Company: MBINL
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001558370-25-001941
Chunk: 29

Company: Merchants Bancorp
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 29
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Item 7. Management’s Discussion and Analysis of Financial Condition and the Results of Operations.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with “Selected Consolidated Financial Data” and our audited consolidated financial statements and the accompanying notes included elsewhere in this report. 

Discussion and Analysis of the Company’s financial condition and the results of operations for the year ended December 31, 2023 compared to the year ended December 31, 2022 is contained in Item 7 of Form 10-K for the year ended December 31, 2023 filed with the SEC on March 12, 2024.

This discussion and analysis contains forward-looking statements that are subject to known and unknown risks and uncertainties that could cause our results to differ materially from our expectations. Actual results and the timing of events may differ significantly from those expressed or implied by such forward-looking statements due to a number of factors, including those set forth under Item 1 - “ Special Note Regarding Forward Looking Statements,” Item 1A - “Risk Factors,” and elsewhere in this report. We assume no obligation to update any of these forward-looking statements.

Financial Highlights for the Year Ended December 31, 2024

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●Net income of $320.4 million increased $41.2 million, or 15%, compared to December 31, 2023. 

●Diluted earnings per share of $6.30 increased 12% compared to December 31, 2023.

●The $41.2 million, or 15% increase in net income compared to the year ended December 31, 2023 was primarily driven by a $74.5 million, or 17%, increase in net interest income, a $33.4 million, or 29% increase in noninterest income, and a $16.0 million, or 40%, decrease in provision for credit losses that was partially offset by a $49.2 million, or 28% increase in noninterest expense and a $33.6 million increase in provision for income taxes.  

●Tangible book value per common share of $34.15 increased 25% compared to $27.40 at December 31, 2023. 

●Total assets of $18.8 billion increased $1.9 billion, or 11%, compared to December 31, 2023.

●Loans receivable of $10.4 billion, net of allowance for credit losses on