0001104659-21-131035.txt : 20211028 0001104659-21-131035.hdr.sgml : 20211028 20211028160647 ACCESSION NUMBER: 0001104659-21-131035 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20211028 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20211028 DATE AS OF CHANGE: 20211028 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: 211358259 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 tm2131248d1_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, 2021

 

 

 

Merchants Bancorp

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Indiana   001-38258   20-5747400

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

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

 

(317) 569-7420

(Registrant’s Telephone Number, Including Area Code)

 

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

 

 

 

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

 

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

 

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

 

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

 

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

 

  Emerging growth company x

 

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

 

 

 

 

 

Item 2.02. Results of Operations and Financial Condition.

 

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

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit
No.		   Description
   
99.1   Press Release dated October 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: October 28, 2021 By:  /s/ John F. Macke
    Name: John F. Macke
    Title: Chief Financial Officer

 

 

 

 EX-99.1 2 tm2131248d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

 

 

PRESS RELEASE

 

Merchants Bancorp Reports Third Quarter 2021 Results

 

For Release October 28, 2021

 

·Third quarter 2021 net income of $58.5 million increased 6% compared to the third quarter of 2020 and increased 14% compared to the second quarter of 2021

 

·Third quarter 2021 diluted earnings per common share of $1.83 increased 2% compared to the third quarter of 2020 and increased 16% compared to the second quarter of 2021

 

·Assets reached another record level of $11.0 billion, increasing 11% compared to June 30, 2021, and increasing 14% compared to December 31, 2020.

 

·Return on average assets was 2.29% in the third quarter of 2021 compared to 2.34% in the third quarter of 2020 and 2.14% in the second quarter of 2021

 

·Tangible book value per common share reached a new record of $25.36 compared to $18.30 in the third quarter of 2020 and $23.59 in the second quarter of 2021

 

·Credit quality remained strong, as nonperforming loans represented 0.05% of loans receivable compared to 0.05% at June 30, 2021 and 0.11% at December 31, 2020

 

CARMEL, Indiana – (PR Newswire) - Merchants Bancorp (the “Company” or “Merchants”) (Nasdaq: MBIN), parent company of Merchants Bank of Indiana, today reported third quarter 2021 net income of $58.5 million, or diluted earnings per common share of $1.83. This compared to $55.0 million, or diluted earnings per common share of $1.79 in the third quarter of 2020, and compared to $51.4 million, or diluted earnings per common share of $1.58 in the second quarter of 2021.

 

“As total assets surpassed the $10 billion mark during the third quarter, Merchants continued to effectively manage its capital by organically growing its product offerings and expanding its customer base to deliver profitable growth, all while minimizing credit and interest rate risk. During the quarter our tangible book value reached $25.36 per common share, return on assets reached 2.29%, and our return on average tangible common equity was 29.8%,” said Michael F. Petrie, Chairman and CEO of Merchants.

 

 

 

 

Michael J. Dunlap, President and Chief Operating Officer of Merchants, added, “The demand for affordable housing continues to grow and we have never been better positioned to offer both debt and equity products to support our multi-family customers. Our low-income housing tax credit syndication business was launched late last year and has already closed several funds. We also started a new multi-family debt fund during the third quarter. Warehouse and single-family have performed well despite an industry decline, and our SBA platform has shown significant growth and expanded nationally. The breadth, diversity, and risk levels of our product offerings have positioned us well for profitable growth.”

 

Net income for the third quarter 2021 increased by $3.5 million, or 6%, compared to the third quarter of 2020, driven by a $3.6 million, or 5%, increase in net interest income that reflected a 23% decrease in the cost of deposits and a 1% increase in interest income from higher loan balances. Also contributing to the increase was a $1.6 million, or 4%, increase in noninterest income. Noninterest income for the third quarter of 2021 benefited from a $3.0 million positive fair market value adjustment to servicing rights that compared to $1.0 negative fair market value adjustment in the third quarter of 2020.

