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."
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