0001104659-23-084766.txt : 20230727 0001104659-23-084766.hdr.sgml : 20230727 20230727160607 ACCESSION NUMBER: 0001104659-23-084766 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20230727 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230727 DATE AS OF CHANGE: 20230727 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: 231118422 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 tm2322055d1_8k.htm FORM 8-K
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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): July 27, 2023

 

 

 

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
Depositary Shares, each representing a 1/40th interest in a share of Series D Preferred Stock, without par value MBINM 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 ¨

 

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 July 27, 2023, Merchants Bancorp issued a press release reporting its financial results for the second quarter of 2023. 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 July 27, 2023 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: July 27, 2023 By:    /s/ John F. Macke
    Name: John F. Macke
    Title: Chief Financial Officer

 

 

 

 EX-99.1 2 tm2322055d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

 

 

 

PRESS RELEASE

 

Merchants Bancorp Reports Second Quarter 2023 Results

 

For Release July 27, 2023

 

●Second quarter 2023 net income of $65.3 million increased 21% compared to second quarter of 2022 and increased 19% compared to the first quarter 2023.

 

●Second quarter 2023 diluted earnings per common share of $1.31 increased 18% compared to the second quarter of 2022 and increased 22% compared to the first quarter of 2023.

 

●During the second quarter 2023, the Company recorded a $13.0 million tax benefit related to tax refunds and changes to its state tax apportionment calculations, which was offset by credit events that totaled approximately $14.8 million, primarily for the impact of a multi-family loan charge-off, an increase in specific reserves for a healthcare customer, and changes to qualitative factors and forecasted loss rates.

 

●Total assets of $15.9 billion increased 11% compared to March 31, 2023, and increased 26% compared to December 31, 2022.

 

●As of June 30, 2023, the Company had $5.3 billion, or 34% of total assets, in unused borrowing capacity with the Federal Home Loan Bank and the Federal Reserve Discount window, based on available collateral.

 

●The Company’s most liquid assets are in unrestricted cash, short-term investments, including interest-bearing demand deposits, mortgage loans in process of securitization, loans held for sale, and warehouse lines of credit included in loans receivable. Taken together, with unused borrowing capacity, these totaled $10.2 billion, or 64%, of the $15.9 billion in total assets as of June 30, 2023.

 

●Uninsured deposits totaled approximately $2 billion as of June 30, 2023, representing less than 20% of total deposits.

 

●Loans receivable of $9.9 billion, net of allowance for credit losses on loans, increased $1.3 billion, or 15%, compared to March 31, 2023, and increased $2.4 billion, or 33%, compared to December 31, 2022.

 

●Efficiency ratio was 32.7% in the second quarter of 2023 compared to 29.6% in the second quarter of 2022 and 30.3% in the first quarter of 2023.

 

●Tangible book value per common share of $24.14 increased 23% compared to $19.70 in the second quarter of 2022 and increased 6% compared to $22.88 in the first quarter of 2023.

 

 

 

 

CARMEL, Indiana – (PR Newswire) - Merchants Bancorp (the “Company” or “Merchants”) (Nasdaq: MBIN), parent company of Merchants Bank of Indiana, today reported second quarter 2023 net income of $65.3 million, or diluted earnings per common share of $1.31. This compared to $53.9 million, or diluted earnings per common share of $1.11 in the second quarter of 2022, and compared to $55.0 million, or diluted earnings per common share of $1.07 in the first quarter of 2023.

 

“We have continued to garner accolades for our performance and were honored to be named this month by American Banker Magazine as the #1 top-performing bank with assets between $10-50 billion. Our results in the second quarter reflected that ongoing strength as we delivered profitable loan growth and our noninterest income gained momentum from diverse sources. We have effectively managed our expenses and capital during this time of economic uncertainty, while maintaining an expense ratio of 32.7%, a return on average assets of 1.78%, and increasing tangible book value to $24.14 per share,” said Michael F. Petrie, Chairman and CEO of Merchants.

 

Michael J. Dunlap, President and Chief Operating Officer of Merchants, added, “Our liquidity remains strong, with unused borrowing capacity that increased to $5.3 billion during the quarter, which positions us well to execute our plans for future growth. Our relationship-focused teams are working hard every day to meet the needs of our loyal customers and improve communities across the country.”

 

Net income of $65.3 million for the second quarter 2023 increased by $11.4 million, or 21%, compared to the second quarter of 2022, driven by:

 

●a $33.6 million, or 47%, increase in net interest income,

 

●a $14.8 million, or 82%, decrease in the Provision for Income Tax, reflecting a $13.0 million tax benefit related to tax refunds and changes to its state tax apportionment calculations described in the Provision for Income Tax section,

 

●a $16.4 million, or 264%, increase in provision for credit losses, primarily due to credit events that totaled approximately $14.8 million for the impact of a multi-family loan charge-off, an increase in specific reserves for a healthcare customer, and changes to qualitative factors and forecasted loss rates, described in the Asset Quality section,

 

●an $11.4 million, 34%, increase in noninterest expense, and

 

●a $10.2 million, or 47%, decrease in gain on sale of loans.

