Business
Merchants Bancorp Reports Record Full Year and Fourth Quarter 2019 Results
- Full year 2019 record net income of $77.3 million increased 23% compared to 2018 - Full year 2019 net income per common share of $2.37 increased 14%
About this update from Merchants Bancorp
[{"type":"text","content":"- Full year 2019 record net income of $77.3 million increased 23% compared to 2018\n - Full year 2019 net income per common share of $2.37 increased 14% compared to 2018\n - Fourth quarter 2019 net income of $30.1 million increased 95% compared to the fourth quarter of 2018 and increased 48% compared to the third quarter of 2019\n - Fourth quarter net income per common share of $0.92 increased 80% compared to the fourth quarter of 2018 and increased 53% compared to the third quarter of 2019\n - Total assets of $6.4 billion increased $2.5 billion, or 64%, compared to December 31, 2018, driven by record-setting loan growth\n - Return on average assets reached 1.81% in the fourth quarter of 2019 compared to 1.61% in the fourth quarter of 2018 and 1.35% compared to the third quarter of 2019\n - Return on average tangible common shareholders' equity reached 25.65% in the fourth quarter of 2019 compared to 16.24% in the fourth quarter of 2018 and 18.17% in the third quarter of 2019\n\n\nCARMEL, Ind., Jan. 30, 2020 /PRNewswire/ -- Merchants Bancorp (the \"Company\" or \"Merchants\") (Nasdaq: MBIN), parent company of Merchants Bank of Indiana, today reported fourth quarter 2019 net income of $30.1 million, or $0.92 per common share. This compared to $15.4 million, or $0.51 per common share, in the fourth quarter of 2018 and $20.3 million, or $0.60 per common share, in the third quarter of 2019.\n\n \n \n\n \nThe 95% increase in net income for the fourth quarter 2019 compared to the fourth quarter of 2018 was primarily driven by a 56% increase in net interest income that reflected significant growth in mortgage warehouse loans, and a 31% increase in gain on sale of loans from significantly higher growth in multi-family loans.\nThe 48% increase in net income for the fourth quarter 2019 compared to the third quarter of 2019 was primarily driven by an 85% increase in gain on sale of loans from the multi-family business as well as a 15% increase in net interest income that benefited from 10% higher average loan balances and a 9 basis point increase in net interest margin.\n\"On many fronts, 2019 was an exceptional year at Merchants for record-setting results, as we grew total assets by 64%, raised over $171 million in net new capital, grew net income by 23%, and grew earnings per common share by 14%, compared to 2018. The robust increases we...