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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.