0001104659-20-118929.txt : 20201028 0001104659-20-118929.hdr.sgml : 20201028 20201028160518 ACCESSION NUMBER: 0001104659-20-118929 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20201028 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20201028 DATE AS OF CHANGE: 20201028 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: 201268660 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 tm2034387-1_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): October 28, 2020

 

 

 

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

 

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

 

  Emerging growth company x

 

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

 

 

 

 

 

Item 2.02. Results of Operations and Financial Condition.

 

On October 28, 2020, Merchants Bancorp issued a press release reporting its financial results for the third quarter of 2020. 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 October 28, 2020 issued by Merchants Bancorp
104   Cover Page Interactive Data File. The cover page XBRL tags are embedded within the inline XBRL document (contained in Exhibit 101).

 

 

 

 

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: October 28, 2020 By:    /s/ John F. Macke
    Name: John F. Macke
    Title: Chief Financial Officer

 

 

 EX-99.1 2 tm2034387d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

 

 

PRESS RELEASE

 

Merchants Bancorp Reports Third Quarter 2020 Results

 

For Release October 28, 2020

 

·Net income of $55.0 million increased $34.7 million, or 171%, compared to the third quarter of 2019 and increased $13.8 million, or 34%, compared to the second quarter of 2020

 

·Net income per common share of $1.79 increased 198%, compared to the third quarter of 2019, and increased 37%, compared to the second quarter of 2020

 

·Total assets of $9.5 billion increased $3.2 billion, or 50%, compared to December 31, 2019, and increased $91.1 million, or 1%, compared to June 30, 2020, driven by strong loan growth

 

·Total loans receivable and loans held for sale, increased $3.1 billion, or 60%, compared to December 31, 2019, and increased $169.0 million, or 2%, compared to June 30, 2020

 

·Credit quality remained exceptionally high, with only 11 loans remaining in payment deferral arrangements due to COVID-19, having unpaid balances of $1.6 million that represented less than 0.02% of total loans and loans held for sale

 

·Return on average assets was 2.34% in the third quarter of 2020, compared to 1.35% in the third quarter of 2019, and 1.89% in the second quarter of 2020

 

CARMEL, Indiana – (PR Newswire) - Merchants Bancorp (the “Company” or “Merchants”) (Nasdaq: MBIN), parent company of Merchants Bank of Indiana, today reported third quarter 2020 net income of $55.0 million, or $1.79 per common share. This compared to $20.3 million, or $0.60 per common share, in the third quarter of 2019, and $41.2 million, or $1.31 per common share, in the second quarter of 2020.

 

The $34.7 million, or 171%, increase in net income for the third quarter 2020, compared to the third quarter of 2019 was driven by a $32.7 million, or 100%, increase in net interest income that reflected significant growth in mortgage warehouse loans, and a 255% increase in gain on sale of loans, primarily from higher growth in both single-family and multi-family mortgages.

 

The $13.8 million, or 34%, increase in net income for the third quarter 2020, compared to the second quarter of 2020 was primarily driven by a $14.1 million, or 27%, increase in net interest income that also reflected significant growth in mortgage warehouse loans and a 39 basis point increase in the net interest margin.

 

 

 

 

“Against a backdrop of economic uncertainty and lower interest rates, Merchants has delivered another record-setting level of net income during the third quarter. Our commitment to conservative credit underwriting, effective cost management, and our entrepreneurial approach to serving customers has contributed to earnings per share growth of 198% and asset growth of 50% compared to the prior year’s quarter. By also managing our capital well, we delivered a return on average assets of 2.34%, a return on average tangible shareholders’ equity of 41.0%, a tangible book value of $18.30 per share, and an efficiency ratio of 25.4%,” said Michael F. Petrie, Chairman and CEO of Merchants.

 

Michael J. Dunlap, President and Chief Operating Officer of Merchants, added, “The safety of our employees and customers remains our first priority. I am proud of our team and our ability to execute in a challenging environment.”

 

Total Assets

 

Total assets of $9.5 billion at September 30, 2020 increased $3.2 billion, or 50%, compared to December 31, 2019, and increased $91.1 million, or 1%, compared to June 30, 2020.

