Merchants Bancorp (MBIN) 10-K 16 Mar 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Mar. 08, 2023	Jun. 30, 2022
Document Information
Entity Registrant Name	MERCHANTS BANCORP
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 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	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Public Float			$ 577.3
Entity Common Stock, Shares Outstanding		43,233,618
Auditor Name	FORVIS, LLP (Formerly, BKD, LLP)
Auditor Firm ID	686
Auditor Location	Indianapolis, Indiana
Entity Central Index Key	0001629019
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
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
Series D Preferred Stock
Document Information
Title of 12(b) Security	Depositary Shares, each representing a 1/40th interest in a share of Series D Preferred Stock, without par value
Trading Symbol	MBINM
Security Exchange Name	NASDAQ

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and due from banks		$ 22,170	$ 14,030
Interest-earning demand accounts		203,994	1,018,584
Cash and cash equivalents		226,164	1,032,614
Securities purchased under agreements to resell		3,464	5,888
Mortgage loans in process of securitization		154,194	569,239
Securities available for sale		323,337	310,629
Securities held to maturity (includes $1,118,966 and $0 at fair value, respectively)		1,119,078
Federal Home Loan Bank (FHLB) stock		39,130	29,588
Loans held for sale (includes $82,192 and $48,583 at fair value, respectively)		2,910,576	3,303,199
Loans receivable, net of allowance for credit losses on loans of $44,014 and $31,344, respectively		7,426,858
Loans receivable, net of allowance for credit losses on loans of $44,014 and $31,344, respectively			5,751,319
Premises and equipment, net		35,438	31,212
Servicing rights		146,248	110,348
Interest receivable		56,262	24,103
Goodwill		15,845	15,845
Intangible assets, net		1,186	1,707
Other assets and receivables		157,447	92,947
Total assets		12,615,227	11,278,638
Deposits
Noninterest-bearing		326,875	641,442
Interest-bearing		9,744,470	8,341,171
Total deposits		10,071,345	8,982,613
Borrowings		930,392	1,033,954
Deferred and current tax liabilities, net		19,613	19,170
Other liabilities		134,138	87,492
Total liabilities		11,155,488	10,123,229
Commitments and Contingencies
Shareholders' Equity
Common stock, without par value(1) Authorized - 75,000,000 shares at December 31, 2022 and 50,000,000 shares at December 31, 2021 Issued and outstanding - 43,113,127 shares at December 31, 2022 and 43,180,079 shares at December 31, 2021	[1]	137,781	137,565
Preferred stock
Retained earnings		832,871	657,149
Accumulated other comprehensive loss		(10,521)	(1,454)
Total shareholders' equity		1,459,739	1,155,409
Total liabilities and shareholders' equity		12,615,227	11,278,638
7% Series A 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
8.25% Series D Preferred Stock
Shareholders' Equity
Preferred stock		$ 137,459
[1] The number of shares have been restated to reflect the 3-for-2 common stock split, effective on January 17, 2022.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Held to maturity securities, fair value	$ 1,118,966	$ 0
Loans held for sale at fair value	82,192	48,583
Allowance for credit losses on loans	$ 44,014
Allowance for credit losses on loans		$ 31,344
Stockholders' Equity:
Common stock, shares authorized	75,000,000	50,000,000
Common stock, shares issued	43,113,127	43,180,079
Common stock, shares outstanding	43,113,127	43,180,079
Preferred stock, shares authorized	5,000,000	5,000,000
7% Series A Preferred Stock
Stockholders' Equity:
Preferred stock, dividend rate (as a percent)	7%	7%
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%	6%
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, dividend rate (as a percent)	6%	6%
Preferred stock liquidation preference (in dollars per share)	$ 1,000	$ 1,000
Preferred stock, shares authorized	200,000	200,000
Preferred stock, shares issued	196,181	196,181
Preferred stock, shares outstanding	196,181	196,181
Depositary shares	7,847,233	7,847,233
8.25% Series D Preferred Stock
Stockholders' Equity:
Preferred stock, dividend rate (as a percent)	8.25%
Preferred stock liquidation preference (in dollars per share)	$ 1,000
Preferred stock, shares authorized	300,000
Preferred stock, shares issued	142,500
Preferred stock, shares outstanding	142,500
Depositary shares	5,700,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest Income
Loans		$ 451,973	$ 293,830	$ 263,915
Mortgage loans in process of securitization		8,407	12,746	11,122
Investment securities:
Available for sale - taxable		2,807	3,309	3,147
Available for sale - tax exempt			41	123
Held to maturity		12,382
Federal Home Loan Bank stock		1,220	1,143	1,558
Other		4,044	817	2,925
Total interest income		480,833	311,886	282,790
Interest Expense
Deposits		149,645	28,256	52,238
Borrowed funds		12,637	5,636	6,406
Total interest expense		162,282	33,892	58,644
Net Interest Income		318,551	277,994	224,146
Provision for credit losses		17,295	5,012	11,838
Net Interest Income After Provision for Credit Losses		301,256	272,982	212,308
Noninterest Income
Gain on sale of loans		64,150	111,185	96,578
Loan servicing fees, net		30,198	16,373	(1,801)
Mortgage warehouse fees		5,394	12,396	20,980
Gains on sale of investments available for sale (includes $0, $191 and $441, respectively, related to accumulated other comprehensive earnings reclassifications)			191	441
Syndication and asset management fees		9,493	6,507	1,248
Other income		16,701	10,681	10,027
Total noninterest income		125,936	157,333	127,473
Noninterest Expense
Salaries and employee benefits		89,085	85,727	59,200
Loan expenses		4,703	7,657	9,085
Occupancy and equipment		8,169	7,365	5,733
Professional fees		9,065	5,427	3,664
Deposit insurance expense		3,463	2,691	5,800
Technology expense		5,282	4,200	3,061
Other expense		16,283	12,318	9,881
Total noninterest expense		136,050	125,385	96,424
Income Before Income Taxes		291,142	304,930	243,357
Provision for income taxes (includes $0, $46 and $97, respectively, related to income tax expense for reclassification items)		71,421	77,826	62,824
Net Income		219,721	227,104	180,533
Dividends on preferred stock		(25,983)	(20,873)	(14,473)
Net Income Allocated to Common Shareholders		$ 193,738	$ 206,231	$ 166,060
Basic earnings per share(1)	[1]	$ 4.49	$ 4.78	$ 3.85
Diluted earnings per share(1)	[1]	$ 4.47	$ 4.76	$ 3.85
Weighted-Average Shares Outstanding(1)
Basic (in Shares)	[1]	43,164,477	43,172,078	43,113,741
Diluted (in Shares)	[1]	43,316,904	43,325,303	43,167,113
[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.

Consolidated Statements of In_2

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements of Income
Reclassifications included in gains on sale of investment available for sale	$ 0	$ 191	$ 441
Provision for income taxes related to income tax expense for reclassification items	$ 0	$ 46	$ 97

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements of Comprehensive Income
Net Income	$ 219,721	$ 227,104	$ 180,533
Other Comprehensive Loss:
Net change in unrealized gains/(losses) on investment securities available for sale, net of tax (expense)/benefits of $3,022, $566 and $(81), respectively	(9,067)	(1,683)	260
Less: Reclassification adjustment for gains included in net income, net of tax expense of $0, $(46) and $(97), respectively		145	344
Other comprehensive loss for the period	(9,067)	(1,828)	(84)
Comprehensive Income	$ 210,654	$ 225,276	$ 180,449

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements of Comprehensive Income
Tax (expense)/ benefits on net change in unrealized gains/(losses) on investment securities available for sale	$ 3,022	$ 566	$ (81)
Tax expense on reclassification adjustment for gains include in net income	$ 0	$ (46)	$ (97)

Consolidated Statement of Share

Consolidated Statement of Shareholders' Equity - USD ($) $ in Thousands	Common stock		Preferred stock 8% Preferred Stock	Preferred stock 7% Series A Preferred Stock	Preferred stock 6% Series B Preferred Stock	Preferred stock 6% Series C Preferred Stock Public Offering	Preferred stock 6% Series C Preferred Stock Private Placement	Preferred stock 6% Series C Preferred Stock	Preferred stock 8.25% Series D Preferred Stock	Retained Earnings 6% Series B Preferred Stock	Retained Earnings 6% Series C Preferred Stock	Retained Earnings 8.25% Series D Preferred Stock	Retained Earnings Impact from adoption of ASU	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balance at beginning of the period at Dec. 31, 2019	$ 135,640	[1]	$ 41,581											$ 304,984	$ 458
Balance at beginning of the period (in shares) at Dec. 31, 2019	43,059,657	[1]	41,625
Consolidated Statements of Shareholders' Equity
Net income														180,533		$ 180,533
Treasury shares constructively retired	$ (150)													(102)
Treasury shares constructively retired (in shares)	(22,500)
Dividends on 8% preferred stock, annually														(3,330)
Dividends on 7% preferred stock, annually														(3,643)
Dividends on 6% preferred stock, annually										$ (7,500)
Dividends on common stock, annually														(9,198)
Other comprehensive loss															(84)	(84)
Shares issued for stock compensation plans, net of taxes withheld to satisfy tax obligations	$ 367
Shares issued for stock compensation plans, net of taxes withheld to satisfy tax obligations (in shares)	83,468
Balance at end of the period at Dec. 31, 2020	$ 135,857	[1]	$ 41,581	$ 50,221	$ 120,844									461,744	374	810,621
Balance at end of the period (in shares) at Dec. 31, 2020	43,120,625	[1]	41,625	2,081,800	125,000
Consolidated Statements of Shareholders' Equity
Net income														227,104		227,104
Issuance of shares, net of offering expenses						$ 144,926	$ 46,158
Issuance of shares, net of offering expenses (in shares)						150,000	46,181
Dividends on 8% preferred stock, annually														(833)
Final dividend for redemption of 8% preferred stock														(139)
Dividends on 7% preferred stock, annually														(3,643)
Dividends on 6% preferred stock, annually										(7,500)	$ (8,758)
Dividends on common stock, annually														(10,362)
Deconsolidation of entities														(419)
Other comprehensive loss															(1,828)	$ (1,828)
Redemption of 8% preferred stock			$ (41,581)											(45)
Redemption of 8% preferred stock (in shares)			(41,625)
Repurchase of common stock (in shares)																0
Distribution to employee stock ownership plan	$ (537)
Distribution to employee stock ownership plan (in shares)	(29,149)
Shares issued for stock compensation plans, net of taxes withheld to satisfy tax obligations	$ 1,171
Shares issued for stock compensation plans, net of taxes withheld to satisfy tax obligations (in shares)	30,305
Balance at end of the period at Dec. 31, 2021	$ 137,565	[1]		$ 50,221	$ 120,844			$ 191,084						657,149	(1,454)	$ 1,155,409
Balance at end of the period (in shares) at Dec. 31, 2021	43,180,079	[1]		2,081,800	125,000			196,181
Consolidated Statements of Shareholders' Equity
Net income														219,721		219,721
Issuance of shares, net of offering expenses									$ 137,459
Issuance of shares, net of offering expenses (in shares)									142,500
Dividends on 7% preferred stock, annually														(3,643)
Dividends on 6% preferred stock, annually										$ (7,500)	$ (11,772)
Dividends 8.25 Percent Series D Preferred Stock												$ (3,068)
Dividends on common stock, annually														(12,084)
Other comprehensive loss															(9,067)	(9,067)
Repurchase of common stock	$ (1,761)													(2,174)
Repurchase of common stock (in shares)	(165,037)
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 tax obligations	$ 1,325
Shares issued for stock compensation plans, net of taxes withheld to satisfy tax obligations (in shares)	77,405
Balance at end of the period (ASU 2016-13) at Dec. 31, 2022													$ (3,648)
Balance at end of the period (ASU 2016-02) at Dec. 31, 2022													$ (110)
Balance at end of the period at Dec. 31, 2022	$ 137,781			$ 50,221	$ 120,844			$ 191,084	$ 137,459					$ 832,871	$ (10,521)	$ 1,459,739
Balance at end of the period (in shares) at Dec. 31, 2022	43,113,127			2,081,800	125,000			196,181	142,500
[1] The number of shares have been restated to reflect the 3-for-2 common stock split, effective on January 17, 2022.

