0001104659-21-056550.txt : 20210428 0001104659-21-056550.hdr.sgml : 20210428 20210428160804 ACCESSION NUMBER: 0001104659-21-056550 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20210428 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210428 DATE AS OF CHANGE: 20210428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Merchants Bancorp CENTRAL INDEX KEY: 0001629019 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 205747400 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38258 FILM NUMBER: 21864274 BUSINESS ADDRESS: STREET 1: 410 MONON BLVD CITY: CARMEL STATE: IN ZIP: 46032 BUSINESS PHONE: 3175697420 MAIL ADDRESS: STREET 1: 410 MONON BLVD CITY: CARMEL STATE: IN ZIP: 46032 8-K 1 tm2114328d1_8k.htm FORM 8-K
0001629019 false 0001629019 2021-04-28 2021-04-28 0001629019 us-gaap:CommonStockMember 2021-04-28 2021-04-28 0001629019 us-gaap:SeriesAPreferredStockMember 2021-04-28 2021-04-28 0001629019 us-gaap:SeriesCPreferredStockMember 2021-04-28 2021-04-28 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 

United States

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549  

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): April 28, 2021

 

 

 

Merchants Bancorp

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Indiana   001-38258   20-5747400

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

410 Monon Boulevard
Carmel, Indiana 46032
(Address of Principal Executive Offices) (Zip Code)

 

(317) 569-7420

(Registrant’s Telephone Number, Including Area Code)

 

Not Applicable
(Former name or former address, if changed since last report)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
¨  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
¨  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
¨  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, without par value MBIN NASDAQ
Series A Preferred Stock, without par value MBINP NASDAQ
Depositary Shares, each representing a 1/40th interest in a share of Series B Preferred Stock, without par value MBINO NASDAQ
Depositary Shares, each representing a 1/40th interest in a share of Series C Preferred Stock, without par value MBINN NASDAQ

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

  Emerging growth company x

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

Item 2.02. Results of Operations and Financial Condition.

 

On April 28, 2021, Merchants Bancorp issued a press release reporting its financial results for the first quarter of 2021. The press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit
No.

  

Description

   
99.1   Press Release dated April 28, 2021 issued by Merchants Bancorp.
104   Cover Page Interactive Data File. The cover page XBRL tags are embedded within the inline XBRL document.

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  MERCHANTS BANCORP
     
     
Date: April 28, 2021 By:  /s/ John F. Macke
    Name: John F. Macke
    Title: Chief Financial Officer

 

 

 

 EX-99.1 2 tm2114328d1_ex99-1.htm EXHIBIT 99.1

 

 

 

Exhibit 99.1

 

 

 

PRESS RELEASE

 

Merchants Bancorp Reports First Quarter 2021 Results

 

For Release April 28, 2021

 

·First quarter 2021 net income of $62.0 million increased 152% compared to the first quarter of 2020 and increased 4% compared to the fourth quarter of 2020

 

·First quarter 2021 diluted earnings per common share of $2.02 increased 177% compared to the first quarter of 2020 and increased 4% compared to the fourth quarter of 2020

 

·Total assets of $9.7 billion increased $1.8 billion, or 23%, compared to March 31, 2020, driven by a 63% increase in loans receivable, and increased 1% compared to the fourth quarter of 2020

 

·Return on average assets was 2.49% in the first quarter of 2021 compared to 1.49% in the first quarter of 2020 and 2.57% in the fourth quarter of 2020

 

·Credit quality remained strong, as nonperforming loans decreased to 0.08% of loans receivable compared to 0.19% at March 31, 2020 and 0.11% at December 31, 2020

 

·The Company completed a successful offering of its 6% Series C preferred stock on March 23, 2021, raising $144.9 million, net of offering costs, in new capital

 

·On April 15, 2021, all 41,625 shares of the Company’s 8% preferred stock were redeemed for $41.6 million, and are expected to be replaced by a private offering of depositary shares of its 6% Series C preferred stock for those 8% preferred shareholders.

 

CARMEL, Indiana – (PR Newswire) - Merchants Bancorp (the “Company” or “Merchants”) (Nasdaq: MBIN), parent company of Merchants Bank of Indiana, today reported first quarter 2021 net income of $62.0 million, or diluted earnings per common share of $2.02. This compared to $24.6 million, or diluted earnings per common share of $0.73 in the first quarter of 2020, and compared to $59.8 million, or diluted earnings per common share of $1.95 in the fourth quarter of 2020.

 

The $37.4 million, or 152%, increase in net income for the first quarter 2021 compared to the first quarter of 2020 was driven by a $33.6 million, or 88%, increase in net interest income that reflected significant growth in multi-family and mortgage warehouse loans. The first quarter of 2021 also benefited from a $13.8 million increase in loan servicing fees compared to the first quarter of 2020, which was primarily associated with a positive fair market value adjustment to mortgage servicing rights.

 

  

 

 

The $2.2 million, or 4%, increase in net income for the first quarter 2021 compared to the fourth quarter of 2020 was primarily driven by a $4.9 million increase in loan servicing fees that was primarily associated with a positive fair market value adjustment to mortgage servicing rights.

 

“We are pleased to have started off 2021 with the highest quarterly earnings in Company history, at $2.02 per share, and to be named by S&P Global as the 3rd best performing bank in the nation with assets between $3 and $10 billion. Our business model is designed to continue performing well in all interest rate environments, even as the refinancing boom starts to show signs of slowing down compared to its record pace in 2020. With a tangible book value of $22.09 per share, and industry-leading return on average assets of 2.49% and an efficiency ratio of 26.0% in the quarter, we remain proud of the results we are delivering,” said Michael F. Petrie, Chairman and CEO of Merchants.

 

Michael J. Dunlap, President and Chief Operating Officer of Merchants, added, “The additional capital raised during the first quarter further enhances our ability to generate profitable growth for the foreseeable future and we remain confident that our team will remain focused on maintaining our reputation for having exceptionally high credit quality standards.”

 

Total Assets

 

Total assets of $9.7 billion at March 31, 2021 increased $1.8 billion, or 23%, compared to March 31, 2020, and increased $59.9 million, or 1%, compared to December 31, 2020.

 

The 23% increase compared to March 31, 2020 was primarily due to growth in loans receivable, which increased by 63%, to $2.2 billion. The increase primarily reflected higher loan volume generated in multi-family business.

 

Return on average assets was 2.49% for the first quarter of 2021 compared to 1.49% for the first quarter of 2020 and 2.57% for the fourth quarter of 2020.

 

Asset Quality

 

The allowance for loan losses of $29.1 million at March 31, 2021 increased $10.2 million compared to March 31, 2020 and increased $1.6 million compared to December 31, 2020. The increases were primarily based on growth in the loan portfolio, but also reflected uncertainties surrounding the COVID-19 pandemic. Approximately 91% of the $10.2 million increase compared to March 31, 2020, was related primarily to loan growth and portfolio mix, while an additional provision associated with the COVID-19 pandemic represented approximately $0.6 million, or 6%, of the increase. Because it is still too early to know the full extent of potential future losses associated with the impact of COVID-19, the Company continues to monitor the situation and may need to adjust future expectations as developments occur.

