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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 29, 2024
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 |
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 |
Depositary
Shares, each representing a 1/40th interest in a share of Series D Preferred Stock, without par value |
MBINM |
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 |
¨ |
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 29, 2024, Merchants Bancorp issued a press release reporting
its financial results for the second quarter of 2024. 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.
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 29, 2024 |
By: |
/s/ John F. Macke |
|
|
Name: John F. Macke |
|
|
Title: Chief Financial Officer |
Exhibit 99.1
PRESS RELEASE
Merchants Bancorp Reports Second Quarter 2024 Results
For Release July 29, 2024
| ● | Second quarter 2024 net income of $76.4 million, increased 17% compared to second quarter of 2023 and decreased 12% compared to the
first quarter 2024. |
| ● | Second quarter 2024 diluted earnings per common share of $1.49 increased 14% compared to the second quarter of 2023 and decreased
17% compared to the first quarter of 2024. |
| ● | Total assets of $18.2 billion surpassed any level previously reported by the Company, increasing 2% compared to March 31, 2024
and increasing 7% compared to December 31, 2023. |
| ● | On May 13, 2024, the Company completed a common stock offering of 2.4 million shares, resulting in net proceeds of $97.7 million,
which contributed to the estimated 70 basis point increase in the common equity tier I capital ratio that reached 8.7% as of June 30,
2024. |
| ● | Tangible book value per common share reached a record-high of $31.27 and increased 30% compared to $24.14 in the second quarter of
2023 and increased 7% compared to $29.26 in the first quarter of 2024. |
| ● | As of June 30, 2024, the Company had $7.0 billion in unused borrowing capacity with the Federal Home Loan Bank and the Federal
Reserve Discount window, representing 39% of total assets. |
| ● | The Company’s most liquid assets are in unrestricted cash, short-term
investments, including interest-earning demand deposits, mortgage loans in process of securitization, loans held for sale, and warehouse
repurchase agreements included in loans receivable. Taken together, with unused borrowing capacity, these totaled $12.6 billion, or 69%,
of the $18.2 billion in total assets as of June 30, 2024. |
| ● | Loans receivable of $10.9 billion, net of allowance for credit losses on loans, increased $242.7 million, or 2%, compared to March 31,
2024, and increased $805.4 million, or 8%, compared to December 31, 2023. |
| ● | The efficiency ratio was 31.59% in the second quarter of 2024 compared to 32.71% in the second quarter of 2023 and 29.13% in the first
quarter of 2024. |
| ● | On April 30, 2024, the Company completed a $324.6 million securitization of 13 multi-family mortgage loans through a Freddie
Mac-sponsored Q-Series transaction. |
| ● | The Company redeemed all outstanding shares of the Series A Preferred
Stock for $52 million on April 1, 2024, at the liquidation preference of $25.00 per share. |
CARMEL, Indiana – (PR Newswire) - Merchants Bancorp
(the “Company” or “Merchants”) (Nasdaq: MBIN), parent company of Merchants Bank, today reported second quarter
2024 net income of $76.4 million, or diluted earnings per common share of $1.49. This compared to $65.3 million, or diluted earnings per
common share of $1.31 in the second quarter of 2023, and compared to $87.1 million, or diluted earnings per common share of $1.80 in the
first quarter of 2024.
“Results for the second quarter demonstrate our success in serving
customers while also increasing shareholder value in any interest rate environment. Loan growth continued as we reached a new record of
$18.2 billion in assets and we also achieved a record-high tangible book value of $31.27 per share, which reflected a 30% increase over
the prior year. Our originate-to-sell business model that minimizes interest rate risk has proven to be successful, and our priorities
remain unchanged. We have also focused on effectively managing our capital to execute our strategies for future growth by issuing common
stock, entering into credit risk transfer transactions, and participating in securitizations.,” said Michael F. Petrie, Chairman
and CEO of Merchants.
Michael J. Dunlap, President and Chief Operating Officer of Merchants,
added, “The market leading positions we hold across our businesses is a testament to the resilience and creativity that our team
has demonstrated while working with customers to find effective solutions to their lending needs. These strong relationships position
us to be a lender of choice and provide us with significant growth opportunities.”
Net income of $76.4 million for the second quarter 2024 increased by
$11.1 million, or 17%, compared to the second quarter of 2023, primarily driven by:
| ● | a $22.5 million, or 21%, increase in net interest income, and |
| ● | a $12.6 million, or 56%, decrease in the provision for credit losses related to lower loan charge-offs and relative changes to qualitative
factors, which were partially offset by |
| ● | a $19.5 million, or 594%, increase in the provision for income tax, primarily due to a $13.0 million tax benefit recorded in the second
quarter of 2023 that was related to tax refunds and changes in state tax apportionment calculations. |
Net income of $76.4 million for the second quarter 2024 decreased by
$10.7 million, or 12%, compared to the first quarter of 2024, primarily driven by:
| ● | an $8.9 million lower fair market value positive adjustment to servicing rights. Results for the second quarter of 2024 included a
$5.1 million positive fair market value adjustment to servicing rights compared to a $14.0 million positive fair market value adjustment
to servicing rights in the first quarter of 2024, and |
| ● | a $5.2 million increase in the provision for credit losses that reflected higher loan charge-offs and specific reserves, as well as
an increase in qualitative loss factors in the multi-family loan portfolio, which were offset by a decrease in loss rates of other portfolios
during the second quarter of 2024. |
Total Assets
Total assets of $18.2 billion at June 30, 2024 increased $389.8
million, or 2%, compared to March 31, 2024, and increased $1.3 billion, or 7%, compared to December 31, 2023. The increase compared
to December 31, 2023 was primarily due to growth in the warehouse, multi-family, and healthcare loan portfolios.
Return on average assets was 1.72% for the second quarter of 2024 compared
to 1.78% for the second quarter of 2023 and 2.07% for the first quarter of 2024.
Asset Quality
The allowance for credit losses on loans of $81.0 million, as of June 30,
2024, increased $5.3 million, or 7%, compared to March 31, 2024, and increased $9.3 million, or 13%, compared to December 31,
2023. The increase compared to both periods was primarily due to loan charge-offs, increases in specific reserves, loan growth, and changes
to qualitative loss factors to reflect changes in industry conditions.
The Company recorded three charge-offs, primarily in the multi-family
portfolio, for $3.5 million and recorded $15,000 of recoveries during the second quarter 2024. This compares to $9.5 million in charge-offs
and $2,000 in recoveries during the second quarter of 2023 and to $0.9 million in charge-offs and $1,000 of recoveries in the first quarter
of 2024.
As of June 30, 2024, non-performing loans were $143.5 million,
or 1.30% of gross loans receivable, compared to $131.8 million, or 1.22%, as of March 31, 2024, and $82.0 million, or 0.80%, as of
December 31, 2023. The increase in non-performing loans compared to both periods was primarily driven by multi-family and healthcare
customers with delinquent payments on variable rate loans that have required higher payments due to interest rates remaining at elevated
levels.
Securities Available for Sale
Total securities available for sale of $1.0 billion as of June 30,
2024 decreased $44.3 million, or 4%, compared to March 31, 2024, and decreased $96.7 million, or 9%, compared to December 31,
2023. The decrease was primarily due to maturities, sales, and repayments that were partially offset by purchases.
As of June 30, 2024, Accumulated Other Comprehensive Losses (“AOCL”)
of $0.5 million, related to securities available for sale, decreased $0.7 million, or 57%, compared to March 31, 2024, and decreased
$2.0 million, or 80%, compared to December 31, 2023. The $0.5 million of AOCL as of June 30, 2024 represented less than 1%
of total equity and less than 1% of total investment securities.
