Merchants Bancorp (MBIN) 10-Q 15 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 11, 2018
Document and Entity Information
Entity Registrant Name	Merchants Bancorp
Entity Central Index Key	1,629,019
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		28,692,206
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 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 (includes $6,618 at fair value for 2018)	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, net	1,915	1,512
Other assets and receivables	24,400	22,983
Total assets	3,675,849	3,393,133
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 stockholders' equity	379,713	367,474
Total liabilities and shareholders' equity	$ 3,675,849	$ 3,393,133

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Condensed Consolidated Balance Sheets
Loans held for sale at fair value	$ 6,618
Allowance for loans receivable	$ 9,705	$ 8,311
Stockholders' Equity:
Common stock, without par value (in dollars per share)
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	28,692,206	28,685,167
Common stock, shares outstanding	28,692,206	28,685,167
Preferred stock, stated value (in dollars per share)	$ 1,000	$ 1,000
Preferred stock, without par value (in dollars per share)
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	41,625	41,625
Preferred stock, shares outstanding	41,625	41,625

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 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
Non interest 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 share (in dollar per share)	$ 0.50	$ 0.39
Diluted earnings per share (in dollar per share)	$ 0.50	$ 0.39
Weighted-average shares outstanding Basic (in Shares)	28,690,876	21,114,400
Weighted-average shares outstanding Diluted (in Shares)	28,710,480	21,123,257
Dividends per share	$ 0.06	$ 0.05

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Condensed Consolidated Statements of Comprehensive Income
Net Income	$ 15,061	$ 9,130
Other Comprehensive Income (Loss):
Net change in unrealized losses on investment securities available for sale, net of (taxes) benefits of $97 and $(96), respectively	(318)	138
Comprehensive Income	$ 14,743	$ 9,268

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Condensed Consolidated Statements of Comprehensive Income
Net change in unrealized losses on investment securities available for sale, (taxes) benefits	$ 97	$ (96)

Condensed Consolidated Stateme7

Condensed Consolidated Statement of Shareholders’ Equity - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands	Common Stock	Preferred Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balance at beginning of the period at Dec. 31, 2017	$ 134,891	$ 41,581	$ 192,008	$ (1,006)	$ 367,474
Balance at beginning of the period (in shares) at Dec. 31, 2017	28,685,167	41,625
Condensed Consolidated Statements of Shareholders’ Equity
Net income			15,061		15,061
Shares issued for stock compensation plan (in shares)	7,039
Compensation expense for stock compensation plan	$ 50				50
Dividends on preferred stock			(833)		(833)
Dividends on common stock, $0.06 per share			(1,721)		(1,721)
Reclassification of deferred tax asset due to tax reform			243	(243)
Other comprehensive loss				(318)	(318)
Balance at end of the period at Mar. 31, 2018	$ 134,941	$ 41,581	$ 204,758	$ (1,567)	$ 379,713
Balance at end of the period (in shares) at Mar. 31, 2018	28,692,206	41,625

Condensed Consolidated Stateme8

Condensed Consolidated Statement of Shareholders’ Equity (Parenthetical)	3 Months Ended
	Mar. 31, 2018$ / shares
Condensed Consolidated Statement of Shareholders’ Equity
Dividends on common stock per share	$ 0.06

Condensed Consolidated Stateme9

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating activities:
Net income	$ 15,061	$ 9,130
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	103	67
Provision for loan losses	1,406	240
Gain on sale of loans	(10,892)	(5,442)
Proceeds from sales of loans	4,020,784	4,456,947
Loans and participations originated and purchased for sale	(4,098,115)	(4,508,232)
Change in mortgage servicing rights for paydowns and fair value adjustments	2,263	199
Net change in:
Trading securities	(59,193)	(44,159)
Other assets and receivables	(3,407)	(1,127)
Other liabilities	7,918	4,289
Other	309	3
Net cash used in operating activities	(123,763)	(88,085)
Investing activities:
Net change in securities purchased under agreements to resell	41	30
Purchases of available-for-sale securities	(28,224)	(15,000)
Proceeds from calls, maturities and paydowns of available-for-sale securities	25,360	98
Purchases of loans	(34,273)	(36,942)
Net change in loans receivable	(137,092)	69,773
Purchase of Federal Home Loan Bank stock	(118)
Purchases of premises and equipment	(1,055)	(22)
Purchases of mortgage servicing rights	(327)	(480)
Purchase of limited partnership interests	(13)	(29)
Cash received in acquisition of subsidiary	6,505
Net cash provided by (used in) investing activities	(169,196)	17,428
Financing activities:
Net change in deposits	82,106	70,415
Proceeds from Federal Home Loan Bank advances	284,189	239,250
Repayment of Federal Home Loan Bank advances	(142,568)	(239,262)
Dividends	(2,554)	(1,887)
Net cash provided by financing activities	221,173	68,516
Net Change in Cash and Cash Equivalents	(71,786)	(2,141)
Cash and Cash Equivalents, Beginning of Period	359,519	445,701
Cash and Cash Equivalents, End of Period	287,733	443,560
Additional Cash Flows Information:
Interest paid	7,751	5,636
Income taxes paid		$ 106
The Company purchased all of the capital stock of Joy State Bank for $5,472 on January 2, 2018. In conjunction with the acquisition, liabilities were assumed as follows:
Fair value of assets acquired	44,217
Cash paid for capital stock	5,472
Liabilities assumed	$ 38,745

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2018
Basis of Presentation
Basis of Presentation	Note 1: Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of Merchants Bancorp, a registered bank holding company (the “Company”) and its wholly owned subsidiary, Merchants Bank of Indiana (the “Bank”) and the Bank’s subsidiaries, P/R Mortgage and Investment Corp. (“P/RMIC”), Ash Realty Holdings, LLC (“Ash Realty”), Natty Mac Funding, Inc. (“NMF”), and MBI Midtown West, LLC (“MMW”), and P/RMIC’s subsidiary RICHMAC Funding LLC (“RICHMAC”), and Joy State Bank (“JSB”), (collectively referred to as the “Company”). The accompanying unaudited condensed consolidated balance sheet of the Company as of December 31, 2017, which has been derived from audited financial statements, and unaudited condensed consolidated financial statements of the Company as of March 31, 2018 and for the three months ended March 31, 2018 and 2017, were prepared in accordance with the instructions for Form 10‑Q and Article 10 of Regulation S-X and, therefore, do not include information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America. Accordingly, these condensed financial statements should be read in conjunction with the audited financial statements and notes thereto of the Company as of and for the year ended December 31, 2017 in its Annual Report on Form 10-K. Reference is made to the accounting policies of the Company described in the Notes to the Financial Statements contained in the Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) which are necessary for a fair presentation of the unaudited financial statements have been included to present fairly the financial position as of March 31, 2018 and the results of operations for the three months ended March 31, 2018 and 2017, and cash flows for the three months ended March 31, 2018 and 2017. All interim amounts have not been audited and the results of operations for the three months ended March 31, 2018, herein are not necessarily indicative of the results of operations to be expected for the entire year. Principles of Consolidation The consolidated financial statements as of and for the period ended March 31, 2017, include the Company and its wholly owned subsidiary, the Bank, and its wholly owned subsidiaries, P/RMIC, Ash Realty, NMF, and MMW. The consolidated financial statements as of and for the period ended March 31, 2018 also includes the Company’s wholly owned subsidiaries RICHMAC and JSB. All significant intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, loan servicing rights and fair values of financial instruments. Stock Split On July 5, 2017, the Company’s shareholders approved an increase of authorized common shares to 50.0 million shares, and the Company declared a 2.5-for-1 stock split effective July 6, 2017. The presentation of authorized common shares has been retrospectively adjusted to give effect to the increase, and all share and per share amounts have been retrospectively adjusted to give effect to the stock split. Acquisitions Effective August 15, 2017, the Bank acquired 100% of the equity interests of RICHMAC Funding, LLC, which is a national multifamily housing mortgage lender and servicer. The purchase price was paid in shares of Company common stock with a value of $8.1 million. The Company recorded goodwill and intangible assets totaling $3.9 million and $1.6 million, respectively, in connection with the acquisition. Certain fair value measurements and the purchase price allocation are still being evaluated by management and are subject to change during the measurement period. The acquisition did not materially impact the Company’s financial position, results of operations or cash flows. On May 8, 2017, the Company entered into a Stock Purchase Agreement to acquire Joy State Bank. The acquisition closed on January 2, 2018 at a total cost of approximately $5.5 million. At December 31, 2017 Joy State Bank had $43 million in assets. The Company recorded goodwill and intangible assets totaling $737,000 and $478,000, respectively, in connection with the acquisition. The intangibles consisted of core deposit intangibles that are being amortized over 10 years on an accelerated basis. The acquired time deposits of $16.7 million were recorded at a fair value of $16.9 million. The fair value premium of $185,000 is being accreted against interest expense over 20 months. The acquired loan portfolio of $27.9 million was recorded at a fair value of $27.5 million. The fair value discount of $458,000 is being accreted to interest income on a straight-line basis over an average of 39 months in accordance with ASC 310-20. While there were some loans identified for potential classification under ASC 310-30, they were not material to the transaction. Certain fair value measurements and the purchase price allocation are still being evaluated by management and are subject to change during the measurement period. The acquisition did not materially impact the Company’s financial position, results of operations or cash flows. Reclassifications Certain reclassifications have been made to the 2017 financial statements to conform to the financial statement presentation as of and for the three months ended March 31, 2018. These reclassifications had no effect on net income.

Securities

Securities	3 Months Ended
	Mar. 31, 2018
Securities
Securities	Note 2: Securities Trading Securities Securities that are held principally for resale in the near term are recorded as trading securities at fair value with changes in fair value recorded in earnings. Trading securities include FHA and conventional participation certificates. The fair value changes recorded in earnings totaled $1.5 million and $1.7 million for the three-month periods ended March 31, 2018 and 2017, respectively. Securities Available-For-Sale The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities are as follows: March 31, 2018 Gross Gross Approximate Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Available-for-sale securities: Treasury notes $ 3,494 $ — $ 21 $ 3,473 Federal agencies 379,719 — 2,103 377,616 Equities 69 18 — 87 Municipals 6,430 — — 6,430 Mortgage-backed - Government-sponsored entity (GSE) - residential 25,851 — — 25,851 Total available-for-sale securities $ 415,563 $ 18 $ 2,124 $ 413,457 December 31, 2017 Gross Gross Approximate Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Available-for-sale securities: Treasury notes $ 1,000 $ — $ 8 $ 992 Federal agencies 376,414 — 1,683 374,731 Municipals 6,688 — — 6,688 Mortgage-backed - Government-sponsored entity (GSE) - residential 25,960 — — 25,960 Total available-for-sale securities $ 410,062 $ — $ 1,691 $ 408,371 The amortized cost and fair value of available-for-sale securities at March 31, 2018 and December 31, 2017, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately. March 31, 2018 December 31, 2017 Amortized Fair Amortized Fair Cost Value Cost Value Contractual Maturity (In thousands) Within one year $ 184,928 $ 184,268 $ 164,997 $ 164,321 After one through five years 198,515 197,051 212,905 211,890 After five through ten years — — — — After ten years 6,200 6,200 6,200 6,200 389,643 387,519 384,102 382,411 Mortgage-backed - Government-sponsored entity (GSE) - residential 25,851 25,851 25,960 25,960 Equities 69 87 — — $ 415,563 $ 413,457 $ 410,062 $ 408,371 No securities available-for-sale were sold during the three months ended March 31, 2018. The following tables show the Company’s investments’ gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment class and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2018 and December 31, 2017: March 31, 2018 12 Months or Less than 12 Months Longer Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) Available-for-sale securities: Treasury notes $ — $ — $ 3,473 $ 21 $ 3,473 $ 21 Federal agencies 173,816 633 203,800 1,470 377,616 2,103 $ 173,816 $ 633 $ 207,273 $ 1,491 $ 381,089 $ 2,124 December 31, 2017 12 Months or Less than 12 Months Longer Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) Available-for-sale securities: Treasury notes $ 992 $ 8 $ — $ — $ 992 $ 8 Federal agencies 191,064 903 183,667 780 374,731 1,683 $ 192,056 $ 911 $ 183,667 $ 780 $ 375,723 $ 1,691 Other-than-temporary Impairment Unrealized losses on securities have not been recognized to income because the Company has the intent and ability to hold the securities for the foreseeable future, and the decline in fair value is primarily due to increased market interest rates. The fair value is expected to recover as the bonds approach the maturity date.

