0001104659-22-083652.txt : 20220728 0001104659-22-083652.hdr.sgml : 20220728 20220728160825 ACCESSION NUMBER: 0001104659-22-083652 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20220728 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220728 DATE AS OF CHANGE: 20220728 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: 221115285 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 tm2222027d1_8k.htm FORM 8-K
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United States

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549  

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT 

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): July 28, 2022

 

 

 

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 July 28, 2022, Merchants Bancorp issued a press release reporting its financial results for the second quarter of 2022. The press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit
No.

  

Description

   
99.1   Press Release dated July 28, 2022 issued by Merchants Bancorp.
104   Cover Page Interactive Data File. The cover page XBRL tags are embedded within the inline XBRL document.

 

 

 

 

SIGNATURE

 

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

 

  MERCHANTS BANCORP
     
     
Date: July 28, 2022 By:  /s/ John F. Macke
    Name: John F. Macke
    Title: Chief Financial Officer

 

 

 

 EX-99.1 2 tm2222027d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

 

 

 

PRESS RELEASE

 

Merchants Bancorp Reports Second Quarter 2022 Results

 

For Release July 28, 2022

 

●Second quarter 2022 net income of $53.9 million increased 5% compared to the second quarter of 2021 and increased 8% compared to the first quarter of 2022

 

●Second quarter 2022 diluted earnings per common share of $1.11 increased 5% compared to the second quarter of 2021 and increased 9% compared to the first quarter of 2022

 

●Total assets of $11.1 billion increased 15%, compared to March 31, 2022, and decreased 2% compared to December 31, 2021

 

●Return on average assets was 2.20% in the second quarter of 2022 compared to 2.14% in the second quarter of 2021 and 1.92% in the first quarter of 2022

 

●Net interest margin was 3.03% in the second quarter of 2022 compared to 2.75% in the second quarter of 2021 and 2.62% in the first quarter of 2022

 

●Tangible book value per common share of $19.70 increased 25% compared to $15.73 in the second quarter of 2021 and increased 5% compared to $18.70 in the first quarter of 2022

 

●Credit quality remained strong, as nonperforming loans represented 0.07% of loans receivable compared to 0.08% at March 31, 2022 and 0.01% at December 31, 2021

 

●During the second quarter 2022, the Company repurchased $3.9 million of its common shares

 

●On May 5, 2022, the Company completed a $214 million Commercial Mortgage Backed Securities (CMBS) securitization of 14 multifamily mortgage loans secured by 24 mortgaged properties through a Freddie Mac-sponsored Q-Series transaction

 

CARMEL, Indiana – (PR Newswire) - Merchants Bancorp (the “Company” or “Merchants”) (Nasdaq: MBIN), parent company of Merchants Bank of Indiana, today reported second quarter 2022 net income of $53.9 million, or diluted earnings per common share of $1.11. This compared to $51.4 million, or diluted earnings per common share of $1.06 in the second quarter of 2021, and compared to $50.1 million, or diluted earnings per common share of $1.02 in the first quarter of 2022.

 

 

 

“We have continued to successfully manage our capital, liquidity, and resources to maximize returns in the second quarter as we expanded the reach of our products and services, while also minimizing our credit risk. With a tangible book value of $19.70 per share, an industry-leading return on average assets of 2.20% and efficiency ratio of 29.6% in the quarter, we have established significant momentum and anticipate continued strength in the second half of 2022 and beyond,” said Michael F. Petrie, Chairman and CEO of Merchants.

 

Michael J. Dunlap, President and Chief Operating Officer of Merchants, added, “Achieving these superior results can be attributable to the tremendous efforts of our employees who operate with an entrepreneurial spirit and focus on continuous improvement. Their successes have led to an expansion of our business platforms in a unique and powerful way that has benefited all our customers. We also believe that we are still in the early stages of reaping all the revenue opportunities from our investments.”

 

Net income of $53.9 million for the second quarter 2022 increased by $2.5 million, or 5%, compared to the second quarter of 2021, primarily driven by a $16.8 million, or 23%, increase in interest income and a $7.0 million higher fair market value adjustment to mortgage servicing rights. These increases were partially offset by a $9.2 million increase in interest expense, a $6.5 million increase in the provision for credit losses, a $4.8 million increase in noninterest expense, and a $3.6 million decrease in gain on sale of loans.