 

Page | 2  

 

 

Merchants believes it has minimal direct exposure to consumer, commercial and other small businesses that may be negatively impacted by COVID-19 but continues to assist customers facing financial setbacks. As of March 31, 2021, the Company had only 9 loans remaining in payment deferral arrangements, with unpaid balances of $37.2 million. The increase compared to $0.9 million at December 31, 2020 reflected one multi-family loan for which full repayment is expected and is fully collateralized.

 

Non-performing loans were $4.7 million, or 0.08%, of loans receivable at March 31, 2021, compared to $6.6 million, or 0.19% of loans receivable at March 31, 2020, and compared to $6.3 million, or 0.11% of loans receivable at December 31, 2020.

 

Total Deposits

 

Total deposits of $8.1 billion at March 31, 2021 increased $1.3 billion, or 20%, compared to March 31, 2020, and increased $655.1 million, or 9%, compared to December 31, 2020. The increase compared to March 31, 2020 was primarily due to growth in traditional demand accounts, as the Company significantly reduced its balances of brokered certificates of deposits.

 

Total brokered deposits of $858.2 million at March 31, 2021 decreased $2.0 billion, or 70%, from March 31, 2020 and decreased $315.6 million, or 27%, from December 31, 2020. Brokered deposits represented 11% of total deposits at March 31, 2021 compared to 42% of total deposits at March 31, 2020 and 16% of total deposits at December 31, 2020.

 

Liquidity

 

The Company continues to have significant borrowing capacity, with unused lines of credit at $3.7 billion at March 31, 2021, up from $2.6 billion at December 31, 2020. This liquidity enhances the ability to effectively manage interest expense and asset levels in the future. The Company began utilizing the Federal Reserve’s discount window and the Paycheck Protection Program Liquidity Facility (“PPPLF”) during 2020, which have contributed to lower interest expenses and increased borrowing capacity. Participation in the American Financial Exchange began during the first quarter of 2021 and is also contributing to lower interest expense and increased borrowing capacity.

 

Page | 3  

 

 

Net Interest Income

 

Net interest income of $72.0 million in the first quarter of 2021 increased $33.6 million, or 88%, compared to the first quarter of 2020 and increased $2.7 million, or 4%, compared to the fourth quarter of 2020.

 

The 88% increase in net interest income compared to the first quarter of 2020 reflected significantly higher loan growth and higher net interest margin. The interest rate spread of 2.93% for the first quarter of 2021 increased 74 basis points compared to 2.19% in the first quarter of 2020. The net interest margin of 2.99% for the first quarter of 2021 increased 59 basis points compared to 2.40% for the first quarter of 2020. The increase in net interest margin compared to the first quarter of 2020 reflected higher loan volume and lower funding costs that outpaced the lower interest rates on loans.

 

The 4% increase in net interest income compared to the fourth quarter of 2020 reflected higher loan growth that offset slightly lower margins. The interest rate spread of 2.93% for the first quarter of 2021 decreased 2 basis points compared to 2.95% in the fourth quarter of 2020. The net interest margin of 2.99% for the first quarter of 2021 also decreased 2 basis points compared to 3.01% for the fourth quarter of 2020.

 

Interest Income

 

Interest income of $79.5 million in the first quarter of 2021 increased $19.1 million, or 32%, compared to the first quarter of 2020 and increased $1.6 million, or 2%, compared to the fourth quarter of 2020.

 

The 32% increase in interest income compared to the first quarter of 2020 was primarily due to significant loan growth that was partially offset by lower rates. The higher interest income reflected a $3.4 billion, or 67%, increase in the average balance of loans, including loans held for sale, which reached $8.4 billion for the first quarter of 2021. The average yield on loans and loans held for sale of 3.66% for the first quarter of 2021 decreased 64 basis points compared to 4.30% for the first quarter of 2020. The decline in average yields reflected higher loan volume and lower overall interest rates in the first quarter of 2021.

 

The 2% increase in interest income compared to the fourth quarter of 2020 reflected a $237.7 million, or 3%, increase in the average balance of loans, including loans held for sale, which reached $8.4 billion for the first quarter of 2021. The average yield on loans and loans held for sale of 3.66% for the first quarter of 2021 increased 2 basis points compared to 3.64% for the fourth quarter of 2020.

 

Page | 4  

 

 

Interest Expense

 

Total interest expense decreased $14.5 million, or 66%, to $7.6 million for the first quarter of 2021 compared to the first quarter of 2020 and decreased $1.1 million, or 13%, compared to the fourth quarter of 2020. Interest expense on deposits of $6.1 million for the first quarter of 2021 decreased $14.5 million, or 70%, compared to the first quarter of 2020 and decreased $1.0 million, or 14%, compared to the fourth quarter of 2020.

 

The 70% decrease in interest expense on deposits compared to the first quarter of 2020 was primarily due to significant decreases in balances and rates of brokered certificates of deposits, as well as higher balances of custodial interest-bearing checking accounts with warehouse customers that are tied to short-term LIBOR rates, which declined significantly. The average balance of interest-bearing deposits of $7.5 billion for the first quarter of 2021 increased $2.1 billion, or 40%, compared to the first quarter of 2020. The average yield of interest-bearing deposits was 0.33% for the first quarter of 2021, which was a 122 basis point decrease compared to 1.55% for the first quarter of 2020.

 

The 14% decrease in interest expense on deposits compared to the fourth quarter of 2020 was primarily due to the higher volume and lower rates for money market accounts. The average balance of interest-bearing deposits of $7.5 billion for the first quarter of 2021 increased $642.6 million, or 9%, compared to the fourth quarter of 2020. The average yield of interest-bearing deposits was 0.33% for the first quarter of 2021, which was an 8 basis point decrease compared to 0.41% in the fourth quarter of 2020.

 

Noninterest Income

 

Noninterest income of $43.9 million for the first quarter of 2021 increased $24.0 million, or 121%, compared to the first quarter of 2020 and increased $1.2 million, or 3%, compared to the fourth quarter of 2020.

 

The 121% increase in noninterest income compared to the first quarter of 2020 was primarily due to a $7.5 million, or 35%, increase in gain on sale of loans and a $13.8 million, or 237%, increase, in loan servicing fees. Loan servicing fees for the first quarter of 2021 included a $6.9 million positive fair market value adjustment to mortgage servicing rights, which compared to a $6.5 million negative fair market value adjustment for the first quarter of 2020.

 

Page | 5  

 

 

The 3% increase in noninterest income compared to the fourth quarter of 2020 was primarily due to a $4.9 million increase in loan servicing fees. Included in loan servicing fees for the first quarter of 2021 was a $6.9 million positive fair market value adjustment to mortgage servicing rights, which compared to a $2.1 million positive fair market value adjustment for the fourth quarter of 2020.

