Merchants Bancorp (MBIN) 10-Q 9 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 02, 2022
Document Information
Entity Registrant Name	MERCHANTS BANCORP
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-38258
Amendment Flag	false
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	20-5747400
Entity Address, Address Line One	410 Monon Blvd.
Entity Address, City or Town	Carmel
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46032
City Area Code	317
Local Phone Number	569-7420
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		43,267,776
Entity Central Index Key	0001629019
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Common Stock.
Document Information
Title of 12(b) Security	Common Stock, without par value
Trading Symbol	MBIN
Security Exchange Name	NASDAQ
Series A Preferred Stock
Document Information
Title of 12(b) Security	Series A Preferred Stock, without par value
Trading Symbol	MBINP
Security Exchange Name	NASDAQ
Series B Preferred Stock
Document Information
Title of 12(b) Security	Depositary Shares, each representing a 1/40th interest in a share of Series B Preferred Stock, without par value
Trading Symbol	MBINO
Security Exchange Name	NASDAQ
Series C Preferred Stock
Document Information
Title of 12(b) Security	Depositary Shares, each representing a 1/40th interest in a share of Series C Preferred Stock, without par value
Trading Symbol	MBINN
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Assets
Cash and due from banks		$ 9,853	$ 14,030
Interest-earning demand accounts		401,668	1,018,584
Cash and cash equivalents		411,521	1,032,614
Securities purchased under agreements to resell		4,798	5,888
Mortgage loans in process of securitization		324,280	569,239
Available for sale securities		314,266	310,629
Federal Home Loan Bank (FHLB) stock		28,804	29,588
Loans held for sale (includes $14,567 and $48,583, respectively at fair value)		2,289,094	3,303,199
Loans receivable, net of allowance for credit losses on loans of $32,102 and $31,344, respectively		5,976,960	5,751,319
Premises and equipment, net		34,559	31,212
Servicing rights		121,036	110,348
Interest receivable		23,499	24,103
Goodwill		15,845	15,845
Intangible assets, net		1,574	1,707
Other assets and receivables		104,356	92,947
Total assets		9,650,592	11,278,638
Deposits
Noninterest-bearing		461,193	641,442
Interest-bearing		7,014,628	8,341,171
Total deposits		7,475,821	8,982,613
Borrowings		879,929	1,033,954
Deferred and current tax liabilities, net		30,695	19,170
Other liabilities		75,644	87,492
Total liabilities		8,462,089	10,123,229
Commitments and Contingencies
Shareholders' Equity
Common stock, without par value Authorized - 50,000,000 shares Issued and outstanding - Issued and outstanding - 43,267,776 shares at March 31, 2022 and 43,180,079 shares at December 31, 2021	[1]	137,882	137,565
Preferred stock
Retained earnings		694,776	657,149
Accumulated other comprehensive loss		(6,304)	(1,454)
Total shareholders' equity		1,188,503	1,155,409
Total liabilities and shareholders' equity		9,650,592	11,278,638
7% Preferred Stock
Shareholders' Equity
Preferred stock		50,221	50,221
6% Series B Preferred Stock
Shareholders' Equity
Preferred stock		120,844	120,844
6% Series C Preferred Stock
Shareholders' Equity
Preferred stock		$ 191,084	$ 191,084
[1]	The number of shares have been restated to reflect the 3-for-2 common stock split, effective on January 17, 2022.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Loans held for sale at fair value	$ 14,567	$ 48,583
Allowance for loans losses	$ 32,102	$ 31,344
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	43,267,776	43,180,079
Common stock, shares outstanding	43,267,776	43,180,079
Preferred stock, without par value (in dollars per share)
Preferred stock, shares authorized	5,000,000	5,000,000
7% Preferred Stock
Stockholders' Equity:
Preferred stock, dividend rate (as a percent)	7.00%	7.00%
Preferred stock liquidation preference (in dollars per share)	$ 25	$ 25
Preferred stock, shares authorized	3,500,000	3,500,000
Preferred stock, shares issued	2,081,800	2,081,800
Preferred stock, shares outstanding	2,081,800	2,081,800
6% Series B Preferred Stock
Stockholders' Equity:
Preferred stock, dividend rate (as a percent)	6.00%	6.00%
Preferred stock liquidation preference (in dollars per share)	$ 1,000	$ 1,000
Preferred stock, shares authorized	125,000	125,000
Preferred stock, shares issued	125,000	125,000
Preferred stock, shares outstanding	125,000	125,000
Depositary shares	5,000,000	5,000,000
6% Series C Preferred Stock
Stockholders' Equity:
Preferred stock liquidation preference (in dollars per share)	$ 1,000	$ 1,000
Preferred stock, shares authorized	250,000	250,000
Preferred stock, shares issued	196,181	196,181
Preferred stock, shares outstanding	196,181	196,181
Depositary shares	7,847,233	7,847,233

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Interest Income
Loans		$ 72,196	$ 75,517
Mortgage loans in process of securitization		2,245	3,136
Investment securities:
Available for sale - taxable		701	354
Available for sale - tax exempt			11
Federal Home Loan Bank stock		269	384
Other		601	147
Total interest income		76,012	79,549
Interest Expense
Deposits		8,813	6,100
Borrowed funds		1,474	1,486
Total interest expense		10,287	7,586
Net Interest Income		65,725	71,963
Provision for credit losses		2,451	1,663
Net Interest Income After Provision for Credit Losses		63,274	70,300
Noninterest Income
Gain on sale of loans		17,965	28,620
Loan servicing fees, net		9,731	7,951
Mortgage warehouse fees		1,858	4,116
Low-income housing tax credit syndication fees		519	55
Other income		4,524	3,194
Total noninterest income		34,597	43,936
Noninterest Expense
Salaries and employee benefits		21,293	21,274
Loan expenses		1,211	2,523
Occupancy and equipment		1,814	1,627
Professional fees		1,303	422
Deposit insurance expense		759	671
Technology expense		1,236	937
Other expense		3,417	2,630
Total noninterest expense		31,033	30,084
Income Before Income Taxes		66,838	84,152
Provision for income taxes		16,696	22,169
Net Income		50,142	61,983
Dividends on preferred stock		(5,728)	(3,757)
Net Income Allocated to Common Shareholders		$ 44,414	$ 58,226
Basic Earnings Per Share	[1]	$ 1.03	$ 1.35
Diluted Earnings Per Share		$ 1.02	$ 1.35
Basic (in Shares)	[1]	43,190,066	43,158,138
Diluted (in Shares)		43,360,034	43,275,621
[1]	The number of shares and per share amounts have been restated to reflect the 3 -for-2 common stock split, effective on January 17, 2022.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Consolidated Statements of Comprehensive Income
Net Income	$ 50,142	$ 61,983
Other Comprehensive Loss:
Net change in unrealized losses on investment securities available for sale, net of tax benefits of $1,650 and $43, respectively	(4,850)	(125)
Other comprehensive loss for the period	(4,850)	(125)
Comprehensive Income	$ 45,292	$ 61,858

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Consolidated Statements of Comprehensive Income
Tax (expense)/benefits on net change in unrealized gains/(losses) on investment securities available for sale	$ 1,650	$ 43

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Shareholders' Equity - USD ($) $ in Thousands	Common stock		Preferred stock8% Preferred Stock	Preferred stock7% Preferred Stock	Preferred stock6% Series B Preferred Stock	Preferred stock6% Series C Preferred StockCommon Stock Offering	Preferred stock6% Series C Preferred StockPrivate Placement	Preferred stock6% Series C Preferred Stock	Retained EarningsImpact from adoption of ASU	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Condensed Consolidated Statements of Shareholders' Equity
Balance at beginning of the period	$ 135,857	[1]	$ 41,581	$ 50,221	$ 120,844					$ 461,744	$ 374
Balance at beginning of the period (in shares)	43,120,625	[1]	41,625	2,081,800	125,000
Balance at end of the period	$ 135,857	[1]	$ 41,581	$ 50,221	$ 120,844					461,744	374
Balance at end of the period (in shares)	43,120,625	[1]	41,625	2,081,800	125,000
Net income										61,983		$ 61,983
Distribution to employee stock ownership plan	$ 537
Distribution to employee stock ownership plan (in shares)	29,150
Shares issued for stock compensation plans, net of taxes withheld to satisfy employee tax obligations	$ 80
Shares issued for stock compensation plans, net of taxes withheld to satisfy employee tax obligations (in shares)	23,434
Issuance of shares, net of offering expenses						$ 144,925
Issuance of shares, net of offering expenses (in shares)						150,000
Dividends on 8% preferred stock, annually										(833)
Final dividend for redemption of 8% preferred stock										(139)
Dividends on 7% preferred stock, annually										(910)
Dividends on 6% Series B preferred stock, annually										(1,875)
Dividends on common stock, annually										(2,590)
Deconsolidation of entities										(419)
Other comprehensive loss											(125)	(125)
Balance at beginning of the period	$ 136,474		$ 41,581	$ 50,221	$ 120,844			$ 144,925		516,961	249	1,011,255
Balance at beginning of the period (in shares)	43,173,209		41,625	2,081,800	125,000			150,000
Balance at end of the period	$ 136,474		$ 41,581	$ 50,221	$ 120,844			$ 144,925		516,961	249	1,011,255
Balance at end of the period (in shares)	43,173,209		41,625	2,081,800	125,000			150,000
Balance at beginning of the period | ASU 2016-13									$ (3,648)
Balance at beginning of the period | ASU 2016-02									(110)
Balance at beginning of the period	$ 137,565	[1]		$ 50,221	$ 120,844			$ 191,084		657,149	(1,454)	1,155,409
Balance at beginning of the period (in shares)	43,180,079	[1]		2,081,800	125,000			196,181
Balance at end of the period | ASU 2016-13									(3,648)
Balance at end of the period | ASU 2016-02									$ (110)
Balance at end of the period	$ 137,565	[1]		$ 50,221	$ 120,844			$ 191,084		657,149	(1,454)	1,155,409
Balance at end of the period (in shares)	43,180,079	[1]		2,081,800	125,000			196,181
Net income										50,142		50,142
Cash paid in lieu of fractional shares for stock split	$ (1)
Cash paid in lieu of fractional shares for stock split (in shares)	(29)
Distribution to employee stock ownership plan	$ 653
Distribution to employee stock ownership plan (in shares)	20,709
Shares issued for stock compensation plans, net of taxes withheld to satisfy employee tax obligations	$ (335)
Shares issued for stock compensation plans, net of taxes withheld to satisfy employee tax obligations (in shares)	67,017
Issuance of shares, net of offering expenses
Issuance of shares, net of offering expenses (in shares)
Dividends on 7% preferred stock, annually										(910)
Dividends on 6% Series B preferred stock, annually										(1,875)
Dividends on 6% Series C preferred stock, annually										(2,943)
Dividends on common stock, annually										(3,029)
Other comprehensive loss											(4,850)	(4,850)
Balance at beginning of the period	$ 137,882			$ 50,221	$ 120,844			$ 191,084		694,776	(6,304)	1,188,503
Balance at beginning of the period (in shares)	43,267,776			2,081,800	125,000			196,181
Balance at end of the period	$ 137,882			$ 50,221	$ 120,844			$ 191,084		$ 694,776	$ (6,304)	$ 1,188,503
Balance at end of the period (in shares)	43,267,776			2,081,800	125,000			196,181
[1]	The number of shares have been restated to reflect the 3-for-2 common stock split, effective on January 17, 2022.

Condensed Consolidated Statem_5

Condensed Consolidated Statement of Shareholders' Equity (Parenthetical) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Dividends on common stock per share	$ 0.28	$ 0.24
8% Preferred Stock | Preferred stock
Preferred stock, dividend rate (as a percent)	8.00%	8.00%	8.00%
Dividends on preferred stock per share	$ 80	$ 80
Final dividend for redemption of preferred stock per share	$ 3.33	$ 3.33
8% Preferred Stock | Private Placement
Preferred stock, dividend rate (as a percent)	8.00%	8.00%
7% Preferred Stock
Preferred stock, dividend rate (as a percent)	7.00%		7.00%
7% Preferred Stock | Preferred stock
Preferred stock, dividend rate (as a percent)	7.00%	7.00%
Dividends on preferred stock per share	$ 1.75	$ 1.75
7% Preferred Stock | Common Stock Offering | Preferred stock
Preferred stock, dividend rate (as a percent)	6.00%	6.00%
6% Series B Preferred Stock
Preferred stock, dividend rate (as a percent)	6.00%		6.00%
6% Series B Preferred Stock | Preferred stock
Preferred stock, dividend rate (as a percent)	6.00%	6.00%
Dividends on preferred stock per share	$ 60	$ 60
6% Series C Preferred Stock
Preferred stock, dividend rate (as a percent)		6.00%
6% Series C Preferred Stock | Preferred stock
Preferred stock, dividend rate (as a percent)	6.00%	6.00%
Dividends on preferred stock per share	$ 60	$ 60
6% Series C Preferred Stock | Common Stock Offering | Preferred stock
Offering expenses on issuance of stock		$ 5,100,000
6% Series C Preferred Stock | Private Placement | Preferred stock
Offering expenses on issuance of stock		$ 23,000

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities:
Net income	$ 50,142	$ 61,983
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	591	504
Provision for credit losses	2,451	1,663
Gain on sale of loans	(17,965)	(28,620)
Proceeds from sales of loans	8,214,273	16,974,055
Loans and participations originated and purchased for sale	(7,178,991)	(16,636,332)
Purchases of low-income housing tax credits for sale	(6,651)
Change in mortgage servicing rights for paydowns and fair value adjustments	(4,896)	(3,430)
Net change in:
Mortgage loans in process of securitization	244,959	(93,330)
Other assets and receivables	(15,325)	4,065
Other liabilities	8,030	15,644
Other	(988)	(409)
Net cash provided by operating activities	1,295,630	295,793
Investing activities:
Net change in securities purchased under agreements to resell	1,090	36
Purchases of available for sale securities	(20,002)	(3)
Proceeds from calls, maturities and paydowns of available for sale securities	9,302	27,917
Purchases of loans	(40,672)	(137,548)
Net change in loans receivable	(187,323)	(79,162)
Proceeds from sale of FHLB stock	784
Purchases of premises and equipment	(3,939)	(2,004)
Purchases of servicing rights	(2,057)
Purchase of limited partnership interests	(6,577)	(3,486)
Other investing activities	2,245	(464)
Net cash (used in) investing activities	(247,149)	(194,714)
Financing activities:
Net change in deposits	(1,506,792)	653,011
Proceeds from borrowings	626,000	17,754,346
Repayment of borrowings	(780,025)	(18,557,442)
Proceeds from issuance of preferred stock		144,925
Dividends	(8,757)	(6,208)
Net cash (used in) financing activities	(1,669,574)	(11,368)
Net Change in Cash and Cash Equivalents	(621,093)	89,711
Cash and Cash Equivalents, Beginning of Period	1,032,614	179,728
Cash and Cash Equivalents, End of Period	411,521	269,439
Supplemental Cash Flows Information
Interest paid	10,228	6,972
Income taxes paid, net of refunds	(497)	563
Dividends payable		139
Deconsolidation of debt fund entities
Cash paid for operating lease liabilities	$ 283

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Basis of Presentation
Basis of Presentation	Note 1: Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Merchants Bancorp, a registered bank holding company (the “Company”) and its wholly owned subsidiaries, Merchants Bank of Indiana (“Merchants Bank”), Farmers-Merchants Bank of Illinois (“FMBI”) and Merchants Asset Management, LLC (“MAM”). Merchants Bank’s primary operating subsidiaries include Merchants Capital Corp. (“MCC”), Merchants Capital Servicing, LLC (“MCS”) and Merchants Capital Investments, LLC (“MCI”). All direct and indirectly owned subsidiaries owned by Merchants Bancorp are collectively referred to as the “Company”. The accompanying unaudited condensed consolidated balance sheet of the Company as of December 31, 2021, which has been derived from audited financial statements, and unaudited condensed consolidated financial statements of the Company as of March 31, 2022 and for the three months ended March 31, 2022 and 2021, 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, 2021 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, 2022 Principles of Consolidation The unaudited condensed consolidated financial statements as of and for the period ended March 31, 2022 and 2021 include results from the Company, and its wholly owned subsidiaries, Merchants Bank, FMBI and MAM. Also included are Merchants Bank’s primary operating subsidiaries, MCC, MCS and MCI, as well as all direct and indirectly owned subsidiaries owned by Merchants Bancorp. In addition, when the Company makes an equity investment in an entity for which it holds a variable interest, it is evaluated for consolidation requirements under Accounting Standards Update of Topic 810. Accordingly, the entity is assessed for potential consolidation under the variable interest entity (“VIE”) model and would only consolidate those entities for which it is a primary beneficiary. A primary beneficiary is defined as the party that has both the power to direct the activities that most significantly impact the entity, and an interest that could be significant to the entity. To determine if an interest could be significant to the entity, both qualitative and quantitative factors regarding the nature, size and form of our involvement with the entity are evaluated. Alternatively, under the voting interest model, it would only consolidate those entities for which it has a controlling interest. Because the variable interest investments held by the Company as of March 31, 2022 are not deemed to be primary beneficiaries or controlling interests, the entities are not consolidated and the equity method or proportional method of accounting has been applied. The Company will analyze whether its entities are the primary beneficiary on an ongoing basis. Changes in facts and circumstances occurring since the previous primary beneficiary determination will be considered as part of this ongoing assessment. See Note 5: Variable Interest Entities (VIEs) All significant intercompany accounts and transactions have been eliminated in consolidation. ​ Deconsolidation ​ Following the deconsolidation, the carrying value of assets and liabilities of these entities were removed from the consolidated balance sheet, and the continuing investments were recorded at fair value at the date of deconsolidation. The total amount deconsolidated from the balance sheet included net assets of approximately $10 million, consisting primarily of $66.6 million in loans receivable, and $52.7 million in borrowings with Merchants Bank that was previously eliminated in consolidation. The fair value of its continuing investments was approximately $10 million on the deconsolidation date and has been reported in Other Assets after deconsolidation. The estimated fair value was determined based on third-party evaluations of similar assets in the underlying business. The difference between the fair value of these deconsolidated entities and their carrying value was deemed to be immaterial, resulting in no gain or loss on deconsolidation. These continuing investments after deconsolidation are classified as variable interest entities, have not been consolidated, and are accounted for under the equity method of accounting. See Note 5: Variable Interest Entities (VIEs) ​ 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 credit losses on loans, servicing rights and fair values of financial instruments. Significant Accounting Policies The significant accounting policies followed by the Company for interim financial reporting are consistent with the accounting policies followed for annual financial reporting. However, on January 1, 2022, the Company adopted FASB Accounting Standards Update (ASU) No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("CECL"). The Company revised certain accounting policies and implemented certain accounting policy elections, related to the adoption of CECL, which are described below. All adjustments, which are of a normal recurring nature and are, in the opinion of management, necessary for a fair statement of the results for the periods reported, have been included in the accompanying Condensed Consolidated Financial Statements. ​ CECL replaces the previous "allowance for loan and lease losses" model for measuring credit losses, which encompassed allowances for current known and inherent losses within the portfolio, with an "expected loss" model for measuring credit losses, which encompasses allowances for losses expected to be incurred over the life of the included assets. The new CECL model requires the measurement of all expected credit losses for financial assets measured at amortized cost and certain off-balance sheet credit exposures (“OBCEs”) based on historical experiences, current conditions, and reasonable and supportable forecasts. CECL also requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as credit quality and underwriting standards of an organization's portfolio. In addition, CECL includes certain changes to the accounting for investment securities available for sale depending on whether management intends to sell the securities or believes that it is more likely than not they will be required to sell. ​ As of the adoption date on January 1, 2022, the Company recorded a $3.6 million decrease, net of taxes, to retained earnings for the cumulative effect of adopting CECL. The transition adjustment included a $0.3 million increase to retained earnings related to allowance for credit losses on loans (“ACL-Loans”) and a $5.2 million decrease to retained earnings related to allowance for OBCEs (“ACL-OBCEs”). The following table summarizes the impact of the adoption of CECL on the Company’s balance sheet as of January 1, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impact of ​ ​ January 1, 2022 ​ ​ ​ ​ ​ CECL ​ ​ Post-CECL ​ December 31, 2021 Adoption Adoption Assets: ​ (In thousands) MTG WHLOC ​ $ 1,955 ​ $ 41 ​ $ 1,996 RES RE ​ 4,170 ​ ​ 275 ​ 4,445 MF FIN ​ ​ 14,084 ​ ​ 520 ​ ​ 14,604 HC FIN ​ ​ 4,461 ​ ​ 139 ​ ​ 4,600 CML & CRE ​ 5,879 ​ (1,277) ​ 4,602 AG & AGRE ​ ​ 657 ​ ​ (18) ​ ​ 639 CON & MAR ​ 138 ​ 21 ​ 159 ACL - Loans ​ $ 31,344 ​ $ (299) ​ $ 31,045 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ACL - OBCEs (in Other Liabilities) ​ $ — ​ $ 5,176 ​ $ 5,176 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholder's Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ Retained earnings, net of tax ​ $ 657,149 ​ $ (3,648) ​ $ 653,501 ​ ACL-Loans Note 4: Loans and Allowance for credit losses on loans ​ ACL-OBCEs ​ The Company adopted CECL using the modified retrospective method for loans and OBCEs. Therefore, results for reporting periods beginning after January 1, 2022 are presented in accordance with CECL, while prior period amounts continue to be reported in accordance with previously applicable Generally Accepted Accounting Principles (“GAAP”). ​ Reclassifications ​ Certain reclassifications may have been made to the 2021 financial statements to conform to the financial statement presentation as of and for the three months ended March 31, 2022. These reclassifications had no effect on net income.