 

Page | 2

 

 

Net income of $65.3 million for the second quarter 2023 increased by $10.3 million, or 19%, compared to the first quarter of 2023, primarily driven by:

 

●a $15.6 million, or 109%, increase in noninterest income reflecting higher gain on sale of loans, loan servicing fees and syndication and asset management fees,

 

●a $15.1 million, or 82%, decrease in the Provision for Income Tax, reflecting a $13.0 million tax benefit related to tax refunds and changes to its state tax apportionment calculations described in the Provision for Income Tax section,

 

●a $4.9 million, or 5%, increase in net interest income,

 

●a $15.7 million, or 229%, increase in provision for credit losses, primarily due to credit events that totaled approximately $14.8 million for the impact of a multi-family loan charge-off, an increase in specific reserves for a healthcare customer, and changes to qualitative factors and forecasted loss rates, described in the Asset Quality section, and

 

●a $9.5 million, 27%, increase in noninterest expense.

 

Total Assets

 

Total assets of $15.9 billion at June 30, 2023 increased $1.6 billion, or 11%, compared to March 31, 2023, and increased $3.3 billion, or 26%, compared to December 31, 2022. Increases compared to both periods were primarily due to significant growth in the mortgage warehouse, multi-family and healthcare loan portfolios.

 

Return on average assets was 1.78% for the second quarter of 2023 compared to 2.20% for the second quarter of 2022 and 1.71% for the first quarter of 2023.

 

Asset Quality

 

The allowance for credit losses on loans of $63.0 million as of June 30, 2023 increased $11.1 million, or 22%, compared to March 31, 2023 and increased $19.0 million, or 43%, compared to December 31, 2022. The increases were primarily due to the following:

 

●replenishment of $8.2 million related to the charge-off of a loan in the multi-family portfolio,

 

●a $2.0 million increase in net specific reserves, primarily related to a loan in the healthcare portfolio,

 

●a $4.6 million increase related to changes in qualitative factors and forecasted loss rates to reflect changes in industry conditions, such as the impact of higher interest rates, and

 

●loan growth in the period.

 

Page | 3

 

 

The increases to the allowance for credit losses were partially offset by charge-offs of $9.5 million during the second quarter of 2023, which compared to no charge-offs in the first quarter of 2023 and $47 thousand of charge-offs in the second quarter of 2022.

 

Non-performing loans were $68.4 million, or 0.69%, of loans receivable as of June 30, 2023, compared to 0.76% at March 31, 2023, and 0.36% at December 31, 2022. The increase in non-performing loans compared to both periods was primarily due to 3 customers.

 

Securities Available for Sale

 

Total securities available for sale of $648.0 million as of June 30, 2023 decreased $31.5 million, or 5%, compared to March 31, 2023, and increased $324.7 million, or 100%, compared to December 31, 2022.

 

As of June 30, 2023, Accumulated Other Comprehensive Losses (“AOCL”) of $7.0 million, related to securities available for sale, decreased $0.7 million, or 9%, compared to March 31, 2023, and decreased $3.5 million, or 33%, compared to December 31, 2022. The $7.0 million of AOCL as of June 30, 2023 represented less than 1% of total equity and less than 1% of total investment securities.

 

Total Deposits

 

Total deposits of $13.1 billion at June 30, 2023 increased $1.7 billion, or 15%, compared to March 31, 2023, and increased $3.0 billion, or 30%, compared to December 31, 2022. The increase for both periods was primarily due to an increase in brokered certificates of deposit.

 

Total brokered deposits of $4.8 billion at June 30, 2023 increased $1.0 billion, or 27%, from March 31, 2023 and increased $2.0 billion, or 72%, from December 31, 2022. Brokered deposits represented 36% of total deposits at June 30, 2023 compared to 33% of total deposits at March 31, 2023 and 27% of total deposits at December 31, 2022. As of June 30, 2023, brokered certificates of deposit had a weighted average remaining duration of 51 days.

 

The Company continues to offer new products, such as adjustable-rate certificates of deposits, to minimize interest rate risks by aligning the rate and short duration characteristics of its deposit and loan portfolios. Additionally, the Company has offered its insured cash sweep program since 2018, which extends FDIC protection up to $100 million. This program has contributed to the Company’s low level of uninsured deposits, which were below 20% of total deposits as of June 30, 2023.

 

Page | 4

 

 

Liquidity 

 

Cash balances of $377.3 million as of June 30, 2023 increased by $7.7 million compared to March 31, 2023 and increased by $151.1 million compared to December 31, 2022. The Company continues to have significant borrowing capacity, with unused lines of credit totaling $5.3 billion as of June 30, 2023 compared to $4.0 billion at March 31, 2023 and $3.1 billion at December 31, 2022.