 

Net income for the second quarter 2022 increased by $3.8 million, or 8%, compared to the first quarter of 2022, primarily driven by a $13.2 million, or 17%, increase in interest income and a $3.6 million increase in gain on sale of loans. These increases were partially offset by a $7.0 million increase in interest expense, a $3.8 million increase in the provision for credit losses, and a $1.9 million increase in noninterest expense.

 

Total Assets

 

Total assets of $11.1 billion at June 30, 2022 increased 15%, compared to March 31, 2022, and decreased 2%, compared to December 31, 2021. Both periods reflected significant increases in loans, primarily from growth in the multi-family and healthcare financing portfolio.

 

Return on average assets was 2.20% for the second quarter of 2022 compared to 1.92% for the first quarter of 2022 and 2.14% for the second quarter of 2021.

 

Page | 2

 

 

Asset Quality

 

The allowance for credit losses on loans of $37.5 million at June 30, 2022 increased $5.3 million compared to March 31, 2022 and increased $6.1 million compared to December 31, 2021. The increases compared to both periods were primarily from growth in the multi-family and healthcare loan portfolios and also reflected a contingent reserve related to a Freddie Mac-sponsored Q-Series securitization transaction. As of June 30, 2022, the Company had one loan remaining in a COVID-19 payment deferral arrangement, with an unpaid balance of $36.8 million.

 

Non-performing loans were $4.8 million, or 0.07%, of loans receivable at June 30, 2022, compared to compared to 0.08% at March 31, 2022 and 0.01% at December 31, 2021.

 

Total Deposits

 

Total deposits of $8.3 billion at June 30, 2022 increased $823.9 million, or 11%, compared to March 31, 2022, and decreased $682.9 million, or 8%, compared to December 31, 2021. The increase compared to March 31, 2022 was primarily due to an increase in brokered certificates of deposits.

 

Total brokered deposits of $1.2 billion at June 30, 2022 increased $844.8 million, or 222%, from March 31, 2022 and decreased $935.1 million, or 43%, from December 31, 2021. Brokered deposits represented 15% of total deposits at June 30, 2022 compared to 5% of total deposits at March 31, 2022 and 24% of total deposits at December 31, 2021.

 

The Company continues to offer new products, such as adjustable-rate certificates of deposits, to minimize interest rate risks by aligning the rate and duration characteristics of its deposit and loan portfolios.

 

Liquidity

 

Cash balances of $258.1 million at June 30, 2022 decreased by $153.4 million compared to March 31, 2022 and decreased by $774.5 million compared to December 31, 2021. The Company continues to have significant borrowing capacity, with unused lines of credit totaling $1.7 billion at June 30, 2022 compared to $2.2 billion at March 31, 2022 and $2.4 billion at December 31, 2021. This liquidity enhances the ability to effectively manage interest expense and asset levels in the future. Additionally, the Company’s business model is designed to continuously sell a significant portion of its loans, which provides flexibility in managing its liquidity.

 

Page | 3

 

 

Comparison of Operating Results for the Three Months Ended June 30, 2022 and 2021

 

Net Interest Income of $72.0 million increased $7.6 million, or 12% compared to $64.4 million, reflecting higher yields and average balances on loans and loans held for sale that were partially offset by higher interest rates and average balances of deposits and borrowings.

 

●Interest rate spread of 2.90% increased 22 basis points compared to 2.68%.

 

●Net interest margin of 3.03% increased 28 basis points compared to 2.75%.

 

Interest Income of $89.3 million increased 23% compared to $72.4 million, reflecting an increase in both yields and average balances of loans and loans held for sale, driven by increases in the multi-family and healthcare portfolios.

 

●Average balances of $8.6 billion for loans and loans held for sale increased $737.5 million, or 9%, compared to $7.9 billion.

 

●Average yield on loans and loans held for sale of 3.99% increased 53 basis points compared to 3.46%.

