Merchants Bancorp(MBIN) - 2024 Q2 - Quarterly Results

Noninterest Expense of $50.4 million increased $1.5 million, or 3%, compared to $48.9 million, driven by a $2.7 million, or 54%, increase in other expenses associated with ongoing premium expense for the credit default swap that was executed in March 2024. This increase was partially offset by a $1.2 million decrease in salaries and employee benefits ● The efficiency ratio of 31.59% increased 246 basis points compared to 29.13%. Page | 7 Page | 3 As of June 30, 2024, Accumulated Other Comprehensive Losses ( ...