 

This liquidity enhances the ability to effectively manage interest expense and asset levels in the future. Additionally, the Company’s business model is designed to continuously sell a significant portion of its loans, which provides flexibility in managing its liquidity.

 

Comparison of Operating Results for the Three Months Ended

June 30, 2023 and 2022

 

Net Interest Income of $105.6 million increased $33.6 million, or 47%, compared to $72.0 million, reflecting higher yields and average balances on loans and loans held for sale, and new balances of securities held to maturity, which were partially offset by higher interest rates on deposits and higher average rates on borrowings, primarily related to the credit linked notes issued by the Company during the first quarter of 2023.

 

●Interest rate spread of 2.41% decreased 49 basis points compared to 2.90%.

 

●Net interest margin of 2.97% decreased 6 basis points compared to 3.03%.

 

Interest Income of $258.1 million increased $168.8 million, or 189%, compared to $89.3 million, reflecting an increase in both yields and average balances of loans and loans held for sale, as well as new balances in securities held to maturity.

 

●Average balances of $12.0 billion for loans and loans held for sale increased 38% compared to $8.6 billion.

 

●Average yield on loans and loans held for sale of 7.67% increased 368 basis points compared to 3.99%.

 

Interest Expense of $152.5 million increased 784% compared to $17.2 million. Interest expense on deposits of $137.8 million increased $123.0 million, or 833%, compared $14.8 million, primarily reflecting higher rates on certificates of deposit, interest-bearing checking, and money market accounts, as well as higher average rates on borrowings, primarily related to the credit linked notes issued by the Company during the first quarter of 2023.

 

Page | 5

 

 

●Average balances of $12.0 billion for interest-bearing deposits increased 63% compared to $7.4 billion.

 

●Average interest rates of 4.60% for interest-bearing deposits increased 379 basis points compared to 0.81%.

 

Provision for Credit Losses of $22.6 million increased $16.4 million compared to $6.2 million, primarily reflecting the impact of charge-offs, an increase in specific reserves, changes to qualitative and loss factors, as well as loan growth described in the Asset Quality section above.

 

Noninterest Income of $29.9 million decreased $9.3 million, or 24%, compared to $39.2 million, primarily due to a $10.2 million, or 47%, decrease in gain on sale of loans.

 

●The decrease in gain on sale of loans was associated with a business mix shift in multi-family lending, from volumes sold in the secondary market towards those maintained on the balance sheet.

 

●Loan servicing fees included a $3.4 million positive fair market value adjustment to servicing rights, with a $1.3 million positive adjustment in the Banking segment and a $2.1 million positive adjustment in the Multi-family Mortgage Banking segment. This compared to a $7.7 million positive fair market value adjustment to mortgage servicing rights, of which $1.1 million was in the Banking segment and $6.6 million was in the Multi-family Mortgage Banking segment.

 

Noninterest Expense of $44.3 million increased $11.4 million, or 34%, compared to $33.0 million, primarily due to increases in salaries and employee benefits, deposit insurance expense, and professional fees.

 

●The efficiency ratio of 32.7% increased 307 basis points compared to 29.6%.

 

Provision for Income Taxes of $3.3 million decreased $14.8 million compared to $18.1 million, reflecting a $13.0 million tax benefit related to tax refunds and changes to state tax apportionment calculations.

 

During the second quarter of 2023, the Company received an advisory letter it requested from the State of Indiana related to certain state tax apportionment provisions in the Indiana Financial Institution Tax Code and Regulations. The advisory letter provided guidance related to the methodology used to determine and source the receipts in the state of Indiana for the Company’s mortgage origination and warehousing service lines. In effect, the guidance provided the Company the ability to revise its state income tax apportionment calculation to reduce its Indiana tax and related deferred tax liabilities. As such, the Company will amend several of its state returns and request the respective refunds. Additionally, the change in methodology is expected to result in a 1.0% to 1.5% reduction in the Company’s overall effective tax rate in the future.

 

Page | 6

 

 

Comparison of Operating Results for the Three Months Ended

June 30, 2023 and March 31, 2023

 

Net Interest Income of $105.6 million increased $4.9 million, or 5%, compared to $100.7 million, reflecting higher average balances and yields on loans and loans held for sale, which were partially offset by higher interest rates and average balances on deposits and borrowings.

 

●Interest rate spread of 2.41% decreased 35 basis points compared to 2.76%.

 

●Net interest margin of 2.97% decreased 30 basis points compared to 3.27%.

 

Interest Income of $258.1 million increased $46.8 million, or 22%, compared to $211.3 million, reflecting an increase in average balances and yields on loans and loans held for sale.

 

●Average balances of $12.0 billion for loans and loans held for sale increased 13%, compared to $10.6 billion.

 

●Average yield on loans and loans held for sale of 7.67% increased 42 basis points compared to 7.25%.

