false
0001629019
0001629019
2024-01-29
2024-01-29
0001629019
us-gaap:CommonStockMember
2024-01-29
2024-01-29
0001629019
us-gaap:SeriesAPreferredStockMember
2024-01-29
2024-01-29
0001629019
us-gaap:SeriesBPreferredStockMember
2024-01-29
2024-01-29
0001629019
us-gaap:SeriesCPreferredStockMember
2024-01-29
2024-01-29
0001629019
us-gaap:SeriesDPreferredStockMember
2024-01-29
2024-01-29
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): January 29, 2024
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 January 29, 2024, Merchants Bancorp issued a press release
reporting its financial results for the fourth quarter and full fiscal year 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.
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: January 29, 2024 |
By: |
/s/ John F. Macke |
|
|
Name: John F. Macke |
|
|
Title: Chief Financial Officer |
Exhibit 99.1
PRESS RELEASE
Merchants Bancorp Reports Fourth Quarter 2023 Results
For Release January 29, 2024
| · | Full
year 2023 net income of $279.2 million set a new Company record, increasing 27% compared
to 2022. |
| · | Full
year 2023 diluted earnings per common share of $5.64 reached the highest level in Company
history and increased 26% compared to 2022. |
| · | Fourth
quarter 2023 net income of $77.5 million increased 36% compared to fourth quarter of 2022
and decreased 5% compared to the third quarter 2023. |
| · | Fourth
quarter 2023 diluted earnings per common share of $1.58 increased 41% compared to the fourth
quarter of 2022 and decreased 6% compared to the third quarter of 2023. |
| · | Total
assets of $17.0 billion surpassed any level previously reported by the Company, increasing
34% compared to December 31, 2022 and increasing 3% compared to September 30, 2023. |
| · | As
of December 31, 2023, the Company had a record-level of $6.0 billion in unused borrowing
capacity with the Federal Home Loan Bank and the Federal Reserve Discount window, representing
36% of total assets. |
| · | 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 repurchase agreements included in loans receivable. Taken together,
with unused borrowing capacity, these totaled $10.6 billion, or 62%, of the $17.0 billion
in total assets as of December 31, 2023. |
| · | Loans
receivable of $10.1 billion, net of allowance for credit losses on loans, increased $217.1
million, or 2%, compared to September 30, 2023, and increased $2.7 billion, or 36%,
compared to December 31, 2022. |
| · | Efficiency
ratio was 33.1% in the fourth quarter of 2023 compared to 31.3% in the fourth quarter of
2022 and 28.0% in the third quarter of 2023. |
| · | Tangible
book value per common share of $27.40 increased 25% compared to $21.88 in the fourth quarter
of 2022 and increased 6% compared to $25.82 in the third quarter of 2023. |
| · | The
previously announced agreements to sell several Illinois bank branches were granted regulatory
approval in January 2024 and the transactions were completed on January 26, 2024. |
CARMEL, Indiana – (PR Newswire) - Merchants Bancorp
(the “Company” or “Merchants”) (Nasdaq: MBIN), parent company of Merchants Bank of Indiana, today reported fourth
quarter 2023 net income of $77.5 million, or diluted earnings per common share of $1.58. This compared to $57.2 million, or diluted earnings
per common share of $1.12 in the fourth quarter of 2022, and compared to $81.5 million, or diluted earnings per common share of $1.68
in the third quarter of 2023.
“While 2023 was a turbulent environment for the financial industry,
we continued to deliver unmatched financial solutions that improve the quality of life in the communities we serve. Through the hard
work of our entire Merchants team, we achieved significant success, with 34% growth in assets, 26% growth in earnings per share, and
25% growth in tangible book value that reached a record level of $27.40 per share, just to name a few. We strive to be at the forefront
of industry trends and are poised to be strategically positioned for the future,” said Michael F. Petrie, Chairman and CEO of Merchants.
Michael J. Dunlap, President and Chief Operating Officer of Merchants,
added, “By continuously executing on our vision, mission and values throughout 2023, we achieved record results that surpassed
our expectations. We are grateful to all our employees for fostering long-term relationships, providing innovative products, and delivering
unparalleled service that adds value to our customers.”
Net income of $77.5 million for the fourth quarter 2023 increased
by $20.3 million, or 36%, compared to the fourth quarter of 2022, primarily driven by a $28.9 million, or 30%, increase in net interest
income. Results for the fourth quarter 2023 included a $7.6 million negative fair market value adjustment to servicing rights compared
to a $0.2 million negative adjustment in the fourth quarter of 2022.
Net income of $77.5 million for the fourth quarter 2023 decreased
by $4.0 million, or 5%, compared to the third quarter of 2023, primarily driven by a $9.6 million, or 22%, increase in noninterest expense
and a $1.6 million, or 4%, decrease in noninterest income that were partially offset by a $6.9 million, or 6%, increase in net interest
income. Noninterest income for the fourth quarter 2023 included a $7.6 million negative fair market value adjustment to servicing rights
compared to a $11.6 million positive fair market value adjustment to servicing rights in the third quarter 2023.
Total Assets
Total assets of $17.0 billion at December 31, 2023 increased
$457.3 million, or 3%, compared to September 30, 2023, and increased $4.3 billion, or 34%, compared to December 31, 2022. The
increase compared to December 31, 2022 was primarily due to significant growth in the multi-family, healthcare, commercial lines
of credit on collateralized mortgage servicing rights, and warehouse repurchase agreement portfolios.
Return on average assets was 1.86% for the fourth quarter of 2023
compared to 1.84% for the fourth quarter of 2022 and 2.03% for the third quarter of 2023.
Asset Quality
The allowance for credit losses on loans of $71.8 million, as of December 31,
2023, increased $4.9 million, or 7%, compared to September 30, 2023 and increased $27.7 million, or 63%, compared to December 31,
2022. The increase compared to September 30, 2023 was primarily in the healthcare financing portfolio, due to a combination of specific
reserves, loan growth, and changes in qualitative loss factors. The increase compared to December 31, 2022 was primarily due to
loan growth in the period, as well as increases in qualitative factors to reflect changes in industry conditions, in addition to credit
events that were recorded during the second quarter 2023. The Company experienced charge offs of $238,000 and recoveries of $1,000 during
the fourth quarter 2023.
Non-performing loans were $82.0 million, or 0.80% of loans receivable
before the allowance for credit losses on loans, as of December 31, 2023 compared to $60.2 million, or 0.60%, as of September 30,
2023, and $26.7 million, or 0.36%, as of December 31, 2022. The increase in non-performing loans compared to September 30,
2023 was primarily due to three customers.
Securities Available for Sale
Total securities available for sale of $1.1 billion as of December 31,
2023 increased $489.1 million, or 78%, compared to September 30, 2023, and increased $790.4 million, or 244%, compared to December 31,
2022.