Consolidated Statement of Sha_2

Consolidated Statement of Shareholders' Equity (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Dividends on common stock per share	$ 0.28	$ 0.24	$ 0.21
8% Preferred Stock | Preferred stock
Preferred stock, dividend rate (as a percent)	8%
Dividends on preferred stock per share	$ 80
Final dividend for redemption of preferred stock per share	$ 3.33
7% Series A Preferred Stock
Preferred stock, dividend rate (as a percent)	7%	7%
7% Series A Preferred Stock | Preferred stock
Preferred stock, dividend rate (as a percent)	7%
Dividends on preferred stock per share	$ 1.75
6% Series B Preferred Stock
Preferred stock, dividend rate (as a percent)	6%	6%
6% Series B Preferred Stock | Preferred stock
Preferred stock, dividend rate (as a percent)	6%
Dividends on preferred stock per share	$ 60
6% Series C Preferred Stock
Preferred stock, dividend rate (as a percent)	6%	6%
6% Series C Preferred Stock | Preferred stock
Preferred stock, dividend rate (as a percent)	6%
Dividends on preferred stock per share	$ 60
6% Series C Preferred Stock | Public Offering | Preferred stock
Offering expenses on issuance of stock	$ 5,100,000
6% Series C Preferred Stock | Private Placement | Preferred stock
Preferred stock, dividend rate (as a percent)	6%
Offering expenses on issuance of stock	$ 23,000
8.25% Series D Preferred Stock
Preferred stock, dividend rate (as a percent)	8.25%
8.25% Series D Preferred Stock | Preferred stock
Preferred stock, dividend rate (as a percent)	8.25%
Dividends on preferred stock per share	$ 82.50
8.25% Series D Preferred Stock | Public Offering | Preferred stock
Offering expenses on issuance of stock	$ 5,000,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities:
Net income	$ 219,721,000	$ 227,104,000	$ 180,533,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	2,485,000	2,191,000	1,896,000
Provision for credit losses	17,295,000	5,012,000	11,838,000
Deferred income tax, net	4,731,000	5,310,000	(692,000)
Gain on sale of securities		(191,000)	(441,000)
Gain on sale of loans	(64,150,000)	(111,185,000)	(96,578,000)
Proceeds from sales of loans	25,773,056,000	61,231,720,000	83,788,217,000
Loans and participations originated and purchased for sale	(25,342,944,000)	(61,182,161,000)	(84,692,696,000)
Purchases of low-income housing tax credits for sale	(39,699,000)	(9,605,000)
Proceeds from sale of low-income housing tax credits	13,604,000	7,009,000
Change in servicing rights for paydowns and fair value adjustments	(8,776,000)	4,296,000	13,672,000
Net change in:
Mortgage loans in process of securitization	415,045,000	(230,506,000)	(68,842,000)
Other assets and receivables	(37,264,000)	(6,616,000)	(16,415,000)
Other liabilities	20,778,000	3,823,000	2,408,000
Other	1,892,000	4,583,000	2,212,000
Net cash provided by (used in) operating activities	975,774,000	(49,216,000)	(874,888,000)
Investing activities:
Net change in securities purchased under agreements to resell	2,424,000	692,000	143,000
Purchases of securities available for sale	(51,197,000)	(221,191,000)	(596,839,000)
Purchases of securities held to maturity	(1,252,793,000)
Proceeds from the sale of securities available for sale	11,379,000	38,566,000	4,347,000
Proceeds from calls, maturities and paydowns of securities available for sale	13,988,000	138,013,000	612,612,000
Proceeds from calls, maturities and paydowns of securities held to maturity	133,715,000
Purchases of loans	(551,091,000)	(369,148,000)	(385,820,000)
Net change in loans receivable	(1,929,569,000)	(349,887,000)	(2,119,214,000)
Proceeds from loans held for sale previously classified as loans receivable	788,848,000	262,086,000
Purchase of FHLB stock	(10,326,000)	(3,932,000)	(50,854,000)
Proceeds from sale of FHLB stock	784,000	45,000,000	567,000
Purchases of premises and equipment	(6,761,000)	(3,645,000)	(3,623,000)
Purchases of servicing rights	(2,057,000)
Proceeds from sale of servicing rights		438,000
Purchase of limited partnership interests	(14,590,000)	(11,194,000)	(4,181,000)
Proceeds from sale of limited partnership interests			10,651,000
Cash paid in deconsolidation of subsidiary		(464,000)
Other investing activities	4,395,000	404,000	(17,000)
Net cash used in investing activities	(2,862,851,000)	(474,262,000)	(2,532,228,000)
Financing activities:
Net change in deposits	1,088,732,000	1,572,442,000	1,929,991,000
Proceeds from borrowings	65,777,538,000	31,471,236,000	61,088,465,000
Repayment of borrowings	(65,885,100,000)	(31,787,578,000)	(59,924,409,000)
Proceeds from notes payable	4,000,000	2,040,000	2,760,000
Payments of contingent consideration			(501,000)
Proceeds from issuance of preferred stock	137,459,000	191,084,000
Repurchase of preferred stock		(41,625,000)
Repurchase of common stock	(3,935,333)
Dividends	(38,067,000)	(31,235,000)	(23,671,000)
Other financing activities			7,500,000
Net cash provided by financing activities	1,080,627,000	1,376,364,000	3,080,135,000
Net Change in Cash and Cash Equivalents	(806,450,000)	852,886,000	(326,981,000)
Cash and Cash Equivalents, Beginning of Period	1,032,614,000	179,728,000	506,709,000
Cash and Cash Equivalents, End of Period	226,164,000	1,032,614,000	179,728,000
Additional Cash Flows Information:
Interest paid	140,365,000	33,900,000	69,106,000
Income taxes paid, net of refunds	66,508,000	78,758,000	57,322,000
ROA assets obtained in exchange for new operating lease liabilities	5,535,000
Transfer of loans from loans receivable to loans held for sale	$ 788,849,000	194,055,000
Redemption of common shares related to sale of limited partnership interests			(150,000)
Payable for servicing rights		2,057,000
Payable for limited partnership interests		$ 34,808,000	$ 9,115,000

Nature of Operations and Summar

Nature of Operations and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Nature of Operations and Summary of Significant Accounting Policies
Nature of Operations and Summary of Significant Accounting Policies	Note 1: Nature of Operations and Summary of Significant Accounting Policies Nature of Operations The accompanying 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”. Merchants Bank operates under an Indiana state bank charter and provides full banking services. As a state bank and non-Federal Reserve member, it is subject to the regulation of the Indiana Department of Financial Institutions (“IDFI”) and the Federal Deposit Insurance Corporation (“FDIC”). The Company is further subject to regulations of the Board of Governors of the Federal Reserve System (“Federal Reserve”) governing bank holding companies. Merchants Bank operates from six locations in Indiana, including Lynn, Spartanburg, Richmond, Carmel and Indianapolis. Merchants Bank generates multi-family, commercial, mortgage and consumer loans and receives deposits from customers located primarily in Hamilton, Marion, Wayne, Randolph and surrounding counties in Indiana. Merchants Bank’s loans are generally secured by specific items of collateral including real property, consumer assets and business assets. Merchants Bank’s Mortgage Warehousing segment funds and participates in single-family and multi-family, agency eligible loans across the nation. FMBI operates under an Illinois state bank charter and provides full banking services. As a state bank and non-Federal Reserve member, it is subject to the regulation of the MCC is primarily engaged in mortgage banking, specializing in lending for multi-family rental properties and healthcare facilities. It is a Federal Housing Authority (“FHA”) approved mortgagee and a Government National Mortgage Association (“Ginnie Mae”), Federal National Mortgage Association (“Fannie Mae”), and Federal Home Loan Mortgage Corporation (“Freddie Mac”) issuer. It is also a fully integrated syndicator of low-income housing tax credit and debt funds. Principles of Consolidation The consolidated financial statements as of and for the years ended December 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. During 2022, Merchants Foundation, Inc., a nonprofit corporation, was incorporated and its results are consolidated with the Company’s consolidated financial statements as of December 31, 2022. In addition, when the Company makes an equity investment in or has a relationship with 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 December 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 12: 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 12: 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 Changes Adopted in 2022 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 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 and held to maturity 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 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 off-balance sheet credit exposures (“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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders' Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ Retained earnings, net of tax ​ $ 657,149 ​ $ (3,648) ​ $ 653,501 ​ ACL-Loans Note 5: Loans and Allowance for credit losses on loans ​ ACL-OBCEs ​ As part of the adoption process, management performed an assessment to confirm there were no perceived credit losses on securities that would require an allowance to be established in accordance with the new standard. Because the majority of securities had been in U.S. Treasuries and government-entity agency securities, there was no perceived credit risks and no allowance was recorded upon adoption. Under CECL, securities held to maturity generally require an allowance for lifetime expected credit losses when the security is purchased. The Company had no securities held to maturity at the time it adopted CECL. ​ 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”). ​ ​ Significant Accounting Policies ​ Cash and Cash Equivalents The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. Cash equivalents consist primarily of cash amounts due from depository institutions, interest-bearing deposits in other banks, money market accounts, and federal funds sold. At December 31, 2022, the Company’s cash accounts exceeded federally insured limits by approximately $208.4 million. Included in this amount is approximately $185.6 million with the Federal Reserve and $3.6 million with the Federal Home Loan Bank of Indianapolis (“FHLBI”), and $150,000 with the Federal Home Loan Bank of Chicago (“FHLBC”). At December 31, 2021, the Company’s cash accounts exceeded federally insured limits by approximately $1.0 billion. Included in this amount is approximately $1.0 billion with the Federal Reserve and $3.7 million with the FHLBI, and $51,000 with the FHLBC. Securities purchased under agreements to resell Securities purchased pursuant to a simultaneous agreement Reverse Repurchase Agreement (“RRA”) to resell the same securities at a specified price and date generally have maturity dates of 90 days or less and are carried at cost. Every 90 days the RRAs rollover. 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 Ginnie Mae mortgage backed securities and Fannie Mae and Freddie Mac participation certificates, all of which are pending settlement with firm investor commitments to purchase the securities, typically occurring within 30 days. Investment Securities Securities held to maturity are carried at amortized cost when the Company has the positive intent and ability to hold to maturity. Securities not classified as held to maturity or trading are classified as “available for sale” and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. Regular assessments are performed on securities available for sale to confirm there are no perceived credit losses that would require an allowance for credit losses to be established in accordance with CECL. Securities held to maturity generally require an allowance for lifetime expected credit losses when the security is purchased. Management considers several factors when making such estimates, including issuer bond ratings, historical loss rates for given bond ratings, the financial condition of the issuer, and whether issuers continue to make timely principal and interest payments under the contractual terms of the securities, among others. For securities available for sale 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 securities available for sale 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. Prior to the adoption of CECL, unrealized losses on securities were evaluated to determine if there was any other-than-temporary impairment. These unrealized losses were not recognized into income because the Company had the intent and ability to hold the securities for the foreseeable future and the decline in fair value was primarily due to increased market rates. The fair value was expected to recover as the securities approached their maturity dates. Loans Held for Sale under Mortgage Banking Activities The Company uses participation agreements to fund mortgage loans held for sale from closing or purchase until sold to an investor. Under a participation agreement the Company elects to purchase a participation interest of up to 100% in individual loans. The Company shares proportionately in the interest income and the credit risk until the loan is sold to an investor. The Company holds the collateral until it is sent under a bailee arrangement to the investor. Typical investors are large financial institutions or government agencies. These loans are carried at the lower of cost or fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance and included in noninterest income. Other mortgage loans originated and intended for sale in the secondary market, for which the fair value option has been elected, are carried at fair value at each balance sheet date. The Company believes that the fair value is the best indicator of the resolution of these loans. The difference between the cost and fair value was not material at December 31, 2022. For all loans held for sale, interest earned from the time of funding to the time of sale is accrued and recognized as interest income. Gains and losses on loan sales are recorded in noninterest income. The gain on sale of loans in the income statement may include placement and origination fees, capitalized servicing rights, trading gains and losses and other related income or expense. 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 amortized at 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 $35.0 million and $15.4 million at December 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 principal 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. 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 uncollectability 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. There have been no changes to the credit quality components used to assess risk during the year ended December 31, 2022. 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 15 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 Single-family commercial lines of credit ​ 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 and multi-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 Company adopted CECL on January 1, 2022 and the impact at adoption is described above under the heading " Significant Accounting Changes Adopted In 2022 ​ ACL-OBCE’s The allowance for credit losses on off-balance sheet credit exposures is a liability account representing expected credit losses over the contractual period for which the Company is exposed to credit risk resulting from a contractual obligation to extend credit. No allowance is recognized if the Company has the unconditional right to cancel the obligation. Off-balance sheet credit exposures primarily consist of amounts available under outstanding lines of credit and letters of credit. For the period of exposure, the estimate of expected credit losses considers both the likelihood that funding will occur, and the amount expected to be funded over the estimated remaining life of the commitment or other off-balance sheet exposure. The likelihood and expected amount of funding are based on historical utilization rates. The amount of the allowance represents management’s best estimate of expected credit losses on commitments expected to be funded over the contractual life of the commitment. The allowance for off-balance sheet credit exposures is adjusted through the income statement as a component of provision for credit loss. The Company adopted CECL on January 1, 2022 and the impact at adoption is described above under the heading " Significant Accounting Changes Adopted In 2022 ." ACL-Guarantees The allowance for credit losses on guarantees (“ACL-Guarantees”) is a liability account representing expected credit losses over the contractual period for which the Company is exposed to credit risk resulting from a reimbursement and security agreement with Freddie Mac. This agreement was associated with the Company’s May 2022 securitization arrangement. The Company agreed to reimburse Freddie Mac for a first loss position in the underlying loan portfolio, not to exceed of the unpaid principal amount of the loans comprising the securitization pool at settlement. An initial ACL – Guarantee of million was established. For the period of exposure, the estimate of expected credit losses considers both the likelihood that losses will occur and the amount of losses over the estimated remaining life of the guarantee. The likelihood and expected losses are based on historical loan loss experience from peers, as well as from similar loans in our ACL-Loans, for each class of loans. The amount of the allowance represents management’s best estimate of expected credit losses over the contractual life of the commitment. The ACL - Guarantees is adjusted through the income statement as a component of provision for credit loss. Note 5 - Loans and Allowance for Credit Losses on Loans Premises and Equipment Depreciable assets are stated at cost less accumulated depreciation. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets. The estimated useful lives for premises and equipment are as follows: ​ ​ ​ ​ ​ Buildings 7 40 years Leasehold improvements 2 11 years Software and intangible assets ​ 5 10 years Furniture, fixtures and equipment 3 15 years Vehicles 5 years ​ Expenditures for property and equipment and for renewals or betterments that extend the originally estimated economic life of the assets are capitalized. Expenditures for maintenance and repairs are charged to expense. When an asset is retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any gain or loss is included in the results of operations. Leases two prior to lease commencement and excludes lease incentives. When an implicit rate is not available, an incremental borrowing rate based on the information available at commencement date is used in determining the present value of the lease payments. The Company elected not to separate non-lease components from lease components for its operating leases. A lease term may include an option to extend or terminate the lease when it is reasonably certain the option will be exercised. Renewal and termination options are considered when determining short-term leases. Leases are accounted for at the individual level. Federal Home Loan Bank Stock Federal Home Loan Bank (FHLB) stock is a required investment for institutions that are members of a FHLB. The required investment in the common stock is based on a predetermined formula, carried at cost and evaluated for impairment. Other Real Estate Owned Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net income or expense from other real estate. Servicing Rights Servicing assets are recognized separately when rights are acquired through purchase or through sale of financial assets. Under the servicing assets and liabilities accounting guidance (ASC 860-50), servicing rights resulting from the sale or securitization of loans originated by the Company are initially measured at fair value at the date of transfer. The Company has elected to initially and subsequently measure the servicing rights for mortgage loans using the fair value method. Under the fair value method, the servicing rights are carried in the balance sheet at fair value and the changes in fair value are reported in earnings in the period in which the changes occur. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model is from an independent third party and it incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings

Restriction on Cash and Due Fro

Restriction on Cash and Due From Banks	12 Months Ended
	Dec. 31, 2022
Restriction on Cash and Due From Banks
Restriction on Cash and Due From Banks	Note 2: Restriction on Cash and Due From Banks On March 26, 2020, the Federal Reserve reduced all banks’ reserve requirements to 0%. The effective reserve requirement has remained at 0% as of December 31, 2022 and 2021.

Investment Securities

Investment Securities	12 Months Ended
	Dec. 31, 2022
Investment Securities
Investment Securities	Note 3: Investment Securities The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities available for sale and held to maturity were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ Gross ​ Gross ​ Approximate ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ Cost Gains Losses Value ​ ​ (In thousands) Securities available for sale: ​ ​ ​ ​ Treasury notes ​ $ 37,234 ​ $ 1 ​ $ 955 ​ $ 36,280 Federal agencies ​ 284,986 ​ — ​ 13,096 ​ 271,890 Mortgage-backed - Government-sponsored entity (GSE) ​ 15,167 ​ 7 ​ 7 ​ 15,167 Total securities available for sale ​ $ 337,387 ​ $ 8 ​ $ 14,058 ​ $ 323,337 Securities held to maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed - Non-GSE multi-family ​ $ 871,772 ​ $ 12 ​ $ — ​ $ 871,784 Mortgage-backed - Non-GSE residential ​ ​ 247,306 ​ ​ — ​ ​ 124 ​ ​ 247,182 Total securities held to maturity ​ $ 1,119,078 ​ $ 12 ​ $ 124 ​ $ 1,118,966 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Gross ​ Gross ​ Approximate ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ Cost Gains Losses Value ​ ​ (In thousands) Securities available for sale: ​ ​ ​ ​ 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 securities available for sale ​ $ 312,590 ​ $ 77 ​ $ 2,038 ​ $ 310,629 ​ ​ ​ At December 31, 2022 and 2021, GSE mortgage-backed securities included in the tables above are primarily backed by multi-family loans. The December 31, 2022 table includes securities held to maturity that were purchased following the September 2022 loan sale and securitization transactions as described in Note 5: Loans and Allowance for Credit Losses on Loans. Note 5: Loans and Allowance for Credit Losses on Loans. gain loss during the year ended December 31, 2022. Accrued interest on securities available for sale totaled $0.5 million at December 31, 2022 and $0.4 million at December 31, 2021, respectively, and is excluded from the estimate of credit losses. Accrued interest on securities held to maturity totaled $4.3 million at December 31, 2022 and $0 at December 31, 2021, respectively, and is excluded from the estimate of credit losses. The amortized cost and fair value of securities available for sale and held to maturity at December 31, 2022, 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ Amortized ​ Fair ​ Cost Value Securities available for sale: ​ (In thousands) Within one year ​ $ 118,984 ​ $ 115,386 After one through five years ​ 203,236 ​ 192,784 After five through ten years ​ — ​ — After ten years ​ — ​ — ​ ​ 322,220 ​ 308,170 Mortgage-backed - Government-sponsored entity (GSE) ​ 15,167 ​ 15,167 ​ ​ $ 337,387 ​ $ 323,337 Securities held to maturity: ​ ​ ​ ​ ​ ​ Mortgage-backed - Non-GSE multi-family ​ $ 871,772 ​ $ 871,784 Mortgage-backed - Non-GSE residential ​ ​ 247,306 ​ 247,182 ​ ​ $ 1,119,078 ​ $ 1,118,966 ​ During the year ended December 31, 2022, one of the mortgage-backed – non-GSE multi-family securities available for sale was sold for $11.4 million resulting in no gain or loss. During the year ended December 31, 2021, proceeds from sales of securities available for sale were $38.6 million, and a net gain of $191,000 was recognized, consisting of $191,000 in gains and $0 of losses. During the year ended December 31, 2020, proceeds from sales of securities available for sale were $4.3 million, and a net gain of $441,000 was recognized, consisting of $441,000 in gains and $0 of losses. The carrying value of securities pledged as collateral, to secure borrowings, public deposits and for other purposes, was $570.6 million, and $310.6 million at December 31, 2022 and 2021, respectively. Certain investments in securities available for sale are reported in the consolidated financial statements at an amount less than their historical cost. Total fair value of these investments at December 31, 2022 and 2021 was $308.0 million (37 positions) and $272.0 million (27 positions), respectively, which is approximately 95%, and 88%, respectively, of the Company’s available for sale investment portfolio. Certain investments in securities held to maturity are reported in the consolidated financial statements at amortized cost. Total fair value of these investments at December 31, 2022 was $247.2 million (2 positions), which is approximately 22% of the Company’s held to maturity investment portfolio. The Company did not have any securities held to maturity at December 31, 2021. The following tables show the Company’s investments’ gross unrealized losses and fair value of the Company’s investment securities available for sale and held to maturity with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment class and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2022, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 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) Securities available for sale: ​ ​ ​ ​ ​ ​ Treasury notes ​ $ 29,560 ​ $ 762 ​ $ 5,798 ​ $ 193 ​ $ 35,358 ​ $ 955 Federal agencies ​ ​ 19,276 ​ ​ 724 ​ ​ 252,613 ​ ​ 12,372 ​ ​ 271,889 ​ ​ 13,096 Mortgage-backed - Government-sponsored entity (GSE) ​ ​ 709 ​ ​ 7 ​ ​ — ​ ​ — ​ ​ 709 ​ ​ 7 ​ ​ $ 49,545 ​ $ 1,493 ​ $ 258,411 ​ $ 12,565 ​ $ 307,956 ​ $ 14,058 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities held to maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed - Non-GSE residential ​ $ 247,182 ​ $ 124 ​ $ — ​ $ — ​ $ 247,182 ​ $ 124 ​ ​ $ 247,182 ​ $ 124 ​ $ — ​ $ — ​ $ 247,182 ​ $ 124 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) Securities available for sale: ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ 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) Securities available for sale: ​ ​ ​ ​ ​ ​ Federal agencies ​ $ 69,939 ​ $ 17 ​ $ — ​ $ — ​ $ 69,939 ​ $ 17 ​ For securities available for sale 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 securities available for sale 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 securities available for sale 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 December 31, 2022, 2021, and 2020.

Mortgage Loans in Process of Se

Mortgage Loans in Process of Securitization	12 Months Ended
	Dec. 31, 2022
Mortgage Loans in Process of Securitization.
Mortgage Loans in Process of Securitization	Note 4: 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 settlement 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 $0.3 million and $10.6 million at December 31, 2022 and 2021, respectively.