Total Deposits
Total deposits of $14.9 billion at June 30, 2024 increased $941.4
million, or 7%, compared to March 31, 2024, and increased $855.6 million, or 6%, compared to December 31, 2023. The change compared
to March 31, 2024 was primarily due to growth in core deposits, reflecting an increase in certificates of deposit and demand accounts.
The change compared to December 31, 2023 was primarily due to growth in core deposit accounts, reflecting an increase in certificates
of deposit accounts that was partially offset by a decrease in demand accounts.
Core deposits of $8.8 billion at June 30, 2024 increased $574.0
million, or 7%, from March 31, 2024 and increased $705.9 million, or 9%, from December 31, 2023. Core deposits represented 59%
of total deposits at June 30, 2024 and March 31, 2024, and 58% of total deposits at December 31, 2023.
Total brokered deposits of $6.1 billion at June 30, 2024 increased
$367.4 million, or 6%, from March 31, 2024 and increased $149.7 million, or 3%, from December 31, 2023. As of June 30,
2024, brokered certificates of deposit had a weighted average remaining duration of 70 days.
Liquidity
Cash balances of $540.9 million as of June 30, 2024 increased
by $32.1 million compared to March 31, 2024 and decreased by $43.5 million compared to December 31, 2023. The Company continues
to have significant borrowing capacity, with unused lines of credit totaling $7.0 billion as of June 30, 2024 compared to $5.6 billion
at March 31, 2024 and $6.0 billion at December 31, 2023. Furthermore, its $2.8 billion line of credit with the Federal Reserve
Board alone could fund 118% of its uninsured deposits, which represented approximately 15% of total deposits as of June 30, 2024.
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 or securitize
a significant portion of its loans, which provides flexibility in managing its liquidity.
Comparison of Operating Results for the
Three Months Ended
June 30, 2024 and 2023
Net Interest Income of $128.1 million increased $22.5 million,
or 21%, compared to $105.6 million, primarily reflecting an increase in both average balances and yields on loans and loans held for sale,
as well as higher average yields and balances of securities available for sale, which were partially offset by higher average balances
and interest rates on deposits, as well as higher average balances on borrowings.
| ● | Net interest margin of 2.99% increased 2 basis points compared to 2.97%. The margin was negatively impacted by approximately 6 basis
points in the second quarter of 2024 from the net reversal of $2.5 million in accrued interest income associated with the movement of
loans into nonaccrual status. |
| ● | Interest rate spread of 2.45% increased 4 basis points compared to 2.41%. |
Interest Income of $328.3 million increased $70.2 million, or
27%, compared to $258.1 million, reflecting an increase in both average balances and higher yields of loans and loans held for sale, as
well as securities available for sale.
| ● | Average balances of $14.3 billion for loans and loans held for sale increased 20% compared to $12.0 billion. |
| ● | Average yield on loans and loans held for sale of 7.97% increased 30 basis points compared to 7.67%. |
| ● | Average balances of $1.0 billion for securities available for sale increased 54% compared to $672.9 million. |
| ● | Average yield on securities available for sale of 5.72% increased 240 basis points compared to 3.32%. |
Interest Expense of $200.2 million increased $47.7 million,
or 31%, compared to $152.5 million. The increase reflected an increase in both average balances and rates on certificates of deposit and
interest-bearing checking, as well as higher average balances on borrowings.
| ● | Average balances of $6.5 billion for certificates of deposit increased 38% compared to $4.7 billion. |
| ● | Average interest rates of 5.43% for certificates of deposit increased 45 basis points compared to 4.98%. |
| ● | Average balances of $4.9 billion for interest-bearing checking increased 15% compared to $4.3 billion. |
| ● | Average interest rates of 4.74% for interest-bearing checking increased 24 basis points compared to 4.50%. |
| ● | Average balances of $1.0 billion for borrowings increased 74% compared to $591.3 million. |
Noninterest Income of $31.4 million increased $1.5 million,
or 5%, compared to $29.9 million, primarily due to a $2.2 million, or 26%, increase in net loan servicing fees and a $1.4 million, or
46%, increase in other income, partially offset by a $1.3 million, or 47%, decrease in mortgage warehouse fees.
| ● | Loan servicing fees included a $5.1 million positive fair market value adjustment to servicing rights, with a $0.6 million positive
adjustment in the Banking segment and a $4.5 million positive adjustment in the Multi-family Mortgage Banking segment. This compared to
a $3.4 million positive fair market value adjustment to mortgage servicing rights in the prior period, of which $1.3 million positive
adjustment in the Banking segment and $2.1 million positive adjustment in the Multi-family Mortgage Banking segment. |
Noninterest Expense of $50.4 million increased $6.1 million,
or 14%, compared to $44.3 million reflecting increases in salaries and employee benefits to support business growth and increases in deposit
insurance expenses. The higher noninterest expense also reflected a $1.6 million increase in other expenses primarily associated with
ongoing premium expense for the credit default swap that was executed in March 2024.
| ● | The efficiency ratio of 31.59% decreased 112 basis points compared to 32.71%. |
Comparison of Operating Results for the
Three Months Ended
June 30, 2024 and March 31, 2024
Net Interest Income of $128.1 million increased 1%, compared
to $127.1 million, primarily due to higher average balances on loans and loans held for sale, partially offset by higher average balances
of deposits and on borrowings.
| ● | Net interest margin of 2.99% decreased 15 basis points compared to 3.14%, primarily due to a shift in business mix that reflected
significant growth in the mortgage warehouse portfolio. The margin was also negatively impacted by approximately 6 basis points in the
second quarter of 2024 from the net reversal of $2.5 million in accrued interest income associated with the movement of loans into nonaccrual
status. |
| ● | Interest rate spread of 2.45% decreased 13 basis points compared to 2.58%. |
Interest Income of $328.3 million increased $14.1 million, or
4%, compared to $314.2 million, reflecting an increase in average balances on loans and loans held for sale, interest earning deposits,
and mortgage loans in process or securitization. The increases in interest income were partially offset by a decrease in average yields
on loans and loans held for sale.
| ● | Average balances of $14.3 billion for loans and loans held for sale increased 6% compared to $13.5 billion. |
| ● | Average balances of $438.4 million on interest earning deposits increased 27% compared to $346.2 million. |
| ● | Average balances of $234.7 million for mortgage loans in process of securitization increased 70% compared to $137.9 million. |
| ● | Average yields on loans and loans held for sale of 7.97% decreased 14 basis points compared to 8.11%, reflecting a net $2.5 million
reversal of accrued interest income associated with the movement of loans into nonaccrual status during the quarter. |
Interest Expense of $200.2 million increased 7% compared to
$187.1 million. The increase was primarily driven by higher average balances on certificate of deposit accounts and borrowings. These
were partially offset by lower rates on borrowings, as well as lower average balances on interest-bearing checking accounts.
| ● | Average balances of $6.5 billion for certificate of deposit accounts increased 15% compared to $5.7 billion. |
| ● | Average balances of $1.0 billion for borrowings increased 44% compared to $716.9 million. |
| ● | Average interest rates of 8.00% for borrowings decreased 103 basis points compared to 9.03%. |
| ● | Average balances of $4.9 billion for interest-bearing checking accounts decreased 3% compared to $5.1 billion. |
Noninterest Income of $31.4 million decreased $9.5 million,
or 23%, compared $40.9 million, primarily due to an $8.6 million, or 44%, decrease in net loan servicing fees and a $2.1 million, or 39%,
decrease in syndication and asset management fees.