Securities Available For Sale

Securities Available For Sale	3 Months Ended
	Mar. 31, 2022
Securities Available For Sale
Securities Available For Sale	Note 2: Securities Available For Sale The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ Cost Gains Losses Value ​ ​ (In thousands) Available for sale securities: ​ ​ ​ ​ Treasury notes ​ $ 8,235 ​ $ 2 ​ $ 161 ​ $ 8,076 Federal agencies ​ 284,974 ​ — ​ 8,111 ​ 276,863 Mortgage-backed - Government-sponsored entity (GSE) ​ ​ 16,040 ​ ​ 14 ​ ​ 4 ​ ​ 16,050 Mortgage-backed - Non-GSE multi-family ​ 13,478 ​ 4 ​ 205 ​ 13,277 Total available for sale securities ​ $ 322,727 ​ $ 20 ​ $ 8,481 ​ $ 314,266 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ Cost Gains Losses Value ​ ​ (In thousands) Available for sale securities: ​ ​ ​ ​ Treasury notes ​ $ 8,232 ​ $ 4 ​ $ 27 ​ $ 8,209 Federal agencies ​ 264,970 ​ — ​ 1,675 ​ 263,295 Municipals ​ 4,300 ​ — ​ — ​ 4,300 Mortgage-backed - Government-sponsored entity (GSE) ​ ​ 18,664 ​ ​ 32 ​ ​ 336 ​ ​ 18,360 Mortgage-backed - Non-GSE multi-family ​ 16,424 ​ 41 ​ — ​ 16,465 Total available for sale securities ​ $ 312,590 ​ $ 77 ​ $ 2,038 ​ $ 310,629 ​ At March 31, 2022 and December 31, 2021, GSE mortgage-backed securities included in the tables above are primarily backed by multi-family loans. The tables above for March 31, 2022 and December 31, 2021 also include securities purchased from Freddie Mac following the loan sale and securitization arrangement with Freddie Mac described in Note 4: Loans and Allowance for Credit Losses on Loans. Accrued interest on available for sale securities totaled $0.3 million at March 31, 2022 and $0.4 million at December 31, 2021, respectively, and is excluded from the estimate of credit losses. ​ The amortized cost and fair value of available for sale securities at March 31, 2022 and December 31, 2021, 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, 2022 ​ December 31, 2021 ​ ​ Amortized ​ Fair ​ Amortized ​ Fair ​ Cost Value Cost Value Contractual Maturity ​ (In thousands) Within one year ​ $ 2,249 ​ $ 2,244 ​ $ 6,548 ​ $ 6,551 After one through five years ​ 290,960 ​ 282,695 ​ 270,954 ​ 269,253 After five through ten years ​ — ​ — ​ — ​ — After ten years ​ — ​ — ​ — ​ — ​ ​ 293,209 ​ 284,939 ​ 277,502 ​ 275,804 Mortgage-backed - Government-sponsored entity (GSE) ​ ​ 16,040 ​ ​ 16,050 ​ ​ 18,664 ​ ​ 18,360 Mortgage-backed - Non-GSE multi-family ​ 13,478 ​ 13,277 ​ 16,424 ​ 16,465 ​ ​ $ 322,727 ​ $ 314,266 ​ $ 312,590 ​ $ 310,629 ​ During the three months ended March 31, 2022 and 2021, no securities available for sale were sold. ​ 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, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ 7,825 ​ $ 161 ​ $ — ​ $ — ​ $ 7,825 ​ $ 161 Federal agencies ​ ​ 252,615 ​ ​ 7,377 ​ ​ 24,248 ​ ​ 734 ​ ​ 276,863 ​ ​ 8,111 Mortgage-backed - Government-sponsored entity (GSE) ​ ​ 371 ​ ​ 4 ​ ​ — ​ ​ — ​ ​ 371 ​ ​ 4 Mortgage-backed - Non-GSE multi-family ​ ​ 294 ​ ​ 205 ​ ​ — ​ ​ — ​ ​ 294 ​ ​ 205 ​ ​ $ 261,105 ​ $ 7,747 ​ $ 24,248 ​ $ 734 ​ $ 285,353 ​ $ 8,481 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ 7,957 ​ $ 27 ​ $ — ​ $ — ​ $ 7,957 ​ $ 27 Federal agencies ​ ​ 238,489 ​ ​ 1,503 ​ ​ 24,806 ​ ​ 172 ​ ​ 263,295 ​ ​ 1,675 Mortgage-backed - Government-sponsored entity (GSE) ​ ​ 719 ​ ​ 336 ​ ​ — ​ ​ — ​ ​ 719 ​ ​ 336 ​ ​ $ 247,165 ​ $ 1,866 ​ $ 24,806 ​ $ 172 ​ $ 271,971 ​ $ 2,038 ​ For available for sale securities with an unrealized loss position, the Company evaluates the securities to determine whether the decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or non-credit related factors. Any impairment that is not credit-related is recognized in AOCI, net of tax. Credit-related impairment is recognized as an ACL for available for sale securities on the balance sheet, limited to the amount by which the amortized cost basis exceeds the fair value, with a corresponding adjustment to earnings. Accrued interest receivable is excluded from the estimate of credit losses. Both the ACL and the adjustment to net income may be reversed if conditions change. However, if the Company expects, or is required, to sell an impaired available for sale security before recovering its amortized cost basis, the entire impairment amount would be recognized in earnings with a corresponding adjustment to the security’s amortized cost basis. Because the security’s amortized cost basis is adjusted to fair value, there is no ACL in this situation. In evaluating available for sale securities in unrealized loss positions for impairment and the criteria regarding its intent or requirement to sell such securities, the Company considers the extent to which fair value is less than amortized cost, whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuers’ financial condition, among other factors. Unrealized losses on the Company’s investment securities portfolio have not been recognized as an expense because the securities are of high credit quality, and the decline in fair values is attributable to changes in the prevailing interest rate environment since the purchase date. Fair value is expected to recover as securities reach maturity and/or the interest rate environment returns to conditions similar to when these securities were purchased. There were no credit related factors underlying unrealized losses on available for sale debt securities at March 31, 2022 and December 31, 2021.

Mortgage Loans in Process of Se

Mortgage Loans in Process of Securitization	3 Months Ended
	Mar. 31, 2022
Mortgage Loans in Process of Securitization.
Mortgage Loans in Process of Securitization	Note 3: Mortgage Loans in Process of Securitization Mortgage loans in process of securitization are recorded at fair value with changes in fair value recorded in earnings. These include multi-family rental real estate loan originations to be sold as Government National Mortgage Association (“Ginnie Mae”) mortgage backed securities and Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”) participation certificates, all of which are pending settlements with firm investor commitments to purchase the securities, typically occurring within 30 days. The fair value increases recorded in earnings for mortgage loans in process of securitization totaled $2.8 million and $1.0 million at March 31, 2022 and 2021, respectively. ​

Loans and Allowance for Credit

Loans and Allowance for Credit Losses on Loans	3 Months Ended
	Mar. 31, 2022
Loans and Allowance for Credit Losses on Loans
Loans and Allowance for Credit Losses on Loans	Note 4: Loans and Allowance for Credit Losses on Loans 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 ACL-Loans, any unamortized deferred fees or costs on originated loans and unamortized premiums or discounts on purchased loans. For loans at amortized cost, interest income is accrued based on the unpaid principal balance. The Company has made a policy election to exclude accrued interest from the amortized cost basis of loans and reports accrued interest separately from the related loan balance in the consolidated balance sheets. Accrued interest on loans totaled $15.8 million and $15.4 million at March 31, 2022 and December 31, 2021, respectively. The Company also elected not to measure an allowance for credit losses for accrued interest receivables. 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 collected 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. When cash payments for accrued interest are received on nonaccrual loans in each loan class, the Company records a reduction in principle on the 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 offers 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 typically 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. Loan Portfolio Summary Loans receivable at March 31, 2022 and December 31, 2021 include: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 ​ ​ (In thousands) ​ ​ ​ ​ ​ ​ ​ Mortgage warehouse lines of credit ​ $ 752,447 ​ $ 781,437 Residential real estate ​ 858,325 ​ 843,101 Multi-family financing (1) ​ 2,876,005 ​ 2,702,042 Healthcare financing (1) ​ ​ 850,751 ​ ​ 826,157 Commercial and commercial real estate ​ 567,971 ​ 520,199 Agricultural production and real estate ​ 90,688 ​ 97,060 Consumer and margin loans ​ 12,875 ​ 12,667 ​ ​ 6,009,062 ​ 5,782,663 Less: ​ ​ ACL-Loans ​ 32,102 ​ 31,344 ​ ​ ​ ​ ​ ​ ​ Loans Receivable ​ $ 5,976,960 ​ $ 5,751,319 (1) As of March 31, 2022, the Company started presenting these two loan types on separate lines for reporting purposes. ​ In response to the COVID-19 global pandemic, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) established the Paycheck Protection Program (“PPP”) to provide loans for eligible business/not-for-profits. These loans qualify for forgiveness when used for qualifying expenses during the appropriate period. Loans funded through the PPP are fully guaranteed by the U.S. government. Commercial and commercial real estate loans at March 31, 2022 and December 31, 2021 include PPP loans with principal balances of $1.2 million and $7.0 million, respectively, that had not yet been forgiven. 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 repurchase agreement, 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 London Interbank Offered Rate (“LIBOR”) or the Federal Reserve’s Secured Overnight Financing Rate (“SOFR”), or mortgage note rate plus a margin. Risk is evident if there is a change in the fair value of mortgage loans originated by mortgage bankers 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): 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. First-lien HELOC mortgages included in this segment typically carry a base rate of 30-day LIBOR or the One-Year Constant Maturity Treasury (“CMT”), plus a margin. Multi-Family Financing (MF FIN): Healthcare Financing (HC FIN): The healthcare financing portfolio includes customized loan products for independent living, assisted living, memory care and skilled nursing projects. A variety of loan products are available to accommodate rehabilitation, acquisition, and refinancing of healthcare properties. Credit risk in these loans are primarily driven by local demographics and the expertise of the operators of the facilities. Repayment of these loans may include permanent loans, sales of developed property or an interim loan commitment from the Company until permanent agency-eligible financing is obtained, as well as 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. It also includes loans collateralized by servicing rights and loan sale proceeds of mortgage warehouse customers. 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. PPP loans and Small Business Administration (“SBA”) loans are included in this category. 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 assets. 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. ACL-Loans The Company adopted CECL on January 1, 2022. CECL replaces the previous “Allowance for Loan and Lease Losses” standard for measuring credit losses. Upon adoption of CECL, the difference in the two measurements was recorded in the ACL-Loans and retained earnings. The ACL-Loans is the Company’s estimate of expected credit losses. Loans receivable is presented net of the allowance to reflect the principal balance expected to be collected over the contractual term of the loans. This life of loan allowance is established through a provision for credit losses charged to net interest income as loans are recorded in the financial statements. The provision for a reporting period also reflects increases or decreases in the allowance related to changes in credit loss expectations. Actual credit losses are charged against the allowance when management believes the uncollectibility of a loan balance, or a portion thereof, is confirmed. Subsequent recoveries, if any, are credited to the allowance. The ACL-Loans is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans considering relevant available information from internal and external sources, including 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. The allowance also incorporates reasonable and supportable forecasts. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The level of the ACL is believed to be adequate to absorb innate expected future losses in the loan portfolio as of the measurement date. The ACL-Loans consists of individually evaluated loans and pooled loan components. The Company’s primary portfolio segmentation is by credit risk grade. Loans risk graded substandard and worse are individually evaluated for expected credit losses. For individually evaluated loans that are collateral dependent, an allowance is established when the fair value of the collateral, the loan’s obtainable market price, or the present value of expected future cash flows discounted at the loan’s effective interest rate, is lower than the carrying value of that loan. A loan is considered to be collateral dependent when repayment is expected to be provided substantially through the operation or the sale of the collateral. ​ ​ ​ ​ ​ ​ ​ ​ To calculate the allowance for expected credit losses on loans risk graded pass through special mention, the loan portfolio is segmented into 14 segments comprised of loans with similar risk characteristics. ​ ​ ​ ​ Loan Portfolio Segment ACL-Loans Methodology ​ ​ ​ Ag loans ​ Remaining Life Method Ag real estate loans ​ Remaining Life Method Commercial loans ​ Discounted Cash Flow Commercial real estate loans ​ Discounted Cash Flow Consumer and margin loans ​ Remaining Life Method HELOC loans ​ Discounted Cash Flow Multi-family healthcare loans ​ Discounted Cash Flow Multi-family non-management loans ​ Discounted Cash Flow Multi-family construction loans ​ Discounted Cash Flow Multi-family loans ​ Discounted Cash Flow Residential real estate loans ​ Discounted Cash Flow SBA commercial loans ​ Discounted Cash Flow SBA real estate commercial loans ​ Discounted Cash Flow Single-family warehouse lines of credit ​ Remaining Life Method ​ Loan characteristics used in determining the segmentation included the underlying collateral, type or purpose of the loan, and expected credit loss patterns. The estimation of expected credit losses for each segment is primarily based on historical credit loss experience. Given the Company’s modest historical credit loss experience, peer and industry data was incorporated into the measurement. Expected life of loan credit losses are quantified using discounted cash flows and remaining life methodologies. For the ten portfolio segments where the discounted cash flow method was employed, econometric models are utilized to determine a Probability of Default (“PD”). Macroeconomic factors utilized in the modeling process include the national unemployment rate and the home price index. A risk index was then utilized to predict the Loss Given Default (“LGD”). The PD is then multiplied by the LGD to determine the expected loss that is incorporated into the discounted cash flow calculations. Within the discount cash flow calculation, an effective yield of the instrument is calculated, net of the impacts of prepayment assumptions, and the instrument expected cash flows are then discounted at that effective yield to produce an instrument-level net present value of expected cash flows. An ACL is established for the difference between the instrument’s net present value and amortized cost basis. The remaining life method applies average loss rates for each segment to estimated loan balances for the remaining life of the segment. The estimate includes a four-quarter reasonable and supportable economic forecast period followed by an eight-quarter, straight-line reversion period to the historical mean for the remaining life of the loans. Model results are supplemented by qualitative adjustments for risk factors relevant in assessing the expected credit losses within the portfolio segments. These adjustments may increase or decrease the estimate of expected credit losses based upon the assessed level of risk for each qualitative factor. The various risks that are considered in making qualitative adjustments include (i) changes in the value of underlying collateral for collateral dependent loans, (ii) the effect of other external factors such as regulatory and legal requirements, the impact of (i) changes in national, regional and local economic conditions, (ii) changes in lending policies and procedures, (iii) changes in the volume and severity of past due loans, (iv) changes in the nature and volume of the loan portfolio, (v) changes in the experience, depth and ability of lending management, (vi) the existence and effect of any concentrations in credit, (vii) changes in the quality of the credit review function, The models utilized and the applicable qualitative adjustments require assumptions and management judgement that can be subjective in nature. The above measurement approach is also used to estimate the expected credit losses associated with unfunded loan commitments, which also incorporates expected utilization rates. The following table presents, by loan portfolio segment, the activity in the ACL-Loans for the three months ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At or For the Three Months Ended March 31, 2022 ​ MTG WHLOC RES RE MF FIN HC FIN ​ CML & CRE AG & AGRE CON & MAR TOTAL ​ ​ (In thousands) ACL-Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 1,955 ​ $ 4,170 $ 14,084 ​ $ 4,461 ​ $ 5,879 ​ $ 657 ​ $ 138 ​ $ 31,344 Impact of adopting CECL ​ ​ 41 ​ ​ 275 ​ ​ 520 ​ ​ 139 ​ ​ (1,277) ​ ​ (18) ​ ​ 21 ​ ​ (299) Provision for credit losses ​ (55) ​ 102 ​ 527 ​ ​ 1,018 ​ 431 ​ (42) ​ — ​ 1,981 Loans charged to the allowance ​ — ​ — ​ — ​ ​ — ​ (931) ​ — ​ — ​ (931) Recoveries of loans previously charged off ​ — ​ — ​ — ​ ​ — ​ — ​ — ​ 7 ​ 7 Balance, end of period ​ $ 1,941 ​ $ 4,547 ​ $ 15,131 ​ $ 5,618 ​ $ 4,102 ​ $ 597 ​ $ 166 ​ $ 32,102 ​ The Company recorded a total provision for credit losses of $2.5 million for the three months ended March 31, 2022. The $2.5 million total provision for credit losses consisted of $2.0 million for the ACL-Loans as shown above and $0.5 million for the ACL-OBCE’s. Prior to the adoption of CECL, the Company maintained an allowance for loan losses in accordance with the incurred loss model as disclosed in the Company’s 2021 Annual Report on From 10-K. The following table presents the allowance for loan losses for the three months ended March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, 2021 ​ MTG WHLOC RES RE MF FIN HC FIN ​ CML & CRE AG & AGRE CON & MAR TOTAL ​ ​ (In thousands) Allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 4,018 ​ $ 3,334 $ 12,041 ​ $ 2,690 ​ $ 4,641 ​ $ 636 ​ $ 140 ​ $ 27,500 Provision for credit losses ​ (697) ​ 266 ​ 1,355 ​ ​ 1,050 ​ (309) ​ (4) ​ 2 ​ 1,663 Loans charged to the allowance ​ — ​ — ​ — ​ ​ — ​ (68) ​ — ​ (6) ​ (74) Recoveries of loans previously charged off ​ — ​ — ​ — ​ ​ — ​ — ​ — ​ 2 ​ 2 Balance, end of period ​ $ 3,321 ​ $ 3,600 ​ $ 13,396 ​ $ 3,740 ​ $ 4,264 ​ $ 632 ​ $ 138 ​ $ 29,091 ​ ​ The following table presents the allowance for loan losses and the recorded investment in loans and impairment method as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ MTG WHLOC RES RE MF FIN HC FIN ​ CML & CRE AG & AGRE CON & MAR TOTAL ​ ​ (In thousands) Allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, December 31, 2021 ​ $ 1,955 ​ $ 4,170 ​ $ 14,084 ​ $ 4,461 ​ $ 5,879 ​ $ 657 ​ $ 138 ​ $ 31,344 Ending balance: individually evaluated for impairment ​ $ — ​ $ 16 ​ $ — ​ $ — ​ $ 867 ​ $ — ​ $ 7 ​ $ 890 Ending balance: collectively evaluated for impairment ​ $ 1,955 ​ $ 4,154 ​ $ 14,084 ​ $ 4,461 ​ $ 5,012 ​ $ 657 ​ $ 131 ​ $ 30,454 Loans ​ ​ ​ ​ ​ ​ ​ ​ Balance, December 31, 2021 ​ $ 781,437 ​ $ 843,101 ​ $ 2,702,042 ​ $ 826,157 ​ $ 520,199 ​ $ 97,060 ​ $ 12,667 ​ $ 5,782,663 Ending balance individually evaluated for impairment ​ $ — ​ $ 419 ​ $ 36,760 ​ $ — ​ $ 6,055 ​ $ 158 ​ $ 13 ​ $ 43,405 Ending balance collectively evaluated for impairment ​ $ 781,437 ​ $ 842,682 ​ $ 2,665,282 ​ $ 826,157 ​ $ 514,144 ​ $ 96,902 ​ $ 12,654 ​ $ 5,739,258 ​ ​ ​ The below table presents the amortized cost basis and ACL-Loans allocated for collateral dependent loans, which are individually evaluated to determine expected credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ Real Estate Accounts Receivable / Equipment Other Total ACL-Loans Allocation ​ ​ (In thousands) RES RE ​ $ 365 ​ $ — ​ $ 6 ​ $ 371 ​ $ 26 MF FIN ​ ​ 36,760 ​ ​ — ​ ​ — ​ ​ 36,760 ​ ​ 198 CML & CRE ​ 169 ​ 4,687 ​ 251 ​ 5,107 ​ 117 AG & AGRE ​ 158 ​ — ​ — ​ 158 ​ 1 CON & MAR ​ — ​ — ​ 12 ​ 12 ​ 7 Total collateral dependent loans ​ $ 37,452 ​ $ 4,687 ​ $ 269 ​ $ 42,408 ​ $ 349 ​ There has been no significant changes to the types of collateral securing the Company’s collateral dependent loans compared to March 31, 2021. Internal Risk Categories In adherence with policy, the Company uses the following internal risk grading categories and definitions for loans: Average or above Acceptable – Special Mention (Watch) Substandard Doubtful The following tables present the credit risk profile of the Company’s loan portfolio based on internal risk rating category as of March 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 ​ 2019 2018 Prior Revolving Loans TOTAL ​ ​ (In thousands) MTG WHLOC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acceptable and Above ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 752,447 ​ $ 752,447 Total ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 752,447 ​ $ 752,447 RES RE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acceptable and Above ​ ​ 6,759 ​ ​ 44,068 ​ ​ 49,799 ​ ​ 3,987 ​ ​ 950 ​ ​ 11,789 ​ ​ 739,604 ​ ​ 856,956 Special Mention (Watch) ​ ​ — ​ ​ — ​ ​ — ​ ​ 62 ​ ​ 180 ​ ​ 756 ​ ​ — ​ ​ 998 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 371 ​ ​ — ​ ​ 371 Total ​ $ 6,759 ​ $ 44,068 ​ $ 49,799 ​ $ 4,049 ​ $ 1,130 ​ $ 12,916 ​ $ 739,604 ​ $ 858,325 MF FIN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acceptable and Above ​ ​ 314,776 ​ ​ 1,237,625 ​ ​ 398,396 ​ ​ 83,995 ​ ​ 17,894 ​ ​ 15,046 ​ ​ 744,445 ​ ​ 2,812,177 Special Mention (Watch) ​ ​ 14,707 ​ ​ 12,361 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 27,068 Substandard ​ ​ 36,760 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 36,760 Total ​ $ 366,243 ​ $ 1,249,986 ​ $ 398,396 ​ $ 83,995 ​ $ 17,894 ​ $ 15,046 ​ $ 744,445 ​ $ 2,876,005 HC FIN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acceptable and Above ​ ​ — ​ ​ 332,065 ​ ​ 212,397 ​ ​ 17,191 ​ ​ 12,441 ​ ​ — ​ ​ 163,527 ​ ​ 737,621 Special Mention (Watch) ​ ​ — ​ ​ 7,342 ​ ​ 62,373 ​ ​ 28,850 ​ ​ — ​ ​ 14,565 ​ ​ — ​ ​ 113,130 Total ​ $ — ​ $ 339,407 ​ $ 274,770 ​ $ 46,041 ​ $ 12,441 ​ $ 14,565 ​ $ 163,527 ​ $ 850,751 CML & CRE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acceptable and Above ​ ​ 16,452 ​ ​ 85,297 ​ ​ 34,171 ​ ​ 50,736 ​ ​ 14,224 ​ ​ 16,954 ​ ​ 343,450 ​ ​ 561,284 Special Mention (Watch) ​ ​ 50 ​ ​ 21 ​ ​ 1,023 ​ ​ 134 ​ ​ — ​ ​ 236 ​ ​ 116 ​ ​ 1,580 Substandard ​ ​ — ​ ​ 2,000 ​ ​ — ​ ​ 142 ​ ​ 184 ​ ​ 66 ​ ​ 2,715 ​ ​ 5,107 Total ​ $ 16,502 ​ $ 87,318 ​ $ 35,194 ​ $ 51,012 ​ $ 14,408 ​ $ 17,256 ​ $ 346,281 ​ $ 567,971 AG & AGRE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acceptable and Above ​ ​ 3,438 ​ ​ 9,244 ​ ​ 18,199 ​ ​ 7,302 ​ ​ 4,720 ​ ​ 22,331 ​ ​ 23,682 ​ ​ 88,916 Special Mention (Watch) ​ ​ — ​ ​ 65 ​ ​ 731 ​ ​ 62 ​ ​ 296 ​ ​ 437 ​ ​ 23 ​ ​ 1,614 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 158 ​ ​ — ​ ​ 158 Total ​ $ 3,438 ​ $ 9,309 ​ $ 18,930 ​ $ 7,364 ​ $ 5,016 ​ $ 22,926 ​ $ 23,705 ​ $ 90,688 CON & MAR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acceptable and Above ​ ​ 77 ​ ​ 763 ​ ​ 478 ​ ​ 173 ​ ​ 4,789 ​ ​ 29 ​ ​ 6,533 ​ ​ 12,842 Special Mention (Watch) ​ ​ — ​ ​ — ​ ​ 17 ​ ​ — ​ ​ — ​ ​ 4 ​ ​ — ​ ​ 21 Substandard ​ ​ — ​ ​ — ​ ​ 3 ​ ​ 3 ​ ​ 3 ​ ​ 3 ​ ​ — ​ ​ 12 Total ​ $ 77 ​ $ 763 ​ $ 498 ​ $ 176 ​ $ 4,792 ​ $ 36 ​ $ 6,533 ​ $ 12,875 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Acceptable and Above ​ $ 341,502 ​ $ 1,709,062 ​ $ 713,440 ​ $ 163,384 ​ $ 55,018 ​ $ 66,149 ​ $ 2,773,688 ​ $ 5,822,243 Total Special Mention (Watch) ​ $ 14,757 ​ $ 19,789 ​ $ 64,144 ​ $ 29,108 ​ $ 476 ​ $ 15,998 ​ $ 139 ​ $ 144,411 Total Substandard ​ $ 36,760 ​ $ 2,000 ​ $ 3 ​ $ 145 ​ $ 187 ​ $ 598 ​ $ 2,715 ​ $ 42,408 Total Loans ​ $ 393,019 ​ $ 1,730,851 ​ $ 777,587 ​ $ 192,637 ​ $ 55,681 ​ $ 82,745 ​ $ 2,776,542 ​ $ 6,009,062 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ MTG WHLOC RES RE MF FIN HC FIN CML & CRE AG & AGRE CON & MAR TOTAL ​ ​ (In thousands) Special Mention (Watch) ​ $ — ​ $ 946 ​ $ 27,155 ​ $ 66,406 ​ $ 2,483 ​ $ 3,820 ​ $ 21 ​ $ 100,831 Substandard ​ — ​ 419 ​ 36,760 ​ — ​ 6,055 ​ 158 ​ 13 ​ 43,405 Acceptable and Above ​ 781,437 ​ 841,736 ​ 2,638,127 ​ 759,751 ​ 511,661 ​ 93,082 ​ 12,633 ​ 5,638,427 Total ​ $ 781,437 ​ $ 843,101 ​ $ 2,702,042 ​ $ 826,157 ​ $ 520,199 ​ $ 97,060 ​ $ 12,667 ​ $ 5,782,663 ​ The Company evaluates the loan risk grading system definitions and ACL-Loans methodology on an ongoing basis. No significant changes were made to either during the past year. ​ ​ Delinquent Loans The following tables present the Company’s loan portfolio aging analysis of the recorded investment in loans as of March 31, 2022 and December 31, 2021. There was only one loan totaling $36.8 million at March 31, 2022 and December 31, 2021 that had been modified in accordance with the CARES Act and therefore not classified as delinquent. This loan has been granted extended dates to make payments and no payments were due as of March 31, 2022. Also excluded from the tables below are government guaranteed commercial SBA loans totaling $1.1 million and $3.2 million that were 30-59 days past due and government guaranteed commercial SBA loans with balances of $256,000 and $274,000 that were over 90 days past due as of March 31, 2022 and December 31, 2021, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ 30-59 Days 60-89 Days Greater Than Total ​ ​ Total ​ ​ Past Due ​ Past Due ​ 90 Days ​ Past Due ​ Current ​ Loans ​ ​ (In thousands) MTG WHLOC ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 752,447 ​ $ 752,447 RES RE ​ 135 ​ ​ 474 ​ 241 ​ 850 ​ 857,475 ​ 858,325 MF FIN ​ — ​ ​ — ​ — ​ — ​ 2,876,005 ​ 2,876,005 HC FIN ​ ​ 8,347 ​ ​ — ​ ​ — ​ ​ 8,347 ​ ​ 842,404 ​ ​ 850,751 CML & CRE ​ 4,054 ​ ​ — ​ 62 ​ 4,116 ​ 563,855 ​ 567,971 AG & AGRE ​ 23 ​ ​ 144 ​ — ​ 167 ​ 90,521 ​ 90,688 CON & MAR ​ 80 ​ ​ 3 ​ 15 ​ 98 ​ 12,777 ​ 12,875 ​ ​ $ 12,639 ​ $ 621 ​ $ 318 ​ $ 13,578 ​ $ 5,995,484 ​ $ 6,009,062 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ 30-59 Days 60-89 Days Greater Than Total ​ ​ Total ​ ​ Past Due ​ Past Due ​ 90 Days ​ Past Due ​ Current ​ Loans ​ ​ (In thousands) MTG WHLOC ​ $ — $ — ​ $ — ​ $ — ​ $ 781,437 ​ $ 781,437 RES RE ​ 1,252 ​ 287 ​ 186 ​ 1,725 ​ 841,376 ​ 843,101 MF FIN ​ — ​ — ​ — ​ — ​ 2,702,042 ​ 2,702,042 HC FIN ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 826,157 ​ ​ 826,157 CML & CRE ​ 591 ​ 8 ​ 149 ​ 748 ​ 519,451 ​ 520,199 AG & AGRE ​ 37 ​ 21 ​ — ​ 58 ​ 97,002 ​ 97,060 CON & MAR ​ 43 ​ 5 ​ 40 ​ 88 ​ 12,579 ​ 12,667 ​ ​ $ 1,923 ​ $ 321 ​ $ 375 ​ $ 2,619 ​ $ 5,780,044 ​ $ 5,782,663 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impaired Loans The following table presents impaired loans and specific valuation allowance information based on class level as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ MTG WHLOC RES RE MF FIN ​ HC FIN CML & CRE AG & AGRE CON & MAR TOTAL ​ ​ (In thousands) Impaired loans without a specific allowance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded investment ​ $ — ​ $ 372 ​ $ 36,760 ​ $ — ​ $ 3,912 ​ $ 158 ​ $ 4 ​ $ 41,206 Unpaid principal balance ​ — ​ 372 ​ 36,760 ​ ​ — ​ 3,912 ​ 158 ​ 4 ​ 41,206 Impaired loans with a specific allowance: ​ — ​ ​ ​ ​ — ​ ​ ​ ​ Recorded investment ​ — ​ 47 ​ — ​ ​ — ​ 2,143 ​ — ​ 9 ​ 2,199 Unpaid principal balance ​ — ​ 47 ​ — ​ ​ — ​ 2,143 ​ — ​ 9 ​ 2,199 Specific allowance ​ — ​ 16 ​ — ​ ​ — ​ 867 ​ — ​ 7 ​ 890 Total impaired loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded investment ​ — ​ 419 ​ 36,760 ​ ​ — ​ 6,055 ​ 158 ​ 13 ​ 43,405 Unpaid principal balance ​ — ​ 419 ​ 36,760 ​ ​ — ​ 6,055 ​ 158 ​ 13 ​ 43,405 Specific allowance ​ — ​ 16 ​ — ​ ​ — ​ 867 ​ — ​ 7 ​ 890 ​ The following table presents by portfolio class, information related to the average recorded investment and interest income recognized on impaired loans for the three months ended March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ MTG WHLOC RES RE MF FIN ​ HC FIN CML & CRE AG & AGRE CON & MAR TOTAL ​ ​ ​ Average recorded investment in impaired loans ​ — ​ $ 2,761 ​ $ — ​ $ — ​ $ 8,018 ​ $ 1,620 ​ $ 8 ​ $ 12,407 Interest income recognized ​ — ​ 10 ​ — ​ — ​ 205 ​ — ​ — ​ 215 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nonperforming Loans Nonaccrual loans, including TDRs that have not met the six-month minimum performance criterion, are reported as nonperforming 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 three 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 doubtful under the terms of the loan agreement. Most generally, this is at 90 or more days past due. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ Total Loans > ​ ​ ​ ​ Total Loans > ​ ​ ​ ​ ​ 90 Days & ​ ​ ​ ​ 90 Days & ​ Nonaccrual Accruing Nonaccrual Accruing ​ ​ (In thousands) RES RE ​ $ 329 ​ $ 82 ​ $ 362 ​ $ 22 CML & CRE ​ 4,115 ​ ​ — ​ — ​ ​ 149 AG & AGRE ​ 158 ​ — ​ 158 ​ 30 CON & MAR ​ 12 ​ 3 ​ 4 ​ 36 ​ ​ $ 4,614 ​ $ 85 ​ $ 524 ​ $ 237 ​ The Company did not have any nonperforming loans without an estimated ACL at March 31, 2022. ​ No troubled loans were modified during the three months ended March 31, 2022 or 2021. No restructured loans defaulted during the three months ended March 31, 2022 or 2021. Loan modifications or forbearances related to the COVID-19 pandemic will generally not be considered TDRs. ​ The CARES Act included several provisions designed to help financial institutions like the Company in working with their customers. Section 4013 of the CARES Act, as extended, allows a financial institution to elect to suspend generally accepted accounting principles and regulatory determinations with respect to qualifying loan modifications related to COVID-19 that would otherwise be categorized as a TDR until January 1, 2022. The Company has taken advantage of this provision to extend certain payment modifications to loan customers in need. As of March 31, 2022, the Company has ​ There were no residential loans in the process of foreclosure as of March 31, 2022 and December 31, 2021. ​ Loan Sale and Freddie Mac Q Series Securitization ​ On May 7, 2021, the Company entered into an arrangement through a third-party trust and Freddie Mac, by which a $262.0 million portfolio of multi-family loans were sold to the trust and ultimately securitized through Freddie Mac and sold to investors. The Company purchased two of the securities for a total of $28.7 million. The transfer of these loans was accounted for as a sale for financial reporting purposes, in accordance with ASC 860, and a $676,000 net loss on sale was recognized, which included the impact of establishing a risk share allowance and servicing rights associated with this transaction. ​ portfolio not to exceed 10% of the unpaid principal amount of the loans comprising the securitization pool at settlement, or approximately $26.2 million. Therefore, a reserve of $1.4 million for estimated losses was established with respect to the first loss obligation at May 7, 2021, which was included in other liabilities on the consolidated balance sheets. These estimated losses were consistent with the amount in the allowance that was released when the loans were sold. If the Company sells one of the securities, this first loss obligation would be eliminated. ​ As part of the securitization transaction, Merchants released all mortgage servicing obligations and rights to Freddie Mac who was designated as the Master Servicer. As Master Servicer, Freddie Mac appointed the Company with subservicing obligations, which include obligations to collect and remit payments of principal and interest, manage payments of taxes and insurance, and otherwise administer the underlying loans. Accordingly, the company recognized a mortgage servicing asset of $730,000 on the sale date.