Loans and Allowance for Loan Lo

Loans and Allowance for Loan Losses	3 Months Ended
	Mar. 31, 2018
Loans and Allowance for Loan Losses
Loans and Allowance for Loan Losses	Note 3: Loans and Allowance for Loan Losses Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding principal balances adjusted for unearned income, charge-offs, the allowance for loan losses, any unamortized deferred fees or costs on originated loans and unamortized premiums or discounts on purchased loans. For loans amortized at cost, interest income is accrued based on the unpaid principal balance. The accrual of interest on loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past-due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these loans is applied to the principal balance until the loan can be returned to an accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. For all loan portfolio segments, the Company promptly charges off loans, or portions thereof, when available information confirms that specific loans are uncollectable based on information that includes, but is not limited to, (1) the deteriorating financial condition of the borrower, (2) declining collateral values, and/or (3) legal action, including bankruptcy, that impairs the borrower’s ability to adequately meet its obligations. For impaired loans that are considered to be solely collateral dependent, a partial charge-off is recorded when a loss has been confirmed by an updated appraisal or other appropriate valuation of the collateral. When cash payments are received on impaired loans in each loan class, the Company records the payment as interest income unless collection of the remaining recorded principal amount is doubtful, at which time payments are used to reduce the principal balance of the loan. Troubled debt restructured loans recognize interest income on an accrual basis at the renegotiated rate if the loan is in compliance with the modified terms. The Company uses warehouse loans or credit to fund mortgage loans held for sale from closing until sale to an investor. Under a warehousing arrangement the Company funds a mortgage loan as secured financing. The warehousing arrangement is secured by the underlying mortgages and a combination of deposits, personal guarantees and advance rates. The Company holds the collateral until it is sent under a bailee arrangement instructing the investor to send proceeds to the Company. Typical investors are large financial institutions or government agencies. Interest earned from the time of funding to the time of sale is recognized as interest income as accrued. Fees earned agreements are recognized when collected as noninterest income. Loans receivable at March 31, 2018 and December 31, 2017 include: March 31, December 31, 2018 2017 (In thousands) Mortgage warehouse lines of credit $ 245,724 $ 224,937 Residential real estate 356,885 330,410 Multi-family and healthcare financing 645,432 529,259 Commercial and commercial real estate 249,372 228,668 Agricultural production and real estate 64,548 51,966 Consumer and margin loans 11,229 9,420 1,573,190 1,374,660 Less Allowance for loan losses 9,705 8,311 Loans Receivable $ 1,563,485 $ 1,366,349 Risk characteristics applicable to each segment of the loan portfolio are described as follows. Mortgage Warehouse Lines of Credit (MTG WHLOC): Under its warehouse program, the Company provides warehouse financing arrangements to approved mortgage companies for the origination and sale of residential mortgage loans and to a lesser extent multi-family loans. Agency eligible, governmental and jumbo residential mortgage loans that are secured by mortgages placed on existing one to four family dwellings may be originated or purchased and placed on each mortgage warehouse line. As a secured line of credit, collateral pledged to the Company secures each individual mortgage until the lender sells the loan in the secondary market. A traditional secured warehouse line of credit typically carries a base interest rate of 30 day LIBOR or the Wall Street Journal Prime Rate plus a margin. Risk is evident if there is a change in the fair value of mortgage loans originated by mortgage bankers during the time in warehouse, the sale of which is the expected source of repayment of the borrowings under a warehouse line of credit. Residential Real Estate Loans (RES RE): The real estate loans are secured by owner-occupied 1‑4 family residences. Repayment of residential real estate loans is primarily dependent on the personal income and credit rating of the borrowers. Multi-Family and Healthcare Financing (MF RE): The Company engages in multi-family and healthcare financing, including construction loans, specializing in originating and servicing loans for multi-family rental and senior living properties. In addition, the Company originates loans secured by an assignment of federal income tax credits by partnerships invested in multi-family real estate projects. Construction and land loans are generally based upon estimates of costs and estimated value of the completed project and include independent appraisal reviews and a financial analysis of the developers and property owners. Sources of repayment of these loans may include permanent loans, sales of developed property or an interim loan commitment from the Bank until permanent financing is obtained. These loans are considered to be higher risk than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, general economic conditions and the availability of long-term financing. Credit risk in these loans may be impacted by the creditworthiness of a borrower, property values and the local economy in the Company’s market area. Repayment of these loans depends on the successful operation of a business or property and the borrower’s cash flows. Commercial Lending and Commercial Real Estate Loans (CML & CRE): The commercial lending and commercial real estate portfolio includes loans to commercial customers for use in financing working capital needs, equipment purchases and expansions, as well as loans to commercial customers to finance land and improvements. The loans in this category are repaid primarily from the cash flow of a borrower’s principal business operation. Credit risk in these loans is driven by creditworthiness of a borrower and the economic conditions that impact the cash flow stability from business operations. Agricultural Production and Real Estate Loans (AG & AGRE): Agricultural production loans are generally comprised of seasonal operating lines of credit to grain farmers to plant and harvest corn and soybeans and term loans to fund the purchase of equipment. The Company also offers long term financing to purchase agricultural real estate. Specific underwriting standards have been established for agricultural-related loans including the establishment of projections for each operating year based on industry-developed estimates of farm input costs and expected commodity yields and prices. Operating lines are typically written for one year and secured by the crop and other farm assets as considered necessary. The Company is approved to sell agricultural loans in the secondary market through the Federal Agricultural Mortgage Corporation and uses this relationship to manage interest rate risk within the portfolio. Consumer and Margin Loans (CON & MAR): Consumer loans are those loans secured by household goods. Margin loans are those loans secured by marketable securities. The term and maximum amount for these loans are determined by considering the purpose of the loan, the margin (advance percentage against value) in all collateral, the primary source of repayment, and the borrower’s other related cash flow. The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to income. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical charge-off experience and expected loss given default derived from the Company’s internal risk rating process. Other adjustments may be made to the allowance for pools of loans after an assessment of internal or external influences on credit quality that are not fully reflected in the historical loss or risk rating data. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for commercial and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. For impaired loans where the Company utilizes discounted cash flows to determine the level of impairment, the Company includes the entire change in the present value of cash flows as bad debt expense. Groups of loans with similar risk characteristics are collectively evaluated for impairment based on the group’s historical loss experience adjusted for changes in trends, conditions and other relevant factors that affect repayment of the loans. Accordingly, the Company does not separately identify individual consumer and residential loans for impairment measurements, unless such loans are the subject of a restructuring agreement due to financial difficulties of the borrower. In the course of working with borrowers, the Company may choose to restructure the contractual terms of certain loans. In restructuring the loan, the Company attempts to work out an alternative payment schedule with the borrower in order to optimize collectability of the loan. A troubled debt restructuring (TDR) occurs when, for economic or legal reasons related to a borrower’s financial difficulties, the Company grants a concession to the borrower that it would not otherwise consider. Terms may be modified to fit the ability of the borrower to repay in line with its current financial status, and the restructuring of the loan may include the transfer of assets from the borrower to satisfy the debt, a modification of loan terms, or a combination of the two. Nonaccrual loans, including TDRs that have not met the six month minimum performance criterion, are reported as non-performing loans. For all loan classes, it is the Company’s policy to have any restructured loans which are on nonaccrual status prior to being restructured remain on nonaccrual status until six months of satisfactory borrower performance, at which time management would consider its return to accrual status. A loan is generally classified as nonaccrual when the Company believes that receipt of principal and interest is questionable under the terms of the loan agreement. Most generally, this is at 90 or more days past due. With regard to determination of the amount of the allowance for credit losses, restructured loans are considered to be impaired. As a result, the determination of the amount of impaired loans for each portfolio segment within troubled debt restructurings is the same as detailed previously above. The following table presents, by portfolio segment, the activity in the allowance for loan losses for the three months ended March 31, 2018 and 2017 and the recorded investment in loans and impairment method as of March 31, 2018: At or For the Three Months Ended March 31, 2018 MTG WHLOC RES RE MF RE CML & CRE AG & AGRE CON & MAR TOTAL (In thousands) Allowance for loan losses Balance, beginning of period $ 283 $ 1,587 3,502 $ 2,362 $ 320 $ 257 $ 8,311 Provision for loan losses 223 76 748 323 13 23 1,406 Loans charged to the allowance — — — — — (17) (17) Recoveries of loans previously charged off — 1 — — — 4 5 Balance, end of period $ 506 $ 1,664 $ 4,250 $ 2,685 $ 333 $ 267 $ 9,705 Ending balance: individually evaluated for impairment $ 175 $ — $ — $ 294 $ 17 $ 146 $ 632 Ending balance: collectively evaluated for impairment $ 331 $ 1,664 $ 4,250 $ 2,391 $ 316 $ 121 $ 9,073 Loans Ending balance $ 245,724 $ 356,885 645,432 $ 249,372 $ 64,548 $ 11,229 $ 1,573,190 Ending balance individually evaluated for impairment $ 933 $ 728 $ 116 $ 6,747 $ 635 $ 146 $ 9,305 Ending balance collectively evaluated for impairment $ 244,791 $ 356,157 $ 645,316 $ 242,625 $ 63,913 $ 11,083 $ 1,563,885 For the Three Months Ended March 31, 2017 MTG WHLOC RES RE MF RE CML & CRE AG & AGRE CON & MAR TOTAL (In thousands) Allowance for loan losses Balance, beginning of period $ 373 $ 2,170 1,962 $ 1,374 $ 269 $ 102 $ 6,250 Provision for loan losses (192) (242) 135 518 37 (16) 240 Transfer out — — — — — — — Loans charged to the allowance — — — — — — — Recoveries of loans previously charged off — — — 26 — 34 60 Balance, end of period $ 181 $ 1,928 $ 2,097 $ 1,918 $ 306 $ 120 $ 6,550 The following table presents the allowance for loan losses and the recorded investment in loans and impairment method as of December 31, 2017: December 31, 2017 MTG WHLOC RES RE MF RE CML & CRE AG & AGRE CON & MAR TOTAL (In thousands) Allowance for loan losses Balance, December 31, 2017 $ 283 $ 1,587 $ 3,502 $ 2,362 $ 320 $ 257 $ 8,311 Ending balance: individually evaluated for impairment $ — $ — $ — $ 200 $ 16 $ 146 $ 362 Ending balance: collectively evaluated for impairment $ 283 $ 1,587 $ 3,502 $ 2,162 $ 304 $ 111 $ 7,949 Loans Ending balance $ 224,937 $ 330,410 529,259 $ 228,668 $ 51,966 $ 9,420 $ 1,374,660 Ending balance individually evaluated for impairment $ — $ 729 $ — $ 6,179 $ 282 146 $ 7,336 Ending balance collectively evaluated for impairment $ 224,937 $ 329,681 $ 529,259 $ 222,489 $ 51,684 $ 9,274 $ 1,367,324 Internal Risk Categories In adherence with policy, the Company uses the following internal risk grading categories and definitions for loans: Average or above – Loans to borrowers of satisfactory financial strength or better. Earnings performance is consistent with primary and secondary sources of repayment that are well defined and adequate to retire the debt in a timely and orderly fashion. These businesses would generally exhibit satisfactory asset quality and liquidity with moderate leverage, average performance to their peer group and experienced management in key positions. These loans are disclosed as “Acceptable and Above” in the following table. Acceptable – Loans to borrowers involving more than average risk and which contain certain characteristics that require some supervision and attention by the lender. Asset quality is acceptable, but debt capacity is modest and little excess liquidity is available. The borrower may be fully leveraged and unable to sustain major setbacks. Covenants are structured to ensure adequate protection. Borrower’s management may have limited experience and depth. This category includes loans which are highly leveraged due to regulatory constraints, as well as loans involving reasonable exceptions to policy. These loans are disclosed as “Acceptable and Above” in the following table. Special Mention (Watch) – This is a loan that is sound and collectable but contains considerable risk. Loans classified as special mention have a potential weakness that deserves management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution's credit position at some future date. Substandard - Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful - Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The following tables present the credit risk profile of the Bank’s loan portfolio based on internal rating category and payment activity as of March 31, 2018 and December 31, 2017: March 31, 2018 MTG WHLOC RES RE MF RE CML & CRE AG & AGRE CON & MAR TOTAL (In thousands) Special Mention (Watch) $ — $ 546 $ 15,831 $ 13,478 $ 2,099 $ 1,601 $ 33,555 Substandard 933 728 — 6,466 282 146 8,555 Doubtful — — — — — — — Acceptable and Above 244,791 355,611 629,601 229,428 62,167 9,482 1,531,080 Total $ 245,724 $ 356,885 $ 645,432 $ 249,372 $ 64,548 $ 11,229 $ 1,573,190 December 31, 2017 MTG WHLOC RES RE MF RE CML & CRE AG & AGRE CON & MAR TOTAL (In thousands) Special Mention (Watch) $ — $ — $ 1,800 $ 12,608 $ 323 $ 1,563 $ 16,294 Substandard — 729 — 6,179 282 146 7,336 Doubtful — — — — — — — Acceptable and Above 224,937 329,681 527,459 209,881 51,361 7,711 1,351,030 Total $ 224,937 $ 330,410 $ 529,259 $ 228,668 $ 51,966 $ 9,420 $ 1,374,660 The Bank evaluates the loan risk grading system definitions and allowance for loan loss methodology on an ongoing basis. No significant changes were made to either during the past year. The following tables present the Bank’s loan portfolio aging analysis of the recorded investment in loans as of March 31, 2018 and December 31, 2017: March 31, 2018 30-59 Days 60-89 Days Greater Than Total Total Past Due Past Due 90 Days Past Due Current Loans (In thousands) MTG WHLOC $ — $ 933 $ — $ 933 $ 244,791 $ 245,724 RES RE 575 123 960 1,658 355,227 356,885 MF RE — — 116 116 645,316 645,432 CML & CRE 120 15 2,305 2,440 246,932 249,372 AG & AGRE 139 — 399 538 64,010 64,548 CON & MAR 11 6 172 189 11,040 11,229 $ 845 $ 1,077 $ 3,952 $ 5,874 $ 1,567,316 $ 1,573,190 December 31, 2017 30-59 Days 60-89 Days Greater Than Total Total Past Due Past Due 90 Days Past Due Current Loans (In thousands) MTG WHLOC $ — $ — $ — $ — $ 224,937 $ 224,937 RES RE — 194 534 728 329,682 330,410 MF RE — — — — 529,259 529,259 CML & CRE — 860 2,061 2,921 225,747 228,668 AG & AGRE 59 — 399 458 51,508 51,966 CON & MAR — — 146 146 9,274 9,420 $ 59 $ 1,054 $ 3,140 $ 4,253 $ 1,370,407 $ 1,374,660 A loan is considered impaired, in accordance with the impairment accounting guidance (ASC 310-10-35-16), when based on current information and events, it is probable the Company will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. Impaired loans include nonperforming commercial loans but also include loans modified in troubled debt restructurings. The following tables present impaired loans and specific valuation allowance information based on class level as of March 31, 2018 and December 31, 2017: March 31, 2018 MTG WHLOC RES RE MF RE CML & CRE AG & AGRE CON & MAR TOTAL (In thousands) Impaired loans without a specific allowance: Recorded investment $ — $ 728 $ — $ 4,617 $ 353 $ — $ 5,698 Unpaid principal balance — 728 — 4,617 353 — 5,698 Impaired loans with a specific allowance: Recorded investment 933 — 116 2,130 282 146 3,607 Unpaid principal balance 933 — 116 2,130 282 146 3,607 Specific allowance 175 — — 294 17 146 632 Total impaired loans: Recorded investment 933 728 116 6,747 635 146 9,305 Unpaid principal balance 933 728 116 6,747 635 146 9,305 Specific allowance 175 — — 294 17 146 632 December 31, 2017 MTG WHLOC RES RE MF RE CML & CRE AG & AGRE CON & MAR TOTAL (In thousands) Impaired loans without a specific allowance: Recorded investment $ — $ 729 $ — $ 4,119 $ — $ — $ 4,848 Unpaid principal balance — 729 — 4,119 — — 4,848 Impaired loans with a specific allowance: Recorded investment — — — 2,060 282 146 2,488 Unpaid principal balance — — — 2,060 282 146 2,488 Specific allowance — — — 200 16 146 362 Total impaired loans: Recorded investment — 729 — 6,179 282 146 7,336 Unpaid principal balance — 729 — 6,179 282 146 7,336 Specific allowance — — — 200 16 146 362 The following tables present by portfolio class, information related to the average recorded investment and interest income recognized on impaired loans for the three month periods ended March 31, 2018 and 2017: MTG WHLOC RES RE MF RE CML & CRE AG & AGRE CON & MAR TOTAL (In thousands) Three months ended March 31, 2018: Average recorded investment in impaired loans $ 1,352 $ 729 $ 117 $ 6,587 $ 635 $ 146 $ 9,566 Interest income recognized 19 3 3 46 — — 71 Three months ended March 31, 2017: Average recorded investment in impaired loans $ — $ 343 $ — $ 4,974 $ 203 $ — $ 5,520 Interest income recognized — 1 — 30 — — 31 The following table presents the Company’s nonaccrual loans and loans past due 90 days or more and still accruing at March 31, 2018 and December 31, 2017. March 31, December 31, 2018 2017 Total Loans > Total Loans > 90 Days & 90 Days & Nonaccrual Accruing Nonaccrual Accruing (In thousands) MTG WHLOC $ 933 $ — $ — $ — RES RE 258 714 60 475 MF RE — 116 — — CML & CRE 2,169 136 2,060 — AG & AGRE 282 117 282 117 CON & MAR 166 8 146 — $ 3,808 $ 1,091 $ 2,548 $ 592 There were no troubled debt new restructurings at or during the three month periods ended March 31, 2018 and 2017. No loans restructured during the last twelve months defaulted during the three months ended March 31, 2018 or 2017. There were no residential loans in process of foreclosure at March 31, 2018 or December 31, 2017.