 

Net income for the third quarter 2021 increased by $7.1 million, or 14%, compared to the second quarter of 2021, primarily driven by a $7.4 million, or 23%, increase in noninterest income, as gain on sale of loans increased by 15% and loan servicing fees more than doubled. Loan servicing fees for the third quarter of 2021 benefited from a $3.0 million positive fair market value adjustment compared to $0.7 positive fair market value adjustment in the second quarter of 2021. Net interest income also contributed to the growth in net income, as it grew 7% compared to the second quarter of 2021.

 

Total Assets

 

Total assets of $11.0 billion at September 30, 2021 increased $1.1 billion, or 11%, compared to June 30, 2021, and increased $1.3 billion, or 14%, compared to December 31, 2020.

 

Return on average assets was 2.29% for the third quarter of 2021 compared to 2.34% for the third quarter of 2020 and 2.14% for the second quarter of 2021.

 

Asset Quality

 

The allowance for loan losses of $29.1 million at September 30, 2021 increased $0.4 million compared to June 30, 2021 and increased $1.6 million compared to December 31, 2020. The increases compared to December 31, 2020 were primarily based on growth in the multi-family loan portfolio. The portion of the allowance associated with the COVID-19 pandemic has remained relatively steady since September 30, 2020, at approximately $0.7 million. As of September 30, 2021, the Company had only 3 loans remaining in payment deferral arrangements, with unpaid balances of $37.0 million.

 

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Non-performing loans were $2.9 million, or 0.05%, of loans receivable at September 30, 2021, compared to $3.0 million, or 0.05% of loans receivable at June 30, 2021, and compared to $6.3 million, or 0.11% of loans receivable at December 31, 2020.

 

Total Deposits

 

Total deposits of $8.9 billion at September 30, 2021 increased $907.7 million compared to June 30, 2021, and increased $1.5 billion, or 21%, compared to December 31, 2020. The increase compared to December 31, 2020 was primarily due to growth in brokered certificates of deposits.

 

Total brokered deposits of $1.7 billion at September 30, 2021 increased $813.3 million, or 95%, from June 30, 2021 and increased $492.7 million, or 42%, from December 31, 2020. Brokered deposits represented 19% of total deposits at September 30, 2021 compared to 11% of total deposits at June 30, 2021 and 16% of total deposits at December 31, 2020. The increases reflected a shift from borrowing at the Federal Home Loan Bank of Indianapolis during the third quarter of 2021 after a change in their collateral policy to eliminate certain agency eligible mortgage loan participations.

 

Liquidity

 

Cash balances of $802.6 million at September 30, 2021 increased by $400.5 million compared to June 30, 2021 and increased by $622.8 million compared to December 31, 2020. The Company also continues to have significant borrowing capacity, with unused lines of credit at $2.1 billion at September 30, 2021 compared to $3.3 billion at June 30, 2021 and $2.6 billion at December 31, 2020. This liquidity enhances the ability to effectively manage interest expense and asset levels in the future. The decrease in borrowing capacity compared to prior periods reflected the change in collateral policy at the Federal Home Loan Bank of Indianapolis to eliminate certain agency eligible mortgage loan participations.

 

Net Interest Income

 

Net interest income of $68.9 million in the third quarter of 2021 increased $3.6 million, or 5%, compared to the third quarter of 2020 and increased $4.5 million, or 7%, compared to the second quarter of 2021.

 

The 5% increase in net interest income compared to the third quarter of 2020 reflected a 23% decrease in the cost of deposits and a 1% increase in interest income from higher loan balances. The interest rate spread of 2.67% for the third quarter of 2021 decreased 7 basis points compared to 2.74% in the third quarter of 2020. The net interest margin of 2.73% for the third quarter of 2021 decreased 8 basis points compared to 2.81% for the third quarter of 2020. The modest decrease in net interest margin compared to the third quarter of 2020 reflected lower funding costs and higher loan balances that were outpaced by lower interest rates on loans.