 

Interest Expense of $17.2 million increased $9.2 million, or 115%, compared to $8.0 million. Interest expense on deposits of $14.8 million increased $8.1 million, or 121%, compared $6.7 million, reflecting higher rates on interest bearing checking and money market accounts.

 

●Average balances of $7.4 billion for interest-bearing deposits decreased $33.9 million, essentially unchanged compared to $7.4 billion.

 

●Average interest rates of 0.81% for interest-bearing deposits increased 45 basis points compared to 0.36%.

 

Noninterest Income of $39.2 million increased $6.3 million, or 19%, compared to $32.9 million, primarily due to a $7.9 million increase in loan servicing fees, partially offset by a $3.6 million decrease in gain on sale of loans.

 

●Loan servicing fees included a $7.7 million positive fair market value adjustment to mortgage servicing rights, of which $1.1 million was in the Banking segment and $6.6 million was in the Multi-family Mortgage Banking segment. This compared to a $0.7 million positive fair market value adjustment to mortgage servicing rights, of which $0.6 million was in the Banking segment and $0.1 million was in the Multi-family Mortgage Banking segment.

 

●Syndication and asset management fees of $1.6 million more than tripled and are becoming a meaningful source of noninterest income growth.

 

Page | 4

 

 

Noninterest Expense of $33.0 million increased $4.8 million, or 17%, compared to $28.2 million, primarily due to increases in salaries and employee benefits to support business growth.

 

●The efficiency ratio of 29.6% increased 66 basis points compared to 29.0%.

 

Comparison of Operating Results for the Three Months Ended June 30, 2022 and March 31, 2022

 

Net Interest Income of $72.0 million increased $6.3 million, or 10% compared to $65.7 million, reflecting higher yields and average balances on loans and loans held for sale that were partially offset by higher interest rates on deposits and borrowings.

 

●Interest rate spread of 2.90% increased 35 basis points compared to 2.55%.

 

●Net interest margin of 3.03% increased 41 basis points compared to 2.62%.

 

Interest Income of $89.3 million increased $13.3 million, or 17%, compared to $76.0 million, reflecting an increase in yields and average balances of loans and loans held for sale, driven by increases in the multi-family and healthcare portfolios.

 

●Average balances of $8.6 billion for loans and loans held for sale increased $593.4 million, or 7%, compared to $8.0 billion.

 

●Average yield on loans and loans held for sale of 3.99% increased 35 basis points compared to 3.64%.

 

Interest Expense of $17.2 million increased 68% compared to $10.3 million. Interest expense on deposits of $14.8 million increased $6.0 million, or 68%, compared to $8.8 million, reflecting higher interest rates on interest bearing checking and money market accounts.

 

●Average balances of $7.4 billion for interest-bearing deposits decreased $682.5 million, or 8%, compared to $8.0 billion.

 

●Average interest rates of 0.81% for interest-bearing deposits increased 37 basis points compared to 0.44%.

 

Noninterest Income of $39.2 million increased $4.6 million, or 13%, compared $34.6 million, primarily due to a $3.6 million, or 20%, increase in gain on sale of loans.

 

●Loan servicing fees included a $7.7 million positive fair market value adjustment to servicing rights, of which $1.1 million was in the Banking segment and $6.6 million was in the Multi-family Mortgage Banking segment. This compared to a $7.6 million positive fair market value adjustment to servicing rights, of which $4.3 million was in the Banking segment and $3.3 million was in the Multi-family Mortgage Banking segment.

 

Page | 5

 

 

●Syndication and asset management fees of $1.6 million more than tripled and are becoming a meaningful source of noninterest income growth.

 

Noninterest Expense of $33.0 million increased 6% compared to $31.0 million, primarily due to increases in salaries and employee benefits to support business growth.

 

●The efficiency ratio of 29.6% decreased 129 basis points compared to 30.9%.

