Merchants Bancorp

For the period ended Dec 31, 2023. Filed Mar 12, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Mar 12, 2024

MBIN$53.57+0.3%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Balance Sheets as of December 31, 2023 and 2022

December 31, 2023 and 2022


· · December 31, · · December 31,
· 2023 · 2022
Assets · ·
Cash and due from banks	$15,592	$22,170
Interest-earning demand accounts	568,830	203,994
Cash and cash equivalents	584,422	226,164
Securities purchased under agreements to resell	3,349	3,464
Mortgage loans in process of securitization	110,599	154,194
Securities available for sale ($722,497 and $0 utilizing fair value option, respectively)	1,113,687	323,337
Securities held to maturity ($1,203,535 and $1,118,966 at fair value, respectively)	1,204,217	1,119,078
Federal Home Loan Bank (FHLB) stock	48,578	39,130
Loans held for sale (includes $86,663 and $82,192 at fair value, respectively)	3,144,756	2,910,576
Loans receivable, net of allowance for credit losses on loans of $71,752 and $44,014, respectively	10,127,801	7,426,858
Premises and equipment, net	42,342	35,438
Servicing rights	158,457	146,248
Interest receivable	91,346	56,262
Goodwill	15,845	15,845
Intangible assets, net	742	1,186
Other assets and receivables	306,375	157,447
Total assets	$16,952,516	$12,615,227
Liabilities and Shareholders' Equity
Liabilities
Deposits
Noninterest-bearing	$520,070	$326,875
Interest-bearing	13,541,390	9,744,470
Total deposits	14,061,460	10,071,345
Borrowings	964,127	930,392
Deferred tax liabilities	19,923	19,613
Other liabilities	205,922	134,138
Total liabilities	15,251,432	11,155,488
Commitments and Contingencies
Shareholders' Equity
Common stock, without par value
Authorized - 75,000,000 shares
Issued and outstanding - 43,242,928 shares at December 31, 2023 and 43,113,127 shares at December 31, 2022	140,365	137,781
Preferred stock, without par value - 5,000,000 total shares authorized
7% Series A Preferred stock - $25 per share liquidation preference
Authorized - 3,500,000 shares
Issued and outstanding - 2,081,800 shares	50,221	50,221
6% Series B Preferred stock - $1,000 per share liquidation preference
Authorized - 125,000 shares
Issued and outstanding - 125,000 shares (equivalent to 5,000,000 depositary shares)	120,844	120,844
6% Series C Preferred stock - $1,000 per share liquidation preference
Authorized - 200,000 shares
Issued and outstanding - 196,181 shares (equivalent to 7,847,233 depositary shares)	191,084	191,084
8.25% Series D Preferred stock - $1,000 per share liquidation preference
Authorized - 300,000 shares
Issued and outstanding - 142,500 shares (equivalent to 5,700,000 depositary shares)	137,459	137,459
Retained earnings	1,063,599	832,871
Accumulated other comprehensive loss	(2,488)	(10,521)
Total shareholders' equity	1,701,084	1,459,739
Total liabilities and shareholders' equity	$16,952,516	$12,615,227

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.