 

The 50% increase compared to December 31, 2019 was primarily due to growth in loans held for sale and loans receivable, which increased a combined total of $3.1 billion, or 60%. The increase reflected the significant loan growth generated from mortgage warehouse business, primarily resulting from lower interest rates that increased the origination volume and refinancing in the single-family mortgage market, as well as higher loan volume generated in multi-family business.

 

Return on average assets was 2.34% for the third quarter of 2020 compared to 1.35% for the third quarter of 2019 and 1.89% for the second quarter of 2020.

 

Asset Quality

 

The allowance for loan losses of $23.4 million at September 30, 2020 increased $7.6 million compared to December 31, 2019 and increased $2.9 million compared to June 30, 2020. The increases were primarily based on growth in the loan portfolio, but also reflected uncertainties surrounding the COVID-19 pandemic. Approximately 85% of the $7.6 million increase compared to December 31, 2019, was related primarily to loan growth, while additional provision associated with the COVID-19 pandemic represented approximately $628,000, or 8%, of the increase. Because it is still too early to know the full extent of potential future losses associated with the impact of COVID-19, the Company continues to monitor the situation and may need to adjust future expectations as developments occur throughout the remainder of 2020.

 

Page | 2

 

 

Merchants believes it has minimal direct exposure to consumer, commercial and other small businesses that may be negatively impacted by COVID-19 but continues to assist customers facing financial setbacks. As of September 30, 2020, the Company had only 11 loans remaining in payment deferral arrangements, with unpaid balances of $1.6 million that represented less than 0.02% of total loans and loans held for sale. This compared favorably to the unpaid balances of $80.6 million at June 30, 2020.

 

Non-performing loans were $7.9 million, or 0.16% of loans receivable at September 30, 2020, compared to $4.7 million, or 0.15% of loans receivable at December 31, 2019, and compared to $6.7 million, or 0.16% of loans receivable at June, 2020. The increase in non-performing loans compared to December 31, 2019 was primarily related to one collateralized agricultural loan that is delinquent greater than 90 days late, with repayment still anticipated.

 

Total Deposits

 

Total deposits of $7.1 billion at September 30, 2020 increased $1.6 billion, or 29%, compared to December 31, 2019, and increased $176.0 million, or 3%, compared to June 30, 2020. The increases compared to both periods were primarily due to growth in traditional and brokered demand accounts, while the Company significantly reduced its balances of brokered certificates of deposits.

 

Total brokered deposits of $1.7 billion at September 30, 2020 decreased $429.1 million from December 31, 2019 and decreased $627.0 million from June 30, 2020. Brokered deposits represented 24% of total deposits at September 30, 2020 compared to 39% of total deposits at December 31, 2019 and 34% of total deposits at June 30, 2020.

 

Liquidity

 

The Company increased its available borrowing capacity, with unused lines of credit at $2.5 billion at September 30, 2020, compared to $1.9 billion at June 30, 2020. This liquidity enhances the ability to effectively manage interest expense and assets levels in the future. The Company also began utilizing the Federal Reserve’s discount window during the second quarter of 2020 and the Paycheck Protection Program Liquidity Facility (“PPPLF”) during the third quarter of 2020, which has contributed to lower interest expenses and increased borrowing capacity.

 

Page | 3

 

 

Net Interest Income

 

Net interest income of $65.3 million in the third quarter of 2020 increased $32.7 million, or 100%, compared to the third quarter of 2019 and increased $14.1 million, or 27%, compared to the second quarter of 2020.

 

The 100% increase in net interest income compared to the third quarter of 2019 reflected significantly higher loan growth and a higher net interest margin. The interest rate spread of 2.74% for the third quarter of 2020 increased 76 basis points compared to 1.98% in the third quarter of 2019. The net interest margin of 2.81% for the third quarter of 2020 increased 59 basis points compared to 2.22% for the third quarter of 2019. The increase in net interest margin compared to the third quarter of 2019 reflected lower funding costs that outpaced the lower interest rates on loans.