The increases in securities available for sale compared to both periods
were primarily associated with the acquisition of certain securities from a warehouse customer that provide protective put options and
interest rate floor derivatives to prevent losses in value.
As of December 31, 2023, Accumulated Other Comprehensive Losses
(“AOCL”) of $2.5 million, related to securities available for sale, decreased $2.3 million, or 48%, compared to September 30,
2023, and decreased $8.0 million, or 76%, compared to December 31, 2022. The $2.5 million of AOCL as of December 31, 2023 represented
less than 1% of total equity and less than 1% of total investment securities.
Total Deposits
Total deposits of $14.1 billion at December 31, 2023 increased
$1.1 billion compared to September 30, 2023, and increased $4.0 billion, or 40%, compared to December 31, 2022. The change
compared to September 30, 2023 was primarily due to increases in brokered demand deposit accounts. The change compared to December 31,
2022 was primarily due to increases in brokered certificates of deposit accounts.
Total brokered deposits of $6.0 billion at December 31, 2023
increased $1.6 billion, or 36%, from September 30, 2023 and increased $3.2 billion, or 116%, from December 31, 2022. Brokered
deposits represented 42% of total deposits at December 31, 2023 compared to 34% of total deposits at September 30, 2023 and
27% of total deposits at December 31, 2022. As of December 31, 2023, brokered certificates of deposit had a weighted average
remaining duration of 55 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. As of December 31, 2023, deposit balances in Flex CD products increased by $324.8 million, or 222%, compared to
December 31, 2022. Additionally, the Company has offered an insured cash sweep program since 2018, which extends FDIC protection
up to $100 million per depositor. The balance of deposits in this program was $1.6 billion as of December 31, 2023 compared to $1.8
billion at September 30, 2023 and $1.5 billion at December 31, 2022, and has contributed to the Company's low level of uninsured
deposits, which were below 20% of total deposits.
Liquidity
Cash balances of $584.4 million as of December 31, 2023 increased
by $177.2 million compared to September 30, 2023 and increased by $358.3 million compared to December 31, 2022. The Company
continues to have significant borrowing capacity, with unused lines of credit totaling $6.0 billion as of December 31, 2023 compared
to $5.4 billion at September 30, 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 or securitize
a significant portion of its loans, which provides flexibility in managing its liquidity.
Comparison of Operating Results for the
Three Months Ended
December 31, 2023 and 2022
Net Interest Income of $124.3 million increased $28.9 million,
or 30%, compared to $95.4 million, reflecting higher yields and average balances on loans and loans held for sale, and higher average
balances of securities held to maturity, which were partially offset by higher rates and average balances on deposits, as well as higher
rates on borrowings that were primarily related to the credit linked notes issued by the Company during the first quarter of 2023.
| · | Interest
rate spread of 2.48% decreased 21 basis points compared to 2.69%. |
| · | Net
interest margin of 3.05% decreased 8 basis points compared to 3.13%. |
Interest Income of $311.8 million increased 72% compared to
$181.4 million, reflecting an increase in both yields and average balances of loans and loans held for sale, as well as higher yields
in securities held to maturity and securities available for sale.
| · | Average
balances of $13.7 billion for loans and loans held for sale increased 33% compared to $10.3
billion. |
| · | Average
yield on loans and loans held for sale of 7.98% increased 164 basis points compared to 6.34%. |
Interest Expense of $187.4 million increased $101.4 million,
or 118%, compared to $86.0 million. The increase was primarily due to higher rates on certificates of deposit, interest-bearing checking,
and money market accounts, as well higher average balances of certificates of deposit and interest-bearing checking accounts.
| · | Average
balances of $13.7 billion for interest-bearing deposits increased 37% compared to $10.0 billion. |
| · | Average
interest rates of 4.98% for interest-bearing deposits increased 176 basis points compared
to 3.22%. |
Noninterest Income of $34.5 million increased $11.5 million,
or 50%, compared to $23.0 million, primarily due to an $8.1 million, or 72%, increase in gain on sale of loans and a $6.7 million, or
180%, increase in other income. These increases were partially offset by a $4.9 million, or 180%, decrease in loan servicing fees.
| · | The
increase in gain on sale of loans was associated with significant growth in production volume
of multi-family loans that were sold in the secondary market. |
| · | The
increase in other income reflected a $6.6 million benefit to record the value of a protective
interest rate floor derivative that was provided with the acquisition of certain securities
available for sale. |
| · | Loan
servicing fees included a $7.6 million negative fair market value adjustment to servicing
rights, with a $1.1 million negative adjustment in the Banking segment and a $6.5 million
negative adjustment in the Multi-family Mortgage Banking segment. This compared to a $0.2
million negative fair market value adjustment to mortgage servicing rights in the prior period,
of which $0.6 million negative adjustment in the Banking segment and $0.4 million positive
adjustment in the Multi-family Mortgage Banking segment. |
Noninterest Expense of $52.6 million increased $15.5 million,
or 42%, compared to $37.1 million primarily due to increases in salaries and employee benefits associated with higher commissions on
higher production volume, as well as increases in deposit insurance expense.
| · | The
efficiency ratio of 33.1% increased 177 basis points compared to 31.3%. |
Comparison of Operating Results for the
Three Months Ended
December 31, 2023 and September 30,
2023
Net Interest Income of $124.3 million increased $6.9 million,
or 6%, compared to $117.4 million, reflecting higher average balances and yields on loans and loans held for sale, which were partially
offset by higher average balances and rates and on deposits.
| · | Interest
rate spread of 2.48% increased 4 basis points compared to 2.44%. |
| · | Net
interest margin of 3.05% increased 6 basis points compared to 2.99%. |
Interest Income of $311.8 million increased $15.1 million,
or 5%, compared to $296.7 million, reflecting an increase in average balances and yields on loans and loans held for sale.
| · | Average
balances of $13.7 billion for loans and loans held for sale increased 2% compared to $13.4
billion. |
| · | Average
yield on loans and loans held for sale of 7.98% increased 9 basis points compared to 7.89%. |
Interest Expense of $187.4 million increased $8.2 million,
or 5%, compared to $179.2 million. The increase was primarily due to higher average balances and rates on interest-bearing checking accounts,
as well as higher rates on certificates of deposit. The increases were partially offset by lower average balances of certificates of
deposits and lower rates on borrowings.
| · | Average
balances of $13.7 billion for interest-bearing deposits increased 4% compared to $13.2 billion. |
| · | Average
interest rates of 4.98% for interest-bearing deposits increased 8 basis points compared to
4.90%. |
Noninterest Income of $34.5 million decreased $1.6 million,
or 4%, compared $36.1 million, primarily due to a $19.6 million, or 112%, decrease in loan servicing fees, partially offset by an increase
of $8.6 million, or 80%, in gain on sale and a $6.7 million, or 182%, increase in other income.