 

About Merchants Bancorp

 

Ranked as a top performing U.S. public bank by S&P Global Market Intelligence, Merchants Bancorp is a diversified bank holding company headquartered in Carmel, Indiana operating multiple lines of business, including 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 $11.1 billion in assets and $8.3 billion in deposits as of June 30, 2022, 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 the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

 

Page | 6

 

 

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 | 7

 

 

Consolidated Balance Sheets

(Unaudited)

(In thousands, except share data)

 

   June 30   March 31   December 31,   September 30,   June 30, 
   2022   2022   2021   2021   2021 
Assets                         
Cash and due from banks  $10,714   $9,853   $14,030   $14,352   $13,745 
Interest-earning demand accounts   247,432    401,668    1,018,584    788,224    388,304 
Cash and cash equivalents   258,146    411,521    1,032,614    802,576    402,049 
Securities purchased under agreements to resell   3,520    4,798    5,888    5,923    6,507 
Mortgage loans in process of securitization   323,046    324,280    569,239    634,027    461,914 
Available for sale securities   336,814    314,266    310,629    301,119    315,260 
Federal Home Loan Bank (FHLB) stock   39,130    28,804    29,588    70,767    70,767 
Loans held for sale (includes $16,801, $14,567, $48,583, $26,296 and $26,623, respectively, at fair value)   2,759,116    2,289,094    3,303,199    3,453,279    2,955,390 
Loans receivable, net of allowance for credit losses on loans of $37,474, $32,102, $31,344, $29,134 and $28,696, respectively   7,033,203    5,976,960    5,751,319    5,431,227    5,444,227 
Premises and equipment, net   35,085    34,559    31,212    31,423    31,384 
Servicing rights   130,710    121,036    110,348    105,473    98,331 
Interest receivable   26,184    23,499    24,103    21,894    22,068 
Goodwill   15,845    15,845    15,845    15,845    15,845 
Intangible assets, net   1,441    1,574    1,707    1,843    1,990 
Other assets and receivables   123,815    104,356    92,947    76,637    55,800 
Total assets  $11,086,055   $9,650,592   $11,278,638   $10,952,033   $9,881,532 
Liabilities and Shareholders' Equity                         
  Liabilities                         
Deposits                         
Noninterest-bearing  $444,461   $461,193   $641,442   $824,118   $814,567 
Interest-bearing   7,855,277    7,014,628    8,341,171    8,123,201    7,225,011 
Total deposits   8,299,738    7,475,821    8,982,613    8,947,319    8,039,578 
Borrowings   1,440,904    879,929    1,033,954    809,136    701,373 
Deferred and current tax liabilities, net   19,414    30,695    19,170    21,681    18,819 
Other liabilities   97,460    75,644    87,492    64,019    62,698 
Total liabilities   9,857,516    8,462,089    10,123,229    9,842,155    8,822,468 
Commitments and  Contingencies                         
Shareholders' Equity                         
Common stock, without par value Authorized - 75,000,000 shares, 50,000,000 shares, 50,000,000 shares, 50,000,000 shares and 50,000,000 shares                         
Issued and outstanding  - 43,106,505 shares, 43,267,776 shares, 43,180,079 shares, 43,178,061 shares and 43,175,399 shares   136,671    137,882    137,565    137,200    136,836 
Preferred stock, without par value - 5,000,000 total shares authorized                         
7% Series A Preferred stock - $25 per share liquidation preference                         
Authorized - 3,500,000 shares                         
Issued and outstanding - 2,081,800 shares   50,221    50,221    50,221    50,221    50,221 
6% Series B Preferred stock - $1,000 per share liquidation preference                         
Authorized - 125,000 shares                         
Issued and outstanding - 125,000 shares (equivalent to 5,000,000 depositary shares)   120,844    120,844    120,844    120,844    120,844 
6% Series C Preferred stock - $1,000 per share liquidation preference                         
Authorized - 250,000 shares                         
Issued and outstanding - 196,181 shares (equivalent to 7,847,233 depositary share)   191,084    191,084    191,084    191,084    191,084 
Retained earnings   737,789    694,776    657,149    610,267    560,083 
Accumulated other comprehensive income   (8,070)   (6,304)   (1,454)   262    (4)
Total shareholders' equity   1,228,539    1,188,503    1,155,409    1,109,878    1,059,064 
Total liabilities and shareholders' equity  $11,086,055   $9,650,592   $11,278,638   $10,952,033   $9,881,532 