 

The 27% increase in net interest income compared to the second quarter of 2020 reflected an interest rate spread of 2.74% that increased 43 basis points compared to 2.31% in the second quarter of 2020. The net interest margin of 2.81% for the third quarter of 2020 also increased 39 basis points compared to 2.42% for the second quarter of 2020. The increase in net interest margin compared to the second quarter of 2020 reflected lower funding costs that outpaced the lower interest rates on loans.

 

Interest Income

 

Interest income of $76.3 million in the third quarter of 2020 increased $16.5 million, or 28%, compared to the third quarter of 2019 and increased $8.1 million, or 12%, compared to the second quarter of 2020.

 

The 28% increase in interest income compared to the third quarter of 2019 was primarily due to significant loan growth that was partially offset by lower rates. The higher interest income reflected a $3.2 billion, or 68%, increase in the average balance of loans, including loans held for sale, which reached $7.9 billion for the third quarter of 2020. The average yield on loans and loans held for sale of 3.61% for the third quarter of 2020 decreased 83 basis points compared to 4.44% for the third quarter of 2019. The decline in average yields reflected higher loan volume and lower overall interest rates in the third quarter of 2020.

 

The 12% increase in interest income compared to the second quarter of 2020 reflected a $987.4 million, or 14%, increase in the average balance of loans, including loans held for sale, which reached $7.9 billion for the third quarter of 2020. The average yield on loans and loans held for sale of 3.61% for the third quarter of 2020 also decreased 10 basis points compared to 3.71% for the second quarter of 2020.

 

Page | 4

 

 

Interest Expense

 

Total interest expense of $10.9 million for the third quarter of 2020 decreased $16.2 million, or 60%, compared to the third quarter of 2019 and decreased $6.0 million, or 36%, compared to the second quarter of 2020. Interest expense on deposits of $9.1 million for the third quarter of 2020 decreased $16.9 million, or 65%, compared to the third quarter of 2019 and decreased $6.3 million, or 41%, compared to the second quarter of 2020.

 

The 65% decrease in interest expense on deposits compared to the third quarter of 2019 was primarily due to custodial interest-bearing checking accounts that are tied to short-term LIBOR rates, which declined significantly. Also contributing significantly to the decline were lower rates on brokered certificates of deposits. The average balance of interest-bearing deposits of $7.2 billion for the third quarter of 2020 increased $2.1 billion, or 42%, compared to the third quarter of 2019. The average cost of interest-bearing deposits was 0.50% for the third quarter of 2020, which was a 152 basis point decrease compared to 2.02% for the third quarter of 2019.

 

The 41% decrease in interest expense on deposits compared to the second quarter of 2020 was also primarily due to custodial interest-bearing checking accounts that are tied to short-term LIBOR rates, which declined significantly. The average cost of interest-bearing deposits was 0.50% for the third quarter of 2020, which was a 38 basis point decrease compared to 0.88% in the second quarter of 2020. The average balance of interest-bearing deposits of $7.2 billion for the third quarter of 2020 also increased $241.5 million, or 3%, compared to the second quarter of 2020.

 

Noninterest Income

 

Noninterest income of $38.7 million for the third quarter of 2020 increased $27.8 million, or 256%, compared to the third quarter of 2019 and increased $12.5 million, or 48%, compared to the second quarter of 2020.

 

The 256% increase in noninterest income compared to the third quarter of 2019 was primarily due to a $21.2 million, or 255%, increase in gain on sale of loans and a $4.1 million increase in mortgage warehouse fees. Noninterest income for the second quarter of 2020 included a $971,000 negative fair market value adjustment to mortgage servicing rights, which compared to a $1.5 million negative fair market value adjustment for the third quarter of 2019.

 

The 48% increase in noninterest income compared to the second quarter of 2020 was primarily due to a $12.4 million, or 73%, increase in gain on sale of loans, that were partially offset by a $2.2 million decrease in loan servicing fees. Included in loan servicing fees for the second quarter of 2020 was a $971,000 negative fair market value adjustment to mortgage servicing rights, which compared to a $500,000 negative fair market value adjustment for the second quarter of 2020.