Loans and Allowance for Credit

Loans and Allowance for Credit Losses on Loans	12 Months Ended
	Dec. 31, 2022
Loans and Allowance for Credit Losses on Loans
Loans and Allowance for Credit Losses on Loans	Note 5: Loans and Allowance for Credit Losses on Loans Loan Portfolio Summary Loans receivable at December 31, 2022 and 2021, include: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2022 2021 ​ ​ (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ Mortgage warehouse lines of credit ​ $ 464,785 ​ $ 781,437 ​ Residential real estate ​ 1,178,401 ​ 843,101 ​ Multi-family financing (1) ​ 3,135,535 ​ 2,702,042 ​ Healthcare financing (1) ​ ​ 1,604,341 ​ ​ 826,157 ​ Commercial and commercial real estate (2) ​ 978,661 ​ 520,199 ​ Agricultural production and real estate ​ 95,651 ​ 97,060 ​ Consumer and margin loans ​ 13,498 ​ 12,667 ​ ​ ​ 7,470,872 ​ 5,782,663 ​ Less: ​ ​ ​ ACL - Loans ​ 44,014 ​ 31,344 ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans Receivable ​ $ 7,426,858 ​ $ 5,751,319 ​ (1) In 2022, the Company started presenting multi-family and healthcare loan types on separate lines for reporting purposes. Healthcare loans of $826.2 million were included in the combined multi-family and healthcare financing loan total as of December 31, 2021. (2) Includes $497.0 million and $209.8 million of revolving lines of credit collateralized primarily by single-family mortgage servicing rights as of December 31, 2022 and 2021, respectively. 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 businesses/not-for-profits. These loans qualified for forgiveness when used for qualifying expenses during the appropriate period. Loans funded through the PPP were fully guaranteed by the U.S. government. Commercial and commercial real estate loans at December 31, 2021 included PPP loans with principal balances of $7.0 million, respectively, that had not yet been forgiven. As of December 31, 2021, only 6% of the $112.0 million total PPP loans granted were yet to be forgiven. As of December 31, 2022 all PPP loans were fully forgiven. Risk characteristics applicable to each segment of the loan portfolio are described as follows. Mortgage Warehouse Lines of Credit (MTG WHLOC): 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 and 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. However, the warehouse customers are required to hedge the change in value of these loans to mitigate the risk. Residential Real Estate Loans (RES RE): 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. Loans included in this segment typically carry a base rate of SOFR that adjusts on a monthly basis and a margin. Commercial Lending and Commercial Real Estate Loans (CML & CRE): Agricultural Production and Real Estate Loans (AG & AGRE): 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. Agricultural real estate loans included in this segment are typically structured with a one-year ARM, 3-year ARM or 5-year ARM CMT and a margin. Agriculture production, livestock, and equipment loans are structured with variable rates that are indexed to prime or fixed for terms not exceeding 5 years. Consumer and Margin Loans (CON & MAR): The following table presents, by loan portfolio segment, the activity in the ACL-Loans for the year ended December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At or For the Year Ended December 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 ​ (747) ​ 2,588 ​ 2,177 ​ ​ 5,282 ​ 4,216 ​ (74) ​ 31 ​ 13,473 Loans charged to the allowance ​ — ​ (4) ​ — ​ ​ — ​ (1,238) ​ — ​ (15) ​ (1,257) Recoveries of loans previously charged off ​ — ​ — ​ — ​ ​ — ​ 746 ​ — ​ 7 ​ 753 Balance, end of period ​ $ 1,249 ​ $ 7,029 ​ $ 16,781 ​ $ 9,882 ​ $ 8,326 ​ $ 565 ​ $ 182 ​ $ 44,014 ​ The Company recorded a provision for credit losses of $17.3 million for the year ended December 31, 2022. The $17.3 million provision for credit losses consisted of $13.5 million for the ACL-Loans, $2.6 million for the ACL-OBCE’s, and $1.2 million for the ACL-Guarantees, contingent reserve related to the Freddie Mac-sponsored Q-series securitization transaction. 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 Form 10-K. ​ The following tables present the allowance for loan losses for the years ended December 31, 2021 and 2020 and the recorded investment in loans and impairment method as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At or For the Year Ended 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, beginning of period ​ $ 4,018 ​ $ 3,334 $ 12,140 ​ $ 2,591 ​ $ 4,641 ​ $ 636 ​ $ 140 ​ $ 27,500 Provision (credit) for loan losses ​ (2,063) ​ 838 ​ 1,944 ​ ​ 1,870 ​ 2,422 ​ 21 ​ (20) ​ 5,012 Loans charged to the allowance ​ — ​ (2) ​ — ​ ​ — ​ (1,184) ​ — ​ (6) ​ (1,192) Recoveries of loans previously charged off ​ — ​ — ​ — ​ ​ — ​ — ​ — ​ 24 ​ 24 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2020 ​ MTG WHLOC RES RE MF FIN HC FIN ​ CML & CRE AG & AGRE CON & MAR TOTAL ​ ​ (In thousands) Allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of year ​ $ 1,913 ​ $ 2,042 $ 5,784 ​ $ 1,234 ​ $ 4,173 ​ $ 523 ​ $ 173 ​ $ 15,842 Provision for credit losses ​ 2,105 ​ 1,248 ​ 6,356 ​ ​ 1,357 ​ 681 ​ 113 ​ (22) ​ 11,838 Loans charged to the allowance ​ — ​ (31) ​ — ​ ​ — ​ (319) ​ — ​ (11) ​ (361) Recoveries of loans previously charged off ​ — ​ 75 ​ — ​ ​ — ​ 106 ​ — ​ — ​ 181 Balance, end of year ​ $ 4,018 ​ $ 3,334 ​ $ 12,140 ​ $ 2,591 ​ $ 4,641 ​ $ 636 ​ $ 140 ​ $ 27,500 ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Real Estate Accounts Receivable / Equipment Other Total ACL-Loans Allocation ​ ​ (In thousands) RES RE ​ $ 237 ​ $ — $ 9 ​ $ 246 ​ $ 31 MF FIN ​ 36,760 ​ — ​ — ​ 36,760 ​ 173 HC FIN ​ ​ 21,783 ​ ​ — ​ ​ — ​ ​ 21,783 ​ ​ 134 CML & CRE ​ — ​ 4,917 ​ 966 ​ 5,883 ​ 842 AG & AGRE ​ 147 ​ — ​ — ​ 147 ​ 1 CON & MAR ​ ​ — ​ ​ — ​ ​ 6 ​ ​ 6 ​ ​ — Total collateral dependent loans ​ $ 58,927 ​ $ 4,917 ​ $ 981 ​ $ 64,825 ​ $ 1,181 ​ Internal Risk Categories In adherence with policy, the Company uses the following internal risk grading categories and definitions for loans: Pass Special Mention (Watch) – This is a loan that is sound and collectable but contains potential risk. Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard Doubtful ​ ​ The following tables present the credit risk profile of the Company’s loan portfolio based on internal risk rating categories as of December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ 2022 2021 2020 2019 2018 Prior Revolving Loans ​ TOTAL ​ ​ (In thousands) MTG WHLOC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 464,785 ​ $ 464,785 Total ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 464,785 ​ $ 464,785 RES RE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ ​ 13,344 ​ ​ 8,192 ​ ​ 24,708 ​ ​ 3,498 ​ ​ 1,722 ​ ​ 11,166 ​ ​ 1,114,705 ​ ​ 1,177,335 Special Mention (Watch) ​ ​ — ​ ​ — ​ ​ — ​ ​ 61 ​ ​ — ​ ​ 668 ​ ​ 91 ​ ​ 820 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 74 ​ ​ 172 ​ ​ — ​ ​ 246 Total ​ $ 13,344 ​ $ 8,192 ​ $ 24,708 ​ $ 3,559 ​ $ 1,796 ​ $ 12,006 ​ $ 1,114,796 ​ $ 1,178,401 MF FIN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ ​ 1,212,008 ​ ​ 544,823 ​ ​ 200,829 ​ ​ 32,349 ​ ​ 4,416 ​ ​ 7,229 ​ ​ 1,042,024 ​ ​ 3,043,678 Special Mention (Watch) ​ ​ 32,919 ​ ​ — ​ ​ 8,000 ​ ​ — ​ ​ — ​ ​ — ​ ​ 14,178 ​ ​ 55,097 Substandard ​ ​ 36,760 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 36,760 Total ​ $ 1,281,687 ​ $ 544,823 ​ $ 208,829 ​ $ 32,349 ​ $ 4,416 ​ $ 7,229 ​ $ 1,056,202 ​ $ 3,135,535 HC FIN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ ​ 987,676 ​ ​ 301,103 ​ ​ 78,792 ​ ​ 13,770 ​ ​ — ​ ​ — ​ ​ 123,888 ​ ​ 1,505,229 Special Mention (Watch) ​ ​ 52,022 ​ ​ 25,307 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 77,329 Substandard ​ ​ — ​ ​ 21,783 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 21,783 Total ​ $ 1,039,698 ​ $ 348,193 ​ $ 78,792 ​ $ 13,770 ​ $ — ​ $ — ​ $ 123,888 ​ $ 1,604,341 CML & CRE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ ​ 123,757 ​ ​ 86,282 ​ ​ 23,803 ​ ​ 24,730 ​ ​ 12,335 ​ ​ 8,765 ​ ​ 690,114 ​ ​ 969,786 Special Mention (Watch) ​ ​ 43 ​ ​ 164 ​ ​ 963 ​ ​ 119 ​ ​ 99 ​ ​ 228 ​ ​ 1,376 ​ ​ 2,992 Substandard ​ ​ — ​ ​ 2,017 ​ ​ 591 ​ ​ 72 ​ ​ — ​ ​ 666 ​ ​ 2,537 ​ ​ 5,883 Total ​ $ 123,800 ​ $ 88,463 ​ $ 25,357 ​ $ 24,921 ​ $ 12,434 ​ $ 9,659 ​ $ 694,027 ​ $ 978,661 AG & AGRE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ ​ 12,112 ​ ​ 7,485 ​ ​ 15,660 ​ ​ 5,808 ​ ​ 3,137 ​ ​ 20,176 ​ ​ 29,566 ​ ​ 93,944 Special Mention (Watch) ​ ​ 14 ​ ​ 55 ​ ​ 462 ​ ​ 421 ​ ​ 163 ​ ​ 389 ​ ​ 56 ​ ​ 1,560 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 147 ​ ​ — ​ ​ 147 Total ​ $ 12,126 ​ $ 7,540 ​ $ 16,122 ​ $ 6,229 ​ $ 3,300 ​ $ 20,712 ​ $ 29,622 ​ $ 95,651 CON & MAR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ ​ 4,673 ​ ​ 463 ​ ​ 307 ​ ​ 101 ​ ​ 4,589 ​ ​ 9 ​ ​ 3,328 ​ ​ 13,470 Special Mention (Watch) ​ ​ — ​ ​ — ​ ​ 20 ​ ​ — ​ ​ — ​ ​ 2 ​ ​ — ​ ​ 22 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 6 ​ ​ — ​ ​ 6 Total ​ $ 4,673 ​ $ 463 ​ $ 327 ​ $ 101 ​ $ 4,589 ​ $ 17 ​ $ 3,328 ​ $ 13,498 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Pass ​ $ 2,353,570 ​ $ 948,348 ​ $ 344,099 ​ $ 80,256 ​ $ 26,199 ​ $ 47,345 ​ $ 3,468,410 ​ $ 7,268,227 Total Special Mention (Watch) ​ $ 84,998 ​ $ 25,526 ​ $ 9,445 ​ $ 601 ​ $ 262 ​ $ 1,287 ​ $ 15,701 ​ $ 137,820 Total Substandard ​ $ 36,760 ​ $ 23,800 ​ $ 591 ​ $ 72 ​ $ 74 ​ $ 991 ​ $ 2,537 ​ $ 64,825 Total Loans ​ $ 2,475,328 ​ $ 997,674 ​ $ 354,135 ​ $ 80,929 ​ $ 26,535 ​ $ 49,623 ​ $ 3,486,648 ​ $ 7,470,872 ​ The Company did not have any material revolving loans converted to term loans at December 31, 2022. 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. ​ ​ ​ ​ 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 Pass ​ 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 ​ Delinquent Loans The following tables present the Company’s loan portfolio aging analysis of the recorded investment in loans as of December 31, 2022 and 2021. Excluded from the tables below are government guaranteed commercial SBA loans totaling $0 and $3.2 million that were 30-59 days past due and a government guaranteed commercial SBA loan with a balance of $0 and $274,000 that was over 90 days past due as of December 31, 2022 and 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 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 ​ $ — $ — ​ $ — ​ $ — ​ $ 464,785 ​ $ 464,785 RES RE ​ 4,053 ​ 152 ​ 272 ​ 4,477 ​ 1,173,924 ​ 1,178,401 MF FIN ​ — ​ — ​ — ​ — ​ 3,135,535 ​ 3,135,535 HC FIN ​ ​ — ​ — ​ 21,783 ​ 21,783 ​ 1,582,558 ​ 1,604,341 CML & CRE ​ 4,759 ​ — ​ 3,778 ​ 8,537 ​ 970,124 ​ 978,661 AG & AGRE ​ 4,903 ​ — ​ — ​ 4,903 ​ 90,748 ​ 95,651 CON & MAR ​ 6 ​ 24 ​ 22 ​ 52 ​ 13,446 ​ 13,498 ​ ​ $ 13,721 ​ $ 176 ​ $ 25,855 ​ $ 39,752 ​ $ 7,431,120 ​ $ 7,470,872 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 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 tables present by portfolio class, information related to the average recorded investment and interest income recognized on impaired loans for the years ended December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ MTG ​ ​ ​ ​ CML & AG & CON & ​ ​ ​ WHLOC ​ RES RE ​ MF FIN ​ CRE ​ AGRE ​ MAR ​ TOTAL ​ ​ (In thousands) Average recorded investment in impaired loans ​ $ — ​ $ 1,658 ​ $ 14,138 ​ $ 6,888 ​ $ 611 ​ $ 7 ​ $ 23,302 Interest income recognized ​ — ​ 64 ​ — ​ 397 ​ — ​ — ​ 461 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ MTG ​ ​ CML & ​ AG & CON & ​ ​ ​ WHLOC ​ RES RE ​ MF FIN ​ CRE ​ ​ AGRE ​ MAR ​ TOTAL ​ ​ (In thousands) Average recorded investment in impaired loans ​ $ 106 ​ $ 3,002 ​ $ — ​ $ 9,913 ​ $ 1,662 ​ $ 17 ​ $ 14,700 Interest income recognized ​ — ​ 57 ​ — ​ 371 ​ 1 ​ — ​ 429 ​ ​ ​ 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. The amount of interest income recognized on nonaccrual financial assets during the year ended December 31, 2022 was immaterial. The following table presents the Company’s nonaccrual loans and loans past due 90 days or more and still accruing at December 31, 2022 and 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ Total Loans > ​ ​ ​ ​ Total Loans > ​ ​ ​ ​ ​ 90 Days & ​ ​ ​ ​ 90 Days & ​ Nonaccrual Accruing Nonaccrual Accruing ​ ​ (In thousands) RES RE ​ $ 245 ​ $ 96 ​ $ 362 ​ $ 22 MF FIN ​ — ​ — ​ — ​ — HC FIN ​ ​ 21,783 ​ — ​ — ​ — CML & CRE ​ 4,390 ​ ​ — ​ — ​ ​ 149 AG & AGRE ​ 147 ​ — ​ 158 ​ 30 CON & MAR ​ 6 ​ 16 ​ 4 ​ 36 ​ ​ $ 26,571 ​ $ 112 ​ $ 524 ​ $ 237 ​ The Company did not have any nonperforming loans without an estimated ACL at December 31, 2022. ​ During 2022, the Company had no troubled loans that were modified or defaulted during the year ended December 31, 2022. During 2021, the Company had one newly classified troubled debt restructuring in the CML & CRE loan class. The loan had a pre and post post ​ 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, allowed 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 took advantage of this provision to extend certain payment modifications to loan customers in need. ​ There were no residential loans in process of foreclosures as of December 31, 2022 and 2021. Significant Loan Sales ​ Loan Sale and Securitization - 2022 Activity On September 22, 2022, the Company completed a private securitization by which a a real estate mortgage investment conduit (“REMIC”) and ultimately sold to investors as securities. The Company purchased the senior security for a total of of the losses in the loan portfolio. This transaction provided the Company an avenue to enhance capital efficiency and minimize credit risk on the balance sheet. As part of the securitization transaction, the Company will be both Master Servicer and Special Servicer of the loans. As Master Servicer and Special Servicer, the Company will have obligations to collect and remit payments of principal and interest, manage payments of taxes and insurance, and otherwise administer the underlying loans. Beyond servicing the loans, the Company’s ongoing involvement in this transaction is limited to customary obligations of loan sales, including any material breach in representation. In connection with the securitization, the Company received proceeds and accrued interest on loans, net of the acquired securities, of million. No allowance for credit losses was recognized in connection with purchase of the security, in accordance with ASC 326. However, the million allowance for credit losses associated with the loans sold was released through the provision for credit losses. The transfer of these loans was accounted for as a sale for financial reporting purposes, in accordance with ASC 860, and a $525,000 net loss on sale was recognized. The net loss on sale included a Freddie Mac Q Series Securitization - 2022 Activity May 2022 On May 5, 2022, the Company entered into an arrangement through a third-party trust and Freddie Mac, by which a $214.0 million portfolio of multi-family loans were sold to the trust and ultimately securitized through Freddie Mac and sold to investors. The Company did not purchase any of the securities. The transfer of these loans was accounted for as a sale for financial reporting purposes, in accordance with ASC 860, and a $2.3 million net gain on sale was recognized, which included establishing a contingent and noncontingent reserve and servicing rights associated with this transaction. The Company’s ongoing involvement in this transaction is limited to customary obligations of loan sales, including any material breach in representation. In connection with the securitization, the Company also entered into a reimbursement agreement for a first loss position in the underlying loan portfolio, not to exceed 12% of the unpaid principal amount of the loans comprising the securitization pool at settlement, or approximately $25.7 million. A contingent reserve of $1.2 million for estimated losses was established with respect to the first loss obligation on May 5, 2022, which was included in provision for credit losses on the consolidated statement of income and other liabilities on the consolidated balance sheet. A noncontingent reserve of $2.5 million related to the Company’s reimbursement obligation was included in other liabilities on the consolidated balance sheet and offset through gain on sale in the consolidated statement of income. The Company was also required to hold collateral against the reimbursement agreement. Accordingly, million of U.S. Treasury securities were acquired as part of the transaction. As part of the securitization transaction, the Company released all mortgage servicing obligations and rights to Freddie Mac, who was designated as the Master Servicer. Freddie Mac appointed the Company with sub-servicing 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 November 2022 On November 3, 2022, the Company completed a $284.2 million securitization of 16 multi-family mortgage loans through a Freddie Mac-sponsored Q-Series transaction. The Company did not purchase any of the securities as part of this transaction. The transfer of these loans was accounted for as a sale for financial reporting purposes, in accordance with ASC 860, and a $121,000 gain on sale was recognized, which included establishing servicing rights associated with this transaction. The Company was retained as the mortgage sub-servicer for Freddie Mac on the entire $284.2 million pool of loans. Beyond sub-servicing the loans, the Company’s ongoing involvement in this transaction is limited to customary obligations of loan sales, including any material breach in representation. In connection with the transaction a mortgage servicing right of $1.3 million was established. ​ ​ ​ Freddie Mac Q Series Securitization - 2021 Activity 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. Beyond holding the two securities, the Company’s ongoing involvement in this transaction is limited to customary obligations of loan sales, including any material breach in representation. In connection with the securitization and purchase of one of the securities, Merchants maintains a first loss position in the underlying loan 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 allowance for loan losses 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 sub-servicing 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 During the year ended December 31, 2022, one of these securities was sold at book value, and the other security was fully amortized, resulting in no gains or losses. Loans Purchased The Company purchased $551.1 million and $369.1 million of loans during the years ended December 31, 2022 and 2021, respectively.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2022
Derivative Financial Instruments
Derivative Financial Instruments	​ Note 6: 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, Interest Rate Lock Commitments, and Interest Rate Swaps 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. Interest rate swaps are also used by the Company to reduce the risk that significant increases in interest rates may have on the value of certain fixed rate loans held for sale and the respective loan payments received from borrowers. All changes in the fair market value of these interest rate swaps and associated loans held for sale have been included in gain on sale of loans. Any difference between the fixed and floating interest rate components of these transactions have been included in interest income. ​ All 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 consolidated statements of income. The fair value of derivative instruments with a positive fair value are reported in other assets in the consolidated balance sheets while derivative instruments with a negative fair value are reported in other liabilities in the consolidated balance sheets. The following table presents the notional amount and fair value of interest rate locks, forward contracts, and interest rate swaps utilized by the Company at December 31, 2022 and December 31, 2021. This table excludes the fair market value adjustment on loans associated with these derivatives. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ ​ ​ Fair Value ​ ​ Amount ​ Balance Sheet Location ​ Asset ​ Liability December 31, 2022 ​ (In thousands) ​ ​ ​ ​ ​ (In thousands) Interest rate lock commitments $ 8,759 ​ ​ Other assets/liabilities ​ $ 28 ​ $ 23 Forward contracts 13,096 ​ ​ Other assets/liabilities ​ ​ 46 ​ ​ 52 Interest rate swaps 57,574 ​ ​ Other assets/liabilities ​ 3,030 ​ ​ — ​ ​ ​ ​ ​ ​ ​ $ 3,104 ​ $ 75 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 consolidated statements of income for the years ended December 31, 2022, 2021, and 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ ​ December 31, ​ 2022 ​ 2021 2020 ​ ​ ​ (In thousands) Derivative gain (loss) included in other income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ ​ $ (218) ​ $ (5,908) ​ $ 5,945 Forward contracts (includes pair-off settlements) ​ ​ 5,277 ​ ​ 5,956 ​ ​ (11,078) Net derivative gains (loss) ​ ​ $ 5,059 ​ $ 48 ​ $ (5,133) Gain (loss) included in gain on sale of loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rates swaps - change in fair value ​ ​ $ 3,030 ​ $ — ​ $ — Loans held for sale - change in fair value ​ ​ (2,898) ​ ​ — ​ ​ — Net gain (loss) ​ ​ $ 132 ​ $ — ​ $ — ​ Derivatives on Behalf of Customers The Company offers derivative contracts to some customers in connection with their risk management needs. These derivatives include back-to-back 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 back-to-back interest rate swaps were recorded in the consolidated balance sheets as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ ​ ​ Fair Value ​ ​ Amount ​ Balance Sheet Location ​ Asset ​ Liability ​ ​ (In thousands) ​ ​ ​ ​ ​ (In thousands) December 31, 2022 $ 77,495 ​ ​ Other assets/liabilities ​ $ 3,041 ​ $ 3,041 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 consolidated statements of income as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ ​ December 31, ​ 2022 2021 ​ 2020 ​ ​ ​ (In thousands) Gross swap gains ​ ​ $ 1,910 ​ $ 2,039 ​ $ 2,659 Gross swap losses ​ ​ 1,910 ​ ​ 2,039 ​ ​ 2,659 Net swap gains (losses) ​ ​ $ — ​ $ — ​ $ — ​ The Company pledged $0 and $3.9 million in collateral to secure its obligations under back-to-back swap contracts at December 31, 2022 and December 31, 2021, respectively.