 

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The 7% increase in net interest income compared to the second quarter of 2021 reflected higher loan balances and lower rates on loans. The interest rate spread of 2.67% for the third quarter of 2021 decreased 1 basis point compared to 2.68% in the second quarter of 2021. The net interest margin of 2.73% for the third quarter of 2021 also decreased 2 basis points compared to 2.75% for the second quarter of 2021.

 

Interest Income

 

Interest income of $77.3 million in the third quarter of 2021 increased $1.1 million, or 1%, compared to the third quarter of 2020 and increased $4.9 million, or 7%, compared to the second quarter of 2021.

 

The 1% increase in interest income compared to the third quarter of 2020 was primarily due to significant loan growth that was partially offset by lower rates. The higher interest income reflected a $765.4 million, or 10%, increase in the average balance of loans, including loans held for sale, which reached $8.7 billion for the third quarter of 2021. The average yield on loans and loans held for sale of 3.33% for the third quarter of 2021 decreased 28 basis points compared to 3.61% for the third quarter of 2020.

 

The 7% increase in interest income compared to the second quarter of 2021 reflected a $783.4 million, or 10%, increase in the average balance of loans, including loans held for sale, which reached $8.7 billion for the third quarter of 2021. The average yield on loans and loans held for sale of 3.33% for the third quarter of 2021 decreased 13 basis points compared to 3.46% for the second quarter of 2021.

 

Interest Expense

 

Total interest expense decreased $2.5 million, or 23%, to $8.4 million for the third quarter of 2021 compared to the third quarter of 2020 and increased $0.4 million, or 5%, compared to the second quarter of 2021. Interest expense on deposits of $7.0 million for the third quarter of 2021 decreased $2.1 million, or 23%, compared to the third quarter of 2020 and increased $0.3 million, or 4%, compared to the second quarter of 2021.

 

Page | 4

 

 

The 23% decrease in interest expense on deposits compared to the third quarter of 2020 was primarily due to significant decreases in average balances and rates of certificates of deposits. The average balance of interest-bearing deposits of $7.8 billion for the third quarter of 2021 increased $576.4 million, or 8%, compared to the third quarter of 2020. The average yield of interest-bearing deposits was 0.35% for the third quarter of 2021, which was a 15 basis point decrease compared to 0.50% for the third quarter of 2020.

 

The 4% increase in interest expense on deposits compared to the second quarter of 2021 was primarily due to higher balances of money market and certificates of deposit that were partially offset by lower rates on certificates of deposit. The average balance of interest-bearing deposits of $7.8 billion for the third quarter of 2021 increased $427.8 million, or 6%, compared to the second quarter of 2021. The average yield of interest-bearing deposits was 0.35% for the third quarter of 2021, which was a 1 basis point decrease compared to 0.36% in the second quarter of 2021.

 

Noninterest Income

 

Noninterest income of $40.3 million for the third quarter of 2021 increased $1.6 million, or 4%, compared to the third quarter of 2020 and increased $7.4 million, or 23%, compared to the second quarter of 2021.

 

The 4% increase in noninterest income compared to the third quarter of 2020 was primarily due to a $6.0 million increase in loan servicing fees that was partially offset by a $4.1 million decrease in mortgage warehouse fees. Included in loan servicing fees for the third quarter of 2021 was a $3.0 million positive fair market value adjustment to servicing rights, which compared to a $1.0 million negative fair market value adjustment for the third quarter of 2020.

 

The 23% increase in noninterest income compared to the second quarter of 2021 was primarily due to a $3.9 million increase in gain on sale of loans and a $3.6 million increase in loan servicing fees. Included in loan servicing fees for the third quarter of 2021 was a $3.0 million positive fair market value adjustment to servicing rights, which compared to a $0.7 million positive fair market value adjustment for the second quarter of 2021.

 

At September 30, 2021, servicing rights were valued at $105.5 million, an increase of 39% compared to September 30, 2020 and an increase of 7% compared to June 30, 2021. These increases were driven by higher loan balances of serviced assets and higher interest rates that impacted fair market value adjustments in the third quarter of 2021. The value of servicing rights generally increases in rising interest rate environments and declines in falling interest rate environments.