 

Page | 5

 

 

At September 30, 2020, the mortgage servicing rights asset was valued at $75.8 million, an increase of 2% compared to December 31, 2019 and an increase of 5% compared to September 30, 2019. The value of mortgage servicing rights generally increases in rising interest rate environments and declines in falling interest rate environments.

 

Noninterest Expense

 

Noninterest expense of $26.4 million for the third quarter of 2020 increased $10.9 million, or 70%, compared to the third quarter of 2019 and increased $6.1 million, or 30%, compared to the second quarter of 2020.

 

The 70% increase in noninterest expense compared to the third quarter of 2019 was due primarily to a $7.4 million, or 81%, increase in salaries and employee benefits to support business growth and a $1.7 million, or 136%, increase in loan expenses. The efficiency ratio of 25.4% for the third quarter of 2020 compared to 35.7% for the third quarter of 2019.

 

The 30% increase in noninterest expense compared to the second quarter of 2020 was primarily due to a $4.7 million, or 40%, increase in salaries and employee benefits to support business growth and a $905,000, or 44%, increase in loan expenses. The efficiency ratio of 25.4% for the third quarter of 2020 compared to 26.2% for the second quarter of 2020.

 

Segments

 

For the third quarter of 2020, net income for Mortgage Warehousing increased 209% compared to the third quarter of 2019, and increased 22% compared to the second quarter of 2020, reflecting significant growth in net interest income from higher loan volume.

 

For the third quarter of 2020, net income for Multi-family Mortgage Banking increased 115% compared with the third quarter of 2019, and increased 61% compared to the second quarter of 2020, primarily due to higher gain on sale of loans for both periods that was partially offset by higher salaries and benefit expenses to support growth.

 

Page | 6

 

 

For the third quarter of 2020, net income for Banking increased 129% compared to the third quarter of 2019, and increased 48% compared to the second quarter of 2020, reflecting higher net interest income and gain on sale of loans in the single-family mortgage business for both periods.

 

About Merchants Bancorp

 

Merchants Bancorp is a diversified bank holding company headquartered in Carmel, Indiana operating multiple lines of business, including Federal Housing Administration ("FHA") multi-family housing and healthcare facility financing and servicing; mortgage warehouse financing; retail and correspondent residential mortgage banking; agricultural lending; and traditional community banking. Merchants Bancorp, with $9.5 billion in assets and $7.1 billion in deposits as of September 30, 2020, conducts its business primarily through its direct and indirect subsidiaries, Merchants Bank of Indiana, Merchants Capital Corp., Farmers-Merchants Bank of Illinois, Merchants Capital Servicing, LLC, and Merchants Mortgage, a division of Merchants Bank of Indiana. For more information and financial data, please visit Merchants’ Investor Relations page at investors.merchantsbancorp.com.

 

Forward-Looking Statements

 

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

 

Page | 7

 

 

MEDIA CONTACT: REBECCA MARSH

Merchants Bancorp

Phone: (317) 805-4356

Email: rmarsh@merchantsbankofindiana.com

 

INVESTOR CONTACT: JOHN MACKE

Merchants Bancorp

Phone: (317) 536-7421

Email: jmacke@merchantsbankofindiana.com

 

Page | 8

 

 

Consolidated Balance Sheets

(Unaudited)

(In thousands, except share data)

 