Variable Interest Entities (VIE

Variable Interest Entities (VIEs)	3 Months Ended
	Mar. 31, 2022
Variable Interest Entities (VIEs).
Variable Interest Entities (VIEs)	Note 5: Variable Interest Entities (VIEs) A VIE is a corporation, partnership, limited liability company, or any other legal structure used to conduct activities or hold assets generally that either: ​ • Does not have equity investors with voting rights that can directly or indirectly make decisions about the entity’s activities through those voting rights or similar rights; or ​ • Has equity investors that do not provide sufficient equity for the entity to finance its activities without additional subordinated financial support. ​ The Company has invested in single-family, multi-family, and healthcare debt financing entities, as well as low-income housing syndicated funds that are deemed to be VIEs. Accordingly, the entities were assessed for potential consolidation under the VIE model that requires primary beneficiaries to consolidate the entity’s results. A primary beneficiary is defined as the party that has both the power to direct the activities that most significantly impact the entity, and an interest that could be significant to the entity. To determine if an interest could be significant to the entity, both qualitative and quantitative factors regarding the nature, size and form of involvement with the entity are evaluated. ​ At March 31, 2022 the Company determined it was not the primary beneficiary of its VIEs primarily because the Company did not have the obligation to absorb losses or the rights to receive benefits from the VIE that could potentially be significant to the VIE. Evaluation and assessment of VIEs for consolidation is performed on an ongoing basis by management. Any changes in facts and circumstances occurring since the previous primary beneficiary determination will be considered as part of this ongoing assessment. ​ The Company’s maximum exposure to loss associated with its VIEs consists of the capital invested plus any unfunded equity commitments. These investments are recorded in other assets and other liabilities on our consolidated balance sheets. The table below reflects the size of the VIEs as well as the maximum exposure to loss in connection with these investments at March 31, 2022 and December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Total ​ Maximum Assets ($ in thousands) Assets Liabilities Exposure to Loss ​ ​ (In thousands) March 31, 2022 ​ ​ ​ Unconsolidated VIEs ​ $ 38,926 ​ $ 16,542 ​ $ 38,414 December 31, 2021 ​ ​ ​ Unconsolidated VIEs ​ $ 36,573 ​ $ 21,014 ​ $ 36,164 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Regulatory Matters

Regulatory Matters	3 Months Ended
	Mar. 31, 2022
Regulatory Matters
Regulatory Matters	Note 6: Regulatory Matters The Company, Merchants Bank, and FMBI 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, Merchants Bank, and FMBI must meet specific capital guidelines that involve quantitative measures of the Company’s, Merchants Bank’s, and FMBI’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s, Merchants Bank’s, and FMBI’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, and other factors. Furthermore, the Company’s, Merchants Bank’s, and FMBI’s regulators could require adjustments to regulatory capital not reflected in these financial statements. On November 13, 2019, the federal regulators finalized and adopted a regulatory capital rule establishing a new community bank leverage ratio (“CBLR”), which became effective on January 1, 2020. The intent of CBLR is to provide a simple alternative measure of capital adequacy for electing qualifying depository institutions and depository institution holding companies, as directed under the Economic Growth, Regulatory Relief, and Consumer Protection Act. Under CBLR, if a qualifying depository institution or depository institution holding company elects to use such measure, such institution or holding company will be considered well capitalized if its ratio of Tier 1 capital to average total consolidated assets (i.e., leverage ratio) exceeds a 9% threshold, subject to a limited two quarter grace period, during which the leverage ratio cannot go 100 basis points below the then applicable threshold, and will not be required to calculate and report risk-based capital ratios. Eligibility criteria to utilize CBLR includes the following: ● Total assets of less than $10 billion, ● Total trading assets plus liabilities of 5% or less of consolidated assets, ● Total off-balance sheet exposures of 25% or less of consolidated assets, ● Cannot be an advanced approaches banking organization, and ● Leverage ratio greater than 9%, or temporarily reduced threshold established in response to COVID-19. ​ The Company, Merchants Bank, and FMBI elected to begin using CBLR in the first quarter of 2020 and all intend to utilize this measure until they no longer meet the eligibility criteria and the applicable grace periods have expired. Accordingly, the Company will not calculate or report risk-based capital ratios at this time. At March 31, 2022 the Company’s off-balance sheets exposures exceeded 25% of total assets. If these exposures remain above 25%, the Company may no longer be eligible to utilize CBLR after September 30, 2022, when the grace periods expire. Although total assets did not exceed $10 billion, the Company is prepared to address the additional regulatory requirements and does not expect it to have significant financial implications. Management believes, as of March 31, 2022 and December 31, 2021, that the Company, Merchants Bank, and FMBI met all the regulatory capital adequacy requirements with CBLR to be classified as well-capitalized, and management is not aware of any conditions or events since the most recent regulatory notification that would change the Company’s, Merchants Bank’s, or FMBI’s category. As of March 31, 2022 and December 31, 2021, the most recent notifications from the Board of Governors of the Federal Reserve System (“Federal Reserve”) categorized the Company as well capitalized and most recent notifications from the FDIC categorized Merchants Bank and FMBI as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Company’s, Merchants Bank’s, or FMBI’s category. The Company’s, Merchants Bank’s, and FMBI’s actual capital amounts and ratios are presented in the following tables. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum Amount ​ ​ ​ ​ ​ ​ ​ ​ To Be Well ​ ​ ​ Actual ​ Capitalized (1) ​ ​ Amount Ratio Amount Ratio ​ ​ (Dollars in thousands) ​ March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CBLR (Tier 1) capital (1) ​ ​ ​ ​ ​ (i.e., CBLR - leverage ratio) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Company ​ $ 1,175,856 11.3 % $ 937,575 > 9 % Merchants Bank ​ ​ 1,126,531 11.2 % 908,744 > 9 % FMBI ​ 29,818 10.1 % 26,699 > 9 % (1) As defined by regulatory agencies. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum Amount ​ ​ ​ ​ ​ ​ ​ ​ To Be Well ​ ​ ​ Actual ​ Capitalized (1) ​ ​ Amount Ratio Amount Ratio ​ ​ ​ (Dollars in thousands) ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CBLR (Tier 1) capital (1) ​ ​ (i.e., CBLR - leverage ratio) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Company ​ $ 1,138,090 10.4 % $ 928,731 > 8.5 % Merchants Bank ​ 1,088,621 10.3 % 901,188 > 8.5 % FMBI ​ ​ 28,958 9.7 % 25,499 > 8.5 % (1) As defined by regulatory agencies. ​ Failure to exceed the leverage ratio thresholds required under CBLR in the future, subject to any applicable grace period, would require the Company, Merchants Bank, and/or FMBI to return to the risk-based capital ratio thresholds previously utilized under the fully phased-in Basel III Capital Rules to determine capital adequacy.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2022
Derivative Financial Instruments
Derivative Financial Instruments	​ Note 7: 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. Forward Sales Commitments and Interest Rate Lock Commitments The Company enters into forward contracts for the future delivery of mortgage loans to third party investors and enters into interest rate lock commitments 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, 2022 and December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ ​ ​ Fair Value ​ ​ Amount ​ Balance Sheet Location ​ Asset ​ Liability March 31, 2022 ​ (In thousands) ​ ​ ​ ​ ​ (In thousands) Interest rate lock commitments $ 80,018 ​ ​ Other assets/liabilities ​ $ 112 ​ $ 771 Forward contracts $ 65,799 ​ ​ Other assets/liabilities ​ 749 ​ ​ 20 ​ ​ ​ ​ ​ ​ ​ $ 861 ​ $ 791 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ ​ ​ Fair Value ​ ​ Amount ​ Balance Sheet Location ​ Asset ​ Liability December 31, 2021 ​ (In thousands) ​ ​ ​ ​ ​ (In thousands) Interest rate lock commitments $ 58,701 ​ ​ Other assets/liabilities ​ $ 264 ​ $ 41 Forward contracts $ 81,250 ​ ​ Other assets/liabilities ​ 86 ​ ​ 118 ​ ​ ​ ​ ​ ​ ​ $ 350 ​ $ 159 ​ Fair values of these 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, 2022 and 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ 2022 2021 ​ ​ ​ ​ (In thousands) Interest rate lock commitments ​ ​ $ (882) ​ $ (6,744) Forward contracts (includes pair-off settlements) ​ ​ 3,150 ​ ​ 8,396 Net derivative gains (loss) ​ ​ $ 2,268 ​ $ 1,652 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives on Behalf of Customers The Company offers derivative contracts to some customers in connection with their risk management needs. These derivatives include interest rate swaps. The Company manages the risk associated with these contracts by entering into an equal and offsetting derivative with a third-party dealer. These derivatives generally work together as an economic interest rate hedge, but the Company does not designate them for hedge accounting treatment. Consequently, changes in fair value of the corresponding derivative financial asset or liability were recorded as either a charge or credit to current earnings during the period in which the changes occurred, typically resulting in no net earnings impact. The fair values of derivative assets and liabilities related to derivatives for customers with interest rate swaps were recorded in the condensed consolidated balance sheets as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ ​ ​ Fair Value ​ ​ Amount ​ Balance Sheet Location ​ Asset ​ Liability ​ ​ (In thousands) ​ ​ ​ ​ ​ (In thousands) March 31, 2022 $ 135,420 ​ ​ Other assets/liabilities ​ $ 1,627 ​ $ 1,627 December 31, 2021 $ 135,686 ​ ​ Other assets/liabilities ​ $ 1,131 ​ $ 1,131 ​ ​ The gross gains and losses on these derivative assets and liabilities were recorded in Other Noninterest income and Other Noninterest expense in the condensed consolidated statements of income as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ 2022 2021 ​ ​ ​ ​ (In thousands) Gross swap gains ​ ​ $ 496 ​ $ 886 Gross swap losses ​ ​ 496 ​ ​ 886 Net swap gains (losses) ​ ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ The Company pledged $2.9 million and $3.9 million in collateral to secure its obligations under swap contracts at March 31, 2022 and December 31, 2021, respectively.