Loan Servicing

Loan Servicing	12 Months Ended
	Dec. 31, 2022
Loan Servicing
Loan Servicing	Note 7: Loan Servicing Mortgage and SBA loans serviced for others are not included in the accompanying consolidated balance sheets and represent agency eligible multi-family, single-family and SBA loans. The risks inherent in servicing assets relate primarily to changes in prepayments that result from shifts in interest rates. Call protection is in place on multi-family loans to deter from prepayments on a 10-year sliding scale. The Company’s total servicing portfolio, primarily managed in the Multi-family Mortgage Banking segment, had an unpaid principal balance of $21.9 billion and $16.1 billion as of December 31, 2022 and 2021, respectively. Included in the December 31, 2022 and 2021 amounts, respectively, were unpaid principal balances of loans serviced for others of $13.1 billion and $10.6 billion, an unpaid principal balance of loans sub-serviced for others of $1.9 billion and $0.7 billion, and other servicing balances of $0.7 billion and $0. These loans are not included in the accompanying balance sheets. The Company also manages $6.2 billion and $4.8 billion of loans for customers that have loans on the balance sheet at December 31, 2022 and 2021, respectively. The servicing portfolio is primarily GNMA, Fannie Mae, and Freddie Mac loans and is a significant source of our noninterest income and deposits. The following summarizes the activity in servicing rights measured using the fair value method for the years ended December 31, 2022, 2021, and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ 2022 ​ 2021 2020 ​ ​ (In thousands) Balance, beginning of period ​ $ 110,348 ​ $ 82,604 ​ $ 74,387 Additions ​ ​ ​ Purchased servicing ​ — ​ 2,057 ​ — Originated servicing ​ 27,124 ​ 30,421 ​ 21,889 Subtractions ​ ​ ​ ​ ​ ​ Paydowns ​ (10,985) ​ (16,691) ​ (7,838) Sold servicing ​ ​ — ​ ​ (438) ​ ​ — Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model ​ 19,761 ​ 12,395 ​ (5,834) Balance, end of period ​ $ 146,248 ​ $ 110,348 ​ $ 82,604 ​ Contractually specified servicing fees for retained, purchased and sub-serviced loans were $21.4 million, $20.7 million, and $11.9 million for the years ended December 31, 2022, 2021 and 2020, respectively. In connection with certain loan servicing and sub-servicing agreements, the Company is to reconcile the payments received monthly on these loans, for principal and interest, taxes, insurance, and replacement reserves. The funds are required to be maintained in separate trust accounts and not commingled with the Company’s general operating funds. At December 31, 2022 and 2021, the Company held restricted escrow funds for these loans at the Bank or other financial institution, amounting to $777.7 million and $695.9 million, respectively.

