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Merchants Bancorp reports developments as a registered bank holding company and parent of Merchants Bank of Indiana, with news centered on commercial banking, mortgage banking, and capital actions. Updates commonly cover quarterly earnings, net interest income, loan growth in multi-family and warehouse portfolios, healthcare loan exposure, gain on sale of loans, and asset quality measures such as criticized loans, provisions, charge-offs, and allowances for credit losses.
Corporate news also includes common and preferred dividends, preferred-stock redemptions, and share repurchase authorization. The company’s public updates identify common stock under MBIN and depositary shares for Series C, Series D, and Series E preferred stock under related Nasdaq symbols.
Merchants Bancorp (MBIN) has successfully closed its previously announced public offering of 9,200,000 depositary shares. Each share represents a 1/40th interest in a share of 7.625% Fixed Rate Series E Non-Cumulative Perpetual Preferred Stock, with a $25.00 liquidation preference per depositary share. The company secured net proceeds of approximately $222.8 million after deducting estimated expenses and underwriting discounts. The offering was managed by Morgan Stanley, UBS Securities, Piper Sandler, and Raymond James as joint bookrunning managers.
Merchants Bancorp (Nasdaq: MBIN) has announced the pricing of a public offering of 9,200,000 depositary shares, each representing a 1/40th ownership interest in its 7.625% Fixed Rate Series E Non-Cumulative Perpetual Preferred Stock. Each depositary share has a liquidation preference of $25.00. Dividends will be payable quarterly at 7.625% per annum, beginning January 1, 2025. The net proceeds will be used to redeem Merchants' Series B preferred stock and support balance sheet growth of Merchants Bank. The offering is expected to close around November 25, 2024.
Merchants Bancorp (MBIN) reported Q3 2024 net income of $61.3 million, down 25% year-over-year and 20% quarter-over-quarter. Diluted EPS was $1.17, decreasing 30% YoY. Results were impacted by $14.4 million in unfavorable fair market value adjustments. Total assets reached a record $18.7 billion, up 2% from Q2 2024. Non-performing loans increased to $210.9 million (2.04% of gross loans). The company maintained strong liquidity with $5.1 billion in unused borrowing capacity and achieved a record-high tangible book value per share of $32.38, up 25% YoY.
Merchants Bancorp (NASDAQ: MBIN) has appointed Sean Sievers as its new Chief Financial Officer, effective Sept. 9, 2024. Sievers brings over 25 years of executive financial leadership in banking and mortgage industries. He previously served as CFO at Rate and held leadership roles at Countrywide, Freddie Mac, SunTrust, and Citibank. Sievers replaces John Macke, who is retiring after joining Merchants in 2017 and leading the company's IPO. Under Macke's tenure, Merchants grew from a $3 billion bank to an $18 billion institution. Sievers holds a Bachelor of Science in Accounting and is a former licensed public accountant.
Merchants Capital (Nasdaq: MBIN) has executed a $543.5 million Credit Risk Transfer (CRT) secured by 41 performing multifamily bridge loans. This marks the company's second multifamily CRT and third overall, bringing their total securitizations to nearly $4 billion. The transaction, structured as a Credit Default Swap (CDS), includes $76 million in credit protection from a large institutional investor.
The portfolio comprises 53 properties with 7,040 units across 14 states, primarily concentrated in Indiana, South Carolina, and Illinois. This CRT supports Merchants Capital's production, which reached nearly $7 billion in 2023. Evan Gibson, EVP of Capital Markets, highlighted the platform's growth and efficiency in providing capital relief, enabling additional loan growth for the company.
Merchants Bancorp (MBIN) reported strong Q2 2024 results, with net income of $76.4 million, up 17% year-over-year but down 12% quarter-over-quarter. Diluted EPS reached $1.49, a 14% increase from Q2 2023. The company achieved record-high total assets of $18.2 billion, up 2% from Q1 2024 and 7% from year-end 2023. A successful common stock offering raised $97.7 million, boosting the common equity tier I capital ratio to 8.7%. Tangible book value per share hit a record $31.27, up 30% year-over-year. The company maintains strong liquidity with $7.0 billion in unused borrowing capacity. Loan growth continued, with net loans receivable increasing 2% quarter-over-quarter and 8% from year-end 2023. The efficiency ratio improved to 31.59% from 32.71% in Q2 2023.
Merchants Bancorp (Nasdaq: MBIN) has announced the pricing for its public offering of 2,400,000 shares of common stock at $43.00 per share. The bank expects to generate approximately $98,040,000 in gross proceeds, after deducting underwriting discounts and commissions. An additional 360,000 shares may be sold if underwriters exercise their 30-day option. Morgan Stanley leads the offering, with Piper Sandler and Raymond James as joint managers. Proceeds will support general corporate purposes and balance sheet growth. The offering is set to close around May 16, 2024, subject to customary conditions.
Merchants Bancorp (Nasdaq: MBIN) announced an underwritten public offering of 2,400,000 shares of its common stock. Morgan Stanley is the lead bookrunning manager, with Piper Sandler and Raymond James as joint bookrunning managers. Merchants Bancorp will use the proceeds to support the balance sheet growth of its banking subsidiary, Merchants Bank of Indiana, and for other general corporate purposes. The offering is made pursuant to a registration statement on Form S-3 (File No. 333-266672) effective since August 17, 2022. The underwriters have a 30-day option to purchase additional shares.
Merchants Bancorp reported record-breaking first quarter 2024 results, with net income of $87.1 million, a 58% increase from 2023, and diluted earnings per share of $1.80, a 68% increase from 2023. Total assets reached $17.8 billion, a 25% increase from 2023. The Company's efficiency ratio improved to 29.1% in Q1 2024, and quarterly dividends increased by 13%. Merchants executed a credit default swap on a $544 million pool of multi-family mortgage loans to reduce risk-based capital requirements.
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