Disclosures about Fair Value of

Disclosures about Fair Value of Assets and Liabilities	3 Months Ended
	Mar. 31, 2022
Disclosures about Fair Value of Assets and Liabilities
Disclosures about Fair Value of Assets and Liabilities	Note 8: 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 Level 2 Level 3 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, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans in process of securitization ​ $ 324,280 ​ $ — ​ $ 324,280 ​ $ — Available for sale securities: ​ ​ ​ ​ Treasury notes ​ 8,076 ​ 8,076 ​ — ​ — Federal agencies ​ 276,863 ​ — ​ 276,863 ​ — Mortgage-backed - Government-sponsored entity (GSE) ​ 16,050 ​ — ​ 16,050 ​ — Mortgage-backed - Non-GSE multi-family ​ ​ 13,277 ​ ​ — ​ 13,277 ​ — Loans held for sale ​ 14,567 ​ — ​ 14,567 ​ — Servicing rights ​ 121,036 ​ — ​ — ​ 121,036 Derivative assets - interest rate lock commitments ​ 112 ​ — ​ — ​ 112 Derivative assets - forward contracts ​ 749 ​ — ​ 749 ​ — Derivative assets - interest rate swaps ​ 1,627 ​ — ​ 1,627 ​ — Derivative liabilities - interest rate lock commitments ​ 771 ​ ​ — ​ ​ — ​ ​ 771 Derivative liabilities - forward contracts ​ 20 ​ ​ — ​ ​ 20 ​ ​ — Derivative liabilities - interest rate swaps ​ 1,627 ​ ​ — ​ ​ 1,627 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans in process of securitization ​ $ 569,239 ​ $ — ​ $ 569,239 ​ $ — Available for sale securities: ​ ​ ​ ​ Treasury notes ​ 8,209 ​ 8,209 ​ — ​ — Federal agencies ​ 263,295 ​ — ​ 263,295 ​ — Municipals ​ 4,300 ​ — ​ 4,300 ​ — Mortgage-backed - Government-sponsored entity (GSE) ​ 18,360 ​ — ​ 18,360 ​ — Mortgage-backed - Non-GSE multi-family ​ ​ 16,465 ​ ​ — ​ 16,465 ​ — Loans held for sale ​ 48,583 ​ — ​ 48,583 ​ — Servicing rights ​ 110,348 ​ — ​ — ​ 110,348 Derivative assets - interest rate lock commitments ​ 264 ​ — ​ — ​ 264 Derivative assets - forward contracts ​ 86 ​ — ​ 86 ​ — Derivative asset - interest rate swap ​ ​ 1,131 ​ ​ — ​ ​ 1,131 ​ ​ — Derivative liabilities - interest rate lock commitments ​ 41 ​ ​ — ​ ​ — ​ ​ 41 Derivative liabilities - forward contracts ​ 118 ​ ​ — ​ ​ 118 ​ ​ — Derivative liabilities - interest rate swap ​ 1,131 ​ ​ — ​ ​ 1,131 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 2022 and the year ended December 31, 2021. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below. Mortgage Loans in Process of Securitization and Available for Sale Securities Where quoted market prices are available in an active market, securities such as U.S. Treasuries 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, municipal securities 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. Loans Held for Sale Certain loans held for sale at fair value are saleable into the secondary mortgage markets and their fair values are estimated using observable quoted market or contracted prices, or market price equivalents, which would be used by other market participants. These saleable loans are considered Level 2. Servicing Rights 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, cost of servicing, interest rates, and default rate. Due to the nature of the valuation inputs, 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 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. 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. 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. The fair value of interest rate swaps is based on prices that are obtained from a third party that uses observable market inputs, thereby supporting a Level 2 classification. Changes in fair value of the Company’s derivative financial instruments are recognized through noninterest income and/or noninterest expenses 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, ​ 2022 2021 ​ ​ (In thousands) Servicing rights ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 110,348 ​ $ 82,604 Additions ​ ​ ​ Originated servicing ​ 5,792 ​ 10,181 Subtractions ​ ​ Paydowns ​ (2,749) ​ (3,448) Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model ​ 7,645 ​ 6,878 Balance, end of period ​ $ 121,036 ​ $ 96,215 ​ ​ ​ ​ ​ ​ ​ Derivative Assets - interest rate lock commitments ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 264 ​ $ 6,131 Changes in fair value ​ (152) ​ (5,664) Balance, end of period ​ $ 112 ​ $ 467 ​ ​ ​ ​ ​ ​ ​ Derivative Liabilities - interest rate lock commitments ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 41 ​ $ — Changes in fair value ​ 730 ​ 1,080 Balance, end of period ​ $ 771 ​ $ 1,080 ​ 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, 2022 and December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 2022 ​ ​ ​ ​ Collateral dependent loans ​ $ 4,053 ​ $ — ​ $ — ​ $ 4,053 December 31, 2021 ​ ​ ​ ​ Impaired loans (collateral-dependent) ​ $ 4,263 ​ $ — ​ $ — ​ $ 4,263 ​ 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 Loans, Net of ACL-Loans The estimated fair value of collateral dependent loans is based on the appraised fair value of the collateral, less estimated cost to sell. Collateral dependent 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 Chief Credit Officer’s (“CCO”) office. Appraisals and evaluations are reviewed for accuracy and consistency by the CCO’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 CCO’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 ​ ​ ​ ​ ​ Weighted ​ Fair Value Technique Unobservable Inputs ​ Range Average ​ ​ (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ At March 31, 2022: ​ ​ ​ ​ ​ ​ Collateral dependent loans ​ $ 4,053 Market comparable properties Marketability discount ​ 76% 76% Servicing rights - Multi-family ​ $ 89,398 Discounted cash flow Discount rate ​ 8% - 15% 9% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 0% - 50% 4% Servicing rights - Single-family ​ $ 28,205 Discounted cash flow Discount rate ​ 9% - 10% ​ 9% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 8% - 11% ​ 8% Servicing rights - SBA ​ $ 3,433 Discounted cash flow Discount rate ​ 16% ​ 16% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 9% - 32% ​ 10% Derivative assets - interest rate lock commitments ​ $ 112 Discounted cash flow Loan closing rates ​ 53% - 100% 84% Derivative liabilities - interest rate lock commitments ​ $ 771 Discounted cash flow Loan closing rates ​ 53% - 100% 84% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2021: ​ ​ ​ ​ ​ ​ Collateral-dependent impaired loans ​ $ 4,263 Market comparable properties Marketability discount ​ 44% - 76% 73% Servicing rights - Multi-family ​ $ 84,567 Discounted cash flow Discount rate ​ 8% - 13% 9% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 0 - 50% 4% Servicing rights - Single-family ​ $ 23,012 Discounted cash flow Discount rate ​ 9% - 10% ​ 9% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 10 - 13% ​ 11% Servicing rights - SBA ​ $ 2,769 Discounted cash flow Discount rate ​ 16% 16% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 10% - 13% ​ 12% Derivative assets - interest rate lock commitments ​ $ 264 Discounted cash flow Loan closing rates ​ 63% - 99% 83% Derivative liabilities - interest rate lock commitments ​ $ 41 Discounted cash flow Loan closing rates ​ 63% - 99% 83% ​ 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. Servicing Rights The significant unobservable inputs used in the fair value measurement of the Company’s servicing rights are discount rates and constant prepayment rates. These two inputs can drive a significant amount of a market participant’s valuation of servicing rights. Significant increases (decreases) in the discount rate or assumed constant prepayment rates used to value servicing rights would decrease (increase) the value derived. 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, 2022 and December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 411,521 ​ $ 411,521 ​ $ 411,521 ​ $ — ​ $ — Securities purchased under agreements to resell ​ 4,798 ​ 4,798 ​ — ​ 4,798 ​ — FHLB stock ​ 28,804 ​ 28,804 ​ — ​ 28,804 ​ — Loans held for sale ​ 2,274,527 ​ 2,274,527 ​ — ​ 2,274,527 ​ — Loans receivable, net ​ 5,976,960 ​ 5,949,170 ​ — ​ — ​ 5,949,170 Interest receivable ​ 23,499 ​ 23,499 ​ — ​ 23,499 ​ — Financial liabilities: ​ ​ ​ ​ ​ ​ Deposits ​ 7,475,821 ​ 7,473,312 ​ 6,950,229 ​ 523,083 ​ — Short-term subordinated debt ​ 18,000 ​ 18,000 ​ — ​ 18,000 ​ — FHLB advances ​ 556,929 ​ 556,768 ​ — ​ 556,768 ​ — Other borrowing ​ ​ 305,000 ​ ​ 305,000 ​ ​ — ​ ​ 305,000 ​ ​ — Interest payable ​ 1,528 ​ 1,528 ​ — ​ 1,528 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 1,032,614 ​ $ 1,032,614 ​ $ 1,032,614 ​ $ — ​ $ — Securities purchased under agreements to resell ​ 5,888 ​ 5,888 ​ — ​ 5,888 ​ — FHLB stock ​ 29,588 ​ 29,588 ​ — ​ 29,588 ​ — Loans held for sale ​ 3,254,616 ​ 3,254,616 ​ — ​ 3,254,616 ​ — Loans receivable, net ​ 5,751,319 ​ 5,731,500 ​ — ​ — ​ 5,731,500 Interest receivable ​ 24,103 ​ 24,103 ​ — ​ 24,103 ​ — Financial liabilities: ​ ​ ​ ​ ​ ​ Deposits ​ 8,982,613 ​ 8,982,680 ​ 7,783,553 ​ 1,199,127 ​ — Short-term subordinated debt ​ 17,000 ​ 17,000 ​ — ​ 17,000 ​ — FHLB advances ​ 556,954 ​ 556,925 ​ — ​ 556,925 ​ — Other borrowing ​ ​ 460,000 ​ ​ 460,000 ​ ​ — ​ ​ 460,000 ​ ​ — Interest payable ​ 1,469 ​ 1,469 ​ — ​ 1,469 ​ — ​

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases
Leases	Note 9: Leases The Company has operating leases for various locations with terms ranging from two The Company has operating lease right-of-use assets of $6.8 million as of March 31, 2022 and operating lease liabilities of $7.4 million as of March 31, 2022. Balance sheet, income statement and cash flow detail regarding operating leases follows: ​ ​ ​ ​ ​ ​ March 31, 2022 Balance Sheet ​ (In thousands) Operating lease right-of-of use asset (in Other Assets) $ 6,772 Operating lease liability (in Other Liabilities) ​ 7,443 ​ ​ ​ Weighted average remaining lease term (years) ​ 7.6 Weighted average discount rate ​ 1.63% ​ ​ ​ Maturities of lease liabilities: ​ ​ 2022 remaining $ 945 2023 ​ 1,376 2024 ​ 1,191 2025 ​ 787 2026 ​ 806 Thereafter ​ 2,825 Total future minimum lease payments ​ 7,930 Less: imputed interest ​ 487 Total $ 7,443 ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, 2022 Income Statement ​ (In thousands) Components of lease expense: ​ ​ Operating lease cost (in Occupancy and Equipment Expense) $ 367 ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, 2022 Cash Flow Statement ​ (In thousands) Supplemental cash flow information: ​ ​ Operating cash flows from operating leases $ 283 ​ As of March 31, 2022, the Company had two new signed lease agreements that were not included in the totals for right-of-use assets and lease liabilities on the balance sheet because access to the space was not available at March 31, 2022.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share
Earnings Per Share	Note 10: Earnings Per Share Earnings per share were computed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Month Periods Ended March 31, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ Weighted- ​ Per ​ ​ ​ ​ Weighted- ​ Per ​ ​ Net ​ Average ​ Share ​ Net ​ Average ​ Share ​ Income Shares Amount Income Shares Amount ​ ​ (In thousands) ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ ​ ​ Net income ​ $ 50,142 ​ ​ $ 61,983 ​ Dividends on preferred stock ​ (5,728) ​ ​ (3,757) ​ Net income allocated to common shareholders ​ $ 44,414 ​ ​ $ 58,226 ​ Basic earnings per share (1) ​ 43,190,066 ​ $ 1.03 ​ 43,158,138 ​ $ 1.35 Effect of dilutive securities-restricted stock awards (1) ​ 169,968 ​ ​ 117,483 ​ Diluted earnings per share (1) ​ 43,360,034 ​ $ 1.02 ​ 43,275,621 ​ $ 1.35 ​ ​ ​ ​ ​ ​ ​ (1) The number of shares and per share amounts have been restated to reflect the 3 -for-2 common stock split, effective on January 17, 2022. ​ ​ ​ ​

Stock Splits

Stock Splits	3 Months Ended
	Mar. 31, 2022
Stock Splits
Stock Splits	Note 11: Stock Splits On November 17, 2021, the Company approved a 3 one

Share-Based Payment Plans

Share-Based Payment Plans	3 Months Ended
	Mar. 31, 2022
Share-Based Payment Plans
Share-Based Payment Plans	Note 12: Share-Based Payment Plans Equity-based incentive awards for Company officers are currently issued pursuant to the 2017 Equity Incentive Plan (the “2017 Incentive Plan”). During the three months ended March 31, 2022 and March 31, 2021, the Company issued 64,962 and 52,584 shares, respectively. During 2018, the Compensation Committee of the Board of Directors approved a plan for non-executive directors to receive a portion of their annual retainer fees in the form of shares of common stock equal to $10,000, rounded up to the nearest whole share. In January 2021, the Board of Directors amended the plan for nonexecutive directors to receive a portion of their annual fees, issued quarterly, in the form of restricted common stock equal to $50,000 per member, rounded up to the nearest whole share, to be effective after the Company’s annual meeting of shareholders held in May 2021. Accordingly, there were 2,055 shares, issued to non-executive directors during the three months ended March 31, 2022. There were no shares issued in the three months ended March 31, 2021.

Preferred Stock

Preferred Stock	3 Months Ended
	Mar. 31, 2022
Preferred Stock
Preferred Stock	Note 13: Preferred Stock Public Offerings of Preferred Stock: ​ On March 28, 2019, the Company issued 2,000,000 shares of 7.00% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock, without par value, and with a liquidation preference of $25.00 per share (the “Series A Preferred Stock”). The aggregate gross offering proceeds for the shares issued by the Company was $50.0 million, and after deducting underwriting discounts and commissions and offering expenses of approximately $1.7 million paid to third parties, the Company received total net proceeds of $48.3 million. On April 12, 2019, the Company issued an additional 81,800 shares of Series A Preferred Stock to the underwriters related to their exercise of an option to purchase additional shares under the associated underwriting agreement, resulting in an additional $2.0 million in net proceeds, after deducting $41,000 in underwriting discounts. The Series A Preferred Stock have no voting rights with respect to matters that generally require the approval of our common shareholders. Dividends on the Series A Preferred Stock, to the extent declared by the Company’s board, are payable quarterly. On August 19, 2019, the Company issued 5,000,000 depositary shares, each representing a 1/40 th On March 23, 2021, the Company issued 6,000,000 depositary shares, each representing a 1/40 th per depositary share). The aggregate gross offering proceeds for the shares issued by the Company was million. The Series C Preferred Stock have no voting rights with respect to matters that generally require the approval of our common shareholders. Dividends on the Series C Preferred Stock, to the extent declared by the Company’s board, are payable quarterly. The Company may redeem the Series C Preferred Stock, in whole or in part, at its option, on any dividend payment date on or after April 1, 2026, subject to the approval of the appropriate federal banking agency, at the liquidation preference, plus any declared and unpaid dividends (without regard to any undeclared dividends) to, but excluding, the date of redemption. Private Placement Offerings of Preferred Stock The Company previously issued a total of 41,625 shares of 8% Non-Cumulative, Perpetual Preferred Stock, without par value, with a liquidation preference of $1,000.00 per share (8% Preferred Stock”) in private placement offerings. On June 27, 2019 the Company issued an additional 874,000 shares of its 7.00% Series A Preferred Stock, without par value and with a liquidation preference of $25.00 per share, for aggregate proceeds of $21.85 million. No underwriter or placement agent was involved in this private placement and the Company did not pay any brokerage or underwriting fees or discounts in connection with the issuance of such shares. The shares were purchased primarily by related parties, including Michael Petrie, Chairman and Chief Executive Officer; Randall Rogers, Vice Chairman and a director and members of his family; Michael Dury, President and Chief Executive Officer of MCC; and other accredited investors. On April 15, 2021, all 41,625 shares of the Company’s 8% preferred stock were redeemed for $41.6 million, plus unpaid dividends of $139,000. On May 6, 2021 these 8% preferred shareholders participated in a private offering to replace their redeemed shares with Series C Preferred Stock. Accordingly, 46,181 shares (1,847,233 depositary shares) of Series C Preferred Stock were issued at a price of $25 per depositary share. The total capital raised from the private offering was $46.2 million, net of $23,000 in expenses. Repurchase of Preferred Stock: On September 23, 2019 the Company repurchased and subsequently retired 874,000 shares of its 7.00% Series A Preferred Stock, for its liquidation preference of $25 per share, at an aggregate cost of $21.85 million. There were no brokerage fees in connection with the transaction. ​ On April 15, 2021, all 41,625 shares of the 8% Preferred Stock were redeemed for $41.6 million, plus unpaid dividends of $139,000, as noted above.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2022
Segment Information
Segment Information	Note 14: Segment Information The Company’s 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. It is also a syndicator of low-income housing tax credit and debt funds. The Mortgage Warehousing segment funds agency eligible residential loans from the date of origination or purchase, until the date of 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. The Other segment 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 low-income housing tax credit limited partnerships. All operations are domestic. The tables below present selected business segment financial information for the three months ended March 31, 2022 and 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multi-family ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage ​ Mortgage ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking Warehousing Banking Other Total ​ ​ (In thousands) Three Months Ended March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ $ 257 ​ $ 20,329 ​ $ 53,725 ​ $ 1,701 $ 76,012 Interest expense ​ — ​ 2,021 ​ 8,517 ​ (251) 10,287 Net interest income ​ 257 ​ 18,308 ​ 45,208 ​ 1,952 65,725 Provision for credit losses ​ — ​ (207) ​ 2,658 ​ — 2,451 Net interest income after provision for credit losses ​ 257 ​ 18,515 ​ 42,550 ​ 1,952 63,274 Noninterest income ​ 32,186 ​ 1,860 ​ 2,189 ​ (1,638) 34,597 Noninterest expense ​ 16,531 ​ 2,926 ​ 6,574 ​ 5,002 31,033 Income before income taxes ​ 15,912 ​ 17,449 ​ 38,165 ​ (4,688) 66,838 Income taxes ​ 4,420 ​ 4,290 ​ 9,401 ​ (1,415) 16,696 Net income (loss) ​ $ 11,492 ​ $ 13,159 ​ $ 28,764 ​ $ (3,273) $ 50,142 Total assets ​ $ 293,286 ​ $ 2,863,907 ​ $ 6,409,943 ​ $ 83,456 $ 9,650,592 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multi-family ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage ​ Mortgage ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking Warehousing Banking Other Total ​ ​ (In thousands) Three Months Ended March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ $ 207 ​ $ 38,587 ​ $ 39,540 ​ $ 1,215 $ 79,549 Interest expense ​ — ​ 1,724 ​ 6,439 ​ (577) 7,586 Net interest income ​ 207 ​ 36,863 ​ 33,101 ​ 1,792 71,963 Provision for credit losses ​ — ​ (1,084) ​ 2,747 ​ — 1,663 Net interest income after provision for credit losses ​ 207 ​ 37,947 ​ 30,354 ​ 1,792 70,300 Noninterest income ​ 33,234 ​ 4,117 ​ 7,678 ​ (1,093) 43,936 Noninterest expense ​ 16,444 ​ 2,896 ​ 7,125 ​ 3,619 30,084 Income before income taxes ​ 16,997 ​ 39,168 ​ 30,907 ​ (2,920) 84,152 Income taxes ​ 5,036 ​ 9,985 ​ 7,882 ​ (734) 22,169 Net income (loss) ​ $ 11,961 ​ $ 29,183 ​ $ 23,025 ​ $ (2,186) $ 61,983 Total assets ​ $ 219,954 ​ $ 4,383,759 ​ $ 5,010,799 ​ $ 90,748 $ 9,705,260 ​

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2022
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Note 15: Recent Accounting Pronouncements The Company is an emerging growth company and as such will be subject to the effective dates noted for private companies if they differ from the effective dates noted for public companies. FASB ASU 2016-13, Financial Instruments—Credit Losses The Company adopted FASB Accounting Standards Update (ASU) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments As of the adoption date on January 1, 2022, the Company recorded a $3.6 million decrease, net of taxes, to retained earnings for the cumulative effect of adopting CECL. The transition adjustment included a $0.3 million increase to retained earnings related to ACL-Loans and a $5.2 million decrease to retained earnings related to ACL-OBCEs. FASB ASU 2016-02, Leases In February 2016, the Financial Accounting Standards Board (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 Company adopted this new guidance on January 1, 2022 and has elected the alternative transition method whereby comparative periods will not be restated. The Company also elected the package of practical expedients permitted under the transition guidance within the new standard. At the adoption date, the Company reported increased assets of approximately $7.1 million, liabilities of approximately $7.2 million, and retained earnings, net of tax of $110,000 on its consolidated balance sheets as a result of recognizing right-of-use assets and lease liabilities related to non-cancelable operating lease agreements. FASB ASU 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ​ In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ​ ● A change in a contract’s reference interest rate would be accounted for as a continuation of that contract rather than as the creation of a new one for contracts, including loans, debt, leases, and other arrangements, that meet specific criteria. ​ ● When updating its hedging strategies in response to reference rate reform, an entity would be allowed to preserve its hedge accounting. ​ Entities may apply this ASU as of the beginning of an interim period that includes the March 12, 2020 issuance date of the ASU, through December 31, 2022. The Company has organized a committee and implemented a transition plan to identify and modify its loans and other financial instruments with attributes that are either directly or indirectly influenced by LIBOR. All new contracts have incorporated language to address any required transition from LIBOR. The Company will continue to monitor and evaluate existing contracts throughout 2022. The Company believes the adoption of this guidance will not have a material impact on the consolidated financial statements. FASB ASU 2022-02 - Financial Instruments — Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ​ In February 2022, the FASB issued an ASU update to eliminate the recognition and measurement guidance on troubled debt restructurings for creditors that have adopted CECL and require enhanced disclosures about loan modifications for borrowers experiencing financial difficulty. The new guidance also requires public business entities to present current-period gross write-offs (on a current year-to-date basis for interim-period disclosures) by year of origination in their vintage disclosures. These changes would be applied on a prospective basis. Disclosure would not be required to prior period comparative periods. The updates in ASU 2022-02 are effective for interim and annual periods beginning after December 15, 2022. The Company is continuing to evaluate the impact of adopting this new guidance but does not expect it to have a material impact on the Company’s financial position or results of operations. ​

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events
Subsequent Events	Note 16: Subsequent Events No material events were noted.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2022
Basis of Presentation
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements include the accounts of Merchants Bancorp, a registered bank holding company (the “Company”) and its wholly owned subsidiaries, Merchants Bank of Indiana (“Merchants Bank”), Farmers-Merchants Bank of Illinois (“FMBI”) and Merchants Asset Management, LLC (“MAM”). Merchants Bank’s primary operating subsidiaries include Merchants Capital Corp. (“MCC”), Merchants Capital Servicing, LLC (“MCS”) and Merchants Capital Investments, LLC (“MCI”). All direct and indirectly owned subsidiaries owned by Merchants Bancorp are collectively referred to as the “Company”. The accompanying unaudited condensed consolidated balance sheet of the Company as of December 31, 2021, which has been derived from audited financial statements, and unaudited condensed consolidated financial statements of the Company as of March 31, 2022 and for the three months ended March 31, 2022 and 2021, 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, 2021 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, 2022
Principles of Consolidation	Principles of Consolidation The unaudited condensed consolidated financial statements as of and for the period ended March 31, 2022 and 2021 include results from the Company, and its wholly owned subsidiaries, Merchants Bank, FMBI and MAM. Also included are Merchants Bank’s primary operating subsidiaries, MCC, MCS and MCI, as well as all direct and indirectly owned subsidiaries owned by Merchants Bancorp. In addition, when the Company makes an equity investment in an entity for which it holds a variable interest, it is evaluated for consolidation requirements under Accounting Standards Update of Topic 810. Accordingly, the entity is assessed for potential consolidation under the variable interest entity (“VIE”) model and would only consolidate those entities for which it is a primary beneficiary. A primary beneficiary is defined as the party that has both the power to direct the activities that most significantly impact the entity, and an interest that could be significant to the entity. To determine if an interest could be significant to the entity, both qualitative and quantitative factors regarding the nature, size and form of our involvement with the entity are evaluated. Alternatively, under the voting interest model, it would only consolidate those entities for which it has a controlling interest. Because the variable interest investments held by the Company as of March 31, 2022 are not deemed to be primary beneficiaries or controlling interests, the entities are not consolidated and the equity method or proportional method of accounting has been applied. The Company will analyze whether its entities are the primary beneficiary on an ongoing basis. Changes in facts and circumstances occurring since the previous primary beneficiary determination will be considered as part of this ongoing assessment. See Note 5: Variable Interest Entities (VIEs) All significant intercompany accounts and transactions have been eliminated in consolidation.
Deconsolidation	Deconsolidation ​ Following the deconsolidation, the carrying value of assets and liabilities of these entities were removed from the consolidated balance sheet, and the continuing investments were recorded at fair value at the date of deconsolidation. The total amount deconsolidated from the balance sheet included net assets of approximately $10 million, consisting primarily of $66.6 million in loans receivable, and $52.7 million in borrowings with Merchants Bank that was previously eliminated in consolidation. The fair value of its continuing investments was approximately $10 million on the deconsolidation date and has been reported in Other Assets after deconsolidation. The estimated fair value was determined based on third-party evaluations of similar assets in the underlying business. The difference between the fair value of these deconsolidated entities and their carrying value was deemed to be immaterial, resulting in no gain or loss on deconsolidation. These continuing investments after deconsolidation are classified as variable interest entities, have not been consolidated, and are accounted for under the equity method of accounting. See Note 5: Variable Interest Entities (VIEs)
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 credit losses on loans, servicing rights and fair values of financial instruments.
Reclassifications	Reclassifications ​ Certain reclassifications may have been made to the 2021 financial statements to conform to the financial statement presentation as of and for the three months ended March 31, 2022. These reclassifications had no effect on net income.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2022
Basis of Presentation
Schedule of impact of the adoption of CECL	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impact of ​ ​ January 1, 2022 ​ ​ ​ ​ ​ CECL ​ ​ Post-CECL ​ December 31, 2021 Adoption Adoption Assets: ​ (In thousands) MTG WHLOC ​ $ 1,955 ​ $ 41 ​ $ 1,996 RES RE ​ 4,170 ​ ​ 275 ​ 4,445 MF FIN ​ ​ 14,084 ​ ​ 520 ​ ​ 14,604 HC FIN ​ ​ 4,461 ​ ​ 139 ​ ​ 4,600 CML & CRE ​ 5,879 ​ (1,277) ​ 4,602 AG & AGRE ​ ​ 657 ​ ​ (18) ​ ​ 639 CON & MAR ​ 138 ​ 21 ​ 159 ACL - Loans ​ $ 31,344 ​ $ (299) ​ $ 31,045 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ACL - OBCEs (in Other Liabilities) ​ $ — ​ $ 5,176 ​ $ 5,176 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholder's Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ Retained earnings, net of tax ​ $ 657,149 ​ $ (3,648) ​ $ 653,501