 

Interest Expense of $152.5 million increased $41.9 million, or 38%, compared to $110.6 million. Interest expense on deposits of $137.8 million increased $33.4 million, or 32%, compared to $104.4 million, primarily due to higher average balances and interest rates on certificates of deposit and interest-bearing checking, accounts, as well as higher average rates on borrowings, primarily related to the credit linked notes issued by the Company during the first quarter of 2023.

 

●Average balances of $12.0 billion for interest-bearing deposits increased 15% compared to $10.5 billion.

 

●Average interest rates of 4.60% for interest-bearing deposits increased 55 basis points compared to 4.05%.

 

Provision for Credit Losses of $22.6 million increased $15.7 million compared to $6.9 million, primarily reflecting the impact of charge-offs, an increase in specific reserves, changes to qualitative and loss factors, as well as loan growth described in the Asset Quality section above.

 

Noninterest Income of $29.9 million increased $15.6 million, or 109%, compared $14.3 million, primarily due to a $6.3 million, or 265%, increase in loan servicing fees, a $4.6 million, or 69%, increase in gain on sale of loans, and a $2.7 million, or 221% increase in syndication and asset management fees.

 

●Loan servicing fees included a $3.4 million positive fair market value adjustment to servicing rights, with a $1.3 million positive adjustment in the Banking segment and a $2.1 million positive adjustment in the Multi-family Mortgage Banking segment. This compared to a $2.9 million negative fair market value adjustment to servicing rights, with a $0.7 million negative adjustment in the Banking segment and a $2.2 million negative adjustment in the Multi-family Mortgage Banking segment.

 

Page | 7

 

 

Noninterest Expense of $44.3 million increased $9.5 million, or 27%, compared to $34.8 million, primarily due to increases in salaries and employee benefits, deposit insurance expense and professional fees.

 

●The efficiency ratio of 32.7% increased 246 basis points compared to 30.3%.

 

Provision for Income Taxes of $3.3 million decreased $15.1 million compared to $18.4 million, reflecting the $13.0 million tax benefit related to the tax refunds and changes to state tax apportionment calculations described in the Comparison of Operating Results for the Three Months Ended June 30, 2023 and March 31, 2023 section above.

 

About Merchants Bancorp

 

Ranked as a top performing U.S. public bank by S&P Global Market Intelligence, Merchants Bancorp is a diversified bank holding company headquartered in Carmel, Indiana operating multiple segments, including Multi-family Mortgage Banking that primarily offers multi-family housing and healthcare facility financing and servicing. Through this segment it also serves as a syndicator of low-income housing tax credit and debt funds; Mortgage Warehousing that offers mortgage warehouse financing, commercial loans, and deposit services; and Banking that offers retail and correspondent residential mortgage banking, agricultural lending, and traditional community banking. Merchants Bancorp, with $15.9 billion in assets and $13.1 billion in deposits as of June 30, 2023, conducts its business primarily through its direct and indirect subsidiaries, Merchants Bank of Indiana, Merchants Capital Corp., Merchants Capital Investments, LLC, Merchants Capital Servicing, LLC, Merchants Asset Management, LLC, Farmers-Merchants Bank of Illinois, 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 | 8

 

 

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. 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 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 the Company does 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 | 9

 

 

Consolidated Balance Sheets

(Unaudited)

(In thousands, except share data)

 

