Merchants Bancorp - MBIN STOCK NEWS

Merchants Bancorp (Nasdaq: MBIN) reported a fourth-quarter 2021 net income of $55.2 million or $1.71 per diluted share, a decline from $59.8 million in Q4 2020. Noninterest expenses rose 37% driven by higher salaries, impacting profitability. However, net interest income grew 5% year-over-year, reaching $72.7 million. Total assets increased to $11.3 billion, a 17% rise from the previous year. Despite challenges in income and expenses, the company noted strong growth in deposits and a solid business model focused on conservative underwriting.

Merchants Capital, under Nasdaq: MBIN, has successfully closed two tax credit equity funds, raising over $233.4 million. Merchants Fund V, with $172.5 million from 16 institutional investors, aims to enhance affordable housing by creating or preserving 1,958 homes across 11 states. Additionally, Merchants Fund III, worth $60.9 million, will invest in eight projects in three states, generating 593 affordable homes in San Antonio and Kansas City. The funds exemplify Merchants Capital's commitment to affordable housing and its extensive capital provision of over $22 billion since inception.

Merchants Bancorp (MBIN) has announced the renewal and increase of its stock repurchase program, allowing for up to $75 million in common stock buybacks, set to expire on December 31, 2023. This program gives Merchants the flexibility to acquire shares at management's discretion, reinforcing its commitment to enhancing shareholder value. The decision comes despite the potential impact of market conditions and regulatory compliance on the buyback process. As of September 30, 2021, Merchants Bancorp reported $11.0 billion in assets and $8.9 billion in deposits.

Merchants Bancorp (MBIN) reported a robust net income of $58.5 million for Q3 2021, up 6% from Q3 2020 and 14% from Q2 2021. The company reached total assets of $11.0 billion, with a 2.29% return on average assets. Notably, net interest income increased by 5% year-over-year, driven by a 23% decrease in deposit costs. Noninterest income also rose 4% year-over-year. The allowance for loan losses grew moderately, reflecting expansion in the multi-family portfolio. Merchants continues to enhance its product range and customer base, positioning itself for future growth.

Merchants Bancorp (MBIN) reported second quarter 2021 net income of $51.4 million ($1.58 per share), up 25% from Q2 2020. However, this was a 17% decline from Q1 2021, influenced by a 10% dip in net interest income. Interest income rose 6% year-over-year, driven by higher loan balances, but fell 9% from the prior quarter. Total assets reached $9.9 billion, and non-performing loans dropped to 0.05%. Total deposits decreased slightly from Q1 but increased 9% year-over-year. The efficiency ratio stood at 29.0%, reflecting strong cost management.

Merchants Capital has achieved significant recognition in the Mortgage Bankers Association's 2020 Commercial/Multifamily Originator Listing, ranking #4 in multifamily affordable lending nationally with $2.2 billion in closed loans across 188 transactions. The Indianapolis office ranked #1, closing $3.2 billion in 287 transactions. Merchants Capital financed $4.8 billion in total in 2020, with nearly half targeting affordable housing. The company experienced a substantial 106% increase in production year-over-year, indicating strong growth momentum.

Merchants Bancorp (Nasdaq: MBIN) reported record first quarter 2021 net income of $62.0 million, or $2.02 per share, up 152% from $24.6 million a year earlier. This growth was driven by an 88% increase in net interest income, totaling $72.0 million, bolstered by strong multi-family and mortgage warehouse loans. Total assets rose 23% year-over-year to $9.7 billion, with loan receivables increasing by 63%. However, the allowance for loan losses increased to $29.1 million due to loan growth and pandemic uncertainties. The company maintains strong liquidity with $3.7 billion in unused credit lines.

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.