 

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Noninterest Expense

 

Noninterest expense of $29.5 million for the third quarter of 2021 increased $3.1 million, or 12%, compared to the third quarter of 2020 and increased $1.3 million, or 5%, compared to the second quarter of 2021.

 

The 12% increase in noninterest expense compared to the third quarter of 2020 was due primarily to a $3.6 million, or 22%, increase in salaries and employee benefits, including commissions, to support higher loan production volumes. The efficiency ratio of 27.0% for the third quarter of 2021 compared to 25.4% for the third quarter of 2020.

 

The 5% increase in noninterest expense compared to the second quarter of 2021 was primarily due to a $1.3 million, or 7%, increase in salaries and employee benefits that reflected higher commissions from higher loan volumes. The efficiency ratio of 27.0% for the third quarter of 2021 compared to 29.0% for the second quarter of 2021.

 

Segments

 

Multi-family Mortgage Banking

 

For the third quarter of 2021, net income of $14.5 million for Multi-family Mortgage Banking increased 145% compared with the third quarter of 2020, primarily due to higher noninterest income from gain on sale of loans. Noninterest income reflected a positive fair market value adjustment of $0.7 million on servicing rights in the third quarter of 2021 compared to a negative fair market value adjustment of $0.7 million in the third quarter of 2020.

 

Compared to the second quarter of 2021, net income for this segment increased 32%, reflecting higher gain on sale of loans and loan servicing fees. Included in loan servicing fees was a positive fair market value adjustment of $0.7 million on servicing rights in the third quarter of 2021 compared to a positive fair market value adjustment of $0.1 million in the second quarter of 2021.

 

Banking

 

For the third quarter of 2021, net income of $23.5 million for Banking increased 34% from to the third quarter of 2020, reflecting higher net interest income that was partially offset by lower gains on sale of loans. Included in noninterest income for the third quarter of 2021 was a $2.3 million positive fair market value adjustment to servicing rights, which compared to a $0.2 million negative fair market value adjustment for the third quarter of 2020.

 

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Net income for this segment increased 8% from the second quarter of 2021 primarily due to higher net interest income and higher loan servicing fees that were partially offset by an increase in the provision for loan losses. Included in loan servicing fees for the third quarter of 2021 was a $2.3 million positive fair market value adjustment to servicing rights, which compared to a $0.6 million positive fair market value adjustment for the second quarter of 2021.

 

Mortgage Warehousing

 

For the third quarter of 2021, net income of $23.2 million for Mortgage Warehousing decreased 31% compared to the third quarter of 2020 and increased 8% compared to the second quarter of 2021. The decreases compared to the prior year period reflected lower net interest income as industry volumes declined.

 

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 $11.0 billion in assets and $8.9 billion in deposits as of September 30, 2021, conducts its business primarily through its direct and indirect subsidiaries, Merchants Bank of Indiana, Merchants Capital Corp., Farmers-Merchants Bank of Illinois, Merchants Capital Servicing, LLC, and Merchants Mortgage, a division of Merchants Bank of Indiana. For more information and financial data, please visit Merchants’ Investor Relations page at investors.merchantsbancorp.com.

 

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Forward-Looking Statements

 

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

 

MEDIA CONTACT: REBECCA MARSH

Merchants Bancorp

Phone: (317) 805-4356

Email: rmarsh@merchantsbankofindiana.com

 

INVESTOR CONTACT: JOHN MACKE

Merchants Bancorp

Phone: (317) 536-7421

Email: jmacke@merchantsbankofindiana.com 

 

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Consolidated Balance Sheets
(Unaudited)
(In thousands, except share data)

 

