Merchants Bancorp Q2 net income $76.4M (+17% YoY), EPS $1.49, assets record $18.2B

Merchants Bancorp

2024-Q2 EPS reported $3.29

Q2 2024 net income $76.4M (diluted EPS $1.49), up 17% YoY but down 12% QoQ.
Total assets record $18.2B (+7% from Dec 2023); tangible book value per share $31.27, up 30% YoY.
Completed 2.4M share offering netting $97.7M; CET1 ratio rose to 8.7%.
Net interest income $128.1M (+21% YoY), NIM 2.99% (+2bps); efficiency ratio improved to 31.59%.
Non-performing loans $143.5M (1.30% of loans), up from 0.80% at Dec 2023, mainly multi-family and healthcare.

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