 

At March 31, 2021, the mortgage servicing rights asset was valued at $96.2 million, an increase of 37% compared to March 31, 2020 and an increase of 16% compared to December 31, 2020. These increases were driven by higher loan balances of mortgages serviced and higher interest rates that impacted fair market value adjustments in the first quarter of 2021. The value of mortgage servicing rights generally increases in rising interest rate environments and declines in falling interest rate environments.

 

Noninterest Expense

 

Noninterest expense of $30.1 million for the first quarter of 2021 increased $7.8 million, or 35%, compared to the first quarter of 2020 and increased $2.6 million, or 10%, compared to the fourth quarter of 2020.

 

The 35% increase in noninterest expense compared to the first quarter of 2020 was due primarily to a $7.0 million, or 49%, increase in salaries and employee benefits to support higher loan production volumes and a $1.4 million, or 117%, increase in loan expenses. The efficiency ratio of 26.0% for the first quarter of 2021 compared to 38.3% for the first quarter of 2020.

 

The 10% increase in noninterest expense compared to the fourth quarter of 2020 was primarily due to a $4.7 million, or 28%, increase in salaries and employee benefits to support higher loan production volumes. The efficiency ratio of 26.0% for the first quarter of 2021 compared to 24.5% for the fourth quarter of 2020.

 

Segments

 

For the first quarter of 2021, net income for Banking increased 190% from to the first quarter of 2020, reflecting higher net interest income and loan servicing fees that reflected a positive fair market value adjustment of $4.7 million on single-family mortgage servicing rights during the first quarter of 2021, compared to no adjustments in the first quarter of 2020. Net income for this segment increased 40% from the fourth quarter of 2020, reflecting higher net interest income and a positive fair market value adjustment of $4.7 million on mortgage servicing rights during the first quarter of 2021 compared to a negative adjustment of $0.5 million during the fourth quarter of 2020.

 

Page | 6  

 

 

For the first quarter of 2021, net income for Mortgage Warehousing increased 135% compared to the first quarter of 2020, reflecting significant growth in net interest income from higher loan volume. Compared to the fourth quarter of 2020, net income for this segment decreased 10%, as warehouse lines of credit and loans held for sale declined, consistent with industry volumes.

 

For the first quarter of 2021, net income for Multi-family Mortgage Banking increased 122% compared with the first quarter of 2020, primarily due to higher noninterest income from gain on sale of loans and loan servicing fees that reflected a positive fair market value adjustment of $2.1 million on mortgage servicing rights in the first quarter of 2021 compared to a negative fair market value adjustment of $6.5 million in the first quarter of 2020. Compared to the fourth quarter of 2020, net income for this segment decreased 16%, reflecting higher salaries and employee benefits to support higher loan production volume, an increase in gain on sale, and a positive fair market value adjustment of $2.1 million on mortgage servicing rights in the first quarter of 2021 compared to a positive fair market value adjustment of $2.7 million in the first quarter of 2020.

 

About Merchants Bancorp

 

Merchants Bancorp is a diversified bank holding company headquartered in Carmel, Indiana operating multiple lines of business, including Federal Housing Administration ("FHA") multi-family housing and healthcare facility financing and servicing; mortgage warehouse financing; retail and correspondent residential mortgage banking; agricultural lending; and traditional community banking. Merchants Bancorp, with $9.7 billion in assets and $8.1 billion in deposits as of March 31, 2021, conducts its business primarily through its direct and indirect subsidiaries, Merchants Bank of Indiana, Merchants Capital Corp., Farmers-Merchants Bank of Illinois, Merchants Capital Servicing, LLC, and Merchants Mortgage, a division of Merchants Bank of Indiana. For more information and financial data, please visit Merchants’ Investor Relations page at investors.merchantsbancorp.com.

 

Page | 7  

 

 

Forward-Looking Statements

 

This press release contains forward-looking statements which reflect management’s current views with respect to, among other things, future events and financial performance. These statements are often, but not always, made through the use of words or phrases such as "may," "might," "should," "could," "predict," "potential," "believe," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "goal," "target," "outlook," "aim," "would," "annualized" and "outlook," or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about the industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control, such as the potential impacts of the COVID-19 pandemic. Accordingly, management cautions that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause actual results to differ materially from those indicated in these forward-looking statements, including the impacts of the COVID-19 pandemic, such as the severity, magnitude, duration and businesses’ and governments’ responses thereto, on the Company’s operations and personnel, and on activity and demand across its businesses, and other factors identified in "Risk Factors" or "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company’s Annual Report on Form 10-K and other periodic filings with the Securities and Exchange Commission. Any forward-looking statements presented herein are made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

 

MEDIA CONTACT: REBECCA MARSH

Merchants Bancorp

Phone: (317) 805-4356

Email: rmarsh@merchantsbankofindiana.com

 

INVESTOR CONTACT: JOHN MACKE

Merchants Bancorp

Phone: (317) 536-7421

Email: jmacke@merchantsbankofindiana.com

 

Page | 8  

 

 

 

Consolidated Balance Sheets
(Unaudited)
(In thousands, except share data)
                     
   March 31,   December 31,   September 30,   June 30,   March 31, 
   2021   2020   2020   2020   2020 
Assets                         
Cash and due from banks  $12,003   $10,063   $9,276   $13,830   $8,168 
Interest-earning demand accounts   257,436    169,665    419,926    389,357    559,914 
Cash and cash equivalents   269,439    179,728    429,202    403,187    568,082 
Securities purchased under agreements to resell   6,544    6,580    6,616    6,651    6,685 
Mortgage loans in process of securitization   432,063    338,733    374,721    518,788    465,157 
Available for sale securities   241,691    269,802    278,861    259,656    339,053 
Federal Home Loan Bank (FHLB) stock   70,656    70,656    70,656    53,224    46,156 
Loans held for sale (includes $57,998, $40,044, $41,418, $42,000 and $18,938, respectively, at fair value)   2,749,662    3,070,154    3,319,619    3,877,769    2,796,008 
Loans receivable, net of allowance for loan losses of $29,091, $27,500, $23,436, $20,497 and $18,883, respectively   5,710,291    5,507,926    4,857,554    4,133,315    3,501,770 
Premises and equipment, net   31,261    29,761    29,261    29,362    29,415 
Mortgage servicing rights   96,215    82,604    75,772    72,889    69,978 
Interest receivable   22,111    21,770    19,130    18,574    18,139 
Goodwill   15,845    15,845    15,845    15,845    15,845 
Intangible assets, net   2,136    2,283    2,657    3,038    3,419 
Other assets and receivables   57,346    49,533    50,581    47,102    48,691 
Total assets  $9,705,260   $9,645,375   $9,530,475   $9,439,400   $7,908,398 
Liabilities and Shareholders' Equity                         
  Liabilities                         
Deposits                         
Noninterest-bearing  $818,621   $853,648   $666,081   $601,265   $327,805 
Interest-bearing   7,244,560    6,554,418    6,418,566    6,307,363    6,394,900 
Total deposits   8,063,181    7,408,066    7,084,647    6,908,628    6,722,705 
Borrowings   545,160    1,348,256    1,618,201    1,761,113    444,567 
Deferred and current tax liabilities, net   41,610    20,405    22,405    21,020    25,013 
Other liabilities   44,054    58,027    48,087    40,441    43,144 
Total liabilities   8,694,005    8,834,754    8,773,340    8,731,202    7,235,429 
Commitments and  Contingencies                         
Shareholders' Equity                         
Common stock, without par value                         
Authorized - 50,000,000 shares                         
Issued and outstanding - 28,782,139 shares, 28,747,083 shares, 28,745,614 shares, 28,745,614 shares and 28,742,484 shares, respectively   136,474    135,857    136,103    135,949    135,746 
Preferred stock, without par value - 5,000,000 total shares authorized                         
8% Preferred stock - $1,000 per share liquidation preference                         
Authorized - 50,000 shares                         
Issued and outstanding - 41,625 shares   41,581    41,581    41,581    41,581    41,581 
7% Series A Preferred stock - $25 per share liquidation preference                         
Authorized - 3,500,000 shares                         
Issued and outstanding - 2,081,800 shares   50,221    50,221    50,221    50,221    50,221 
6% Series B Preferred stock - $1,000 per share liquidation preference                         
Authorized - 125,000 shares                         
Issued and outstanding - 125,000 shares (equivalent to 5,000,000 depositary shares)   120,844    120,844    120,844    120,844    120,844 
6% Series C Preferred stock - $1,000 per share liquidation preference                         
Authorized - 200,000 shares                         
Issued and outstanding - 150,000 shares at March 31, 2021 (equivalent to 6,000,000 depositary shares)   144,925    —    —    —    — 
Retained earnings   516,961    461,744    407,979    358,895    323,651 
Accumulated other comprehensive income   249    374    407    708    926 
Total shareholders' equity   1,011,255    810,621    757,135    708,198    672,969 
Total liabilities and shareholders' equity  $9,705,260   $9,645,375   $9,530,475   $9,439,400   $7,908,398 