| ● | Loan servicing fees included a $5.1 million positive fair market value adjustment to servicing rights, with a $0.6 million positive
adjustment in the Banking segment and a $4.5 million positive adjustment in the Multi-family Mortgage Banking segment. This compared to
a $14.0 million positive fair market value adjustment to servicing rights in the prior period, with a $0.8 million positive adjustment
in the Banking segment and a $13.2 million positive adjustment in the Multi-family Mortgage Banking segment. |
Noninterest Expense of $50.4 million increased $1.5 million,
or 3%, compared to $48.9 million, driven by a $2.7 million, or 54%, increase in other expenses associated with ongoing premium expense
for the credit default swap that was executed in March 2024. This increase was partially offset by a $1.2 million decrease in salaries
and employee benefits
| ● | The efficiency ratio of 31.59% increased 246 basis points compared to 29.13%. |
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 segments,
including Multi-family Mortgage Banking that primarily offers multi-family housing and healthcare facility financing and servicing (through
this segment it also serves as a syndicator of low-income housing tax credit and debt funds); Mortgage Warehousing that offers mortgage
warehouse financing, commercial loans, and deposit services; and Banking that offers retail and correspondent residential mortgage banking,
agricultural lending, and traditional community banking. Merchants Bancorp, with $18.2 billion in assets and $14.9 billion in deposits
as of June 30, 2024, conducts its business primarily through its direct and indirect subsidiaries, Merchants Bank of Indiana, Merchants
Capital Corp., Merchants Capital Investments, LLC, Merchants Capital Servicing, LLC, Merchants Asset Management, 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. 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 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.
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
Consolidated
Balance Sheets
(Unaudited)
(In thousands, except share data)
| |
June 30, | | |
March 31, | | |
December 31, | | |
September 30, | | |
June 30, | |
| |
2024 | | |
2024 | | |
2023 | | |
2023 | | |
2023 | |
Assets | |
| | | |
| | | |
| | | |
| | | |
| | |
Cash and due from
banks | |
$ | 10,242 | | |
$ | 17,924 | | |
$ | 15,592 | | |
$ | 10,633 | | |
$ | 15,390 | |
Interest-earning demand accounts | |
| 530,640 | | |
| 490,831 | | |
| 568,830 | | |
| 396,605 | | |
| 361,920 | |
Cash and cash equivalents | |
| 540,882 | | |
| 508,755 | | |
| 584,422 | | |
| 407,238 | | |
| 377,310 | |
Securities purchased under agreements
to resell | |
| 3,304 | | |
| 3,329 | | |
| 3,349 | | |
| 3,385 | | |
| 3,412 | |
Mortgage loans in process of securitization | |
| 209,244 | | |
| 142,629 | | |
| 110,599 | | |
| 476,047 | | |
| 298,907 | |
Securities available for sale
($682,774, $700,640 and $722,497 utilizing fair value option at June 30, 2024, March 31, 2024 and December 31, 2023) | |
| 1,017,019 | | |
| 1,061,288 | | |
| 1,113,687 | | |
| 624,586 | | |
| 648,003 | |
Securities held to maturity ($1,291,960,
$1,176,178, $1,203,535, $1,010,745 and $1,058,590 at fair value, respectively) | |
| 1,291,110 | | |
| 1,175,167 | | |
| 1,204,217 | | |
| 1,012,801 | | |
| 1,062,017 | |
Federal Home Loan Bank (FHLB)
stock | |
| 67,499 | | |
| 64,215 | | |
| 48,578 | | |
| 48,219 | | |
| 39,130 | |
Loans held for sale (includes
$102,873, $84,513, $86,663, $90,875 and $82,931 at fair value, respectively) | |
| 3,483,076 | | |
| 3,503,131 | | |
| 3,144,756 | | |
| 3,477,036 | | |
| 3,058,013 | |
Loans receivable, net of allowance
for credit losses on loans of $81,028, $75,712, $71,752, $66,864 and $62,986, respectively | |
| 10,933,189 | | |
| 10,690,513 | | |
| 10,127,801 | | |
| 9,910,681 | | |
| 9,854,018 | |
Premises and equipment, net | |
| 46,833 | | |
| 42,450 | | |
| 42,342 | | |
| 36,730 | | |
| 36,947 | |
Servicing rights | |
| 178,776 | | |
| 172,200 | | |
| 158,457 | | |
| 162,141 | | |
| 147,288 | |
Interest receivable | |
| 90,360 | | |
| 90,303 | | |
| 91,346 | | |
| 78,401 | | |
| 70,509 | |
Goodwill | |
| 8,014 | | |
| 8,014 | | |
| 15,845 | | |
| 15,845 | | |
| 15,845 | |
Other assets and receivables | |
| 343,116 | | |
| 360,582 | | |
| 307,117 | | |
| 242,126 | | |
| 263,473 | |
Total assets | |
$ | 18,212,422 | | |
$ | 17,822,576 | | |
$ | 16,952,516 | | |
$ | 16,495,236 | | |
$ | 15,874,872 | |
Liabilities and Shareholders' Equity | |
| | | |
| | | |
| | | |
| | | |
| | |
Liabilities | |
| | | |
| | | |
| | | |
| | | |
| | |
Deposits | |
| | | |
| | | |
| | | |
| | | |
| | |
Noninterest-bearing | |
$ | 383,260 | | |
$ | 319,872 | | |
$ | 520,070 | | |
$ | 287,846 | | |
$ | 349,387 | |
Interest-bearing | |
| 14,533,807 | | |
| 13,655,789 | | |
| 13,541,390 | | |
| 12,719,492 | | |
| 12,710,477 | |
Total deposits | |
| 14,917,067 | | |
| 13,975,661 | | |
| 14,061,460 | | |
| 13,007,338 | | |
| 13,059,864 | |
Borrowings | |
| 1,159,206 | | |
| 1,835,985 | | |
| 964,127 | | |
| 1,654,075 | | |
| 1,016,836 | |
Deferred and current tax liabilities,
net | |
| 25,098 | | |
| 43,935 | | |
| 19,923 | | |
| 18,006 | | |
| 16,084 | |
Other liabilities | |
| 222,904 | | |
| 190,527 | | |
| 205,922 | | |
| 183,102 | | |
| 221,788 | |
Total liabilities | |
| 16,324,275 | | |
| 16,046,108 | | |
| 15,251,432 | | |
| 14,862,521 | | |
| 14,314,572 | |
Commitments and Contingencies | |
| | | |
| | | |
| | | |
| | | |
| | |
Shareholders' Equity | |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock, without par value | |
| | | |
| | | |
| | | |
| | | |
| | |
Authorized - 75,000,000 shares | |
| | | |
| | | |
| | | |
| | | |
| | |
Issued and outstanding - 45,757,567 shares,
43,354,718 shares, 43,242,928 shares, 43,240,212 shares and 43,237,300 shares | |
| 238,492 | | |
| 139,950 | | |
| 140,365 | | |
| 139,609 | | |
| 138,853 | |
Preferred stock, without par value
- 5,000,000 total shares authorized | |