| · | Loan
servicing fees included a $7.6 million negative fair market value adjustment to servicing
rights, with a $1.1 million negative adjustment in the Banking segment and a $6.5 million
negative adjustment in the Multi-family Mortgage Banking segment. This compared to a $11.6
million positive fair market value adjustment to servicing rights in the prior period, with
a $1.2 million positive adjustment in the Banking segment and a $10.4 million positive adjustment
in the Multi-family Mortgage Banking segment. |
| · | The
increase in gain on sale of loans was associated with significant growth in production volume
of multi-family loans that were sold in the secondary market. |
| · | The
increase in other income reflected a $6.6 million benefit to record the value of a protective
interest rate floor derivative that was provided with the acquisition of certain securities
available for sale. |
Noninterest Expense of $52.6 million increased $9.6 million,
or 22%, primarily due to increases in salaries and employee benefits associated with higher commissions on higher production volume,
as well as increases in professional fees.
| · | The
efficiency ratio of 33.1% increased 514 basis points compared to 28.0%. |
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 $17.0 billion in assets and $14.1 billion in deposits
as of December 31, 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, 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.
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
Consolidated Balance
Sheets
(Unaudited)
(In thousands, except share
data)
| |
| December
31, | | |
| September
30, | | |
| June
30, | | |
| March
31, | | |
| December
31, | |
| |
| 2023 | | |
| 2023 | | |
| 2023 | | |
| 2023 | | |
| 2022 | |
Assets | |
| | | |
| | | |
| | | |
| | | |
| | |
Cash and due from banks | |
$ | 15,592 | | |
$ | 10,633 | | |
$ | 15,390 | | |
$ | 19,002 | | |
$ | 22,170 | |
Interest-earning demand accounts | |
| 568,830 | | |
| 396,605 | | |
| 361,920 | | |
| 350,584 | | |
| 203,994 | |
Cash and cash equivalents | |
| 584,422 | | |
| 407,238 | | |
| 377,310 | | |
| 369,586 | | |
| 226,164 | |
Securities purchased under agreements to resell | |
| 3,349 | | |
| 3,385 | | |
| 3,412 | | |
| 3,438 | | |
| 3,464 | |
Mortgage loans in process of securitization | |
| 110,599 | | |
| 476,047 | | |
| 298,907 | | |
| 197,074 | | |
| 154,194 | |
Securities available for sale ($722,497 utilizing fair value
option at December 31, 2023) | |
| 1,113,687 | | |
| 624,586 | | |
| 648,003 | | |
| 679,518 | | |
| 323,337 | |
Securities held to maturity ($1,203,535, $1,010,745, $1,058,590,
$1,106,582 and $1,118,966 at fair value, respectively) | |
| 1,204,217 | | |
| 1,012,801 | | |
| 1,062,017 | | |
| 1,104,835 | | |
| 1,119,078 | |
Federal Home Loan Bank (FHLB) stock | |
| 48,578 | | |
| 48,219 | | |
| 39,130 | | |
| 39,130 | | |
| 39,130 | |
Loans held for sale (includes $86,663, $90,875, $82,931, $85,516
and $82,192 at fair value, respectively) | |
| 3,144,756 | | |
| 3,477,036 | | |
| 3,058,013 | | |
| 2,855,250 | | |
| 2,910,576 | |
Loans receivable, net of allowance for credit losses on loans
of $71,752, $66,864, $62,986, $51,838 and $44,014, respectively | |
| 10,127,801 | | |
| 9,910,681 | | |
| 9,854,018 | | |
| 8,575,210 | | |
| 7,426,858 | |
Premises and equipment, net | |
| 42,342 | | |
| 36,730 | | |
| 36,947 | | |
| 35,793 | | |
| 35,438 | |
Servicing rights | |
| 158,457 | | |
| 162,141 | | |
| 147,288 | | |
| 143,867 | | |
| 146,248 | |
Interest receivable | |
| 91,346 | | |
| 78,401 | | |
| 70,509 | | |
| 64,282 | | |
| 56,262 | |
Goodwill | |
| 15,845 | | |
| 15,845 | | |
| 15,845 | | |
| 15,845 | | |
| 15,845 | |
Intangible assets, net | |
| 742 | | |
| 831 | | |
| 949 | | |
| 1,068 | | |
| 1,186 | |
Other assets and receivables | |
| 306,375 | | |
| 241,295 | | |
| 262,524 | | |
| 156,070 | | |
| 157,447 | |
Total assets | |
$ | 16,952,516 | | |
$ | 16,495,236 | | |
$ | 15,874,872 | | |
$ | 14,240,966 | | |
$ | 12,615,227 | |
Liabilities and Shareholders' Equity | |
| | | |
| | | |
| | | |
| | | |
| | |
Liabilities | |
| | | |
| | | |
| | | |
| | | |
| | |
Deposits | |
| | | |
| | | |
| | | |
| | | |
| | |
Noninterest-bearing | |
$ | 520,070 | | |
$ | 287,846 | | |
$ | 349,387 | | |
$ | 313,733 | | |
$ | 326,875 | |
Interest-bearing | |
| 13,541,390 | | |
| 12,719,492 | | |
| 12,710,477 | | |
| 11,031,498 | | |
| 9,744,470 | |
Total deposits | |
| 14,061,460 | | |
| 13,007,338 | | |
| 13,059,864 | | |
| 11,345,231 | | |
| 10,071,345 | |
Borrowings | |
| 964,127 | | |
| 1,654,075 | | |
| 1,016,836 | | |
| 1,233,762 | | |
| 930,392 | |
Deferred and current tax liabilities, net | |
| 19,923 | | |
| 18,006 | | |
| 16,084 | | |
| 32,827 | | |
| 19,613 | |
Other liabilities | |
| 205,922 | | |
| 183,102 | | |
| 221,788 | | |
| 123,462 | | |
| 134,138 | |
Total liabilities | |
