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Jun 30, 2021
Merchants Bank Q2 2021 Earnings Report
Reported an increase in net income driven by growth in net interest income and effectively managed capital to achieve the highest asset levels in company history.
Key Takeaways
Merchants Bancorp reported a net income of $51.4 million for Q2 2021, an increase compared to Q2 2020. The increase was driven by a rise in net interest income, reflecting a decrease in the cost of deposits and an increase in interest income from higher loan balances. The company reached its highest asset levels, with $9.9 billion in total assets.
Net income increased by 25% compared to the second quarter of 2020, driven by a 26% increase in net interest income.
Total assets reached $9.9 billion, the highest in company history.
Efficiency ratio was maintained at 29.0%, reflecting effective capital management.
Non-performing loans were at 0.05% of loans receivable, demonstrating conservative underwriting.
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.