| | | |
| | | |
| | | |
| | | |
| | |
7% Series A Preferred stock
- $25 per share liquidation preference | |
| | | |
| | | |
| | | |
| | | |
| | |
Authorized - no shares at June 30,
2024 and 3,500,000 shares at March 31, 2024 and all prior periods presented | |
| | | |
| | | |
| | | |
| | | |
| | |
Issued and outstanding - no shares
at June 30, 2024 and 2,081,800 shares at March 31, 2024 and all prior periods presented | |
| — | | |
| 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 - 200,000 shares | |
| | | |
| | | |
| | | |
| | | |
| | |
Issued and outstanding - 196,181
shares (equivalent to 7,847,233 depositary shares) | |
| 191,084 | | |
| 191,084 | | |
| 191,084 | | |
| 191,084 | | |
| 191,084 | |
8.25% Series D Preferred stock
- $1,000 per share liquidation preference | |
| | | |
| | | |
| | | |
| | | |
| | |
Authorized - 300,000 shares | |
| | | |
| | | |
| | | |
| | | |
| | |
Issued and outstanding - 142,500
shares (equivalent to 5,700,000 depositary shares) | |
| 137,459 | | |
| 137,459 | | |
| 137,459 | | |
| 137,459 | | |
| 137,459 | |
Retained earnings | |
| 1,200,778 | | |
| 1,138,083 | | |
| 1,063,599 | | |
| 998,252 | | |
| 928,875 | |
Accumulated other comprehensive
loss | |
| (510 | ) | |
| (1,173 | ) | |
| (2,488 | ) | |
| (4,754 | ) | |
| (7,036 | ) |
Total shareholders' equity | |
| 1,888,147 | | |
| 1,776,468 | | |
| 1,701,084 | | |
| 1,632,715 | | |
| 1,560,300 | |
Total liabilities and shareholders'
equity | |
$ | 18,212,422 | | |
$ | 17,822,576 | | |
$ | 16,952,516 | | |
$ | 16,495,236 | | |
$ | 15,874,872 | |
Consolidated Statement of Income
(Unaudited)
(In thousands, except share data)
| |
Three Months Ended | | |
Change | |
| |
June 30, | | |
March 31, | | |
June 30, | | |
2Q24 | | |
2Q24 | |
| |
2024 | | |
2024 | | |
2023 | | |
vs. 1Q24 | | |
vs. 2Q23 | |
Interest Income | |
| | | |
| | | |
| | | |
| | | |
| | |
Loans | |
$ | 284,421 | | |
$ | 271,998 | | |
$ | 228,732 | | |
| 5 | % | |
| 24 | % |
Mortgage loans in process of securitization | |
| 3,044 | | |
| 1,720 | | |
| 3,127 | | |
| 77 | % | |
| -3 | % |
Investment securities: | |
| | | |
| | | |
| | | |
| | | |
| | |
Available for sale | |
| 14,784 | | |
| 14,388 | | |
| 5,564 | | |
| 3 | % | |
| 166 | % |
Held to maturity | |
| 19,799 | | |
| 20,522 | | |
| 17,311 | | |
| -4 | % | |
| 14 | % |
Federal Home Loan Bank stock | |
| 1,277 | | |
| 844 | | |
| 471 | | |
| 51 | % | |
| 171 | % |
Other | |
| 4,948 | | |
| 4,701 | | |
| 2,864 | | |
| 5 | % | |
| 73 | % |
Total interest income | |
| 328,273 | | |
| 314,173 | | |
| 258,069 | | |
| 4 | % | |
| 27 | % |
Interest Expense | |
| | | |
| | | |
| | | |
| | | |
| | |
Deposits | |
| 179,651 | | |
| 171,022 | | |
| 137,801 | | |
| 5 | % | |
| 30 | % |
Borrowed funds | |
| 20,503 | | |
| 16,095 | | |
| 14,651 | | |
| 27 | % | |
| 40 | % |
Total interest expense | |
| 200,154 | | |
| 187,117 | | |
| 152,452 | | |
| 7 | % | |
| 31 | % |
Net Interest Income | |
| 128,119 | | |
| 127,056 | | |
| 105,617 | | |
| 1 | % | |
| 21 | % |
Provision for credit losses | |
| 9,965 | | |
| 4,726 | | |
| 22,603 | | |
| 111 | % | |
| -56 | % |
Net Interest Income After Provision for Credit Losses | |
| 118,154 | | |
| 122,330 | | |
| 83,014 | | |
| -3 | % | |
| 42 | % |
Noninterest Income | |
| | | |
| | | |
| | | |
| | | |
| | |
Gain on sale of loans | |
| 11,168 | | |
| 9,356 | | |
| 11,350 | | |
| 19 | % | |
| -2 | % |
Loan servicing fees, net | |
| 10,827 | | |
| 19,402 | | |
| 8,616 | | |
| -44 | % | |
| 26 | % |
Mortgage warehouse fees | |
| 1,524 | | |
| 982 | | |
| 2,865 | | |
| 55 | % | |
| -47 | % |
Loss on sale of investments available for sale (1) | |
| — | | |
| (108 | ) | |
| — | | |
| -100 | % | |
| — | |
Syndication and asset management fees | |
| 3,233 | | |
| 5,303 | | |
| 3,896 | | |
| -39 | % | |
| -17 | % |
Other income | |
| 4,599 | | |
| 5,939 | | |
| 3,155 | | |
| -23 | % | |
| 46 | % |
Total noninterest income | |
| 31,351 | | |
| 40,874 | | |
| 29,882 | | |
| -23 | % | |
| 5 | % |
Noninterest Expense | |
| | | |
| | | |
| | | |
| | | |
| | |
Salaries and employee benefits | |
| 28,373 | | |
| 29,596 | | |
| 25,724 | | |
| -4 | % | |
| 10 | % |
Loan expenses | |
| 993 | | |
| 956 | | |
| 907 | | |
| 4 | % | |
| 9 | % |
Occupancy and equipment | |
| 2,239 | | |
| 2,237 | | |
| 2,456 | | |
| — | | |
| -9 | % |
Professional fees | |
| 3,556 | | |
| 4,099 | | |
| 3,723 | | |
| -13 | % | |
| -4 | % |
Deposit insurance expense | |
| 5,579 | | |
| 5,125 | | |
| 3,806 | | |
| 9 | % | |
| 47 | % |
Technology expense | |
| 1,859 | | |
| 1,854 | | |
| 1,571 | | |
| — | | |
| 18 | % |
Other expense | |
| 7,781 | | |
| 5,045 | | |
| 6,133 | | |
| 54 | % | |
| 27 | % |
Total noninterest expense | |
| 50,380 | | |
| 48,912 | | |
| 44,320 | | |
| 3 | % | |
| 14 | % |
Income Before Income Taxes | |
| 99,125 | | |
| 114,292 | | |
| 68,576 | | |
| -13 | % | |
| 45 | % |
Provision for income taxes (2) | |
| 22,732 | | |
| 27,238 | | |
| 3,274 | | |
| -17 | % | |
| 594 | % |
Net Income | |
$ | 76,393 | | |
$ | 87,054 | | |
$ | 65,302 | | |
| -12 | % | |
| 17 | % |
Dividends on preferred stock | |
| (7,757 | ) | |
| (8,667 | ) | |
| (8,668 | ) | |
| -10 | % | |
| -11 | % |
Impact of preferred stock redemption | |
| (1,823 | ) | |
| — | | |
| — | | |
| -100 | % | |
| -100 | % |
Net Income Available to Common Shareholders | |
$ | 66,813 | | |
$ | 78,387 | | |
$ | 56,634 | | |
| -15 | % | |
| 18 | % |
Basic Earnings Per Share | |
$ | 1.50 | | |
$ | 1.81 | | |
$ | 1.31 | | |
| -17 | % | |
| 15 | % |
Diluted Earnings Per Share | |
$ | 1.49 | | |
$ | 1.80 | | |
$ | 1.31 | | |
| -17 | % | |
| 14 | % |
Weighted-Average Shares Outstanding | |
| | | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 44,569,345 | | |
| 43,305,985 | | |
| 43,235,398 | | |
| | | |
| | |
Diluted | |
| 44,698,324 | | |
| 43,466,647 | | |
| 43,309,393 | | |
| | | |
| | |
(1)
Includes $0, $(108), and $0 respectively, related to accumulated other comprehensive losses reclassifications.