   September 30,   June 30,   March 31,   December 31,   September 30, 
   2020   2020   2020   2019   2019 
Assets                         
Cash and due from banks  $9,276   $13,830   $8,168   $13,909   $15,614 
Interest-earning demand accounts   419,926    389,357    559,914    492,800    349,362 
Cash and cash equivalents   429,202    403,187    568,082    506,709    364,976 
Securities purchased under agreements to resell   6,616    6,651    6,685    6,723    6,760 
Mortgage loans in process of securitization   374,721    518,788    465,157    269,891    227,914 
Available for sale securities   278,861    259,656    339,053    290,243    308,673 
Federal Home Loan Bank (FHLB) stock   70,656    53,224    46,156    20,369    18,808 
Loans held for sale (includes $41,418, $42,000, $18,938, $19,592 and $23,357, respectively, at fair value)   3,319,619    3,877,769    2,796,008    2,093,789    2,498,538 
Loans receivable, net of allowance for loan losses of $23,436, $20,497, $18,883, $15,842 and $13,705, respectively   4,857,554    4,133,315    3,501,770    3,012,468    2,742,088 
Premises and equipment, net   29,261    29,362    29,415    29,274    29,211 
Mortgage servicing rights   75,772    72,889    69,978    74,387    71,989 
Interest receivable   19,130    18,574    18,139    18,359    18,780 
Goodwill   15,845    15,845    15,845    15,845    15,574 
Intangible assets, net   2,657    3,038    3,419    3,799    4,182 
Other assets and receivables   50,581    47,102    48,691    30,072    29,693 
Total assets  $9,530,475   $9,439,400   $7,908,398   $6,371,928   $6,337,186 
Liabilities and Shareholders' Equity Liabilities                         
Deposits                         
Noninterest-bearing  $666,081   $601,265   $327,805   $272,037   $198,843 
Interest-bearing   6,418,566    6,307,363    6,394,900    5,206,038    5,300,806 
Total deposits   7,084,647    6,908,628    6,722,705    5,478,075    5,499,649 
Borrowings   1,618,201    1,761,113    444,567    181,439    159,673 
Other liabilities   70,492    61,461    68,157    58,686    48,425 
Total liabilities   8,773,340    8,731,202    7,235,429    5,718,200    5,707,747 
Commitments and  Contingencies                         
Shareholders' Equity                         
Common stock, without par value                         
Authorized - 50,000,000 shares                         
Issued and outstanding - 28,745,614 shares, 28,745,614 shares, 28,742,484 shares, 28,706,438 shares, and 28,706,438 shares, respectively   136,103    135,949    135,746    135,640    135,507 
Preferred stock, without par value - 5,000,000 total shares authorized                         
8% Preferred stock - $1,000 per share liquidation preference                         
Authorized - 50,000 shares                         
Issued and outstanding - 41,625 shares   41,581    41,581    41,581    41,581    41,581 
7% Series A Preferred stock - $25 per share liquidation preference                         
Authorized - 3,500,000 shares                         
Issued and outstanding - 2,081,800 shares, 2,081,800 shares, 2,081,800 shares, 2,081,800 shares, and 2,081,800 shares, respectively   50,221    50,221    50,221    50,221    50,245 
6% Series B Preferred stock - $1,000 per share liquidation preference                         
Authorized - 125,000 shares                         
Issued and outstanding - 125,000 shares, 125,000 shares, 125,000 shares, 125,000 shares and 125,000 shares (all equivalent to 5,000,000 depositary shares)   120,844    120,844    120,844    120,844    120,863 
Retained earnings   407,979    358,895    323,651    304,984    280,551 
Accumulated other comprehensive income   407    708    926    458    692 
Total shareholders' equity   757,135    708,198    672,969    653,728    629,439 
Total liabilities and shareholders' equity  $9,530,475   $9,439,400   $7,908,398   $6,371,928   $6,337,186 

 

 

 

 

Consolidated Statement of Income

(Unaudited)

(In thousands, except share data)

 

