# EDGAR Filing Document

**Accession Number:** 0001629019
**File Stem:** 0001104659-23-031722
**Filing Date:** 2023-3
**Character Count:** 11401
**Document Hash:** e5de31bba38e6de4f96f1a4939062cc9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-031722.hdr.sgml**: 20230313

**ACCESSION NUMBER**: 0001104659-23-031722

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20230313

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230313

**DATE AS OF CHANGE**: 20230313

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Merchants Bancorp
- **CENTRAL INDEX KEY:** 0001629019
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 205747400
- **STATE OF INCORPORATION:** IN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38258
- **FILM NUMBER:** 23726862

**BUSINESS ADDRESS:**
- **STREET 1:** 410 MONON BLVD
- **CITY:** CARMEL
- **STATE:** IN
- **ZIP:** 46032
- **BUSINESS PHONE:** 3175697420

**MAIL ADDRESS:**
- **STREET 1:** 410 MONON BLVD
- **CITY:** CARMEL
- **STATE:** IN
- **ZIP:** 46032

?xml version="1.0" encoding="utf-8"?

**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): March 13, 2023**

**Merchants Bancorp**

**(Exact Name of Registrant as Specified in its Charter)**

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| | | |
|:---|:---|:---|
| **Indiana** | **001-38258** | **20-5747400** |
| **(State or Other Jurisdiction**<br> **of Incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

**410 Monon Boulevard 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:

---

| |
|:---|
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

---

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Title of each class | &nbsp;&nbsp;Trading <br> Symbol(s) | &nbsp;&nbsp;Name of each exchange on which registered |
| &nbsp;&nbsp;Common Stock, without par value | &nbsp;&nbsp;MBIN | &nbsp;&nbsp;NASDAQ |
| &nbsp;&nbsp; Series A Preferred Stock, without par value | &nbsp;&nbsp;MBINP | &nbsp;&nbsp;NASDAQ |
| &nbsp;&nbsp;Depositary Shares, each representing a 1/40th interest in a share of Series B Preferred Stock, without par value | &nbsp;&nbsp;MBINO | &nbsp;&nbsp;NASDAQ |
| &nbsp;&nbsp;Depositary Shares, each representing a 1/40th interest in a share of Series C Preferred Stock, without par value | &nbsp;&nbsp;MBINN | &nbsp;&nbsp;NASDAQ |
| &nbsp;&nbsp;Depositary Shares, each representing a 1/40th interest in a share of Series D Preferred Stock, without par value | &nbsp;&nbsp;MBINM | &nbsp;&nbsp;NASDAQ |

---

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 ◻

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. ◻

**Item 7.01 Regulation FD Disclosure.**

On March 13, 2023, Merchants Bancorp (the "Company") issued a press release confirming the strength of its liquidity position.

A copy of the press release is attached hereto as Exhibit 99.1. The Company does not intend for this Item 7.01 or Exhibit 99.1 to be treated as "filed" for purposes of the Securities Exchange Act of 1934, as amended, or incorporated by reference into its filings under the Securities Act of 1933, as amended.

**Item 9.01. Financial Statements and Exhibits.**

**(d) Exhibits.**

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| | |
|:---|:---|
| **Exhibit<br> No.** | **Description** |
| [99.1](tm239415d1_ex99-1.htm) | [Press Release dated March 13, 2023 issued by Merchants Bancorp.](tm239415d1_ex99-1.htm) |
| 104 | Cover Page Interactive Data File. The cover page XBRL tags are embedded within the inline XBRL document. |

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**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** | **MERCHANTS BANCORP** |
| Date: March 13, 2023 | By: | /s/ Terry Oznick |
|  |  | Name: Terry Oznick |
|  |  | Title: General Counsel and Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm239415d1_ex99-1img001.jpg)

![](tm239415d1_ex99-1img002.jpg)

PRESS RELEASE

Merchants Bancorp Confirms its Liquidity Remains Strong

*For Release March 13, 2023*

**CARMEL, Indiana** – Merchants Bancorp ("Merchants") (Nasdaq: MBIN), parent company and registered bank holding company of Merchants Bank of Indiana ("Merchants Bank"), today confirmed that its liquidity remains strong despite recent market concerns facing other financial institutions.

"Merchants' business model is truly unique and positions us well to withstand rapidly changing market dynamics. Not only do we have significant sources of liquidity, the vast majority of our loan and securities portfolio have variable rates that reprice within 30 days to constantly reflect current market values. Our model intentionally minimizes interest rate risk by conservatively matching the duration of assets and liabilities," said Michael F. Petrie, Chairman and CEO of Merchants.

● At December 31, 2022, Merchants had $3.1 billion in unused borrowing capacity with the Federal Home Loan Bank and the Federal Reserve discount window, based on available collateral.

● Merchants' most liquid assets are in cash, short-term investments, including interest-bearing demand deposits, mortgage loans in process of securitization, loans held for sale, and warehouse lines of credit included in loans receivable. Taken together with its unused borrowing capacity, these totaled 54% of its $12.6 billion total assets at December 31, 2022.

● As of December 31, 2022, approximately 93% of Merchants' loan portfolio reprices within 30 days. Additionally, approximately 79% of its investment securities reprice within 30 days, with none maturing in more than 2 years.

● Merchants reported minimal Accumulated Other Comprehensive Losses ("AOCI") of $10.5 million as of December 31, 2022, related to unrealized losses in its securities portfolio. This represented less than 1% of its total investment securities and only 3% of its securities available for sale, which is significantly lower than industry averages.

● In addition to the $250,000 of insurance available to depositors through the Federal Deposit Insurance Corporation ("FDIC"), Merchants also offers its customers an opportunity to insure up to $100 million through its Insured Cash Sweep ("ICS") program that extends FDIC protection.

**ABOUT MERCHANTS BANCORP**

Ranked as a top performing U.S. public bank by S&P Global Market Intelligence, Merchants Bancorp is a diversified bank holding company headquartered in Carmel, Indiana operating multiple segments, including Multi-family Mortgage Banking that offers multi-family housing and healthcare facility financing and servicing; Mortgage Warehousing that offers mortgage warehouse financing; and Banking that offers retail and correspondent residential mortgage banking, agricultural lending, and traditional community banking. Merchants Bancorp, with $12.6 billion in assets and $10.1 billion in deposits as of December 31, 2022, conducts its business primarily through its direct and indirect subsidiaries, Merchants Bank of Indiana, Merchants Capital Corp., Merchants Capital Investments, LLC, Merchants Capital Servicing, LLC, Merchants Asset Management, LLC, Farmers-Merchants Bank of Illinois, and Merchants Mortgage, a division of Merchants Bank of Indiana. For more information and financial data, please visit Merchants' Investor Relations page at <u>investors.merchantsbancorp.com</u>.

**Forward-Looking Statements**

This press release contains forward-looking statements which reflect management's current views with respect to, among other things, future events and 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 the industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control, such as the potential impacts of the COVID-19 pandemic. Accordingly, management cautions 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 the Company believes 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 actual results to differ materially from those indicated in these forward-looking statements, including the impacts of the COVID-19 pandemic, such as the severity, magnitude, duration and businesses' and governments' responses thereto, on the Company's operations and personnel, and on activity and demand across its businesses, and other factors identified in "Risk Factors" or "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Annual Report on Form 10-K and other periodic filings with the Securities and Exchange Commission. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does 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: Tami Durle**

Merchants Bancorp

Phone: (317) 324-4556

Email: tdurle@merchantsbankofindiana.com

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