 

 

 

 

Consolidated Statement of Income

(Unaudited)

(In thousands, except share data)

 

   Three Months Ended 
   March 31,   December 31,   March 31, 
   2021   2020   2020 
Interest Income               
Loans  $75,517   $74,515   $53,564 
Mortgage loans in process of securitization   3,136    2,542    2,796 
Investment securities:               
Available for sale - taxable   354    422    1,322 
Available for sale - tax exempt   11    11    37 
Federal Home Loan Bank stock   384    341    239 
Other   147    80    2,459 
Total interest income   79,549    77,911    60,417 
Interest Expense               
Deposits   6,100    7,106    20,630 
Borrowed funds   1,486    1,568    1,434 
Total interest expense   7,586    8,674    22,064 
Net Interest Income   71,963    69,237    38,353 
Provision for loan losses   1,663    4,114    2,998 
Net Interest Income After Provision for Loan Losses   70,300    65,123    35,355 
Noninterest Income               
Gain on sale of loans   28,620    28,830    21,166 
Loan servicing fees, net   7,951    3,069    (5,824)
Mortgage warehouse fees   4,116    5,926    2,746 
Other income   3,249    4,901    1,814 
Total noninterest income   43,936    42,726    19,902 
Noninterest Expense               
Salaries and employee benefits   21,274    16,565    14,240 
Loan expenses   2,523    2,938    1,164 
Occupancy and equipment   1,627    1,438    1,492 
Professional fees   422    1,657    569 
Deposit insurance expense   671    759    1,786 
Technology expense   937    832    610 
Other expense   2,630    3,276    2,432 
Total noninterest expense   30,084    27,465    22,293 
Income Before Income Taxes   84,152    80,384    32,964 
Provision for income taxes   22,169    20,598    8,381 
Net Income  $61,983   $59,786   $24,583 
   Dividends on preferred stock   (3,757)   (3,618)   (3,618)
Net Income Allocated to Common Shareholders   58,226    56,168    20,965 
Basic Earnings Per Share  $2.02   $1.95   $0.73 
Diluted Earnings Per Share  $2.02   $1.95   $0.73 
Weighted-Average Shares Outstanding               
Basic   28,772,092    28,745,767    28,734,632 
Diluted   28,850,414    28,812,009    28,759,412 

 

 

 

 

 

Key Operating Results

(Unaudited)

($ in thousands, except share data)

 

   Three Months Ended 
   March 31,   December 31,   March 31, 
   2021   2020   2020 
Noninterest expense  $30,084   $27,465   $22,293 
Net interest income (before provision for losses)   71,963    69,237    38,353 
Noninterest income   43,936    42,726    19,902 
Total income  $115,899   $111,963   $58,255 
                
Efficiency ratio   25.96%   24.53%   38.27%
                
Average assets  $9,952,911   $9,317,570   $6,604,394 
Net income  $61,983   $59,786   $24,583 
Return on average assets before annualizing   0.62%   0.64%   0.37%
Annualization factor   4.00    4.00    4.00 
Return on average assets   2.49%   2.57%   1.49%
Return on average tangible common shareholders' equity (1)   38.32%   40.64%   19.19%
Tangible book value per common share (1)  $22.09   $20.17   $15.35 
Tangible common shareholders' equity/tangible assets (1)   6.56%   6.02%   5.59%

 

(1) Non-GAAP financial measure - see "Reconciliation of Non-GAAP Measures"  

 

(1) Reconciliation of Non-GAAP Financial Measures

 

Certain non-GAAP financial measures provide useful information to management and investors that is supplementary to the company's financial condition, results of operations and cash flows computed in accordance with GAAP; however, they do have a number of limitations.  As such, the reader should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable  to non-GAAP financial measures that other companies use.  A reconciliation of GAAP to non-GAAP financial measures is below.  Net Income Available to Common Shareholders excludes preferred stock.  Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets and preferred stock from the calculation of total assets.  Tangible Assets is calculated by excluding the balance of goodwill and intangible assets.  Tangible book value per share is calculated by dividing tangible common equity by the number of shares outstanding. 

