchants Bank
Forward Guidance
The company continues to monitor the situation and may need to adjust future expectations as developments occur throughout the remainder of 2020.