0001104659-21-008767.txt : 20210128 0001104659-21-008767.hdr.sgml : 20210128 20210128160548 ACCESSION NUMBER: 0001104659-21-008767 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20210128 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210128 DATE AS OF CHANGE: 20210128 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: 21564987 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 tm214475d1_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): January 28, 2021

 

 

 

Merchants Bancorp

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Indiana   001-38258   20-5747400

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

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

 

(317) 569-7420

(Registrant’s Telephone Number, Including Area Code)

 

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

 

 

 

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

 

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

 

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

 

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

 

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 January 28, 2021, Merchants Bancorp issued a press release reporting its financial results for the 2020 fourth quarter and fiscal year. 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 January 28, 2021 issued by Merchants Bancorp.
104   Cover Page Interactive Data File. The cover page XBRL tags are embedded within the inline XBRL document.

 

 

 

 

SIGNATURE

 

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

 

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

 

 

 EX-99.1 2 tm214475d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

  

 

PRESS RELEASE

 

Merchants Bancorp Reports Full Year and Fourth Quarter 2020 Results

 

For Release January 28, 2021

 

·Full year 2020 net income of $180.5 million increased 133% compared to 2019

 

·Full year 2020 diluted earnings per share of $5.77 increased 143% compared to 2019

 

·Fourth quarter 2020 net income of $59.8 million increased 99% compared to the fourth quarter of 2019 and increased 9% compared to the third quarter of 2020

 

·Fourth quarter 2020 diluted earnings per common share of $1.95 increased 112% compared to the fourth quarter of 2019 and increased 9% compared to the third quarter of 2020

 

·Total assets of $9.6 billion increased $3.3 billion, or 51%, compared to December 31, 2019, driven by strong loan growth

 

·Total loans receivable and loans held for sale increased $3.5 billion, or 68%, compared to December 31, 2019, and increased $405.0 million, or 5%, compared to September 30, 2020

 

·Credit quality remained exceptionally high, with only 11 loans remaining in payment deferral arrangements due to COVID-19, having unpaid balances of only $0.9 million, or 0.01%, of total loans and loans held for sale

 

·Return on average assets was 2.57% in the fourth quarter of 2020 compared to 1.81% in the fourth quarter of 2019 and 2.34% in the third quarter of 2020

 

CARMEL, Indiana – (PR Newswire) - Merchants Bancorp (the “Company” or “Merchants”) (Nasdaq: MBIN), parent company of Merchants Bank of Indiana, today reported fourth quarter 2020 net income of $59.8 million, or diluted earnings per share of $1.95. This compared to $30.1 million, or diluted earnings per share of $0.92 in the fourth quarter of 2019, and compared to $55.0 million, or diluted earnings per share of $1.79 in the third quarter of 2020.

 

The $29.7 million, or 99%, increase in net income for the fourth quarter 2020 compared to the fourth quarter of 2019 was driven by a $31.6 million, or 84%, increase in net interest income that reflected significant growth in mortgage warehouse loans, and an 88% increase in gain on sale of loans, primarily from higher growth in both single-family and multi-family mortgages.

 

 

 

The $4.8 million, or 9%, increase in net income for the fourth quarter 2020 compared to the third quarter of 2020 was primarily driven by a $3.9 million, or 6%, increase in net interest income that also reflected significant growth in mortgage warehouse loans and a 20 basis point increase in the net interest margin.

 

“The continued strength of our results in the fourth quarter capped off a year of record-setting performance that defied the economic challenges of a global pandemic. Our investments in technology, talent, and home-grown synergistic businesses, along with conservative underwriting, allowed us to capitalize on historically low interest rates to generate a 133% increase in net income during 2020. We also saw our earnings per share grow by 143% and assets grow by 51% compared to 2019. Additionally, during the fourth quarter we delivered a return on average assets of 2.57%, a return on average tangible shareholders’ equity of 40.6%, a tangible book value of $20.17 per share, and an industry-leading efficiency ratio of 24.5%,” said Michael F. Petrie, Chairman and CEO of Merchants.