 

   Three Months Ended 
   March 31,   December 31,   March 31, 
   2021   2020   2020 
Net income  $61,983   $59,786   $24,583 
Less: preferred stock dividends   (3,757)   (3,618)   (3,618)
Net income available to common shareholders  $58,226   $56,168   $20,965 
                
Average shareholders' equity  $852,900   $783,837   $669,169 
Less: average goodwill & intangibles   (18,057)   (18,334)   (19,483)
Less: average preferred stock   (227,115)   (212,646)   (212,646)
Tangible common shareholders' equity  $607,728   $552,857   $437,040 
                
Annualization factor   4.00    4.00    4.00 
Return on average tangible common shareholders' equity   38.32%   40.64%   19.19%
                
Total equity  $1,011,255   $810,621   $672,969 
Less: goodwill and intangibles   (17,981)   (18,128)   (19,264)
Less: preferred stock   (357,571)   (212,646)   (212,646)
Tangible common shareholders' equity  $635,703   $579,847   $441,059 
                
Assets  $9,705,260   $9,645,375   $7,908,398 
Less: goodwill and intangibles   (17,981)   (18,128)   (19,264)
Tangible assets  $9,687,279   $9,627,247   $7,889,134 
                
Ending common shares   28,782,139    28,747,083    28,742,484 
                
Tangible book value per common share  $22.09   $20.17   $15.35 
Tangible common shareholders' equity/tangible assets   6.56%   6.02%   5.59%

 

 

 

Merchants Bancorp

Average Balance Analysis

($ in thousands)

(Unaudited)

 

   Three Months Ended   Three Months Ended   Three Months Ended 
   March 31, 2021   December 31, 2020   March 31, 2020 
   Average       Yield/   Average       Yield/   Average       Yield/ 
   Balance   Interest   Rate   Balance   Interest   Rate   Balance   Interest   Rate 
Assets:                                             
                                              
Interest-bearing deposits, and other  $610,884   $531    0.35%  $328,635   $421    0.51%  $777,820   $2,698    1.40%
Securities available for sale - taxable   267,428    354    0.54%   276,358    422    0.61%   293,964    1,322    1.81%
Securities available for sale - tax exempt   1,366    11    3.27%   1,368    11    3.20%   5,305    37    2.81%
Mortgage loans in process of securitization   500,234    3,136    2.54%   397,237    2,542    2.55%   349,746    2,796    3.22%
Loans and loans held for sale   8,379,227    75,517    3.66%   8,141,559    74,515    3.64%   5,012,324    53,564    4.30%
     Total interest-earning assets   9,759,139    79,549    3.31%   9,145,157    77,911    3.39%   6,439,159    60,417    3.77%
Allowance for loan losses   (28,308)             (24,684)             (15,841)          
Noninterest-earning assets   222,080              197,097              181,076           
                                              
Total assets  $9,952,911             $9,317,570             $6,604,394           
                                              
Liabilities & Shareholders' Equity:                                             
                                              
Interest-bearing checking   4,806,665    1,210    0.10%   4,301,607    1,256    0.12%   2,064,967    6,891    1.34%
Savings deposits   192,196    37    0.08%   185,515    41    0.09%   163,154    58    0.14%
Money market   2,065,218    3,738    0.73%   1,734,321    4,312    0.99%   1,143,249    4,575    1.61%
Certificates of deposit   416,426    1,115    1.09%   616,493    1,497    0.97%   1,964,622    9,106    1.86%
    Total interest-bearing deposits   7,480,505    6,100    0.33%   6,837,936    7,106    0.41%   5,335,992    20,630    1.55%
                                              
Borrowings   810,856    1,486    0.74%   990,707    1,568    0.63%   289,263    1,434    1.99%
    Total interest-bearing liabilities   8,291,361    7,586    0.37%   7,828,643    8,674    0.44%   5,625,255    22,064    1.58%
                                              
Noninterest-bearing deposits   740,807              634,231              235,020           
Noninterest-bearing liabilities   67,843              70,858              74,950           
                                              
    Total liabilities   9,100,011              8,533,732              5,935,225           
                                              
    Shareholders' equity   852,900              783,837              669,169           
                                              
Total liabilities and shareholders' equity  $9,952,911             $9,317,569             $6,604,394           
                                              
Net interest income       $71,963             $69,237             $38,353      
                                              
Net interest spread             2.93%             2.95%             2.19%
                                              
Net interest-earning assets  $1,467,778             $1,316,514             $813,904           
                                              
Net interest margin             2.99%             3.01%             2.40%
                                              
Average interest-earning assets to average interest-bearing liabilities             117.70%             116.82%             114.47%

 

 

 

Supplemental Results

(Unaudited)

($ in thousands)

 

   Net Income 
   Three Months Ended 
   March 31,   December 31,   March 31, 
   2021   2020   2020 
Segment               
Multi-family Mortgage Banking  $11,961   $14,231   $5,399 
Mortgage Warehousing   29,183    32,387    12,437 
Banking   23,025    16,389    7,950 
Other   (2,186)   (3,221)   (1,203)
Total  $61,983   $59,786   $24,583 

 

   Total Assets 
   March 31,   December 31,   March 31, 
   2021   2020   2020 
Segment               
Multi-family Mortgage Banking  $219,954   $210,714   $180,772 
Mortgage Warehousing   4,383,759    4,893,513    4,362,423 
Banking   5,010,799    4,498,880    3,323,750 
Other   90,748    42,268    41,453 
Total  $9,705,260   $9,645,375   $7,908,398 

 

   Gain on Sale of Loans 
   Three Months Ended 
   March 31,   December 31,   March 31, 
   2021   2020   2020 
Loan Type               
Multi-family  $22,836   $17,070   $18,852 
Single-family   4,213    10,902    2,074 
Small Business Association (SBA)   1,571    858    240 
Total  $28,620   $28,830   $21,166 

 

   Loans Receivable and Loans Held for Sale 
   March 31,   December 31,   March 31, 
   2021   2020   2020 
Mortgage warehouse lines of credit  $1,334,548   $1,605,745   $1,083,776 
Residential real estate   731,334    678,848    421,978 
Multi-family and healthcare financing   3,206,633    2,749,020    1,435,206 
Commercial and commercial real estate   357,682    387,294    468,668 
Agricultural production and real estate   96,108    101,268    92,498 
Consumer and margin loans   13,077    13,251    18,527 
    5,739,382    5,535,426    3,520,653 
    Less: Allowance for loan losses   29,091    27,500    18,883 
Loans receivable  $5,710,291   $5,507,926   $3,501,770 
                
Loans held for sale   2,749,662    3,070,154    2,796,008 
Total loans, net of allowance  $8,459,953   $8,578,080   $6,297,778 

 

 