   September 30,   June 30,   March 31,   December 31,   September 30, 
   2021   2021   2021   2020   2020 
Assets                         
Cash and due from banks  $14,352   $13,745   $12,003   $10,063   $9,276 
Interest-earning demand accounts   788,224    388,304    257,436    169,665    419,926 
Cash and cash equivalents   802,576    402,049    269,439    179,728    429,202 
Securities purchased under agreements to resell   5,923    6,507    6,544    6,580    6,616 
Mortgage loans in process of securitization   634,027    461,914    432,063    338,733    374,721 
Available for sale securities   301,119    315,260    241,691    269,802    278,861 
Federal Home Loan Bank (FHLB) stock   70,767    70,767    70,656    70,656    70,656 
Loans held for sale (includes $26,296, $26,623, $57,998, $40,044 and $41,418, respectively, at fair value)   3,453,279    2,955,390    2,749,662    3,070,154    3,319,619 
Loans receivable, net of allowance for loan losses of $29,134, $28,696, $29,091, $27,500 and $23,436, respectively   5,431,227    5,444,227    5,710,291    5,507,926    4,857,554 
Premises and equipment, net   31,423    31,384    31,261    29,761    29,261 
Servicing rights   105,473    98,331    96,215    82,604    75,772 
Interest receivable   21,894    22,068    22,111    21,770    19,130 
Goodwill   15,845    15,845    15,845    15,845    15,845 
Intangible assets, net   1,843    1,990    2,136    2,283    2,657 
Other assets and receivables   76,637    55,800    57,346    49,533    50,581 
Total assets  $10,952,033   $9,881,532   $9,705,260   $9,645,375   $9,530,475 
Liabilities and Shareholders' Equity                         
  Liabilities                         
Deposits                         
Noninterest-bearing  $824,118   $814,567   $818,621   $853,648   $666,081 
Interest-bearing   8,123,201    7,225,011    7,244,560    6,554,418    6,418,566 
Total deposits   8,947,319    8,039,578    8,063,181    7,408,066    7,084,647 
Borrowings   809,136    701,373    545,160    1,348,256    1,618,201 
Deferred and current tax liabilities, net   21,681    18,819    41,610    20,405    22,405 
Other liabilities   64,019    62,698    44,054    58,027    48,087 
Total liabilities   9,842,155    8,822,468    8,694,005    8,834,754    8,773,340 
Commitments and  Contingencies                         
Shareholders' Equity                         
Common stock, without par value                         
Authorized - 50,000,000 shares                         
Issued and outstanding - 28,785,374 shares, 28,783,599 shares, 28,782,139 shares, 28,747,083 shares and 28,745,614 shares, respectively   137,200    136,836    136,474    135,857    136,103 
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 - 0 shares, 0 shares, 41,625 shares, 41,625 shares and 41,625 shares.   —    —    41,581    41,581    41,581 
7% Series A Preferred stock - $25 per share liquidation preference                         
Authorized - 3,500,000 shares                         
Issued and outstanding - 2,081,800 shares   50,221    50,221    50,221    50,221    50,221 
6% Series B Preferred stock - $1,000 per share liquidation preference                         
Authorized - 125,000 shares                         
Issued and outstanding - 125,000 shares (equivalent to 5,000,000 depositary shares)   120,844    120,844    120,844    120,844    120,844 
6% Series C Preferred stock - $1,000 per share liquidation preference                         
Authorized - 250,000 shares                         
Issued and outstanding - 196,181 shares at Septmeber 30, 2021, 196,181 shares at June 30, 2021 and 150,000 shares at March 31, 2021 (equivalent to 7,847,233 depositary shares at September 30, 2021, 7,847,233 depositary shares at June 30, 2021 and 6,000,000 depositary shares at March 31, 2021)   191,084    191,084    144,925    —    — 
Retained earnings   610,267    560,083    516,961    461,744    407,979 
Accumulated other comprehensive income   262    (4)   249    374    407 
Total shareholders' equity   1,109,878    1,059,064    1,011,255    810,621    757,135 
Total liabilities and shareholders' equity  $10,952,033   $9,881,532   $9,705,260   $9,645,375   $9,530,475 

 

 

 

 