Securities Available For Sale (

Securities Available For Sale (Tables)	3 Months Ended
	Mar. 31, 2022
Securities Available For Sale
Schedule of amortized cost and approximate fair values, together with gross unrealized gains and losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ Cost Gains Losses Value ​ ​ (In thousands) Available for sale securities: ​ ​ ​ ​ Treasury notes ​ $ 8,235 ​ $ 2 ​ $ 161 ​ $ 8,076 Federal agencies ​ 284,974 ​ — ​ 8,111 ​ 276,863 Mortgage-backed - Government-sponsored entity (GSE) ​ ​ 16,040 ​ ​ 14 ​ ​ 4 ​ ​ 16,050 Mortgage-backed - Non-GSE multi-family ​ 13,478 ​ 4 ​ 205 ​ 13,277 Total available for sale securities ​ $ 322,727 ​ $ 20 ​ $ 8,481 ​ $ 314,266 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ Cost Gains Losses Value ​ ​ (In thousands) Available for sale securities: ​ ​ ​ ​ Treasury notes ​ $ 8,232 ​ $ 4 ​ $ 27 ​ $ 8,209 Federal agencies ​ 264,970 ​ — ​ 1,675 ​ 263,295 Municipals ​ 4,300 ​ — ​ — ​ 4,300 Mortgage-backed - Government-sponsored entity (GSE) ​ ​ 18,664 ​ ​ 32 ​ ​ 336 ​ ​ 18,360 Mortgage-backed - Non-GSE multi-family ​ 16,424 ​ 41 ​ — ​ 16,465 Total available for sale securities ​ $ 312,590 ​ $ 77 ​ $ 2,038 ​ $ 310,629 ​
Schedule of amortized cost and fair value of available-for-sale securities by contractual maturity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ ​ Amortized ​ Fair ​ Amortized ​ Fair ​ Cost Value Cost Value Contractual Maturity ​ (In thousands) Within one year ​ $ 2,249 ​ $ 2,244 ​ $ 6,548 ​ $ 6,551 After one through five years ​ 290,960 ​ 282,695 ​ 270,954 ​ 269,253 After five through ten years ​ — ​ — ​ — ​ — After ten years ​ — ​ — ​ — ​ — ​ ​ 293,209 ​ 284,939 ​ 277,502 ​ 275,804 Mortgage-backed - Government-sponsored entity (GSE) ​ ​ 16,040 ​ ​ 16,050 ​ ​ 18,664 ​ ​ 18,360 Mortgage-backed - Non-GSE multi-family ​ 13,478 ​ 13,277 ​ 16,424 ​ 16,465 ​ ​ $ 322,727 ​ $ 314,266 ​ $ 312,590 ​ $ 310,629
Schedule of gross unrealized losses and fair value of investments with unrealized losses have been in continuous	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ 7,825 ​ $ 161 ​ $ — ​ $ — ​ $ 7,825 ​ $ 161 Federal agencies ​ ​ 252,615 ​ ​ 7,377 ​ ​ 24,248 ​ ​ 734 ​ ​ 276,863 ​ ​ 8,111 Mortgage-backed - Government-sponsored entity (GSE) ​ ​ 371 ​ ​ 4 ​ ​ — ​ ​ — ​ ​ 371 ​ ​ 4 Mortgage-backed - Non-GSE multi-family ​ ​ 294 ​ ​ 205 ​ ​ — ​ ​ — ​ ​ 294 ​ ​ 205 ​ ​ $ 261,105 ​ $ 7,747 ​ $ 24,248 ​ $ 734 ​ $ 285,353 ​ $ 8,481 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ 7,957 ​ $ 27 ​ $ — ​ $ — ​ $ 7,957 ​ $ 27 Federal agencies ​ ​ 238,489 ​ ​ 1,503 ​ ​ 24,806 ​ ​ 172 ​ ​ 263,295 ​ ​ 1,675 Mortgage-backed - Government-sponsored entity (GSE) ​ ​ 719 ​ ​ 336 ​ ​ — ​ ​ — ​ ​ 719 ​ ​ 336 ​ ​ $ 247,165 ​ $ 1,866 ​ $ 24,806 ​ $ 172 ​ $ 271,971 ​ $ 2,038

Loans and Allowance for Credi_2

Loans and Allowance for Credit Losses on Loans (Tables)	3 Months Ended
	Mar. 31, 2022
Loans and Allowance for Credit Losses on Loans
Summary of loans	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 ​ ​ (In thousands) ​ ​ ​ ​ ​ ​ ​ Mortgage warehouse lines of credit ​ $ 752,447 ​ $ 781,437 Residential real estate ​ 858,325 ​ 843,101 Multi-family financing (1) ​ 2,876,005 ​ 2,702,042 Healthcare financing (1) ​ ​ 850,751 ​ ​ 826,157 Commercial and commercial real estate ​ 567,971 ​ 520,199 Agricultural production and real estate ​ 90,688 ​ 97,060 Consumer and margin loans ​ 12,875 ​ 12,667 ​ ​ 6,009,062 ​ 5,782,663 Less: ​ ​ ACL-Loans ​ 32,102 ​ 31,344 ​ ​ ​ ​ ​ ​ ​ Loans Receivable ​ $ 5,976,960 ​ $ 5,751,319 (1) As of March 31, 2022, the Company started presenting these two loan types on separate lines for reporting purposes.
Schedule of allowance for credit loss on loan methodology by loan portfolio segment	​ ​ ​ ​ Loan Portfolio Segment ACL-Loans Methodology ​ ​ ​ Ag loans ​ Remaining Life Method Ag real estate loans ​ Remaining Life Method Commercial loans ​ Discounted Cash Flow Commercial real estate loans ​ Discounted Cash Flow Consumer and margin loans ​ Remaining Life Method HELOC loans ​ Discounted Cash Flow Multi-family healthcare loans ​ Discounted Cash Flow Multi-family non-management loans ​ Discounted Cash Flow Multi-family construction loans ​ Discounted Cash Flow Multi-family loans ​ Discounted Cash Flow Residential real estate loans ​ Discounted Cash Flow SBA commercial loans ​ Discounted Cash Flow SBA real estate commercial loans ​ Discounted Cash Flow Single-family warehouse lines of credit ​ Remaining Life Method
Summary of activity in the allowance for loans and recorded investment by loan portfolio	The following table presents, by loan portfolio segment, the activity in the ACL-Loans for the three months ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At or For the Three Months Ended March 31, 2022 ​ MTG WHLOC RES RE MF FIN HC FIN ​ CML & CRE AG & AGRE CON & MAR TOTAL ​ ​ (In thousands) ACL-Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 1,955 ​ $ 4,170 $ 14,084 ​ $ 4,461 ​ $ 5,879 ​ $ 657 ​ $ 138 ​ $ 31,344 Impact of adopting CECL ​ ​ 41 ​ ​ 275 ​ ​ 520 ​ ​ 139 ​ ​ (1,277) ​ ​ (18) ​ ​ 21 ​ ​ (299) Provision for credit losses ​ (55) ​ 102 ​ 527 ​ ​ 1,018 ​ 431 ​ (42) ​ — ​ 1,981 Loans charged to the allowance ​ — ​ — ​ — ​ ​ — ​ (931) ​ — ​ — ​ (931) Recoveries of loans previously charged off ​ — ​ — ​ — ​ ​ — ​ — ​ — ​ 7 ​ 7 Balance, end of period ​ $ 1,941 ​ $ 4,547 ​ $ 15,131 ​ $ 5,618 ​ $ 4,102 ​ $ 597 ​ $ 166 ​ $ 32,102 ​ The Company recorded a total provision for credit losses of $2.5 million for the three months ended March 31, 2022. The $2.5 million total provision for credit losses consisted of $2.0 million for the ACL-Loans as shown above and $0.5 million for the ACL-OBCE’s. Prior to the adoption of CECL, the Company maintained an allowance for loan losses in accordance with the incurred loss model as disclosed in the Company’s 2021 Annual Report on From 10-K. The following table presents the allowance for loan losses for the three months ended March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, 2021 ​ MTG WHLOC RES RE MF FIN HC FIN ​ CML & CRE AG & AGRE CON & MAR TOTAL ​ ​ (In thousands) Allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 4,018 ​ $ 3,334 $ 12,041 ​ $ 2,690 ​ $ 4,641 ​ $ 636 ​ $ 140 ​ $ 27,500 Provision for credit losses ​ (697) ​ 266 ​ 1,355 ​ ​ 1,050 ​ (309) ​ (4) ​ 2 ​ 1,663 Loans charged to the allowance ​ — ​ — ​ — ​ ​ — ​ (68) ​ — ​ (6) ​ (74) Recoveries of loans previously charged off ​ — ​ — ​ — ​ ​ — ​ — ​ — ​ 2 ​ 2 Balance, end of period ​ $ 3,321 ​ $ 3,600 ​ $ 13,396 ​ $ 3,740 ​ $ 4,264 ​ $ 632 ​ $ 138 ​ $ 29,091
Summary of activity in the allowance for loan losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ MTG WHLOC RES RE MF FIN HC FIN ​ CML & CRE AG & AGRE CON & MAR TOTAL ​ ​ (In thousands) Allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, December 31, 2021 ​ $ 1,955 ​ $ 4,170 ​ $ 14,084 ​ $ 4,461 ​ $ 5,879 ​ $ 657 ​ $ 138 ​ $ 31,344 Ending balance: individually evaluated for impairment ​ $ — ​ $ 16 ​ $ — ​ $ — ​ $ 867 ​ $ — ​ $ 7 ​ $ 890 Ending balance: collectively evaluated for impairment ​ $ 1,955 ​ $ 4,154 ​ $ 14,084 ​ $ 4,461 ​ $ 5,012 ​ $ 657 ​ $ 131 ​ $ 30,454 Loans ​ ​ ​ ​ ​ ​ ​ ​ Balance, December 31, 2021 ​ $ 781,437 ​ $ 843,101 ​ $ 2,702,042 ​ $ 826,157 ​ $ 520,199 ​ $ 97,060 ​ $ 12,667 ​ $ 5,782,663 Ending balance individually evaluated for impairment ​ $ — ​ $ 419 ​ $ 36,760 ​ $ — ​ $ 6,055 ​ $ 158 ​ $ 13 ​ $ 43,405 Ending balance collectively evaluated for impairment ​ $ 781,437 ​ $ 842,682 ​ $ 2,665,282 ​ $ 826,157 ​ $ 514,144 ​ $ 96,902 ​ $ 12,654 ​ $ 5,739,258
Schedule of allowance for credit loss allocated to collateral dependent loans	The below table presents the amortized cost basis and ACL-Loans allocated for collateral dependent loans, which are individually evaluated to determine expected credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ Real Estate Accounts Receivable / Equipment Other Total ACL-Loans Allocation ​ ​ (In thousands) RES RE ​ $ 365 ​ $ — ​ $ 6 ​ $ 371 ​ $ 26 MF FIN ​ ​ 36,760 ​ ​ — ​ ​ — ​ ​ 36,760 ​ ​ 198 CML & CRE ​ 169 ​ 4,687 ​ 251 ​ 5,107 ​ 117 AG & AGRE ​ 158 ​ — ​ — ​ 158 ​ 1 CON & MAR ​ — ​ — ​ 12 ​ 12 ​ 7 Total collateral dependent loans ​ $ 37,452 ​ $ 4,687 ​ $ 269 ​ $ 42,408 ​ $ 349
Schedule of credit risk profile of loan portfolio	The following tables present the credit risk profile of the Company’s loan portfolio based on internal risk rating category as of March 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 ​ 2019 2018 Prior Revolving Loans TOTAL ​ ​ (In thousands) MTG WHLOC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acceptable and Above ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 752,447 ​ $ 752,447 Total ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 752,447 ​ $ 752,447 RES RE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acceptable and Above ​ ​ 6,759 ​ ​ 44,068 ​ ​ 49,799 ​ ​ 3,987 ​ ​ 950 ​ ​ 11,789 ​ ​ 739,604 ​ ​ 856,956 Special Mention (Watch) ​ ​ — ​ ​ — ​ ​ — ​ ​ 62 ​ ​ 180 ​ ​ 756 ​ ​ — ​ ​ 998 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 371 ​ ​ — ​ ​ 371 Total ​ $ 6,759 ​ $ 44,068 ​ $ 49,799 ​ $ 4,049 ​ $ 1,130 ​ $ 12,916 ​ $ 739,604 ​ $ 858,325 MF FIN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acceptable and Above ​ ​ 314,776 ​ ​ 1,237,625 ​ ​ 398,396 ​ ​ 83,995 ​ ​ 17,894 ​ ​ 15,046 ​ ​ 744,445 ​ ​ 2,812,177 Special Mention (Watch) ​ ​ 14,707 ​ ​ 12,361 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 27,068 Substandard ​ ​ 36,760 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 36,760 Total ​ $ 366,243 ​ $ 1,249,986 ​ $ 398,396 ​ $ 83,995 ​ $ 17,894 ​ $ 15,046 ​ $ 744,445 ​ $ 2,876,005 HC FIN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acceptable and Above ​ ​ — ​ ​ 332,065 ​ ​ 212,397 ​ ​ 17,191 ​ ​ 12,441 ​ ​ — ​ ​ 163,527 ​ ​ 737,621 Special Mention (Watch) ​ ​ — ​ ​ 7,342 ​ ​ 62,373 ​ ​ 28,850 ​ ​ — ​ ​ 14,565 ​ ​ — ​ ​ 113,130 Total ​ $ — ​ $ 339,407 ​ $ 274,770 ​ $ 46,041 ​ $ 12,441 ​ $ 14,565 ​ $ 163,527 ​ $ 850,751 CML & CRE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acceptable and Above ​ ​ 16,452 ​ ​ 85,297 ​ ​ 34,171 ​ ​ 50,736 ​ ​ 14,224 ​ ​ 16,954 ​ ​ 343,450 ​ ​ 561,284 Special Mention (Watch) ​ ​ 50 ​ ​ 21 ​ ​ 1,023 ​ ​ 134 ​ ​ — ​ ​ 236 ​ ​ 116 ​ ​ 1,580 Substandard ​ ​ — ​ ​ 2,000 ​ ​ — ​ ​ 142 ​ ​ 184 ​ ​ 66 ​ ​ 2,715 ​ ​ 5,107 Total ​ $ 16,502 ​ $ 87,318 ​ $ 35,194 ​ $ 51,012 ​ $ 14,408 ​ $ 17,256 ​ $ 346,281 ​ $ 567,971 AG & AGRE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acceptable and Above ​ ​ 3,438 ​ ​ 9,244 ​ ​ 18,199 ​ ​ 7,302 ​ ​ 4,720 ​ ​ 22,331 ​ ​ 23,682 ​ ​ 88,916 Special Mention (Watch) ​ ​ — ​ ​ 65 ​ ​ 731 ​ ​ 62 ​ ​ 296 ​ ​ 437 ​ ​ 23 ​ ​ 1,614 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 158 ​ ​ — ​ ​ 158 Total ​ $ 3,438 ​ $ 9,309 ​ $ 18,930 ​ $ 7,364 ​ $ 5,016 ​ $ 22,926 ​ $ 23,705 ​ $ 90,688 CON & MAR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acceptable and Above ​ ​ 77 ​ ​ 763 ​ ​ 478 ​ ​ 173 ​ ​ 4,789 ​ ​ 29 ​ ​ 6,533 ​ ​ 12,842 Special Mention (Watch) ​ ​ — ​ ​ — ​ ​ 17 ​ ​ — ​ ​ — ​ ​ 4 ​ ​ — ​ ​ 21 Substandard ​ ​ — ​ ​ — ​ ​ 3 ​ ​ 3 ​ ​ 3 ​ ​ 3 ​ ​ — ​ ​ 12 Total ​ $ 77 ​ $ 763 ​ $ 498 ​ $ 176 ​ $ 4,792 ​ $ 36 ​ $ 6,533 ​ $ 12,875 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Acceptable and Above ​ $ 341,502 ​ $ 1,709,062 ​ $ 713,440 ​ $ 163,384 ​ $ 55,018 ​ $ 66,149 ​ $ 2,773,688 ​ $ 5,822,243 Total Special Mention (Watch) ​ $ 14,757 ​ $ 19,789 ​ $ 64,144 ​ $ 29,108 ​ $ 476 ​ $ 15,998 ​ $ 139 ​ $ 144,411 Total Substandard ​ $ 36,760 ​ $ 2,000 ​ $ 3 ​ $ 145 ​ $ 187 ​ $ 598 ​ $ 2,715 ​ $ 42,408 Total Loans ​ $ 393,019 ​ $ 1,730,851 ​ $ 777,587 ​ $ 192,637 ​ $ 55,681 ​ $ 82,745 ​ $ 2,776,542 ​ $ 6,009,062 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ MTG WHLOC RES RE MF FIN HC FIN CML & CRE AG & AGRE CON & MAR TOTAL ​ ​ (In thousands) Special Mention (Watch) ​ $ — ​ $ 946 ​ $ 27,155 ​ $ 66,406 ​ $ 2,483 ​ $ 3,820 ​ $ 21 ​ $ 100,831 Substandard ​ — ​ 419 ​ 36,760 ​ — ​ 6,055 ​ 158 ​ 13 ​ 43,405 Acceptable and Above ​ 781,437 ​ 841,736 ​ 2,638,127 ​ 759,751 ​ 511,661 ​ 93,082 ​ 12,633 ​ 5,638,427 Total ​ $ 781,437 ​ $ 843,101 ​ $ 2,702,042 ​ $ 826,157 ​ $ 520,199 ​ $ 97,060 ​ $ 12,667 ​ $ 5,782,663
Schedule of aging analysis of the recorded investment in loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ 30-59 Days 60-89 Days Greater Than Total ​ ​ Total ​ ​ Past Due ​ Past Due ​ 90 Days ​ Past Due ​ Current ​ Loans ​ ​ (In thousands) MTG WHLOC ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 752,447 ​ $ 752,447 RES RE ​ 135 ​ ​ 474 ​ 241 ​ 850 ​ 857,475 ​ 858,325 MF FIN ​ — ​ ​ — ​ — ​ — ​ 2,876,005 ​ 2,876,005 HC FIN ​ ​ 8,347 ​ ​ — ​ ​ — ​ ​ 8,347 ​ ​ 842,404 ​ ​ 850,751 CML & CRE ​ 4,054 ​ ​ — ​ 62 ​ 4,116 ​ 563,855 ​ 567,971 AG & AGRE ​ 23 ​ ​ 144 ​ — ​ 167 ​ 90,521 ​ 90,688 CON & MAR ​ 80 ​ ​ 3 ​ 15 ​ 98 ​ 12,777 ​ 12,875 ​ ​ $ 12,639 ​ $ 621 ​ $ 318 ​ $ 13,578 ​ $ 5,995,484 ​ $ 6,009,062 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ 30-59 Days 60-89 Days Greater Than Total ​ ​ Total ​ ​ Past Due ​ Past Due ​ 90 Days ​ Past Due ​ Current ​ Loans ​ ​ (In thousands) MTG WHLOC ​ $ — $ — ​ $ — ​ $ — ​ $ 781,437 ​ $ 781,437 RES RE ​ 1,252 ​ 287 ​ 186 ​ 1,725 ​ 841,376 ​ 843,101 MF FIN ​ — ​ — ​ — ​ — ​ 2,702,042 ​ 2,702,042 HC FIN ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 826,157 ​ ​ 826,157 CML & CRE ​ 591 ​ 8 ​ 149 ​ 748 ​ 519,451 ​ 520,199 AG & AGRE ​ 37 ​ 21 ​ — ​ 58 ​ 97,002 ​ 97,060 CON & MAR ​ 43 ​ 5 ​ 40 ​ 88 ​ 12,579 ​ 12,667 ​ ​ $ 1,923 ​ $ 321 ​ $ 375 ​ $ 2,619 ​ $ 5,780,044 ​ $ 5,782,663
Schedule of components of impaired loans and specific valuation allowance	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ MTG WHLOC RES RE MF FIN ​ HC FIN CML & CRE AG & AGRE CON & MAR TOTAL ​ ​ (In thousands) Impaired loans without a specific allowance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded investment ​ $ — ​ $ 372 ​ $ 36,760 ​ $ — ​ $ 3,912 ​ $ 158 ​ $ 4 ​ $ 41,206 Unpaid principal balance ​ — ​ 372 ​ 36,760 ​ ​ — ​ 3,912 ​ 158 ​ 4 ​ 41,206 Impaired loans with a specific allowance: ​ — ​ ​ ​ ​ — ​ ​ ​ ​ Recorded investment ​ — ​ 47 ​ — ​ ​ — ​ 2,143 ​ — ​ 9 ​ 2,199 Unpaid principal balance ​ — ​ 47 ​ — ​ ​ — ​ 2,143 ​ — ​ 9 ​ 2,199 Specific allowance ​ — ​ 16 ​ — ​ ​ — ​ 867 ​ — ​ 7 ​ 890 Total impaired loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded investment ​ — ​ 419 ​ 36,760 ​ ​ — ​ 6,055 ​ 158 ​ 13 ​ 43,405 Unpaid principal balance ​ — ​ 419 ​ 36,760 ​ ​ — ​ 6,055 ​ 158 ​ 13 ​ 43,405 Specific allowance ​ — ​ 16 ​ — ​ ​ — ​ 867 ​ — ​ 7 ​ 890
Schedule of average recorded investment and interest income recognized in impaired loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ MTG WHLOC RES RE MF FIN ​ HC FIN CML & CRE AG & AGRE CON & MAR TOTAL ​ ​ ​ Average recorded investment in impaired loans ​ — ​ $ 2,761 ​ $ — ​ $ — ​ $ 8,018 ​ $ 1,620 ​ $ 8 ​ $ 12,407 Interest income recognized ​ — ​ 10 ​ — ​ — ​ 205 ​ — ​ — ​ 215
Schedule of nonaccrual loans and loans past due 90 days or more and still accruing	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ Total Loans > ​ ​ ​ ​ Total Loans > ​ ​ ​ ​ ​ 90 Days & ​ ​ ​ ​ 90 Days & ​ Nonaccrual Accruing Nonaccrual Accruing ​ ​ (In thousands) RES RE ​ $ 329 ​ $ 82 ​ $ 362 ​ $ 22 CML & CRE ​ 4,115 ​ ​ — ​ — ​ ​ 149 AG & AGRE ​ 158 ​ — ​ 158 ​ 30 CON & MAR ​ 12 ​ 3 ​ 4 ​ 36 ​ ​ $ 4,614 ​ $ 85 ​ $ 524 ​ $ 237

Variable Interest Entities (V_2

Variable Interest Entities (VIEs) (Tables)	3 Months Ended
	Mar. 31, 2022
Variable Interest Entities (VIEs).
Schedule reflects the size of VIEs as well as maximum exposure to loss in connection with investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Total ​ Maximum Assets ($ in thousands) Assets Liabilities Exposure to Loss ​ ​ (In thousands) March 31, 2022 ​ ​ ​ Unconsolidated VIEs ​ $ 38,926 ​ $ 16,542 ​ $ 38,414 December 31, 2021 ​ ​ ​ Unconsolidated VIEs ​ $ 36,573 ​ $ 21,014 ​ $ 36,164

Regulatory Matters (Tables)

