Merchants Bancorp Q1 net income $55M (+10% YoY); dividend raised 14% to $0.08; NPLs rise to 0.76%

Merchants Bancorp

2023-Q1 EPS reported $1.07

Net income $55.0M, EPS $1.07; net interest margin expanded to 3.27% from 2.62% YoY.
Quarterly dividend increased 14% to $0.08 per common share.
Non-performing loans rose to 0.76% of loans from 0.08% a year ago, driven by two customers.
Issued $158.1M senior credit linked notes in March 2023; net proceeds of $153.5M to reduce risk-weighted assets.
Uninsured deposits under 25% of total deposits; unused borrowing capacity $4.0B.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Merchants Bancorp reported first quarter of 2023 results: net income $55.0 million, EPS $1.07.

Period: first quarter of 2023
Net income: $55.0 million
EPS: $1.07
Result: reported results

Exact text from the filing

Merchants Bancorp (the “Company” or “Merchants”) (Nasdaq: MBIN), parent company of Merchants Bank of Indiana, today reported first quarter 2023 net income of $55.0 million, or diluted earnings per common share of $1.07. This compared to $50.1 million, or diluted earnings per common share of $1.02 in the first quarter of 2022, and compared to $57.2 million, or diluted earnings per common share of $1.12 in the fourth quarter of 2022.

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Source: SEC EDGAR

accession 0001104659-23-051440

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