Welcome to our dedicated page for Merchants Bancorp Ind news (Ticker: MBIN), a resource for investors and traders seeking the latest updates and insights on Merchants Bancorp Ind stock.
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 (Nasdaq: MBIN) has successfully closed its public offering of 6,000,000 depositary shares, each representing a 1/40th interest in its 6.00% Fixed Rate Series C Non-Cumulative Perpetual Preferred Stock. The offering raised approximately $144.9 million, net of expenses and underwriting fees. Morgan Stanley & Co. LLC and UBS Securities LLC were the joint book runners, with Piper Sandler and others as co-managers. Merchants Bancorp, headquartered in Carmel, Indiana, operates in multiple banking sectors, boasting $9.6 billion in assets and $7.4 billion in deposits as of December 31, 2020.
Merchants Bancorp (Nasdaq: MBIN) priced an underwritten public offering of 6,000,000 depositary shares, each representing a 1/40th interest in its 6.00% Fixed Rate Series C Non-Cumulative Perpetual Preferred Stock. The liquidation preference is $25.00 per share, with dividends payable quarterly starting July 1, 2021. Proceeds from the offering will be used for the redemption of 8% Non-Cumulative Preferred Stock totaling $41.625 million, subject to Federal Reserve approval, along with general corporate purposes. Morgan Stanley and UBS are the joint book runners for this offering.
Merchants Bancorp (Nasdaq: MBIN) has announced its quarterly cash dividends for Q1 2021. The Board declared a dividend of $0.09 per share on common stock, reflecting a 13% increase from Q4 2020. Additionally, a dividend of $0.4375 per share on 7% Series A preferred stock (Nasdaq: MBINP) and $15.00 per share on 6% Series B preferred stock (Nasdaq: MBINO) were declared. Shareholders of record on March 15, 2021, will receive these payments on April 1, 2021.
Merchants Bancorp (Nasdaq: MBIN) reported a robust fourth quarter 2020 with net income of $59.8 million, or $1.95 per share, marking a 99% increase year-over-year. This growth was largely driven by an 84% rise in net interest income, propelled by significant mortgage warehouse loan growth and an 88% increase in loan sale gains. Total assets surged by 51% to $9.6 billion, reflecting strong increases in loans held for sale. Despite a rise in loan loss provisions due to COVID-19 uncertainties, the company maintained a strong liquidity position with unused credit lines of $2.6 billion.
Merchants Bancorp (Nasdaq: MBIN) reported a third quarter 2020 net income of $55.0 million ($1.79 per share), a 171% increase from Q3 2019. Driven by a $32.7 million rise in net interest income, the company experienced substantial growth in mortgage warehouse loans. Total assets reached $9.5 billion, up 50% year-over-year. The allowance for loan losses grew to $23.4 million, reflecting growth in the loan portfolio amid COVID-19 uncertainties. The efficiency ratio stood at 25.4%, showcasing robust operational performance.
Merchants Bancorp reported a remarkable second quarter with a net income of $41.2 million ($1.31 per share), a significant increase from $16.4 million ($0.51 per share) year-on-year and $24.6 million ($0.73 per share) from Q1 2020. The surge in net income, up 150% year-on-year, was fueled by an 83% rise in net interest income driven by mortgage warehouse loans and an 88% increase in loan sales. Total assets reached $9.4 billion, reflecting a strong growth in loans due to lower interest rates. The allowance for loan losses rose to $20.5 million amid COVID-19 uncertainties.