Regulatory Matters (Tables)	3 Months Ended
	Mar. 31, 2022
Regulatory Matters
Summary of bank's actual capital amounts and ratios	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum Amount ​ ​ ​ ​ ​ ​ ​ ​ To Be Well ​ ​ ​ Actual ​ Capitalized (1) ​ ​ Amount Ratio Amount Ratio ​ ​ (Dollars in thousands) ​ March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CBLR (Tier 1) capital (1) ​ ​ ​ ​ ​ (i.e., CBLR - leverage ratio) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Company ​ $ 1,175,856 11.3 % $ 937,575 > 9 % Merchants Bank ​ ​ 1,126,531 11.2 % 908,744 > 9 % FMBI ​ 29,818 10.1 % 26,699 > 9 % (1) As defined by regulatory agencies. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum Amount ​ ​ ​ ​ ​ ​ ​ ​ To Be Well ​ ​ ​ Actual ​ Capitalized (1) ​ ​ Amount Ratio Amount Ratio ​ ​ ​ (Dollars in thousands) ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CBLR (Tier 1) capital (1) ​ ​ (i.e., CBLR - leverage ratio) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Company ​ $ 1,138,090 10.4 % $ 928,731 > 8.5 % Merchants Bank ​ 1,088,621 10.3 % 901,188 > 8.5 % FMBI ​ ​ 28,958 9.7 % 25,499 > 8.5 % (1) As defined by regulatory agencies.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Financial Instruments
Summary of notional amount and fair value of derivative assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ ​ ​ Fair Value ​ ​ Amount ​ Balance Sheet Location ​ Asset ​ Liability March 31, 2022 ​ (In thousands) ​ ​ ​ ​ ​ (In thousands) Interest rate lock commitments $ 80,018 ​ ​ Other assets/liabilities ​ $ 112 ​ $ 771 Forward contracts $ 65,799 ​ ​ Other assets/liabilities ​ 749 ​ ​ 20 ​ ​ ​ ​ ​ ​ ​ $ 861 ​ $ 791 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ ​ ​ Fair Value ​ ​ Amount ​ Balance Sheet Location ​ Asset ​ Liability December 31, 2021 ​ (In thousands) ​ ​ ​ ​ ​ (In thousands) Interest rate lock commitments $ 58,701 ​ ​ Other assets/liabilities ​ $ 264 ​ $ 41 Forward contracts $ 81,250 ​ ​ Other assets/liabilities ​ 86 ​ ​ 118 ​ ​ ​ ​ ​ ​ ​ $ 350 ​ $ 159
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, ​ 2022 2021 ​ ​ ​ ​ (In thousands) Interest rate lock commitments ​ ​ $ (882) ​ $ (6,744) Forward contracts (includes pair-off settlements) ​ ​ 3,150 ​ ​ 8,396 Net derivative gains (loss) ​ ​ $ 2,268 ​ $ 1,652 ​ ​ ​ ​ ​ ​ ​ ​
Interest rate swaps
Derivative Financial Instruments
Summary of notional amount and fair value of derivative assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ ​ ​ Fair Value ​ ​ Amount ​ Balance Sheet Location ​ Asset ​ Liability ​ ​ (In thousands) ​ ​ ​ ​ ​ (In thousands) March 31, 2022 $ 135,420 ​ ​ Other assets/liabilities ​ $ 1,627 ​ $ 1,627 December 31, 2021 $ 135,686 ​ ​ Other assets/liabilities ​ $ 1,131 ​ $ 1,131
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, ​ 2022 2021 ​ ​ ​ ​ (In thousands) Gross swap gains ​ ​ $ 496 ​ $ 886 Gross swap losses ​ ​ 496 ​ ​ 886 Net swap gains (losses) ​ ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​

Disclosures about Fair Value _2

Disclosures about Fair Value of Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans in process of securitization ​ $ 324,280 ​ $ — ​ $ 324,280 ​ $ — Available for sale securities: ​ ​ ​ ​ Treasury notes ​ 8,076 ​ 8,076 ​ — ​ — Federal agencies ​ 276,863 ​ — ​ 276,863 ​ — Mortgage-backed - Government-sponsored entity (GSE) ​ 16,050 ​ — ​ 16,050 ​ — Mortgage-backed - Non-GSE multi-family ​ ​ 13,277 ​ ​ — ​ 13,277 ​ — Loans held for sale ​ 14,567 ​ — ​ 14,567 ​ — Servicing rights ​ 121,036 ​ — ​ — ​ 121,036 Derivative assets - interest rate lock commitments ​ 112 ​ — ​ — ​ 112 Derivative assets - forward contracts ​ 749 ​ — ​ 749 ​ — Derivative assets - interest rate swaps ​ 1,627 ​ — ​ 1,627 ​ — Derivative liabilities - interest rate lock commitments ​ 771 ​ ​ — ​ ​ — ​ ​ 771 Derivative liabilities - forward contracts ​ 20 ​ ​ — ​ ​ 20 ​ ​ — Derivative liabilities - interest rate swaps ​ 1,627 ​ ​ — ​ ​ 1,627 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans in process of securitization ​ $ 569,239 ​ $ — ​ $ 569,239 ​ $ — Available for sale securities: ​ ​ ​ ​ Treasury notes ​ 8,209 ​ 8,209 ​ — ​ — Federal agencies ​ 263,295 ​ — ​ 263,295 ​ — Municipals ​ 4,300 ​ — ​ 4,300 ​ — Mortgage-backed - Government-sponsored entity (GSE) ​ 18,360 ​ — ​ 18,360 ​ — Mortgage-backed - Non-GSE multi-family ​ ​ 16,465 ​ ​ — ​ 16,465 ​ — Loans held for sale ​ 48,583 ​ — ​ 48,583 ​ — Servicing rights ​ 110,348 ​ — ​ — ​ 110,348 Derivative assets - interest rate lock commitments ​ 264 ​ — ​ — ​ 264 Derivative assets - forward contracts ​ 86 ​ — ​ 86 ​ — Derivative asset - interest rate swap ​ ​ 1,131 ​ ​ — ​ ​ 1,131 ​ ​ — Derivative liabilities - interest rate lock commitments ​ 41 ​ ​ — ​ ​ — ​ ​ 41 Derivative liabilities - forward contracts ​ 118 ​ ​ — ​ ​ 118 ​ ​ — Derivative liabilities - interest rate swap ​ 1,131 ​ ​ — ​ ​ 1,131 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of Level 3 reconciliation of recurring fair value measurements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 ​ ​ (In thousands) Servicing rights ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 110,348 ​ $ 82,604 Additions ​ ​ ​ Originated servicing ​ 5,792 ​ 10,181 Subtractions ​ ​ Paydowns ​ (2,749) ​ (3,448) Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model ​ 7,645 ​ 6,878 Balance, end of period ​ $ 121,036 ​ $ 96,215 ​ ​ ​ ​ ​ ​ ​ Derivative Assets - interest rate lock commitments ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 264 ​ $ 6,131 Changes in fair value ​ (152) ​ (5,664) Balance, end of period ​ $ 112 ​ $ 467 ​ ​ ​ ​ ​ ​ ​ Derivative Liabilities - interest rate lock commitments ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 41 ​ $ — Changes in fair value ​ 730 ​ 1,080 Balance, end of period ​ $ 771 ​ $ 1,080
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, 2022 ​ ​ ​ ​ Collateral dependent loans ​ $ 4,053 ​ $ — ​ $ — ​ $ 4,053 December 31, 2021 ​ ​ ​ ​ Impaired loans (collateral-dependent) ​ $ 4,263 ​ $ — ​ $ — ​ $ 4,263
Schedule of quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements other than goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Valuation ​ ​ ​ ​ ​ Weighted ​ Fair Value Technique Unobservable Inputs ​ Range Average ​ ​ (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ At March 31, 2022: ​ ​ ​ ​ ​ ​ Collateral dependent loans ​ $ 4,053 Market comparable properties Marketability discount ​ 76% 76% Servicing rights - Multi-family ​ $ 89,398 Discounted cash flow Discount rate ​ 8% - 15% 9% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 0% - 50% 4% Servicing rights - Single-family ​ $ 28,205 Discounted cash flow Discount rate ​ 9% - 10% ​ 9% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 8% - 11% ​ 8% Servicing rights - SBA ​ $ 3,433 Discounted cash flow Discount rate ​ 16% ​ 16% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 9% - 32% ​ 10% Derivative assets - interest rate lock commitments ​ $ 112 Discounted cash flow Loan closing rates ​ 53% - 100% 84% Derivative liabilities - interest rate lock commitments ​ $ 771 Discounted cash flow Loan closing rates ​ 53% - 100% 84% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2021: ​ ​ ​ ​ ​ ​ Collateral-dependent impaired loans ​ $ 4,263 Market comparable properties Marketability discount ​ 44% - 76% 73% Servicing rights - Multi-family ​ $ 84,567 Discounted cash flow Discount rate ​ 8% - 13% 9% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 0 - 50% 4% Servicing rights - Single-family ​ $ 23,012 Discounted cash flow Discount rate ​ 9% - 10% ​ 9% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 10 - 13% ​ 11% Servicing rights - SBA ​ $ 2,769 Discounted cash flow Discount rate ​ 16% 16% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 10% - 13% ​ 12% Derivative assets - interest rate lock commitments ​ $ 264 Discounted cash flow Loan closing rates ​ 63% - 99% 83% Derivative liabilities - interest rate lock commitments ​ $ 41 Discounted cash flow Loan closing rates ​ 63% - 99% 83%
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, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 411,521 ​ $ 411,521 ​ $ 411,521 ​ $ — ​ $ — Securities purchased under agreements to resell ​ 4,798 ​ 4,798 ​ — ​ 4,798 ​ — FHLB stock ​ 28,804 ​ 28,804 ​ — ​ 28,804 ​ — Loans held for sale ​ 2,274,527 ​ 2,274,527 ​ — ​ 2,274,527 ​ — Loans receivable, net ​ 5,976,960 ​ 5,949,170 ​ — ​ — ​ 5,949,170 Interest receivable ​ 23,499 ​ 23,499 ​ — ​ 23,499 ​ — Financial liabilities: ​ ​ ​ ​ ​ ​ Deposits ​ 7,475,821 ​ 7,473,312 ​ 6,950,229 ​ 523,083 ​ — Short-term subordinated debt ​ 18,000 ​ 18,000 ​ — ​ 18,000 ​ — FHLB advances ​ 556,929 ​ 556,768 ​ — ​ 556,768 ​ — Other borrowing ​ ​ 305,000 ​ ​ 305,000 ​ ​ — ​ ​ 305,000 ​ ​ — Interest payable ​ 1,528 ​ 1,528 ​ — ​ 1,528 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 1,032,614 ​ $ 1,032,614 ​ $ 1,032,614 ​ $ — ​ $ — Securities purchased under agreements to resell ​ 5,888 ​ 5,888 ​ — ​ 5,888 ​ — FHLB stock ​ 29,588 ​ 29,588 ​ — ​ 29,588 ​ — Loans held for sale ​ 3,254,616 ​ 3,254,616 ​ — ​ 3,254,616 ​ — Loans receivable, net ​ 5,751,319 ​ 5,731,500 ​ — ​ — ​ 5,731,500 Interest receivable ​ 24,103 ​ 24,103 ​ — ​ 24,103 ​ — Financial liabilities: ​ ​ ​ ​ ​ ​ Deposits ​ 8,982,613 ​ 8,982,680 ​ 7,783,553 ​ 1,199,127 ​ — Short-term subordinated debt ​ 17,000 ​ 17,000 ​ — ​ 17,000 ​ — FHLB advances ​ 556,954 ​ 556,925 ​ — ​ 556,925 ​ — Other borrowing ​ ​ 460,000 ​ ​ 460,000 ​ ​ — ​ ​ 460,000 ​ ​ — Interest payable ​ 1,469 ​ 1,469 ​ — ​ 1,469 ​ —

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases
Schedule of balance sheet, income statement and cash flow detail regarding operating leases	​ ​ ​ ​ ​ ​ March 31, 2022 Balance Sheet ​ (In thousands) Operating lease right-of-of use asset (in Other Assets) $ 6,772 Operating lease liability (in Other Liabilities) ​ 7,443 ​ ​ ​ Weighted average remaining lease term (years) ​ 7.6 Weighted average discount rate ​ 1.63% ​ ​ ​ Maturities of lease liabilities: ​ ​ 2022 remaining $ 945 2023 ​ 1,376 2024 ​ 1,191 2025 ​ 787 2026 ​ 806 Thereafter ​ 2,825 Total future minimum lease payments ​ 7,930 Less: imputed interest ​ 487 Total $ 7,443 ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, 2022 Income Statement ​ (In thousands) Components of lease expense: ​ ​ Operating lease cost (in Occupancy and Equipment Expense) $ 367 ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, 2022 Cash Flow Statement ​ (In thousands) Supplemental cash flow information: ​ ​ Operating cash flows from operating leases $ 283

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share
Schedule of computation of earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Month Periods Ended March 31, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ Weighted- ​ Per ​ ​ ​ ​ Weighted- ​ Per ​ ​ Net ​ Average ​ Share ​ Net ​ Average ​ Share ​ Income Shares Amount Income Shares Amount ​ ​ (In thousands) ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ ​ ​ Net income ​ $ 50,142 ​ ​ $ 61,983 ​ Dividends on preferred stock ​ (5,728) ​ ​ (3,757) ​ Net income allocated to common shareholders ​ $ 44,414 ​ ​ $ 58,226 ​ Basic earnings per share (1) ​ 43,190,066 ​ $ 1.03 ​ 43,158,138 ​ $ 1.35 Effect of dilutive securities-restricted stock awards (1) ​ 169,968 ​ ​ 117,483 ​ Diluted earnings per share (1) ​ 43,360,034 ​ $ 1.02 ​ 43,275,621 ​ $ 1.35 ​ ​ ​ ​ ​ ​ ​ (1) The number of shares and per share amounts have been restated to reflect the 3 -for-2 common stock split, effective on January 17, 2022.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Information
Schedule of business segment financial information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multi-family ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage ​ Mortgage ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking Warehousing Banking Other Total ​ ​ (In thousands) Three Months Ended March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ $ 257 ​ $ 20,329 ​ $ 53,725 ​ $ 1,701 $ 76,012 Interest expense ​ — ​ 2,021 ​ 8,517 ​ (251) 10,287 Net interest income ​ 257 ​ 18,308 ​ 45,208 ​ 1,952 65,725 Provision for credit losses ​ — ​ (207) ​ 2,658 ​ — 2,451 Net interest income after provision for credit losses ​ 257 ​ 18,515 ​ 42,550 ​ 1,952 63,274 Noninterest income ​ 32,186 ​ 1,860 ​ 2,189 ​ (1,638) 34,597 Noninterest expense ​ 16,531 ​ 2,926 ​ 6,574 ​ 5,002 31,033 Income before income taxes ​ 15,912 ​ 17,449 ​ 38,165 ​ (4,688) 66,838 Income taxes ​ 4,420 ​ 4,290 ​ 9,401 ​ (1,415) 16,696 Net income (loss) ​ $ 11,492 ​ $ 13,159 ​ $ 28,764 ​ $ (3,273) $ 50,142 Total assets ​ $ 293,286 ​ $ 2,863,907 ​ $ 6,409,943 ​ $ 83,456 $ 9,650,592 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multi-family ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage ​ Mortgage ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking Warehousing Banking Other Total ​ ​ (In thousands) Three Months Ended March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ $ 207 ​ $ 38,587 ​ $ 39,540 ​ $ 1,215 $ 79,549 Interest expense ​ — ​ 1,724 ​ 6,439 ​ (577) 7,586 Net interest income ​ 207 ​ 36,863 ​ 33,101 ​ 1,792 71,963 Provision for credit losses ​ — ​ (1,084) ​ 2,747 ​ — 1,663 Net interest income after provision for credit losses ​ 207 ​ 37,947 ​ 30,354 ​ 1,792 70,300 Noninterest income ​ 33,234 ​ 4,117 ​ 7,678 ​ (1,093) 43,936 Noninterest expense ​ 16,444 ​ 2,896 ​ 7,125 ​ 3,619 30,084 Income before income taxes ​ 16,997 ​ 39,168 ​ 30,907 ​ (2,920) 84,152 Income taxes ​ 5,036 ​ 9,985 ​ 7,882 ​ (734) 22,169 Net income (loss) ​ $ 11,961 ​ $ 29,183 ​ $ 23,025 ​ $ (2,186) $ 61,983 Total assets ​ $ 219,954 ​ $ 4,383,759 ​ $ 5,010,799 ​ $ 90,748 $ 9,705,260

Basis of Presentation - Princip

Basis of Presentation - Principles of Consolidation (Details) $ in Millions	Feb. 01, 2021USD ($)
Net assets deconsolidated	$ 10
Loans receivable deconsolidated	66.6
Borrowings deconsolidated	52.7
Gain or loss on deconsolidation	0
Other assets, net
Fair value of continuing investments after deconsolidation	$ 10

Basis of Presentation - Impact

Basis of Presentation - Impact of the Adoption of CECL (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jan. 01, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Allowance for loan losses	$ 32,102		$ 31,344	$ 29,091	$ 27,500
Retained earnings, net of tax	694,776		657,149
Impact from adoption of ASU | ASU 2016-13
Allowance for loan losses		$ (299)	(299)
ACL - OBCEs (in Other Liabilities)		5,176
Retained earnings, net of tax		(3,648)
Post ASU Adoption | ASU 2016-13
Allowance for loan losses		31,045
ACL - OBCEs (in Other Liabilities)		5,176
Retained earnings, net of tax		653,501
Mortgage warehouse lines of credit
Allowance for loan losses	1,941		1,955	3,321	4,018
Mortgage warehouse lines of credit | Impact from adoption of ASU | ASU 2016-13
Allowance for loan losses		41	41
Mortgage warehouse lines of credit | Post ASU Adoption | ASU 2016-13
Allowance for loan losses		1,996
Residential real estate
Allowance for loan losses	4,547		4,170	3,600	3,334
Residential real estate | Impact from adoption of ASU | ASU 2016-13
Allowance for loan losses		275	275
Residential real estate | Post ASU Adoption | ASU 2016-13
Allowance for loan losses		4,445
Multi-family financing
Allowance for loan losses	15,131		14,084	13,396	12,041
Multi-family financing | Impact from adoption of ASU | ASU 2016-13
Allowance for loan losses		520	520
Multi-family financing | Post ASU Adoption | ASU 2016-13
Allowance for loan losses		14,604
Healthcare financing
Allowance for loan losses	5,618		4,461	3,740	2,690
Healthcare financing | Impact from adoption of ASU | ASU 2016-13
Allowance for loan losses		139	139
Healthcare financing | Post ASU Adoption | ASU 2016-13
Allowance for loan losses		4,600
Commercial and commercial real estate
Allowance for loan losses	4,102		5,879	4,264	4,641
Commercial and commercial real estate | Impact from adoption of ASU | ASU 2016-13
Allowance for loan losses		(1,277)	(1,277)
Commercial and commercial real estate | Post ASU Adoption | ASU 2016-13
Allowance for loan losses		4,602
Agricultural production and real estate
Allowance for loan losses	597		657	632	636
Agricultural production and real estate | Impact from adoption of ASU | ASU 2016-13
Allowance for loan losses		(18)	(18)
Agricultural production and real estate | Post ASU Adoption | ASU 2016-13
Allowance for loan losses		639
Consumer and margin loans
Allowance for loan losses	$ 166		138	$ 138	$ 140
Consumer and margin loans | Impact from adoption of ASU | ASU 2016-13
Allowance for loan losses		21	$ 21
Consumer and margin loans | Post ASU Adoption | ASU 2016-13
Allowance for loan losses		$ 159

Securities Available For Sale -

Securities Available For Sale - Amortized Cost to Approximate Fair Value (Details) - USD ($) $ in Thousands	May 07, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Available-for-sale securities:
Amortized Cost		$ 322,727		$ 312,590
Gross Unrealized Gains		20		77
Gross Unrealized Losses		8,481		2,038
Fair Value		314,266		310,629
Purchases of available for sale securities		20,002	$ 3
Accrued interest on available for sale securities		300		400
Treasury notes
Available-for-sale securities:
Amortized Cost		8,235		8,232
Gross Unrealized Gains		2		4
Gross Unrealized Losses		161		27
Fair Value		8,076		8,209
Federal agencies
Available-for-sale securities:
Amortized Cost		284,974		264,970
Gross Unrealized Losses		8,111		1,675
Fair Value		276,863		263,295
Municipals
Available-for-sale securities:
Amortized Cost				4,300
Fair Value				4,300
Mortgage-backed - Government-sponsored entity (GSE)
Available-for-sale securities:
Amortized Cost		16,040		18,664
Gross Unrealized Gains		14		32
Gross Unrealized Losses		4		336
Fair Value		16,050		18,360
Mortgage-backed Securities, Purchased from Freddie Mac | Loan Sale and Freddie Mac Q Series Securitization
Available-for-sale securities:
Fair Value		13,300		17,200
Purchases of available for sale securities	$ 28,700
Fair value of available for sale securities, not guaranteed by Freddie Mac		13,000		16,400
Mortgage-backed - Non-GSE multi-family
Available-for-sale securities:
Amortized Cost		13,478		16,424
Gross Unrealized Gains		4		41
Gross Unrealized Losses		205
Fair Value		$ 13,277		$ 16,465

Securities Available For Sale_2

Securities Available For Sale - Contractual Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Contractual Maturities, Amortized Cost
Within one year	$ 2,249	$ 6,548
After one through five years	290,960	270,954
Amortized Costs, Gross	293,209	277,502
Amortized Costs, Net	322,727	312,590
Contractual Maturities, Fair Value
Within one year	2,244	6,551
After one through five years	282,695	269,253
Fair Value, Gross	284,939	275,804
Available-for-sale Securities, Debt Securities, Total	314,266	310,629
Mortgage-backed - Government-sponsored entity (GSE)
Contractual Maturities, Amortized Cost
Amortized Costs, Mortgage-backed	16,040	18,664
Amortized Costs, Net	16,040	18,664
Contractual Maturities, Fair Value
Fair Value, Mortgage-backed	16,050	18,360
Available-for-sale Securities, Debt Securities, Total	16,050	18,360
Mortgage-backed - Non-GSE multi-family
Contractual Maturities, Amortized Cost
Amortized Costs, Mortgage-backed	13,478	16,424
Amortized Costs, Net	13,478	16,424
Contractual Maturities, Fair Value
Fair Value, Mortgage-backed	13,277	16,465
Available-for-sale Securities, Debt Securities, Total	$ 13,277	$ 16,465

Securities Available For Sale_3

Securities Available For Sale - Sale of securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Securities Available For Sale
Proceeds from the sale of available for sale securities	$ 0	$ 0

Securities Available For Sale_4

Securities Available For Sale - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months	$ 261,105	$ 247,165
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, 12 Months or Longer	24,248	24,806
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total	285,353	271,971
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	7,747	1,866
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, 12 Months or Longer	734	172
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	8,481	2,038
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	7,825	7,957
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total	7,825	7,957
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	161	27
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	161	27
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	252,615	238,489
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, 12 Months or Longer	24,248	24,806
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total	276,863	263,295
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	7,377	1,503
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, 12 Months or Longer	734	172
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	8,111	1,675
Mortgage-backed - Government-sponsored entity (GSE)
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months	371	719
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total	371	719
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	4	336
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	4	$ 336
Mortgage-backed - Non-GSE multi-family
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months	294
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total	294
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	205
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	$ 205

Mortgage Loans in Process of _2

Mortgage Loans in Process of Securitization (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Mortgage Loans in Process of Securitization
Unrealized gains included in mortgage loans	$ 2.8	$ 1

