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Section 1: 8-K (8-K)

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 


 

FORM 8-K

 


 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): April 30, 2018

 


 

Merchants Bancorp

(Exact Name of Registrant as Specified in its Charter)

 


 

Indiana

 

001-38258

 

20-5747400

(State or Other Jurisdiction
of Incorporation)

 

(Commission
File Number)

 

(IRS Employer
Identification No.)

 

11555 North Meridian Street, Suite 400

Carmel, Indiana 46032

(Address of Principal Executive Offices) (Zip Code)

 

(317) 569-7420

(Registrant’s Telephone Number, Including Area Code)

 

Not Applicable
(Former name or former address, if changed since last report)

 


 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o                 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o                 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o                 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o                 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company                                              x

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    o

 

 

 



 

Item 2.02. Results of Operations and Financial Condition.

 

On April 30, 2018, Merchants Bancorp issued a press release reporting its financial results for the first quarter of 2018. The press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit
No.

 

Description

 

 

 

99.1

 

Press Release dated April 30, 2018 issued by Merchants Bancorp

 

2



 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

MERCHANTS BANCORP

 

 

 

 

Date: April 30, 2018

By:

/s/ John F. Macke

 

 

Name:

John F. Macke

 

 

Title:

Chief Financial Officer

 

3


(Back To Top)

Section 2: EX-99.1 (EX-99.1)

Exhibit 99.1

 

 

PRESS RELEASE

 

Merchants Bancorp Reports First Quarter 2018 Results

 

For Release April 30, 2018

 

·      Net income of $15.1 million increased by 65% compared with March 31, 2017

 

·      Earnings of $0.50 per common share increased by 28% compared with March 31, 2017

 

·      Total assets of $3.7 billion increased by $282.7 million, or 8% compared to December 31, 2017

 

·      Return on average assets of 1.79% for three months ended March 31, 2018

 

·      Multi-family mortgage closings of $453.1 million for three months ended March 31, 2018

 

·      Closed its acquisition of Joy State Bank on January 2, 2018

 

·      Previously announced a 20% increase in dividends, to $.06 per common share

 

CARMEL, Indiana — (PR Newswire) - Merchants Bancorp (the “Company” or “Merchants”) (Nasdaq: MBIN), parent company of Merchants Bank of Indiana, today reported first quarter 2018 net income of $15.1 million, or $0.50 per common share. This compared with $9.1 million, or $0.39 per common share, in the first quarter of 2017.

 

Each of the Company’s business segments’ net income increased in the first quarter, compared with the first quarter of 2017. Multi-family Mortgage Banking income increased by 56%, Mortgage Warehousing increased by 22%, and Banking increased by 148%.

 

“Our businesses once again delivered strong results in the first quarter of 2018 with solid loan and deposit growth, while maintaining an industry-leading efficiency ratio and an innovative, consistent approach to loan origination that has built deep, long-term customer relationships.  We have also continued to implement our strategic plans to make Merchants even more successful into the future,” said Michael Petrie, Chairman and CEO of Merchants.

 



 

Total Assets

 

Total assets increased $282.7 million, or 8%, to $3.7 billion at March 31, 2018, compared with $3.4 billion at December 31, 2017. The increase was due primarily to increases in loans, loans held for sale, and trading securities. Return on average assets was 1.79% for the three months ended March 31, 2018, compared with 1.39% at March 31, 2017.

 

Total loans receivable before allowance for loan losses increased $198.5 million, or 14%, to $1.6 billion at March 31, 2018, compared with $1.4 billion at December 31, 2017. This increase was primarily due to growth in multi-family and healthcare financing, as well as residential real estate loans.

 

Asset Quality

 

The allowance for loan losses increased by $1.4 million, to $9.7 million, at March 31, 2018, compared with $8.3 million at December 31, 2017. The increase reflected higher loans held for investment, while non-performing loans increased to $4.9 million, or 0.23% of total loans at March 31, 2018, compared with $3.1 million, or .23% of total loans, at December 31, 2017.