| 15,251,432 | | |
| 14,862,521 | | |
| 14,314,572 | | |
| 12,735,282 | | |
| 11,155,488 | |
Commitments and Contingencies | |
| | | |
| | | |
| | | |
| | | |
| | |
Shareholders' Equity | |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock, without par value | |
| | | |
| | | |
| | | |
| | | |
| | |
Authorized - 75,000,000 shares | |
| | | |
| | | |
| | | |
| | | |
| | |
Issued and outstanding - 43,242,928 shares, 43,240,212 shares, 43,237,300
shares, 43,233,618 shares and 43,113,127 shares | |
| 140,365 | | |
| 139,609 | | |
| 138,853 | | |
| 138,105 | | |
| 137,781 | |
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 | | |
| 137,459 | | |
| 137,459 | |
Retained earnings | |
| 1,063,599 | | |
| 998,252 | | |
| 928,875 | | |
| 875,700 | | |
| 832,871 | |
Accumulated other comprehensive loss | |
| (2,488 | ) | |
| (4,754 | ) | |
| (7,036 | ) | |
| (7,729 | ) | |
| (10,521 | ) |
Total shareholders' equity | |
| 1,701,084 | | |
| 1,632,715 | | |
| 1,560,300 | | |
| 1,505,684 | | |
| 1,459,739 | |
Total liabilities and shareholders' equity | |
$ | 16,952,516 | | |
$ | 16,495,236 | | |
$ | 15,874,872 | | |
$ | 14,240,966 | | |
$ | 12,615,227 | |
Consolidated
Statement of Income
(Unaudited)
(In
thousands, except share data)
| |
Three Months Ended | |
Change | |
| |
December 31, | |
September 30, | |
December 31, | |
4Q23 | | |
4Q23 | |
| |
2023 | |
2023 | |
2022 | |
vs. 3Q23 | | |
vs. 4Q22 | |
Interest Income | |
| | |
| | |
| | |
| | | |
| | |
Loans | |
$ | 274,971 | |
$ | 266,561 | |
$ | 164,682 | |
| 3 | % | |
| 67 | % |
Mortgage loans in process of securitization | |
| 5,294 | |
| 2,583 | |
| 2,551 | |
| 105 | % | |
| 108 | % |
Investment securities: | |
| | |
| | |
| | |
| | | |
| | |
Available for sale | |
| 7,609 | |
| 6,182 | |
| 704 | |
| 23 | % | |
| 981 | % |
Held to maturity | |
| 19,491 | |
| 17,427 | |
| 11,412 | |
| 12 | % | |
| 71 | % |
Federal Home Loan Bank stock | |
| 735 | |
| 572 | |
| 288 | |
| 28 | % | |
| 155 | % |
Other | |
| 3,659 | |
| 3,351 | |
| 1,802 | |
| 9 | % | |
| 103 | % |
Total interest income | |
| 311,759 | |
| 296,676 | |
| 181,439 | |
| 5 | % | |
| 72 | % |
Interest Expense | |
| | |
| | |
| | |
| | | |
| | |
Deposits | |
| 172,061 | |
| 162,906 | |
| 81,062 | |
| 6 | % | |
| 112 | % |
Borrowed funds | |
| 15,373 | |
| 16,334 | |
| 4,967 | |
| -6 | % | |
| 210 | % |
Total interest expense | |
| 187,434 | |
| 179,240 | |
| 86,029 | |
| 5 | % | |
| 118 | % |
Net Interest Income | |
| 124,325 | |
| 117,436 | |
| 95,410 | |
| 6 | % | |
| 30 | % |
Provision for credit losses | |
| 6,747 | |
| 4,014 | |
| 6,407 | |
| 68 | % | |
| 5 | % |
Net Interest Income After Provision for Credit Losses | |
| 117,578 | |
| 113,422 | |
| 89,003 | |
| 4 | % | |
| 32 | % |
Noninterest Income | |
| | |
| | |
| | |
| | | |
| | |
Gain on sale of loans | |
| 19,342 | |
| 10,758 | |
| 11,267 | |
| 80 | % | |
| 72 | % |
Loan servicing fees, net | |
| (2,162 | ) |
| 17,384 | |
| 2,691 | |
| -112 | % | |
| -180 | % |
Mortgage warehouse fees | |
| 1,950 | |
| 1,858 | |
| 1,081 | |
| 5 | % | |
| 80 | % |
Syndication and asset management fees | |
| 4,879 | |
| 2,368 | |
| 4,207 | |
| 106 | % | |
| 16 | % |
Other income | |
| 10,445 | |
| 3,700 | |
| 3,736 | |
| 182 | % | |
| 180 | % |
Total noninterest income | |
| 34,454 | |
| 36,068 | |
| 22,982 | |
| -4 | % | |
| 50 | % |
Noninterest Expense | |
| | |
| | |
| | |
| | | |
| | |
Salaries and employee benefits | |
| 33,259 | |
| 27,052 | |
| 22,290 | |
| 23 | % | |
| 49 | % |
Loan expenses | |
| 660 | |
| 1,038 | |
| 1,082 | |
| -36 | % | |
| -39 | % |
Occupancy and equipment | |
| 2,336 | |
| 2,196 | |
| 2,377 | |
| 6 | % | |
| -2 | % |
Professional fees | |
| 4,157 | |
| 2,555 | |
| 3,739 | |
| 63 | % | |
| 11 | % |
Deposit insurance expense | |
| 4,030 | |
| 3,568 | |
| 1,279 | |
| 13 | % | |
| 215 | % |
Technology expense | |
| 1,758 | |
| 1,609 | |
| 1,417 | |
| 9 | % | |
| 24 | % |
Other expense | |
| 6,379 | |
| 4,912 | |
| 4,925 | |
| 30 | % | |
| 30 | % |
Total noninterest expense | |
| 52,579 | |
| 42,930 | |
| 37,109 | |
| 22 | % | |
| 42 | % |
Income Before Income Taxes | |
| 99,453 | |
| 106,560 | |
| 74,876 | |
| -7 | % | |
| 33 | % |
Provision for income taxes | |
| 21,980 | |
| 25,056 | |
| 17,720 | |
| -12 | % | |
| 24 | % |
Net Income | |
$ | 77,473 | |
$ | 81,504 | |
$ | 57,156 | |
| -5 | % | |
| 36 | % |
Dividends on preferred stock | |
| (8,667 | ) |
| (8,668 | ) |
| (8,797 | ) |
| — | | |
| -1 | % |
Net Income Allocated to Common Shareholders | |
$ | 68,806 | |
$ | 72,836 | |
$ | 48,359 | |
| -6 | % | |
| 42 | % |
Basic Earnings Per Share | |
$ | 1.59 | |
$ | 1.68 | |
$ | 1.12 | |
| -5 | % | |
| 42 | % |
Diluted Earnings Per Share | |
$ | 1.58 | |
$ | 1.68 | |
$ | 1.12 | |
| -6 | % | |
| 41 | % |
Weighted-Average Shares Outstanding | |
| | |
| | |
| | |
| | | |
| | |
Basic | |
| 43,241,600 | |