 

Michael J. Dunlap, President and Chief Operating Officer of Merchants, added, “We are entering 2021 in a strong position to deliver financial solutions within our unique and successful business model.  We remain optimistic about our future because of the hard work and dedication of our employees.”

 

Total Assets

 

Total assets of $9.6 billion at December 31, 2020 increased $3.3 billion, or 51%, compared to December 31, 2019, and increased $114.9 million, or 1%, compared to September 30, 2020.

 

The 51% 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 $3.5 billion, or 68%. 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 2.57% for the fourth quarter of 2020 compared to 1.81% for the fourth quarter of 2019 and 2.34% for the third quarter of 2020.

 

Page | 2

 

 

Asset Quality

 

The allowance for loan losses of $27.5 million at December 31, 2020 increased $11.7 million compared to December 31, 2019 and increased $4.1 million compared to September 30, 2020. The increases were primarily based on growth in the loan portfolio, but also reflected uncertainties surrounding the COVID-19 pandemic. Approximately 87% of the $11.7 million increase compared to December 31, 2019, was related primarily to loan growth, while an additional provision associated with the COVID-19 pandemic represented approximately $0.6 million, or 5%, 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.

 

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 December 31, 2020, the Company had only 11 loans remaining in payment deferral arrangements, with unpaid balances of $0.9 million that represented 0.01% of total loans and loans held for sale. This compared favorably to the unpaid balances of $1.6 million at September 30, 2020.

 

Non-performing loans were $6.3 million, or 0.11%, of loans receivable at December 31, 2020, compared to $4.7 million, or 0.15% of loans receivable at December 31, 2019, and compared to $7.9 million, or 0.16% of loans receivable at September 30, 2020. The increase in non-performing loans compared to December 31, 2019 was primarily related to one collateralized agricultural loan that was delinquent greater than 90 days, with repayment still anticipated.

 

Total Deposits

 

Total deposits of $7.4 billion at December 31, 2020 increased $1.9 billion, or 35%, compared to December 31, 2019, and increased $323.4 million, or 5%, compared to September 30, 2020. The increases compared to both periods were primarily due to growth in traditional demand accounts, as the Company significantly reduced its balances of brokered certificates of deposits.

 

Total brokered deposits of $1.2 billion at December 31, 2020 decreased $983.3 million, or 46%, from December 31, 2019 and decreased $554.2 million from September 30, 2020. Brokered deposits represented 16% of total deposits at December 31, 2020 compared to 39% of total deposits at December 31, 2019 and 24% of total deposits at September 30, 2020.

 

Liquidity

 

The Company continues to have significant borrowing capacity, with unused lines of credit at $2.6 billion at December 31, 2020. This liquidity enhances the ability to effectively manage interest expense and assets levels in the future. The Company 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 have contributed to lower interest expenses and increased borrowing capacity.

 

Page | 3

 

 

Net Interest Income

 

Net interest income of $69.2 million in the fourth quarter of 2020 increased $31.6 million, or 84%, compared to the fourth quarter of 2019 and increased $3.9 million, or 6%, compared to the third quarter of 2020.

 

The 84% increase in net interest income compared to the fourth quarter of 2019 reflected significantly higher loan growth and a higher net interest margin. The interest rate spread of 2.95% for the fourth quarter of 2020 increased 88 basis points compared to 2.07% in the fourth quarter of 2019. The net interest margin of 3.01% for the fourth quarter of 2020 increased 70 basis points compared to 2.31% for the fourth quarter of 2019. The increase in net interest margin compared to the fourth quarter of 2019 reflected lower funding costs that outpaced the lower interest rates on loans.

 

The 6% increase in net interest income compared to the third quarter of 2020 reflected an interest rate spread of 2.95% that increased 21 basis points compared to 2.74% in the third quarter of 2020. The net interest margin of 3.01% for the fourth quarter of 2020 also increased 20 basis points compared to 2.81% for the third quarter of 2020. The increase in net interest margin compared to the third quarter of 2020 reflected lower funding costs and modestly higher interest rates on loans.