Regulatory Matters

Regulatory Matters	3 Months Ended
	Mar. 31, 2018
Regulatory Matters
Regulatory Matters	Note 4: Regulatory Matters The Company, the Bank, and Joy State Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by federal and state banking regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company, the Bank, and Joy State Bank must meet specific capital guidelines that involve quantitative measures of the Company’s, the Bank, and Joy State Bank’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s, the Bank’s, and Joy State Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Furthermore, the Company’s, the Bank’s, and Joy State Bank’s regulators could require adjustments to regulatory capital not reflected in these financial statements. Quantitative measures established by regulation to ensure capital adequacy require the Company, the Bank, and Joy State Bank to maintain minimum amounts and ratios (set forth in the table below). Management believes, as of March 31, 2018 and December 31, 2017, that the Company, the Bank, and Joy State Bank met all capital adequacy requirements to which they were subject. As of March 31, 2018 and December 31, 2017, the most recent notifications from the Federal Reserve Board and the Federal Deposit Insurance Corporation categorized the Company as well capitalized and Bank as well capitalized under the regulatory framework for prompt corrective action, respectively. To be categorized as well capitalized, the Company must maintain minimum total risk-based, Tier I risk-based and Tier I leverage ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the Company’s, the Bank, and Joy State Bank’s category. The Bancorp and Bank’s actual capital amounts and ratios are also presented in the following tables. Minimum Amount Required for Minimum Amount Adequately To Be Well Actual Capitalized (1) Capitalized (1) Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) March 31, 2018 Total capital (1) (to risk-weighted assets) Company $ 369,564 12.7 % $ 232,396 8.0 % $ — N/A Bank 422,422 14.7 % 229,181 8.0 % 286,476 10.0 % Joy State Bank 4,414 11.0 % 3,216 8.0 % 4,019 10.0 % Tier 1 capital (1) (to risk-weighted assets) Company 359,852 12.4 % 174,297 6.0 % — N/A Bank 412,739 14.4 % 171,885 6.0 % 229,181 8.0 % Joy State Bank 4,385 10.9 % 2,412 6.0 % 3,216 8.0 % Common Equity Tier 1 capital (1) (to risk-weighted assets) Company 318,271 11.0 % 130,723 4.5 % — N/A Bank 412,739 14.4 % 128,914 4.5 % 186,209 6.5 % Joy State Bank 4,385 10.9 % 1,809 4.5 % 2,613 6.5 % Tier 1 capital (1) (to average assets) Company 359,852 10.8 % 133,686 4.0 % — N/A Bank 412,739 12.5 % 132,130 4.0 % 165,162 5.0 % Joy State Bank 4,385 9.6 % 1,836 4.0 % 2,295 5.0 % Minimum Minimum Amount Required Amount To Be for Adequately Well Actual Capitalized (1) Capitalized (1) Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2017 Total capital (1) (to risk-weighted assets) Company $ 355,722 13.7 % $ 207,657 8.0 % $ — N/A Bank 406,638 15.7 % 207,567 8.0 % 259,459 10.0 % Tier I capital (1) (to risk-weighted assets) Company 347,411 13.4 % 155,743 6.0 % — N/A Bank 398,327 15.4 % 155,675 6.0 % 207,567 8.0 % Common Equity Tier I capital (1) (to risk-weighted assets) Company 305,830 11.8 % 116,807 4.5 % — N/A Bank 398,327 15.4 % 116,756 4.5 % 168,648 6.5 % Tier I capital (1) (to average assets) Company 347,411 10.9 % 127,318 4.0 % — N/A Bank 398,327 12.5 % 127,593 4.0 % 159,491 5.0 % 1 As defined by regulatory agencies. Beginning January 1, 2015, a new Basel III Capital Rule applied to the Bank. The following table lists the capital categories and ratios determined by the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation. Common Equity Total Risk-based Tier 1 Risk-based Tier 1 Risk-based Tier 1 Capital Category Capital ratio Capital ratio Capital ratio Leverage ratio Well capitalized 10 % 8 % 6.5 % 5 % Adequately capitalized 8 6 4.5 4 Undercapitalized <8 <6 <4.5 <4 Significantly undercapitalized <6 <4 <3 <3 Critically undercapitalized Tangible Equity/Total Assets </= 2% The Basel III Capital Rules, among other things, (i) introduced a new capital measure called “Common Equity Tier 1” (CET1), (ii) specified that Tier 1 capital consist of CET1 and “Additional Tier 1 Capital” instruments meeting specified requirements, (iii) defined CET1 narrowly by requiring that most deductions/adjustments to regulatory capital measures be made to CET1 and not to the other components of capital and (iv) expanded the scope of the deductions/adjustments as compared to existing regulations. Implementation of the deductions and other adjustments to CET1 began on January 1, 2015, and are being phased in over a four-year period (beginning at 40% on January 1, 2015, and an additional 20% per year thereafter). Under the new rule, in order to avoid limitations on capital distributions, including dividend payments and certain discretionary bonus payments to executive officers, a banking organization must hold a capital conservation buffer composed of CET1 capital above its minimum risk-based capital requirements. The implementation of the capital conservation buffer began on January 1, 2016, at the 0.625% level and is being phased in over a four-year period (increasing by that amount on each subsequent January 1 until it reaches 2.5% on January 1, 2019).

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2018
Derivative Financial Instruments
Derivative Financial Instruments	Note 5: Derivative Financial Instruments The Company uses derivative financial instruments to help manage exposure to interest rate risk and the effects that changes in interest rates may have on net income and the fair value of assets and liabilities. The Company enters into forward contracts for the future delivery of mortgage loans to third party investors and enters into interest rate locks with potential borrowers to fund specific mortgage loans that will be sold into the secondary market. The forward contracts are entered into in order to economically hedge the effect of changes in interest rates resulting from the Company’s commitment to fund the loans. Each of these items are considered derivatives, but are not designated as accounting hedges, and are recorded at fair value with changes in fair value reflected in noninterest income on the condensed consolidated statements of income. The fair value of derivative instruments with a positive fair value are reported in other assets in the condensed consolidated balance sheets while derivative instruments with a negative fair value are reported in other liabilities in the condensed consolidated balance sheets. The following table presents the notional amount and fair value of interest rate locks and forward contracts utilized by the Company at March 31, 2018. There were no material derivatives recorded at December 31, 2017. Notional Fair Value Amount Balance Sheet Location Asset (Liability) March 31, 2018 (In thousands) (In thousands) Interest rate lock commitments $ 9,294 Derivative assets/liabilities $ 116 $ 2 Forward contracts 15,913 Derivative assets/liabilities 12 32 Total derivative financial instruments $ 25,207 $ 128 $ 34 Fair values of derivative financial instruments were estimated using changes in mortgage interest rates from the date the Company entered into the interest rate lock commitment and the balance sheet date. The following table summarizes the periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income for the three months ended March 31, 2018 and 2017. Three Months Ended March 31, 2018 2017 (In thousands) Interest rate lock commitments $ 114 $ — Forward contracts (1) 105 — Net derivative gains (losses) $ 219 $ — (1) Amount includes pair-off settlements

Disclosures about Fair Value of

Disclosures about Fair Value of Assets and Liabilities	3 Months Ended
	Mar. 31, 2018
Disclosures about Fair Value of Assets and Liabilities
Disclosures about Fair Value of Assets and Liabilities	Note 6: Disclosures about Fair Value of Assets and Liabilities Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities Level 3 Unobservable inputs supported by little or no market activity and are significant to the fair value of the assets or liabilities Recurring Measurements The following tables present the fair value measurements of assets and liabilities recognized in the accompanying balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2018 and December 31, 2017: Fair Value Measurements Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Fair Assets Inputs Inputs Assets Value (Level 1) (Level 2) (Level 3) (In thousands) March 31, 2018 Trading securities $ 200,030 $ — $ 200,030 $ — Available-for-sale securities: Treasury notes 3,473 3,473 — — Federal agencies 377,616 — 377,616 — Equities 87 87 — — Municipals 6,430 — 6,430 Mortgage-backed - Government-sponsored entity (GSE) - residential 25,851 — 25,851 — Loans held for sale 6,618 — 6,618 — Mortgage servicing rights 67,268 — — 67,268 Derivative assets - interest rate lock commitments 116 — — 116 Derivative assets - forward contracts 12 — 12 — Derivative liabilities - interest rate lock commitments 2 — — 2 Derivative liabilities - forward contracts 32 — 32 — December 31, 2017 Trading securities $ 140,837 $ — $ 140,837 $ — Available-for-sale securities: Treasury notes 992 992 — — Federal agencies 374,731 — 374,731 — Municipals 6,688 — — 6,688 Mortgage-backed - Government-sponsored entity (GSE) - residential 25,960 — 25,960 — Mortgage servicing rights 66,079 — — 66,079 Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. There have been no significant changes in the valuation techniques during the three months ended March 31, 2018 and the year ended December 31, 2017. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below. Trading and Available-for-Sale Securities Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using quoted prices of securities with similar characteristics or independent asset pricing services and pricing models, the inputs of which are market-based or independently sourced market parameters, including, but not limited to, yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flows. Such securities are classified in Level 2 of the valuation hierarchy including federal agencies, mortgage-backed securities, U.S. Treasuries, Equities, and Federal Housing Administration participation certificates. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. Mortgage Servicing Rights Mortgage servicing rights do not trade in an active, open market with readily observable prices. Accordingly, fair value is estimated using discounted cash flow models having significant inputs of discount rate, prepayment speed and default rate. Due to the nature of the valuation inputs, mortgage servicing rights are classified within Level 3 of the hierarchy. The Chief Financial Officer’s (CFO) office contracts with a pricing specialist to generate fair value estimates on a quarterly basis. The CFO’s office challenges the reasonableness of the assumptions used and reviews the methodology to ensure the estimated fair value complies with accounting standards generally accepted in the United States. Derivative Financial Instruments The Company estimates the fair value of interest rate lock commitments based on the value of the underlying mortgage loan, quoted mortgage backed security prices, estimates of the fair value of the mortgage servicing rights, and an estimate of the probability that the mortgage loan will fund within the terms of the interest rate lock commitment, net of expenses. The Company estimates the fair value of forward sales commitments based on market quotes of mortgage backed security prices for securities similar to the ones used, which are considered Level 2. With respect to its interest rate lock commitments, management determined that a Level 3 classification was most appropriate based on the various significant unobservable inputs utilized in estimating the fair value of its interest rate lock commitments. Changes in fair value of the Company’s derivative financial instruments are recognized through noninterest income on its condensed consolidated statement of income. Level 3 Reconciliation The following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the accompanying balance sheets using significant unobservable (Level 3) inputs: Three Months Ended March 31, 2018 2017 (In thousands) Mortgage servicing rights Balance, beginning of period $ 66,079 $ 53,670 Additions Purchased servicing 327 480 Originated servicing 3,125 837 Subtractions Paydowns (1,370) (286) Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model (893) 87 Balance, end of period $ 67,268 $ 54,788 Available-for-sale securities - Municipals Balance, beginning of period $ 6,688 $ — Additions Purchased securities — — Subtractions Paydowns (258) — Unrealized gains (losses) included in other comprehensive income — — Balance, end of period $ 6,430 $ — Derivative Assets - interest rate lock commitments Balance, beginning of period $ — $ — Purchases — — Changes in fair value 116 — Balance, end of period $ 116 $ — Derivative Liabilities - interest rate lock commitments Balance, beginning of period $ — $ — Purchases — — Changes in fair value 2 — Balance, end of period $ 2 $ — Nonrecurring Measurements The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2018 and December 31, 2017. Fair Value Measurements Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Fair Assets Inputs Inputs Assets Value (Level 1) (Level 2) (Level 3) (In thousands) March 31, 2018 Impaired loans (collateral-dependent) $ 758 $ — $ — $ 758 December 31, 2017 Impaired loans (collateral-dependent) $ 2,126 $ — $ — $ 2,126 Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying balance sheet, as well as the general classification of such assets pursuant to the valuation hierarchy. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below. Collateral-Dependent Impaired Loans, Net of Allowance for Loan Losses The estimated fair value of collateral-dependent impaired loans is based on the appraised fair value of the collateral, less estimated cost to sell. Collateral-dependent impaired loans are classified within Level 3 of the fair value hierarchy. The Company considers the appraisal or evaluation as the starting point for determining fair value and then considers other factors and events in the environment that may affect the fair value. Appraisals of the collateral underlying collateral-dependent loans are obtained when the loan is determined to be collateral-dependent and subsequently as deemed necessary by the Bank’s Senior Credit Officer’s (SCO) office. Appraisals are reviewed for accuracy and consistency by the SCO’s office. Appraisers are selected from the list of approved appraisers maintained by management. The appraised values are reduced by discounts to consider lack of marketability and estimated cost to sell if repayment or satisfaction of the loan is dependent on the sale of the collateral. These discounts and estimates are developed by the SCO’s office by comparison to historical results. Unobservable (Level 3) Inputs: The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements other than goodwill. Valuation Fair Value Technique Unobservable Inputs Range (In thousands) At March 31, 2018: Collateral-dependent impaired loans $ 758 Market comparable properties Marketability discount 25% Mortgage servicing rights $ 67,268 Discounted cash flow Discount rate 8% - 13% Constant prepayment rate 1% - 31% Municipals $ 6,430 Discounted cash flow Discount rate 5% Derivative assets - interest rate lock commitments $ 116 Discounted cash flow loan closing rates 80-99% Derivative liabilities - interest rate lock commitments $ 2 Discounted cash flow loan closing rates 80-99% At December 31, 2017: Collateral-dependent impaired loans $ 2,126 Market comparable properties Marketability discount 5% - 47% Mortgage servicing rights $ 66,079 Discounted cash flow Discount rate 8% - 13% Constant prepayment rate 1% - 36% Sensitivity of Significant Unobservable Inputs The following is a discussion of the sensitivity of significant unobservable inputs, the interrelationships between those inputs and other unobservable inputs used in recurring fair value measurement and of how those inputs might magnify or mitigate the effect of changes in the unobservable inputs on the fair value measurement. Mortgage Servicing Rights The significant unobservable inputs used in the fair value measurement of the Company’s mortgage servicing rights are discount rates and constant prepayment rates. Significant increases or decreases in any of those inputs in isolation would result in a significantly different fair value measurement. Fair Value of Financial Instruments The following table presents the carrying amount and estimated fair values of the Company’s financial instruments not carried at fair value and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2018 and December 31, 2017. Fair Value Measurements Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Carrying Fair Assets Inputs Inputs Assets Value Value (Level 1) (Level 2) (Level 3) (In thousands) March 31, 2018 Financial assets: Cash and cash equivalents $ 287,733 $ 287,733 $ 287,733 $ — $ — Securities purchased under agreements to resell 7,003 7,003 — 7,003 — FHLB stock 7,711 7,711 — 7,711 — Loans held for sale 1,074,758 1,074,758 — 1,074,758 — Loans, net 1,563,485 1,567,125 — — 1,567,125 Interest receivable 9,627 9,627 — 9,627 — Financial liabilities: Deposits 3,062,600 3,062,014 2,457,931 604,083 — Line of credit 25,000 25,000 — 25,000 — Short-term subordinated debt 30,000 30,000 — 30,000 — FHLB advances 144,378 144,381 — 144,381 — Interest payable 3,996 3,996 — 3,996 — December 31, 2017 Financial assets: Cash and cash equivalents $ 359,519 $ 359,519 $ 359,519 $ — $ — Securities purchased under agreements to resell 7,043 7,043 — 7,043 — FHLB stock 7,539 7,539 — 7,539 — Loans held for sale 995,319 995,319 — 995,319 — Loans, net 1,366,349 1,364,568 — — 1,364,568 Interest receivable 8,326 8,326 — 8,326 — Financial liabilities: Deposits 2,943,561 2,943,173 2,534,605 408,568 — Line of credit 25,000 25,000 — 25,000 — Short-term subordinated debt 30,000 30,000 — 30,000 — FHLB advances 1,612 1,620 — 1,620 — Interest payable 2,817 2,817 — 2,817 — The following methods were used to estimate the fair value of all other financial instruments recognized in the accompanying balance sheets at amounts other than fair value. Cash and Cash Equivalents and Securities Purchased Under Agreement to Resell The carrying amount approximates fair value. Federal Home Loan Bank Stock The fair value of Federal Home Loan Bank of Indianapolis (“FHLBI”) stock is based on the price at which it may be sold to the FHLBI. Loans Held For Sale The carrying amount approximates fair value due to the insignificant time between origination and date of sale. Loans Fair value is estimated by discounting the future cash flows using the market rates at which similar notes would be made to borrowers with similar credit ratings and for the same remaining maturities. The market rates used are based on current rates the Company would impose for similar loans and reflect a market participant assumption about risks associated with nonperformance, illiquidity, and the structure and term of the loans along with local economic and market conditions. Interest Receivable and Payable The carrying amount approximates fair value. The carrying amount is determined using the interest rate, balance and last payment date. Deposits The fair values of noninterest-bearing demand and savings accounts are equal to the amount payable on demand at the balance sheet date. Fair values for fixed-rate certificates and time deposits are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of expected monthly maturities on such time deposits. Line of Credit and Short-term Subordinated Debt The carrying amount approximates fair value. Federal Home Loan Bank Advances Fair value is estimated by discounting the future cash flows using rates of similar advances with similar maturities. These rates were obtained from current rates offered by the FHLBI. Off-Balance Sheet Commitments Commitments include commitments to purchase and originate mortgage loans, commitments to sell mortgage loans and standby letters of credit and are generally of a short-term nature. The fair value of such commitments are based on fees currently charged to similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The fair value of commitments to extend credit and letters of credit is not presented in the previous table since the fair value is considered to be insignificant.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2018
Earnings per share
Earnings per share	Note 7: Earnings Per Share Earnings per share were computed as follows: Three Month Periods Ended March 31, 2018 2017 Weighted- Per Weighted- Per Net Average Share Net Average Share Income Shares Amount Income Shares Amount (In thousands) (In thousands) 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 share 28,690,876 $ 0.50 21,114,400 $ 0.39 Effect of dilutive securities-restricted stock awards 19,604 8,857 Diluted earnings per share 28,710,480 $ 0.50 21,123,257 $ 0.39