 

 

 

 

Consolidated Statement of Income

(Unaudited)

(In thousands, except share data)

 

   Three Months Ended   Change 
   June 30,   March 31,   June 30,   2Q22   2Q22 
   2022   2022   2021   vs. 1Q22   vs. 2Q21 
Interest Income                         
Loans  $85,994   $72,196   $68,276    19%   26%
Mortgage loans in process of securitization   1,449    2,245    2,724    -35%   -47%
Investment securities:                         
Available for sale - taxable   917    701    833    31%   10%
Available for sale - tax exempt   —    —    9    —    -100%
Federal Home Loan Bank stock   284    269    392    6%   -28%
Other   626    601    204    4%   207%
Total interest income   89,270    76,012    72,438    17%   23%
Interest Expense                         
Deposits   14,768    8,813    6,683    68%   121%
Borrowed funds   2,471    1,474    1,348    68%   83%
Total interest expense   17,239    10,287    8,031    68%   115%
Net Interest Income   72,031    65,725    64,407    10%   12%
Provision (credit) for credit losses   6,212    2,451    (315)   153%   -2072%
Net Interest Income After Provision for Credit Losses   65,819    63,274    64,722    4%   2%
Noninterest Income                         
Gain on sale of loans   21,564    17,965    25,122    20%   -14%
Loan servicing fees, net   9,607    9,731    1,727    -1%   456%
Mortgage warehouse fees   1,350    1,858    3,079    -27%   -56%
Syndication and asset management fees   1,599    614    480    160%   233%
Other income   5,051    4,429    2,447    14%   106%
Total noninterest income   39,171    34,597    32,855    13%   19%
Noninterest Expense                         
Salaries and employee benefits   22,475    21,293    18,869    6%   19%
Loan expenses   1,184    1,211    1,921    -2%   -38%
Occupancy and equipment   2,011    1,814    1,808    11%   11%
Professional fees   1,594    1,303    779    22%   105%
Deposit insurance expense   670    759    651    -12%   3%
Technology expense   1,304    1,236    971    6%   34%
Other expense   3,719    3,417    3,184    9%   17%
Total noninterest expense   32,957    31,033    28,183    6%   17%
Income Before Income Taxes   72,033    66,838    69,394    8%   4%
Provision for income taxes   18,098    16,696    17,977    8%   1%
Net Income  $53,935   $50,142   $51,417    8%   5%
Dividends on preferred stock   (5,729)   (5,728)   (5,659)   —    1%
Net Income Allocated to Common Shareholders  $48,206   $44,414   $45,758    9%   5%
Basic Earnings Per Share  $1.12   $1.03   $1.06    9%   6%
Diluted Earnings Per Share  $1.11   $1.02   $1.06    9%   5%
Weighted-Average Shares Outstanding                         
Basic   43,209,824    43,190,066    43,174,220           
Diluted   43,335,211    43,360,034    43,311,488           

 

 

 

 

Consolidated Statement of Income

(Unaudited)

(In thousands, except share data)

 

   Six Months Ended     
   June 30,   June 30,     
   2022   2021   Change 
Interest Income               
Loans  $158,190   $143,793    10%
Mortgage loans in process of securitization   3,694    5,860    -37%
Investment securities:               
Available for sale - taxable   1,618    1,187    36%
Available for sale - tax exempt   —    20    -100%
Federal Home Loan Bank stock   553    776    -29%
Other   1,227    351    250%
Total interest income   165,282    151,987    9%
Interest Expense               
Deposits   23,581    12,783    84%
Borrowed funds   3,945    2,834    39%
Total interest expense   27,526    15,617    76%
Net Interest Income   137,756    136,370    1%
Provision for credit losses   8,663    1,348    543%
Net Interest Income After Provision for Credit Losses   129,093    135,022    -4%
Noninterest Income               
Gain on sale of loans   39,529    53,742    -26%
Loan servicing fees, net   19,338    9,678    100%
Mortgage warehouse fees   3,208    7,195    -55%
Syndication and asset management fees   2,213    535    314%
Other income   9,480    5,641    68%
Total noninterest income   73,768    76,791    -4%
Noninterest Expense               
Salaries and employee benefits   43,768    40,143    9%
Loan expenses   2,395    4,444    -46%
Occupancy and equipment   3,825    3,435    11%
Professional fees   2,897    1,201    141%
Deposit insurance expense   1,429    1,322    8%
Technology expense   2,540    1,908    33%
Other expense   7,136    5,814    23%
Total noninterest expense   63,990    58,267    10%
Income Before Income Taxes   138,871    153,546    -10%
Provision for income taxes   34,794    40,146    -13%
Net Income  $104,077   $113,400    -8%
Dividends on preferred stock   (11,457)   (9,416)   22%
Net Income Allocated to Common Shareholders  $92,620   $103,984    -11%
Basic Earnings Per Share  $2.14   $2.41    -11%
Diluted Earnings Per Share  $2.14   $2.40    -11%
Weighted-Average Shares Outstanding               
Basic   43,220,198    43,166,223      
Diluted   43,367,875    43,293,599      

