Financial Performance - Full year 2024 net income reached $320.4 million, a 15% increase compared to 2023[1] - Fourth quarter 2024 net income was $95.7 million, up 23% from Q4 2023 and 56% from Q3 2024[2] - Noninterest income for Q4 2024 increased by $24.7 million, or 72%, compared to Q4 2023[4] - Net income for Q4 2024 reached $95,666, representing a 56% increase from Q3 2024 and a 23% increase from Q4 2023[51] - Total income for the twelve months ended December 31, 2024, was $670,732,000, a 19% increase compared to $562,739,000 in 2023[55] - Noninterest income increased by 29% to $148,112,000 for the twelve months ended December 31, 2024, compared to $114,668,000 in 2023[55] Assets and Liabilities - Total assets increased to $18.8 billion, an 11% rise compared to December 31, 2023[7] - The company reported total assets of $18.8 billion and deposits of $11.9 billion as of December 31, 2024[39] - Total assets increased to $18,805,732 thousand as of December 31, 2024, up from $16,952,516 thousand a year earlier, representing a growth of 10.9%[44] - Total liabilities stood at $16,562,422 thousand, a decrease from $16,713,869 thousand in the previous quarter[44] - Total equity as of December 31, 2024, was $2,243,310,000, a 32% increase from $1,701,084,000 in 2023[56] Loans and Credit Quality - Loans receivable increased by $226.2 million, or 2%, compared to December 31, 2023[1] - Non-performing loans were $279.7 million, or 2.68% of gross loans, compared to 0.80% a year earlier[12] - The allowance for credit losses on loans was $84.4 million, an 18% increase from December 31, 2023[9] - The total delinquent loans to total loans ratio improved to 2.28% as of December 31, 2024, down from 2.69% in the previous quarter[64] - Nonperforming loans increased to $279,722 thousand as of December 31, 2024, compared to $210,902 thousand in the previous quarter, reflecting a rise of 32.6%[64] Deposits - Core deposits rose to $9.4 billion, a 16% increase from December 31, 2023[19] - Total deposits decreased by $2.1 billion, or 15%, compared to December 31, 2023[18] - Total deposits decreased to $11,919,976 thousand from $12,891,887 thousand in the previous quarter, reflecting a decline of 7.5%[44] - Noninterest-bearing deposits fell to $239,005 thousand, down 23.5% from $311,386 thousand in the previous quarter[44] Income and Expenses - Net Interest Income rose by $1.8 million, or 1%, to $134.6 million, driven by higher average balances on borrowings at lower interest rates[32] - Noninterest Expense increased by $10.6 million, or 20%, to $63.2 million, primarily due to higher salaries and a 61% increase in deposit insurance expenses[30] - Interest Expense decreased by $19.4 million, or 9%, to $186.7 million, primarily due to lower rates on certificates of deposit[35] - Total interest income for Q4 2024 was $321,346, a decrease of 5% from Q3 2024 but an increase of 3% year-over-year[47] Efficiency and Ratios - The efficiency ratio improved to 32.62%, a decrease of 838 basis points compared to 41.00%[38] - Return on average assets for Q4 2024 was 2.07%, an increase of 73 basis points from Q4 2023[51] - Return on average tangible common shareholders' equity for Q4 2024 was 22.10%, up 767 basis points from Q3 2024[53] Shareholder Value - Tangible book value per common share reached $34.15, a 25% increase from Q4 2023[1] - Basic earnings per share for Q4 2024 was $1.86, up 59% from Q3 2024 and 17% from Q4 2023[47] - Shareholders' equity increased to $2,243,310 thousand, compared to $1,939,107 thousand a year ago, marking a growth of 15.7%[45]
Merchants Bancorp(MBINL) - 2024 Q4 - Annual Results