   Three Months Ended   Nine Months Ended 
   September 30,   June 30,   September 30,   September 30,   September 30, 
   2020   2020   2019   2020   2019 
Interest Income                         
Loans  $71,857   $63,979   $52,779   $189,400   $129,599 
Mortgage loans in process of securitization   3,250    2,534    1,422    8,580    4,434 
Investment securities:                         
Available for sale - taxable   431    972    1,604    2,725    4,632 
Available for sale - tax exempt   37    38    68    112    217 
Federal Home Loan Bank stock   531    447    262    1,217    742 
Other   152    234    3,626    2,845    8,572 
Total interest income   76,258    68,204    59,761    204,879    148,196 
Interest Expense                         
Deposits   9,104    15,398    26,039    45,132    59,610 
Borrowed funds   1,832    1,572    1,098    4,838    3,909 
Total interest expense   10,936    16,970    27,137    49,970    63,519 
Net Interest Income   65,322    51,234    32,624    154,909    84,677 
Provision for loan losses   2,981    1,745    1,193    7,724    1,947 
Net Interest Income After Provision for Loan Losses   62,341    49,489    31,431    147,185    82,730 
Noninterest Income                         
Gain on sale of loans   29,498    17,084    8,312    67,748    20,059 
Loan servicing fees, net   (643)   1,597    (1,410)   (4,870)   (3,318)
Mortgage warehouse fees   6,833    5,475    2,699    15,054    4,590 
Gains on sale of investments available for sale (1)   441    —    —    441    124 
Other income   2,528    2,032    1,251    6,374    2,931 
Total noninterest income   38,657    26,188    10,852    84,747    24,386 
Noninterest Expense                         
Salaries and employee benefits   16,567    11,828    9,139    42,635    27,671 
Loan expenses   2,944    2,039    1,248    6,147    3,527 
Occupancy and equipment   1,420    1,383    994    4,295    2,816 
Professional fees   712    726    508    2,007    1,500 
Deposit insurance expense   1,404    1,851    859    5,041    1,354 
Technology expense   903    716    674    2,229    1,775 
Other expense   2,434    1,739    2,100    6,605    5,834 
Total noninterest expense   26,384    20,282    15,522    68,959    44,477 
Income Before Income Taxes   74,614    55,395    26,761    162,973    62,639 
Provision for income taxes (2)   19,612    14,233    6,502    42,226    15,371 
Net Income  $55,002   $41,162   $20,259   $120,747   $47,268 
   Dividends on preferred stock   (3,618)   (3,619)   (3,022)   (10,855)   (5,598)
Net Income Allocated to Common Shareholders   51,384    37,543    17,237    109,892    41,670 
Basic Earnings Per Share  $1.79   $1.31   $0.60   $3.82   $1.45 
Diluted Earnings Per Share  $1.79   $1.31   $0.60   $3.82   $1.45 
Weighted-Average Shares Outstanding                         
Basic   28,745,614    28,743,894    28,706,438    28,741,395    28,704,682 
Diluted   28,778,462    28,762,349    28,744,953    28,766,756    28,742,911 

 

(1) Includes $441, $0, $0, $441, and $124, respectively, related to accumulated other comprehensive earnings reclassifications.

 

(2) Includes $(97), $0, $0, $(97), and $(31), respectively, related to income tax (expense)/benefit for reclassification items.

 

 

 

 

Key Operating Results

(Unaudited)

($ in thousands, except share data)

 

   Three Months Ended   Nine Months Ended 
   September 30,   June 30,   September 30,   September 30,   September 30, 
   2020   2020   2019   2020   2019 
Noninterest expense  $26,384   $20,282   $15,522   $68,959   $44,477 
                          
Net interest income (before provision for losses)   65,322    51,234    32,624    154,909    84,677 
Noninterest income   38,657    26,188    10,852    84,747    24,386 
Total income  $103,979   $77,422   $43,476   $239,656   $109,063 
                          
Efficiency ratio   25.37%   26.20%   35.70%   28.77%   40.78%
                          
Average assets  $9,409,450   $8,689,212   $6,009,840   $8,238,641   $4,798,110 
Net income  $55,002   $41,162   $20,259   $120,747   $47,268 
Return on average assets before annualizing   0.58%   0.47%   0.34%   1.47%   0.99%
Annualization factor   4.00    4.00    4.00    1.33    1.33 
Return on average assets   2.34%   1.89%   1.35%   1.95%   1.31%
Return on average tangible common shareholders' equity (1)   41.01%   32.62%   18.17%   31.34%   14.75%
Tangible book value per common share (1)  $18.30   $16.58   $13.83   $18.30   $13.83 
Tangible common shareholders' equity/tangible assets (1)   5.53%   5.06%   6.28%   5.53%   6.28%

 

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

 

(1) Reconciliation of Non-GAAP Financial Measures

 

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

 

   Three Months Ended   Nine Months Ended 
   September 30,   June 30,   September 30,   September 30,   September 30, 
   2020   2020   2019   2020   2019 
Net income  $55,002   $41,162   $20,259   $120,747   $47,268 
Less: preferred stock dividends   (3,618)   (3,619)   (3,022)   (10,855)   (5,598)
Net income available to common shareholders  $51,384   $37,543   $17,237   $109,892   $41,670 
                          