(2)
Includes $0, $26, and $0 respectively, related to income tax benefit for reclassification items.
Consolidated
Statement of Income
(Unaudited)
(In thousands, except share data)
| |
Six
Months Ended | | |
| |
| |
June 30, | | |
June 30, | | |
| |
| |
2024 | | |
2023 | | |
Change | |
Interest Income | |
| | | |
| | | |
| | |
Loans | |
$ | 556,419 | | |
$ | 418,182 | | |
| 33 | % |
Mortgage loans in process of securitization | |
| 4,764 | | |
| 4,775 | | |
| — | |
Investment securities: | |
| | | |
| | | |
| | |
Available for sale | |
| 29,172 | | |
| 7,830 | | |
| 273 | % |
Held to maturity | |
| 40,321 | | |
| 33,065 | | |
| 22 | % |
Federal Home Loan Bank stock | |
| 2,121 | | |
| 898 | | |
| 136 | % |
Other | |
| 9,649 | | |
| 4,613 | | |
| 109 | % |
Total interest income | |
| 642,446 | | |
| 469,363 | | |
| 37 | % |
Interest Expense | |
| | | |
| | | |
| | |
Deposits | |
| 350,673 | | |
| 242,243 | | |
| 45 | % |
Borrowed funds | |
| 36,598 | | |
| 20,810 | | |
| 76 | % |
Total interest expense | |
| 387,271 | | |
| 263,053 | | |
| 47 | % |
Net Interest
Income | |
| 255,175 | | |
| 206,310 | | |
| 24 | % |
Provision for credit losses | |
| 14,691 | | |
| 29,470 | | |
| -50 | % |
Net Interest Income
After Provision for Credit Losses | |
| 240,484 | | |
| 176,840 | | |
| 36 | % |
Noninterest Income | |
| | | |
| | | |
| | |
Gain on sale of loans | |
| 20,524 | | |
| 18,083 | | |
| 13 | % |
Loan servicing fees, net | |
| 30,229 | | |
| 10,976 | | |
| 175 | % |
Mortgage warehouse fees | |
| 2,506 | | |
| 3,893 | | |
| -36 | % |
Loss on sale of investments available
for sale (1) | |
| (108 | ) | |
| — | | |
| -100 | % |
Syndication and asset management
fees | |
| 8,536 | | |
| 5,108 | | |
| 67 | % |
Other income | |
| 10,538 | | |
| 6,086 | | |
| 73 | % |
Total noninterest income | |
| 72,225 | | |
| 44,146 | | |
| 64 | % |
Noninterest
Expense | |
| | | |
| | | |
| | |
Salaries and employee benefits | |
| 57,969 | | |
| 47,870 | | |
| 21 | % |
Loan expenses | |
| 1,949 | | |
| 1,711 | | |
| 14 | % |
Occupancy and equipment | |
| 4,476 | | |
| 4,688 | | |
| -5 | % |
Professional fees | |
| 7,655 | | |
| 5,992 | | |
| 28 | % |
Deposit insurance expense | |
| 10,704 | | |
| 5,984 | | |
| 79 | % |
Technology expense | |
| 3,713 | | |
| 3,148 | | |
| 18 | % |
Other expense | |
| 12,826 | | |
| 9,699 | | |
| 32 | % |
Total noninterest expense | |
| 99,292 | | |
| 79,092 | | |
| 26 | % |
Income Before
Income Taxes | |
| 213,417 | | |
| 141,894 | | |
| 50 | % |
Provision for income taxes (2) | |
| 49,970 | | |
| 21,637 | | |
| 131 | % |
Net Income | |
$ | 163,447 | | |
$ | 120,257 | | |
| 36 | % |
Dividends on preferred stock | |
| (16,424 | ) | |
| (17,335 | ) | |
| -5 | % |
Impact of preferred stock redemption | |
| (1,823 | ) | |
| — | | |
| -100 | % |
Net Income Available
to Common Shareholders | |
$ | 145,200 | | |
$ | 102,922 | | |
| 41 | % |
Basic Earnings Per Share | |
$ | 3.30 | | |
$ | 2.38 | | |
| 39 | % |
Diluted Earnings Per Share | |
$ | 3.29 | | |
$ | 2.38 | | |
| 38 | % |
Weighted-Average Shares Outstanding | |
| | | |
| | | |
| | |
Basic | |
| 43,937,665 | | |
| 43,207,655 | | |
| | |
Diluted | |
| 44,082,485 | | |
| 43,300,240 | | |
| | |
| |
| | | |
| | | |
| | |
(1) Includes $(108) and $0 respectively, related to accumulated other comprehensive earnings reclassifications.
(2) Includes $26 and $0 respectively, related to income tax benefit for reclassification items.
Key
Operating Results
(Unaudited)
($ in thousands, except share data)
| |
Three Months Ended | | |
Change | |
| |
June 30, | | |
March 31, | | |
June 30, | | |
2Q24 | | |
2Q24 | |
| |
2024 | | |
2024 | | |
2023 | | |
vs. 1Q24 | | |
vs. 2Q23 | |
Noninterest expense | |
$ | 50,380 | | |
$ | 48,912 | | |
$ | 44,320 | | |
| 3 | % | |
| 14 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net interest income (before provision for credit losses) | |
| 128,119 | | |
| 127,056 | | |
| 105,617 | | |
| 1 | % | |
| 21 | % |
Noninterest income | |
| 31,351 | | |
| 40,874 | | |
| 29,882 | | |
| -23 | % | |
| 5 | % |
Total income | |
$ | 159,470 | | |
$ | 167,930 | | |
$ | 135,499 | | |
| -5 | % | |
| 18 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Efficiency ratio | |
| 31.59 | % | |
| 29.13 | % | |
| 32.71 | % | |
| 246 | bps | |
| (112 | )bps |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Average assets | |
$ | 17,814,191 | | |
$ | 16,793,072 | | |
$ | 14,673,257 | | |
| 6 | % | |
| 21 | % |
Net income | |
| 76,393 | | |
| 87,054 | | |
| 65,302 | | |
| -12 | % | |
| 17 | % |
Return on average assets before annualizing | |
| 0.43 | % | |
| 0.52 | % | |
| 0.45 | % | |
| | | |
| | |
Annualization factor | |
| 4.00 | | |
| 4.00 | | |
| 4.00 | | |
| | | |
| | |
Return on average assets | |
| 1.72 | % | |
| 2.07 | % | |
| 1.78 | % | |
| (35 | )bps | |
| (6 | )bps |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Return on average tangible common shareholders' equity (1) | |
| 19.55 | % | |
| 25.34 | % | |
| 22.03 | % | |
| (579 | )bps | |
| (248 | )bps |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Tangible book value per common share (1) | |
$ | 31.27 | | |
$ | 29.26 | | |
$ | 24.14 | | |
| 7 | % | |
| 30 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Tangible common shareholders' equity/tangible assets (1) | |
| 7.86 | % | |
| 7.12 | % | |
| 6.58 | % | |
| 74 | bps | |
| 128 | bps |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Consolidated ratios | |
| | | |
| | | |
| | | |
| | | |
| | |
Total capital/risk-weighted assets(2) | |
| 12.0 | % | |
| 11.7 | % | |
| 11.3 | % | |
| | | |
| | |
Tier I capital/risk-weighted assets(2) | |
| 11.4 | % | |
| 11.2 | % | |
| 10.8 | % | |
| | | |
| | |
Common Equity Tier I capital/risk-weighted assets(2) | |
| 8.7 | % | |
| 8.0 | % | |
| 7.3 | % | |
| | | |
| | |
Tier I capital/average assets(2) | |
| 10.6 | % | |
| 10.5 | % | |
| 10.6 | % | |
| | | |
| | |
(1) Non-GAAP financial measure
- see "Reconciliation of Non-GAAP Measures" below:
(2) As defined by regulatory
agencies; June 30, 2024 shown as estimates and prior periods shown as reported.