 

Interest Income

 

Interest income of $77.9 million in the fourth quarter of 2020 increased $14.1 million, or 22%, compared to the fourth quarter of 2019 and increased $1.6 million, or 2%, compared to the third quarter of 2020.

 

The 22% increase in interest income compared to the fourth quarter of 2019 was primarily due to significant loan growth that was partially offset by lower rates. The higher interest income reflected a $3.0 billion, or 57%, increase in the average balance of loans, including loans held for sale, which reached $8.1 billion for the fourth quarter of 2020. The average yield on loans and loans held for sale of 3.64% for the fourth quarter of 2020 decreased 71 basis points compared to 4.35% for the fourth quarter of 2019. The decline in average yields reflected higher loan volume and lower overall interest rates in the fourth quarter of 2020.

 

Page | 4

 

 

The 2% increase in interest income compared to the third quarter of 2020 reflected a $217.8 million, or 3%, increase in the average balance of loans, including loans held for sale, which reached $8.1 billion for the fourth quarter of 2020. The average yield on loans and loans held for sale of 3.64% for the fourth quarter of 2020 increased 3 basis points compared to 3.61% for the third quarter of 2020.

 

Interest Expense

 

Total interest expense of $8.7 million for the fourth quarter of 2020 decreased $17.5 million, or 67%, compared to the fourth quarter of 2019 and decreased $2.3 million, or 21%, compared to the third quarter of 2020. Interest expense on deposits of $7.1 million for the fourth quarter of 2020 decreased $17.9 million, or 72%, compared to the fourth quarter of 2019 and decreased $2.0 million, or 22%, compared to the third quarter of 2020.

 

The 72% decrease in interest expense on deposits compared to the fourth quarter of 2019 was primarily due to significant decreases in balances and rates of brokered certificates of deposits, as well as higher balances of custodial interest-bearing checking accounts with warehouse customers that are tied to short-term LIBOR rates, which declined significantly. The average balance of interest-bearing deposits of $6.8 billion for the fourth quarter of 2020 increased $1.3 billion, or 23%, compared to the fourth quarter of 2019. The average cost of interest-bearing deposits was 0.41% for the fourth quarter of 2020, which was a 137 basis point decrease compared to 1.78% for the fourth quarter of 2019.

 

The 22% decrease in interest expense on deposits compared to the third quarter of 2020 was primarily due to the decreases in balances of brokered certificates of deposits. The average balance of interest-bearing deposits of $6.8 billion for the fourth quarter of 2020 decreased $402.7 million, or 6%, compared to the third quarter of 2020. The average cost of interest-bearing deposits was 0.41% for the fourth quarter of 2020, which was a 9 basis point decrease compared to 0.50% in the third quarter of 2020.

 

Noninterest Income

 

Noninterest income of $42.7 million for the fourth quarter of 2020 increased $20.0 million, or 88%, compared to the fourth quarter of 2019 and increased $4.1 million, or 11%, compared to the third quarter of 2020.

 

The 88% increase in noninterest income compared to the fourth quarter of 2019 was primarily due to a $13.5 million, or 88%, increase in gain on sale of loans and a $3.4 million increase in mortgage warehouse fees. Noninterest income for the fourth quarter of 2020 included a $2.1 million positive fair market value adjustment to mortgage servicing rights, which compared to a $1.1 million positive fair market value adjustment for the fourth quarter of 2019.

 

Page | 5

 

 

The 11% increase in noninterest income compared to the third quarter of 2020 was primarily due to a $3.7 million increase in loan servicing fees. Included in loan servicing fees for the fourth quarter of 2020 was a $2.1 million positive fair market value adjustment to mortgage servicing rights, which compared to a $1.0 million negative fair market value adjustment for the third quarter of 2020.

 

At December 31, 2020, the mortgage servicing rights asset was valued at $82.6 million, an increase of 11% compared to December 31, 2019 and an increase of 9% compared to September 30, 2020. 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 $27.5 million for the fourth quarter of 2020 increased $8.6 million, or 46%, compared to the fourth quarter of 2019 and increased $1.1 million, or 4%, compared to the third quarter of 2020.