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, 
   2021   2021   2020   2021   2020 
Interest Income                         
Loans  $72,924   $68,276   $71,857   $216,717   $189,400 
Mortgage loans in process of securitization   2,868    2,724    3,250    8,728    8,580 
Investment securities:                         
Available for sale - taxable   1,115    833    431    2,302    2,725 
Available for sale - tax exempt   12    9    37    32    112 
Federal Home Loan Bank stock   190    392    531    966    1,217 
Other   205    204    152    556    2,845 
Total interest income   77,314    72,438    76,258    229,301    204,879 
Interest Expense                         
Deposits   6,981    6,683    9,104    19,764    45,132 
Borrowed funds   1,452    1,348    1,832    4,286    4,838 
Total interest expense   8,433    8,031    10,936    24,050    49,970 
Net Interest Income   68,881    64,407    65,322    205,251    154,909 
Provision (credit) for loan losses   1,079    (315)   2,981    2,427    7,724 
Net Interest Income After Provision for Loan Losses   67,802    64,722    62,341    202,824    147,185 
Noninterest Income                         
Gain on sale of loans   29,013    25,122    29,498    82,755    67,748 
Loan servicing fees, net   5,313    1,727    (643)   14,991    (4,870)
Mortgage warehouse fees   2,732    3,079    6,833    9,927    15,054 
Gains on sale of investments available for sale (1)   —    —    441    —    441 
Other income   3,213    2,927    2,528    9,389    6,374 
Total noninterest income   40,271    32,855    38,657    117,062    84,747 
Noninterest Expense                         
Salaries and employee benefits   20,197    18,869    16,567    60,340    42,635 
Loan expenses   1,734    1,921    2,944    6,178    6,147 
Occupancy and equipment   1,861    1,808    1,420    5,296    4,295 
Professional fees   901    779    712    2,102    2,007 
Deposit insurance expense   664    651    1,404    1,986    5,041 
Technology expense   1,169    971    903    3,077    2,229 
Other expense   2,946    3,184    2,434    8,760    6,605 
Total noninterest expense   29,472    28,183    26,384    87,739    68,959 
Income Before Income Taxes   78,601    69,394    74,614    232,147    162,973 
Provision for income taxes (2)   20,098    17,977    19,612    60,244    42,226 
Net Income  $58,503   $51,417   $55,002   $171,903   $120,747 
   Dividends on preferred stock   (5,729)   (5,659)   (3,618)   (15,145)   (10,855)
Net Income Allocated to Common Shareholders   52,774    45,758    51,384    156,758    109,892 
Basic Earnings Per Share  $1.83   $1.59   $1.79   $5.45   $3.82 
Diluted Earnings Per Share  $1.83   $1.58   $1.79   $5.43   $3.82 
Weighted-Average Shares Outstanding                         
Basic   28,784,197    28,782,813    28,745,614    28,779,745    28,741,395 
Diluted   28,876,503    28,874,325    28,778,462    28,867,125    28,766,756 

 

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

(2) Includes $0, $0, $(97), $0 and $(97), 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, 
   2021   2021   2020   2021   2020 
Noninterest expense  $29,472   $28,183   $26,384   $87,739   $68,959 
                          
Net interest income (before provision for losses)   68,881    64,407    65,322    205,251    154,909 
Noninterest income   40,271    32,855    38,657    117,062    84,747 
Total income  $109,152   $97,262   $103,979   $322,313   $239,656 
                          
Efficiency ratio   27.00%   28.98%   25.37%   27.22%   28.77%
                          
Average assets  $10,236,491   $9,609,957   $9,409,450   $9,934,159   $8,238,641 
Net income  $58,503   $51,417   $55,002   $171,903   $120,747 
Return on average assets before annualizing   0.57%   0.54%   0.58%   1.73%   1.47%
Annualization factor   4.00    4.00    4.00    1.33    1.33 
Return on average assets   2.29%   2.14%   2.34%   2.30%   1.95%
                          
Return on average tangible common shareholders' equity (1)   29.83%   27.61%   41.01%   31.60%   31.34%
                          
