Merchants Bancorp (MBIN) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates

Core Insights - Merchants Bancorp reported revenue of $159.47 million for the quarter ended June 2024, reflecting a year-over-year increase of 17.7% [5] - The reported revenue was a surprise of -0.77% compared to the Zacks Consensus Estimate of $160.7 million, with an EPS of $1.49, which was -5.10% below the consensus estimate of $1.57 [1][5] Financial Metrics - Efficiency Ratio stood at 31.6%, slightly better than the average estimate of 31.7% [3] - Average Earning Assets were reported at $17.22 billion, compared to the estimated $17.33 billion [3] - Net interest margin was 3%, below the estimated 3.1% [3] - Loan servicing fees were $10.83 million, significantly higher than the estimated $5.50 million [3] - Other income reached $4.60 million, exceeding the average estimate of $3.60 million [3] - Net Interest Income was $128.12 million, lower than the estimated $135.02 million [3] - Syndication and asset management fees were $3.23 million, slightly below the estimated $3.50 million [3] - Gain on Sale of Loans was $11.17 million, above the estimated $10.60 million [3] - Mortgage warehouse fees were $1.52 million, lower than the estimated $1.97 million [3] - Total Noninterest Income was $31.35 million, surpassing the average estimate of $25.67 million [3] Stock Performance - Over the past month, shares of Merchants Bancorp have returned +29.7%, contrasting with the Zacks S&P 500 composite's -0.2% change [4] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [4]