 

The 46% increase in noninterest expense compared to the fourth quarter of 2019 was due primarily to a $6.1 million, or 59%, increase in salaries and employee benefits to support business growth and a $1.9 million, or 192%, increase in loan expenses. The efficiency ratio of 24.5% for the fourth quarter of 2020 compared to 31.2% for the fourth quarter of 2019.

 

The 4% increase in noninterest expense compared to the third quarter of 2020 was primarily due to a $0.9 million, or 133%, increase in professional fees. The efficiency ratio of 24.5% for the fourth quarter of 2020 compared to 25.4% for the third quarter of 2020.

 

Segments

 

For the fourth quarter of 2020, net income for Mortgage Warehousing increased 137% compared to the fourth quarter of 2019, reflecting significant growth in net interest income from higher loan volume.

 

For the fourth quarter of 2020, net income for Multi-family Mortgage Banking increased 39% compared with the fourth quarter of 2019, primarily due to higher gain on sale of loans that was partially offset by higher salaries and benefit expenses to support growth. The segment increased 142% compared to the third quarter of 2020, primarily due to higher noninterest income from gain on sale of loans and loan servicing fees that reflected a positive fair market value adjustment.

 

Page | 6

 

 

For the fourth quarter of 2020, net income for Banking increased 133% compared to the fourth quarter of 2019, reflecting higher net interest income and gain on sale of loans in the single-family mortgage business.

 

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 $9.6 billion in assets and $7.4 billion in deposits as of December 31, 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)

 

   December 31,   September 30,   June 30,   March 31,   December 31, 
   2020   2020   2020   2020   2019 
Assets                         
Cash and due from banks  $10,063   $9,276   $13,830   $8,168   $13,909 
Interest-earning demand accounts   169,665    419,926    389,357    559,914    492,800 
Cash and cash equivalents   179,728    429,202    403,187    568,082    506,709 
Securities purchased under agreements to resell   6,580    6,616    6,651    6,685    6,723 
Mortgage loans in process of securitization   338,733    374,721    518,788    465,157    269,891 
Available for sale securities   269,802    278,861    259,656    339,053    290,243 
Federal Home Loan Bank (FHLB) stock   70,656    70,656    53,224    46,156    20,369 
Loans held for sale (includes $40,044, $41,418, $42,000,
$18,938 and $19,592, respectively, at fair value)		   3,070,154    3,319,619    3,877,769    2,796,008    2,093,789 
Loans receivable, net of allowance for loan losses of $27,500,
$23,436, $20,497, $18,883 and $15,842, respectively		   5,507,926    4,857,554    4,133,315    3,501,770    3,012,468 
Premises and equipment, net   29,761    29,261    29,362    29,415    29,274 
Mortgage servicing rights   82,604    75,772    72,889    69,978    74,387 
Interest receivable   21,770    19,130    18,574    18,139    18,359 
Goodwill   15,845    15,845    15,845    15,845    15,845 
Intangible assets, net   2,283    2,657    3,038    3,419    3,799 
Other assets and receivables   49,533    50,581    47,102    48,691    30,072 
Total assets  $9,645,375   $9,530,475   $9,439,400   $7,908,398   $6,371,928 
Liabilities and Shareholders' Equity                         
Liabilities                         
Deposits                         
Noninterest-bearing  $853,648   $666,081   $601,265   $327,805   $272,037 
Interest-bearing   6,554,418    6,418,566    6,307,363    6,394,900    5,206,038 
Total deposits   7,408,066    7,084,647    6,908,628    6,722,705    5,478,075 
Borrowings   1,348,256    1,618,201    1,761,113    444,567    181,439 
Deferred and current tax liabilities, net   20,405    22,405    21,020    25,013    16,917 
Other liabilities   58,027    48,087    40,441    43,144    41,769 
Total liabilities   8,834,754    8,773,340    8,731,202    7,235,429    5,718,200 
Commitments and  Contingencies                         
Shareholders' Equity                         
Common stock, without par value                         
Authorized - 50,000,000 shares                         
Issued and outstanding - 28,747,083 shares, 28,745,614 shares, 28,745,614 shares, 28,742,484 shares and 28,706,438 shares, respectively   135,857    136,103    135,949    135,746    135,640 
Preferred stock, without par value - 5,000,000 total shares authorized                         
8% Preferred stock - $1,000 per share liquidation preference                         
Authorized - 50,000 shares Issued and outstanding - 41,625 shares   41,581    41,581    41,581    41,581    41,581 
7% Series A Preferred stock - $25 per share liquidation preference                         
Authorized - 3,500,000 shares Issued and outstanding - 2,081,800 shares   50,221    50,221    50,221    50,221    50,221 
6% Series B Preferred stock - $1,000 per share liquidation preference                         
Authorized - 125,000 shares Issued and outstanding - 125,000 shares (all equivalent to 5,000,000 depositary shares)   120,844    120,844    120,844    120,844    120,844 
Retained earnings   461,744    407,979    358,895    323,651    304,984 
Accumulated other comprehensive income   374    407    708    926    458 
Total shareholders' equity   810,621    757,135    708,198    672,969    653,728 
Total liabilities and shareholders' equity  $9,645,375   $9,530,475   $9,439,400   $7,908,398   $6,371,928 