 

 

 

 

 

Key Operating Results

(Unaudited)

($ in thousands, except share data)

 

   Three Months Ended   Change 
   June 30,   March 31,   June 30,   2Q22   2Q22 
   2022   2022   2021   vs. 1Q22   vs. 2Q21 
Noninterest expense  $32,957   $31,033   $28,183    6%   17%
                          
Net interest income (before provision for credit losses)   72,031    65,725    64,407    10%   12%
Noninterest income   39,171    34,597    32,855    13%   19%
Total income  $111,202   $100,322   $97,262    11%   14%
                          
Efficiency ratio   29.64%   30.93%   28.98%   (129)bps   66bps
                          
Average assets  $9,820,878   $10,436,448   $9,609,957    -6%   2%
Net income  $53,935   $50,142   $51,417    8%   5%
Return on average assets before annualizing   0.55%   0.48%   0.54%          
Annualization factor   4.00    4.00    4.00           
Return on average assets   2.20%   1.92%   2.14%   28bps   6bps
                          
Return on average tangible common shareholders' equity (1)   23.05%   22.37%   27.61%   68bps   (456)bps
                          
Tangible book value per common share (1)  $19.70   $18.70   $15.73    5%   25%
                          
Tangible common shareholders' equity/tangible assets (1)   7.67%   8.40%   6.88%   (73)bps   79bps

 

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

 

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

 

   Three Months Ended   Change 
   June 30,   March 31,   June 30,   2Q22   2Q22 
   2022   2022   2021   vs. 1Q22   vs. 2Q21 
Net income  $53,935   $50,142   $51,417    8%   5%
Less: preferred stock dividends   (5,729)   (5,728)   (5,659)   —    1%
Net income available to common shareholders  $48,206   $44,414   $45,758    9%   5%
                          
Average shareholders' equity  $1,215,891   $1,173,837   $1,031,246    4%   18%
Less: average goodwill & intangibles   (17,361)   (17,495)   (17,916)   -1%   -3%
Less: average preferred stock   (362,149)   (362,149)   (350,320)   —    3%
Tangible common shareholders' equity  $836,381   $794,193   $663,010    5%   26%
                          
Annualization factor   4.00    4.00    4.00           
Return on average tangible common shareholders' equity   23.05%   22.37%   27.61%   69bps   (455)bps
                          
Total equity  $1,228,539   $1,188,503   $1,059,064    3%   16%
Less: goodwill and intangibles   (17,286)   (17,419)   (17,835)   -1%   -3%
Less: preferred stock   (362,149)   (362,149)   (362,149)   —    — 
Tangible common shareholders' equity  $849,104   $808,935   $679,080    5%   25%
                          
Assets  $11,086,055   $9,650,592   $9,881,532    15%   12%
Less: goodwill and intangibles   (17,286)   (17,419)   (17,835)   -1%   -3%
Tangible assets  $11,068,769   $9,633,173   $9,863,697    15%   12%
                          
Ending common shares   43,106,505    43,267,776    43,175,399    —    — 
                          
Tangible book value per common share  $19.70   $18.70   $15.73    5%   25%
Tangible common shareholders' equity/tangible assets   7.67%   8.40%   6.88%   (73)bps   79bps