Average shareholders' equity  $732,533   $692,132   $567,732   $698,071   $498,091 
Less: average goodwill & intangibles   (18,707)   (19,083)   (20,005)   (19,089)   (20,458)
Less: average preferred stock   (212,646)   (212,646)   (168,266)   (212,646)   (101,979)
Tangible common shareholders' equity  $501,180   $460,403   $379,461   $466,336   $375,654 
                          
Annualization factor   4.00    4.00    4.00    1.33    1.33 
Return on average tangible common shareholders' equity   41.01%   32.62%   18.17%   31.34%   14.75%
                          
Total equity  $757,135   $708,198   $629,439   $757,135   $629,439 
Less: goodwill and intangibles   (18,502)   (18,883)   (19,756)   (18,502)   (19,756)
Less: preferred stock   (212,646)   (212,646)   (212,689)   (212,646)   (212,689)
Tangible common shareholders' equity  $525,987   $476,669   $396,994   $525,987   $396,994 
                          
Assets  $9,530,475   $9,439,400   $6,337,186   $9,530,475   $6,337,186 
Less: goodwill and intangibles   (18,502)   (18,883)   (19,756)   (18,502)   (19,756)
Tangible assets  $9,511,973   $9,420,517   $6,317,430   $9,511,973   $6,317,430 
                          
Ending common shares   28,745,614    28,745,614    28,706,438    28,745,614    28,706,438 
                          
Tangible book value per common share  $18.30   $16.58   $13.83   $18.30   $13.83 
Tangible common shareholders' equity/tangible assets   5.53%   5.06%   6.28%   5.53%   6.28%

 

 

 

 

Merchants Bancorp

Average Balance Analysis

($ in thousands)

(Unaudited)

 

   Three Months Ended   Three Months Ended   Three Months Ended 
   September 30, 2020   June 30, 2020   September 30, 2019 
   Average       Yield/   Average       Yield/   Average       Yield/ 
   Balance   Interest   Rate   Balance   Interest   Rate   Balance   Interest   Rate 
Assets:                                    
                                     
Interest-bearing deposits, and other  $587,804   $683    0.46%  $971,350   $681    0.28%  $670,399   $3,888    2.30%
Securities available for sale - taxable   269,896    431    0.64%   276,928    972    1.41%   278,314    1,604    2.29%
Securities available for sale - tax exempt   5,145    37    2.86%   5,294    38    2.89%   9,032    68    2.99%
Mortgage loans in process of securitization   449,336    3,250    2.88%   328,089    2,534    3.11%   162,915    1,422    3.46%
Loans and loans held for sale   7,923,726    71,857    3.61%   6,936,368    63,979    3.71%   4,718,771    52,779    4.44%
     Total interest-earning assets   9,235,907    76,258    3.28%   8,518,029    68,204    3.22%   5,839,431    59,761    4.06%
Allowance for loan losses   (21,585)             (19,474)             (12,990)          
Noninterest-earning assets   195,128              190,657              183,399           
                                              
Total assets  $9,409,450             $8,689,212             $6,009,840           
                                              
                                              
Liabilities & Shareholders' Equity:                                             
                                              
Interest-bearing checking   3,890,865    1,368    0.14%   2,656,105    2,327    0.35%   1,951,613    9,253    1.88%
Savings deposits   180,931    34    0.07%   176,546    27    0.06%   152,509    85    0.22%
Money market   1,578,956    3,861    0.97%   1,402,562    3,966    1.14%   977,228    4,698    1.91%
Certificates of deposit   1,589,852    3,841    0.96%   2,763,853    9,078    1.32%   2,032,619    12,003    2.34%
    Total interest-bearing deposits   7,240,604    9,104    0.50%   6,999,066    15,398    0.88%   5,113,969    26,039    2.02%
                                              
Borrowings   800,021    1,832    0.91%   518,207    1,572    1.22%   59,585    1,098    7.31%
    Total interest-bearing liabilities   8,040,625    10,936    0.54%   7,517,273    16,970    0.91%   5,173,554    27,137    2.08%
                                              