 

Total Deposits

 

Total deposits increased $119.0 million, or 4%, to $3.1 billion at March 31, 2018, compared with $2.9 billion at December 31, 2017. The increase was due primarily to growth in certificates of deposit and demand deposits during the quarter, while total brokered deposits declined by 5% to $897.4 million, or 29% of total deposits.

 

Interest Income

 

Interest income increased $10.0 million, or 53%, to $29.0 million for the three months ended March 31, 2018, compared with $19.0 million for the three months ended March 31, 2017. This increase was due to both loan growth and higher loan yields. The average balance of loans, including loans held for sale, during the three months ended March 31, 2018, increased by $658.0 million, or 41%, to $2.2 billion, compared with $1.6 billion for the three months ended March 31, 2017. The average yield on loans increased 41 basis points, to 4.44%, for the three months ended March 31, 2018, compared with 4.03% for the three months ended March 31, 2017. Net interest margin increased to 2.52% for the three months ended March 31, 2018, compared with 2.17% for the three months ended March 31, 2017.

 



 

Interest Expense

 

Total interest expense increased $3.5 million, or 63%, to $8.9 million for the three months ended March 31, 2018, compared with the three months ended March 31, 2017. Interest expense on deposits increased $3.2 million, or 86%, to $7.0 million for the three months ended March 31, 2018, compared with the three months ended March 31, 2017. The increase was primarily due to a 41 basis point increase in the average cost of interest-bearing deposits, to 1.27%, for the three months ended March 31, 2018, compared with 0.86% for the same period in 2017, and an increase in the average balance of interest-bearing deposits of $467.8 million, or 26%, to $2.2 billion for the three months ended March 31, 2018. The increase in deposits was primarily due to growth in certificate of deposits and demand deposits, as well as custodial accounts of existing warehouse customers. The increase in the cost of deposits was due to the overall increase in interest rates since last year.

 

Net Interest Income

 

Net interest income increased $6.6 million, or 49%, to $20.1 million for the three months ended March 31, 2018 compared to the three months ended March 31, 2017. The increase was due to a 23 basis point increase in our interest rate spread, to 2.06%, for the three months ended March 31, 2018 from 1.83% for the three months ended March 31, 2017, coupled with the overall growth in our interest-earning assets, particularly in loans and loans held for sale, period to period. Our net interest margin increased 35 basis points to 2.52% for the three months ended March 31, 2018 from 2.17% for the three months ended March 31, 2017.

 

Noninterest Income

 

Noninterest income increased by $3.2 million, or 40%, to $11.3 million for the three months ended March 31, 2018, compared with the three months ended March 31, 2017. The increase was due to an increase of $5.5 million, or 100%, in the gain on sale of loans, primarily associated with an increase in the volume of multi-family loan sales in the secondary market. These increases were partially offset by a $2.3 million decrease in loan servicing fees that were negatively impacted by a $893,000 fair market value adjustment in mortgage servicing rights.

 

Noninterest Expense

 

Noninterest expense increased $3.6 million, or 55%, to $10.3 million for the three months ended March 31, 2018, compared with $6.6 million for the three months ended March 31, 2017. The increase was due primarily to a $2.6 million, or 67%, increase in salaries and employee benefits. The increase in salaries and employee benefits was due primarily to an increase in the number of employees resulting from business growth, higher commissions related to higher multi-family volume,

 



 

and additional hiring associated with becoming a publicly traded company. Despite the increase in salaries and benefits, the efficiency ratio remained relatively stable at 32.7% in the first quarter of 2018, compared with 30.7% the first quarter of 2017.

 

Income Taxes

 

Income tax expense decreased $927,000, or 17%, to $4.7 million for the three months ended March 31, 2018, compared with the three months ended March 31, 2017. The decrease was due primarily to the lower tax rates under the recent federal income tax reform legislation, partially offset by a 34% increase in pre-tax income over the same period. The effective tax rate was 23.7% for the three months ended March 31, 2018 compared with 38.1% for the three months ended March 31, 2017.