Loans and Allowance for Credi_3

Loans and Allowance for Credit Losses on Loans - Summary of Loans By Classification (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Loans and Allowance for Loan Losses
Loans	$ 6,009,062	$ 5,782,663
Allowance for loan losses	32,102	31,344	$ 29,091	$ 27,500
Loans Receivable	5,976,960	5,751,319
Accrued interest on loans, excluded from amortized cost of loans	15,800	15,400
Mortgage warehouse lines of credit
Loans and Allowance for Loan Losses
Loans	752,447	781,437
Allowance for loan losses	1,941	1,955	3,321	4,018
Residential real estate
Loans and Allowance for Loan Losses
Loans	858,325	843,101
Allowance for loan losses	4,547	4,170	3,600	3,334
Healthcare financing
Loans and Allowance for Loan Losses
Loans	850,751	826,157
Allowance for loan losses	5,618	4,461	3,740	2,690
Multi-family financing
Loans and Allowance for Loan Losses
Loans	2,876,005	2,702,042
Allowance for loan losses	15,131	14,084	13,396	12,041
Commercial and commercial real estate
Loans and Allowance for Loan Losses
Loans	567,971	520,199
Allowance for loan losses	4,102	5,879	4,264	4,641
Commercial and commercial real estate | Loans funded through PPP, CARES Act
Loans and Allowance for Loan Losses
Loans	1,200	7,000
Agricultural production and real estate
Loans and Allowance for Loan Losses
Loans	90,688	97,060
Allowance for loan losses	597	657	632	636
Consumer and margin loans
Loans and Allowance for Loan Losses
Loans	12,875	12,667
Allowance for loan losses	$ 166	$ 138	$ 138	$ 140

Loans and Allowance for Credi_4

Loans and Allowance for Credit Losses on Loans - Allowance For Credit-Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Allowance for credit/loan losses
Balance, beginning of period	$ 31,344	$ 27,500
Provision for credit losses	1,981	1,663
Loans charged to the allowance	(931)	(74)
Recoveries of loans previously charged off	7	2
Balance, end of period	32,102	29,091
Ending balance: individually evaluated for impairment	349		$ 890
Ending balance: collectively evaluated for impairment			30,454
Loans
Ending balance	6,009,062		5,782,663
Ending balance individually evaluated for impairment	42,408		43,405
Ending balance: collectively evaluated for impairment			5,739,258
Provision for Credit Losses
Total provision for credit losses	2,451	1,663
Provision for credit losses - loans	2,000
Provision for credit losses - off-balance sheet credit exposures	500
ASU 2016-13 | Impact from adoption of ASU
Allowance for credit/loan losses
Balance, beginning of period	(299)
Mortgage warehouse lines of credit
Allowance for credit/loan losses
Balance, beginning of period	1,955	4,018
Provision for credit losses	(55)	(697)
Balance, end of period	1,941	3,321
Ending balance: collectively evaluated for impairment			1,955
Loans
Ending balance	752,447		781,437
Ending balance: collectively evaluated for impairment			781,437
Mortgage warehouse lines of credit | ASU 2016-13 | Impact from adoption of ASU
Allowance for credit/loan losses
Balance, beginning of period	41
Residential real estate
Allowance for credit/loan losses
Balance, beginning of period	4,170	3,334
Provision for credit losses	102	266
Balance, end of period	4,547	3,600
Ending balance: individually evaluated for impairment	26		16
Ending balance: collectively evaluated for impairment			4,154
Loans
Ending balance	858,325		843,101
Ending balance individually evaluated for impairment	371		419
Ending balance: collectively evaluated for impairment			842,682
Residential real estate | ASU 2016-13 | Impact from adoption of ASU
Allowance for credit/loan losses
Balance, beginning of period	275
Multi-family financing
Allowance for credit/loan losses
Balance, beginning of period	14,084	12,041
Provision for credit losses	527	1,355
Balance, end of period	15,131	13,396
Ending balance: individually evaluated for impairment	198
Ending balance: collectively evaluated for impairment			14,084
Loans
Ending balance	2,876,005		2,702,042
Ending balance individually evaluated for impairment	36,760		36,760
Ending balance: collectively evaluated for impairment			2,665,282
Multi-family financing | ASU 2016-13 | Impact from adoption of ASU
Allowance for credit/loan losses
Balance, beginning of period	520
Healthcare financing
Allowance for credit/loan losses
Balance, beginning of period	4,461	2,690
Provision for credit losses	1,018	1,050
Balance, end of period	5,618	3,740
Ending balance: collectively evaluated for impairment			4,461
Loans
Ending balance	850,751		826,157
Ending balance: collectively evaluated for impairment			826,157
Healthcare financing | ASU 2016-13 | Impact from adoption of ASU
Allowance for credit/loan losses
Balance, beginning of period	139
Commercial and commercial real estate
Allowance for credit/loan losses
Balance, beginning of period	5,879	4,641
Provision for credit losses	431	(309)
Loans charged to the allowance	(931)	(68)
Balance, end of period	4,102	4,264
Ending balance: individually evaluated for impairment	117		867
Ending balance: collectively evaluated for impairment			5,012
Loans
Ending balance	567,971		520,199
Ending balance individually evaluated for impairment	5,107		6,055
Ending balance: collectively evaluated for impairment			514,144
Commercial and commercial real estate | ASU 2016-13 | Impact from adoption of ASU
Allowance for credit/loan losses
Balance, beginning of period	(1,277)
Commercial and commercial real estate | Loans funded through PPP, CARES Act
Loans
Ending balance	1,200		7,000
Agricultural production and real estate
Allowance for credit/loan losses
Balance, beginning of period	657	636
Provision for credit losses	(42)	(4)
Balance, end of period	597	632
Ending balance: individually evaluated for impairment	1
Ending balance: collectively evaluated for impairment			657
Loans
Ending balance	90,688		97,060
Ending balance individually evaluated for impairment	158		158
Ending balance: collectively evaluated for impairment			96,902
Agricultural production and real estate | ASU 2016-13 | Impact from adoption of ASU
Allowance for credit/loan losses
Balance, beginning of period	(18)
Consumer and margin loans
Allowance for credit/loan losses
Balance, beginning of period	138	140
Provision for credit losses		2
Loans charged to the allowance		(6)
Recoveries of loans previously charged off	7	2
Balance, end of period	166	$ 138
Ending balance: individually evaluated for impairment	7		7
Ending balance: collectively evaluated for impairment			131
Loans
Ending balance	12,875		12,667
Ending balance individually evaluated for impairment	12		13
Ending balance: collectively evaluated for impairment			$ 12,654
Consumer and margin loans | ASU 2016-13 | Impact from adoption of ASU
Allowance for credit/loan losses
Balance, beginning of period	$ 21

Loans and Allowance for Credi_5

Loans and Allowance for Credit Losses on Loans - Amortized cost basis and ACL (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Losses [Line Items]
ACL - Loans Allocation	$ 349	$ 890
Total	42,408	43,405
Real Estate
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	37,452
Accounts Receivable Or Equipment
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	4,687
Other Collateralized Assets
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	269
Residential real estate
Financing Receivable, Allowance for Credit Losses [Line Items]
ACL - Loans Allocation	26	16
Total	371	419
Residential real estate | Real Estate
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	365
Residential real estate | Other Collateralized Assets
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	6
Multi-family financing
Financing Receivable, Allowance for Credit Losses [Line Items]
ACL - Loans Allocation	198
Total	36,760	36,760
Multi-family financing | Real Estate
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	36,760
Commercial and commercial real estate
Financing Receivable, Allowance for Credit Losses [Line Items]
ACL - Loans Allocation	117	867
Total	5,107	6,055
Commercial and commercial real estate | Real Estate
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	169
Commercial and commercial real estate | Accounts Receivable Or Equipment
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	4,687
Commercial and commercial real estate | Other Collateralized Assets
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	251
Agricultural production and real estate
Financing Receivable, Allowance for Credit Losses [Line Items]
ACL - Loans Allocation	1
Total	158	158
Agricultural production and real estate | Real Estate
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	158
Consumer and margin loans
Financing Receivable, Allowance for Credit Losses [Line Items]
ACL - Loans Allocation	7	7
Total	12	$ 13
Consumer and margin loans | Other Collateralized Assets
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	$ 12

Loans and Allowance for Credi_6

Loans and Allowance for Credit Losses on Loans - Credit Risk Profile of Loan Portfolio (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Credit risk profile of portfolio
Loans	$ 6,009,062	$ 5,782,663
2022	393,019
2021	1,730,851
2020	777,587
2019	192,637
2018	55,681
Prior	82,745
Revolving Loans	2,776,542
Special Mention (Watch)
Credit risk profile of portfolio
Loans	144,411	100,831
2022	14,757
2021	19,789
2020	64,144
2019	29,108
2018	476
Prior	15,998
Revolving Loans	139
Substandard
Credit risk profile of portfolio
Loans	42,408	43,405
2022	36,760
2021	2,000
2020	3
2019	145
2018	187
Prior	598
Revolving Loans	2,715
Acceptable and Above
Credit risk profile of portfolio
Loans	5,822,243	5,638,427
2022	341,502
2021	1,709,062
2020	713,440
2019	163,384
2018	55,018
Prior	66,149
Revolving Loans	2,773,688
Mortgage warehouse lines of credit
Credit risk profile of portfolio
Loans	752,447	781,437
Revolving Loans	752,447
Mortgage warehouse lines of credit | Acceptable and Above
Credit risk profile of portfolio
Loans	752,447	781,437
Revolving Loans	752,447
Residential real estate
Credit risk profile of portfolio
Loans	858,325	843,101
2022	6,759
2021	44,068
2020	49,799
2019	4,049
2018	1,130
Prior	12,916
Revolving Loans	739,604
Residential real estate | Special Mention (Watch)
Credit risk profile of portfolio
Loans	998	946
2019	62
2018	180
Prior	756
Residential real estate | Substandard
Credit risk profile of portfolio
Loans	371	419
Prior	371
Residential real estate | Acceptable and Above
Credit risk profile of portfolio
Loans	856,956	841,736
2022	6,759
2021	44,068
2020	49,799
2019	3,987
2018	950
Prior	11,789
Revolving Loans	739,604
Healthcare financing
Credit risk profile of portfolio
Loans	850,751	826,157
2021	339,407
2020	274,770
2019	46,041
2018	12,441
Prior	14,565
Revolving Loans	163,527
Healthcare financing | Special Mention (Watch)
Credit risk profile of portfolio
Loans	113,130	66,406
2021	7,342
2020	62,373
2019	28,850
Prior	14,565
Healthcare financing | Acceptable and Above
Credit risk profile of portfolio
Loans	737,621	759,751
2021	332,065
2020	212,397
2019	17,191
2018	12,441
Revolving Loans	163,527
Multi-family financing
Credit risk profile of portfolio
Loans	2,876,005	2,702,042
2022	366,243
2021	1,249,986
2020	398,396
2019	83,995
2018	17,894
Prior	15,046
Revolving Loans	744,445
Multi-family financing | Special Mention (Watch)
Credit risk profile of portfolio
Loans	27,068	27,155
2022	14,707
2021	12,361
Multi-family financing | Substandard
Credit risk profile of portfolio
Loans	36,760	36,760
2022	36,760
Multi-family financing | Acceptable and Above
Credit risk profile of portfolio
Loans	2,812,177	2,638,127
2022	314,776
2021	1,237,625
2020	398,396
2019	83,995
2018	17,894
Prior	15,046
Revolving Loans	744,445
Commercial and commercial real estate
Credit risk profile of portfolio
Loans	567,971	520,199
2022	16,502
2021	87,318
2020	35,194
2019	51,012
2018	14,408
Prior	17,256
Revolving Loans	346,281
Commercial and commercial real estate | Special Mention (Watch)
Credit risk profile of portfolio
Loans	1,580	2,483
2022	50
2021	21
2020	1,023
2019	134
Prior	236
Revolving Loans	116
Commercial and commercial real estate | Substandard
Credit risk profile of portfolio
Loans	5,107	6,055
2021	2,000
2019	142
2018	184
Prior	66
Revolving Loans	2,715
Commercial and commercial real estate | Acceptable and Above
Credit risk profile of portfolio
Loans	561,284	511,661
2022	16,452
2021	85,297
2020	34,171
2019	50,736
2018	14,224
Prior	16,954
Revolving Loans	343,450
Agricultural production and real estate
Credit risk profile of portfolio
Loans	90,688	97,060
2022	3,438
2021	9,309
2020	18,930
2019	7,364
2018	5,016
Prior	22,926
Revolving Loans	23,705
Agricultural production and real estate | Special Mention (Watch)
Credit risk profile of portfolio
Loans	1,614	3,820
2021	65
2020	731
2019	62
2018	296
Prior	437
Revolving Loans	23
Agricultural production and real estate | Substandard
Credit risk profile of portfolio
Loans	158	158
Prior	158
Agricultural production and real estate | Acceptable and Above
Credit risk profile of portfolio
Loans	88,916	93,082
2022	3,438
2021	9,244
2020	18,199
2019	7,302
2018	4,720
Prior	22,331
Revolving Loans	23,682
Consumer and margin loans
Credit risk profile of portfolio
Loans	12,875	12,667
2022	77
2021	763
2020	498
2019	176
2018	4,792
Prior	36
Revolving Loans	6,533
Consumer and margin loans | Special Mention (Watch)
Credit risk profile of portfolio
Loans	21	21
2020	17
Prior	4
Consumer and margin loans | Substandard
Credit risk profile of portfolio
Loans	12	13
2020	3
2019	3
2018	3
Prior	3
Consumer and margin loans | Acceptable and Above
Credit risk profile of portfolio
Loans	12,842	$ 12,633
2022	77
2021	763
2020	478
2019	173
2018	4,789
Prior	29
Revolving Loans	$ 6,533

Loans and Allowance for Credi_7

Loans and Allowance for Credit Losses on Loans - Aging Analysis Of The Recorded Investment In Loans (Details) $ in Thousands	Mar. 31, 2022USD ($)loan	Dec. 31, 2021USD ($)loan
Aging analysis of loan portfolio
Loans	$ 6,009,062	$ 5,782,663
Number of loans modified in accordance with CARES Act | loan	1	1
Amount of outstanding loans modified in accordance with CARES Act	$ 36,800	$ 36,800
Loans modified in accordance with CARES Act, payments due	0
Total Past Due
Aging analysis of loan portfolio
Loans	13,578	2,619
30-59 Days Past Due
Aging analysis of loan portfolio
Loans	12,639	1,923
60-89 Days Past Due
Aging analysis of loan portfolio
Loans	621	321
Greater Than 90 Days
Aging analysis of loan portfolio
Loans	318	375
Current.
Aging analysis of loan portfolio
Loans	5,995,484	5,780,044
Mortgage warehouse lines of credit
Aging analysis of loan portfolio
Loans	752,447	781,437
Mortgage warehouse lines of credit | Current.
Aging analysis of loan portfolio
Loans	752,447	781,437
Residential real estate
Aging analysis of loan portfolio
Loans	858,325	843,101
Residential real estate | Total Past Due
Aging analysis of loan portfolio
Loans	850	1,725
Residential real estate | 30-59 Days Past Due
Aging analysis of loan portfolio
Loans	135	1,252
Residential real estate | 60-89 Days Past Due
Aging analysis of loan portfolio
Loans	474	287
Residential real estate | Greater Than 90 Days
Aging analysis of loan portfolio
Loans	241	186
Residential real estate | Current.
Aging analysis of loan portfolio
Loans	857,475	841,376
Healthcare financing
Aging analysis of loan portfolio
Loans	850,751	826,157
Healthcare financing | Total Past Due
Aging analysis of loan portfolio
Loans	8,347
Healthcare financing | 30-59 Days Past Due
Aging analysis of loan portfolio
Loans	8,347
Healthcare financing | Current.
Aging analysis of loan portfolio
Loans	842,404	826,157
Multi-family financing
Aging analysis of loan portfolio
Loans	2,876,005	2,702,042
Multi-family financing | Current.
Aging analysis of loan portfolio
Loans	2,876,005	2,702,042
Commercial and commercial real estate
Aging analysis of loan portfolio
Loans	567,971	520,199
Commercial and commercial real estate | Total Past Due
Aging analysis of loan portfolio
Loans	4,116	748
Commercial and commercial real estate | 30-59 Days Past Due
Aging analysis of loan portfolio
Loans	4,054	591
Commercial and commercial real estate | 60-89 Days Past Due
Aging analysis of loan portfolio
Loans		8
Commercial and commercial real estate | Greater Than 90 Days
Aging analysis of loan portfolio
Loans	62	149
Commercial and commercial real estate | Current.
Aging analysis of loan portfolio
Loans	563,855	519,451
Commercial and commercial real estate | Government guaranteed SBA loans | 30-59 Days Past Due
Aging analysis of loan portfolio
Loans	1,100	3,200
Commercial and commercial real estate | Government guaranteed SBA loans | Greater Than 90 Days
Aging analysis of loan portfolio
Loans	256,000	274,000
Agricultural production and real estate
Aging analysis of loan portfolio
Loans	90,688	97,060
Agricultural production and real estate | Total Past Due
Aging analysis of loan portfolio
Loans	167	58
Agricultural production and real estate | 30-59 Days Past Due
Aging analysis of loan portfolio
Loans	23	37
Agricultural production and real estate | 60-89 Days Past Due
Aging analysis of loan portfolio
Loans	144	21
Agricultural production and real estate | Current.
Aging analysis of loan portfolio
Loans	90,521	97,002
Consumer and margin loans
Aging analysis of loan portfolio
Loans	12,875	12,667
Consumer and margin loans | Total Past Due
Aging analysis of loan portfolio
Loans	98	88
Consumer and margin loans | 30-59 Days Past Due
Aging analysis of loan portfolio
Loans	80	43
Consumer and margin loans | 60-89 Days Past Due
Aging analysis of loan portfolio
Loans	3	5
Consumer and margin loans | Greater Than 90 Days
Aging analysis of loan portfolio
Loans	15	40
Consumer and margin loans | Current.
Aging analysis of loan portfolio
Loans	$ 12,777	$ 12,579

Loans and Allowance for Credi_8

Loans and Allowance for Credit Losses on Loans - Impaired Loans and Specific Valuation Allowance (Details) $ in Thousands	Dec. 31, 2021USD ($)
Impaired loans without a specific allowance:
Recorded investment	$ 41,206
Unpaid principal balance	41,206
Impaired loans with a specific allowance:
Recorded investment	2,199
Unpaid principal balance	2,199
Specific allowance	890
Total impaired loans:
Recorded investments	43,405
Unpaid principal balance	43,405
Specific allowance	890
Residential real estate
Impaired loans without a specific allowance:
Recorded investment	372
Unpaid principal balance	372
Impaired loans with a specific allowance:
Recorded investment	47
Unpaid principal balance	47
Specific allowance	16
Total impaired loans:
Recorded investments	419
Unpaid principal balance	419
Specific allowance	16
Multi-family financing
Impaired loans without a specific allowance:
Recorded investment	36,760
Unpaid principal balance	36,760
Total impaired loans:
Recorded investments	36,760
Unpaid principal balance	36,760
Commercial and commercial real estate
Impaired loans without a specific allowance:
Recorded investment	3,912
Unpaid principal balance	3,912
Impaired loans with a specific allowance:
Recorded investment	2,143
Unpaid principal balance	2,143
Specific allowance	867
Total impaired loans:
Recorded investments	6,055
Unpaid principal balance	6,055
Specific allowance	867
Agricultural production and real estate
Impaired loans without a specific allowance:
Recorded investment	158
Unpaid principal balance	158
Total impaired loans:
Recorded investments	158
Unpaid principal balance	158
Consumer and margin loans
Impaired loans without a specific allowance:
Recorded investment	4
Unpaid principal balance	4
Impaired loans with a specific allowance:
Recorded investment	9
Unpaid principal balance	9
Specific allowance	7
Total impaired loans:
Recorded investments	13
Unpaid principal balance	13
Specific allowance	$ 7

Loans and Allowance for Credi_9

Loans and Allowance for Credit Losses on Loans - Average Recorded Investment and Interest Income Recognized (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Impaired Loans
Average recorded investment in impaired loans	$ 12,407
Interest income recognized	215
Residential real estate
Impaired Loans
Average recorded investment in impaired loans	2,761
Interest income recognized	10
Commercial and commercial real estate
Impaired Loans
Average recorded investment in impaired loans	8,018
Interest income recognized	205
Agricultural production and real estate
Impaired Loans
Average recorded investment in impaired loans	1,620
Consumer and margin loans
Impaired Loans
Average recorded investment in impaired loans	$ 8

Loans and Allowance for Cred_10

Loans and Allowance for Credit Losses on Loans - Non Accrual Loans and Loans Past Due 90 Days Or More and Still Accruing (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Loan portfolio past due loans
Nonaccrual	$ 4,614	$ 524
Total Loans Greater than 90 Days & Accruing	85	237
Residential real estate
Loan portfolio past due loans
Nonaccrual	329	362
Total Loans Greater than 90 Days & Accruing	82	22
Commercial and commercial real estate
Loan portfolio past due loans
Nonaccrual	4,115
Total Loans Greater than 90 Days & Accruing		149
Agricultural production and real estate
Loan portfolio past due loans
Nonaccrual	158	158
Total Loans Greater than 90 Days & Accruing		30
Consumer and margin loans
Loan portfolio past due loans
Nonaccrual	12	4
Total Loans Greater than 90 Days & Accruing	$ 3	$ 36

Loans and Allowance for Cred_11

Loans and Allowance for Credit Losses on Loans - Troubled Debt and Modifications (Details) $ in Millions	3 Months Ended		15 Months Ended
	Mar. 31, 2022USD ($)itemloan	Mar. 31, 2021item	Mar. 31, 2022USD ($)loan	Dec. 31, 2021USD ($)loan
Troubled debt and modifications
Number of troubled debt restructuring | item	0	0
Number of loans restructured defaulted | item	0	0
Number of loans modified in accordance with CARES Act | loan	1		1	1
Amount of outstanding loans modified in accordance with CARES Act | $	$ 36.8		$ 36.8	$ 36.8
Residential real estate
Troubled debt and modifications
Number of loans in the process of foreclosure | loan			0

Loans and Allowance for Cred_12

Loans and Allowance for Credit Losses on Loans - Narrative (Details)	May 07, 2021USD ($)security	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)	May 07, 2017security
Loans and Leases Receivable Disclosure [Line Items]
Purchases of available for sale securities		$ 20,002,000	$ 3,000
Servicing rights		$ 121,036,000		$ 110,348,000
Loan Sale and Freddie Mac Q Series Securitization
Loans and Leases Receivable Disclosure [Line Items]
Net loss on sale of loans	$ 676,000
First loss position in loan portfolio, maximum securitization pool, percentage	10.00%
First loss position in loan portfolio, maximum securitization pool, amount	$ 26,200,000
First loss position in loan portfolio, reserves for losses	1,400,000
Servicing rights	$ 730,000
Loan Sale and Freddie Mac Q Series Securitization | Mortgage-backed Securities, Purchased from Freddie Mac
Loans and Leases Receivable Disclosure [Line Items]
Number of securities purchased | security	2				2
Purchases of available for sale securities	$ 28,700,000
Multi-family and healthcare financing | Loan Sale and Freddie Mac Q Series Securitization
Loans and Leases Receivable Disclosure [Line Items]
Proceeds from sale of loans receivable	$ 262,000,000

Variable Interest Entities (V_3

Variable Interest Entities (VIEs) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Variable Interest Entities (VIEs)
Total Assets	$ 9,650,592	$ 11,278,638	$ 9,705,260
Total Liabilities	8,462,089	10,123,229
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entities (VIEs)
Total Assets	38,926	36,573
Total Liabilities	16,542	21,014
Maximum Exposure to Loss	$ 38,414	$ 36,164

Regulatory Matters (Details)