Goodwill and Intangibles

Goodwill and Intangibles	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangibles
Goodwill and Intangibles	Note 8: Goodwill and Intangibles Goodwill at December 31, 2022 remained unchanged compared to December 31, 2021. As of December 31, 2022, the Company’s market capitalization was above its book value, despite stock market volatility, rising interest rate expectations and inflation fears. Goodwill represents the amount by which the cost of an acquisition exceeded the fair value of net assets acquired. Goodwill is tested for impairment annually, or more frequently if events and circumstances exist that indicate a goodwill impairment test should be performed. Based upon management’s assessment and evaluation of goodwill at year-end, the likelihood that an impairment of the current carrying amount of goodwill has occurred is considered remote. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ 2021 ​ ​ 2020 ​ Multifamily Banking Warehouse Total Multifamily Banking Warehouse Total Multifamily Banking Warehouse Total ​ (In thousands) ​ (In thousands) ​ (In thousands) Balance, beginning of period $ 3,791 ​ $ 8,353 ​ $ 3,701 ​ $ 15,845 ​ $ 3,791 ​ $ 8,353 ​ $ 3,701 ​ $ 15,845 ​ $ 3,791 ​ $ 8,353 ​ $ 3,701 ​ $ 15,845 Goodwill acquired during the period ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Post-acquisition adjustments ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Impairment losses ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Balance, end of period $ 3,791 ​ $ 8,353 ​ $ 3,701 ​ $ 15,845 ​ $ 3,791 ​ $ 8,353 ​ $ 3,701 ​ $ 15,845 ​ $ 3,791 ​ $ 8,353 ​ $ 3,701 ​ $ 15,845 ​ In conjunction with the acquisition of MCS on August 15, 2017, the Company recorded goodwill of $3.8 million in the Multi-family segment, after reflecting a purchase accounting adjustment of $412,000, related to contingent consideration for loans closed after the acquisition date, that increased goodwill during the year ended December 31, 2018. The Company also recorded intangible assets for licenses and trade names as summarized below. The licenses are being amortized over 84 months and trade names are being amortized over 120 months, both using the straight-line method. Amortization of these intangible assets was $218,000 for the years ended December 31, 2022, 2021, and 2020. ​ In conjunction with the acquisition of FMBI on January 2, 2018, the Company recorded goodwill of $988,000 in the Banking segment during the year ended December 31, 2018. The Company also recorded intangible assets for core deposits, as summarized below. The core deposit intangibles are being amortized over 10 years using the accelerated sum of the years digits method. Amortization for these intangible assets was $53,000, $64,000 and $75,000 for the years ended December 31, 2022, 2021 and 2020, respectively. ​ In conjunction with the acquisition of Farmers-Merchants National Bank of Paxton (“FMNBP”) on October 1, 2018, the Company recorded goodwill of $6.9 million in the Banking segment during the year ended December 31, 2018. A $333,000 purchase accounting adjustment, primarily related to the valuation of securities decreased goodwill during 2019. The Company also recorded intangible assets for core deposits, as summarized below. The core deposit intangibles are being amortized over 10 years using the accelerated sum of the years digits method. Amortization for these intangible assets was $250,000, $294,000 and $326,000 for the years ended December 31, 2021, 2020 and 2019, respectively. ​ In conjunction with the acquisition of the assets of NattyMac, LLC on December 31, 2018, the Company recorded goodwill of $3.7 million in the Warehouse segment, after reflecting a $1.6 million transfer to intangible assets and a $271,000 purchase accounting adjustment related to contingent consideration that increased goodwill during 2019. Intangible assets of $1.6 million, related to customer lists, were recorded and amortized over 21 months using the straight-line method. Accumulated amortization of these intangible assets was $1.6 million and are fully amortized as of December 31, 2022, 2021 and 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 ​ ​ Gross ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ ​ ​ ​ ​ Carrying ​ Accumulated ​ ​ ​ ​ Carrying ​ Accumulated ​ ​ ​ ​ Carrying ​ Accumulated ​ ​ ​ ​ ​ Amount ​ Amortization ​ Total Amount ​ Amortization ​ Total Amount ​ Amortization ​ Total ​ ​ (In thousands) ​ (In thousands) ​ (In thousands) Licenses ​ $ 1,370 ​ $ (1,052) ​ $ 318 ​ $ 1,370 ​ $ (856) ​ $ 514 ​ $ 1,370 ​ $ (661) ​ $ 709 Trade names ​ ​ 224 ​ ​ (120) ​ ​ 104 ​ ​ 224 ​ ​ (98) ​ ​ 126 ​ ​ 224 ​ ​ (75) ​ ​ 149 Customer list ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,570 ​ ​ (1,570) ​ ​ — Core deposit intangible ​ ​ 2,417 ​ ​ (1,653) ​ ​ 764 ​ ​ 2,417 ​ ​ (1,350) ​ ​ 1,067 ​ ​ 2,417 ​ ​ (992) ​ ​ 1,425 Total intangible Assets ​ $ 4,011 ​ $ (2,825) ​ $ 1,186 ​ $ 4,011 ​ $ (2,304) ​ $ 1,707 ​ $ 5,581 ​ $ (3,298) ​ $ 2,283 ​ ​ Estimated amortization expense for future years is as follows (in thousands): ​ ​ ​ ​ ​ Year ending December 31, ​ ​ 2023 ​ $ 462 2024 ​ ​ 335 2025 ​ ​ 166 2026 ​ ​ 124 2027 ​ ​ 76 Thereafter ​ ​ 23 Total ​ $ 1,186 ​

Premises and Equipment

Premises and Equipment	12 Months Ended
	Dec. 31, 2022
Premises and Equipment
Premises and Equipment	​ Note 9: Premises and Equipment Major classifications of premises and equipment, stated at cost, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (In thousands) Land ​ $ 3,696 ​ $ 3,097 Buildings ​ 29,661 ​ 25,214 Leasehold improvements ​ 310 ​ 237 Furniture, fixtures, equipment and software ​ 10,500 ​ 9,759 Total cost ​ 44,167 ​ 38,307 Accumulated depreciation ​ (8,729) ​ (7,095) Net premises and equipment ​ $ 35,438 ​ $ 31,212 ​

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases.
Leases	Note 10: Leases The Company has operating leases for various locations with terms ranging from two The Company adopted Financial Accounting Standards Board (the “FASB”) ASU 2016-02 - Leases, and recorded an initial right-of-use asset and operating lease liability on January 1, 2022. An operating right-of-use assets was $11.0 million and an operating right-of-use liability was $12.0 million as of December 31, 2022. ​ ​ Balance sheet, income statement and cash flow detail regarding operating leases follows: ​ ​ ​ ​ ​ December 31, 2022 Balance Sheet ​ (In thousands) Operating lease right-of-of use asset (in other assets) $ 10,969 Operating lease liability (in other liabilities) ​ 11,992 ​ ​ ​ Weighted average remaining lease term (years) ​ 6.5 Weighted average discount rate ​ 2.65% ​ ​ ​ Maturities of lease liabilities: ​ ​ 2023 $ 2,181 2024 ​ 2,321 2025 ​ 1,881 2026 ​ 1,911 2027 ​ 1,853 Thereafter ​ 2,902 Total future minimum lease payments ​ 13,049 Less: imputed interest ​ 1,057 Total $ 11,992 ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2022 Income Statement ​ (In thousands) Components of lease expense: ​ ​ Operating lease cost (in occupancy and equipment expense) $ 2,033 ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2022 Cash Flow Statement ​ (In thousands) Supplemental cash flow information: ​ ​ Operating cash flows from operating leases $ 1,461 ​ ​ Prior to the adoption of ASU 2016-02 – Leases, the Company had several non-cancellable operating leases, primarily for office space. Rental expense for these leases were $1.5 million and $1.2 million for the years ended December 31, 2021 and 2020, respectively. Future minimum lease payments under operating leases as of December 31, 2021 were as follows: ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ​ ​ (In thousands) Due within one year ​ $ 1,570 Due in one year to two years ​ 1,776 Due in two years to three years ​ 1,568 Due in three years to four years ​ 947 Due in four years to five years ​ 964 Thereafter ​ 2,154 Total minimum lease payments ​ $ 8,979 ​

Other Assets and Receivables

Other Assets and Receivables	12 Months Ended
	Dec. 31, 2022
Other Assets and Receivables.
Other Assets and Receivables	Note 11: Other Assets and Receivables The following items are included in other assets and receivables in the consolidated balance sheets. Investment in Low-Income Housing Tax Credit Limited Partnerships The Company invests in low-income housing tax credit limited partnerships. At December 31, 2022 and 2021, the balance of the investments for low-income housing tax credit limited partnerships was $73.0 million and $31.5 million, respectively. The Company also became a minority investor in several limited partnerships of syndicated funds during 2022, 2021, and 2020 in which it is obligated to make additional investments over the next several years. There was an obligation of $36.8 million and $24.4 million reflected in the investment balances at December 31, 2022 and 2021, respectively. During the years ended December 31, 2022, 2021, and 2020 the Company recorded amortization expense of $2.1 million, $2.0 million, and $ 1.8 million, respectively. Expected tax credits related to these investments were $2.1 million for the 2022 tax year, $2.0 million for the 2021 tax year, and $2.0 million for the 2020 tax year. The Company expects to receive additional tax credits and other benefits in 2023 and will continue to amortize these investments based on the proportional amortization method. Joint Ventures The Company has investments in various joint ventures totaling $37.5 million and $31.0 million at December 31, 2022 and 2021, respectively. These investments are primarily made of up of investments in debt funds totaling $29.8 million and $25.6 million at December 31, 2022 and 2021, respectively. The Company was not a primary beneficiary in any of these investments since January 31, 2021. Results from these entities have not been consolidated since that time and are accounted for under the equity method of accounting. The Company is obligated to make additional investments over the next several years. There was an obligation of $3.5 million and $10.4 million reflected in the investment balance at December 31, 2022 and 2021, respectively. See Note 12: Variable Interest Entities (VIEs) for additional information about VIE’s. O ther Receivables ​ At December 31, 2022 and 2021, the Company had other receivables of $10.5 million and $11.7 million, respectively. These other receivables consisted of short-term receivables of $6.0 million and $6.5 million, for the years ended December 31, 2022 and 2021 respectively, that represent trading gains recorded in income for multi-family loan sales for which payment has not yet been received. Other receivables also included $2.2 million and $0 for fees accrued but not yet received from low-income housing tax credit syndicated funds at December 31, 2022 and 2021, respectively. Also included in other receivables were $0 and $3.9 million of receivable collateral recorded against outstanding hedges for back-to-back swaps for the years ended December 31, 2022 and 2021, respectively. ​ Other items included in other assets and receivables on the consolidated balance sheets are disclosed elsewhere, or are not individually significant. ​

Variable Interest Entities (VIE

Variable Interest Entities (VIEs)	12 Months Ended
	Dec. 31, 2022
Variable Interest Entities (VIEs).
Variable Interest Entities (VIEs)	Note 12: 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. The Company also has deemed as a VIE, a real estate mortgage investment conduit (“REMIC”) trust that was established in conjunction with the September 2022 multi- family loan sale and securitization described in Note 5: Loans and Allowance for Credit Losses on Loans. 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 December 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 that are binding. 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 our maximum exposure to loss in connection with VIEs at December 31, 2022 and 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Total ​ Maximum Assets ($ in thousands) Assets Liabilities Exposure to Loss ​ ​ (In thousands) December 31, 2022 ​ ​ ​ Unconsolidated VIEs ​ $ 52,125 ​ $ 25,564 ​ $ 52,125 December 31, 2021 ​ ​ ​ Unconsolidated VIEs ​ $ 36,573 ​ $ 21,014 ​ $ 36,164 ​ In addition to the table above, the Company also has a VIE in a REMIC trust that was established in September 2022 in conjunction with a loan sale and securitization. Although the trust is not recognized on the balance sheet, the maximum exposure to loss is the carrying value of the security acquired as part of the securitization transaction, which was $871.8 million at December 31, 2022. This transaction is described in Note 5: Loans and Allowance for Credit Losses on Loans.