 

About Merchants Bancorp

 

Merchants Bancorp is a diversified bank holding company headquartered in Carmel, Indiana operating multiple lines of business with a focus on Federal Housing Administration (“FHA”) multi-family housing and healthcare facility financing and servicing, mortgage warehouse financing, retail and correspondent residential mortgage banking, agricultural lending and traditional community banking. Merchants Bancorp, with $3.7 billion in assets and $3.1 billion in deposits as of March 31, 2018, conducts its business through its direct and indirect subsidiaries, Merchants Bank of Indiana, P/R Mortgage and Investment Corp., Joy State Bank, RICHMAC Funding LLC and Merchants Mortgage, a division of Merchants Bank of Indiana. For more information and financial data, please visit Merchants’ Investor Relations page at investors.merchantsbankofindiana.com.

 

Forward-Looking Statements

 

This press release contains forward-looking statements which reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “might,” “should,” “could,” “predict,” “potential,” “believe,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “goal,” “target,” “outlook,” “aim,” “would,” “annualized” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-

 



 

looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause our actual results to differ materially from those indicated in these forward-looking statements, including those factors identified in “Risk Factors” or “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K. Any forward-looking statements presented herein are made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

 

Media Contact: Rebecca Marsh

 

Merchants Bancorp

Phone: (317) 805-4356

Email: rmarsh@merchantsbankofindiana.com

 

Investor Contact: John Macke

 

Merchants Bancorp

Phone: (317) 536-7421

Email: jmacke@merchantsbankofindiana.com

 



 

Consolidated Balance Sheets

(Unaudited)

(In thousands, except share data)

 

 

 

March 31,

 

December 31,

 

 

 

2018

 

2017

 

Assets

 

 

 

 

 

Cash and due from banks

 

$

21,592

 

$

18,905

 

Interest-earning demand accounts

 

266,141

 

340,614

 

Cash and cash equivalents

 

287,733

 

359,519

 

 

 

 

 

 

 

Securities purchased under agreements to resell

 

7,003

 

7,043

 

Trading securities

 

200,030

 

140,837

 

Available for sale securities

 

413,457

 

408,371

 

Federal Home Loan Bank (FHLB) stock

 

7,711

 

7,539

 

Loans held for sale

 

1,081,376

 

995,319

 

Loans receivable, net of allowance for loan losses of $9,705 and $8,311, respectively

 

1,563,485

 

1,366,349

 

Premises and equipment, net

 

6,705

 

5,354

 

Mortgage servicing rights

 

67,268

 

66,079

 

Interest receivable

 

9,627

 

8,326

 

Goodwill

 

5,139

 

3,902

 

Intangible assets

 

1,915

 

1,512

 

Other assets and receivables

 

24,400

 

22,983

 

 

 

 

 

 

 

Total assets

 

$

3,675,849

 

$

3,393,133

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

Deposits

 

 

 

 

 

Noninterest bearing

 

$

653,124

 

$

620,700

 

Interest bearing

 

2,409,476

 

2,322,861

 

Total deposits

 

3,062,600

 

2,943,561

 

Borrowings

 

199,378

 

56,612

 

Deferred and current tax liabilities, net

 

15,555

 

12,422

 

Other liabilities

 

18,603

 

13,064

 

Total liabilities

 

3,296,136

 

3,025,659

 

 

 

 

 

 

 

Commitments and Contingencies

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

 

 

 

Common stock, without par value

 

 

 

 

 

Authorized - 50,000,000 shares

 

 

 

 

 

Issued and outstanding - 28,692,206 shares at March 31, 2018 and 28,685,167 shares at December 31, 2017

 

134,941

 

134,891

 

Preferred stock - $1,000 per share, without par value

 

 

 

 

 

Authorized - 5,000,000 shares

 

 

 

 

 

Issued and outstanding - 41,625 shares

 

41,581

 

41,581

 

Retained earnings

 

204,758

 

192,008

 

Accumulated other comprehensive loss

 

(1,567

)

(1,006

)

Total shareholders’ equity

 

379,713

 

367,474

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

$

3,675,849

 

