Every material Form 8-K Merchants Bancorp filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
On November 18, 2024, Merchants Bancorp agreed with a group of underwriters to sell 9.2 million depositary shares, each representing a 1/40th interest in its 7.625% Series E non-cumulative perpetual preferred stock, with a $25 liquidation value per depositary share. The company expects to use the net proceeds to redeem its Series B preferred stock and for general corporate purposes, including supporting balance sheet growth at Merchants Bank, with closing expected November 25, 2024.
9,200,000 depositary shares offered, each with a $25 liquidation value and a 1/40th interest in a Series E preferred share
Dividends at 7.625% per annum, payable quarterly when declared by the board, starting January 1, 2025
Offering expected to close on or about November 25, 2024; proceeds to redeem Series B preferred stock and for general corporate purposes
Merchants Bancorp reported third quarter 2024 net income of $61.3 million, or $1.17 per diluted share, down 25% and 30% respectively from a year earlier. The decline was driven mainly by unfavorable fair market value adjustments to derivatives and servicing rights and higher specific reserves on loans, which the filing says lowered results by about $0.24 per diluted share.
Diluted EPS was $1.17, down from $1.68 in Q3 2023 and $1.49 in Q2 2024
Unfavorable fair value adjustments to derivatives and servicing rights hurt results by about $0.24 per diluted share
Non-performing loans rose to $210.9 million, or 2.04% of gross loans, from $143.5 million at June 30, 2024
Total assets reached $18.7 billion, while total deposits fell 14% from June 30, 2024 to $12.9 billion
Merchants Bancorp appointed Sean Sievers as Chief Financial Officer effective September 9, 2024, and he will also serve as principal accounting officer. He succeeds John F. Macke, who is retiring on September 27, 2024, and the two will share duties until then.
Sean Sievers was appointed CFO effective September 9, 2024; he previously was CFO at Rate (formerly Guaranteed Rate) since 2022
Sievers' compensation includes an annual base salary of $600,000, a target cash incentive of 50% of base salary, and a target equity incentive of 50% of base salary
He receives a one-time cash award of $250,000 and a one-time equity award of common stock equal to $250,000
Merchants Bancorp reported second quarter 2024 net income of $76.4 million, or $1.49 per diluted share, up 17% and 14% from the second quarter of 2023 but down 12% and 17% from the first quarter of 2024. Total assets reached $18.2 billion and tangible book value per share rose 30% year over year to $31.27.
Net income of $76.4 million, up 17% from $65.3 million a year earlier and down 12% from $87.1 million in Q1 2024
Diluted EPS of $1.49, up from $1.31 a year earlier and down from $1.80 in Q1 2024
Total assets of $18.2 billion at June 30, 2024; tangible book value per share of $31.27, up 30% from $24.14
Non-performing loans rose to $143.5 million, or 1.30% of gross loans, from $131.8 million (1.22%) at March 31, 2024
Merchants Bancorp sold 2,400,000 shares of common stock at $43.00 per share in an underwritten public offering under an agreement dated May 13, 2024, and the offering closed on May 16, 2024. The company expects net proceeds of about $97.6 million, which it plans to use for general corporate purposes, including supporting balance sheet growth at Merchants Bank of Indiana. Shareholders would see a larger share count after the offering, and the underwriters also hold a 30-day option to buy up to 360,000 more shares.
2,400,000 shares sold at a public offering price of $43.00 per share
Underwriters have a 30-day right to buy up to an additional 360,000 shares
Expected net proceeds of about $97.6 million; offering closed May 16, 2024
Proceeds intended for general corporate purposes, including balance sheet growth at Merchants Bank of Indiana
Merchants Bancorp reported first quarter 2024 net income of $87.1 million, or $1.80 per diluted share, up 58% and 68% from the first quarter of 2023 and the highest quarterly earnings in company history. The gain was driven mainly by a $14.0 million positive fair value adjustment to servicing rights and a $26.4 million rise in net interest income, and total assets reached $17.8 billion.
Net income of $87.1 million and diluted EPS of $1.80 for Q1 2024, versus $55.0 million and $1.07 in Q1 2023
Efficiency ratio improved to 29.1% from 30.3% a year earlier; return on average assets was 2.07%
Non-performing loans rose to $131.8 million, or 1.22% of loans, from $82.0 million at December 31, 2023
Series A Preferred Stock redeemed for approximately $52 million on April 1, 2024
Merchants Bancorp said its Executive Vice President and Chief Financial Officer, John F. Macke, notified the company on March 7, 2024 that he intends to retire. The company said the decision was voluntary and not the result of any dispute or disagreement with management, the Board, or its operations, policies, or practices. Shareholders will see a change in the company's top financial officer, with Macke staying in the role during the transition.
John F. Macke, EVP, CFO and principal accounting officer, notified the company of his intention to retire on March 7, 2024.
Macke will continue in his current role and help with the transition until his retirement on or before September 30, 2024.
The company will begin a search for Macke's replacement; no successor was named in the filing.
The filing states the retirement was voluntary and not related to any dispute or disagreement.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Merchants Bancorp filing is on SEC EDGAR ↗. 8-K briefs of other companies →