Merchants Bancorp - MBIN STOCK NEWS

Merchants Bancorp (MBIN) reported a full-year 2022 net income of $219.7 million, down 3% from 2021, with diluted earnings per share of $4.47, a decrease of 6%. For Q4 2022, net income rose 4% year-over-year to $57.2 million, but dipped 2% sequentially. Total assets grew 5% from Q3 2022 and 12% from the previous year to $12.6 billion. Loans receivable increased by 7% from Q3 2022 and 29% year-over-year. The net interest margin improved to 3.13%. However, the allowance for credit losses rose, indicating potential future risks. Brokered deposits saw significant growth, enhancing liquidity alongside a $284 million securitization deal.

Merchants Bancorp (MBIN) reported a net income of $58.5 million for Q3 2022, consistent with Q3 2021, but up 8% from Q2 2022. Diluted earnings per share also held steady at $1.22, marking a 10% increase from Q2 2022. Total assets reached $12.0 billion, up 8% from June 30, 2022. The net interest margin improved to 3.05%, up 32 basis points year-over-year. However, noninterest income fell 28%, reflecting a 24% increase in net interest income partially offset by rising expenses.

On October 5, 2022, Merchants Capital (Nasdaq: MBIN) announced the successful closure of the Merchants Capital Tax Credit Equity Fund X, L.P., raising $180 million from 15 institutional investors. This fund is the company's largest national multi-investor initiative and will finance 18 affordable housing properties, creating or preserving over 2,400 affordable homes across 12 states. With over $30 billion provided to multifamily housing since inception, Merchants Capital aims to enhance quality of life through affordable housing initiatives.

Merchants Bancorp (NASDAQ: MBIN), headquartered in Carmel, Indiana, announced the closure of a public offering of 5.2 million depositary shares, each representing a 1/40th interest in its 8.25% Series D Non-Cumulative Perpetual Preferred Stock. The offering generated approximately $125.3 million in net proceeds after expenses and underwriting fees. The underwriters also hold a 30-day option to purchase an additional 780,000 shares. Merchants Bancorp is recognized as a top-performing U.S. public bank, with $11.1 billion in assets and $8.3 billion in deposits as of June 30, 2022.

On September 23, 2022, Merchants Bancorp (NASD: MBIN) announced the pricing of a public offering of 5,200,000 depositary shares, each representing a 1/40th interest in 8.25% Fixed Rate Reset Series D Non-Cumulative Perpetual Preferred Stock. The liquidation preference is set at $25.00 per share. An additional 780,000 shares may be purchased by underwriters. Dividends are payable quarterly at 8.25% until October 1, 2027, after which they will reset based on the five-year treasury rate plus 4.34%. Proceeds will support general corporate purposes, including balance sheet growth.

On September 22, 2022, Merchants Bancorp (NASDAQ: MBIN) announced the successful completion of a $1.2 billion private securitization of first-lien floating-rate multifamily bridge loans through a real estate mortgage investment conduit (REMIC). Merchants Bank acquired approximately 86.6% of the senior certificates, while third-party investors purchased the remaining subordinated interests. This transaction is expected to reduce risk-weighted assets and provide capital relief under risk-based capital regulations. Merchants Bancorp holds $11.1 billion in assets and $8.3 billion in deposits as of June 30, 2022.

Merchants Bancorp (MBIN) reported a second quarter 2022 net income of $53.9 million, a 5% increase from 2021 and an 8% rise from the previous quarter. Diluted earnings per share also climbed to $1.11. Total assets grew 15% to $11.1 billion compared to the prior quarter. The return on average assets improved to 2.20%, with a net interest margin of 3.03%. Despite increased interest expenses and provisions for credit losses, non-performing loans remained low at 0.07%. The company repurchased $3.9 million of its shares in Q2.

Merchants Capital (NASDAQ:MBIN) announced the completion of a $214 million Commercial Mortgage Backed Securities (CMBS) securitization of 14 multifamily mortgage loans secured by 24 properties through a Freddie Mac-sponsored Q-Series transaction. This marks MCC's second such transaction following a prior $262 million deal. The portfolio is diverse, with properties located across Georgia, Indiana, Michigan, New York, and Ohio, and focuses on affordable housing. The loans are categorized as "Social Bonds" to support community impact financing.

Merchants Bancorp (NASDAQ: MBIN) announced the appointment of Tamika Catchings and Thomas Dinwiddie to its board of directors. Catchings, a former WNBA star and Olympic gold medalist, brings extensive experience in sports management and community initiatives. Dinwiddie, a partner at Dinsmore & Shohl, LLP, has been a director at Merchants Bank of Indiana since 2002, specializing in real estate and mortgage banking. Their addition is expected to enhance Merchants' oversight and decision-making capabilities, reinforcing the company’s commitment to customer and community service.