CARMEL, Ind. (AP) _ Merchants Bancorp (MBIN) on Thursday reported fourth-quarter net income of $59.8 million.

The bank, based in Carmel, Indiana, said it had earnings of $1.95 per share.

The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.49 per share.

The bank holding company posted revenue of $120.6 million in the period. Its revenue net of interest expense was $112 million, also topping Street forecasts. Three analysts surveyed by Zacks expected $91.2 million.

For the year, the company reported profit of $180.5 million, or $5.77 per share. Revenue was reported as $351.6 million.

Merchants Bancorp shares have risen 12% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $30.81, a rise of 66% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MBIN at https://www.zacks.com/ap/MBIN

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