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Dec 31, 2024
Merchants Bank Q4 2024 Earnings Report
Reported record-breaking performance driven by growth and higher earnings.
Key Takeaways
Merchants Bancorp reported a net income of $95.7 million for Q4 2024, representing $1.85 diluted earnings per share. The company's total assets reached $18.8 billion, and tangible book value per share increased by 25% to $34.15. The increase in net income was primarily driven by increases in noninterest income and net interest income.
Net income for the fourth quarter of 2024 increased by $18.2 million, or 23%, compared to the fourth quarter of 2023.
Total assets reached $18.8 billion at December 31, 2024, an 11% increase compared to December 31, 2023.
Non-performing loans were $279.7 million, or 2.68% of gross loans receivable as of December 31, 2024.
Total deposits were $11.9 billion at December 31, 2024, a decrease of 15% compared to December 31, 2023.
Merchants Bank
Merchants Bank
Forward Guidance
Merchants Bancorp remains focused on leveraging its financial flexibility to drive sustainable growth and is confident in its team’s ability to continue delivering profitable growth in the coming years.