Merchants Bancorp Q2 net income $65.3M, EPS $1.31; credit loss provision up sharply

Merchants Bancorp

2023-Q2 EPS reported $2.38

Net income $65.3M, diluted EPS $1.31, up 21% and 18% vs Q2 2022 respectively.
Total assets $15.9B (+26% from Dec 2022); loans receivable $9.9B (+33% YTD).
Provision for credit losses $22.6M (+$16.4M YoY) driven by $14.8M credit events: multifamily charge-off and healthcare reserve.
Recorded $13.0M tax benefit from Indiana state tax apportionment change; expects 1.0-1.5% future tax rate reduction.
Uninsured deposits <20% of total deposits; unused borrowing capacity $5.3B (34% of assets).

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 0.9

Merchants Bancorp reported second quarter 2023 results: net income $65.3 million, EPS $1.31.

Period: second quarter 2023
Net income: $65.3 million
EPS: $1.31
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 second quarter 2023 net income of $65.3 million, or diluted earnings per common share of $1.31.

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Source: SEC EDGAR

accession 0001104659-23-084766

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