IPO, Acquisition Lead to Record Year For Merchants

Posted: Updated:
Merchants completed its Initial Public Offering in late October. Merchants completed its Initial Public Offering in late October.
CARMEL -

Carmel-based Merchants Bancorp (Nasdaq: MBIN) is reporting record full-year net income of $54.7 million in 2017, up from $33.1 million the previous year. The earnings report follows a big year for the parent of Merchants Bank of Indiana, which completed an Initial Public Offering in October.

Merchants is also reporting fourth quarter net income of $20.3 million, up from $8.8 million in the same period in 2016. During the quarter, Merchants subsidiary PR Mortgage & Investments subsidiary completed its acquisition of Connecticut-based RICHMAC Funding LLC. 

"We achieved record assets, loans, deposits, and net income, while maintaining well capitalized capital ratios that were increased by the proceeds of our initial public offering," said Michael Petrie, chief executive officer of Merchants. "We look forward to building on our success during 2018, which will be enhanced with the continued integration of RICHMAC Funding, and a more favorable tax environment. The additional equity from the IPO and the benefit of a lower tax rate will provide us with the capital needed to support additional growth in all of our segments."

You can connect to the full earnings report by clicking here.

  • Perspectives

    • Is Your Enterprise Ready For Digital Transformation?

      We are living in a historic era with accelerating market and technology disruptions that impact our lives and rapidly change how we do business. Cloud computing, advanced analytics, and digital technologies have the potential to transform how every company interacts with its customer. So, how do businesses keep up and (better yet) stay ahead? Enter the digital CIO. A new breed of CIO is emerging to lead companies through technology changes happening at record pace.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Big Military Diesel Engine Contract Goes to Cummins

      Columbus-based Cummins Inc. has secured a more than quarter-billion dollar U.S. Department of Defense contract. The deal involves new and remanufactured engines for the U.S. Army. The DOD says locations of where the work will be performed will be determined with each order. The contract is for procurement of new commercial, remanufactured and remanufactured conversion V903 Cummins series 600 and 675 horsepower diesel engines. Cummins bills itself as...

    • 'Best Places' in Indiana Reaches Record

      The Indiana Chamber of Commerce has released the 2018 list of Best Places to Work in Indiana. A record 125 companies are being honored this year and more than 50 are first-timers or returning after a year or more off the list. Employers in over two dozen communities are represented and the chamber will unveil the rankings of the Best Places honorees during a May 3 awards dinner at the Indiana Convention Center in downtown Indianapolis.

    • IDOE Names 'Four Star Schools'

      The Indiana Department of Education has released its list of Four Star Schools for the 2016-2017 academic year. The designation, which has been awarded for the past 30 years, aims to recognize great schools throughout the state. 

    • Cummins to Design Combat Engines That Elude the Enemy

      The monstrous, larger-than-life military tanks of tomorrow could be powered by Hoosier ingenuity. A recent $47 million defense contract delivers marching orders for Columbus-based Cummins Inc.: develop the next-generation engine to power U.S. combat vehicles, and it must be stronger, but smaller, and elusive to enemies’ efforts to spot it. 

    • On-Air

      Find out when and where you can watch and listen to our reports.