Merchants Bancorp reported fourth-quarter 2024 net income of $95.7 million, or diluted earnings per common share of $1.85. This marks a 23% increase in net income compared to $77.5 million in Q4 2023 and a 56% increase from $61.3 million in Q3 2024.
For the full year 2024, the company achieved record net income of $320.4 million and earnings per share of $6.30. Total assets reached $18.8 billion, the highest in company history, and tangible book value per share increased 25% to an all-time high of $34.15 per share.
Despite an increase in non-performing loans to $279.7 million, or 2.68% of gross loans receivable, delinquency levels on total loans declined by $56.3 million to $324.6 million. The company also executed credit protection arrangements totaling $2.9 billion in loans in March and December 2024 to mitigate risk.
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