   June 30,   March 31,   December 31,   September 30,   June 30, 
   2023   2023   2022   2022   2022 
Assets                         
Cash and due from banks  $15,390   $19,002   $22,170   $13,796   $10,714 
Interest-earning demand accounts   361,920    350,584    203,994    310,165    247,432 
Cash and cash equivalents   377,310    369,586    226,164    323,961    258,146 
Securities purchased under agreements to resell   3,412    3,438    3,464    3,497    3,520 
Mortgage loans in process of securitization   298,907    197,074    154,194    137,448    323,046 
Securities available for sale   648,003    679,518    323,337    322,069    336,814 
Securities held to maturity (includes $1,058,590, $1,106,582, $1,118,966, $1,005,487 and $0 at fair value, respectively)   1,062,017    1,104,835    1,119,078    1,005,487    — 
Federal Home Loan Bank (FHLB) stock   39,130    39,130    39,130    39,130    39,130 
Loans held for sale (includes $82,931, $85,516, $82,192, $68,785 and $41,991 at fair value, respectively)   3,058,013    2,855,250    2,910,576    2,844,750    2,759,116 
Loans receivable, net of allowance for credit losses on loans of $62,986, $51,838, $44,014, $38,996 and  $37,474, respectively   9,854,018    8,575,210    7,426,858    6,919,128    7,033,203 
Premises and equipment, net   36,947    35,793    35,438    35,492    35,085 
Servicing rights   147,288    143,867    146,248    144,984    130,710 
Interest receivable   70,509    64,282    56,262    40,170    26,184 
Goodwill   15,845    15,845    15,845    15,845    15,845 
Intangible assets, net   949    1,068    1,186    1,307    1,441 
Other assets and receivables   262,524    156,070    157,447    145,454    123,815 
Total assets  $15,874,872   $14,240,966   $12,615,227   $11,978,722   $11,086,055 
Liabilities and Shareholders' Equity                         
Liabilities                         
Deposits                         
Noninterest-bearing  $349,387   $313,733   $326,875   $315,868   $444,461 
Interest-bearing   12,710,477    11,031,498    9,744,470    10,003,611    7,855,277 
Total deposits   13,059,864    11,345,231    10,071,345    10,319,479    8,299,738 
Borrowings   1,016,836    1,233,762    930,392    97,279    1,440,904 
Deferred and current tax liabilities, net   16,084    32,827    19,613    19,124    19,414 
Other liabilities   221,788    123,462    134,138    130,250    97,460 
Total liabilities   14,314,572    12,735,282    11,155,488    10,566,132    9,857,516 
Commitments and  Contingencies                         
Shareholders' Equity                         
Common stock, without par value                         
Authorized - 75,000,000 shares                         
Issued and outstanding  - 43,237,300 shares, 43,233,618 shares, 43,113,127 shares, 43,109,578 shares and 43,106,505 shares   138,853    138,105    137,781    137,226    136,671 
Preferred stock, without par value - 5,000,000 total shares authorized                         
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 - 196,181 shares (equivalent to 7,847,233 depositary shares)   191,084    191,084    191,084    191,084    191,084 
8.25% Series D Preferred stock - $1,000 per share liquidation preference                         
Authorized - 300,000 shares                         
Issued and outstanding - 142,500 shares (equivalent to 5,700,000 depositary shares)   137,459    137,459    137,459    137,371    — 
Retained earnings   928,875    875,700    832,871    787,530    737,789 
Accumulated other comprehensive loss   (7,036)   (7,729)   (10,521)   (11,686)   (8,070)
Total shareholders' equity   1,560,300    1,505,684    1,459,739    1,412,590    1,228,539 
Total liabilities and shareholders' equity  $15,874,872   $14,240,966   $12,615,227   $11,978,722   $11,086,055 

 

 

 

Consolidated Statement of Income

(Unaudited)

(In thousands, except share data)

 

   Three Months Ended   Change 
   June 30,   March 31,   June 30,   2Q23   2Q23 
   2023   2023   2022   vs. 1Q23   vs. 2Q22 
Interest Income                         
Loans  $228,732   $189,450   $85,994    21%   166%
Mortgage loans in process of securitization   3,127    1,648    1,449    90%   116%
Investment securities:                         
Available for sale - taxable   5,564    2,266    917    146%   507%
Held to maturity   17,311    15,754    —    10%   100%
Federal Home Loan Bank stock   471    427    284    10%   66%
Other   2,864    1,749    626    64%   358%
Total interest income   258,069    211,294    89,270    22%   189%
Interest Expense                         
Deposits   137,801    104,442    14,768    32%   833%
Borrowed funds   14,651    6,159    2,471    138%   493%
Total interest expense   152,452    110,601    17,239    38%   784%
Net Interest Income   105,617    100,693    72,031    5%   47%
Provision for credit losses   22,603    6,867    6,212    229%   264%
Net Interest Income After Provision for Credit Losses   83,014    93,826    65,819    -12%   26%
Noninterest Income                         
Gain on sale of loans   11,350    6,733    21,564    69%   -47%
Loan servicing fees, net   8,616    2,360    9,607    265%   -10%
Mortgage warehouse fees   2,865    1,028    1,350    179%   112%
Syndication and asset management fees   3,896    1,212    1,599    221%   144%
Other income   3,155    2,931    5,051    8%   -38%
Total noninterest income   29,882    14,264    39,171    109%   -24%
Noninterest Expense                         
Salaries and employee benefits   25,724    22,146    22,475    16%   14%
Loan expenses   907    804    1,184    13%   -23%
Occupancy and equipment   2,456    2,232    2,011    10%   22%
Professional fees   3,723    2,269    1,594    64%   134%
Deposit insurance expense   3,806    2,178    670    75%   468%
Technology expense   1,571    1,577    1,304    —    20%
Other expense   6,133    3,566    3,719    72%   65%
Total noninterest expense   44,320    34,772    32,957    27%   34%
Income Before Income Taxes   68,576    73,318    72,033    -6%   -5%
Provision for income taxes   3,274    18,363    18,098    -82%   -82%
Net Income  $65,302   $54,955   $53,935    19%   21%
Dividends on preferred stock   (8,668)   (8,667)   (5,729)   —    51%
Net Income Allocated to Common Shareholders  $56,634   $46,288   $48,206    22%   17%
Basic Earnings Per Share  $1.31   $1.07   $1.12    22%   17%
Diluted Earnings Per Share  $1.31   $1.07   $1.11    22%   18%
Weighted-Average Shares Outstanding                         
Basic   43,235,398    43,179,604    43,209,824           
Diluted   43,309,393    43,290,779    43,335,211           

 

 

 

 

Consolidated Statement of Income  

(Unaudited)  