Share-Based Payment Plan

Share-Based Payment Plan	3 Months Ended
	Mar. 31, 2018
Share-Based Payment Plan
Share-Based Payment Plan	Note 8: Share-Based Payment Plan During 2016, the Board of Directors adopted an incentive restricted stock plan for certain executive officers of the Company (the “2016 Plan”). Annual awards under the 2016 Plan could be earned subject to certain performance metrics and the participating executive officer could elect annually to receive the plan benefit in the form of Company common shares or a combination of 50% each of common shares and cash. During the three months ended March 31, 2018 and March 31, 2017, the Company issued 7,039 and 3,200 shares, respectively, pursuant to the plan. No additional awards will be made under the 2016 Plan. On July 5, 2017, the Company’s shareholders approved, and the Company adopted the Merchants Bancorp 2017 Equity Incentive Plan (the “2017 Plan”). The Company began granting awards under the 2017 plan in early 2018.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2018
Segment Information
Segment Information	Note 9: Segment Information Our business segments are defined as Multi-family Mortgage Banking, Mortgage Warehousing, and Banking. The reportable business segments are consistent with the internal reporting and evaluation of the principal lines of business of the Company. The Multi-family Mortgage Banking segment originates and services government sponsored mortgages for multi-family and healthcare facilities. The Mortgage Warehousing segment funds agency eligible residential loans from origination or purchase to sale in the secondary market, as well as commercial loans to non-depository financial institutions. The Banking segment provides a wide range of financial products and services to consumers and businesses, including retail banking, commercial lending, agricultural lending, retail and correspondent residential mortgage banking, and Small Business Administration (“SBA”) lending. Other includes general and administrative expenses that provide services to all segments; internal funds transfer pricing offsets resulting from allocations to/from the other segments; certain elimination entries and investments in qualified affordable housing limited partnerships. All operations are domestic. The tables below present selected business segment financial information as of and for the three and three months ended March 31, 2018 and 2017. Multi-family Mortgage Mortgage Banking Warehousing Banking Other Total (In thousands) Three Months Ended March 31, 2018 Total interest income $ 163 $ 11,857 $ 16,753 $ 265 $ 29,038 Total interest expense — 3,797 5,593 (460) 8,930 Net interest income 163 8,060 11,160 725 20,108 Provision for loan losses — 674 732 — 1,406 Net interest income after provision for loan losses 163 7,386 10,428 725 18,702 Total noninterest income 10,511 486 652 (336) 11,313 Noninterest expense 3,382 1,736 3,169 1,983 10,270 Income before income taxes 7,292 6,136 7,911 (1,594) 19,745 Income taxes 1,808 1,506 1,931 (561) 4,684 Net income $ 5,484 $ 4,630 $ 5,980 $ (1,033) $ 15,061 Total assets $ 141,703 $ 1,603,584 $ 1,908,823 $ 21,739 $ 3,675,849 Multi-family Mortgage Mortgage Banking Warehousing Banking Other Total (In thousands) Three Months Ended March 31, 2017 Total interest income $ 51 $ 10,149 $ 8,807 $ — $ 19,007 Total interest expense — 2,613 2,949 (86) 5,476 Net interest income 51 7,536 5,858 86 13,531 Provision for loan losses — 247 (7) — 240 Net interest income after provision for loan losses 51 7,289 5,865 86 13,291 Total noninterest income 7,223 625 243 — 8,091 Noninterest expense 1,595 1,787 2,212 1,047 6,641 Income before income taxes 5,679 6,127 3,896 (961) 14,741 Income taxes 2,162 2,332 1,483 (366) 5,611 Net income $ 3,517 $ 3,795 $ 2,413 $ (595) $ 9,130 Total assets $ 104,709 $ 1,048,771 $ 1,636,692 $ 10,509 $ 2,800,681

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2018
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Note 10: Recent Accounting Pronouncements The Company is an emerging growth company and as such will be subject to the effective dates noted for the private companies if they differ from the effective dates noted for public companies. FASB ASU 2014‑09, Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2014‑09, “Revenue from Contracts with Customers,” which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In March 2016 the FASB issued ASU 2016‑08, “Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” which clarifies the guidance in determining revenue recognition as principal versus agent. In April 2016, the FASB issued ASU 2016‑10, “Identifying Performance Obligations and Licensing,” which provides guidance in accounting for immaterial performance obligations and shipping and handling. In May 2016, the FASB issued ASU 2016‑12, “Narrow‑Scope Improvements and Practical Expedients,” which provides clarification on assessing the collectability criterion, presentation of sales taxes, measurement date for noncash consideration and completed contracts at transition. This ASU also provides a practical expedient for contract modifications. As an emerging growth company, these amendments are effective for annual reporting periods beginning after December 15, 2018, and for interim periods within annual periods beginning after December 15, 2019. The Company’s revenue is primarily comprised of net interest income on financial assets and financial liabilities, which is explicitly excluded from the scope of ASU 2014-09. The Company is continuing to evaluate the impact of adopting ASU 2014-09, but does not expect the impact to have a material impact on the Company’s financial position or results of operation. FASB ASU 2016‑01, Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU 2016‑01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” For public business entities, the amendments in this update include the elimination of the requirement to disclose the method(s) and significant assumptions used to estimate fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, the requirement to use the exit price notion when measuring fair value of financial instruments for disclosure purposes, the requirement to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument‑specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, the requirement for separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or accompanying notes to the financial statements, and the amendments clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available‑for‑sale securities in combination with the entity’s other deferred tax assets. An entity should apply the amendments to this update by means of a cumulative‑effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. As an emerging growth company, the amendments in this update are effective for fiscal years beginning after December 15, 2018, and interim periods within years beginning after December 15, 2019. Early adoption of the amendments in the update is not permitted, except that early application by public business entities to financial statements of fiscal years or interim periods that have not yet been issued or, by all other entities, that have not yet been made available for issuance, are permitted as of the beginning of the fiscal year of adoption for the following amendment: An entity should present separately in other comprehensive income the portion of the total change in the fair value of a liability at fair value in accordance with the fair value option for financial instruments. An entity should apply the amendments to this update by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The Company is continuing to evaluate the impact of adopting this new guidance on its consolidated financial statements, but the adoption of ASU 2016-01 is not expected to have a material impact on the Company’s financial position or results of operation. FASB ASU 2016‑02, Leases In February 2016, the FASB issued ASU 2016‑02, “Leases.” Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short‑term leases) at the commencement date: · A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and · A right‑of‑use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, “Revenue from Contracts with Customers.” The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off‑balance sheet financing. Lessees (for capital and operating leases) and lessors (for sales‑type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The amendments in ASU 2016‑02 are effective, as an emerging growth company, beginning after December 15, 2019, and for interim periods for years beginning after January 1, 2020. Management is in the process of gathering documentation on current lease agreements to assess the impact of adopting this guidance on the Company’s financial statements, but its impact is not expected to be material. FASB ASU 2016‑09, Share‑Based Payments. In March 2016, the FASB issued ASU 2016‑09 “Share‑Based Payments.” The guidance in this ASU simplifies several aspects of the accounting for share‑based payment award transactions, including the income tax consequences, the classification of awards as either equity or liabilities, and the classification on the statement of cash flows. Additionally, the guidance simplifies two areas specific to entities other than public business entities allowing them to apply a practical expedient to estimate the expected term for all awards with performance or service conditions that have certain characteristics and also allowing them to make a one‑time election to switch from measuring all liability‑classified awards at fair value to measuring them at intrinsic value. For emerging growth companies, the amendments are effective for annual periods beginning after December 15, 2017 and interim periods within annual periods beginning after December 15, 2018. Management does not expect to make material changes to its accounting for share-based payments and implementation of ASU 2016-09 is not expected to have a material effect on the Company’s financial position and results of operations. Additionally, Merchants share-based compensation plan awards have been classified as equity awards, whereby available elections to switch to intrinsic value measurement do not apply. FASB ASU 2016‑13, Financial Instruments—Credit Losses In June 2016, the FASB issued ASU 2016‑13, “Financial Instruments—Credit Losses”. The amendments in this ASU replace the incurred loss model with a methodology that reflects expected credit losses over the life of the loan and requires consideration of a broader range of reasonable and supportable information to calculate credit loss estimates. ASU 2016‑13 replaces the incurred loss impairment methodology with a new methodology that reflects expected credit losses over the lives of the loans and requires consideration of a broader range of information to inform credit loss estimates. The ASU requires an organization to estimate all expected credit losses for financial assets measured at amortized cost, including loans and held‑to‑maturity debt securities, based on historical experience, current conditions, and reasonable and supportable forecasts. Additional disclosures are required. As an emerging growth company, ASU 2016‑13 is effective, for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years beginning after December 15, 2021. The Company is reviewing the technology required to source and model data for the purposes of meeting this standard. While the Company generally expects to recognize a one-time cumulative effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective, the Company cannot yet determine the magnitude of any such one-time adjustment or the overall impact of the new guidance on the Company’s consolidated financial statements. Management continues to expect that the implementation of this ASU may increase the balance of the allowance for loan losses and is continuing to evaluate the potential impact on the Company’s financial position and results of operations. FASB ASU No. 2017‑04, Intangibles—Goodwill and Other (Topic 350) In January 2017, the FASB issued ASU 2017‑04, “Intangibles—Goodwill and Other (Topic 350).” This ASU simplifies the test for goodwill impairment. Specifically, these amendments eliminate Step 2 from the goodwill impairment test, and also eliminate the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. As an emerging growth company, the amendments in this ASU are effective for annual goodwill impairment tests in fiscal years beginning after December 15, 2021. Management continues to believe that the changes will not have a material effect on the Company’s financial position and results of operations. FASB ASU 2017‑08, Premium Amortization on Purchased Callable Debt In March 2017, the FASB issued ASU 2017‑08, “Premium Amortization on Purchased Callable Debt.” This ASU applies to all entities that hold investments in callable debt securities that have an amortized cost basis in excess of the amount that is repayable by the issuer at the earliest call date (that is, at a premium). The ASU requires the premium to be amortized to the earliest call date, not the maturity date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. As an emerging growth company, ASU 2017‑08 is effective as to the Company for years beginning after December 15, 2019 and interim periods within years beginning after December 15, 2020. Early adoption is permitted. Management is still in the process of evaluating the impact of adopting this guidance, but does not expect the ASU to have a material effect on the Company’s financial position or results of operations. FASB ASU No. 2018-02 , Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income The FASB has issued ASU No. 2018-02, “Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” The amendments in this ASU allow a reclassification from accumulated other comprehensive income (AOCI) to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. Consequently, the amendments eliminate the stranded tax effects resulting from the Tax Cuts and Jobs Act and will improve the usefulness of information reported to financial statement users. The amendments in this ASU also require certain disclosures about stranded tax effects. The amendments in this ASU are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of the amendments in this ASU is permitted, including adoption in any interim period, (1) for public business entities for reporting periods for which financial statements have not yet been issued and (2) for all other entities for reporting periods for which financial statements have not yet been made available for issuance. The amendments in this ASU should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. At December 31, 2017, the Company had approximately $243,000 stranded tax effects included in AOCI. The Company adopted this ASU in the first quarter of 2018.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events
Subsequent Events	Note 11: Subsequent Events None.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2018
Basis of Presentation
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of Merchants Bancorp, a registered bank holding company (the “Company”) and its wholly owned subsidiary, Merchants Bank of Indiana (the “Bank”) and the Bank’s subsidiaries, P/R Mortgage and Investment Corp. (“P/RMIC”), Ash Realty Holdings, LLC (“Ash Realty”), Natty Mac Funding, Inc. (“NMF”), and MBI Midtown West, LLC (“MMW”), and P/RMIC’s subsidiary RICHMAC Funding LLC (“RICHMAC”), and Joy State Bank (“JSB”), (collectively referred to as the “Company”). The accompanying unaudited condensed consolidated balance sheet of the Company as of December 31, 2017, which has been derived from audited financial statements, and unaudited condensed consolidated financial statements of the Company as of March 31, 2018 and for the three months ended March 31, 2018 and 2017, were prepared in accordance with the instructions for Form 10‑Q and Article 10 of Regulation S-X and, therefore, do not include information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America. Accordingly, these condensed financial statements should be read in conjunction with the audited financial statements and notes thereto of the Company as of and for the year ended December 31, 2017 in its Annual Report on Form 10-K. Reference is made to the accounting policies of the Company described in the Notes to the Financial Statements contained in the Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) which are necessary for a fair presentation of the unaudited financial statements have been included to present fairly the financial position as of March 31, 2018 and the results of operations for the three months ended March 31, 2018 and 2017, and cash flows for the three months ended March 31, 2018 and 2017. All interim amounts have not been audited and the results of operations for the three months ended March 31, 2018, herein are not necessarily indicative of the results of operations to be expected for the entire year.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements as of and for the period ended March 31, 2017, include the Company and its wholly owned subsidiary, the Bank, and its wholly owned subsidiaries, P/RMIC, Ash Realty, NMF, and MMW. The consolidated financial statements as of and for the period ended March 31, 2018 also includes the Company’s wholly owned subsidiaries RICHMAC and JSB. All significant intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, loan servicing rights and fair values of financial instruments.
Reclassifications	Reclassifications Certain reclassifications have been made to the 2017 financial statements to conform to the financial statement presentation as of and for the three months ended March 31, 2018. These reclassifications had no effect on net income.