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 shareholders' equity is calculated by excluding the balance of goodwill and other intangible assets and preferred stock from the calculation of total equity. Tangible Assets is calculated by excluding the balance of goodwill and intangible assets. Tangible book value per share is calculated by dividing tangible common shareholders' equity by the number of shares outstanding.
| |
Three Months Ended | | |
Change | |
| |
June 30, | | |
March 31, | | |
June 30, | | |
2Q24 | | |
2Q24 | |
| |
2024 | | |
2024 | | |
2023 | | |
vs. 1Q24 | | |
vs. 2Q23 | |
Net income | |
$ | 76,393 | | |
$ | 87,054 | | |
$ | 65,302 | | |
| -12 | % | |
| 17 | % |
Less: preferred stock dividends | |
| (7,757 | ) | |
| (8,667 | ) | |
| (8,668 | ) | |
| -10 | % | |
| -11 | % |
Less: preferred stock redemption | |
| (1,823 | ) | |
| - | | |
| - | | |
| -100 | % | |
| -100 | % |
Net income available to common shareholders | |
$ | 66,813 | | |
$ | 78,387 | | |
$ | 56,634 | | |
| -15 | % | |
| 18 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Average shareholders' equity | |
$ | 1,824,730 | | |
$ | 1,747,660 | | |
$ | 1,544,976 | | |
| 4 | % | |
| 18 | % |
Less: average goodwill & intangibles | |
| (8,140 | ) | |
| (10,494 | ) | |
| (16,858 | ) | |
| -22 | % | |
| -52 | % |
Less: average preferred stock | |
| (449,387 | ) | |
| (499,608 | ) | |
| (499,608 | ) | |
| -10 | % | |
| -10 | % |
Average tangible common shareholders' equity | |
$ | 1,367,203 | | |
$ | 1,237,558 | | |
$ | 1,028,510 | | |
| 10 | % | |
| 33 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Annualization factor | |
| 4.00 | | |
| 4.00 | | |
| 4.00 | | |
| | | |
| | |
Return on average tangible common shareholders' equity | |
| 19.55 | % | |
| 25.34 | % | |
| 22.03 | % | |
| (579 | )bps | |
| (248 | )bps |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total equity | |
$ | 1,888,147 | | |
$ | 1,776,468 | | |
$ | 1,560,300 | | |
| 6 | % | |
| 21 | % |
Less: goodwill and intangibles | |
| (8,108 | ) | |
| (8,163 | ) | |
| (16,794 | ) | |
| -1 | % | |
| -52 | % |
Less: preferred stock | |
| (449,387 | ) | |
| (499,608 | ) | |
| (499,608 | ) | |
| -10 | % | |
| -10 | % |
Tangible common shareholders' equity | |
$ | 1,430,652 | | |
$ | 1,268,697 | | |
$ | 1,043,898 | | |
| 13 | % | |
| 37 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Assets | |
$ | 18,212,422 | | |
$ | 17,822,576 | | |
$ | 15,874,872 | | |
| 2 | % | |
| 15 | % |
Less: goodwill and intangibles | |
| (8,108 | ) | |
| (8,163 | ) | |
| (16,794 | ) | |
| -1 | % | |
| -52 | % |
Tangible assets | |
$ | 18,204,314 | | |
$ | 17,814,413 | | |
$ | 15,858,078 | | |
| 2 | % | |
| 15 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Ending common shares | |
| 45,757,567 | | |
| 43,354,718 | | |
| 43,237,300 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Tangible book value per common share | |
$ | 31.27 | | |
$ | 29.26 | | |
$ | 24.14 | | |
| 7 | % | |
| 30 | % |
Tangible common shareholders' equity/tangible assets | |
| 7.86 | % | |
| 7.12 | % | |
| 6.58 | % | |
| 74 | bps | |
| 128 | bps |
Key
Operating Results
(Unaudited)
($ in thousands, except share data)
| |
Six Months Ended | | |
| |
| |
June 30, | | |
June 30, | | |
| |
| |
2024 | | |
2023 | | |
Change | |
Noninterest expense | |
$ | 99,292 | | |
$ | 79,092 | | |
| 26 | % |
| |
| | | |
| | | |
| | |
Net interest income (before provision for credit losses) | |
| 255,175 | | |
| 206,310 | | |
| 24 | % |
Noninterest income | |
| 72,225 | | |
| 44,146 | | |
| 64 | % |
Total income | |
$ | 327,400 | | |
$ | 250,456 | | |
| 31 | % |
| |
| | | |
| | | |
| | |
Efficiency ratio | |
| 30.33 | % | |
| 31.58 | % | |
| (125 | )bps |
| |
| | | |
| | | |
| | |
Average assets | |
$ | 17,303,632 | | |
$ | 13,784,434 | | |
| 26 | % |
Net income | |
| 163,447 | | |
| 120,257 | | |
| 36 | % |
Return on average assets before annualizing | |
| 0.94 | % | |
| 0.87 | % | |
| | |
Annualization factor | |
| 2.00 | | |
| 2.00 | | |
| | |
Return on average assets | |
| 1.89 | % | |
| 1.74 | % | |
| 15
| bps |
| |
| | | |
| | | |
| | |
Return on average tangible common shareholders' equity (1) | |
| 22.30 | % | |
| 20.49 | % | |
| 181 | bps |
| |
| | | |
| | | |
| | |
Tangible book value per common share (1) | |
$ | 31.27 | | |
$ | 24.14 | | |
| 30 | % |
| |
| | | |
| | | |
| | |
Tangible common shareholders' equity/tangible assets (1) | |
| 7.86 | % | |
| 6.58 | % | |
| 128 | bps |
(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, | | |
| |
| |
2024 | | |
2023 | | |
Change | |
Net income | |
$ | 163,447 | | |
$ | 120,257 | | |
| 36 | % |
Less: preferred stock dividends | |
| (16,424 | ) | |
| (17,335 | ) | |
| -5 | % |
Less: preferred stock redemption | |
| (1,823 | ) | |
| - | | |
| -100 | % |
Net income available to common shareholders | |
$ | 145,200 | | |
$ | 102,922 | | |
| 41 | % |
| |
| | | |
| | | |
| | |
Average shareholders' equity | |
$ | 1,786,195 | | |
$ | 1,520,927 | | |
| 17 | % |
Less: average goodwill & intangibles | |
| (9,317 | ) | |
| (16,918 | ) | |
| -45 | % |
Less: average preferred stock | |
| (474,497 | ) | |
| (499,608 | ) | |
| -5 | % |
Average tangible common shareholders' equity | |
$ | 1,302,381 | | |
$ | 1,004,401 | | |
| 30 | % |
| |
| | | |
| | | |
| | |
Annualization factor | |
| 2.00 | | |
| 2.00 | | |
| | |
Return on average tangible common shareholders' equity | |
| 22.30 | % | |
| 20.49 | % | |
| 181 | bps |
| |
| | | |
| | | |
| | |
Total equity | |
$ | 1,888,147 | | |
$ | 1,560,300 | | |
| 21 | % |
Less: goodwill and intangibles | |
| (8,108 | ) | |
| (16,794 | ) | |
| -52 | % |
Less: preferred stock | |
| (449,387 | ) | |
| (499,608 | ) | |
| -10 | % |