(In thousands, except share data)  

 

   Six Months Ended     
   June 30,   June 30,     
   2023   2022   Change 
Interest Income               
Loans  $418,182   $158,190    164%
Mortgage loans in process of securitization   4,775    3,694    29%
Investment securities:               
Available for sale - taxable   7,830    1,618    384%
Held to maturity   33,065    —    100%
Federal Home Loan Bank stock   898    553    62%
Other   4,613    1,227    276%
Total interest income   469,363    165,282    184%
Interest Expense               
Deposits   242,243    23,581    927%
Borrowed funds   20,810    3,945    428%
Total interest expense   263,053    27,526    856%
Net Interest Income   206,310    137,756    50%
Provision for credit losses   29,470    8,663    240%
Net Interest Income After Provision for Credit Losses   176,840    129,093    37%
Noninterest Income               
Gain on sale of loans   18,083    39,529    -54%
Loan servicing fees, net   10,976    19,338    -43%
Mortgage warehouse fees   3,893    3,208    21%
Syndication and asset management fees   5,108    2,213    131%
Other income   6,086    9,480    -36%
Total noninterest income   44,146    73,768    -40%
Noninterest Expense               
Salaries and employee benefits   47,870    43,768    9%
Loan expenses   1,711    2,395    -29%
Occupancy and equipment   4,688    3,825    23%
Professional fees   5,992    2,897    107%
Deposit insurance expense   5,984    1,429    319%
Technology expense   3,148    2,540    24%
Other expense   9,699    7,136    36%
Total noninterest expense   79,092    63,990    24%
Income Before Income Taxes   141,894    138,871    2%
Provision for income taxes   21,637    34,794    -38%
Net Income  $120,257   $104,077    16%
Dividends on preferred stock   (17,335)   (11,457)   51%
Net Income Allocated to Common Shareholders  $102,922   $92,620    11%
Basic Earnings Per Share  $2.38   $2.14    11%
Diluted Earnings Per Share  $2.38   $2.14    11%
Weighted-Average Shares Outstanding               
Basic   43,207,655    43,220,198      
Diluted   43,300,240    43,367,875      

 

 

 

 

Key Operating Results  

(Unaudited)  

($ in thousands, except share data)  

 

   Three Months Ended   Change 
   June 30,   March 31,   June 30,   2Q23     2Q23 
   2023   2023   2022   vs. 1Q23     vs. 2Q22 
Noninterest expense  $44,320   $34,772   $32,957    27%     34%
                            
Net interest income (before provision for credit losses)   105,617    100,693    72,031    5%     47%
Noninterest income   29,882    14,264    39,171    109%     -24%
Total income  $135,499   $114,957   $111,202    18%     22%
                            
Efficiency ratio   32.71%   30.25%   29.64%   246bps     307bps
                            
Average assets  $14,673,257   $12,885,735   $9,820,878    14%     49%
Net income   65,302    54,955    53,935    19%     21%
Return on average assets before annualizing   0.45%   0.43%   0.55%            
Annualization factor   4.00    4.00    4.00             
Return on average assets   1.78%   1.71%   2.20%   7bps     (42)bps
                            
Return on average tangible common shareholders' equity (1)   22.03%   18.89%   23.05%   314bps     (102)bps
                            
Tangible book value per common share (1)  $24.14   $22.88   $19.70    6%     23%
                            
Tangible common shareholders' equity/tangible assets (1)   6.58%   6.95%   7.67%   (37)bps     (109)bps
                            
Consolidated ratios                           
Total capital/risk-weighted assets(2)   11.3%   12.4%   N/A             
Tier I capital/risk-weighted assets(2)   10.8%   11.9%   N/A             
Common Equity Tier I capital/risk-weighted assets(2)   7.3%   7.9%   N/A             
Tier I capital/average assets(2)   10.6%   11.6%   12.4%            

 

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

(2) As defined by regulatory agencies; March 31, 2023 shown as estimates and prior periods shown as reported.

 

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   Change 
   June 30,   March 31,   June 30,   2Q23    2Q23 
   2023   2023   2022   vs. 1Q23    vs. 2Q22 
Net income  $65,302   $54,955   $53,935    19%    21%
Less: preferred stock dividends   (8,668)   (8,667)   (5,729)   —     51%
Net income available to common shareholders  $56,634   $46,288   $48,206    22%    17%
                           
Average shareholders' equity  $1,544,976   $1,496,610   $1,215,891    3%    27%
Less: average goodwill & intangibles   (16,858)   (16,980)   (17,361)   -1%    -3%
Less: average preferred stock   (499,608)   (499,608)   (362,149)   —     38%
Average tangible common shareholders' equity  $1,028,510   $980,022   $836,381    5%    23%
                           
Annualization factor   4.00    4.00    4.00            
Return on average tangible common shareholders' equity   22.03%   18.89%   23.05%   314bps    (102)bps
                           