Securities (Tables)

Securities (Tables)	3 Months Ended
	Mar. 31, 2018
Securities
Schedule of amortized cost and approximate fair values, together with gross unrealized gains and losses	March 31, 2018 Gross Gross Approximate Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Available-for-sale securities: Treasury notes $ 3,494 $ — $ 21 $ 3,473 Federal agencies 379,719 — 2,103 377,616 Equities 69 18 — 87 Municipals 6,430 — — 6,430 Mortgage-backed - Government-sponsored entity (GSE) - residential 25,851 — — 25,851 Total available-for-sale securities $ 415,563 $ 18 $ 2,124 $ 413,457 December 31, 2017 Gross Gross Approximate Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Available-for-sale securities: Treasury notes $ 1,000 $ — $ 8 $ 992 Federal agencies 376,414 — 1,683 374,731 Municipals 6,688 — — 6,688 Mortgage-backed - Government-sponsored entity (GSE) - residential 25,960 — — 25,960 Total available-for-sale securities $ 410,062 $ — $ 1,691 $ 408,371
Schedule of amortized cost and fair value of available-for-sale securities by contractual maturity	March 31, 2018 December 31, 2017 Amortized Fair Amortized Fair Cost Value Cost Value Contractual Maturity (In thousands) Within one year $ 184,928 $ 184,268 $ 164,997 $ 164,321 After one through five years 198,515 197,051 212,905 211,890 After five through ten years — — — — After ten years 6,200 6,200 6,200 6,200 389,643 387,519 384,102 382,411 Mortgage-backed - Government-sponsored entity (GSE) - residential 25,851 25,851 25,960 25,960 Equities 69 87 — — $ 415,563 $ 413,457 $ 410,062 $ 408,371
Schedule of gross unrealized losses and fair value of investments with unrealized losses have been in continuous	March 31, 2018 12 Months or Less than 12 Months Longer Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) Available-for-sale securities: Treasury notes $ — $ — $ 3,473 $ 21 $ 3,473 $ 21 Federal agencies 173,816 633 203,800 1,470 377,616 2,103 $ 173,816 $ 633 $ 207,273 $ 1,491 $ 381,089 $ 2,124 December 31, 2017 12 Months or Less than 12 Months Longer Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) Available-for-sale securities: Treasury notes $ 992 $ 8 $ — $ — $ 992 $ 8 Federal agencies 191,064 903 183,667 780 374,731 1,683 $ 192,056 $ 911 $ 183,667 $ 780 $ 375,723 $ 1,691

Loans and Allowance for Loan 23

Loans and Allowance for Loan Losses (Tables)	3 Months Ended
	Mar. 31, 2018
Loans and Allowance for Loan Losses
Summary of loans	March 31, December 31, 2018 2017 (In thousands) Mortgage warehouse lines of credit $ 245,724 $ 224,937 Residential real estate 356,885 330,410 Multi-family and healthcare financing 645,432 529,259 Commercial and commercial real estate 249,372 228,668 Agricultural production and real estate 64,548 51,966 Consumer and margin loans 11,229 9,420 1,573,190 1,374,660 Less Allowance for loan losses 9,705 8,311 Loans Receivable $ 1,563,485 $ 1,366,349
Summary of activity in the allowance for loans and recorded investment by loan portfolio	At or For the Three Months Ended March 31, 2018 MTG WHLOC RES RE MF RE CML & CRE AG & AGRE CON & MAR TOTAL (In thousands) Allowance for loan losses Balance, beginning of period $ 283 $ 1,587 3,502 $ 2,362 $ 320 $ 257 $ 8,311 Provision for loan losses 223 76 748 323 13 23 1,406 Loans charged to the allowance — — — — — (17) (17) Recoveries of loans previously charged off — 1 — — — 4 5 Balance, end of period $ 506 $ 1,664 $ 4,250 $ 2,685 $ 333 $ 267 $ 9,705 Ending balance: individually evaluated for impairment $ 175 $ — $ — $ 294 $ 17 $ 146 $ 632 Ending balance: collectively evaluated for impairment $ 331 $ 1,664 $ 4,250 $ 2,391 $ 316 $ 121 $ 9,073 Loans Ending balance $ 245,724 $ 356,885 645,432 $ 249,372 $ 64,548 $ 11,229 $ 1,573,190 Ending balance individually evaluated for impairment $ 933 $ 728 $ 116 $ 6,747 $ 635 $ 146 $ 9,305 Ending balance collectively evaluated for impairment $ 244,791 $ 356,157 $ 645,316 $ 242,625 $ 63,913 $ 11,083 $ 1,563,885 For the Three Months Ended March 31, 2017 MTG WHLOC RES RE MF RE CML & CRE AG & AGRE CON & MAR TOTAL (In thousands) Allowance for loan losses Balance, beginning of period $ 373 $ 2,170 1,962 $ 1,374 $ 269 $ 102 $ 6,250 Provision for loan losses (192) (242) 135 518 37 (16) 240 Transfer out — — — — — — — Loans charged to the allowance — — — — — — — Recoveries of loans previously charged off — — — 26 — 34 60 Balance, end of period $ 181 $ 1,928 $ 2,097 $ 1,918 $ 306 $ 120 $ 6,550
Summary of activity in the allowance for loan losses	December 31, 2017 MTG WHLOC RES RE MF RE CML & CRE AG & AGRE CON & MAR TOTAL (In thousands) Allowance for loan losses Balance, December 31, 2017 $ 283 $ 1,587 $ 3,502 $ 2,362 $ 320 $ 257 $ 8,311 Ending balance: individually evaluated for impairment $ — $ — $ — $ 200 $ 16 $ 146 $ 362 Ending balance: collectively evaluated for impairment $ 283 $ 1,587 $ 3,502 $ 2,162 $ 304 $ 111 $ 7,949 Loans Ending balance $ 224,937 $ 330,410 529,259 $ 228,668 $ 51,966 $ 9,420 $ 1,374,660 Ending balance individually evaluated for impairment $ — $ 729 $ — $ 6,179 $ 282 146 $ 7,336 Ending balance collectively evaluated for impairment $ 224,937 $ 329,681 $ 529,259 $ 222,489 $ 51,684 $ 9,274 $ 1,367,324
Schedule of credit risk profile of loan portfolio	March 31, 2018 MTG WHLOC RES RE MF RE CML & CRE AG & AGRE CON & MAR TOTAL (In thousands) Special Mention (Watch) $ — $ 546 $ 15,831 $ 13,478 $ 2,099 $ 1,601 $ 33,555 Substandard 933 728 — 6,466 282 146 8,555 Doubtful — — — — — — — Acceptable and Above 244,791 355,611 629,601 229,428 62,167 9,482 1,531,080 Total $ 245,724 $ 356,885 $ 645,432 $ 249,372 $ 64,548 $ 11,229 $ 1,573,190 December 31, 2017 MTG WHLOC RES RE MF RE CML & CRE AG & AGRE CON & MAR TOTAL (In thousands) Special Mention (Watch) $ — $ — $ 1,800 $ 12,608 $ 323 $ 1,563 $ 16,294 Substandard — 729 — 6,179 282 146 7,336 Doubtful — — — — — — — Acceptable and Above 224,937 329,681 527,459 209,881 51,361 7,711 1,351,030 Total $ 224,937 $ 330,410 $ 529,259 $ 228,668 $ 51,966 $ 9,420 $ 1,374,660
Schedule of aging analysis of the recorded investment in loans	March 31, 2018 30-59 Days 60-89 Days Greater Than Total Total Past Due Past Due 90 Days Past Due Current Loans (In thousands) MTG WHLOC $ — $ 933 $ — $ 933 $ 244,791 $ 245,724 RES RE 575 123 960 1,658 355,227 356,885 MF RE — — 116 116 645,316 645,432 CML & CRE 120 15 2,305 2,440 246,932 249,372 AG & AGRE 139 — 399 538 64,010 64,548 CON & MAR 11 6 172 189 11,040 11,229 $ 845 $ 1,077 $ 3,952 $ 5,874 $ 1,567,316 $ 1,573,190 December 31, 2017 30-59 Days 60-89 Days Greater Than Total Total Past Due Past Due 90 Days Past Due Current Loans (In thousands) MTG WHLOC $ — $ — $ — $ — $ 224,937 $ 224,937 RES RE — 194 534 728 329,682 330,410 MF RE — — — — 529,259 529,259 CML & CRE — 860 2,061 2,921 225,747 228,668 AG & AGRE 59 — 399 458 51,508 51,966 CON & MAR — — 146 146 9,274 9,420 $ 59 $ 1,054 $ 3,140 $ 4,253 $ 1,370,407 $ 1,374,660
Schedule of components of impaired loans and specific valuation allowance	March 31, 2018 MTG WHLOC RES RE MF RE CML & CRE AG & AGRE CON & MAR TOTAL (In thousands) Impaired loans without a specific allowance: Recorded investment $ — $ 728 $ — $ 4,617 $ 353 $ — $ 5,698 Unpaid principal balance — 728 — 4,617 353 — 5,698 Impaired loans with a specific allowance: Recorded investment 933 — 116 2,130 282 146 3,607 Unpaid principal balance 933 — 116 2,130 282 146 3,607 Specific allowance 175 — — 294 17 146 632 Total impaired loans: Recorded investment 933 728 116 6,747 635 146 9,305 Unpaid principal balance 933 728 116 6,747 635 146 9,305 Specific allowance 175 — — 294 17 146 632 December 31, 2017 MTG WHLOC RES RE MF RE CML & CRE AG & AGRE CON & MAR TOTAL (In thousands) Impaired loans without a specific allowance: Recorded investment $ — $ 729 $ — $ 4,119 $ — $ — $ 4,848 Unpaid principal balance — 729 — 4,119 — — 4,848 Impaired loans with a specific allowance: Recorded investment — — — 2,060 282 146 2,488 Unpaid principal balance — — — 2,060 282 146 2,488 Specific allowance — — — 200 16 146 362 Total impaired loans: Recorded investment — 729 — 6,179 282 146 7,336 Unpaid principal balance — 729 — 6,179 282 146 7,336 Specific allowance — — — 200 16 146 362
Schedule of average recorded investment and interest income recognized in impaired loans	MTG WHLOC RES RE MF RE CML & CRE AG & AGRE CON & MAR TOTAL (In thousands) Three months ended March 31, 2018: Average recorded investment in impaired loans $ 1,352 $ 729 $ 117 $ 6,587 $ 635 $ 146 $ 9,566 Interest income recognized 19 3 3 46 — — 71 Three months ended March 31, 2017: Average recorded investment in impaired loans $ — $ 343 $ — $ 4,974 $ 203 $ — $ 5,520 Interest income recognized — 1 — 30 — — 31
Schedule of nonaccrual loans and loans past due 90 days or more and still accruing	March 31, December 31, 2018 2017 Total Loans > Total Loans > 90 Days & 90 Days & Nonaccrual Accruing Nonaccrual Accruing (In thousands) MTG WHLOC $ 933 $ — $ — $ — RES RE 258 714 60 475 MF RE — 116 — — CML & CRE 2,169 136 2,060 — AG & AGRE 282 117 282 117 CON & MAR 166 8 146 — $ 3,808 $ 1,091 $ 2,548 $ 592

Regulatory Matters (Tables)

Regulatory Matters (Tables)	3 Months Ended
	Mar. 31, 2018
Regulatory Matters
Summary of bank's actual capital amounts and ratios	The Bancorp and Bank’s actual capital amounts and ratios are also presented in the following tables. Minimum Amount Required for Minimum Amount Adequately To Be Well Actual Capitalized (1) Capitalized (1) Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) March 31, 2018 Total capital (1) (to risk-weighted assets) Company $ 369,564 12.7 % $ 232,396 8.0 % $ — N/A Bank 422,422 14.7 % 229,181 8.0 % 286,476 10.0 % Joy State Bank 4,414 11.0 % 3,216 8.0 % 4,019 10.0 % Tier 1 capital (1) (to risk-weighted assets) Company 359,852 12.4 % 174,297 6.0 % — N/A Bank 412,739 14.4 % 171,885 6.0 % 229,181 8.0 % Joy State Bank 4,385 10.9 % 2,412 6.0 % 3,216 8.0 % Common Equity Tier 1 capital (1) (to risk-weighted assets) Company 318,271 11.0 % 130,723 4.5 % — N/A Bank 412,739 14.4 % 128,914 4.5 % 186,209 6.5 % Joy State Bank 4,385 10.9 % 1,809 4.5 % 2,613 6.5 % Tier 1 capital (1) (to average assets) Company 359,852 10.8 % 133,686 4.0 % — N/A Bank 412,739 12.5 % 132,130 4.0 % 165,162 5.0 % Joy State Bank 4,385 9.6 % 1,836 4.0 % 2,295 5.0 % Minimum Minimum Amount Required Amount To Be for Adequately Well Actual Capitalized (1) Capitalized (1) Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2017 Total capital (1) (to risk-weighted assets) Company $ 355,722 13.7 % $ 207,657 8.0 % $ — N/A Bank 406,638 15.7 % 207,567 8.0 % 259,459 10.0 % Tier I capital (1) (to risk-weighted assets) Company 347,411 13.4 % 155,743 6.0 % — N/A Bank 398,327 15.4 % 155,675 6.0 % 207,567 8.0 % Common Equity Tier I capital (1) (to risk-weighted assets) Company 305,830 11.8 % 116,807 4.5 % — N/A Bank 398,327 15.4 % 116,756 4.5 % 168,648 6.5 % Tier I capital (1) (to average assets) Company 347,411 10.9 % 127,318 4.0 % — N/A Bank 398,327 12.5 % 127,593 4.0 % 159,491 5.0 % 1 As defined by regulatory agencies. Beginning January 1, 2015, a new Basel III Capital Rule applied to the Bank. The following table lists the capital categories and ratios determined by the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation. Common Equity Total Risk-based Tier 1 Risk-based Tier 1 Risk-based Tier 1 Capital Category Capital ratio Capital ratio Capital ratio Leverage ratio Well capitalized 10 % 8 % 6.5 % 5 % Adequately capitalized 8 6 4.5 4 Undercapitalized <8 <6 <4.5 <4 Significantly undercapitalized <6 <4 <3 <3 Critically undercapitalized Tangible Equity/Total Assets </= 2%

Derivative Financial Instrume25

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Financial Instruments
Summary of notional amount and fair value of interest rate locks and forward contracts utilized	Notional Fair Value Amount Balance Sheet Location Asset (Liability) March 31, 2018 (In thousands) (In thousands) Interest rate lock commitments $ 9,294 Derivative assets/liabilities $ 116 $ 2 Forward contracts 15,913 Derivative assets/liabilities 12 32 Total derivative financial instruments $ 25,207 $ 128 $ 34
Summarizes the periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income	Three Months Ended March 31, 2018 2017 (In thousands) Interest rate lock commitments $ 114 $ — Forward contracts (1) 105 — Net derivative gains (losses) $ 219 $ — (1) Amount includes pair-off settlements