Regulatory Matters (Details) $ in Thousands	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Company
Tier 1 Capital (to average assets)
Tier 1 Capital, Actual, Capital Amount	$ 1,175,856	$ 1,138,090
Tier 1 Capital (to average assets), Actual, Ratio (as a percent)	11.3	10.4
Tier 1 Capital, Minimum Amount To Be Well Capitalized, Capital Amount	$ 937,575	$ 928,731
Company | Minimum
Tier 1 Capital (to average assets)
Tier 1 Capital (to average assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent)	9	8.5
Merchants Bank
Tier 1 Capital (to average assets)
Tier 1 Capital, Actual, Capital Amount	$ 1,126,531	$ 1,088,621
Tier 1 Capital (to average assets), Actual, Ratio (as a percent)	11.2	10.3
Tier 1 Capital, Minimum Amount To Be Well Capitalized, Capital Amount	$ 908,744	$ 901,188
Merchants Bank | Minimum
Tier 1 Capital (to average assets)
Tier 1 Capital (to average assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent)	9	8.5
FMBI
Tier 1 Capital (to average assets)
Tier 1 Capital, Actual, Capital Amount	$ 29,818	$ 28,958
Tier 1 Capital (to average assets), Actual, Ratio (as a percent)	10.1	9.7
Tier 1 Capital, Minimum Amount To Be Well Capitalized, Capital Amount	$ 26,699	$ 25,499
FMBI | Minimum
Tier 1 Capital (to average assets)
Tier 1 Capital (to average assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent)	9	8.5

Derivative Financial Instrume_3

Derivative Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income
Net swap gains (losses)	$ 2,268	$ 1,652
Pledged in collateral	2,900		$ 3,900
Derivative assets
Derivative Financial Instruments
Derivative assets, fair value	861		350
Derivative liabilities
Derivative Financial Instruments
Derivative liabilities, fair value	791		159
Interest Rate Lock Commitments
Derivative Financial Instruments
Notional amount	80,018		58,701
The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income
Net swap gains (losses)	(882)	(6,744)
Interest Rate Lock Commitments | Derivative assets
Derivative Financial Instruments
Derivative assets, fair value	112		264
Interest Rate Lock Commitments | Derivative liabilities
Derivative Financial Instruments
Derivative liabilities, fair value	771		41
Forward Contracts
Derivative Financial Instruments
Notional amount	65,799		81,250
The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income
Net swap gains (losses)	3,150	8,396
Forward Contracts | Derivative assets
Derivative Financial Instruments
Derivative assets, fair value	749		86
Forward Contracts | Derivative liabilities
Derivative Financial Instruments
Derivative liabilities, fair value	20		118
Interest rate swaps
Derivative Financial Instruments
Notional amount	135,420		135,686
The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income
Gross swap gains	496	886
Gross swap losses	496	$ 886
Interest rate swaps | Derivative assets
Derivative Financial Instruments
Derivative assets, fair value	1,627		1,131
Interest rate swaps | Derivative liabilities
Derivative Financial Instruments
Derivative liabilities, fair value	$ 1,627		$ 1,131

Disclosures about Fair Value _3

Disclosures about Fair Value of Assets and Liabilities - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Disclosures about Fair Value of Assets and Liabilities
Mortgage loans in process of securitization	$ 324,280	$ 569,239
Available for sale securities	314,266	310,629
Loans held for sale	14,567	48,583
Servicing rights	121,036	110,348
Recurring
Disclosures about Fair Value of Assets and Liabilities
Mortgage loans in process of securitization	324,280	569,239
Loans held for sale	14,567	48,583
Servicing rights	121,036	110,348
Recurring | Interest Rate Lock Commitments
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	112	264
Derivative liabilities	771	41
Recurring | Forward Contracts
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	749	86
Derivative liabilities	20	118
Recurring | Interest rate swaps
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	1,627	1,131
Derivative liabilities	1,627	1,131
Level 2 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Mortgage loans in process of securitization	324,280	569,239
Loans held for sale	14,567	48,583
Level 2 | Recurring | Forward Contracts
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	749	86
Derivative liabilities	20	118
Level 2 | Recurring | Interest rate swaps
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	1,627	1,131
Derivative liabilities	1,627	1,131
Level 3 | Interest Rate Lock Commitments
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	112	264
Derivative liabilities	771	41
Level 3 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Servicing rights	121,036	110,348
Level 3 | Recurring | Interest Rate Lock Commitments
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	112	264
Derivative liabilities	771	41
Treasury notes
Disclosures about Fair Value of Assets and Liabilities
Available for sale securities	8,076	8,209
Treasury notes | Recurring
Disclosures about Fair Value of Assets and Liabilities
Available for sale securities	8,076	8,209
Treasury notes | Level 1 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Available for sale securities	8,076	8,209
Federal agencies
Disclosures about Fair Value of Assets and Liabilities
Available for sale securities	276,863	263,295
Federal agencies | Recurring
Disclosures about Fair Value of Assets and Liabilities
Available for sale securities	276,863	263,295
Federal agencies | Level 2 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Available for sale securities	276,863	263,295
Municipals. | Recurring
Disclosures about Fair Value of Assets and Liabilities
Available for sale securities		4,300
Municipals. | Level 2 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Available for sale securities		4,300
Mortgage-backed - Government-sponsored entity (GSE)
Disclosures about Fair Value of Assets and Liabilities
Available for sale securities	16,050	18,360
Mortgage-backed - Government-sponsored entity (GSE) | Recurring
Disclosures about Fair Value of Assets and Liabilities
Available for sale securities	16,050	18,360
Mortgage-backed - Government-sponsored entity (GSE) | Level 2 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Available for sale securities	16,050	18,360
Mortgage-backed - Non-GSE multi-family
Disclosures about Fair Value of Assets and Liabilities
Available for sale securities	13,277	16,465
Mortgage-backed - Non-GSE multi-family | Recurring
Disclosures about Fair Value of Assets and Liabilities
Available for sale securities	13,277	16,465
Mortgage-backed - Non-GSE multi-family | Level 2 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Available for sale securities	$ 13,277	$ 16,465

Disclosures about Fair Value _4

Disclosures about Fair Value of Assets and Liabilities - Reconciliation of Unobservable Inputs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative liabilities | Interest Rate Lock Commitments
Reconciliation of significant unobservable inputs, liabilities:
Balance, beginning of period	$ 41
Changes in fair value	730	1,080
Balance, end of period	771	1,080
Servicing rights.
Reconciliation of significant unobservable inputs, assets:
Balance, beginning of period	110,348	82,604
Additions
Originated servicing	5,792	10,181
Subtractions
Paydowns	(2,749)	(3,448)
Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model	7,645	6,878
Balance, end of period	121,036	96,215
Derivative assets | Interest Rate Lock Commitments
Reconciliation of significant unobservable inputs, assets:
Balance, beginning of period	264	6,131
Subtractions
Changes in fair value	(152)	(5,664)
Balance, end of period	$ 112	$ 467

Disclosures about Fair Value _5

Disclosures about Fair Value of Assets and Liabilities - Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Nonrecurring
Disclosures about Fair Value of Assets and Liabilities
Collateral dependent loans	$ 4,053	$ 4,263
Level 3
Disclosures about Fair Value of Assets and Liabilities
Collateral dependent loans		4,263
Level 3 | Nonrecurring
Disclosures about Fair Value of Assets and Liabilities
Collateral dependent loans	$ 4,053	$ 4,263

Disclosures about Fair Value _6

Disclosures about Fair Value of Assets and Liabilities - Quantitative Information about Unobservable Inputs (Details) $ in Thousands	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Quantitative information about unobservable inputs
Servicing rights	$ 121,036	$ 110,348
Level 3
Quantitative information about unobservable inputs
Collateral-dependent impaired loans		4,263
Level 3 | Servicing rights | Loans funded through PPP, CARES Act
Quantitative information about unobservable inputs
Servicing rights	$ 3,433	$ 2,769
Level 3 | Servicing rights | Loans funded through PPP, CARES Act | Discount Rate | Weighted average
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.16	0.16
Level 3 | Servicing rights | Loans funded through PPP, CARES Act | Constant Prepayment Rate | Minimum
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.09	0.10
Level 3 | Servicing rights | Loans funded through PPP, CARES Act | Constant Prepayment Rate | Maximum
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.32	0.13
Level 3 | Servicing rights | Loans funded through PPP, CARES Act | Constant Prepayment Rate | Weighted average
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.10	0.12
Level 3 | Servicing rights | Single Family
Quantitative information about unobservable inputs
Servicing rights	$ 28,205	$ 23,012
Level 3 | Servicing rights | Single Family | Discount Rate | Minimum
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.09	0.09
Level 3 | Servicing rights | Single Family | Discount Rate | Maximum
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.10	0.10
Level 3 | Servicing rights | Single Family | Discount Rate | Weighted average
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.09	0.09
Level 3 | Servicing rights | Single Family | Constant Prepayment Rate | Minimum
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.08	0.10
Level 3 | Servicing rights | Single Family | Constant Prepayment Rate | Maximum
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.11	0.13
Level 3 | Servicing rights | Single Family | Constant Prepayment Rate | Weighted average
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.08	0.11
Level 3 | Servicing rights | Multi-family
Quantitative information about unobservable inputs
Servicing rights	$ 89,398	$ 84,567
Level 3 | Servicing rights | Multi-family | Discount Rate | Minimum
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.08	0.08
Level 3 | Servicing rights | Multi-family | Discount Rate | Maximum
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.15	0.13
Level 3 | Servicing rights | Multi-family | Discount Rate | Weighted average
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.09	0.09
Level 3 | Servicing rights | Multi-family | Constant Prepayment Rate | Minimum
Quantitative information about unobservable inputs
Servicing asset, measurement input	0	0
Level 3 | Servicing rights | Multi-family | Constant Prepayment Rate | Maximum
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.50	0.50
Level 3 | Servicing rights | Multi-family | Constant Prepayment Rate | Weighted average
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.04	0.04
Level 3 | Collateral-dependent impaired loans
Quantitative information about unobservable inputs
Collateral-dependent impaired loans	$ 4,053
Level 3 | Collateral-dependent impaired loans | Measurement Input, Maturity | Minimum
Quantitative information about unobservable inputs
Marketability discount (as a percent)		0.44
Level 3 | Collateral-dependent impaired loans | Measurement Input, Maturity | Maximum
Quantitative information about unobservable inputs
Marketability discount (as a percent)		0.76
Level 3 | Collateral-dependent impaired loans | Measurement Input, Maturity | Weighted average
Quantitative information about unobservable inputs
Marketability discount (as a percent)	0.76	0.73
Level 3 | Interest Rate Lock Commitments
Quantitative information about unobservable inputs
Derivative assets	$ 112	$ 264
Derivative liabilities	$ 771	$ 41
Level 3 | Interest Rate Lock Commitments | Measurement Input, Maturity | Minimum
Quantitative information about unobservable inputs
Loan closing rates (as a percent)	0.53	0.63
Loan closing rates (as a percent)	0.53
Level 3 | Interest Rate Lock Commitments | Measurement Input, Maturity | Maximum
Quantitative information about unobservable inputs
Loan closing rates (as a percent)	1	0.99
Loan closing rates (as a percent)	1
Level 3 | Interest Rate Lock Commitments | Measurement Input, Maturity | Weighted average
Quantitative information about unobservable inputs
Loan closing rates (as a percent)	0.84	0.83
Loan closing rates (as a percent)	0.84	0.83
Level 3 | Interest Rate Lock Commitments | Discount Rate | Minimum
Quantitative information about unobservable inputs
Loan closing rates (as a percent)		0.63
Level 3 | Interest Rate Lock Commitments | Discount Rate | Maximum
Quantitative information about unobservable inputs
Loan closing rates (as a percent)		0.99

Disclosures about Fair Value _7

Disclosures about Fair Value of Assets and Liabilities - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financial assets:
Loans held for sale	$ 14,567	$ 48,583
Carrying value per balance sheet
Financial assets:
Cash and cash equivalents	411,521	1,032,614
Securities purchased under agreements to resell	4,798	5,888
FHLB stock	28,804	29,588
Loans held for sale	2,274,527	3,254,616
Loans receivable, net	5,976,960	5,751,319
Interest receivable	23,499	24,103
Financial liabilities:
Deposits	7,475,821	8,982,613
Short-term subordinated debt	18,000	17,000
FHLB advances	556,929	556,954
Other borrowing	305,000
Federal Reserve discount window/PPPLF advances		460,000
Interest payable	1,528	1,469
Estimated fair value
Financial assets:
Cash and cash equivalents	411,521	1,032,614
Securities purchased under agreements to resell	4,798	5,888
FHLB stock	28,804	29,588
Loans held for sale	2,274,527	3,254,616
Loans receivable, net	5,949,170	5,731,500
Interest receivable	23,499	24,103
Financial liabilities:
Deposits	7,473,312	8,982,680
Short-term subordinated debt	18,000	17,000
FHLB advances	556,768	556,925
Other borrowing	305,000
Federal Reserve discount window/PPPLF advances		460,000
Interest payable	1,528	1,469
Level 1 | Estimated fair value
Financial assets:
Cash and cash equivalents	411,521	1,032,614
Financial liabilities:
Deposits	6,950,229	7,783,553
Level 2 | Estimated fair value
Financial assets:
Securities purchased under agreements to resell	4,798	5,888
FHLB stock	28,804	29,588
Loans held for sale	2,274,527	3,254,616
Interest receivable	23,499	24,103
Financial liabilities:
Deposits	523,083	1,199,127
Short-term subordinated debt	18,000	17,000
FHLB advances	556,768	556,925
Other borrowing	305,000
Federal Reserve discount window/PPPLF advances		460,000
Interest payable	1,528	1,469
Level 3 | Estimated fair value
Financial assets:
Loans receivable, net	$ 5,949,170	$ 5,731,500

Leases (Details)

Leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)lease
Leases
Operating lease right-of-use assets	$ 6,772
Operating lease liabilities	$ 7,443
Number of new signed lease agreements | lease	2
Maximum
Leases
Lease period	11 years
Minimum
Leases
Lease period	2 years

Leases - Balance sheet, income

Leases - Balance sheet, income statement and cash flow detail regarding operating leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Leases
Operating lease right-of-of use asset (in Other Assets)	$ 6,772
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets and Receivables
Operating lease liability (in Other Liabilities)	$ 7,443
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities
Weighted average remaining lease term (years)	7 years 7 months 6 days
Weighted average discount rate	1.63%
Maturities of lease liabilities
2022 remaining	$ 945
2023	1,376
2024	1,191
2025	787
2026	806
Thereafter	2,825
Total future minimum lease payments	7,930
Less: imputed interest	487
Total	7,443
Components of lease expense:
Operating lease cost (in Occupancy and Equipment Expense)	367
Operating cash flows from operating leases	$ 283

Earnings Per Share (Details)

Earnings Per Share (Details) $ / shares in Units, $ in Thousands		Jan. 17, 2022	Mar. 31, 2022USD ($)$ / sharesshares	Mar. 31, 2021USD ($)$ / sharesshares
Net Income
Net income | $			$ 50,142	$ 61,983
Dividends on preferred stock | $			(5,728)	(3,757)
Net Income Allocated to Common Shareholders | $			$ 44,414	$ 58,226
Weighted-Average Shares
Weighted average shares - Basic | shares	[1]		43,190,066	43,158,138
Effect of dilutive securities-restricted stock awards | shares	[1]		169,968	117,483
Weighted average shares - diluted | shares			43,360,034	43,275,621
Per Share Amount
Basic earnings per share | $ / shares	[1]		$ 1.03	$ 1.35
Diluted earnings per share | $ / shares			$ 1.02	$ 1.35
Other disclosures
Stock split ratio		1.5
[1]	The number of shares and per share amounts have been restated to reflect the 3 -for-2 common stock split, effective on January 17, 2022.

Stock Splits (Details)

Stock Splits (Details)	Jan. 17, 2022	Nov. 17, 2021
Stock Splits
Stock split ratio	1.5
Exchange Ratio of Additional Shares for Every Shares Owned		0.5

Share-Based Payment Plans (Deta

Share-Based Payment Plans (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2018
Non executive directors
Plan disclosures
Shares issued		2,055	0
Value of shares available for issuance for compensation related to annual fees	$ 50,000			$ 10,000
2017 Plan | Restricted Stock
Plan disclosures
Shares issued		64,962	52,584

Preferred Stock (Details)

Preferred Stock (Details)	May 06, 2021USD ($)$ / sharesshares	Apr. 15, 2021USD ($)shares	Mar. 23, 2021USD ($)$ / sharesshares	Sep. 23, 2019USD ($)$ / sharesshares	Aug. 19, 2019USD ($)$ / sharesshares	Jun. 27, 2019USD ($)$ / sharesshares	Apr. 12, 2019USD ($)shares	Mar. 28, 2019USD ($)$ / sharesshares	Mar. 31, 2022$ / shares	Mar. 31, 2021USD ($)	Dec. 31, 2021$ / shares	Dec. 31, 2020	Dec. 31, 2016$ / shares	Dec. 31, 2016$ / sharesshares
Public Offering of Preferred Stock
Net proceeds										$ 144,925,000
8% Preferred Stock
Public Offering of Preferred Stock
Redemption of 8% preferred stock (in shares) | shares		41,625
Redemption of 8% preferred stock		$ 41,600,000
Preferred stock, dividend rate (as a percent)	8.00%	8.00%
Final dividend for redemption of 8% preferred stock		$ 139,000
8% Preferred Stock | Private Placement
Public Offering of Preferred Stock
Shares issued (in shares) | shares														41,625
Preferred stock, dividend rate (as a percent)									8.00%	8.00%			8.00%
Preferred stock liquidation preference (in dollars per share) | $ / shares													$ 1,000	$ 1,000
7% Preferred Stock
Public Offering of Preferred Stock
Redemption of 8% preferred stock (in shares) | shares				874,000
Preferred stock, dividend rate (as a percent)				7.00%					7.00%		7.00%
Preferred stock liquidation preference (in dollars per share) | $ / shares				$ 25					$ 25		$ 25
Redemption of preferred stock				$ 21,850,000
Brokerage fees				$ 0
7% Preferred Stock | Public Offering
Public Offering of Preferred Stock
Shares issued (in shares) | shares							81,800	2,000,000
Preferred stock, dividend rate (as a percent)								7.00%
Preferred stock liquidation preference (in dollars per share) | $ / shares								$ 25
Aggregate gross offering proceeds for the shares issued								$ 50,000,000
Net proceeds							$ 2,000,000	48,300,000
Offering costs								$ 1,700,000
Underwriting discounts							$ 41,000
7% Preferred Stock | Private Placement
Public Offering of Preferred Stock
Shares issued (in shares) | shares						874,000
Preferred stock, dividend rate (as a percent)						7.00%
Preferred stock liquidation preference (in dollars per share) | $ / shares						$ 25
Aggregate gross offering proceeds for the shares issued						$ 21,850,000
6% Series B Preferred Stock
Public Offering of Preferred Stock
Preferred stock, dividend rate (as a percent)									6.00%		6.00%
Preferred stock liquidation preference (in dollars per share) | $ / shares									$ 1,000		$ 1,000
Offering costs	$ 23,000
6% Series B Preferred Stock | Public Offering
Public Offering of Preferred Stock
Shares issued (in shares) | shares					5,000,000
Depositary shares equivalent preferred stock interest per share					0.025
Preferred stock, dividend rate (as a percent)					6.00%
Preferred stock liquidation preference (in dollars per share) | $ / shares					$ 1,000
Depositary share, preferred stock liquidation preference (in dollars per share) | $ / shares					$ 25
Aggregate gross offering proceeds for the shares issued					$ 125,000,000
Net proceeds					120,800,000
Underwriting discounts					$ 4,200,000
6% Series C Preferred Stock
Public Offering of Preferred Stock
Shares issued (in shares) | shares	46,181
Depositary shares issued (in shares) | shares	1,847,233
Depositary share price (in dollars per share) | $ / shares	$ 25
Preferred stock, dividend rate (as a percent)										6.00%		6.00%
Preferred stock liquidation preference (in dollars per share) | $ / shares									$ 1,000		$ 1,000
Net proceeds	$ 46,200,000
6% Series C Preferred Stock | Public Offering
Public Offering of Preferred Stock
Shares issued (in shares) | shares			6,000,000
Depositary shares equivalent preferred stock interest per share			0.025
Preferred stock, dividend rate (as a percent)			6.00%
Preferred stock liquidation preference (in dollars per share) | $ / shares			$ 1,000
Depositary share, preferred stock liquidation preference (in dollars per share) | $ / shares			$ 25
Aggregate gross offering proceeds for the shares issued			$ 150,000,000
Net proceeds			144,900,000
Underwriting discounts			$ 5,100,000

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Information
Interest income	$ 76,012	$ 79,549
Interest expense	10,287	7,586
Net Interest Income	65,725	71,963
Provision for credit losses	2,451	1,663
Net Interest Income After Provision for Credit Losses	63,274	70,300
Noninterest income	34,597	43,936
Noninterest expense	31,033	30,084
Income Before Income Taxes	66,838	84,152
Income taxes	16,696	22,169
Net Income	50,142	61,983
Total assets	9,650,592	9,705,260	$ 11,278,638
Other
Segment Information
Interest income	1,701	1,215
Interest expense	(251)	(577)
Net Interest Income	1,952	1,792
Net Interest Income After Provision for Credit Losses	1,952	1,792
Noninterest income	(1,638)	(1,093)
Noninterest expense	5,002	3,619
Income Before Income Taxes	(4,688)	(2,920)
Income taxes	(1,415)	(734)
Net Income	(3,273)	(2,186)
Total assets	83,456	90,748
Multifamily | Operating Segments
Segment Information
Interest income	257	207
Net Interest Income	257	207
Net Interest Income After Provision for Credit Losses	257	207
Noninterest income	32,186	33,234
Noninterest expense	16,531	16,444
Income Before Income Taxes	15,912	16,997
Income taxes	4,420	5,036
Net Income	11,492	11,961
Total assets	293,286	219,954
Mortgage Warehousing | Operating Segments
Segment Information
Interest income	20,329	38,587
Interest expense	2,021	1,724
Net Interest Income	18,308	36,863
Provision for credit losses	(207)	(1,084)
Net Interest Income After Provision for Credit Losses	18,515	37,947
Noninterest income	1,860	4,117
Noninterest expense	2,926	2,896
Income Before Income Taxes	17,449	39,168
Income taxes	4,290	9,985
Net Income	13,159	29,183
Total assets	2,863,907	4,383,759
Banking | Operating Segments
Segment Information
Interest income	53,725	39,540
Interest expense	8,517	6,439
Net Interest Income	45,208	33,101
Provision for credit losses	2,658	2,747
Net Interest Income After Provision for Credit Losses	42,550	30,354
Noninterest income	2,189	7,678
Noninterest expense	6,574	7,125
Income Before Income Taxes	38,165	30,907
Income taxes	9,401	7,882
Net Income	28,764	23,025
Total assets	$ 6,409,943	$ 5,010,799

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Details) - USD ($)	Mar. 31, 2022	Jan. 01, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Recent Accounting Pronouncements
Allowance for loan losses	$ 32,102,000		$ 31,344,000	$ 29,091,000	$ 27,500,000
Retained earnings, net of tax	694,776,000		657,149,000
Operating lease right-of-use assets	6,772,000
Operating lease liabilities	$ 7,443,000
Impact from adoption of ASU | ASU 2016-02
Recent Accounting Pronouncements
Retained earnings, net of tax		$ 110,000
Operating lease right-of-use assets		7,100,000
Operating lease liabilities		7,200,000
Impact from adoption of ASU | ASU 2016-13
Recent Accounting Pronouncements
Allowance for loan losses		(299,000)	$ (299,000)
ACL - OBCEs (in Other Liabilities)		5,176,000
Retained earnings, net of tax		$ (3,648,000)