Tangible book value per common share (1)  $25.36   $23.59   $18.30   $25.36   $18.30 
                          
Tangible common shareholders' equity/tangible assets (1)   6.68%   6.88%   5.53%   6.68%   5.53%

 

(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, 
   2021   2021   2020   2021   2020 
Net income  $58,503   $51,417   $55,002   $171,903   $120,747 
Less: preferred stock dividends   (5,729)   (5,659)   (3,618)   (15,145)   (10,855)
Net income available to common shareholders  $52,774   $45,758   $51,384   $156,758   $109,892 
                          
Average shareholders' equity  $1,087,675   $1,031,246   $732,533   $991,467   $698,071 
Less: average goodwill & intangibles   (17,770)   (17,916)   (18,707)   (17,913)   (19,089)
Less: average preferred stock   (362,149)   (350,320)   (212,646)   (313,689)   (212,646)
Tangible common shareholders' equity  $707,756   $663,010   $501,180   $659,865   $466,336 
                          
Annualization factor   4.00    4.00    4.00    1.33    1.33 
Return on average tangible common shareholders' equity   29.83%   27.61%   41.01%   31.60%   31.34%
                          
Total equity  $1,109,878   $1,059,064   $757,135   $1,109,878   $757,135 
Less: goodwill and intangibles   (17,688)   (17,835)   (18,502)   (17,688)   (18,502)
Less: preferred stock   (362,149)   (362,149)   (212,646)   (362,149)   (212,646)
Tangible common shareholders' equity  $730,041   $679,080   $525,987   $730,041   $525,987 
                          
Assets  $10,952,033   $9,881,532   $9,530,475   $10,952,033   $9,530,475 
Less: goodwill and intangibles   (17,688)   (17,835)   (18,502)   (17,688)   (18,502)
Tangible assets  $10,934,345   $9,863,697   $9,511,973   $10,934,345   $9,511,973 
                          
Ending common shares   28,785,374    28,783,599    28,745,614    28,785,374    28,745,614 
                          
Tangible book value per common share  $25.36   $23.59   $18.30   $25.36   $18.30 
Tangible common shareholders' equity/tangible assets   6.68%   6.88%   5.53%   6.68%   5.53%

 

 

 

 

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

 

   Three Months Ended   Three Months Ended   Three Months Ended 
   September 30, 2021   June 30, 2021   September 30, 2020 
   Average       Yield/   Average       Yield/   Average       Yield/ 
   Balance   Interest   Rate   Balance   Interest   Rate   Balance   Interest   Rate 
Assets:                                             
                                              
Interest-bearing deposits, and other  $580,397   $395    0.27%  $788,002   $596    0.30%  $587,804   $683    0.46%
Securities available for sale - taxable   308,476    1,115    1.43%   285,536    833    1.17%   269,896    431    0.64%
Securities available for sale - tax exempt   1,361    12    3.50%   1,363    9    2.65%   5,145    37    2.86%
Mortgage loans in process of securitization   437,601    2,868    2.60%   416,559    2,724    2.62%   449,336    3,250    2.88%
Loans and loans held for sale   8,689,144    72,924    3.33%   7,905,766    68,276    3.46%   7,923,726    71,857    3.61%
     Total interest-earning assets   10,016,979    77,314    3.06%   9,397,226    72,438    3.09%   9,235,907    76,258    3.28%
Allowance for loan losses   (28,679)             (28,778)             (21,585)          
Noninterest-earning assets   248,191              241,509              195,128           
                                              
Total assets  $10,236,491             $9,609,957             $9,409,450           
                                              
Liabilities & Shareholders' Equity:                                             
                                              