 EX-101.SCH 3 mbin-20210428.xsd XBRL TAXONOMY EXTENSION SCHEMA 00000001 - Document - Cover link:presentationLink link:calculationLink link:definitionLink EX-101.DEF 4 mbin-20210428_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 5 mbin-20210428_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Class of Stock [Axis] Common Stock [Member] Series A Preferred Stock [Member] Series C Preferred Stock [Member] Statement [Table] Document Information [Line Items] Document Type Amendment Flag Amendment Description Document Registration Statement Document Annual Report Document Quarterly Report Document Transition Report Document Shell Company Report Document Shell Company Event Date Document Period Start Date Document Period End Date Document Fiscal Period Focus Document Fiscal Year Focus Current Fiscal Year End Date Entity File Number Entity Registrant Name Entity Central Index Key Entity Primary SIC Number Entity Tax Identification Number Entity Incorporation, State or Country Code Entity Address, Address Line One Entity Address, Address Line Two Entity Address, Address Line Three Entity Address, City or Town Entity Address, State or Province Entity Address, Country Entity Address, Postal Zip Code Country Region City Area Code Local Phone Number Extension Written Communications Soliciting Material Pre-commencement Tender Offer Pre-commencement Issuer Tender Offer Title of 12(b) Security No Trading Symbol Flag Trading Symbol Security Exchange Name Title of 12(g) Security Security Reporting Obligation Annual Information Form Audited Annual Financial Statements Entity Well-known Seasoned Issuer Entity Voluntary Filers Entity Current Reporting Status Entity Interactive Data Current Entity Filer Category Entity Small Business Entity Emerging Growth Company Elected Not To Use the Extended Transition Period Document Accounting Standard Other Reporting Standard Item Number Entity Shell Company Entity Public Float Entity Bankruptcy Proceedings, Reporting Current Entity Common Stock, Shares Outstanding Documents Incorporated by Reference [Text Block] EX-101.PRE 6 mbin-20210428_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE GRAPHIC 7 tm2114328d1_ex99-1sp1img02.jpg GRAPHIC begin 644 tm2114328d1_ex99-1sp1img02.jpg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end GRAPHIC 8 tm2114328d1_ex99-1sp1img01.jpg GRAPHIC begin 644 tm2114328d1_ex99-1sp1img01.jpg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tm2114328d1_8k_htm.xml IDEA: XBRL DOCUMENT 0001629019 2021-04-28 2021-04-28 0001629019 us-gaap:CommonStockMember 2021-04-28 2021-04-28 0001629019 us-gaap:SeriesAPreferredStockMember 2021-04-28 2021-04-28 0001629019 us-gaap:SeriesCPreferredStockMember 2021-04-28 2021-04-28 iso4217:USD shares iso4217:USD shares 0001629019 false 8-K 2021-04-28 Merchants Bancorp IN 001-38258 20-5747400 410 Monon Boulevard Carmel IN 46032 (317) 569-7420 false false false false Common Stock, without par value MBIN NASDAQ Series A Preferred Stock, without par value MBINP NASDAQ Depositary Shares, each representing a 1/40th interest in a share of Series C Preferred Stock, without par value MBINN NASDAQ true false XML 10 R1.htm IDEA: XBRL DOCUMENT v3.21.1
Cover
Apr. 28, 2021
Document Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Apr. 28, 2021
Entity File Number 001-38258
Entity Registrant Name Merchants Bancorp
Entity Central Index Key 0001629019
Entity Tax Identification Number 20-5747400
Entity Incorporation, State or Country Code IN
Entity Address, Address Line One 410 Monon Boulevard
Entity Address, City or Town Carmel
Entity Address, State or Province IN
Entity Address, Postal Zip Code 46032
City Area Code (317)
Local Phone Number 569-7420
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company true
Elected Not To Use the Extended Transition Period false
Common Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security Common Stock, without par value
Trading Symbol MBIN
Security Exchange Name NASDAQ
Series A Preferred Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security Series A Preferred Stock, without par value
Trading Symbol MBINP
Security Exchange Name NASDAQ
Series C Preferred Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/40th interest in a share of Series C Preferred Stock, without par value
Trading Symbol MBINN
Security Exchange Name NASDAQ
EXCEL 11 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 12 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 13 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 14 FilingSummary.xml IDEA: XBRL DOCUMENT 3.21.1 html 4 96 1 false 3 0 false 3 false false R1.htm 00000001 - Document - Cover Sheet http://merchantsbankofindiana.com/role/Cover Cover Cover 1 false false All Reports Book All Reports tm2114328d1_8k.htm mbin-20210428.xsd mbin-20210428_def.xml mbin-20210428_lab.xml mbin-20210428_pre.xml tm2114328d1_ex99-1.htm http://xbrl.sec.gov/dei/2020-01-31 http://fasb.org/us-gaap/2020-01-31 true false JSON 16 MetaLinks.json IDEA: XBRL DOCUMENT { "instance": { "tm2114328d1_8k.htm": { "axisCustom": 0, "axisStandard": 1, "contextCount": 4, "dts": { "definitionLink": { "local": [ "mbin-20210428_def.xml" ], "remote": [ "http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-eedm-def-2020-01-31.xml", "http://xbrl.fasb.org/srt/2020/elts/srt-eedm1-def-2020-01-31.xml" ] }, "inline": { "local": [ "tm2114328d1_8k.htm" ] }, "labelLink": { "local": [ "mbin-20210428_lab.xml" ], "remote": [ "https://xbrl.sec.gov/dei/2020/dei-doc-2020-01-31.xml" ] }, "presentationLink": { "local": [ "mbin-20210428_pre.xml" ] }, "referenceLink": { "remote": [ "https://xbrl.sec.gov/dei/2020/dei-ref-2020-01-31.xml" ] }, "schema": { "local": [ "mbin-20210428.xsd" ], "remote": [ "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd", "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd", "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd", "http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2020/elts/us-roles-2020-01-31.xsd", "http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd", "http://xbrl.fasb.org/srt/2020/elts/srt-types-2020-01-31.xsd", "http://xbrl.fasb.org/srt/2020/elts/srt-roles-2020-01-31.xsd", "https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2020/elts/us-types-2020-01-31.xsd", "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/deprecated-2009-12-16.xsd" ] } }, "elementCount": 66, "entityCount": 1, "hidden": { "http://xbrl.sec.gov/dei/2020-01-31": 2, "total": 2 }, "keyCustom": 0, "keyStandard": 96, "memberCustom": 0, "memberStandard": 3, "nsprefix": "mbin", "nsuri": "http://merchantsbankofindiana.com/20210428", "report": { "R1": { "firstAnchor": { "ancestors": [ "span", "b", "p", "body", "html" ], "baseRef": "tm2114328d1_8k.htm", "contextRef": "From2021-04-28to2021-04-28", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "document", "isDefault": "true", "longName": "00000001 - Document - Cover", "role": "http://merchantsbankofindiana.com/role/Cover", "shortName": "Cover", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "span", "b", "p", "body", "html" ], "baseRef": "tm2114328d1_8k.htm", "contextRef": "From2021-04-28to2021-04-28", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } } }, "segmentCount": 3, "tag": { "dei_AmendmentDescription": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Description of changes contained within amended document.", "label": "Amendment Description" } } }, "localname": "AmendmentDescription", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "stringItemType" }, "dei_AmendmentFlag": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.", "label": "Amendment Flag" } } }, "localname": "AmendmentFlag", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_AnnualInformationForm": { "auth_ref": [ "r12" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag with value true on a form if it is an annual report containing an annual information form.", "label": "Annual Information Form" } } }, "localname": "AnnualInformationForm", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_AuditedAnnualFinancialStatements": { "auth_ref": [ "r12" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag with value true on a form if it is an annual report containing audited financial statements.", "label": "Audited Annual Financial Statements" } } }, "localname": "AuditedAnnualFinancialStatements", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_CityAreaCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Area code of city", "label": "City Area Code" } } }, "localname": "CityAreaCode", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_CountryRegion": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Region code of country", "label": "Country Region" } } }, "localname": "CountryRegion", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_CoverAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Cover page." } } }, "localname": "CoverAbstract", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "xbrltype": "stringItemType" }, "dei_CurrentFiscalYearEndDate": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "End date of current fiscal year in the format --MM-DD.", "label": "Current Fiscal Year End