 

 

 

 

Consolidated Statement of Income
(Unaudited)
(In thousands, except share data)

 

   Three Months Ended   Twelve Months Ended 
   December 31,   September 30,   December 31,   December 31,   December 31, 
   2020   2020   2019   2020   2019 
Interest Income                         
Loans  $74,515   $71,857   $56,829   $263,915   $186,428 
Mortgage loans in process of securitization   2,542    3,250    2,256    11,122    6,690 
Investment securities:                         
Available for sale - taxable   422    431    1,576    3,147    6,208 
Available for sale - tax exempt   11    37    55    123    272 
Federal Home Loan Bank stock   341    531    190    1,558    932 
Other   80    152    2,893    2,925    11,465 
Total interest income   77,911    76,258    63,799    282,790    211,995 
Interest Expense                         
Deposits   7,106    9,104    25,051    52,238    84,661 
Borrowed funds   1,568    1,832    1,127    6,406    5,036 
Total interest expense   8,674    10,936    26,178    58,644    89,697 
Net Interest Income   69,237    65,322    37,621    224,146    122,298 
Provision for loan losses   4,114    2,981    1,993    11,838    3,940 
Net Interest Income After Provision for Loan Losses   65,123    62,341    35,628    212,308    118,358 
Noninterest Income                         
Gain on sale of loans   28,830    29,498    15,352    96,578    35,411 
Loan servicing fees, net   3,069    (643)   2,200    (1,801)   (1,118)
Mortgage warehouse fees   5,926    6,833    2,555    20,980    7,145 
Gains on sale of investments available for sale (1)   —    441    352    441    476 
Other income   4,901    2,528    2,244    11,275    5,175 
Total noninterest income   42,726    38,657    22,703    127,473    47,089 
Noninterest Expense                         
Salaries and employee benefits   16,565    16,567    10,422    59,200    38,093 
Loan expenses   2,938    2,944    1,007    9,085    4,534 
Occupancy and equipment   1,438    1,420    1,793    5,733    4,609 
Professional fees   1,657    712    826    3,664    2,326 
Deposit insurance expense   759    1,404    1,393    5,800    2,747 
Technology expense   832    903    848    3,061    2,623 
Other expense   3,276    2,434    2,547    9,881    8,381 
Total noninterest expense   27,465    26,384    18,836    96,424    63,313 
Income Before Income Taxes   80,384    74,614    39,495    243,357    102,134 
Provision for income taxes (2)   20,598    19,612    9,434    62,824    24,805 
Net Income  $59,786   $55,002   $30,061   $180,533   $77,329 
Dividends on preferred stock   (3,618)   (3,618)   (3,618)   (14,473)   (9,216)
Net Income Allocated to Common Shareholders   56,168    51,384    26,443    166,060    68,113 
Basic Earnings Per Share  $1.95   $1.79   $0.92   $5.78   $2.37 
Diluted Earnings Per Share  $1.95   $1.79   $0.92   $5.77   $2.37 
Weighted-Average Shares Outstanding                         
Basic   28,745,767    28,745,614    28,706,438    28,742,494    28,705,125 
Diluted   28,812,009    28,778,462    28,754,078    28,778,075    28,745,707 