Noninterest-bearing deposits   579,145              372,195              198,832           
Noninterest-bearing liabilities   57,147              107,612              69,722           
                                              
    Total liabilities   8,676,917              7,997,080              5,442,108           
                                              
    Shareholders' equity   732,533              692,132              567,732           
                                              
Total liabilities and shareholders' equity  $9,409,450             $8,689,212             $6,009,840           
                                              
Net interest income       $65,322             $51,234             $32,624      
                                              
Net interest spread             2.74%              2.31%             1.98%
                                              
Net interest-earning assets  $1,195,282             $1,000,756             $665,877           
                                              
Net interest margin             2.81%             2.42%             2.22%
                                              
Average interest-earning assets to average interest-bearing liabilities             114.87%             113.31%             112.87%

 

 

 

 

Supplemental Results

(Unaudited)

($ in thousands)

 

   Net Income   Net Income 
   Three Months Ended   Nine Months Ended 
   September 30,   June 30,   September 30,   September 30, 
   2020   2020   2019   2020   2019 
Segment                    
Multi-family Mortgage Banking  $5,891   $3,651   $2,741   $14,941   $4,546 
Mortgage Warehousing   33,793    27,712    10,924    73,942    21,076 
Banking   17,486    11,812    7,649    37,248    24,826 
Other   (2,168)   (2,013)   (1,055)   (5,384)   (3,180)
Total  $55,002   $41,162   $20,259   $120,747   $47,268 

 

   Total Assets                 
   September 30,   June 30,   December 31,                 
   2020   2020   2019                 
Segment                               
Multi-family Mortgage Banking  $194,624   $182,072   $188,866                 
Mortgage Warehousing   5,179,664    5,575,169    3,124,684                 
Banking   4,111,984    3,639,638    3,018,568                 
Other   44,203    42,521    39,810                 
Total  $9,530,475   $9,439,400   $6,371,928                 

 

   Gain on Sale of Loans   Gain on Sale of Loans 
   Three Months Ended   Nine Months Ended 
   September 30,   June 30,   September 30,   September 30, 
   2020   2020   2019   2020   2019 
Loan Type                         
Multi-family  $14,872   $6,839   $7,582   $40,563   $18,714 
Single-family   14,093    10,059    724    26,225    1,280 
Small Business Association (SBA)   533    186    6    960    65 
Total  $29,498   $17,084   $8,312   $67,748   $20,059 

 

   Loans Receivable and Loans Held for Investment                 
   September 30,   June 30,   December 31,                 
   2020   2020   2019                 
Mortgage warehouse lines of credit  $1,647,521   $1,287,246   $765,151                 
Residential real estate   572,527    471,807    413,835                 
Multi-family and healthcare financing   2,125,516    1,848,811    1,347,125                 
Commercial and commercial real estate   419,812    432,222    398,601                 
Agricultural production and real estate   101,636    99,035    85,210                 
Consumer and margin loans   13,978    14,691    18,388                 
    4,880,990    4,153,812    3,028,310                 
    Less: Allowance for loan losses   23,436    20,497    15,842                 
Loans receivable  $4,857,554   $4,133,315   $3,012,468                 
                                
Loans held for sale   3,319,619    3,877,769    2,093,789                 
Total loans, net of allowance  $8,177,173   $8,011,084   $5,106,257                 

 

 

 

 

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Cover
Oct. 28, 2020
Document Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Oct. 28, 2020
Entity File Number 001-38258
Entity Registrant Name Merchants Bancorp
Entity Central Index Key 0001629019
Entity Tax Identification Number 20-5747400
Entity Incorporation, State or Country Code IN
Entity Address, Address Line One 410 Monon Boulevard
Entity Address, City or Town Carmel
Entity Address, State or Province IN
Entity Address, Postal Zip Code 46032
City Area Code (317)
Local Phone Number 569-7420
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company true
Elected Not To Use the Extended Transition Period false
Common Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security Common Stock, without par value
Trading Symbol MBIN
Security Exchange Name NASDAQ
Series A Preferred Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security Series A Preferred Stock, without par value
Trading Symbol MBINP
Security Exchange Name NASDAQ
Series 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
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