Merchants Bancorp Q2 net income $78.3M, up 106% YoY; EPS $1.48, up 147% YoY; assets hit $21.2B record

Merchants Bancorp

Net income $78.3M, diluted EPS $1.48, up 106% and 147% YoY respectively.
Total assets $21.2B (record); tangible book value $39.93 (30th consecutive quarterly high).
Credit quality improved: criticized loans down 12% QoQ to $444.7M; provision for credit losses down 83% YoY to $9.2M.
Net interest margin 2.81% (down 2bps YoY); gain on sale of loans down 44% YoY; loan servicing fees up 95% YoY.
Executed credit default swap on $169.9M multi-family loan pool; total deposits $14.3B, up 10% QoQ.

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