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Sep 30, 2021
Merchants Bank Q3 2021 Earnings Report
Reported net income and asset growth, driven by effective capital management and expansion of product offerings.
Key Takeaways
Merchants Bancorp reported a strong third quarter with net income of $58.5 million, driven by growth in net interest income and noninterest income. Total assets surpassed $10 billion, and the company effectively managed capital while expanding its customer base.
Net income for Q3 2021 was $58.5 million, or $1.83 per diluted common share.
Total assets reached $11.0 billion, surpassing the $10 billion mark.
Net interest income increased by 5% compared to Q3 2020, driven by a decrease in the cost of deposits and an increase in interest income from higher loan balances.
Noninterest income increased by 4% compared to Q3 2020, benefiting from a positive fair market value adjustment to servicing rights.
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.