 

(1) Includes $0, $441, $352, $441, and $476, respectively, related to accumulated other comprehensive earnings reclassifications.
(2) Includes $0, $(97), $(86), $(97), and $(117), respectively, related to income tax (expense)/benefit for reclassification items.

 

 

 

Key Operating Results
(Unaudited)
($ in thousands, except share data)
 
   Three Months Ended   Twelve Months Ended
   December 31,   September 30,   December 31,   December 31,   December 31, 
   2020   2020   2019   2020   2019 
Noninterest expense  $27,465   $26,384   $18,836   $96,424   $63,313 
                          
Net interest income (before provision for losses)   69,237    65,322    37,621    224,146    122,298 
Noninterest income   42,726    38,657    22,703    127,473    47,089 
Total income  $111,963   $103,979   $60,324   $351,619   $169,387 
                          
Efficiency ratio   24.53%   25.37%   31.22%   27.42%   37.38%
                          
Average assets  $9,317,570   $9,409,450   $6,639,736   $8,509,847   $5,262,300 
Net income  $59,786   $55,002   $30,061   $180,533   $77,329 
Return on average assets before annualizing   0.64%   0.58%   0.45%   2.12%   1.47%
Annualization factor   4.00    4.00    4.00    1.00    1.00 
Return on average assets   2.57%   2.34%   1.81%   2.12%   1.47%
Return on average tangible common shareholders' equity (1)   40.64%   41.01%   25.65%   34.02%   17.56%
Tangible book value per common share (1)  $20.17   $18.30   $14.68   $20.17   $14.68 
Tangible common shareholders' equity/tangible assets (1)   6.02%   5.53%   6.63%   6.02%   6.63%

 

(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   Twelve Months Ended 
   December 31,   September 30,   December 31,   December 31,   December 31, 
   2020   2020   2019   2020   2019 
Net income  $59,786   $55,002   $30,061   $180,533   $77,329 
Less: preferred stock dividends   (3,618)   (3,618)   (3,618)   (14,473)   (9,216)
Net income available to common shareholders  $56,168   $51,384   $26,443   $166,060   $68,113 
                          
Average shareholders' equity  $783,837   $732,533   $644,588   $719,630   $537,946 
Less: average goodwill & intangibles   (18,334)   (18,707)   (19,607)   (18,899)   (20,243)
Less: average preferred stock   (212,646)   (212,646)   (212,675)   (212,646)   (129,881)
Tangible common shareholders' equity  $552,857   $501,180   $412,306   $488,085   $387,822 
                          
Annualization factor   4.00    4.00    4.00    1.00    1.00 
Return on average tangible common shareholders' equity   40.64%   41.01%   25.65%   34.02%   17.56%
                          
                          
Total equity  $810,621   $757,135   $653,728   $810,621   $653,728 
Less: goodwill and intangibles   (18,128)   (18,502)   (19,644)   (18,128)   (19,644)
Less: preferred stock   (212,646)   (212,646)   (212,646)   (212,646)   (212,646)
Tangible common shareholders' equity  $579,847   $525,987   $421,438   $579,847   $421,438 
                          
Assets  $9,645,375   $9,530,475   $6,371,928   $9,645,375   $6,371,928 
Less: goodwill and intangibles   (18,128)   (18,502)   (19,644)   (18,128)   (19,644)
Tangible assets  $9,627,247   $9,511,973   $6,352,284   $9,627,247   $6,352,284 
                          