| 43,238,724 | |
| 43,111,353 | |
| | | |
| | |
Diluted | |
| 43,430,973 | |
| 43,351,208 | |
| 43,274,758 | |
| | | |
| | |
Consolidated Statement
of Income
(Unaudited)
(In thousands, except share
data)
| |
Twelve Months Ended | | |
| |
| |
December 31, | | |
December 31, | | |
| |
| |
2023 | | |
2022 | | |
Change | |
Interest Income | |
| | | |
| | | |
| | |
Loans | |
$ | 959,714 | | |
$ | 451,973 | | |
| 112 | % |
Mortgage loans in process of securitization | |
| 12,652 | | |
| 8,407 | | |
| 50 | % |
Investment securities: | |
| | | |
| | | |
| | |
Available for sale | |
| 21,621 | | |
| 2,807 | | |
| 670 | % |
Held to maturity | |
| 69,983 | | |
| 12,382 | | |
| 465 | % |
Federal Home Loan Bank stock | |
| 2,205 | | |
| 1,220 | | |
| 81 | % |
Other | |
| 11,623 | | |
| 4,044 | | |
| 187 | % |
Total interest income | |
| 1,077,798 | | |
| 480,833 | | |
| 124 | % |
Interest Expense | |
| | | |
| | | |
| | |
Deposits | |
| 577,210 | | |
| 149,645 | | |
| 286 | % |
Borrowed funds | |
| 52,517 | | |
| 12,637 | | |
| 316 | % |
Total interest expense | |
| 629,727 | | |
| 162,282 | | |
| 288 | % |
Net Interest Income | |
| 448,071 | | |
| 318,551 | | |
| 41 | % |
Provision for credit losses | |
| 40,231 | | |
| 17,295 | | |
| 133 | % |
Net Interest Income After Provision for Credit Losses | |
| 407,840 | | |
| 301,256 | | |
| 35 | % |
Noninterest Income | |
| | | |
| | | |
| | |
Gain on sale of loans | |
| 48,183 | | |
| 64,150 | | |
| -25 | % |
Loan servicing fees, net | |
| 26,198 | | |
| 30,198 | | |
| -13 | % |
Mortgage warehouse fees | |
| 7,701 | | |
| 5,394 | | |
| 43 | % |
Syndication and asset management fees | |
| 12,355 | | |
| 9,493 | | |
| 30 | % |
Other income | |
| 20,231 | | |
| 16,701 | | |
| 21 | % |
Total noninterest income | |
| 114,668 | | |
| 125,936 | | |
| -9 | % |
Noninterest Expense | |
| | | |
| | | |
| | |
Salaries and employee benefits | |
| 108,181 | | |
| 89,085 | | |
| 21 | % |
Loan expenses | |
| 3,409 | | |
| 4,703 | | |
| -28 | % |
Occupancy and equipment | |
| 9,220 | | |
| 8,169 | | |
| 13 | % |
Professional fees | |
| 12,704 | | |
| 9,065 | | |
| 40 | % |
Deposit insurance expense | |
| 13,582 | | |
| 3,463 | | |
| 292 | % |
Technology expense | |
| 6,515 | | |
| 5,282 | | |
| 23 | % |
Other expense | |
| 20,990 | | |
| 16,283 | | |
| 29 | % |
Total noninterest expense | |
| 174,601 | | |
| 136,050 | | |
| 28 | % |
Income Before Income Taxes | |
| 347,907 | | |
| 291,142 | | |
| 19 | % |
Provision for income taxes | |
| 68,673 | | |
| 71,421 | | |
| -4 | % |
Net Income | |
$ | 279,234 | | |
$ | 219,721 | | |
| 27 | % |
Dividends on preferred stock | |
| (34,670 | ) | |
| (25,983 | ) | |
| 33 | % |
Net Income Allocated to Common Shareholders | |
$ | 244,564 | | |
$ | 193,738 | | |
| 26 | % |
Basic Earnings Per Share | |
$ | 5.66 | | |
$ | 4.49 | | |
| 26 | % |
Diluted Earnings Per Share | |
$ | 5.64 | | |
$ | 4.47 | | |
| 26 | % |
Weighted-Average Shares Outstanding | |
| | | |
| | | |
| | |
Basic | |
| 43,224,042 | | |
| 43,164,477 | | |
| | |
Diluted | |
| 43,345,799 | | |
| 43,316,904 | | |
| | |
Key
Operating Results
(Unaudited)
($
in thousands, except share data)
| |
Three Months Ended | | |
Change | |
| |
December 31, | | |
September 30, | | |
December 31, | | |
4Q23 | | |
4Q23 | |
| |
2023 | | |
2023 | | |
2022 | | |
vs. 3Q23 | | |
vs. 4Q22 | |
Noninterest expense | |
$ | 52,579 | | |
$ | 42,930 | | |
$ | 37,109 | | |
| 22 | % | |
| 42 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net interest income (before provision for credit losses) | |
| 124,325 | | |
| 117,436 | | |
| 95,410 | | |
| 6 | % | |
| 30 | % |
Noninterest income | |
| 34,454 | | |
| 36,068 | | |
| 22,982 | | |
| -4 | % | |
| 50 | % |
Total income | |
$ | 158,779 | | |
$ | 153,504 | | |
$ | 118,392 | | |
| 3 | % | |
| 34 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Efficiency ratio | |
| 33.11 | % | |
| 27.97 | % | |
| 31.34 | % | |
| 514 | bps | |
| 177 | bps |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Average assets | |
$ | 16,671,484 | | |
$ | 16,031,015 | | |
$ | 12,457,893 | | |
| 4 | % | |
| 34 | % |
Net income | |
| 77,473 | | |
| 81,504 | | |
| 57,156 | | |
| -5 | % | |
| 36 | % |
Return on average assets before annualizing | |
| 0.46 | % | |
| 0.51 | % | |
| 0.46 | % | |
| | | |
| | |
Annualization factor | |
| 4.00 | | |
| 4.00 | | |
| 4.00 | | |
| | | |
| | |
Return on average assets | |
| 1.86 | % | |
| 2.03 | % | |
| 1.84 | % | |
| (17 | )bps | |
| 2 | bps |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Return on average tangible common shareholders'
equity (1) | |
| 23.60 | % | |
| 26.69 | % | |
| 20.81 | % | |
| (309 | )bps | |
| 279 | bps |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Tangible book value per common share (1) | |
$ | 27.40 | | |
$ | 25.82 | | |
$ | 21.88 | | |
| 6 | % | |
