Merchants Bancorp(US:MBIN)2025-05-09 20:05Financial Performance - Noninterest expense increased to $61,664 thousand in Q1 2025 from $48,912 thousand in Q1 2024, reflecting a rise of 26%[395] - Net interest income before provision for credit losses decreased to $122,196 thousand in Q1 2025 from $127,056 thousand in Q1 2024, a decline of 3%[395] - Total income fell to $145,889 thousand in Q1 2025 compared to $167,930 thousand in Q1 2024, representing a decrease of 13%[395] - The efficiency ratio worsened to 42.27% in Q1 2025 from 29.13% in Q1 2024, indicating increased operational costs relative to income[395] Equity and Assets - Total equity rose to $2,160,735 thousand in Q1 2025 from $1,776,468 thousand in Q1 2024, an increase of 22%[395] - Tangible common shareholders' equity increased to $1,601,376 thousand in Q1 2025 from $1,268,697 thousand in Q1 2024, a growth of 26%[395] - Assets grew to $18,797,800 thousand in Q1 2025 from $17,822,576 thousand in Q1 2024, reflecting an increase of 5.5%[395] - Tangible book value per common share increased to $34.90 in Q1 2025 from $29.26 in Q1 2024, a rise of 19%[395] Interest Rate Sensitivity - The company aims to limit the change in net interest income to 20% for a +/-100 basis point move in interest rates and 30% for a +/-200 basis point move[388] - Economic Value of Equity (EVE) results indicate that as interest rates rise, the economic value of equity is expected to decrease, with a projected change of -0.5% for a +200 basis point shift in rates as of March 31, 2025[390]