Ending common shares   28,747,083    28,745,614    28,706,438    28,747,083    28,706,438 
                          
Tangible book value per common share  $20.17   $18.30   $14.68   $20.17   $14.68 
Tangible common shareholders' equity/tangible assets   6.02%   5.53%   6.63%   6.02%   6.63%

 

 

 

 

Merchants Bancorp
Average Balance Analysis
($ in thousands)
(Unaudited)

 

   Three Months Ended   Three Months Ended   Three Months Ended 
   December 31, 2020   September 30, 2020   December 31, 2019 
   Average       Yield/   Average       Yield/   Average       Yield/ 
   Balance   Interest   Rate   Balance   Interest   Rate   Balance   Interest   Rate 
Assets:                                             
                                              
Interest-bearing deposits, and other  $328,635   $421    0.51%  $587,804   $683    0.46%  $702,706   $3,083    1.74%
Securities available for sale - taxable   276,358    422    0.61%   269,896    431    0.64%   288,935    1,576    2.16%
Securities available for sale - tax exempt   1,368    11    3.20%   5,145    37    2.86%   7,527    55    2.90%
Mortgage loans in process of securitization   397,237    2,542    2.55%   449,336    3,250    2.88%   286,712    2,256    3.12%
Loans and loans held for sale   8,141,559    74,515    3.64%   7,923,726    71,857    3.61%   5,182,530    56,829    4.35%
Total interest-earning assets   9,145,157    77,911    3.39%   9,235,907    76,258    3.28%   6,468,410    63,799    3.91%
Allowance for loan losses   (24,684)             (21,585)             (14,126)          
Noninterest-earning assets   197,097              195,128              185,452           
                                              
Total assets  $9,317,570             $9,409,450             $6,639,736           
                                              
                                              
Liabilities & Shareholders' Equity:                                             
                                              
Interest-bearing checking   4,301,607    1,256    0.12%   3,890,865    1,368    0.14%   1,971,710    7,652    1.54%
Savings deposits   185,515    41    0.09%   180,931    34    0.07%   154,997    76    0.19%
Money market   1,734,321    4,312    0.99%   1,578,956    3,861    0.97%   1,000,971    4,339    1.72%
Certificates of deposit   616,493    1,497    0.97%   1,589,852    3,841    0.96%   2,453,211    12,984    2.10%
Total interest-bearing deposits   6,837,936    7,106    0.41%   7,240,604    9,104    0.50%   5,580,889    25,051    1.78%
                                              
Borrowings   990,707    1,568    0.63%   800,021    1,832    0.91%   69,556    1,127    6.43%
Total interest-bearing liabilities   7,828,643    8,674    0.44%   8,040,625    10,936    0.54%   5,650,445    26,178    1.84%
                                              
Noninterest-bearing deposits   634,231              579,145              278,447           
Noninterest-bearing liabilities   70,859              57,147              66,256           
                                              
Total liabilities   8,533,733              8,676,917              5,995,148           
                                              
Shareholders' equity   783,837              732,533              644,588           
                                              
Total liabilities and shareholders' equity  $9,317,570             $9,409,450             $6,639,736           
                                              
Net interest income       $69,237             $65,322             $37,621      
                                              
Net interest spread             2.95%             2.74%             2.07%
                                              
Net interest-earning assets  $1,316,514             $1,195,282             $817,965           
                                              
Net interest margin             3.01%             2.81%             2.31%
                                              
Average interest-earning assets to average interest-bearing liabilities             116.82%             114.87%             114.48%

 

 

 

 

Supplemental Results
(Unaudited)
($ in thousands)

 

   Net Income   Net Income 
   Three Months Ended   Twelve Months Ended 
   December 31,   September 30,   December 31,   December 31, 
   2020   2020   2019   2020   2019 
Segment                         
Multi-family Mortgage Banking  $14,231   $5,891   $10,217   $29,172   $14,763 
Mortgage Warehousing   32,387    33,793    13,690    106,329    34,766 
Banking   16,389    17,486    7,028    53,637    31,854 
Other   (3,221)   (2,168)   (874)   (8,605)   (4,054)
Total  $59,786   $55,002   $30,061   $180,533   $77,329 

