Merchants bancorp (MBIN)
Income statement / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Sep'16
Interest Income
Loans

53,564

56,829

52,779

42,365

34,455

33,999

32,056

28,790

24,612

23,101

22,016

19,022

15,783

16,804

Investment securities:
Trading

2,796

2,256

1,422

1,967

1,045

1,235

1,299

1,489

989

1,063

1,300

1,448

1,376

1,516

Available for sale - taxable

1,322

1,576

1,604

1,477

1,551

1,740

1,541

1,625

1,542

-

-

-

-

-

Available for sale - tax exempt

37

55

68

53

96

-

-

-

-

-

-

-

-

-

Available for sale

-

-

-

-

-

-

-

-

-

-

1,259

1,022

894

825

Federal Home Loan Bank stock

239

190

262

257

223

88

87

81

129

81

80

79

81

80

Other

2,459

2,893

3,626

2,642

2,304

2,763

2,594

2,138

1,766

1,309

1,351

893

873

602

Total interest income

60,417

63,799

59,761

48,761

39,674

39,825

37,577

34,123

29,038

26,910

26,006

22,464

19,007

19,827

Interest Expense
Deposits

20,630

25,051

26,039

19,344

14,227

13,789

11,670

9,741

7,016

5,833

5,659

4,740

3,771

3,016

Borrowed funds

1,434

1,127

1,098

1,495

1,316

1,861

2,425

2,176

1,914

2,125

1,957

2,000

1,705

1,841

Total interest expense

22,064

26,178

27,137

20,839

15,543

15,650

14,095

11,917

8,930

7,958

7,616

6,740

5,476

4,857

Net interest income

38,353

37,621

32,624

27,922

24,131

24,175

23,482

22,206

20,108

18,952

18,390

15,724

13,531

14,970

Provision for loan losses

2,998

1,993

1,193

105

649

1,608

617

998

1,406

1,400

592

240

240

240

Net Interest Income After Provision for Loan Losses

35,355

35,628

31,431

27,817

23,482

22,567

22,865

21,208

18,702

17,552

17,798

15,484

13,291

14,730

Noninterest Income
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

10,499

Loan servicing fees, net

-5,824

2,200

-1,410

-1,561

-347

1,657

1,851

2,555

-322

3,972

-83

395

1,989

116

Mortgage warehouse fees

2,746

2,555

2,699

1,138

753

602

778

684

486

601

749

662

596

890

Gains on sale of investments available for sale (includes $0 and $127, respectively, related to accumulated other comprehensive earnings reclassifications)

-

352

0

-3

127

-

-

-

-

-

-

-

-

24

Other income

1,814

2,244

1,251

1,192

488

758

453

560

257

357

186

402

64

100

Total noninterest income

19,902

22,703

10,852

9,870

3,664

14,735

11,907

11,630

11,313

14,907

8,056

16,626

8,091

11,629

Noninterest Expense
Salaries and employee benefits

14,240

10,422

9,139

9,965

8,567

10,643

7,842

7,268

6,487

7,055

5,350

5,175

3,892

3,798

Loan expenses

1,164

1,007

1,248

1,345

934

1,109

1,254

1,302

956

1,025

1,119

1,069

884

1,171

Commitments and Contingencies

-

-

-

946

-

-

-

761

-

-

-

-

-

-

Occupancy and equipment

1,492

-

994

-

876

-

736

-

565

522

326

398

356

331

Professional fees

569

826

508

453

539

830

590

677

488

425

561

315

215

204

Deposit insurance expense

1,786

1,393

859

218

277

273

269

236

246

226

230

210

264

324

Authorized - 50,000,000 shares

-

-

-

629

-

-

-

293

-

-

-

-

-

-

Technology expense

610

-

674

-

472

-

412

-

291

340

325

261

245

276

Other expense

2,432

2,547

2,100

2,364

1,370

2,052

1,346

1,463

1,237

1,207

1,031

833

785

1,069

Total noninterest expense

22,293

18,836

15,522

15,920

13,035

16,181

12,449

12,000

10,270

10,800

8,942

8,261

6,641

7,173

Income Before Income Taxes

32,964

39,495

26,761

21,767

14,111

21,121

22,323

20,838

19,745

21,659

16,912

23,849

14,741

19,186

Provision for income taxes (includes $0 and $32, respectively, related to income tax expense for reclassification items)

8,381

9,434

6,502

5,328

3,541

5,699

5,584

5,186

4,684

1,330

6,445

9,091

5,611

7,587

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

11,599

Dividends on preferred stock

3,618

3,618

3,022

1,743

833

832

833

832

833

833

833

832

832

-

Net Income Allocated to Common Shareholders

20,965

26,443

17,237

14,696

9,737

14,590

15,906

14,820

14,228

19,496

9,634

13,926

8,298

-

Basic Earnings Per Share (in dollar per share)

0.73

0.92

0.60

0.51

0.34

0.51

0.55

0.52

0.50

0.78

0.45

0.66

0.39

0.51

Diluted Earnings Per Share (in dollar per share)

0.73

0.92

0.60

0.51

0.34

0.50

0.55

0.52

0.50

0.78

0.45

0.66

0.39

0.51

Weighted-Average Shares Outstanding Basic (in Shares)

28,734

28,706

28,706

28,705

28,702

28,694

28,694

28,692

28,690

26,666

21,310

21,114

21,114

21,111

Weighted-Average Shares Outstanding Diluted (in Shares)

28,759

28,754

28,744

28,746

28,737

28,738

28,727

28,720

28,710

26,693

21,328

21,127

21,123

21,113

Dividends Per Share

-

-

-

-

-

-

-

-

-

-

0.05

0.05

0.05

0.05