$

3,393,133

 

 



 

Consolidated Statement of Income

(Unaudited)

(In thousands, except share data)

 

 

 

Three Months Ended March 31,

 

 

 

2018

 

2017

 

Interest Income

 

 

 

 

 

Loans

 

$

24,612

 

$

15,783

 

Investment securities:

 

 

 

 

 

Trading

 

989

 

1,376

 

Available for sale

 

1,542

 

894

 

Federal Home Loan Bank stock

 

129

 

81

 

Other

 

1,766

 

873

 

Total interest income

 

29,038

 

19,007

 

 

 

 

 

 

 

Interest Expense

 

 

 

 

 

Deposits

 

7,016

 

3,771

 

Borrowed funds

 

1,914

 

1,705

 

Total interest expense

 

8,930

 

5,476

 

 

 

 

 

 

 

Net interest income

 

20,108

 

13,531

 

Provision for loan losses

 

1,406

 

240

 

 

 

 

 

 

 

Net Interest Income After Provision for Loan Losses

 

18,702

 

13,291

 

 

 

 

 

 

 

Noninterest Income

 

 

 

 

 

Gain on sale of loans

 

10,892

 

5,442

 

Loan servicing fees (costs), net

 

(322

)

1,989

 

Mortgage warehouse fees

 

486

 

596

 

Other income

 

257

 

64

 

Total noninterest income

 

11,313

 

8,091

 

 

 

 

 

 

 

Noninterest Expense

 

 

 

 

 

Salaries and employee benefits

 

6,487

 

3,892

 

Loan expenses

 

956

 

884

 

Occupancy and equipment

 

565

 

356

 

Professional fees

 

488

 

215

 

Deposit insurance expense

 

246

 

264

 

Technology expense

 

291

 

245

 

Other expense

 

1,237

 

785

 

Total noninterest expense

 

10,270

 

6,641

 

 

 

 

 

 

 

Income Before Income Taxes

 

19,745

 

14,741

 

 

 

 

 

 

 

Provision for Income Taxes

 

4,684

 

5,611

 

 

 

 

 

 

 

Net Income

 

$

15,061

 

$

9,130

 

 

 

 

 

 

 

Dividends on preferred stock

 

$

(833

)

$

(832

)

 

 

 

 

 

 

Net income allocated to common shareholders

 

$

14,228

 

$

8,298

 

 

 

 

 

 

 

Basic earnings per common share

 

$

0.50

 

$

0.39

 

 

 

 

 

 

 

Diluted earnings per common share

 

$

0.50

 

$

0.39

 

 

 

 

 

 

 

Weighted-average common shares outstanding

 

 

 

 

 

Basic

 

28,690,876

 

21,114,400

 

 

 

 

 

 

 

Diluted

 

28,710,480

 

21,123,257

 

 

 

 

 

 

 

Dividends per common share

 

$

0.06

 

$

0.05

 

 



 

Key Operating Results

(Unaudited)

($ in thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

Dec. 31,

 

March 31,

 

 

 

2018

 

2017

 

2017

 

 

 

 

 

 

 

 

 

Noninterest Expense

 

10,270

 

10,800

 

6,641

 

 

 

 

 

 

 

 

 

Net Interest Income (before provision for losses)

 

20,108

 

18,952

 

13,531

 

Noninterest Income

 

11,313

 

14,907

 

8,091

 

Total Interest Income

 

31,421

 

33,859

 

21,622

 

 

 

 

 

 

 

 

 

Efficiency Ratio

 

32.69

%

31.90

%

30.71

%

 

 

 

 

 

 

 

 

Average Assets

 

3,364,165

 

3,204,660

 

2,630,108

 

Net Income

 

15,061

 

20,329

 

9,130

 

Return on Average Assets before annualizing

 

0.45

%

0.63

%

0.35

%

Annualization factor

 

4.00

 

4.00

 

4.00

 

Return on Average Assets

 

1.79

%

2.54

%

1.39

%

 

 

 

 

 

 

 

 

Return on Average Tangible Common Equity (1)