Total equity  $1,560,300   $1,505,684   $1,228,539    4%    27%
Less: goodwill and intangibles   (16,794)   (16,913)   (17,286)   -1%    -3%
Less: preferred stock   (499,608)   (499,608)   (362,149)   —     38%
Tangible common shareholders' equity  $1,043,898   $989,163   $849,104    6%    23%
                           
Assets  $15,874,872   $14,240,966   $11,086,055    11%    43%
Less: goodwill and intangibles   (16,794)   (16,913)   (17,286)   -1%    -3%
Tangible assets  $15,858,078   $14,224,053   $11,068,769    11%    43%
                           
Ending common shares   43,237,300    43,233,618    43,106,505            
                           
Tangible book value per common share  $24.14   $22.88   $19.70    6%    23%
Tangible common shareholders' equity/tangible assets   6.58%   6.95%   7.67%   (37)bps    (109)bps

 

 

 

 

Key Operating Results

(Unaudited)

($ in thousands, except share data)

 

   Six Months Ended     
   June 30,   June 30,     
   2023   2022   Change 
Noninterest expense  $79,092   $63,990    24%
                
Net interest income (before provision for credit losses)   206,310    137,756    50%
Noninterest income   44,146    73,768    -40%
Total income  $250,456   $211,524    18%
                
Efficiency ratio   31.58%   30.25%   133bps
                
Average assets  $13,784,434   $10,126,963    36%
Net income   120,257    104,077    16%
Return on average assets before annualizing   0.87%   1.03%     
Annualization factor   2.00    2.00      
Return on average assets   1.74%   2.06%   (32)bps
                
Return on average tangible common shareholders' equity (1)   20.49%   22.72%   (223)bps
                
Tangible book value per common share (1)  $24.14   $19.70    23%
                
Tangible common shareholders' equity/tangible assets (1)   6.58%   7.67%   (109)bps

 

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

 

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. 

 

   Six Months Ended     
   June 30,   June 30,     
   2023   2022   Change 
Net income  $120,257   $104,077    16%
Less: preferred stock dividends   (17,335)   (11,457)   51%
Net income available to common shareholders  $102,922   $92,620    11%
                
Average shareholders' equity  $1,520,927   $1,194,981    27%
Less: average goodwill & intangibles   (16,918)   (17,428)   -3%
Less: average preferred stock   (499,608)   (362,149)   38%
Average tangible common shareholders' equity  $1,004,401   $815,404    23%
                
Annualization factor   2.00    2.00      
Return on average tangible common shareholders' equity   20.49%   22.72%   (223)bps
                
Total equity  $1,560,300   $1,228,539    27%
Less: goodwill and intangibles   (16,794)   (17,286)   -3%
Less: preferred stock   (499,608)   (362,149)   38%
Tangible common shareholders' equity  $1,043,898   $849,104    23%
                
Assets  $15,874,872   $11,086,055    43%
Less: goodwill and intangibles   (16,794)   (17,286)   -3%
Tangible assets  $15,858,078   $11,068,769    43%
                
Ending common shares   43,237,300    43,106,505      
                
Tangible book value per common share  $24.14   $19.70    23%
Tangible common shareholders' equity/tangible assets   6.58%   7.67%   (109)bps

 

 

 

 

Merchants Bancorp  

Average Balance Analysis  

($ in thousands)  

(Unaudited)  

 

   Three Months Ended   Three Months Ended   Three Months Ended 
   June 30, 2023   March 31, 2023   June 30, 2022 
   Average       Yield/   Average       Yield/   Average       Yield/ 
   Balance   Interest   Rate   Balance   Interest   Rate   Balance   Interest   Rate 
Assets:                                             
                                              
Interest-bearing deposits, and other  $249,722   $3,335    5.36%  $184,470   $2,176    4.78%  $367,540   $910    0.99%
Securities available for sale - taxable   672,887    5,564    3.32%   445,614    2,266    2.06%   330,759    917    1.11%
Securities held to maturity   1,093,018    17,311    6.35%   1,115,243    15,754    5.73%   —    —      
Mortgage loans in process of securitization   280,092    3,127    4.48%   159,333    1,648    4.19%   198,349    1,449    2.93%
Loans and loans held for sale   11,968,565    228,732    7.67%   10,595,669    189,450    7.25%   8,643,276    85,994    3.99%
Total interest-earning assets   14,264,284    258,069    7.26%   12,500,329    211,294    6.86%   9,539,924    89,270    3.75%
Allowance for credit losses on loans   (54,411)             (45,190)             (33,401)          
Noninterest-earning assets   463,384              430,596              314,355           
                                              
Total assets  $14,673,257             $12,885,735             $9,820,878           
                                              
Liabilities & Shareholders' Equity:                                             
                                              