 

 

 

 

Key Operating Results

(Unaudited)

($ in thousands, except share data)

 

   Six Months Ended     
   June 30,   June 30,     
   2022   2021   Change 
Noninterest expense  $63,990   $58,267    10%
                
Net interest income (before provision for credit losses)   137,756    136,370    1%
Noninterest income   73,768    76,791    -4%
Total income  $211,524   $213,161    -1%
                
Efficiency ratio   30.25%   27.33%   292bps
                
Average assets  $10,126,963   $9,780,487    4%
Net income  $104,077   $113,400    -8%
Return on average assets before annualizing   1.03%   1.16%     
Annualization factor   2.00    2.00      
Return on average assets   2.06%   2.32%   (26)bps
                
Return on average tangible common shareholders' equity (1)   22.72%   32.72%   (1,000)bps
                
Tangible book value per common share (1)  $19.70   $15.73    25%
                
Tangible common shareholders' equity/tangible assets (1)   7.67%   6.88%   79bps

 

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

 

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

 

   Six Months Ended     
   June 30,   June 30,     
   2022   2021   Change 
Net income  $104,077   $113,400    -8%
Less: preferred stock dividends   (11,457)   (9,416)   22%
Net income available to common shareholders  $92,620   $103,984    -11%
                
Average shareholders' equity  $1,194,981   $942,566    27%
Less: average goodwill & intangibles   (17,428)   (17,986)   -3%
Less: average preferred stock   (362,149)   (289,058)   25%
Tangible common shareholders' equity  $815,404   $635,522    28%
                
Annualization factor   2.00    2.00      
Return on average tangible common shareholders' equity   22.72%   32.72%   (1,000)bps
                
Total equity  $1,228,539   $1,059,064    16%
Less: goodwill and intangibles   (17,286)   (17,835)   -3%
Less: preferred stock   (362,149)   (362,149)   0%
Tangible common shareholders' equity  $849,104   $679,080    25%
                
Assets  $11,086,055   $9,881,532    12%
Less: goodwill and intangibles   (17,286)   (17,835)   -3%
Tangible assets  $11,068,769   $9,863,697    12%
                
Ending common shares   43,106,505    43,175,399    — 
                
Tangible book value per common share  $19.70   $15.73    25%
Tangible common shareholders' equity/tangible assets   7.67%   6.88%   79bps

 

 

 

 

Merchants Bancorp

Average Balance Analysis

($ in thousands)

(Unaudited)

 

   Three Months Ended   Three Months Ended   Three Months Ended 
   June 30, 2022   March 31, 2022   June 30, 2021 
   Average       Yield/   Average       Yield/   Average       Yield/ 
   Balance   Interest   Rate   Balance   Interest   Rate   Balance   Interest   Rate 
Assets:                                             
Interest-bearing deposits, and other  $367,540   $910    0.99%  $1,460,486   $870    0.24%  $788,002   $596    0.30%
Securities available for sale - taxable   330,759    917    1.11%   305,600    701    0.93%   285,536    833    1.17%
Securities available for sale - tax exempt   —    —         —    —         1,363    9    2.65%
Mortgage loans in process of securitization   198,349    1,449    2.93%   349,027    2,245    2.61%   416,559    2,724    2.62%
Loans and loans held for sale   8,643,276    85,994    3.99%   8,049,877    72,196    3.64%   7,905,766    68,276    3.46%
Total interest-earning assets   9,539,924    89,270    3.75%   10,164,990    76,012    3.03%   9,397,226    72,438    3.09%
Allowance for credit losses on loans   (33,401)             (31,023)             (28,778)          
Noninterest-earning assets   314,355              302,481              241,509           
Total assets  $9,820,878             $10,436,448             $9,609,957           
                                              
Liabilities & Shareholders' Equity:                                             
                                              