Deposits

Deposits	12 Months Ended
	Dec. 31, 2022
Deposits
Deposits	Note 13: Deposits Deposits were comprised of the following at and December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (In thousands) Demand deposits ​ $ 4,047,238 ​ $ 4,943,937 Savings deposits ​ 3,034,818 ​ 2,839,616 Certificates of deposit ​ 2,989,289 ​ 1,199,060 Total deposits ​ $ 10,071,345 ​ $ 8,982,613 ​ Maturities for certificates of deposit are as follows: ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ (In thousands) Due within one year ​ $ 2,958,036 Due in one year to two years ​ 21,409 Due in two years to three years ​ 8,032 Due in three years to four years ​ 1,190 Due in four years to five years ​ 622 ​ ​ $ 2,989,289 ​ Certificates of deposit of $250,000 or more totaled $186.4 million at December 31, 2022 and $574.0 million at December 31, 2021. Brokered deposit amounts at December 31, 2022 and 2021, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (In thousands) Brokered certificates of deposit ​ $ 2,681,198 ​ $ 551,809 Brokered savings deposits ​ 81,532 ​ 357,840 Brokered deposit on demand accounts ​ 13 ​ 1,250,141 ​ ​ $ 2,762,743 ​ $ 2,159,790 ​

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2022
Borrowings
Borrowings	Note 14: Borrowings Borrowings were comprised of the following at December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (In thousands) Federal Reserve discount window borrowings ​ $ 20,000 ​ $ 160,000 Short-term subordinated debt ​ 21,000 ​ 17,000 FHLB advances ​ ​ 859,392 ​ ​ 556,954 American Financial Exchange borrowing ​ 30,000 ​ 300,000 Total borrowings ​ $ 930,392 ​ $ 1,033,954 ​ Federal Reserve Discount Window Borrowings Federal Reserve discount window borrowings are secured by commercial, agricultural and construction loans totaling $2.4 billion. This arrangement has a maximum borrowing limit of collateral pledged multiplied by an advance rate. Borrowing maturities can range from 24 Short-Term Subordinated Debt The Company entered into a warehouse financing arrangement in April 24, 2018, whereby a customer agreed to invest up to $30 million in the Company’s subordinated debt. The subordinated debt balance as of December 31, 2022 and 2021 was $21.0 million and $17.0 million, respectively. As of December 31, 2022, interest on the debt is paid quarterly by the Company at a rate equal to SOFR, plus 350 basis points, plus additional interest equal to 50% of the earnings generated. The agreement is automatically renewed annually on June 30 th FHLB Advances FHLB advances are secured by mortgage loans totaling $2.8 billion at both December 31, 2022 and 2021. In addition, securities available for sale and securities purchased under agreements to resell with a carrying value of $298.6 million and $305.8 million were pledged as of December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, the outstanding balance was $859.4 million and $557.0 million, respectively. At December 31, 2022 and 2021, the FHLB advances had interest rates ranging from 1.62% to 4.90%, and were subject to restrictions or penalties in the event of prepayment. FHLB advances include an advance in the amount of $75.0 million at December 31, 2022 that was subject to a put option. The put option could be exercised by the FHLB on a semi-annual or quarterly basis until July 2032. The first opportunity FHLB had to exercise the put option was on January 19, 2023, which they chose to exercise on that date. American Financial Exchange Borrowing The Company joined the American Financial Exchange (“AFX”) in January of 2021. During the year ended December 31, 2022, the Company utilized unsecured overnight lending arrangements to borrow from other AFX members through extensions of credit. At December 31, 2022 and 2021, members of the AFX offered a combined borrowing limit of $500.0 million and $350.0 million, respectively, but availability fluctuates daily. As of December 31, 2022, the outstanding balance was $30.0 million with a rate of 4.60%. As of December 31, 2021, the outstanding balance was $300.0 million with rates between 0.11% to 0.20%. Rates are set daily by participating members and may vary by lending member. ​ Maturities of borrowings were as follows at December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ ​ Federal Reserve ​ Short-Term ​ FHLB ​ American Financial ​ Borrowings ​ ​ Discount Window ​ Subordinated Debt ​ Advances ​ Exchange Borrowing ​ Total ​ ​ (In thousands) Due within one year ​ $ 20,000 ​ $ — ​ $ 725,342 ​ $ 30,000 ​ $ 775,342 Due in one year to two years ​ — ​ 21,000 ​ 52,339 ​ — ​ 73,339 Due in two years to three years ​ — ​ — ​ 5,320 ​ — ​ 5,320 Due in three years to four years ​ — ​ — ​ 261 ​ — ​ 261 Due in four years to five years ​ — ​ — ​ 174 ​ — ​ 174 Thereafter ​ — ​ — ​ 75,956 ​ — ​ 75,956 ​ ​ $ 20,000 ​ $ 21,000 ​ $ 859,392 ​ $ 30,000 ​ $ 930,392 ​ ​ At December 31, 2022, the Company had excess borrowing capacity of approximately $3.1 billion with the FHLB and the Federal Reserve discount window, based on available collateral.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Taxes
Income Taxes	Note 15: Income Taxes The provision for income taxes includes these components for the years ended December 31, 2022, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2022 ​ 2021 ​ 2020 ​ ​ (In thousands) ​ Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current tax payable ​ ​ ​ ​ ​ ​ Federal ​ $ 51,306 ​ $ 55,936 ​ $ 48,409 ​ State ​ 15,384 ​ 16,580 ​ 15,107 ​ Deferred tax payable ​ ​ ​ ​ Federal ​ 4,237 ​ 4,055 ​ (529) ​ State ​ 494 ​ 1,255 ​ (163) ​ Income tax expense ​ $ 71,421 ​ $ 77,826 ​ $ 62,824 ​ Effective tax rate ​ 24.5 % 25.5 % 25.8 % ​ A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense for the years ended December 31, 2022, 2021 and 2020, is shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2022 ​ 2021 ​ 2020 ​ (In thousands) Computed at the statutory rate -21% ​ $ 61,140 ​ $ 64,035 ​ $ 51,105 Increase resulting from ​ ​ ​ ​ ​ State income taxes ​ 12,544 ​ 14,090 ​ 11,805 Tax Credits net of related amortization ​ 57 ​ 8 ​ (123) Other ​ (2,320) ​ (307) ​ 37 Actual tax expense ​ $ 71,421 ​ $ 77,826 ​ $ 62,824 ​ The tax effects of temporary differences related to deferred taxes shown on the balance sheet were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (In thousands) Deferred tax assets ​ ​ ​ ​ ​ ​ Allowance for credit losses on loans ​ $ 13,983 ​ $ 8,093 Unrealized loss on securities available for sale ​ 3,530 ​ 507 Fair value adjustments on acquisitions ​ 51 ​ 99 Other ​ 3,945 ​ 3,955 Total assets ​ 21,509 ​ 12,654 Deferred tax liabilities ​ ​ Depreciation ​ (2,809) ​ (2,860) Intangible assets ​ (338) ​ (298) Servicing rights ​ (36,043) ​ (27,468) Limited partnership investments ​ (1,831) ​ (1,097) Other ​ (101) ​ (102) Total liabilities ​ (41,122) ​ (31,825) Net deferred tax liability ​ $ (19,613) ​ $ (19,171) ​

Regulatory Matters

Regulatory Matters	12 Months Ended
	Dec. 31, 2022
Regulatory Matters
Regulatory Matters	Note 16: 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. Eligibility criteria to utilize CBLR included having total assets less than $10 billion and off-balance sheet exposures that were less than 25% of total assets, among others. The Company, Merchants Bank, and FMBI elected to begin using CBLR in the first quarter of 2020 and utilized this measure of reporting through June 30, 2022. At September 30, 2022 the Company’s total assets exceeded $10 billion, off-balance sheets exposures exceeded 25% of total assets, and the allowable grace periods under the CBLR rules expired. Accordingly, the Company has been reporting fully phased-in Basel III risk-based capital ratios since September 30, 2022. Quantitative measures established by regulation to ensure capital adequacy require the Company, Merchants Bank, and FMBI to maintain minimum amounts and ratios (set forth in the table below). Management believes, as of December 31, 2022 and December 31, 2021, that the Company, Merchants Bank, and FMBI met all capital adequacy requirements to which they were subject. As of December 31, 2022 and December 31, 2021, the most recent notifications from the 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 Required ​ Minimum Amount ​ ​ ​ ​ ​ ​ ​ ​ for Adequately ​ To Be Well ​ ​ ​ Actual ​ Capitalized (1) ​ Capitalized (1) ​ ​ Amount Ratio Amount Ratio ​ Amount Ratio ​ ​ (Dollars in thousands) ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total capital (1) ​ ​ ​ ​ ​ ​ ​ Company ​ $ 1,507,968 12.2 % $ 992,883 8.0 % $ — N/A % Merchants Bank ​ ​ 1,427,738 11.7 % 975,853 8.0 % 1,219,817 10.0 % FMBI ​ 34,769 11.3 % 24,703 8.0 % 30,878 10.0 % Tier I capital (1) ​ ​ ​ ​ Company ​ 1,452,456 11.7 % 744,662 6.0 % — N/A % Merchants Bank ​ ​ 1,372,941 11.3 % 731,890 6.0 % 975,853 8.0 % FMBI ​ 34,054 11.0 % 18,527 6.0 % 24,703 8.0 % Common Equity Tier I capital (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Company ​ 952,848 7.7 % 558,497 4.5 % — N/A % Merchants Bank ​ ​ 1,372,941 11.3 % 548,917 4.5 % 792,881 6.5 % FMBI ​ 34,054 11.0 % 13,895 4.5 % 20,071 6.5 % Tier I capital (1) ​ ​ ​ ​ ​ ​ Company ​ 1,452,456 11.7 % 497,604 4.0 % — N/A % Merchants Bank ​ ​ 1,372,941 11.3 % 487,511 4.0 % 609,389 5.0 % FMBI ​ 34,054 10.7 % 12,702 4.0 % 15,878 5.0 % (1) As defined by regulatory agencies. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount Required ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ for Adequately ​ ​ ​ ​ ​ 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Company’s principal source of funds for dividend payments to shareholders is dividends received from Merchants Bank and FMBI. Banking statutes and regulations limit the maximum amount of dividends that a bank may pay without requesting prior approval of regulatory agencies. Under Indiana law, Merchants Bank may not pay a dividend if such dividend would be greater than retained net income (as defined) for the current year plus those for the previous two years, subject to the capital requirements described above. Under Illinois law, FMBI may not pay dividends in an amount greater than its current net profits after deducting losses and bad debts out of undivided profits provided that its surplus equals or exceeds its capital. At December 31, 2022, the amount available, without prior regulatory approval, for dividends which could be paid by Merchants Bank and FMBI to the Company was $535.6 million.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2022
Earnings Per Share
Earnings Per Share	Note 17: Earnings Per Share Earnings per share were computed as follows for years ended December 31, 2022, 2021 and 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ ​ ​ ​ Weighted- ​ Per ​ ​ ​ ​ Weighted- ​ Per ​ ​ ​ ​ Weighted- ​ Per ​ ​ Net ​ Average ​ Share ​ Net ​ Average ​ Share ​ Net ​ Average ​ Share ​ Income Shares Amount Income Shares Amount Income Shares Amount ​ (In thousands) ​ ​ ​ (In thousands) ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ ​ Net income ​ $ 219,721 ​ ​ ​ ​ ​ ​ $ 227,104 ​ ​ ​ ​ ​ ​ $ 180,533 ​ ​ ​ Dividends on preferred stock ​ (25,983) ​ ​ (20,873) ​ ​ ​ ​ ​ ​ (14,473) ​ Net income allocated to common shareholders ​ $ 193,738 ​ ​ $ 206,231 ​ ​ ​ ​ ​ ​ $ 166,060 ​ Basic earnings per share ​ 43,164,477 ​ $ 4.49 ​ ​ ​ 43,172,078 ​ $ 4.78 ​ 43,113,741 ​ $ 3.85 Effect of dilutive securities—restricted stock awards ​ 152,427 ​ ​ ​ ​ ​ 153,225 ​ ​ 53,372 ​ Diluted earnings per share ​ 43,316,904 ​ $ 4.47 ​ ​ ​ ​ 43,325,303 ​ $ 4.76 ​ 43,167,113 ​ $ 3.85 ​

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 2022
Common Stock
Common Stock	Note 18: Common Stock Stock Splits: On November 17, 2021, the Company approved a 3-for-2 common stock split. Shareholders of record at the close of business on January 3, 2022 received one additional share of Merchants Bancorp common stock for every two shares owned. These additional shares were distributed on or around January 17, 2022. Cash was distributed in lieu of fractional shares based on the closing price of Merchants’ common stock on Nasdaq on January 3, 2022. The presentation of authorized common shares has been retrospectively adjusted to give effect to the increase, and all share and per share amounts have been retrospectively adjusted to give effect to the split. Repurchase of Common Stock: During the year ended December 31, 2022, the Company repurchased 165,037 shares for $3.9 million at an average price of per share of common stock. The Company did t have any repurchases of common stock during the year ended December 31, 2021. The following table presents our repurchase activity on a cash basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ Year Ended ​ ​ ​ December 31, ​ ​ December 31, ​ ​ ​ 2022 ​ ​ 2021 Dollar value of shares repurchased ​ $ 3,935,333 ​ $ — Shares repurchased (1) ​ ​ 165,037 ​ ​ — Average price paid per share ​ $ 23.85 ​ $ — ​ (1) On November 17, 2021, the Company announced an increase in authorization for its stock repurchase program, up to $75,000,000 of common stock, expiring December 31, 2023. On April 29, 2022, the Company entered into a Rule 10b5-1 plan (the “10b5-1 Plan”) with a broker for the repurchase of shares of its common stock commencing on May 3, 2022. The details of this repurchase plan were provided in the Form 8-K filed by the Company on May 24, 2022. ​

