Business
Merchants Bancorp Reports Third Quarter 2021 Results
- Third quarter 2021 net income of $58.5 million increased 6% compared to the third quarter of 2020 and increased 14% compared to the second quarter of 2021 -
About this update from Merchants Bancorp
[{"type":"text","content":"- Third quarter 2021 net income of $58.5 million increased 6% compared to the third quarter of 2020 and increased 14% compared to the second quarter of 2021\n - Third quarter 2021 diluted earnings per common share of $1.83 increased 2% compared to the third quarter of 2020 and increased 16% compared to the second quarter of 2021\n - Assets reached another record level of $11.0 billion, increasing 11% compared to June 30, 2021, and increasing 14% compared to December 31, 2020.\n - Return on average assets was 2.29% in the third quarter of 2021 compared to 2.34% in the third quarter of 2020 and 2.14% in the second quarter of 2021\n - Tangible book value per common share reached a new record of $25.36 compared to $18.30 in the third quarter of 2020 and $23.59 in the second quarter of 2021\n - Credit quality remained strong, as nonperforming loans represented 0.05% of loans receivable compared to 0.05% at June 30, 2021 and 0.11% at December 31, 2020\n\n\n\n CARMEL, Indiana, Oct. 28, 2021 /PRNewswire/ -- Merchants Bancorp (the \"Company\" or \"Merchants\") (Nasdaq: MBIN), parent company of Merchants Bank of Indiana, today reported third quarter 2021 net income of $58.5 million, or diluted earnings per common share of $1.83. This compared to $55.0 million, or diluted earnings per common share of $1.79 in the third quarter of 2020, and compared to $51.4 million, or diluted earnings per common share of $1.58 in the second quarter of 2021.\n\n \n \n \n \n \n \n\n \n\"As total assets surpassed the $10 billion mark during the third quarter, Merchants continued to effectively manage its capital by organically growing its product offerings and expanding its customer base to deliver profitable growth, all while minimizing credit and interest rate risk. During the quarter our tangible book value reached $25.36 per common share, return on assets reached 2.29%, and our return on average tangible common equity was 29.8%,\" said Michael F. Petrie, Chairman and CEO of Merchants. \nMichael J. Dunlap, President and Chief Operating Officer of Merchants, added, \"The demand for affordable housing continues to grow and we have never been better positioned to offer both debt and equity products to support our multi-family customers. Our low-income housing tax credit syndication business was launched late last year and has already closed several funds. We...