Interest-bearing checking   4,754,633    1,561    0.13%   4,473,251    1,362    0.12%   3,890,865    1,368    0.14%
Savings deposits   211,494    39    0.07%   205,884    38    0.07%   180,931    34    0.07%
Money market   2,259,786    4,394    0.77%   2,197,750    4,175    0.76%   1,578,956    3,861    0.97%
Certificates of deposit   591,093    987    0.66%   512,316    1,108    0.87%   1,589,852    3,841    0.96%
    Total interest-bearing deposits   7,817,006    6,981    0.35%   7,389,201    6,683    0.36%   7,240,604    9,104    0.50%
                                              
Borrowings   677,201    1,452    0.85%   523,942    1,348    1.03%   800,021    1,832    0.91%
    Total interest-bearing liabilities   8,494,207    8,433    0.39%   7,913,143    8,031    0.41%   8,040,625    10,936    0.54%
                                              
Noninterest-bearing deposits   586,981              590,886              579,145           
Noninterest-bearing liabilities   67,628              74,682              57,147           
                                              
    Total liabilities   9,148,816              8,578,711              8,676,917           
                                              
    Shareholders' equity   1,087,675              1,031,246              732,533           
                                              
Total liabilities and shareholders' equity  $10,236,491             $9,609,957             $9,409,450           
                                              
Net interest income       $68,881             $64,407             $65,322      
                                              
Net interest spread             2.67%             2.68%             2.74%
                                              
Net interest-earning assets  $1,522,772             $1,484,083             $1,195,282           
                                              
Net interest margin             2.73%             2.75%             2.81%
                                              
Average interest-earning assets to average interest-bearing liabilities             117.93%             118.75%             114.87%

 

 

 

 

Supplemental Results
(Unaudited)
($ in thousands)

 

   Net Income   Net Income 
   Three Months Ended   Nine Months Ended 
   September 30,   June 30,   September 30,   September 30, 
   2021   2021   2020   2021   2020 
Segment                         
Multi-family Mortgage Banking  $14,448   $10,971   $5,891   $37,380   $14,941 
Mortgage Warehousing   23,217    21,448    33,793    73,848    73,942 
Banking   23,463    21,741    17,486    68,229    37,248 
Other   (2,625)   (2,743)   (2,168)   (7,554)   (5,384)
Total  $58,503   $51,417   $55,002   $171,903   $120,747 

 

   Total Assets 
   September 30,   June 30,   December 31, 
   2021   2021   2020 
Segment               
Multi-family Mortgage Banking  $280,927   $238,165   $210,714 
Mortgage Warehousing   4,685,037    4,265,162    4,893,513 
Banking   5,950,316    5,328,684    4,498,880 
Other   35,753    49,521    42,268 
Total  $10,952,033   $9,881,532   $9,645,375 

 

   Gain on Sale of Loans   Gain on Sale of Loans 
   Three Months Ended   Nine Months Ended 
   September 30,   June 30,   September 30,   September 30, 
   2021   2021   2020   2021   2020 
Loan Type                         
Multi-family  $24,309   $21,408   $14,872   $68,553   $40,563 
Single-family   1,592    1,872    14,093    7,677    26,225 
Small Business Association (SBA)   3,112    1,842    533    6,525    960 
Total  $29,013   $25,122   $29,498   $82,755   $67,748 

 

   Loans Receivable and Loans Held for Sale 
   September 30,   June 30,   December 31, 
   2021   2021   2020 
Mortgage warehouse lines of credit  $891,605   $1,177,940   $1,605,745 
Residential real estate   828,950    806,325    678,848 
Multi-family and healthcare financing   3,244,442    2,970,770    2,749,020 
Commercial and commercial real estate   391,562    409,710    387,294 
Agricultural production and real estate   92,113    92,786    101,268 
Consumer and margin loans   11,689    15,392    13,251 
    5,460,361    5,472,923    5,535,426 
    Less: Allowance for loan losses   29,134    28,696    27,500 
Loans receivable  $5,431,227   $5,444,227   $5,507,926 
                
Loans held for sale   3,453,279    2,955,390    3,070,154 
Total loans, net of allowance  $8,884,506   $8,399,617   $8,578,080 

 

 

 

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Cover
Oct. 28, 2021
Document Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Oct. 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
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
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