Carmel-based Merchants Bancorp (Nasdaq: MBIN), the parent of Merchants Bank of Indiana, is reporting record second-quarter net income of $41.2 million, an increase of 150% over the same period last year. The bank says the increase was driven by growth in mortgage warehouse loans and single-family mortgages.
Chief Executive Officer Michael Petrie said, “During the second quarter, the unique, low-risk nature of our business model was a catalyst to delivering the highest asset levels and quarterly net income ever reported in the history of our company, despite being in the middle of an unprecedented global pandemic and an environment of historically low interest rates.”
Net income increased $16.6 million, or 67%, compared to the first quarter of 2020.
Michael Dunlap, president and chief operating officer of Merchants, added, “Our team has worked tirelessly to support our customers with their financing needs during the quarter, resulting in a 57% increase in total loans and loans held for sale since the end of December 2019 and a return on average assets of 1.89%. All our businesses delivered growth in loan volume that contributed significantly to our bottom line. Our Small Business Administration team also financed $88 million in loans during the second quarter through the Paycheck Protection Program.”
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