| 25 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Tangible common shareholders' equity/tangible
assets (1) | |
| 7.00 | % | |
| 6.78 | % | |
| 7.49 | % | |
| 22 | bps | |
| (49 | )bps |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Consolidated ratios | |
| | | |
| | | |
| | | |
| | | |
| | |
Total capital/risk-weighted assets(2) | |
| 11.6 | % | |
| 11.5 | % | |
| 12.2 | % | |
| | | |
| | |
Tier I capital/risk-weighted assets(2) | |
| 11.1 | % | |
| 10.9 | % | |
| 11.7 | % | |
| | | |
| | |
Common Equity Tier I capital/risk-weighted assets(2) | |
| 7.8 | % | |
| 7.6 | % | |
| 7.7 | % | |
| | | |
| | |
Tier I capital/average assets(2) | |
| 10.1 | % | |
| 10.1 | % | |
| 11.7 | % | |
| | | |
| | |
(1) Non-GAAP financial measure - see "Reconciliation
of Non-GAAP Measures" below:
(2) As defined by regulatory agencies; December
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 | |
| |
December 31, | | |
September 30, | | |
December 31, | | |
4Q23 | | |
4Q23 | |
| |
2023 | | |
2023 | | |
2022 | | |
vs. 3Q23 | | |
vs. 4Q22 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net income | |
$ | 77,473 | | |
$ | 81,504 | | |
$ | 57,156 | | |
| -5 | % | |
| 36 | % |
Less: preferred stock dividends | |
| (8,667 | ) | |
| (8,668 | ) | |
| (8,797 | ) | |
| — | | |
| -1 | % |
Net income available to common shareholders | |
$ | 68,806 | | |
$ | 72,836 | | |
$ | 48,359 | | |
| -6 | % | |
| 42 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Average shareholders' equity | |
$ | 1,682,270 | | |
$ | 1,607,779 | | |
$ | 1,445,995 | | |
| 5 | % | |
| 16 | % |
Less: average goodwill & intangibles | |
| (16,629 | ) | |
| (16,742 | ) | |
| (17,094 | ) | |
| -1 | % | |
| -3 | % |
Less: average preferred stock | |
| (499,608 | ) | |
| (499,608 | ) | |
| (499,529 | ) | |
| — | | |
| — | |
Average tangible common shareholders' equity | |
$ | 1,166,033 | | |
$ | 1,091,429 | | |
$ | 929,372 | | |
| 7 | % | |
| 25 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Annualization factor | |
| 4.00 | | |
| 4.00 | | |
| 4.00 | | |
| | | |
| | |
Return on average tangible common shareholders' equity | |
| 23.60 | % | |
| 26.69 | % | |
| 20.81 | % | |
| (309 | )bps | |
| 279 | bps |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total equity | |
$ | 1,701,084 | | |
$ | 1,632,715 | | |
$ | 1,459,739 | | |
| 4 | % | |
| 17 | % |
Less: goodwill and intangibles | |
| (16,587 | ) | |
| (16,676 | ) | |
| (17,031 | ) | |
| -1 | % | |
| -3 | % |
Less: preferred stock | |
| (499,608 | ) | |
| (499,608 | ) | |
| (499,608 | ) | |
| — | | |
| — | |
Tangible common shareholders' equity | |
$ | 1,184,889 | | |
$ | 1,116,431 | | |
$ | 943,100 | | |
| 6 | % | |
| 26 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Assets | |
$ | 16,952,516 | | |
$ | 16,495,236 | | |
$ | 12,615,227 | | |
| 3 | % | |
| 34 | % |
Less: goodwill and intangibles | |
| (16,587 | ) | |
| (16,676 | ) | |
| (17,031 | ) | |
| -1 | % | |
| -3 | % |
Tangible assets | |
$ | 16,935,929 | | |
$ | 16,478,560 | | |
$ | 12,598,196 | | |
| 3 | % | |
| 34 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Ending common shares | |
| 43,242,928 | | |
| 43,240,212 | | |
| 43,113,127 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Tangible book value per common share | |
$ | 27.40 | | |
$ | 25.82 | | |
$ | 21.88 | | |
| 6 | % | |
| 25 | % |
Tangible common shareholders' equity/tangible assets | |
| 7.00 | % | |
| 6.78 | % | |
| 7.49 | % | |
| 22 | bps | |
| (49 | )bps |
Key
Operating Results
(Unaudited)
($
in thousands, except share data)
| |
Twelve Months Ended | | |
| |
| |
December 31, | | |
December 31, | | |
| |
| |
2023 | | |
2022 | | |
Change | |
Noninterest expense | |
$ | 174,601 | | |
$ | 136,050 | | |
| 28 | % |
| |
| | | |
| | | |
| | |
Net interest income (before provision for credit losses) | |
| 448,071 | | |
| 318,551 | | |
| 41 | % |
Noninterest income | |
| 114,668 | | |
| 125,936 | | |
| -9 | % |
Total income | |
$ | 562,739 | | |
$ | 444,487 | | |
| 27 | % |
| |
| | | |
| | | |
| | |
Efficiency ratio | |
| 31.03 | % | |
| 30.61 | % | |
| 42 | bps |
| |
| | | |
| | | |
| | |
Average assets | |
$ | 15,078,390 | | |
$ | 11,044,889 | | |
| 37 | % |
Net income | |
| 279,234 | | |
| 219,721 | | |
| 27 | % |
Return on average assets before annualizing | |
| 1.85 | % | |
| 1.99 | % | |
| | |
Annualization factor | |
| 1.00 | | |
| 1.00 | | |
| | |
Return on average assets | |
| 1.85 | % | |
| 1.99 | % | |
| (14 | )bps |
| |
| | | |
| | | |
| | |
Return on average tangible common shareholders'
equity (1) | |
| 22.92 | % | |
| 22.50 | % | |
| 42 | bps |
| |
| | | |
| | | |
| | |
Tangible book value per common share (1) | |
$ | 27.40 | | |
$ | 21.88 | | |
| 25 | % |
| |
| | | |
| | | |
| | |
Tangible common shareholders' equity/tangible
assets (1) | |
| 7.00 | % | |
| 7.49 | % | |
| (49 | )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.