Disclosures about Fair Value 26

Disclosures about Fair Value of Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2018
Disclosures about Fair Value of Assets and Liabilities
Schedule of fair value measurement of assets measured at fair value on recurring basis	Fair Value Measurements Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Fair Assets Inputs Inputs Assets Value (Level 1) (Level 2) (Level 3) (In thousands) March 31, 2018 Trading securities $ 200,030 $ — $ 200,030 $ — Available-for-sale securities: Treasury notes 3,473 3,473 — — Federal agencies 377,616 — 377,616 — Equities 87 87 — — Municipals 6,430 — 6,430 Mortgage-backed - Government-sponsored entity (GSE) - residential 25,851 — 25,851 — Loans held for sale 6,618 — 6,618 — Mortgage servicing rights 67,268 — — 67,268 Derivative assets - interest rate lock commitments 116 — — 116 Derivative assets - forward contracts 12 — 12 — Derivative liabilities - interest rate lock commitments 2 — — 2 Derivative liabilities - forward contracts 32 — 32 — December 31, 2017 Trading securities $ 140,837 $ — $ 140,837 $ — Available-for-sale securities: Treasury notes 992 992 — — Federal agencies 374,731 — 374,731 — Municipals 6,688 — — 6,688 Mortgage-backed - Government-sponsored entity (GSE) - residential 25,960 — 25,960 — Mortgage servicing rights 66,079 — — 66,079
Schedule of Level 3 reconciliation of recurring fair value measurements	Three Months Ended March 31, 2018 2017 (In thousands) Mortgage servicing rights Balance, beginning of period $ 66,079 $ 53,670 Additions Purchased servicing 327 480 Originated servicing 3,125 837 Subtractions Paydowns (1,370) (286) Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model (893) 87 Balance, end of period $ 67,268 $ 54,788 Available-for-sale securities - Municipals Balance, beginning of period $ 6,688 $ — Additions Purchased securities — — Subtractions Paydowns (258) — Unrealized gains (losses) included in other comprehensive income — — Balance, end of period $ 6,430 $ — Derivative Assets - interest rate lock commitments Balance, beginning of period $ — $ — Purchases — — Changes in fair value 116 — Balance, end of period $ 116 $ — Derivative Liabilities - interest rate lock commitments Balance, beginning of period $ — $ — Purchases — — Changes in fair value 2 — Balance, end of period $ 2 $ —
Schedule of fair value measurement of assets and liabilities measured at fair value on nonrecurring basis	Fair Value Measurements Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Fair Assets Inputs Inputs Assets Value (Level 1) (Level 2) (Level 3) (In thousands) March 31, 2018 Impaired loans (collateral-dependent) $ 758 $ — $ — $ 758 December 31, 2017 Impaired loans (collateral-dependent) $ 2,126 $ — $ — $ 2,126
Schedule of quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements other than goodwill	Valuation Fair Value Technique Unobservable Inputs Range (In thousands) At March 31, 2018: Collateral-dependent impaired loans $ 758 Market comparable properties Marketability discount 25% Mortgage servicing rights $ 67,268 Discounted cash flow Discount rate 8% - 13% Constant prepayment rate 1% - 31% Municipals $ 6,430 Discounted cash flow Discount rate 5% Derivative assets - interest rate lock commitments $ 116 Discounted cash flow loan closing rates 80-99% Derivative liabilities - interest rate lock commitments $ 2 Discounted cash flow loan closing rates 80-99% At December 31, 2017: Collateral-dependent impaired loans $ 2,126 Market comparable properties Marketability discount 5% - 47% Mortgage servicing rights $ 66,079 Discounted cash flow Discount rate 8% - 13% Constant prepayment rate 1% - 36%
Schedule of carrying amount and estimated fair value of financial instruments	Fair Value Measurements Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Carrying Fair Assets Inputs Inputs Assets Value Value (Level 1) (Level 2) (Level 3) (In thousands) March 31, 2018 Financial assets: Cash and cash equivalents $ 287,733 $ 287,733 $ 287,733 $ — $ — Securities purchased under agreements to resell 7,003 7,003 — 7,003 — FHLB stock 7,711 7,711 — 7,711 — Loans held for sale 1,074,758 1,074,758 — 1,074,758 — Loans, net 1,563,485 1,567,125 — — 1,567,125 Interest receivable 9,627 9,627 — 9,627 — Financial liabilities: Deposits 3,062,600 3,062,014 2,457,931 604,083 — Line of credit 25,000 25,000 — 25,000 — Short-term subordinated debt 30,000 30,000 — 30,000 — FHLB advances 144,378 144,381 — 144,381 — Interest payable 3,996 3,996 — 3,996 — December 31, 2017 Financial assets: Cash and cash equivalents $ 359,519 $ 359,519 $ 359,519 $ — $ — Securities purchased under agreements to resell 7,043 7,043 — 7,043 — FHLB stock 7,539 7,539 — 7,539 — Loans held for sale 995,319 995,319 — 995,319 — Loans, net 1,366,349 1,364,568 — — 1,364,568 Interest receivable 8,326 8,326 — 8,326 — Financial liabilities: Deposits 2,943,561 2,943,173 2,534,605 408,568 — Line of credit 25,000 25,000 — 25,000 — Short-term subordinated debt 30,000 30,000 — 30,000 — FHLB advances 1,612 1,620 — 1,620 — Interest payable 2,817 2,817 — 2,817 —

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings per share
Schedule of computation of earnings per share	Three Month Periods Ended March 31, 2018 2017 Weighted- Per Weighted- Per Net Average Share Net Average Share Income Shares Amount Income Shares Amount (In thousands) (In thousands) 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 share 28,690,876 $ 0.50 21,114,400 $ 0.39 Effect of dilutive securities-restricted stock awards 19,604 8,857 Diluted earnings per share 28,710,480 $ 0.50 21,123,257 $ 0.39

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Information
Schedule of business segment financial information	Multi-family Mortgage Mortgage Banking Warehousing Banking Other Total (In thousands) Three Months Ended March 31, 2018 Total interest income $ 163 $ 11,857 $ 16,753 $ 265 $ 29,038 Total interest expense — 3,797 5,593 (460) 8,930 Net interest income 163 8,060 11,160 725 20,108 Provision for loan losses — 674 732 — 1,406 Net interest income after provision for loan losses 163 7,386 10,428 725 18,702 Total noninterest income 10,511 486 652 (336) 11,313 Noninterest expense 3,382 1,736 3,169 1,983 10,270 Income before income taxes 7,292 6,136 7,911 (1,594) 19,745 Income taxes 1,808 1,506 1,931 (561) 4,684 Net income $ 5,484 $ 4,630 $ 5,980 $ (1,033) $ 15,061 Total assets $ 141,703 $ 1,603,584 $ 1,908,823 $ 21,739 $ 3,675,849 Multi-family Mortgage Mortgage Banking Warehousing Banking Other Total (In thousands) Three Months Ended March 31, 2017 Total interest income $ 51 $ 10,149 $ 8,807 $ — $ 19,007 Total interest expense — 2,613 2,949 (86) 5,476 Net interest income 51 7,536 5,858 86 13,531 Provision for loan losses — 247 (7) — 240 Net interest income after provision for loan losses 51 7,289 5,865 86 13,291 Total noninterest income 7,223 625 243 — 8,091 Noninterest expense 1,595 1,787 2,212 1,047 6,641 Income before income taxes 5,679 6,127 3,896 (961) 14,741 Income taxes 2,162 2,332 1,483 (366) 5,611 Net income $ 3,517 $ 3,795 $ 2,413 $ (595) $ 9,130 Total assets $ 104,709 $ 1,048,771 $ 1,636,692 $ 10,509 $ 2,800,681

Basis of Presentation - Other (

Basis of Presentation - Other (Details)	Jul. 05, 2017shares	Mar. 31, 2018shares	Dec. 31, 2017shares
Stock Split
Common stock, shares authorized	50,000,000	50,000,000	50,000,000
Stock split, conversion ratio	2.5

Basis of Presentation - Acquisi

Basis of Presentation - Acquisitions (Details) - USD ($)	Jan. 02, 2018	Aug. 15, 2017	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Acquisitions
Total assets			$ 3,675,849,000	$ 3,393,133,000	$ 2,800,681,000
Goodwill			$ 5,139,000	3,902,000
Joy State Bank
Acquisitions
Total assets				$ 43,000,000
RICHMAC
Acquisitions
Percentage of voting interests acquired		100.00%
Purchase price paid shares		$ 8,100,000
Goodwill		3,900,000
Intangible assets		$ 1,600,000
Joy State Bank | Stock Purchase Agreement
Acquisitions
Total cost	$ 5,500,000
Goodwill	737,000
Intangible assets	478,000
Time deposits	16,700,000
Time deposits at fair value	16,900,000
Fair value premium of acquired time deposits	$ 185,000
Number of years of accretion against interest expense	20 months
Acquired loan portfolio	$ 27,900,000
Acquired loan portfolio at fair value	27,500,000
Fair value discount on acquired loan portfolio	$ 458,000
Number of years of accretion to interest income	39 months
Joy State Bank | Core Deposits | Stock Purchase Agreement
Acquisitions
Useful life	10 years

Securities - Amortized Cost to

Securities - Amortized Cost to Approximate Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Trading Securities
Fair value changes recorded in earnings	$ 1,500	$ 1,700
Available-for-sale securities:
Amortized Cost	415,563		$ 410,062
Gross Unrealized Gains	18
Gross Unrealized Losses	2,124		1,691
Fair Value	413,457		408,371
Treasury notes
Available-for-sale securities:
Amortized Cost	3,494		1,000
Gross Unrealized Losses	21		8
Fair Value	3,473		992
Federal agencies
Available-for-sale securities:
Amortized Cost	379,719		376,414
Gross Unrealized Losses	2,103		1,683
Fair Value	377,616		374,731
Equities
Available-for-sale securities:
Amortized Cost	69
Gross Unrealized Gains	18
Fair Value	87
Municipals
Available-for-sale securities:
Amortized Cost	6,430		6,688
Fair Value	6,430		6,688
Mortgage-backed - Government-sponsored entity (GSE) - residential
Available-for-sale securities:
Amortized Cost	25,851		25,960
Fair Value	$ 25,851		$ 25,960

Securities - Contractual Maturi

Securities - Contractual Maturities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Contractual Maturities, Amortized Cost
Within one year	$ 184,928	$ 164,997
After one through five years	198,515	212,905
After ten years	6,200	6,200
Contractual Maturities, Amortized Cost, Single Maturity Date	389,643	384,102
Available-for-sale Securities, Amortized Cost Basis, Total	415,563	410,062
Contractual Maturities, Fair Value
Within one year	184,268	164,321
After one through five years	197,051	211,890
After ten years	6,200	6,200
Contractual Maturities, Fair Value, Single Maturity Date	387,519	382,411
Fair Value	413,457	408,371
Proceeds from the sale of securities available for sale	0
Mortgage-backed - Government-sponsored entity (GSE) - residential
Contractual Maturities, Amortized Cost
Contractual Maturities, Amortized Cost, Not Due at a Single Maturity Date	25,851	25,960
Available-for-sale Securities, Amortized Cost Basis, Total	25,851	25,960
Contractual Maturities, Fair Value
Contractual Maturities, Fair Value, Not Due at a Single Maturity Date	25,851	25,960
Fair Value	25,851	$ 25,960
Equities
Contractual Maturities, Amortized Cost
Contractual Maturities, Amortized Cost, Not Due at a Single Maturity Date	69
Available-for-sale Securities, Amortized Cost Basis, Total	69
Contractual Maturities, Fair Value
Contractual Maturities, Fair Value, Not Due at a Single Maturity Date	87
Fair Value	$ 87

Securities - Continuous Unreali

Securities - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months	$ 173,816	$ 192,056
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, 12 Months or Longer	207,273	183,667
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total	381,089	375,723
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Less than 12 Months	633	911
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, 12 Months or Longer	1,491	780
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	2,124	1,691
Treasury notes
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months		992
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, 12 Months or Longer	3,473
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total	3,473	992
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Less than 12 Months		8
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, 12 Months or Longer	21
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	21	8
Federal agencies
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months	173,816	191,064
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, 12 Months or Longer	203,800	183,667
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total	377,616	374,731
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Less than 12 Months	633	903
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, 12 Months or Longer	1,470	780
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	$ 2,103	$ 1,683

Loans and Allowance for Loan 34

Loans and Allowance for Loan Losses - Summary of Loans By Classification (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Loans and Allowance for Loan Losses
Loans	$ 1,573,190	$ 1,374,660
Allowance for loan losses	9,705	8,311	$ 6,550	$ 6,250
Loans and Leases Receivable, Net Amount, Total	1,563,485	1,366,349
Mortgage warehouse lines of credit
Loans and Allowance for Loan Losses
Loans	245,724	224,937
Allowance for loan losses	506	283	181	373
Residential real estate
Loans and Allowance for Loan Losses
Loans	356,885	330,410
Allowance for loan losses	1,664	1,587	1,928	2,170
Multi-family and healthcare financing
Loans and Allowance for Loan Losses
Loans	645,432	529,259
Allowance for loan losses	4,250	3,502	2,097	1,962
Commercial and commercial real estate
Loans and Allowance for Loan Losses
Loans	249,372	228,668
Allowance for loan losses	2,685	2,362	1,918	1,374
Agricultural production and real estate
Loans and Allowance for Loan Losses
Loans	64,548	51,966
Allowance for loan losses	333	320	306	269
Consumer and margin loans
Loans and Allowance for Loan Losses
Loans	11,229	9,420
Allowance for loan losses	$ 267	$ 257	$ 120	$ 102

Loans and Allowance for Loan 35

Loans and Allowance for Loan Losses - Allowance For Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Allowance for loan losses
Balance, beginning of period	$ 8,311	$ 6,250
Provision for loan losses	(1,406)	(240)
Loans charged to the allowance	(17)
Recoveries of loans previously charged off	5	60
Balance, end of period	9,705	6,550
Ending balance: individually evaluated for impairment	632		$ 362
Ending balance: collectively evaluated for impairment	9,073		7,949
Loans
Ending balance	1,573,190		1,374,660
Ending balance individually evaluated for impairment	9,305		7,336
Ending balance: collectively evaluated for impairment	1,563,885		1,367,324
Mortgage warehouse lines of credit
Allowance for loan losses
Balance, beginning of period	283	373
Provision for loan losses	(223)	192
Balance, end of period	506	181
Ending balance: individually evaluated for impairment	175
Ending balance: collectively evaluated for impairment	331		283
Loans
Ending balance	245,724		224,937
Ending balance individually evaluated for impairment	933
Ending balance: collectively evaluated for impairment	244,791		224,937
Residential real estate
Allowance for loan losses
Balance, beginning of period	1,587	2,170
Provision for loan losses	(76)	242
Recoveries of loans previously charged off	1
Balance, end of period	1,664	1,928
Ending balance: collectively evaluated for impairment	1,664		1,587
Loans
Ending balance	356,885		330,410
Ending balance individually evaluated for impairment	728		729
Ending balance: collectively evaluated for impairment	356,157		329,681
Multi-family and healthcare financing
Allowance for loan losses
Balance, beginning of period	3,502	1,962
Provision for loan losses	(748)	(135)
Balance, end of period	4,250	2,097
Ending balance: collectively evaluated for impairment	4,250		3,502
Loans
Ending balance	645,432		529,259
Ending balance individually evaluated for impairment	116
Ending balance: collectively evaluated for impairment	645,316		529,259
Commercial and commercial real estate
Allowance for loan losses
Balance, beginning of period	2,362	1,374
Provision for loan losses	(323)	(518)
Recoveries of loans previously charged off		26
Balance, end of period	2,685	1,918
Ending balance: individually evaluated for impairment	294		200
Ending balance: collectively evaluated for impairment	2,391		2,162
Loans
Ending balance	249,372		228,668
Ending balance individually evaluated for impairment	6,747		6,179
Ending balance: collectively evaluated for impairment	242,625		222,489
Agricultural production and real estate
Allowance for loan losses
Balance, beginning of period	320	269
Provision for loan losses	(13)	(37)
Balance, end of period	333	306
Ending balance: individually evaluated for impairment	17		16
Ending balance: collectively evaluated for impairment	316		304
Loans
Ending balance	64,548		51,966
Ending balance individually evaluated for impairment	635		282
Ending balance: collectively evaluated for impairment	63,913		51,684
Consumer and margin loans
Allowance for loan losses
Balance, beginning of period	257	102
Provision for loan losses	(23)	16
Loans charged to the allowance	(17)
Recoveries of loans previously charged off	4	34
Balance, end of period	267	$ 120
Ending balance: individually evaluated for impairment	146		146
Ending balance: collectively evaluated for impairment	121		111
Loans
Ending balance	11,229		9,420
Ending balance individually evaluated for impairment	146		146
Ending balance: collectively evaluated for impairment	$ 11,083		$ 9,274