Tangible common shareholders' equity | |
$ | 1,430,652 | | |
$ | 1,043,898 | | |
| 37 | % |
| |
| | | |
| | | |
| | |
Assets | |
$ | 18,212,422 | | |
$ | 15,874,872 | | |
| 15 | % |
Less: goodwill and intangibles | |
| (8,108 | ) | |
| (16,794 | ) | |
| -52 | % |
Tangible assets | |
$ | 18,204,314 | | |
$ | 15,858,078 | | |
| 15 | % |
| |
| | | |
| | | |
| | |
Ending common shares | |
| 45,757,567 | | |
| 43,237,300 | | |
| | |
| |
| | | |
| | | |
| | |
Tangible book value per common share | |
$ | 31.27 | | |
$ | 24.14 | | |
| 30 | % |
Tangible common shareholders' equity/tangible assets | |
| 7.86 | % | |
| 6.58 | % | |
| 128
| bps |
Merchants Bancorp
Average Balance Analysis
($ in thousands)
(Unaudited)
| |
Three Months Ended | |
Three Months Ended | |
Three Months Ended | |
| |
June 30, 2024 | |
March 31, 2024 | |
June 30, 2023 | |
| |
Average | |
| |
Yield/ | |
Average | |
| |
Yield/ | |
Average | |
| |
Yield/ | |
| |
Balance | |
Interest | |
Rate | |
Balance | |
Interest | |
Rate | |
Balance | |
Interest | |
Rate | |
Assets: | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Interest-bearing deposits, and other | |
$ | 438,445 | |
$ | 6,225 | |
| 5.71 | % |
$ | 346,150 | |
$ | 5,545 | |
| 6.44 | % |
$ | 249,722 | |
$ | 3,335 | |
| 5.36 | % |
Securities available for sale | |
| 1,039,388 | |
| 14,784 | |
| 5.72 | % |
| 1,085,114 | |
| 14,388 | |
| 5.33 | % |
| 672,887 | |
| 5,564 | |
| 3.32 | % |
Securities held to maturity | |
| 1,160,170 | |
| 19,799 | |
| 6.86 | % |
| 1,196,633 | |
| 20,522 | |
| 6.90 | % |
| 1,093,018 | |
| 17,311 | |
| 6.35 | % |
Mortgage loans in process of securitization | |
| 234,706 | |
| 3,044 | |
| 5.22 | % |
| 137,890 | |
| 1,720 | |
| 5.02 | % |
| 280,092 | |
| 3,127 | |
| 4.48 | % |
Loans and loans held for sale | |
| 14,347,165 | |
| 284,421 | |
| 7.97 | % |
| 13,494,961 | |
| 271,998 | |
| 8.11 | % |
| 11,968,565 | |
| 228,732 | |
| 7.67 | % |
Total interest-earning assets | |
| 17,219,874 | |
| 328,273 | |
| 7.67 | % |
| 16,260,748 | |
| 314,173 | |
| 7.77 | % |
| 14,264,284 | |
| 258,069 | |
| 7.26 | % |
Allowance for credit losses on loans | |
| (76,456 | ) |
| | |
| | |
| (71,544 | ) |
| | |
| | |
| (54,411 | ) |
| | |
| | |
Noninterest-earning assets | |
| 670,773 | |
| | |
| | |
| 603,868 | |
| | |
| | |
| 463,384 | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Total assets | |
$ | 17,814,191 | |
| | |
| | |
$ | 16,793,072 | |
| | |
| | |
$ | 14,673,257 | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Liabilities & Shareholders' Equity: | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Interest-bearing checking | |
$ | 4,935,123 | |
| 58,128 | |
| 4.74 | % |
$ | 5,070,393 | |
| 60,688 | |
| 4.81 | % |
$ | 4,307,736 | |
| 48,296 | |
| 4.50 | % |
Savings deposits | |
| 145,262 | |
| 19 | |
| 0.05 | % |
| 201,860 | |
| 219 | |
| 0.44 | % |
| 236,012 | |
| 299 | |
| 0.51 | % |
Money market | |
| 2,788,335 | |
| 33,207 | |
| 4.79 | % |
| 2,817,382 | |
| 33,644 | |
| 4.80 | % |
| 2,749,594 | |
| 30,521 | |
| 4.45 | % |
Certificates of deposit | |
| 6,535,651 | |
| 88,297 | |
| 5.43 | % |
| 5,694,933 | |
| 76,471 | |
| 5.40 | % |
| 4,729,242 | |
| 58,685 | |
| 4.98 | % |
Total interest-bearing deposits | |
| 14,404,371 | |
| 179,651 | |
| 5.02 | % |
| 13,784,568 | |
| 171,022 | |
| 4.99 | % |
| 12,022,584 | |
| 137,801 | |
| 4.60 | % |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Borrowings | |
| 1,031,180 | |
| 20,503 | |
| 8.00 | % |
| 716,853 | |
| 16,095 | |
| 9.03 | % |
| 591,333 | |
| 14,651 | |
| 9.94 | % |
Total interest-bearing liabilities | |
| 15,435,551 | |
| 200,154 | |
| 5.22 | % |
| 14,501,421 | |
| 187,117 | |
| 5.19 | % |
| 12,613,917 | |
| 152,452 | |
| 4.85 | % |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Noninterest-bearing deposits | |
| 331,246 | |
| | |
| | |
| 332,172 | |
| | |
| | |
| 346,837 | |
| | |
| | |
Noninterest-bearing liabilities | |
| 222,664 | |
| | |
| | |
| 211,819 | |
| | |
| | |
| 167,527 | |
| | |
| | |
Total liabilities | |
| 15,989,461 | |
| | |
| | |
| 15,045,412 | |
| | |
| | |
| 13,128,281 | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Shareholders' equity | |
| 1,824,730 | |
| | |
| | |
| 1,747,660 | |
| | |
| | |
| 1,544,976 | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Total liabilities and shareholders' equity | |
$ | 17,814,191 | |
| | |
| | |
$ | 16,793,072 | |
| | |
| | |
$ | 14,673,257 | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Net interest income | |
| | |
$ | 128,119 | |
| | |
| | |
$ | 127,056 | |
| | |
| | |
$ | 105,617 | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Net interest spread | |
| | |
| | |
| 2.45 | % |
| | |
| | |
| 2.58 | % |
| | |
| | |
| 2.41 | % |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Net interest-earning assets | |
$ | 1,784,323 | |
| | |
| | |
$ | 1,759,327 | |
| | |
| | |
$ | 1,650,367 | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Net interest margin | |
| | |
| | |
| 2.99 | % |
| | |
| | |
| 3.14 | % |
| | |
| | |
| 2.97 | % |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Average interest-earning assets to average interest-bearing liabilities | |
| | |
| | |
| 111.56 | % |
| | |
| | |
| 112.13 | % |
| | |
| | |
| 113.08 | % |
Supplemental Results
(Unaudited)
($ in thousands)
| |
Net Income | | |
Net Income | |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, | | |
March 31, | | |
June 30, | | |
June 30, | |
| |
2024 | | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Segment | |
| | | |
| | | |
| | | |
| | | |
| | |
Multi-family Mortgage Banking | |
$ | 9,037 | | |
$ | 16,609 | | |
$ | 11,242 | | |
$ | 25,646 | | |
$ | 13,208 | |
Mortgage Warehousing | |
| 22,270 | | |
| 20,190 | | |
| 18,596 | | |