Interest-bearing checking   4,307,736    48,296    4.50%   4,052,081    40,647    4.07%   3,849,876    6,945    0.72%
Savings deposits   236,012    299    0.51%   237,289    265    0.45%   238,944    62    0.10%
Money market   2,749,594    30,521    4.45%   2,848,500    28,608    4.07%   2,626,973    6,567    1.00%
Certificates of deposit   4,729,242    58,685    4.98%   3,322,991    34,922    4.26%   639,556    1,194    0.75%
Total interest-bearing deposits   12,022,584    137,801    4.60%   10,460,861    104,442    4.05%   7,355,349    14,768    0.81%
                                              
Borrowings   591,333    14,651    9.94%   482,723    6,159    5.17%   749,628    2,471    1.32%
Total interest-bearing liabilities   12,613,917    152,452    4.85%   10,943,584    110,601    4.10%   8,104,977    17,239    0.85%
                                              
Noninterest-bearing deposits   346,837              304,119              402,328           
Noninterest-bearing liabilities   167,527              141,422              97,682           
                                              
Total liabilities   13,128,281              11,389,125              8,604,987           
                                              
Shareholders' equity   1,544,976              1,496,610              1,215,891           
                                              
Total liabilities and shareholders' equity  $14,673,257             $12,885,735             $9,820,878           
                                              
Net interest income       $105,617             $100,693             $72,031      
                                              
Net interest spread             2.41%             2.76%             2.90%
                                              
Net interest-earning assets  $1,650,367             $1,556,745             $1,434,947           
                                              
Net interest margin             2.97%             3.27%             3.03%
                                              
Average interest-earning assets to average interest-bearing liabilities             113.08%             114.23%             117.70%

 

 

 

 

Supplemental Results

(Unaudited)

($ in thousands)

 

   Net Income   Net Income 
   Three Months Ended   Six Months Ended 
   June 30,   March 31,   June 30,   June 30, 
   2023   2023   2022   2023   2022 
Segment                         
Multi-family Mortgage Banking  $11,242   $1,966   $19,556   $13,208   $31,048 
Mortgage Warehousing   18,596    8,641    11,868    27,237    25,027 
Banking   42,650    49,307    25,932    91,957    54,696 
Other   (7,186)   (4,959)   (3,421)   (12,145)   (6,694)
Total  $65,302   $54,955   $53,935   $120,257   $104,077 

 

    Total Assets                  
    June 30,     March 31,     December 31,                  
    2023     2023     2022                  
Segment                                        
Multi-family Mortgage Banking   $ 373,680     $ 341,487     $ 351,274                  
Mortgage Warehousing     4,474,832       3,318,491       2,519,810                  
Banking     10,784,596       10,430,293       9,587,544                  
Other     241,764       150,695       156,599                  
Total   $ 15,874,872     $ 14,240,966     $ 12,615,227                  

 

   Gain on Sale of Loans   Gain on Sale of Loans 
   Three Months Ended   Six Months Ended 
   June 30,   March 31,   June 30,   June 30, 
   2023   2023   2022   2023   2022 
Loan Type                         
Multi-family   10,361   $4,920   $19,623   $15,281   $34,576 
Single-family   202    277    406    479    863 
Small Business Association (SBA)   787    1,536    1,535    2,323    4,090 
Total  $11,350   $6,733   $21,564   $18,083   $39,529 

 
    Loans Receivable and Loans Held for Sale                  
    June 30,     March 31,     December 31,                  
    2023     2023     2022                  
Mortgage warehouse lines of credit   $ 1,201,932     $ 604,445     $ 464,785                  
Residential real estate     1,342,586       1,215,252       1,178,401                  
Multi-family financing     3,746,333       3,566,530       3,135,535                  
Healthcare financing     2,128,378       1,941,204       1,604,341                  
Commercial and commercial real estate (1)(2)     1,394,256       1,194,320       978,661                  
Agricultural production and real estate     91,599       89,516       95,651                  
Consumer and margin loans     11,920       15,781       13,498                  
      9,917,004       8,627,048       7,470,872                  
Less: Allowance for credit losses on loans     62,986       51,838       44,014                  
Loans receivable   $ 9,854,018     $ 8,575,210     $ 7,426,858                  
                                         
Loans held for sale     3,058,013       2,855,250       2,910,576                  
Total loans, net of allowance   $ 12,912,031     $ 11,430,460     $ 10,337,434                  

 

(1)     Includes $894.7 million, $672.9 million and $497.0 million of revolving  lines of credit collateralized primarily by mortgage servicing rights as of June 30, 2023, March 31, 2023 and December 31, 2022, respectively.

(2)     Includes only $8.3 million, $9.1 million and $12.8 million of non-owner occupied commerical real estate as of June 30, 2023, March 31, 2023 and December 31, 2022, respectively.

 

 

 

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XML 9 R1.htm IDEA: XBRL DOCUMENT v3.23.2
Cover
Jul. 27, 2023
Document Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jul. 27, 2023
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 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 B 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 B Preferred Stock, without par value
Trading Symbol MBINO
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
Series D 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 D Preferred Stock, without par value
Trading Symbol MBINM
Security Exchange Name NASDAQ
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