Carmel-based Merchants Bancorp (Nasdaq: MBIN), the parent of Merchants Bank of Indiana, is reporting second quarter net income of $53.9 million, compared to $51.4 million during the same period last year. Chief Executive Officer Michael Petrie says the bank continued to successfully manage its capital, liquidity, and resources as it expanded its product reach.
“With a tangible book value of $19.70 per share, an industry-leading return on average assets of 2.2% and efficiency ratio of 29.6% in the quarter, we have established significant momentum and anticipate continued strength in the second half of 2022 and beyond,” said Petrie.
The company is also reporting net interest income of $72 million increased $7.6 million.
“Achieving these superior results can be attributable to the tremendous efforts of our employees who operate with an entrepreneurial spirit and focus on continuous improvement,” Michael Dunlap, chief operating officer of Merchants. “Their successes have led to an expansion of our business platforms in a unique and powerful way that has benefited all our customers. We also believe that we are still in the early stages of reaping all the revenue opportunities from our investments.”
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