 

17.38

%

28.43

%

19.49

%

 

 

 

 

 

 

 

 

Tangible Book Value Per Common Share (1)

 

$

11.54

 

$

11.17

 

$

8.13

 

 

 

 

 

 

 

 

 

Tangible Common Equity/Tangible Assets (1)

 

9.02

%

9.46

%

6.13

%

 


(1) Non-GAAP financial measure - see “Reconciliation of Non-GAAP Measures”

 

(1) Reconciliation of Non-GAAP Financial Measures

 

Certain non-GAAP financial measures provide useful information to management and investors that is supplementary to the company’s financial condition, results of operations and cash flows computed in accordance with GAAP; however, they do have a number of limitations.  As such, the reader should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable  to non-GAAP financial measures that other companies use.  A reconciliation of GAAP to non-GAAP financial measures is below.  Net Income Available to Common Shareholders excludes preferred stock.  Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets and preferred stock from the calculation of total assets.  Tangible Assets is calculated by excluding the balance of goodwill and intangible assets.  Tangible book value per share is calculated by dividing tangible common equity by the number of shares outstanding.    

 

 

 

Three Months Ended

 

 

 

March 31,

 

Dec. 31,

 

March 31,

 

 

 

2018

 

2017

 

2017

 

 

 

 

 

 

 

 

 

Net Income

 

15,061

 

20,329

 

9,130

 

Less: Preferred Stock Dividends

 

(833

)

(833

)

(832

)

Net Income Available to Common Shareholders

 

14,228

 

19,496

 

8,298

 

 

 

 

 

 

 

 

 

Average Shareholders Equity

 

375,687

 

321,785

 

212,415

 

Less: Average Goodwill & Intangibles

 

(6,616

)

(5,950

)

(523

)

Less: Average Preferred stock

 

(41,581

)

(41,581

)

(41,581

)

Average Tangible Common Shareholder’s Equity

 

327,490

 

274,254

 

170,311

 

 

 

 

 

 

 

 

 

Annualization Factor

 

4.00

 

4.00

 

4.00

 

Return on Average Tangible Common Equity

 

17.38

%

28.43

%

19.49

%

 

 

 

 

 

 

 

 

Total Equity

 

379,713

 

367,474

 

213,711

 

Less: Goodwill and Intangibles

 

(7,054

)

(5,414

)

(523

)

Less: Preferrd Stock

 

(41,581

)

(41,581

)

(41,581

)

Tangible Common Equity

 

331,078

 

320,479

 

171,607

 

 

 

 

 

 

 

 

 

Assets

 

3,675,849

 

3,393,133

 

2,800,681

 

Less: Goodwill and Intangibles

 

(7,054

)

(5,414

)

(523

)

Tangible Assets

 

3,668,795

 

3,387,719

 

2,800,158

 

 

 

 

 

 

 

 

 

Ending common shares

 

28,692,206

 

28,685,167

 

21,114,400

 

 

 

 

 

 

 

 

 

Tangible Book Value per Common Share

 

$

11.54

 

$

11.17

 

$

8.13

 

Tangible Common Equity/Tangible Assets

 

9.02

%

9.46

%

6.13

%

 



 

Merchants Bancorp

Average Balance Analysis

($ in thousands)

(Unaudited)

 

 

 

Three Months Ended

 

Three Months Ended

 

Three Months Ended

 

 

 

March 31, 2018

 

December 31, 2017

 

March 31, 2017

 

 

 

Average

 

 

 

Yield/

 

Average

 

 

 

Yield/

 

Average

 

 

 

Yield/

 

 

 

Balance

 

Int.

 

Rate

 

Balance

 

Int.

 

Rate

 

Balance

 

Int.

