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Sep 30, 2020
Merchants Bank Q3 2020 Earnings Report
Reported record-setting level of net income, driven by growth in mortgage warehouse loans and increased gain on sale of loans.
Key Takeaways
Merchants Bancorp reported a significant increase in net income for Q3 2020, driven by growth in mortgage warehouse loans and increased gain on sale of loans. The company's net income reached $55.0 million, or $1.79 per common share, compared to $20.3 million, or $0.60 per common share, in Q3 2019.
Net income increased by 171% compared to Q3 2019, driven by a 100% increase in net interest income and a 255% increase in gain on sale of loans.
Earnings per share grew by 198% and asset growth of 50% compared to the prior year’s quarter.
Return on average assets was 2.34%, return on average tangible shareholders’ equity was 41.0%, and the efficiency ratio was 25.4%.
Total assets reached $9.5 billion, a 50% increase compared to December 31, 2019.
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.