Date" } } }, "localname": "CurrentFiscalYearEndDate", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "gMonthDayItemType" }, "dei_DocumentAccountingStandard": { "auth_ref": [ "r11" ], "lang": { "en-us": { "role": { "documentation": "The basis of accounting the registrant has used to prepare the financial statements included in this filing This can either be 'U.S. GAAP', 'International Financial Reporting Standards', or 'Other'.", "label": "Document Accounting Standard" } } }, "localname": "DocumentAccountingStandard", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "accountingStandardItemType" }, "dei_DocumentAnnualReport": { "auth_ref": [ "r9", "r11", "r12" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true only for a form used as an annual report.", "label": "Document Annual Report" } } }, "localname": "DocumentAnnualReport", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_DocumentFiscalPeriodFocus": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Fiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.", "label": "Document Fiscal Period Focus" } } }, "localname": "DocumentFiscalPeriodFocus", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "fiscalPeriodItemType" }, "dei_DocumentFiscalYearFocus": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.", "label": "Document Fiscal Year Focus" } } }, "localname": "DocumentFiscalYearFocus", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "gYearItemType" }, "dei_DocumentInformationLineItems": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.", "label": "Document Information [Line Items]" } } }, "localname": "DocumentInformationLineItems", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "stringItemType" }, "dei_DocumentPeriodEndDate": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.", "label": "Document Period End Date" } } }, "localname": "DocumentPeriodEndDate", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "dateItemType" }, "dei_DocumentPeriodStartDate": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The start date of the period covered in the document, in YYYY-MM-DD format.", "label": "Document Period Start Date" } } }, "localname": "DocumentPeriodStartDate", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "dateItemType" }, "dei_DocumentQuarterlyReport": { "auth_ref": [ "r10" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true only for a form used as an quarterly report.", "label": "Document Quarterly Report" } } }, "localname": "DocumentQuarterlyReport", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_DocumentRegistrationStatement": { "auth_ref": [ "r18" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true only for a form used as a registration statement.", "label": "Document Registration Statement" } } }, "localname": "DocumentRegistrationStatement", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_DocumentShellCompanyEventDate": { "auth_ref": [ "r11" ], "lang": { "en-us": { "role": { "documentation": "Date of event requiring a shell company report.", "label": "Document Shell Company Event Date" } } }, "localname": "DocumentShellCompanyEventDate", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "dateItemType" }, "dei_DocumentShellCompanyReport": { "auth_ref": [ "r11" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act.", "label": "Document Shell Company Report" } } }, "localname": "DocumentShellCompanyReport", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_DocumentTransitionReport": { "auth_ref": [ "r13" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true only for a form used as a transition report.", "label": "Document Transition Report" } } }, "localname": "DocumentTransitionReport", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_DocumentType": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.", "label": "Document Type" } } }, "localname": "DocumentType", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "submissionTypeItemType" }, "dei_DocumentsIncorporatedByReferenceTextBlock": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "Documents incorporated by reference.", "label": "Documents Incorporated by Reference [Text Block]" } } }, "localname": "DocumentsIncorporatedByReferenceTextBlock", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "textBlockItemType" }, "dei_EntityAddressAddressLine1": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 1 such as Attn, Building Name, Street Name", "label": "Entity Address, Address Line One" } } }, "localname": "EntityAddressAddressLine1", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressAddressLine2": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 2 such as Street or Suite number", "label": "Entity Address, Address Line Two" } } }, "localname": "EntityAddressAddressLine2", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressAddressLine3": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 3 such as an Office Park", "label": "Entity Address, Address Line Three" } } }, "localname": "EntityAddressAddressLine3", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCityOrTown": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the City or Town", "label": "Entity Address, City or Town" } } }, "localname": "EntityAddressCityOrTown", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCountry": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "ISO 3166-1 alpha-2 country code.", "label": "Entity Address, Country" } } }, "localname": "EntityAddressCountry", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "countryCodeItemType" }, "dei_EntityAddressPostalZipCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Code for the postal or zip code", "label": "Entity Address, Postal Zip Code" } } }, "localname": "EntityAddressPostalZipCode", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressStateOrProvince": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the state or province.", "label": "Entity Address, State or Province" } } }, "localname": "EntityAddressStateOrProvince", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "stateOrProvinceItemType" }, "dei_EntityBankruptcyProceedingsReportingCurrent": { "auth_ref": [ "r4" ], "lang": { "en-us": { "role": { "documentation": "For registrants involved in bankruptcy proceedings during the preceding five years, the value Yes indicates that the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court; the value No indicates the registrant has not. Registrants not involved in bankruptcy proceedings during the preceding five years should not report this element.", "label": "Entity Bankruptcy Proceedings, Reporting Current" } } }, "localname": "EntityBankruptcyProceedingsReportingCurrent", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_EntityCentralIndexKey": { "auth_ref": [ "r14" ], "lang": { "en-us": { "role": { "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.", "label": "Entity Central Index Key" } } }, "localname": "EntityCentralIndexKey", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "centralIndexKeyItemType" }, "dei_EntityCommonStockSharesOutstanding": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.", "label": "Entity Common Stock, Shares Outstanding" } } }, "localname": "EntityCommonStockSharesOutstanding", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "sharesItemType" }, "dei_EntityCurrentReportingStatus": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.", "label": "Entity Current Reporting Status" } } }, "localname": "EntityCurrentReportingStatus", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "yesNoItemType" }, "dei_EntityEmergingGrowthCompany": { "auth_ref": [ "r14" ], "lang": { "en-us": { "role": { "documentation": "Indicate if registrant meets the emerging growth company criteria.", "label": "Entity Emerging Growth Company" } } }, "localname": "EntityEmergingGrowthCompany", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_EntityExTransitionPeriod": { "auth_ref": [ "r17" ], "lang": { "en-us": { "role": { "documentation": "Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.", "label": "Elected Not To Use the Extended Transition Period" } } }, "localname": "EntityExTransitionPeriod", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_EntityFileNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.", "label": "Entity File Number" } } }, "localname": "EntityFileNumber", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "fileNumberItemType" }, "dei_EntityFilerCategory": { "auth_ref": [ "r14" ], "lang": { "en-us": { "role": { "documentation": "Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.", "label": "Entity Filer Category" } } }, "localname": "EntityFilerCategory", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "filerCategoryItemType" }, "dei_EntityIncorporationStateCountryCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Two-character EDGAR code representing the state or country of incorporation.", "label": "Entity Incorporation, State or Country Code" } } }, "localname": "EntityIncorporationStateCountryCode", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "edgarStateCountryItemType" }, "dei_EntityInteractiveDataCurrent": { "auth_ref": [ "r15" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).", "label": "Entity Interactive