Merchants Bancorp Files 2023 10-K

TL;DR

<b>Merchants Bancorp has filed its 2023 10-K, detailing financial performance and capital structure, including various preferred stock series.</b>

AI Summary

Merchants Bancorp (MBINN) filed a Annual Report (10-K) with the SEC on March 12, 2024. Merchants Bancorp filed its 10-K for the fiscal year ending December 31, 2023. The filing includes financial data for the period. Key financial statement items such as retained earnings and accumulated other comprehensive income are detailed for multiple years. Information on preferred stock series, including Series D 8.25%, Series C 6%, and Series B 6%, is provided as of December 31, 2023. The company's primary business address is 410 Monon Blvd, Carmel, IN 46032.

Why It Matters

For investors and stakeholders tracking Merchants Bancorp, this filing contains several important signals. This 10-K provides a comprehensive overview of Merchants Bancorp's financial health and operational results for the fiscal year 2023, crucial for investors assessing the company's stability and future prospects. The detailed breakdown of preferred stock and equity components offers insight into the company's capital management strategies and its obligations to different classes of shareholders.

Risk Assessment

Risk Level: low — Merchants Bancorp shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Review the detailed financial statements and notes within the 10-K to understand Merchants Bancorp's performance and financial position for fiscal year 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-12 — Filing Date (Date of submission)
• 43242928 — Depositary Shares (Series D) (As of 2023-12-31)
• 43113127 — Depositary Shares (Series D) (As of 2022-12-31)

Key Players & Entities

• Merchants Bancorp (company) — Filer of the 10-K
• 410 Monon Blvd, Carmel, IN 46032 (company) — Business and mailing address
• 2023-12-31 (date) — Fiscal year end
• 2024-03-12 (date) — Filing date
• Series D 8.25% Preferred Stock (company) — Type of preferred stock detailed
• Series C 6% Preferred Stock (company) — Type of preferred stock detailed
• Series B 6% Preferred Stock (company) — Type of preferred stock detailed

FAQ

Risk Factors

• Financial Risks [medium — financial]: The company is subject to various financial risks inherent in the banking industry, including credit risk, interest rate risk, and liquidity risk.
• Regulatory Compliance [medium — regulatory]: As a financial institution, Merchants Bancorp is subject to extensive regulation by federal and state authorities, which can impact its operations and profitability.
• Economic Conditions [medium — market]: The company's financial performance is sensitive to broader economic conditions, including changes in interest rates, inflation, and overall economic growth.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-12: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $17.0 billion — anking. As of December 31, 2023, we had $17.0 billion in assets, $14.1 billion of deposits an
• $14.1 billion — , 2023, we had $17.0 billion in assets, $14.1 billion of deposits and $1.7 billion of shareho
• $1.7 billion — n assets, $14.1 billion of deposits and $1.7 billion of shareholders' equity. We were found
• $78.3 billion — s ("VA"). Mortgage Warehousing funded $78.3 billion of loan principal in 2021, $33.2 billio
• $33.2 billion — 78.3 billion of loan principal in 2021, $33.2 billion in 2022 and $33.0 billion in 2023. The
• $33.0 billion — ipal in 2021, $33.2 billion in 2022 and $33.0 billion in 2023. The primary source of liquidit

Filing Documents

• mbin-20231231x10k.htm (10-K) — 8472KB
• mbin-20231231xex21d1.htm (EX-21.1) — 40KB
• mbin-20231231xex23d1.htm (EX-23.1) — 4KB
• mbin-20231231xex31d1.htm (EX-31.1) — 15KB
• mbin-20231231xex31d2.htm (EX-31.2) — 16KB
• mbin-20231231xex32.htm (EX-32) — 12KB
• mbin-20231231xex97.htm (EX-97) — 39KB
• mbin-20231231x10k001.jpg (GRAPHIC) — 52KB
• 0001558370-24-003005.txt (&nbsp;) — 35127KB
• mbin-20231231.xsd (EX-101.SCH) — 131KB
• mbin-20231231_cal.xml (EX-101.CAL) — 123KB
• mbin-20231231_def.xml (EX-101.DEF) — 609KB
• mbin-20231231_lab.xml (EX-101.LAB) — 1125KB
• mbin-20231231_pre.xml (EX-101.PRE) — 945KB
• mbin-20231231x10k_htm.xml (XML) — 9681KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 17 Item 1B. Unresolved Staff Comments 31 Item 1C. Cybersecurity 31 Item 2.

Properties

Properties 33 Item 3 .

Legal Proceedings

Legal Proceedings 33 Item 4. Mine Safety Disclosures 33 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 33 Item 6.

Selected Financial Data

Selected Financial Data 35 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 37 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 64 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 67 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 134 Item 9A .

Controls and Procedures

Controls and Procedures 134 Item 9B. Other Information 136 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 136 PART III Item 10. Directors, Executive Officers, and Corporate Governance 137 Item 11.

Executive Compensation

Executive Compensation 137 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 137 Item 13. Certain Relationships and Related Transactions, and Director Independence 137 Item 14. Principal Accounting Fees and Services 137 PART IV Item 15. Exhibits, Financial Statement Schedules 138 Item 16. Form 10-K Summary 139

SIGNATURES

SIGNATURES 140 2 Table of Contents Information included in or incorporated by reference in this Annual Report on Form 10-K, our other filings with the Securities and Exchange Commission and our press releases or other public statements, contain or may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Please refer to a discussion of our forward-looking statements and associated risks in Item 1, "Business – Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995" and our discussion of risk factors in Item 1A, "Risk Factors" in this Annual Report on Form 10-K. PART I

Business

Item 1. Business . Company Overview Merchants Bancorp (the "Company," "Merchants," "we," "our," or "us"), an Indiana corporation formed in 2006, is a diversified bank holding company headquartered in Carmel, Indiana and registered under the Bank Holding Company Act of 1956, as amended. We currently operate in multiple business segments, including Multi-family Mortgage Banking that offers multi-family housing and healthcare facility financing and servicing (through this segment we also serve 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 portfolio lending for multi-family and healthcare facility loans, retail and correspondent residential mortgage banking, agricultural lending, Small Business Administration ("SBA") lending, and traditional community banking. As of December 31, 2023, we had $17.0 billion in assets, $14.1 billion of deposits and $1.7 billion of shareholders' equity. We were founded in 1990 as a mortgage banking company, providing financing for multi-family housing and senior living properties. The shared vision of our founders, Michael Petrie and Randall Rogers, was to create a diversified financial services company, which efficiently operates both nationally through mortgage banking and related services, and locally through a community bank. We have primarily grown organically and strategically built our business model in a way that we believe offers insulation from cyclical economic and credit swings and provides synergies across our lines of business. Merchants Bank of Indiana ("Merchants Bank"), one of our wholly owned banking subsidiaries, operates under an Indiana charter and provides traditional community banking services, as well as portfolio lending for multi-family and healthcare facility loans, retail and correspondent residential mortgage banking, SBA lending, and agricultural lending. Merch

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View this 10-K filing on SEC EDGAR