| 42,460 | | |
| 27,237 | |
Banking | |
| 52,378 | | |
| 56,425 | | |
| 42,650 | | |
| 108,803 | | |
| 91,957 | |
Other | |
| (7,292 | ) | |
| (6,170 | ) | |
| (7,186 | ) | |
| (13,462 | ) | |
| (12,145 | ) |
Total | |
$ | 76,393 | | |
$ | 87,054 | | |
$ | 65,302 | | |
$ | 163,447 | | |
$ | 120,257 | |
| |
Total Assets | |
|
|
|
|
| |
June 30, 2024 | | |
March 31, 2024 | | |
December 31, 2023 | |
|
|
|
|
| |
Amount | | |
% | | |
Amount | | |
% | | |
Amount | | |
% | |
|
|
|
|
Segment | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Multi-family Mortgage Banking | |
$ | 428,299 | | |
| 2 | % | |
$ | 416,454 | | |
| 2 | % | |
$ | 411,097 | | |
| 2 | % |
|
|
|
|
Mortgage Warehousing | |
| 5,626,055 | | |
| 31 | % | |
| 5,369,299 | | |
| 30 | % | |
| 4,522,175 | | |
| 27 | % |
|
|
|
|
Banking | |
| 11,885,484 | | |
| 65 | % | |
| 11,760,028 | | |
| 66 | % | |
| 11,760,943 | | |
| 69 | % |
|
|
|
|
Other | |
| 272,584 | | |
| 2 | % | |
| 276,795 | | |
| 2 | % | |
| 258,301 | | |
| 2 | % |
|
|
|
|
Total | |
$ | 18,212,422 | | |
| 100 | % | |
$ | 17,822,576 | | |
| 100 | % | |
$ | 16,952,516 | | |
| 100 | % |
|
|
|
|
| |
Gain on Sale of Loans | | |
Gain on Sale of Loans | |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, | | |
March 31, | | |
June 30, | | |
June 30, | |
| |
2024 | | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Loan Type | |
| | | |
| | | |
| | | |
| | | |
| | |
Multi-family | |
$ | 9,083 | | |
$ | 8,423 | | |
$ | 10,361 | | |
$ | 17,506 | | |
$ | 15,281 | |
Single-family | |
| 524 | | |
| 280 | | |
| 202 | | |
| 804 | | |
| 479 | |
Small Business Association (SBA) | |
| 1,561 | | |
| 653 | | |
| 787 | | |
| 2,214 | | |
| 2,323 | |
Total | |
$ | 11,168 | | |
$ | 9,356 | | |
$ | 11,350 | | |
$ | 20,524 | | |
$ | 18,083 | |
Supplemental Results
(Unaudited)
($ in thousands)
| |
Loans Receivable and Loans Held for Sale | |
| |
June 30, | | |
March 31, | | |
December 31, | |
| |
2024 | | |
2024 | | |
2023 | |
Mortgage warehouse repurchase agreements | |
$ | 1,369,965 | | |
$ | 1,142,994 | | |
$ | 752,468 | |
Residential real estate (1) | |
| 1,345,656 | | |
| 1,321,300 | | |
| 1,324,305 | |
Multi-family financing | |
| 4,160,420 | | |
| 4,096,606 | | |
| 4,006,160 | |
Healthcare financing | |
| 2,495,910 | | |
| 2,464,685 | | |
| 2,356,689 | |
Commercial and commercial real estate (2)(3) | |
| 1,566,809 | | |
| 1,666,751 | | |
| 1,643,081 | |
Agricultural production and real estate | |
| 70,244 | | |
| 65,977 | | |
| 103,150 | |
Consumer and margin loans | |
| 5,213 | | |
| 7,912 | | |
| 13,700 | |
| |
| 11,014,217 | | |
| 10,766,225 | | |
| 10,199,553 | |
Less: Allowance for credit losses on loans | |
| 81,028 | | |
| 75,712 | | |
| 71,752 | |
Loans receivable | |
$ | 10,933,189 | | |
$ | 10,690,513 | | |
$ | 10,127,801 | |
| |
| | | |
| | | |
| | |
Loans held for sale | |
| 3,483,076 | | |
| 3,503,131 | | |
| 3,144,756 | |
Total loans, net of allowance | |
$ | 14,416,265 | | |
$ | 14,193,644 | | |
$ | 13,272,557 | |
(1) Includes $1.2 billion, $1.2 billion and $1.2 billion of All-In-One © first-lien home equity lines of credit as of June 30, 2024, March 31, 2024 and December 31, 2023, respectively.
(2) Includes $1.0 billion, $1.1 billion and $1.1 billion of revolving lines of credit collateralized primarily by mortgage servicing rights as of June 30, 2024, March 31, 2024 and December 31, 2023, respectively.
(3)
Includes only $6.8 million, $6.8 million and $8.4 million of non-owner occupied commerical real estate as of June 30, 2024, March 31,
2024 and December 31, 2023, respectively.
| |
Loan Credit Risk Profile | |
| |
June 30, 2024 | | |
March 31, 2024 | | |
December 31, 2023 | |
| |
Amount | | |
% | | |
Amount | | |
% | | |
Amount | | |
% | |
Pass | |
$ | 10,523,378 | | |
| 95.6 | % | |
$ | 10,410,748 | | |
| 96.7 | % | |
$ | 9,879,659 | | |
| 96.9 | % |
Special mention | |
| 244,000 | | |
| 2.2 | % | |
| 232,122 | | |
| 2.2 | % | |
| 191,267 | | |
| 1.9 | % |
Substandard | |
| 246,839 | | |
| 2.2 | % | |
| 123,355 | | |
| 1.1 | % | |
| 128,577 | | |
| 1.2 | % |
Doubtful | |
| — | | |
| — | | |
| — | | |
| — | | |
| 50 | | |
| — | |
Loans receivable | |
$ | 11,014,217 | | |
| 100.0 | % | |
$ | 10,766,225 | | |
| 100.0 | % | |
$ | 10,199,553 | | |
| 100.0 | % |
Charge-offs (year-to-date) | |
$ | 4,377 | | |
| | | |
$ | 925 | | |
| | | |
$ | 9,791 | | |
| | |
Recoveries (year-to-date) | |
$ | 16 | | |
| | | |
$ | 1 | | |
| | | |
$ | 41 | | |
| | |
| |
Nonperforming Loans | |
| |
June 30, | | |
March 31, | | |
December 31, | |
| |
2024 | | |
2024 | | |
2023 | |
Nonaccrual loans | |
$ | 143,319 | | |
$ | 78,804 | | |
$ | 73,847 | |
90 days past due and still accruing | |
| 133 | | |
| 52,982 | | |
| 8,168 | |
Total nonperforming loans | |
$ | 143,452 | | |
$ | 131,786 | | |
$ | 82,015 | |
As a percentage of loans receivable | |
| 1.30 | % | |
| 1.22 | % | |
| 0.80 | % |
v3.24.2
Cover
|
Jul. 29, 2024 |
Document Information [Line Items] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Jul. 29, 2024
|
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
|
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false
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Entity Emerging Growth Company |
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 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
|
Series D 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 D Preferred Stock, without par value
|
Trading Symbol |
MBINM
|
Security Exchange Name |
NASDAQ
|
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Merchants Bancorp (NASDAQ:MBINO)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
Merchants Bancorp (NASDAQ:MBINO)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024