| |
Twelve Months Ended | | |
| |
| |
December 31, | | |
December 31, | | |
| |
| |
2023 | | |
2022 | | |
Change | |
Net income | |
$ | 279,234 | | |
$ | 219,721 | | |
| 27 | % |
Less: preferred stock dividends | |
| (34,670 | ) | |
| (25,983 | ) | |
| 33 | % |
Net income available to common shareholders | |
$ | 244,564 | | |
$ | 193,738 | | |
| 26 | % |
| |
| | | |
| | | |
| | |
Average shareholders' equity | |
$ | 1,583,485 | | |
$ | 1,276,443 | | |
| 24 | % |
Less: average goodwill & intangibles | |
| (16,801 | ) | |
| (17,293 | ) | |
| -3 | % |
Less: average preferred stock | |
| (499,608 | ) | |
| (398,182 | ) | |
| 25 | % |
Average tangible common shareholders' equity | |
$ | 1,067,076 | | |
$ | 860,968 | | |
| 24 | % |
| |
| | | |
| | | |
| | |
Annualization factor | |
| 1.00 | | |
| 1.00 | | |
| | |
Return on average tangible common shareholders' equity | |
| 22.92 | % | |
| 22.50 | % | |
| 42 | bps |
| |
| | | |
| | | |
| | |
Total equity | |
$ | 1,701,084 | | |
$ | 1,459,739 | | |
| 17 | % |
Less: goodwill and intangibles | |
| (16,587 | ) | |
| (17,031 | ) | |
| -3 | % |
Less: preferred stock | |
| (499,608 | ) | |
| (499,608 | ) | |
| — | |
Tangible common shareholders' equity | |
$ | 1,184,889 | | |
$ | 943,100 | | |
| 26 | % |
| |
| | | |
| | | |
| | |
Assets | |
$ | 16,952,516 | | |
$ | 12,615,227 | | |
| 34 | % |
Less: goodwill and intangibles | |
| (16,587 | ) | |
| (17,031 | ) | |
| -3 | % |
Tangible assets | |
$ | 16,935,929 | | |
$ | 12,598,196 | | |
| 34 | % |
| |
| | | |
| | | |
| | |
Ending common shares | |
| 43,242,928 | | |
| 43,113,127 | | |
| | |
| |
| | | |
| | | |
| | |
Tangible book value per common share | |
$ | 27.40 | | |
$ | 21.88 | | |
| 25 | % |
Tangible common shareholders' equity/tangible assets | |
| 7.00 | % | |
| 7.49 | % | |
| (49 | )bps |
Merchants
Bancorp
Average
Balance Analysis
($
in thousands)
(Unaudited)
| |
Three Months Ended | | |
Three Months Ended | | |
Three Months Ended | |
| |
December
31, 2023 | | |
September
30, 2023 | | |
December
31, 2022 | |
| |
Average | | |
| | |
Yield/ | | |
Average | | |
| | |
Yield/ | | |
Average | | |
| | |
Yield/ | |
| |
Balance | | |
Interest | | |
Rate | | |
Balance | | |
Interest | | |
Rate | | |
Balance | | |
Interest | | |
Rate | |
Assets: | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Interest-bearing deposits, and other | |
$ | 268,083 | | |
$ | 4,394 | | |
| 6.50 | % | |
$ | 259,630 | | |
$ | 3,923 | | |
| 5.99 | % | |
$ | 225,274 | | |
$ | 2,090 | | |
| 3.68 | % |
Securities available for sale | |
| 716,315 | | |
| 7,609 | | |
| 4.21 | % | |
| 656,561 | | |
| 6,182 | | |
| 3.74 | % | |
| 323,510 | | |
| 704 | | |
| 0.86 | % |
Securities held to maturity | |
| 1,141,664 | | |
| 19,491 | | |
| 6.77 | % | |
| 1,040,070 | | |
| 17,427 | | |
| 6.65 | % | |
| 1,002,446 | | |
| 11,412 | | |
| 4.52 | % |
Mortgage loans in process of securitization | |
| 380,645 | | |
| 5,294 | | |
| 5.52 | % | |
| 208,767 | | |
| 2,583 | | |
| 4.91 | % | |
| 234,248 | | |
| 2,551 | | |
| 4.32 | % |
Loans and loans held for sale | |
| 13,674,793 | | |
| 274,971 | | |
| 7.98 | % | |
| 13,399,854 | | |
| 266,561 | | |
| 7.89 | % | |
| 10,299,795 | | |
| 164,682 | | |
| 6.34 | % |
Total interest-earning assets | |
| 16,181,500 | | |
| 311,759 | | |
| 7.64 | % | |
| 15,564,882 | | |
| 296,676 | | |
| 7.56 | % | |
| 12,085,273 | | |
| 181,439 | | |
| 5.96 | % |
Allowance for credit losses on loans | |
| (67,114 | ) | |
| | | |
| | | |
| (63,449 | ) | |
| | | |
| | | |
| (40,339 | ) | |
| | | |
| | |
Noninterest-earning assets | |
| 557,098 | | |
| | | |
| | | |
| 529,582 | | |
| | | |
| | | |
| 412,959 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total assets | |
$ | 16,671,484 | | |
| | | |
| | | |
$ | 16,031,015 | | |
| | | |
| | | |
$ | 12,457,893 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Liabilities & Shareholders' Equity: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Interest-bearing checking | |
| 5,607,744 | | |
| 68,899 | | |
| 4.87 | % | |
| 4,882,727 | | |
| 58,642 | | |
| 4.76 | % | |
| 4,520,785 | | |
| 37,929 | | |
| 3.33 | % |
Savings deposits | |
| 242,788 | | |
| 346 | | |
| 0.57 | % | |
| 241,861 | | |
| 340 | | |
| 0.56 | % | |
| 252,787 | | |
| 304 | | |
| 0.48 | % |
Money market | |
| 2,825,051 | | |
| 34,058 | | |
| 4.78 | % | |
| 2,798,325 | | |
| 33,235 | | |
| 4.71 | % | |
| 2,745,904 | | |
| 23,958 | | |
| 3.46 | % |
Certificates of deposit | |
| 5,023,434 | | |
| 68,758 | | |
| 5.43 | % | |
| 5,255,573 | | |
| 70,689 | | |
| 5.34 | % | |
| 2,474,427 | | |
| 18,871 | | |
| 3.03 | % |
Total interest-bearing deposits | |
| 13,699,017 | | |
| 172,061 | | |
| 4.98 | % | |
| 13,178,486 | | |
| 162,906 | | |
| 4.90 | % | |
| 9,993,903 | | |
| 81,062 | | |
| 3.22 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Borrowings | |
| 720,521 | | |
| 15,373 | | |
| 8.46 | % | |
| 711,948 | | |
| 16,334 | | |
| 9.10 | % | |
| 451,467 | | |
| 4,967 | | |
| 4.36 | % |
Total interest-bearing liabilities | |
| 14,419,538 | | |
| 187,434 | | |
| 5.16 | % | |
| 13,890,434 | | |
| 179,240 | | |
| 5.12 | % | |
| 10,445,370 | | |
| 86,029 | | |
| 3.27 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Noninterest-bearing deposits | |
| 366,152 | | |
| | | |
| | | |
| 333,155 | | |
| | | |
| | | |
| 419,008 | | |
| | | |
| | |
Noninterest-bearing liabilities | |
| 203,524 | | |
| | | |
| | | |
| 199,647 | | |
| | | |
| | | |
| 147,520 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total liabilities | |
| 14,989,214 | | |
| | | |
| | | |
| 14,423,236 | | |
| | | |
| | | |
| 11,011,898 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shareholders'
equity | |
| 1,682,270 | | |
| | | |
| | | |
| 1,607,779 | | |
| | | |
| | | |
| 1,445,995 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total liabilities and shareholders'
equity | |
$ | 16,671,484 | | |
| | | |
| | | |
$ | 16,031,015 | | |
| | | |
| | | |
$ | 12,457,893 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net interest
income | |
| | | |
$ | 124,325 | | |
| | | |
| | | |
$ | 117,436 | | |
| | | |
| | | |
$ | 95,410 | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net interest
spread | |
| | | |
| | | |
| 2.48 | % | |
| | | |
| | | |
| 2.44 | % | |
| | | |
| | | |