Loans and Allowance for Loan 36

Loans and Allowance for Loan Losses - Credit Risk Profile of Loan Portfolio (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Credit risk profile of portfolio
Loans	$ 1,573,190	$ 1,374,660
Special Mention (Watch)
Credit risk profile of portfolio
Loans	33,555	16,294
Substandard
Credit risk profile of portfolio
Loans	8,555	7,336
Acceptable and Above
Credit risk profile of portfolio
Loans	1,531,080	1,351,030
Mortgage warehouse lines of credit
Credit risk profile of portfolio
Loans	245,724	224,937
Mortgage warehouse lines of credit | Substandard
Credit risk profile of portfolio
Loans	933
Mortgage warehouse lines of credit | Acceptable and Above
Credit risk profile of portfolio
Loans	244,791	224,937
Residential real estate
Credit risk profile of portfolio
Loans	356,885	330,410
Residential real estate | Special Mention (Watch)
Credit risk profile of portfolio
Loans	546
Residential real estate | Substandard
Credit risk profile of portfolio
Loans	728	729
Residential real estate | Acceptable and Above
Credit risk profile of portfolio
Loans	355,611	329,681
Multi-family and healthcare financing
Credit risk profile of portfolio
Loans	645,432	529,259
Multi-family and healthcare financing | Special Mention (Watch)
Credit risk profile of portfolio
Loans	15,831	1,800
Multi-family and healthcare financing | Acceptable and Above
Credit risk profile of portfolio
Loans	629,601	527,459
Commercial and commercial real estate
Credit risk profile of portfolio
Loans	249,372	228,668
Commercial and commercial real estate | Special Mention (Watch)
Credit risk profile of portfolio
Loans	13,478	12,608
Commercial and commercial real estate | Substandard
Credit risk profile of portfolio
Loans	6,466	6,179
Commercial and commercial real estate | Acceptable and Above
Credit risk profile of portfolio
Loans	229,428	209,881
Agricultural production and real estate
Credit risk profile of portfolio
Loans	64,548	51,966
Agricultural production and real estate | Special Mention (Watch)
Credit risk profile of portfolio
Loans	2,099	323
Agricultural production and real estate | Substandard
Credit risk profile of portfolio
Loans	282	282
Agricultural production and real estate | Acceptable and Above
Credit risk profile of portfolio
Loans	62,167	51,361
Consumer and margin loans
Credit risk profile of portfolio
Loans	11,229	9,420
Consumer and margin loans | Special Mention (Watch)
Credit risk profile of portfolio
Loans	1,601	1,563
Consumer and margin loans | Substandard
Credit risk profile of portfolio
Loans	146	146
Consumer and margin loans | Acceptable and Above
Credit risk profile of portfolio
Loans	$ 9,482	$ 7,711

Loans and Allowance for Loan 37

Loans and Allowance for Loan Losses - Aging Analysis Of The Recorded Investment In Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Aging analysis of loan portfolio
Past due loans	$ 5,874	$ 4,253
Current loans	1,567,316	1,370,407
Loans and Leases Receivable, Net of Deferred Income, Total	1,573,190	1,374,660
30-59 Days Past Due
Aging analysis of loan portfolio
Past due loans	845	59
60-89 Days Past Due
Aging analysis of loan portfolio
Past due loans	1,077	1,054
Greater Than 90 Days
Aging analysis of loan portfolio
Past due loans	3,952	3,140
Mortgage warehouse lines of credit
Aging analysis of loan portfolio
Past due loans	933
Current loans	244,791	224,937
Loans and Leases Receivable, Net of Deferred Income, Total	245,724	224,937
Mortgage warehouse lines of credit | 60-89 Days Past Due
Aging analysis of loan portfolio
Past due loans	933
Residential real estate
Aging analysis of loan portfolio
Past due loans	1,658	728
Current loans	355,227	329,682
Loans and Leases Receivable, Net of Deferred Income, Total	356,885	330,410
Residential real estate | 30-59 Days Past Due
Aging analysis of loan portfolio
Past due loans	575
Residential real estate | 60-89 Days Past Due
Aging analysis of loan portfolio
Past due loans	123	194
Residential real estate | Greater Than 90 Days
Aging analysis of loan portfolio
Past due loans	960	534
Multi-family and healthcare financing
Aging analysis of loan portfolio
Past due loans	116
Current loans	645,316	529,259
Loans and Leases Receivable, Net of Deferred Income, Total	645,432	529,259
Multi-family and healthcare financing | Greater Than 90 Days
Aging analysis of loan portfolio
Past due loans	116
Commercial and commercial real estate
Aging analysis of loan portfolio
Past due loans	2,440	2,921
Current loans	246,932	225,747
Loans and Leases Receivable, Net of Deferred Income, Total	249,372	228,668
Commercial and commercial real estate | 30-59 Days Past Due
Aging analysis of loan portfolio
Past due loans	120
Commercial and commercial real estate | 60-89 Days Past Due
Aging analysis of loan portfolio
Past due loans	15	860
Commercial and commercial real estate | Greater Than 90 Days
Aging analysis of loan portfolio
Past due loans	2,305	2,061
Agricultural production and real estate
Aging analysis of loan portfolio
Past due loans	538	458
Current loans	64,010	51,508
Loans and Leases Receivable, Net of Deferred Income, Total	64,548	51,966
Agricultural production and real estate | 30-59 Days Past Due
Aging analysis of loan portfolio
Past due loans	139	59
Agricultural production and real estate | Greater Than 90 Days
Aging analysis of loan portfolio
Past due loans	399	399
Consumer and margin loans
Aging analysis of loan portfolio
Past due loans	189	146
Current loans	11,040	9,274
Loans and Leases Receivable, Net of Deferred Income, Total	11,229	9,420
Consumer and margin loans | 30-59 Days Past Due
Aging analysis of loan portfolio
Past due loans	11
Consumer and margin loans | 60-89 Days Past Due
Aging analysis of loan portfolio
Past due loans	6
Consumer and margin loans | Greater Than 90 Days
Aging analysis of loan portfolio
Past due loans	$ 172	$ 146

Loans and Allowance for Loan 38

Loans and Allowance for Loan Losses - Impaired Loans and Specific Valuation Allowance (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Impaired loans without a specific allowance:
Recorded investment	$ 5,698	$ 4,848
Unpaid principal balance	5,698	4,848
Impaired loans with a specific allowance:
Recorded investment	3,607	2,488
Unpaid principal balance	3,607	2,488
Specific allowance	632	362
Total impaired loans:
Recorded investments	9,305	7,336
Unpaid principal balance	9,305	7,336
Specific allowance	632	362
Mortgage warehouse lines of credit
Impaired loans with a specific allowance:
Recorded investment	933
Unpaid principal balance	933
Specific allowance	175
Total impaired loans:
Recorded investments	933
Unpaid principal balance	933
Specific allowance	175
Residential real estate
Impaired loans without a specific allowance:
Recorded investment	728	729
Unpaid principal balance	728	729
Total impaired loans:
Recorded investments	728	729
Unpaid principal balance	728	729
Multi-family and healthcare financing
Impaired loans with a specific allowance:
Recorded investment	116
Unpaid principal balance	116
Total impaired loans:
Recorded investments	116
Unpaid principal balance	116
Commercial and commercial real estate
Impaired loans without a specific allowance:
Recorded investment	4,617	4,119
Unpaid principal balance	4,617	4,119
Impaired loans with a specific allowance:
Recorded investment	2,130	2,060
Unpaid principal balance	2,130	2,060
Specific allowance	294	200
Total impaired loans:
Recorded investments	6,747	6,179
Unpaid principal balance	6,747	6,179
Specific allowance	294	200
Agricultural production and real estate
Impaired loans without a specific allowance:
Recorded investment	353
Unpaid principal balance	353
Impaired loans with a specific allowance:
Recorded investment	282	282
Unpaid principal balance	282	282
Specific allowance	17	16
Total impaired loans:
Recorded investments	635	282
Unpaid principal balance	635	282
Specific allowance	17	16
Consumer and margin loans
Impaired loans with a specific allowance:
Recorded investment	146	146
Unpaid principal balance	146	146
Specific allowance	146	146
Total impaired loans:
Recorded investments	146	146
Unpaid principal balance	146	146
Specific allowance	$ 146	$ 146

Loans and Allowance for Loan 39

Loans and Allowance for Loan Losses - Average Recorded Investment and Interest Income Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Impaired Loans
Average recorded investment in impaired loans	$ 9,566	$ 5,520
Interest income recognized	71	31
Mortgage warehouse lines of credit
Impaired Loans
Average recorded investment in impaired loans	1,352
Interest income recognized	19
Residential real estate
Impaired Loans
Average recorded investment in impaired loans	729	343
Interest income recognized	3	1
Multi-family and healthcare financing
Impaired Loans
Average recorded investment in impaired loans	117
Interest income recognized	3
Commercial and commercial real estate
Impaired Loans
Average recorded investment in impaired loans	6,587	4,974
Interest income recognized	46	30
Agricultural production and real estate
Impaired Loans
Average recorded investment in impaired loans	635	$ 203
Consumer and margin loans
Impaired Loans
Average recorded investment in impaired loans	$ 146

Loans and Allowance for Loan 40

Loans and Allowance for Loan Losses - Non Accrual Loans and Loans Past Due 90 Days Or More and Still Accruing (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)item	Mar. 31, 2017USD ($)item	Dec. 31, 2017USD ($)
Loan portfolio past due loans
Nonaccrual	$ 3,808		$ 2,548
Total Loans Greater than 90 Days & Accruing	1,091		592
Troubled debt restructurings, value	$ 0	$ 0
Number of troubled debt restructuring | item	0	0
Residential loans in process of foreclosure, value	$ 0		0
Mortgage warehouse lines of credit
Loan portfolio past due loans
Nonaccrual	933
Residential real estate
Loan portfolio past due loans
Nonaccrual	258		60
Total Loans Greater than 90 Days & Accruing	714		475
Multi-family and healthcare financing
Loan portfolio past due loans
Total Loans Greater than 90 Days & Accruing	116
Commercial and commercial real estate
Loan portfolio past due loans
Nonaccrual	2,169		2,060
Total Loans Greater than 90 Days & Accruing	136
Agricultural production and real estate
Loan portfolio past due loans
Nonaccrual	282		282
Total Loans Greater than 90 Days & Accruing	117		117
Consumer and margin loans
Loan portfolio past due loans
Nonaccrual	166		$ 146
Total Loans Greater than 90 Days & Accruing	$ 8

Regulatory Matters (Details)

Regulatory Matters (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Company
Total Capital
Total Capital (to risk-weighted assets), Actual, Capital Amount	$ 369,564	$ 355,722
Total Capital (to risk weighted assets), Actual, Ratio (as a percent)	12.70%	13.70%
Total Capital, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 232,396	$ 207,657
Total Capital (to risk weighted assets), Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	8.00%	8.00%
Tier I Capital
Tier I Capital, (to risk-weighted assets), Actual, Capital Amount	$ 359,852	$ 347,411
Tier I Capital (to risk weighted assets), Actual, Ratio (as a percent)	12.40%	13.40%
Tier I Capital, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 174,297	$ 155,743
Tier I Capital (to risk weighted assets), Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	6.00%	6.00%
Common Equity Tier I Capital 1
Common Equity Tier I Capital 1, Actual, Capital Amount	$ 318,271	$ 305,830
Common Equity Tier I Capital 1 (to risk weighted assets), Ratio (as a percent)	11.00%	11.80%
Common Equity Tier I Capital 1, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 130,723	$ 116,807
Common Equity Tier I Capital 1 (to risk weighted assets, Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	4.50%	4.50%
Common Equity Tier I Capital 1
Common Equity Tier I Capital 1, Actual, Capital Amount	$ 359,852	$ 347,411
Common Equity Tier I Capital 1 (to risk weighted assets), Ratio (as a percent)	10.80%	10.90%
Common Equity Tier I Capital 1, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 133,686	$ 127,318
Common Equity Tier I Capital 1, Minimum Amount Required for Adequately Capitalized, Capital Amount (as a percent)	4.00%	4.00%
Federal Deposit Corporation And Federal Reserve Board | Rules Effective January 1, 2015
Tier 1 Leverage
Deductions and other adjustments to CET1 beginning (as a percent)	40.00%
Additional deductions and other adjustments to CET1 subsequent years (as a percent)	20.00%
Basel III Capital Rules related to CET1, period (in years)	4 years
Federal Deposit Corporation And Federal Reserve Board | Rules Phased in beginning January 2016
Tier 1 Leverage
New capital conservation buffer requirement beginning Ratio	0.625%
Basel III Capital Rules related to CET1, period (in years)	4 years
Additional capital conservation buffer requirement subsequent years Ratio	2.50%
Bank
Total Capital
Total Capital (to risk-weighted assets), Actual, Capital Amount	$ 422,422	$ 406,638
Total Capital (to risk weighted assets), Actual, Ratio (as a percent)	14.70%	15.70%
Total Capital, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 229,181	$ 207,567
Total Capital (to risk weighted assets), Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	8.00%	8.00%
Total capital, Minimum Amount To Be Well Capitalized, Capital Amount	$ 286,476	$ 259,459
Total Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent)	10.00%	10.00%
Tier I Capital
Tier I Capital, (to risk-weighted assets), Actual, Capital Amount	$ 412,739	$ 398,327
Tier I Capital (to risk weighted assets), Actual, Ratio (as a percent)	14.40%	15.40%
Tier I Capital, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 171,885	$ 155,675
Tier I Capital (to risk weighted assets), Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	6.00%	6.00%
Tier I Capital, Minimum Amount To Be Well Capitalized, Capital Amount	$ 229,181	$ 207,567
Tier I Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent)	8.00%	8.00%
Common Equity Tier I Capital 1
Common Equity Tier I Capital 1, Actual, Capital Amount	$ 412,739	$ 398,327
Common Equity Tier I Capital 1 (to risk weighted assets), Ratio (as a percent)	14.40%	15.40%
Common Equity Tier I Capital 1, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 128,914	$ 116,756
Common Equity Tier I Capital 1 (to risk weighted assets, Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	4.50%	4.50%
Common Equity Tier I Capital 1, Minimum Amount To Be Well Capitalized, Capital Amount	$ 186,209	$ 168,648
Common Equity Tier I Capital 1 (to risk weighted assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent)	6.50%	6.50%
Common Equity Tier I Capital 1
Common Equity Tier I Capital 1, Actual, Capital Amount	$ 412,739	$ 398,327
Common Equity Tier I Capital 1 (to risk weighted assets), Ratio (as a percent)	12.50%	12.50%
Common Equity Tier I Capital 1, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 132,130	$ 127,593
Common Equity Tier I Capital 1, Minimum Amount Required for Adequately Capitalized, Capital Amount (as a percent)	4.00%	4.00%
Common Equity Tier I Capital 1, Minimum Amount To Be Well Capitalized, Capital Amount	$ 165,162	$ 159,491
Common Equity Tier I Capital 1, Minimum Amount To Be Well Capitalized, Capital Amount (as a percent)	5.00%	5.00%
Joy State Bank
Total Capital
Total Capital (to risk-weighted assets), Actual, Capital Amount	$ 4,414
Total Capital (to risk weighted assets), Actual, Ratio (as a percent)	11.00%
Total Capital, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 3,216
Total Capital (to risk weighted assets), Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	8.00%
Total capital, Minimum Amount To Be Well Capitalized, Capital Amount	$ 4,019
Total Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent)	10.00%
Tier I Capital
Tier I Capital, (to risk-weighted assets), Actual, Capital Amount	$ 4,385
Tier I Capital (to risk weighted assets), Actual, Ratio (as a percent)	10.90%
Tier I Capital, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 2,412
Tier I Capital (to risk weighted assets), Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	6.00%
Tier I Capital, Minimum Amount To Be Well Capitalized, Capital Amount	$ 3,216
Tier I Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent)	8.00%
Common Equity Tier I Capital 1
Common Equity Tier I Capital 1, Actual, Capital Amount	$ 4,385
Common Equity Tier I Capital 1 (to risk weighted assets), Ratio (as a percent)	10.90%
Common Equity Tier I Capital 1, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 1,809
Common Equity Tier I Capital 1 (to risk weighted assets, Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	4.50%
Common Equity Tier I Capital 1, Minimum Amount To Be Well Capitalized, Capital Amount	$ 2,613
Common Equity Tier I Capital 1 (to risk weighted assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent)	6.50%
Common Equity Tier I Capital 1
Common Equity Tier I Capital 1, Actual, Capital Amount	$ 4,385
Common Equity Tier I Capital 1 (to risk weighted assets), Ratio (as a percent)	9.60%
Common Equity Tier I Capital 1, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 1,836
Common Equity Tier I Capital 1, Minimum Amount Required for Adequately Capitalized, Capital Amount (as a percent)	4.00%
Common Equity Tier I Capital 1, Minimum Amount To Be Well Capitalized, Capital Amount	$ 2,295
Common Equity Tier I Capital 1, Minimum Amount To Be Well Capitalized, Capital Amount (as a percent)	5.00%

