earnings
confidence high
sentiment negative
materiality 0.75
Merchants Bancorp Q3 net income $61.3M (-25% YoY); EPS $1.17 (-30% YoY); NPLs rise
Merchants Bancorp
2024-Q3 EPS reported
$4.45
- Diluted EPS of $1.17, down 30% YoY and 21% QoQ; net income fell 25% YoY to $61.3M.
- Non-performing loans hit $210.9M (2.04% of gross loans), up from $143.5M (1.30%) at June 30.
- Negative fair value adjustments on derivatives ($7.7M) and servicing rights ($6.7M) reduced EPS by $0.24.
- Tangible book value per share record $32.38 (+25% YoY); total assets $18.7B (+10% vs Dec 2023).
- Sold $629M healthcare bridge loans via REMIC; purchased $535M senior security with lower capital requirement.