 

Rate

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing deposits

 

$

457,235

 

$

1,895

 

1.68

%

$

442,789

 

$

1,390

 

1.25

%

$

436,223

 

$

954

 

0.89

%

Securities available for sale

 

416,266

 

1,542

 

1.50

%

414,895

 

1,356

 

1.30

%

336,146

 

894

 

1.08

%

Trading securities

 

121,029

 

989

 

3.31

%

119,429

 

1,063

 

3.53

%

170,038

 

1,376

 

3.28

%

Loans and loans held for sale

 

2,247,890

 

24,612

 

4.44

%

2,114,048

 

23,101

 

4.34

%

1,589,938

 

15,783

 

4.03

%

Total Interest Earning Assets

 

3,242,420

 

29,038

 

3.63

%

3,091,161

 

26,910

 

3.45

%

2,532,345

 

19,007

 

3.04

%

Allowance for loan losses

 

(9,071

)

 

 

 

 

(7,551

)

 

 

 

 

(6,400

)

 

 

 

 

Noninterest-earning assets

 

130,816

 

 

 

 

 

121,050

 

 

 

 

 

104,163

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

3,364,165

 

 

 

 

 

$

3,204,660

 

 

 

 

 

$

2,630,108

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities/Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing checking

 

645,339

 

2,425

 

1.52

%

612,674

 

2,153

 

1.39

%

507,588

 

1,158

 

0.93

%

Savings deposits

 

381,749

 

215

 

0.23

%

357,363

 

143

 

0.16

%

301,017

 

183

 

0.25

%

Money market

 

816,707

 

2,887

 

1.43

%

778,837

 

2,582

 

1.32

%

819,564

 

2,176

 

1.08

%

Certificates of deposit

 

398,992

 

1,489

 

1.51

%

292,142

 

955

 

1.30

%

146,809

 

254

 

0.70

%

Total interest bearing deposits

 

2,242,787

 

7,016

 

1.27

%

2,041,016

 

5,833

 

1.13

%

1,774,978

 

3,771

 

0.86

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowings

 

65,635

 

1,914

 

11.83

%

76,505

 

2,125

 

11.02

%

64,754

 

1,705

 

10.68

%

Total Interest Bearing Liabilities

 

2,308,422

 

8,930

 

1.57

%

2,117,521

 

7,958

 

1.49

%

1,839,732

 

5,476

 

1.21

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest bearing deposits

 

656,284

 

 

 

 

 

730,936

 

 

 

 

 

550,770

 

 

 

 

 

Noninterest-bearing liabilities

 

23,772

 

 

 

 

 

34,418

 

 

 

 

 

27,191

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

2,988,478

 

 

 

 

 

2,882,875

 

 

 

 

 

2,417,693

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

375,687

 

 

 

 

 

321,785

 

 

 

 

 

212,415

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

$

3,364,165

 

 

 

 

 

$

3,204,660

 

 

 

 

 

$

2,630,108

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income

 

 

 

$

20,108

 

 

 

 

 

$

18,952

 

 

 

 

 

$

13,531

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Rate Spread

 

 

 

 

 

2.06

%

 

 

 

 

1.96

%

 

 

 

 

1.83

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest-earning assets

 

$

933,998

 

 

 

 

 

$

973,640

 

 

 

 

 

$

692,613

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interst Margin

 

 

 

 

 

2.52

%

 

 

 

 

2.43

%

 

 

 

 

2.17

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Interest Earning Assets to Average Interest Bearing Liabilities

 

 

 

 

 

140.46

%

 

 

 

 

145.98

%

 

 

 

 

137.65

%

 



 

Segment Results

(Unaudited)

($ in thousands)

 

 

 

Net Income

 

Total Assets

 

 

 

Three Months Ended March 31,

 

March 31,

 

December 31,

 

 

 

2018

 

2017

 

2018

 

2017

 

Segment

 

 

 

 

 

 

 

 

 

Multi-family Mortgage Banking

 

5,484

 

3,517

 

141,703

 

134,390

 

Mortgage Warehousing

 

4,630

 

3,795

 

1,603,584

 

1,352,748

 

Banking

 

5,980

 

2,413

 

1,908,823

 

1,889,140

 

Other

 

(1,033

)

(595

)

21,739

 

16,855

 

Total

 

15,061

 

9,130

 

3,675,849

 

3,393,133

 

 


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