Derivative Financial Instrume42

Derivative Financial Instruments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Derivative Financial Instruments
Notional amount	$ 25,207
The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income
Net derivative gains (losses)	219
Derivative assets
Derivative Financial Instruments
Derivative assets, fair value	128
Derivative liabilities
Derivative Financial Instruments
Derivative liabilities, fair value	34
Interest Rate Lock Commitments
Derivative Financial Instruments
Notional amount	9,294
The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income
Net derivative gains (losses)	114
Interest Rate Lock Commitments | Derivative assets
Derivative Financial Instruments
Derivative assets, fair value	116
Interest Rate Lock Commitments | Derivative liabilities
Derivative Financial Instruments
Derivative liabilities, fair value	2
Forward Contracts
Derivative Financial Instruments
Notional amount	15,913
The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income
Net derivative gains (losses)	105
Forward Contracts | Derivative assets
Derivative Financial Instruments
Derivative assets, fair value	12
Forward Contracts | Derivative liabilities
Derivative Financial Instruments
Derivative liabilities, fair value	$ 32

Disclosures about Fair Value 43

Disclosures about Fair Value of Assets and Liabilities - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Disclosures about Fair Value of Assets and Liabilities
Trading securities	$ 200,030	$ 140,837
Available for sale securities	413,457	408,371
Loans held for sale	6,618
Mortgage servicing rights	67,268	66,079
Derivative liabilities
Disclosures about Fair Value of Assets and Liabilities
Derivative liabilities	34
Derivative liabilities | Interest Rate Lock Commitments
Disclosures about Fair Value of Assets and Liabilities
Derivative liabilities	2
Derivative liabilities | Forward Contracts
Disclosures about Fair Value of Assets and Liabilities
Derivative liabilities	32
Derivative assets
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	128
Derivative assets | Interest Rate Lock Commitments
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	116
Derivative assets | Forward Contracts
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	12
Recurring
Disclosures about Fair Value of Assets and Liabilities
Trading securities	200,030	140,837
Loans held for sale	6,618
Mortgage servicing rights	67,268	66,079
Recurring | Derivative liabilities | Interest Rate Lock Commitments
Disclosures about Fair Value of Assets and Liabilities
Derivative liabilities	2
Recurring | Derivative liabilities | Forward Contracts
Disclosures about Fair Value of Assets and Liabilities
Derivative liabilities	32
Recurring | Derivative assets | Interest Rate Lock Commitments
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	116
Recurring | Derivative assets | Forward Contracts
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	12
Level 2 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Trading securities	200,030	140,837
Loans held for sale	6,618
Level 2 | Recurring | Derivative liabilities | Forward Contracts
Disclosures about Fair Value of Assets and Liabilities
Derivative liabilities	32
Level 2 | Recurring | Derivative assets | Forward Contracts
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	12
Level 3 | Interest Rate Lock Commitments
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	116
Derivative liabilities	2
Level 3 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Mortgage servicing rights	67,268	66,079
Level 3 | Recurring | Derivative liabilities | Interest Rate Lock Commitments
Disclosures about Fair Value of Assets and Liabilities
Derivative liabilities	2
Level 3 | Recurring | Derivative assets | Interest Rate Lock Commitments
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	116
Treasury notes | Recurring
Disclosures about Fair Value of Assets and Liabilities
Available for sale securities	3,473	992
Treasury notes | Level 1 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Available for sale securities	3,473	992
Federal agencies
Disclosures about Fair Value of Assets and Liabilities
Available for sale securities	377,616	374,731
Federal agencies | Recurring
Disclosures about Fair Value of Assets and Liabilities
Available for sale securities	377,616	374,731
Federal agencies | Level 2 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Available for sale securities	377,616	374,731
Equities
Disclosures about Fair Value of Assets and Liabilities
Available for sale securities	87
Equities | Recurring
Disclosures about Fair Value of Assets and Liabilities
Available for sale securities	87
Equities | Level 1 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Available for sale securities	87
Municipals | Recurring
Disclosures about Fair Value of Assets and Liabilities
Available for sale securities	6,430	6,688
Municipals | Level 3 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Available for sale securities	6,430	6,688
Mortgage-backed - Government-sponsored entity (GSE) - residential
Disclosures about Fair Value of Assets and Liabilities
Available for sale securities	25,851	25,960
Mortgage-backed - Government-sponsored entity (GSE) - residential | Recurring
Disclosures about Fair Value of Assets and Liabilities
Available for sale securities	25,851	25,960
Mortgage-backed - Government-sponsored entity (GSE) - residential | Level 2 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Available for sale securities	$ 25,851	$ 25,960

Disclosures about Fair Value 44

Disclosures about Fair Value of Assets and Liabilities - Reconciliation of Unobservable Inputs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivative liabilities | Interest Rate Lock Commitments
Reconciliation of significant unobservable inputs, liabilities:
Changes in fair value	$ 2
Balance, end of period	2
Mortgage servicing rights
Reconciliation of significant unobservable inputs, assets:
Balance, beginning of period	66,079	$ 53,670
Additions
Purchased servicing	327	480
Originated servicing	3,125	837
Subtractions
Paydowns	(1,370)	(286)
Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model	(893)	87
Balance, end of period	67,268	$ 54,788
Derivative assets | Interest Rate Lock Commitments
Subtractions
Changes in fair value	116
Balance, end of period	116
Municipals | Available-for-sale Securities
Reconciliation of significant unobservable inputs, assets:
Balance, beginning of period	6,688
Subtractions
Paydowns	(258)
Balance, end of period	$ 6,430

Disclosures about Fair Value 45

Disclosures about Fair Value of Assets and Liabilities - Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Disclosures about Fair Value of Assets and Liabilities
Impaired loans (collateral dependent)	$ 758	$ 2,126
Level 3
Disclosures about Fair Value of Assets and Liabilities
Impaired loans (collateral dependent)	$ 758	$ 2,126

Disclosures about Fair Value 46

Disclosures about Fair Value of Assets and Liabilities - Quantitative Information about Unobservable Inputs (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Quantitative information about unobservable inputs
Mortgage servicing rights	$ 67,268	$ 66,079
Available for sale securities	413,457	408,371
Interest Rate Lock Commitments | Level 3
Quantitative information about unobservable inputs
Derivative assets	116
Derivative liabilities	2
Mortgage servicing rights | Level 3
Quantitative information about unobservable inputs
Mortgage servicing rights	$ 67,268	$ 66,079
Mortgage servicing rights | Level 3 | Minimum
Quantitative information about unobservable inputs
Discount rate (as a percent)	8.00%	8.00%
Constant prepayment rate (as a percent)	1.00%	1.00%
Mortgage servicing rights | Level 3 | Maximum
Quantitative information about unobservable inputs
Discount rate (as a percent)	13.00%	13.00%
Constant prepayment rate (as a percent)	31.00%	36.00%
Collateral-dependent impaired loans | Level 3
Quantitative information about unobservable inputs
Collateral-dependent impaired loans	$ 758	$ 2,126
Marketability discount (as a percent)	25.00%
Collateral-dependent impaired loans | Level 3 | Minimum
Quantitative information about unobservable inputs
Marketability discount (as a percent)		5.00%
Collateral-dependent impaired loans | Level 3 | Maximum
Quantitative information about unobservable inputs
Marketability discount (as a percent)		47.00%
Municipals
Quantitative information about unobservable inputs
Available for sale securities	$ 6,430	$ 6,688
Municipals | Level 3
Quantitative information about unobservable inputs
Available for sale securities	$ 6,430
Discount rate (as a percent)	5.00%
Measurement Input, Maturity | Interest Rate Lock Commitments | Level 3 | Minimum
Quantitative information about unobservable inputs
Loan closing rates (as a percent)	80.00%
Loan closing rates (as a percent)	80.00%
Measurement Input, Maturity | Interest Rate Lock Commitments | Level 3 | Maximum
Quantitative information about unobservable inputs
Loan closing rates (as a percent)	99.00%
Loan closing rates (as a percent)	99.00%

Disclosures about Fair Value 47

Disclosures about Fair Value of Assets and Liabilities - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Financial assets:
Loans held for sale	$ 6,618
Carrying Value
Financial assets:
Cash and cash equivalents	287,733	$ 359,519
Securities purchased under agreements to resell	7,003	7,043
FHLB stock	7,711	7,539
Loans held for sale	1,074,758	995,319
Loans, net	1,563,485	1,366,349
Interest receivable	9,627	8,326
Financial liabilities:
Deposits	3,062,600	2,943,561
Line of credit	25,000	25,000
Short-term subordinated debt	30,000	30,000
FHLB advances	144,378	1,612
Interest payable	3,996	2,817
Fair Value
Financial assets:
Cash and cash equivalents	287,733	359,519
Securities purchased under agreements to resell	7,003	7,043
FHLB stock	7,711	7,539
Loans held for sale	1,074,758	995,319
Loans, net	1,567,125	1,364,568
Interest receivable	9,627	8,326
Financial liabilities:
Deposits	3,062,014	2,943,173
Line of credit	25,000	25,000
Short-term subordinated debt	30,000	30,000
FHLB advances	144,381	1,620
Interest payable	3,996	2,817
Level 1 | Fair Value
Financial assets:
Cash and cash equivalents	287,733	359,519
Financial liabilities:
Deposits	2,457,931	2,534,605
Level 2 | Fair Value
Financial assets:
Securities purchased under agreements to resell	7,003	7,043
FHLB stock	7,711	7,539
Loans held for sale	1,074,758	995,319
Interest receivable	9,627	8,326
Financial liabilities:
Deposits	604,083	408,568
Line of credit	25,000	25,000
Short-term subordinated debt	30,000	30,000
FHLB advances	144,381	1,620
Interest payable	3,996	2,817
Level 3 | Fair Value
Financial assets:
Loans, net	$ 1,567,125	$ 1,364,568

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net Income
Net income	$ 15,061	$ 9,130
Dividends on Preferred Stock	(833)	(832)
Net Income allocated to Common Shareholders	$ 14,228	$ 8,298
Weighted-Average Shares
Weighted average shares - Basic	28,690,876	21,114,400
Effect of dilutive securities-restricted stock awards	19,604	8,857
Weighted average shares - diluted	28,710,480	21,123,257
Per Share Amount
Basic earnings per share	$ 0.50	$ 0.39
Diluted earnings per share	$ 0.50	$ 0.39

Share-Based Payment Plan (Detai

Share-Based Payment Plan (Details) - 2016 Plan - Restricted stock - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Plan disclosures
Percentage of common shares and cash receivable under plan	50.00%
Shares issued	7,039	3,200

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Segment Information
Total interest income	$ 29,038	$ 19,007
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
Total noninterest income	11,313	8,091
Noninterest expense	10,270	6,641
Income Before Income Taxes	19,745	14,741
Income Tax Expense (Benefit)	4,684	5,611
Net Income	15,061	9,130
Total assets	3,675,849	2,800,681	$ 3,393,133
Other
Segment Information
Total interest income	265
Total interest expense	(460)	(86)
Net interest income	725	86
Net Interest Income After Provision for Loan Losses	725	86
Total noninterest income	(336)
Noninterest expense	1,983	1,047
Income Before Income Taxes	(1,594)	(961)
Income Tax Expense (Benefit)	(561)	(366)
Net Income	(1,033)	(595)
Total assets	21,739	10,509
Multifamily | Operating Segments
Segment Information
Total interest income	163	51
Net interest income	163	51
Net Interest Income After Provision for Loan Losses	163	51
Total noninterest income	10,511	7,223
Noninterest expense	3,382	1,595
Income Before Income Taxes	7,292	5,679
Income Tax Expense (Benefit)	1,808	2,162
Net Income	5,484	3,517
Total assets	141,703	104,709
Mortgage Warehousing | Operating Segments
Segment Information
Total interest income	11,857	10,149
Total interest expense	3,797	2,613
Net interest income	8,060	7,536
Provision for loan losses	674	247
Net Interest Income After Provision for Loan Losses	7,386	7,289
Total noninterest income	486	625
Noninterest expense	1,736	1,787
Income Before Income Taxes	6,136	6,127
Income Tax Expense (Benefit)	1,506	2,332
Net Income	4,630	3,795
Total assets	1,603,584	1,048,771
Banking | Operating Segments
Segment Information
Total interest income	16,753	8,807
Total interest expense	5,593	2,949
Net interest income	11,160	5,858
Provision for loan losses	732	(7)
Net Interest Income After Provision for Loan Losses	10,428	5,865
Total noninterest income	652	243
Noninterest expense	3,169	2,212
Income Before Income Taxes	7,911	3,896
Income Tax Expense (Benefit)	1,931	1,483
Net Income	5,980	2,413
Total assets	$ 1,908,823	$ 1,636,692

Recent Accounting Pronounceme51

Recent Accounting Pronouncements (Details)	Dec. 31, 2017USD ($)
Recent Accounting Pronouncements
Stranded tax effects included in AOCI	$ 243,000