 

   Total Assets 
   December 31,   September 30,   December 31, 
   2020   2020   2019 
Segment               
Multi-family Mortgage Banking  $210,714   $194,624   $188,866 
Mortgage Warehousing   4,893,513    5,179,664    3,124,684 
Banking   4,498,880    4,111,984    3,018,568 
Other   42,268    44,203    39,810 
Total  $9,645,375   $9,530,475   $6,371,928 
                
                

 

    Gain on Sale of Loans   Gain on Sale of Loans 
    Three Months Ended   Twelve Months Ended 
   December 31,   September 30,   December 31,   December 31, 
   2020   2020   2019   2020   2019 
Loan Type                         
Multi-family  $17,070   $14,872   $14,177   $57,633   $32,891 
Single-family   10,902    14,093    1,171    37,127    2,451 
Small Business Association (SBA)   858    533    4    1,818    69 
Total  $28,830   $29,498   $15,352   $96,578   $35,411 
                          
                          

 

   Loans Receivable and Loans Held for Sale 
   December 31,   September 30,   December 31, 
   2020   2020   2019 
Mortgage warehouse lines of credit  $1,605,745   $1,647,521   $765,151 
Residential real estate   678,848    572,527    413,835 
Multi-family and healthcare financing   2,749,020    2,125,516    1,347,125 
Commercial and commercial real estate   387,294    419,812    398,601 
Agricultural production and real estate   101,268    101,636    85,210 
Consumer and margin loans   13,251    13,978    18,388 
    5,535,426    4,880,990    3,028,310 
Less: Allowance for loan losses   27,500    23,436    15,842 
Loans receivable  $5,507,926   $4,857,554   $3,012,468 
                
Loans held for sale   3,070,154    3,319,619    2,093,789 
Total loans, net of allowance  $8,578,080   $8,177,173   $5,106,257 
                

 

 

 

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C?#/0OA?H[:?X?TVWTJR>8SM# ,*TA !;ZX5?RK=HHH&?_]D! end XML 8 tm214475d1_8k_htm.xml IDEA: XBRL DOCUMENT 0001629019 2021-01-28 2021-01-28 0001629019 us-gaap:CommonStockMember 2021-01-28 2021-01-28 0001629019 us-gaap:SeriesAPreferredStockMember 2021-01-28 2021-01-28 0001629019 us-gaap:SeriesBPreferredStockMember 2021-01-28 2021-01-28 iso4217:USD shares iso4217:USD shares 0001629019 false 8-K 2021-01-28 Merchants Bancorp IN 001-38258 20-5747400 410 Monon Boulevard Carmel IN 46032 317 569-7420 false false false false Common Stock, without par value MBIN NASDAQ Series A Preferred Stock, without par value MBINP NASDAQ Depositary Shares, each representing a 1/40th interest in a share of Series B Preferred Stock, without par value MBINO NASDAQ true false XML 9 R1.htm IDEA: XBRL DOCUMENT v3.20.4
Cover
Jan. 28, 2021
Document Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jan. 28, 2021
Entity File Number 001-38258
Entity Registrant Name Merchants Bancorp
Entity Central Index Key 0001629019
Entity Tax Identification Number 20-5747400
Entity Incorporation, State or Country Code IN
Entity Address, Address Line One 410 Monon Boulevard
Entity Address, City or Town Carmel
Entity Address, State or Province IN
Entity Address, Postal Zip Code 46032
City Area Code 317
Local Phone Number 569-7420
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company true
Elected Not To Use the Extended Transition Period false
Common Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security Common Stock, without par value
Trading Symbol MBIN
Security Exchange Name NASDAQ
Series A Preferred Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security Series A Preferred Stock, without par value
Trading Symbol MBINP
Security Exchange Name NASDAQ
Series 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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