Interest-bearing checking   3,849,876    6,945    0.72%   4,015,709    2,204    0.22%   4,473,251    1,362    0.12%
Savings deposits   238,944    62    0.10%   230,702    33    0.06%   205,884    38    0.07%
Money market   2,626,973    6,567    1.00%   2,710,961    5,252    0.79%   2,197,750    4,175    0.76%
Certificates of deposit   639,556    1,194    0.75%   1,080,438    1,324    0.50%   512,316    1,108    0.87%
Total interest-bearing deposits   7,355,349    14,768    0.81%   8,037,810    8,813    0.44%   7,389,201    6,683    0.36%
                                              
Borrowings   749,628    2,471    1.32%   589,597    1,474    1.01%   523,942    1,348    1.03%
Total interest-bearing liabilities   8,104,977    17,239    0.85%   8,627,407    10,287    0.48%   7,913,143    8,031    0.41%
                                              
Noninterest-bearing deposits   402,328              518,140              590,886           
Noninterest-bearing liabilities   97,682              117,064              74,682           
Total liabilities   8,604,987              9,262,611              8,578,711           
                                              
Shareholders' equity   1,215,891              1,173,837              1,031,246           
                                              
Total liabilities and shareholders' equity  $9,820,878             $10,436,448             $9,609,957           
                                              
Net interest income       $72,031             $65,725             $64,407      
                                              
Net interest spread             2.90%             2.55%             2.68%
                                              
Net interest-earning assets  $1,434,947             $1,537,583             $1,484,083           
                                              
Net interest margin             3.03%             2.62%             2.75%
                                              
Average interest-earning assets to average interest-bearing liabilities             117.70%             117.82%             118.75%

 

 

 

 

Supplemental Results

(Unaudited)

($ in thousands)

 

   Net Income   Net Income 
   Three Months Ended   Six Months Ended 
   June 30,   March 31,   June 30,   June 30, 
   2022   2022   2021   2022   2021 
Segment                    
Multi-family Mortgage Banking  $19,556   $11,492   $10,971   $31,048   $22,932 
Mortgage Warehousing   11,868    13,159    21,448    25,027    50,631 
Banking   25,932    28,764    21,741    54,696    44,766 
Other   (3,421)   (3,273)   (2,743)   (6,694)   (4,929)
Total  $53,935   $50,142   $51,417   $104,077   $113,400 

 

   Total Assets 
   June 30,   March 31,   December 31, 
   2022   2022   2021 
Segment            
Multi-family Mortgage Banking  $330,676   $293,286   $296,129 
Mortgage Warehousing   2,836,998    2,863,907    3,977,537 
Banking   7,835,152    6,409,943    6,929,565 
Other   83,229    83,456    75,407 
Total  $11,086,055   $9,650,592   $11,278,638 

 

   Gain on Sale of Loans   Gain on Sale of Loans 
   Three Months Ended   Six Months Ended 
   June 30,   March 31,   June 30,   June 30, 
   2022   2022   2021   2022   2021 
Loan Type                         
Multi-family   19,623   $14,953   $21,408   $34,576   $44,244 
Single-family   406    457    1,872    863    6,085 
Small Business Association (SBA)   1,535    2,555    1,842    4,090    3,413 
Total  $21,564   $17,965   $25,122   $39,529   $53,742 

 

   Loans Receivable and Loans Held for Sale 
   June 30,   March 31,   December 31, 
   2022   2022   2021 
Mortgage warehouse lines of credit  $900,585   $752,447   $781,437 
Residential real estate   876,652    858,325    843,101 
Multi-family financing   3,236,917    2,876,005    2,702,042 
Healthcare financing   1,262,424    850,751    826,157 
Commercial and commercial real estate   695,158    567,971    520,199 
Agricultural production and real estate   90,070    90,688    97,060 
Consumer and margin loans   8,871    12,875    12,667 
    7,070,677    6,009,062    5,782,663 
Less: Allowance for credit losses on loans   37,474    32,102    31,344 
Loans receivable  $7,033,203   $5,976,960   $5,751,319 
                
Loans held for sale   2,759,116    2,289,094    3,303,199 
Total loans, net of allowance  $9,792,319   $8,266,054   $9,054,518 

 

 

 

 

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Cover
Jul. 28, 2022
Document Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jul. 28, 2022
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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