Business
Merchants Bancorp Reports Full Year and Fourth Quarter 2020 Results
-- Full year 2020 net income of $180.5 million increased 133% compared to 2019 -- Full year 2020 diluted earnings per share of $5.77 increased 143% compared
About this update from Merchants Bancorp
[{"type":"text","content":"-- Full year 2020 net income of $180.5 million increased 133% compared to 2019\n -- Full year 2020 diluted earnings per share of $5.77 increased 143% compared to 2019\n -- Fourth quarter 2020 net income of $59.8 million increased 99% compared to the fourth quarter of 2019 and increased 9% compared to the third quarter of 2020\n -- Fourth quarter 2020 diluted earnings per common share of $1.95 increased 112% compared to the fourth quarter of 2019 and increased 9% compared to the third quarter of 2020\n -- Total assets of $9.6 billion increased $3.3 billion, or 51%, compared to December 31, 2019, driven by strong loan growth\n -- Total loans receivable and loans held for sale increased $3.5 billion, or 68%, compared to December 31, 2019, and increased $405.0 million, or 5%, compared to September 30, 2020\n -- Credit quality remained exceptionally high, with only 11 loans remaining in payment deferral arrangements due to COVID-19, having unpaid balances of only $0.9 million, or 0.01%, of total loans and loans held for sale\n -- Return on average assets was 2.57% in the fourth quarter of 2020 compared to 1.81% in the fourth quarter of 2019 and 2.34% in the third quarter of 2020\n\n\nCARMEL, Ind., Jan. 28, 2021 /PRNewswire/ -- Merchants Bancorp (the \"Company\" or \"Merchants\") (Nasdaq: MBIN), parent company of Merchants Bank of Indiana, today reported fourth quarter 2020 net income of $59.8 million, or diluted earnings per share of $1.95. This compared to $30.1 million, or diluted earnings per share of $0.92 in the fourth quarter of 2019, and compared to $55.0 million, or diluted earnings per share of $1.79 in the third quarter of 2020.\n\n \n \n \n \n \n \n\n \nThe $29.7 million, or 99%, increase in net income for the fourth quarter 2020 compared to the fourth quarter of 2019 was driven by a $31.6 million, or 84%, increase in net interest income that reflected significant growth in mortgage warehouse loans, and an 88% increase in gain on sale of loans, primarily from higher growth in both single-family and multi-family mortgages. \nThe $4.8 million, or 9%, increase in net income for the fourth quarter 2020 compared to the third quarter of 2020 was primarily driven by a $3.9 million, or 6%, increase in net interest income that also reflected significant growth in mortgage warehouse loans and a 20 basis point increase in the net int...