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Sep 30, 2024
Merchants Bank Q3 2024 Earnings Report
Merchants Bancorp reported a decrease in net income and an increase in total assets.
Key Takeaways
Merchants Bancorp reported Q3 2024 net income of $61.3 million, a decrease compared to both Q3 2023 and Q2 2024. Despite this, the company's total assets reached $18.7 billion, and tangible book value increased by 25% year-over-year. The company executed a credit risk transfer transaction through the securitization of $629 million in healthcare loans.
Net income for Q3 2024 was $61.3 million, down from $81.5 million in Q3 2023 and $76.4 million in Q2 2024.
Total assets reached $18.7 billion as of September 30, 2024, an increase of $440.6 million from June 30, 2024.
Tangible book value increased to $32.38, a 25% rise from the prior year.
The company securitized $629 million in healthcare loans to manage credit risk and deploy capital.
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.