Merchants bancorp (MBIN)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17
Operating activities:
Net income

24,583

30,061

20,259

16,439

10,570

15,422

16,739

15,652

15,061

20,329

10,467

14,758

9,130

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation

453

416

151

148

137

125

123

110

103

95

70

64

67

Provision for loan losses

2,998

1,993

1,193

105

649

1,608

617

998

1,406

1,400

592

240

240

Gain on sale of securities

-

352

0

-3

127

-

-

-

-

-

-

-

-

Gain on sale of loans

21,166

15,352

8,312

9,104

2,643

11,718

8,825

7,831

10,892

9,977

7,204

15,167

5,442

Proceeds from sales of loans

10,866,020

12,309,071

10,435,678

6,318,798

3,729,430

4,640,130

1,889,846

7,476,700

4,020,784

4,117,950

5,036,783

4,886,348

4,456,947

Loans and participations originated and purchased for sale

11,551,090

11,891,899

11,009,144

7,347,796

3,776,827

4,457,874

1,933,907

7,342,139

4,098,115

4,308,459

4,847,628

5,038,375

4,508,232

Change in mortgage servicing rights for paydowns and fair value adjustments

8,338

297

3,917

3,960

2,615

494

158

-567

2,263

-2,048

2,520

1,883

199

Net change in:
Trading securities

195,266

41,977

126,400

-28,400

-33,505

89,303

-60,959

-64,955

59,193

19,477

-23,696

-36,778

44,159

Other assets and receivables

17,686

-1,176

-1,650

9,188

-2,699

5,305

446

865

3,407

3

-614

-12,017

1,127

Other liabilities

9,822

14,067

-2,168

10,214

1,933

723

1,581

-6,058

7,918

-5,719

-5,339

5,919

4,289

Other

-1,379

-1,481

-1,536

-1,915

-798

-2,942

-370

-371

-309

-769

-671

-47

-3

Net cash provided by (used in) operating activities

-871,615

408,004

-681,640

-986,106

2,739

99,557

27,215

201,326

-123,763

-207,555

215,242

-95,488

-88,085

Investing activities:
Net change in securities purchased under agreements to resell

38

37

38

40

37

38

41

48

41

37

-1,745

27

30

Purchases of available-for-sale securities

156,666

264,989

258,129

79,256

45,000

10,756

235

7,825

28,224

51,402

53,245

79,988

15,000

Proceeds from the sale of available-for-sale securities

0

6,717

0

-17

31,100

-

-

-

-

-

-

-

-

Proceeds from calls, maturities and paydowns of available-for-sale securities

107,995

276,703

210,967

115,073

49,055

16,933

110,356

35,603

25,360

72,727

1,100

42,581

98

Purchases of loans

32,631

25,454

28,024

19,591

14,233

26,746

34,335

43,611

34,273

32,102

31,257

33,028

36,942

Net change in loans receivable

459,617

247,193

367,867

160,470

109,620

80,202

48,806

218,002

137,092

134,255

107,669

128,738

-69,773

Purchase of Federal Home Loan Bank stock

25,787

1,790

1,159

1,066

11,860

723

103

12

118

-

-

-

-

Proceeds from sale of Federal Home Loan Bank stock

-

230

1,171

890

1,190

-

-

-

-

-

-

-

-

Purchases of premises and equipment

594

1,710

2,625

5,442

4,206

3,755

2,395

1,990

1,055

34

536

196

22

Purchases of mortgage servicing rights

-

-

-

-

-

5,523

0

463

327

0

75

654

480

Purchase of limited partnership interests

1,090

-

-

-

-

805

1,299

1,693

13

849

16

1,800

29

Cash received in acquisition of subsidiary

-

-

-

-

-

-

0

0

6,505

-

-

-

-

Net cash used in investing activities

-568,352

-258,795

-445,628

-149,701

-103,551

-131,734

29,881

-238,017

-169,196

-145,800

-193,032

-201,733

17,428

Financing activities:
Net change in deposits

1,244,630

-21,573

843,678

1,534,990

-110,031

-166,929

126,047

113,778

82,106

42,097

129,963

272,465

70,415

Proceeds from Federal Home Loan Bank borrowings

5,597,675

2,030,209

1,291,918

3,246,439

2,348,720

552,740

125,050

127,128

284,189

289,900

225,000

0

239,250

Repayment of Federal Home Loan Bank borrowings

5,334,998

2,008,642

1,170,384

3,519,610

2,209,281

395,615

252,620

141,191

142,568

289,912

225,009

361

239,262

Proceeds from issuance of preferred stock

-

-43

120,863

23,826

48,269

-

-

-

-

-

-

-

-

Proceeds from notes payable

450

200

914

800

4,404

-

-

-

-

-

-

-

-

Payments on notes payable

-

0

34,400

-6,200

1,500

-

-

-

-

-

-

-

-

Payments of contingent consideration

501

-

-

-

-

-

-

-

-

-

-

-

-

Dividends

5,916

5,628

8,784

0

2,842

2,554

2,554

2,554

2,554

2,266

1,908

1,889

1,887

Net cash provided by financing activities

1,501,340

-7,476

1,031,355

1,283,245

77,739

-42,055

1,257

101,361

221,173

146,064

128,046

270,215

68,516

Net Change in Cash and Cash Equivalents

61,373

141,733

-95,913

147,438

-23,073

-74,232

58,353

64,670

-71,786

-207,291

150,256

-27,006

-2,141

Additional Cash Flows Information:
Interest paid

23,782

27,370

21,651

18,126

14,745

17,582

13,597

10,346

7,751

7,505

7,348

6,274

5,636

Income taxes paid

46

5,455

2,495

11,312

64

-

-

-

-

9,825

3,726

13,393

106

The Company purchased all of the capital stock of FMBI on January 2, 2018, the capital stock of FMNBP on October 1, 2018, and the assets of NattyMac, LLC on December 31, 2018. The Company also purchased all of the capital stock for MCS on August 15, 2017. In conjunction with the acquisitions, liabilities were assumed as follows:
Fair value of assets acquired

-

-

-

-

-

123,936

0

0

44,217

-

-

-

-

Cash paid for the capital stock/fair value common stock issued

-

-

-

-

-

24,400

0

0

5,472

-

-

-

-

Fair value of liabilities assumed

-

-

-

-

-

99,536

0

0

38,745

-

-

-

-