| 2.69 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net interest-earning
assets | |
$ | 1,761,962 | | |
| | | |
| | | |
$ | 1,674,448 | | |
| | | |
| | | |
$ | 1,639,903 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net interest
margin | |
| | | |
| | | |
| 3.05 | % | |
| | | |
| | | |
| 2.99 | % | |
| | | |
| | | |
| 3.13 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Average interest-earning
assets to average interest-bearing liabilities | |
| | | |
| | | |
| 112.22 | % | |
| | | |
| | | |
| 112.05 | % | |
| | | |
| | | |
| 115.70 | % |
Supplemental Results
(Unaudited)
($ in thousands)
| |
Net Income | | |
Net Income | |
| |
Three Months Ended | | |
Twelve Months Ended | |
| |
December 31, | | |
September 30, | | |
December 31, | | |
December 31, | |
| |
2023 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Segment | |
| | |
| | |
| | |
| | |
| |
Multi-family Mortgage Banking | |
$ | 8,580 | | |
$ | 14,685 | | |
$ | 10,228 | | |
$ | 36,473 | | |
$ | 54,642 | |
Mortgage Warehousing | |
| 26,362 | | |
| 19,926 | | |
| 11,776 | | |
| 73,525 | | |
| 48,604 | |
Banking | |
| 49,996 | | |
| 52,445 | | |
| 40,181 | | |
| 194,398 | | |
| 134,221 | |
Other | |
| (7,465 | ) | |
| (5,552 | ) | |
| (5,029 | ) | |
| (25,162 | ) | |
| (17,746 | ) |
Total | |
$ | 77,473 | | |
$ | 81,504 | | |
$ | 57,156 | | |
$ | 279,234 | | |
$ | 219,721 | |
| |
Total Assets | |
| |
December 31, | | |
September 30, | | |
December 31, | |
| |
2023 | | |
2023 | | |
2022 | |
Segment | |
| | | |
| | | |
| | |
Multi-family Mortgage Banking | |
$ | 411,097 | | |
$ | 392,754 | | |
$ | 351,274 | |
Mortgage Warehousing | |
| 4,522,175 | | |
| 4,757,817 | | |
| 2,519,810 | |
Banking | |
| 11,760,943 | | |
| 11,135,651 | | |
| 9,587,544 | |
Other | |
| 258,301 | | |
| 209,014 | | |
| 156,599 | |
Total | |
$ | 16,952,516 | | |
$ | 16,495,236 | | |
$ | 12,615,227 | |
| |
Gain on Sale of Loans | | |
Gain on Sale of Loans | |
| |
Three Months Ended | | |
Twelve Months Ended | |
| |
December 31, | | |
September 30, | | |
December 31, | | |
December 31, | |
| |
2023 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Loan Type | |
| | | |
| | | |
| | | |
| | | |
| | |
Multi-family | |
| 19,082 | | |
$ | 8,616 | | |
$ | 10,241 | | |
$ | 42,979 | | |
$ | 56,819 | |
Single-family | |
| (183 | ) | |
| 951 | | |
| 132 | | |
| 1,247 | | |
| 1,133 | |
Small Business Association (SBA) | |
| 443 | | |
| 1,191 | | |
| 894 | | |
| 3,957 | | |
| 6,198 | |
Total | |
$ | 19,342 | | |
$ | 10,758 | | |
$ | 11,267 | | |
$ | 48,183 | | |
$ | 64,150 | |
| |
Loans Receivable
and Loans Held for Sale | |
| |
December 31, | | |
September 30, | | |
December 31, | |
| |
2023 | | |
2023 | | |
2022 | |
Mortgage warehouse repurchase agreements | |
$ | 752,468 | | |
$ | 1,022,692 | | |
$ | 464,785 | |
Residential real estate (1) | |
| 1,324,305 | | |
| 1,358,908 | | |
| 1,178,401 | |
Multi-family financing | |
| 4,006,160 | | |
| 3,709,320 | | |
| 3,135,535 | |
Healthcare financing | |
| 2,356,689 | | |
| 2,218,559 | | |
| 1,604,341 | |
Commercial and commercial real estate (2)(3) | |
| 1,643,081 | | |
| 1,560,031 | | |
| 978,661 | |
Agricultural production and real estate | |
| 103,150 | | |
| 96,490 | | |
| 95,651 | |
Consumer and margin loans | |
| 13,700 | | |
| 11,545 | | |
| 13,498 | |
| |
| 10,199,553 | | |
| 9,977,545 | | |
| 7,470,872 | |
Less: Allowance for credit losses on loans | |
| 71,752 | | |
| 66,864 | | |
| 44,014 | |
Loans receivable | |
$ | 10,127,801 | | |
$ | 9,910,681 | | |
$ | 7,426,858 | |
| |
| | | |
| | | |
| | |
Loans held for sale | |
| 3,144,756 | | |
| 3,477,036 | | |
| 2,910,576 | |
Total loans, net of allowance | |
$ | 13,272,557 | | |
$ | 13,387,717 | | |
$ | 10,337,434 | |
(1) Includes
$1.2 billion, $1.2 billion and $1.1 billion of All-In-One © first-lien home equity lines of credit as of December 31, 2023, September
30, 2023 and December 31, 2022, respectively.
(2) Includes
$1.1 billion, $1.0 billion and $497.0 million of revolving lines of credit collateralized primarily by mortgage servicing
rights as of December 31, 2023, September 30, 2023 and December 31, 2022, respectively.
(3) Includes
only $8.4 million, $8.1 million and $12.8 million of non-owner occupied commerical real estate as of December 31, 2023, September 30,
2023 and December 31, 2022, respectively.
v3.24.0.1
Cover
|
Jan. 29, 2024 |
Document Information [Line Items] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Jan. 29, 2024
|
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
|
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe 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'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission 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.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 13e -Subsection 4c
+ Details
Name: |
dei_PreCommencementIssuerTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14d -Subsection 2b
+ Details
Name: |
dei_PreCommencementTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTitle of a 12(b) registered security.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b
+ Details
Name: |
dei_Security12bTitle |
Namespace Prefix: |
dei_ |
Data Type: |
dei:securityTitleItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the Exchange on which a security is registered.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1
+ Details
Name: |
dei_SecurityExchangeName |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarExchangeCodeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Section 14a -Number 240 -Subsection 12
+ Details
Name: |
dei_SolicitingMaterial |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
+ References
+ Details
Name: |
dei_TradingSymbol |
Namespace Prefix: |
dei_ |
Data Type: |
dei:tradingSymbolItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Securities Act -Number 230 -Section 425
+ Details
Name: |
dei_WrittenCommunications |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_SeriesCPreferredStockMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_SeriesDPreferredStockMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
Merchants Bancorp (NASDAQ:MBINP)
Historical Stock Chart
Von Aug 2024 bis Sep 2024
Merchants Bancorp (NASDAQ:MBINP)
Historical Stock Chart
Von Sep 2023 bis Sep 2024