Data Current" } } }, "localname": "EntityInteractiveDataCurrent", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "yesNoItemType" }, "dei_EntityPrimarySicNumber": { "auth_ref": [ "r12" ], "lang": { "en-us": { "role": { "documentation": "Primary Standard Industrial Classification (SIC) Number for the Entity.", "label": "Entity Primary SIC Number" } } }, "localname": "EntityPrimarySicNumber", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "sicNumberItemType" }, "dei_EntityPublicFloat": { "auth_ref": [], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter.", "label": "Entity Public Float" } } }, "localname": "EntityPublicFloat", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "monetaryItemType" }, "dei_EntityRegistrantName": { "auth_ref": [ "r14" ], "lang": { "en-us": { "role": { "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.", "label": "Entity Registrant Name" } } }, "localname": "EntityRegistrantName", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityShellCompany": { "auth_ref": [ "r14" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.", "label": "Entity Shell Company" } } }, "localname": "EntityShellCompany", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_EntitySmallBusiness": { "auth_ref": [ "r14" ], "lang": { "en-us": { "role": { "documentation": "Indicates that the company is a Smaller Reporting Company (SRC).", "label": "Entity Small Business" } } }, "localname": "EntitySmallBusiness", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_EntityTaxIdentificationNumber": { "auth_ref": [ "r14" ], "lang": { "en-us": { "role": { "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.", "label": "Entity Tax Identification Number" } } }, "localname": "EntityTaxIdentificationNumber", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "employerIdItemType" }, "dei_EntityVoluntaryFilers": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.", "label": "Entity Voluntary Filers" } } }, "localname": "EntityVoluntaryFilers", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "yesNoItemType" }, "dei_EntityWellKnownSeasonedIssuer": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.", "label": "Entity Well-known Seasoned Issuer" } } }, "localname": "EntityWellKnownSeasonedIssuer", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "yesNoItemType" }, "dei_Extension": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Extension number for local phone number.", "label": "Extension" } } }, "localname": "Extension", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_LocalPhoneNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Local phone number for entity.", "label": "Local Phone Number" } } }, "localname": "LocalPhoneNumber", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_NoTradingSymbolFlag": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true only for a security having no trading symbol.", "label": "No Trading Symbol Flag" } } }, "localname": "NoTradingSymbolFlag", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_OtherReportingStandardItemNumber": { "auth_ref": [ "r11" ], "lang": { "en-us": { "role": { "documentation": "\"Item 17\" or \"Item 18\" specified when the basis of accounting is neither US GAAP nor IFRS.", "label": "Other Reporting Standard Item Number" } } }, "localname": "OtherReportingStandardItemNumber", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "otherReportingStandardItemNumberItemType" }, "dei_PreCommencementIssuerTenderOffer": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.", "label": "Pre-commencement Issuer Tender Offer" } } }, "localname": "PreCommencementIssuerTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementTenderOffer": { "auth_ref": [ "r6" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.", "label": "Pre-commencement Tender Offer" } } }, "localname": "PreCommencementTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_Security12bTitle": { "auth_ref": [ "r0" ], "lang": { "en-us": { "role": { "documentation": "Title of a 12(b) registered security.", "label": "Title of 12(b) Security" } } }, "localname": "Security12bTitle", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "securityTitleItemType" }, "dei_Security12gTitle": { "auth_ref": [ "r3" ], "lang": { "en-us": { "role": { "documentation": "Title of a 12(g) registered security.", "label": "Title of 12(g) Security" } } }, "localname": "Security12gTitle", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "securityTitleItemType" }, "dei_SecurityExchangeName": { "auth_ref": [ "r2" ], "lang": { "en-us": { "role": { "documentation": "Name of the Exchange on which a security is registered.", "label": "Security Exchange Name" } } }, "localname": "SecurityExchangeName", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "edgarExchangeCodeItemType" }, "dei_SecurityReportingObligation": { "auth_ref": [ "r7" ], "lang": { "en-us": { "role": { "documentation": "15(d), indicating whether the security has a reporting obligation under that section of the Exchange Act.", "label": "Security Reporting Obligation" } } }, "localname": "SecurityReportingObligation", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "securityReportingObligationItemType" }, "dei_SolicitingMaterial": { "auth_ref": [ "r8" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.", "label": "Soliciting Material" } } }, "localname": "SolicitingMaterial", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_TradingSymbol": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Trading symbol of an instrument as listed on an exchange.", "label": "Trading Symbol" } } }, "localname": "TradingSymbol", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "tradingSymbolItemType" }, "dei_WrittenCommunications": { "auth_ref": [ "r16" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.", "label": "Written Communications" } } }, "localname": "WrittenCommunications", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "booleanItemType" }, "us-gaap_ClassOfStockDomain": { "auth_ref": [], "localname": "ClassOfStockDomain", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "domainItemType" }, "us-gaap_CommonStockMember": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Common Stock [Member]" } } }, "localname": "CommonStockMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "domainItemType" }, "us-gaap_SeriesAPreferredStockMember": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Series A Preferred Stock [Member]" } } }, "localname": "SeriesAPreferredStockMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "domainItemType" }, "us-gaap_SeriesCPreferredStockMember": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Series C Preferred Stock [Member]" } } }, "localname": "SeriesCPreferredStockMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "domainItemType" }, "us-gaap_StatementClassOfStockAxis": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Class of Stock [Axis]" } } }, "localname": "StatementClassOfStockAxis", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "stringItemType" }, "us-gaap_StatementTable": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Statement [Table]" } } }, "localname": "StatementTable", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://merchantsbankofindiana.com/role/Cover" ], "xbrltype": "stringItemType" } }, "unitCount": 3 } }, "std_ref": { "r0": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b" }, "r1": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-23" }, "r10": { "Name": "Form 10-Q", "Number": "240", "Publisher": "SEC", "Section": "308", "Subsection": "a" }, "r11": { "Name": "Form 20-F", "Number": "249", "Publisher": "SEC", "Section": "220", "Subsection": "f" }, "r12": { "Name": "Form 40-F", "Number": "249", "Publisher": "SEC", "Section": "240", "Subsection": "f" }, "r13": { "Name": "Forms 10-K, 10-Q, 20-F", "Number": "240", "Publisher": "SEC", "Section": "13", "Subsection": "a-1" }, "r14": { "Name": "Regulation 12B", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-2" }, "r15": { "Name": "Regulation S-T", "Number": "232", "Publisher": "SEC", "Section": "405" }, "r16": { "Name": "Securities Act", "Number": "230", "Publisher": "SEC", "Section": "425" }, "r17": { "Name": "Securities Act", "Number": "7A", "Publisher": "SEC", "Section": "B", "Subsection": "2" }, "r18": { "Name": "Securities Act", "Number": "Section", "Publisher": "SEC", "Section": "12" }, "r2": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "d1-1" }, "r3": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "g" }, "r4": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12, 13, 15d" }, "r5": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "13e", "Subsection": "4c" }, "r6": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14d", "Subsection": "2b" }, "r7": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "15", "Subsection": "d" }, "r8": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14a", "Subsection": "12" }, "r9": { "Name": "Form 10-K", "Number": "249", "Publisher": "SEC", "Section": "310" } }, "version": "2.1" } ZIP 17 0001104659-21-056550-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001104659-21-056550-xbrl.zip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end