Common Stock

6 Months Ended

Jun. 30, 2022

Common Stock

Common Stock

Note 11:   Common Stock

Stock Splits:

On November 17, 2021, the Company approved a 3-for-2 common stock split. Shareholders of record at the close of business on January 3, 2022 received one additional share of Merchants Bancorp common stock for every two shares owned. These additional shares were distributed on or around January 17, 2022. Cash was distributed in lieu of fractional shares based on the closing price of Merchants’ common stock on Nasdaq on January 3, 2022. The presentation of authorized common shares has been retrospectively adjusted to give effect to the increase, and all share and per share amounts have been retrospectively adjusted to give effect to the split.

Repurchase of Common Stock:

During the three months ended June 30, 2022, the Company repurchased 165,037 shares for $3.9 million at an average price of $23.85 per share of common stock. The Company did not have any repurchases of common stock during the three months ended June 30, 2021. The following table presents our repurchase activity on a cash basis:

		Three Months Ended
		June 30,
		2022
Dollar value of shares repurchased	$	3,935,333
Shares repurchased(1)		165,037
Average price paid per share	$	23.85

(1) On November 17, 2021, the Company announced an increase in authorization for its stock repurchase program, up to $75,000,000 of common stock, expiring December 31, 2023. On April 29, 2022, the Company entered into a Rule 10b5-1 plan (the “10b5-1 Plan”) with a broker for the repurchase of shares of its common stock commencing on May 3, 2022. The details of this repurchase plan were provided in the Form 8-K filed by the Company on May 24, 2022.