Preferred Stock

Preferred Stock	12 Months Ended
	Dec. 31, 2022
Preferred Stock
Preferred Stock	Note 19: 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 1/40th On September 27, 2022, the Company issued 5,200,000 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 in underwriting discounts. The Series D Preferred Stock have no voting rights with respect to matters that generally require the approval of our common shareholders. Dividends on the Series D Preferred Stock, to the extent declared by the Company’s board, are payable quarterly. The Company may redeem the Series D Preferred Stock, in whole or in part, at its option, on any dividend payment date on or after October 1, 2027, 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.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions
Related Party Transactions	Note 20: Related Party Transactions The Company has entered into transactions with certain directors, executive officers, and their affiliates or associates (related parties). Such transactions were made in the ordinary course of business on substantially the same terms and conditions, including interest rates and collateral, as those prevailing at the same time for comparable transactions with other customers, and did not, in the opinion of management, involve more than normal credit risk or present other unfavorable features. The Company held a 44.23% ownership in one of its key loan processing vendors in 2019. On November 9, 2020, Merchants Bancorp exchanged its 44.23% investment in this company for Merchants common shares currently held by the company, plus cash. The shares were then constructively retired by Merchants. This company had owned 15,000 shares of common stock (with no par value) that were issued with a basis of $10 per share, totaling $150,000. The investment was accounted for using the equity method of accounting. Fees paid to this company during the year ended December 31, 2020 were $2.7 million. The Company holds a 30% ownership in a limited liability company (“the LLC”) that provides capital to the senior housing and healthcare sectors. The investment is accounted for using the equity method of accounting. During the years ended December 31, 2022, 2021 and 2020, the Company received $24.8 million, $17.8 million and $6.5 million, respectively, of origination fees paid by borrowers to the Company for loans referred by the LLC. The LLC paid $17.1 million, $14.5 million and $4.5 million of those fees to the Company when the loans were closed during the years ended December 31, 2022, 2021 and 2020, respectively. During the years ended December 31, 2022, 2021 and 2020, the Company also received servicing income of $417,000, $69,000 and $8,000, respectively, of which the Company paid $209,000, $34,000 and $4,000 to the LLC as fees. The Company recorded income of $4.1 million, $1.4 million and $0.4 million at December 31, 2022, 2021 and 2020, respectively, of which $3.8 million, $0.4 million and $0 was paid to the LLC for the years ended December 31, 2022, 2021 and 2020, respectively. Additionally, the Company paid a portion of its interest received to the LLC for certain loans of $6.7 million, $4.5 million, and $1.2 million for the years ended December 31, 2022, 2021 and 2020, respectively. The Company retained a law firm of which a Board member of Merchants Bank is a partner. Services rendered are primarily related to documentation of current loan originations, and loan collections from Merchants Bank’s borrowers. Fees paid to the law firm, both directly and indirectly, totaled $9.4 million, $6.6 million, and $5.3 million for the years ended December 31, 2022, 2021 and 2020 respectively. The Company purchased technology equipment and services for its new corporate headquarters building from a company previously owned until 2020 by a Board member of Merchants Bancorp. Fees paid directly and indirectly to this company totaled $13,000 for the year ended December 31, 2020. In 2020 the Company launched a low-income housing tax credit syndication business through one of its subsidiaries and serves as a general partner. This business is generally funded through capital investments from external investors and in some cases by the Bank, in the form of limited partnership interests and bridge loans. The Bank also serves as a warehouse to acquire certain low-income housing tax credit projects until they are sold into the syndicated funds. Due to the short time between purchase and sale, no gain or loss was recognized on the sales during 2022, 2021 or 2020. For the years ended December 31, 2022, 2021 and 2020, the Company received $8.8 million, $6.4 million and $1.2 million in fees to syndicate these funds. At December 31, 2022, 2021 and 2020, the Company also had loans outstanding, net of participations sold, to the syndicated funds of $49.0 million, $18.6 million and $4.7 million, respectively. The Company recorded $1.2 million, $189,000 and $20,000 in interest income for loans to the syndicated funds for the years ended December 31, 2022, 2021 and 2020, respectively. In addition, the Company received financing fees of $1.1 million, $1.4 million and $65,000 during 2022, 2021 and 2020, respectively. These financing fees, net of costs to originate are deferred as recognized in income over the life of the loan. The Company has invested in single-family and multi-family debt financing entities (debt funds) through its subsidiaries. This business is funded through capital investments from external investors and by the Company, in the form of limited partnership interests. During 2020, one of the debt funds was wholly owned by the Company. During 2021, this debt fund was deconsolidated see Note 1: Nature of Operations and Summary of Significant Accounting Policies

Employee Benefits

Employee Benefits	12 Months Ended
	Dec. 31, 2022
Employee Benefits
Employee Benefits	Note 21: Employee Benefits The Company offers employees a 401(k) plan. Pursuant to the plan agreement, matching contributions equal to 100% of the employees’ elective deferrals which did not exceed 3% of the employees’ compensation were made. In 2022, the Company began providing contributions to employee 401(k) plans, regardless of their participation levels. Employer contributions to the plans were $1.6 million, $1.4 million, and $859,000 for the years ended December 31, 2022, 2021, and 2020, respectively. The Company established an employee stock ownership plan (“ESOP”) effective as of January 1, 2020 to provide certain benefits for all employees who meet certain requirements. Expense recognized for the contribution to the ESOP totaled $860,000, $595,000 and $537,000 for the years ended December 31, 2022, 2021 and 2020, respectively. The Company contributed 20,709 shares, 29,149 shares, and 0 shares to the ESOP for the years ended December 31, 2022, 2021, and 2020, respectively.

Share-Based Payment Plans

Share-Based Payment Plans	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Plans
Share-Based Payment Plans	Note 22: 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”). Additionally, the Compensation Committee of the Board of Directors approved a plan during 2018 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 non-executive directors to receive a portion of their annual fees, issued quarterly, in the form of restricted common stock equal to $50,000 per member, rounded up to the nearest whole share, to be effective after the Company’s annual meeting of shareholders held in May 2021. The following chart provides equity-based incentive awards and Board of Directors fees paid in shares for the years ending December 31, 2022, 2021 and 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ ($ in thousands) Equity-based incentive awards to Company officers: ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares issued ​ ​ 64,962 ​ ​ 23,435 ​ ​ 78,773 Expenses recognized ​ $ 1,870 $ 1,198 ​ $ 602 Unvested shares awarded ​ 280,974 374,598 ​ 265,569 Unrecognized compensation costs ​ $ 5,817 $ 4,499 ​ $ 3,071 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity-based retainer fees to non-executive Board of Directors: ​ ​ Shares issued ​ 12,443 6,870 ​ 4,695 Expenses recognized ​ $ 325 $ 188 ​ $ 50 ​

Disclosures about Fair Value of

Disclosures about Fair Value of Assets and Liabilities	12 Months Ended
	Dec. 31, 2022
Disclosures about Fair Value of Assets and Liabilities
Disclosures about Fair Value of Assets and Liabilities	Note 23: Disclosures About Fair Value of Assets and Liabilities Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value: ​ ​ ​ Level 1 Quoted prices in active markets for identical assets or liabilities ​ Level 2 ​ Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities ​ Level 3 ​ Unobservable inputs supported by little or no market activity and are significant to the fair value of the assets or liabilities ​ Recurring Measurements The following tables present the fair value measurements of assets and liabilities recognized in the accompanying balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2022 and 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) December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans in process of securitization ​ $ 154,194 ​ $ — ​ $ 154,194 ​ $ — Securities available for sale: ​ ​ ​ ​ Treasury notes ​ 36,280 ​ 36,280 ​ — ​ — Federal agencies ​ 271,890 ​ — ​ 271,890 ​ — Mortgage-backed - Government-sponsored entity (GSE) ​ 15,167 ​ — ​ 15,167 ​ — Loans held for sale ​ 82,192 ​ — ​ 82,192 ​ — Servicing rights ​ 146,248 ​ — ​ — ​ 146,248 Derivative assets - interest rate lock commitments ​ 28 ​ — ​ — ​ 28 Derivative assets - forward contracts ​ 46 ​ — ​ 46 ​ — Derivative asset - interest rate swaps ​ ​ 3,030 ​ ​ — ​ ​ 3,030 ​ ​ — Derivative asset - interest rate swaps (back-to-back) ​ ​ 3,041 ​ ​ — ​ ​ 3,041 ​ ​ — Derivative liabilities - interest rate lock commitments ​ 23 ​ ​ — ​ ​ — ​ ​ 23 Derivative liabilities - forward contracts ​ ​ 52 ​ ​ — ​ ​ 52 ​ ​ — Derivative liabilities - interest rate swaps (back-to-back) ​ 3,041 ​ ​ — ​ ​ 3,041 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans in process of securitization ​ $ 569,239 ​ $ — ​ $ 569,239 ​ $ — Securities available for sale: ​ ​ ​ ​ 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 assets - interest rate swaps (back-to-back) ​ 1,131 ​ — ​ 1,131 ​ — Derivative liabilities - interest rate lock commitments ​ ​ 41 ​ ​ — ​ ​ — ​ ​ 41 Derivative liabilities - forward contracts ​ 118 ​ ​ — ​ 118 ​ — Derivative liabilities - interest rate swap (back-to-back) ​ 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 years ended December 31, 2022 and 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 Securities Available for Sale 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 expense 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 ​ ​ (In thousands) Servicing rights ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 110,348 ​ $ 82,604 ​ $ 74,387 Additions ​ ​ ​ Purchased servicing ​ — ​ 2,057 ​ — Originated servicing ​ 27,124 ​ 30,421 ​ 21,889 Subtractions ​ ​ ​ Paydowns ​ (10,985) ​ (16,691) ​ (7,838) Sales of servicing ​ ​ — ​ ​ (438) ​ ​ — Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model ​ 19,761 ​ 12,395 ​ (5,834) Balance, end of period ​ $ 146,248 ​ $ 110,348 ​ $ 82,604 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Assets - interest rate lock commitments ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 264 ​ $ 6,131 ​ $ 186 Changes in fair value ​ (236) ​ (5,867) ​ 5,945 Balance, end of period ​ $ 28 ​ $ 264 ​ $ 6,131 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Liabilities - interest rate lock commitments ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 41 ​ $ — ​ $ — Changes in fair value ​ (18) ​ 41 ​ — Balance, end of period ​ $ 23 ​ ​ 41 ​ $ — ​ 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 December 31, 2022 and 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) December 31, 2022 ​ ​ ​ ​ Impaired loans (collateral-dependent) ​ $ 4,465 ​ $ — ​ $ — ​ $ 4,465 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 December 31, 2022: ​ ​ ​ ​ ​ ​ Collateral dependent loans ​ $ 4,465 Market comparable properties Marketability discount ​ 4% - 54% 5% Servicing rights - Multi-family ​ $ 111,690 Discounted cash flow Discount rate ​ 8% - 13% 9% ​ ​ Constant prepayment rate ​ 0% - 39% 8% Servicing rights - Single-family ​ $ 29,926 ​ Discounted cash flow ​ Discount rate ​ 9% - 10% ​ 9% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 7% - 10% ​ 7% Servicing rights - SBA ​ $ 4,632 ​ Discounted cash flow ​ Discount rate ​ 16% ​ 16% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 3% - 12% ​ 8% Derivative assets - interest rate lock commitments ​ $ 28 Discounted cash flow Loan closing rates ​ 60% - 87% 77% Derivative liabilities - interest rate lock commitments ​ $ 23 Discounted cash flow Loan closing rates ​ 60% - 87% 77% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 December 31, 2022 and 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) December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 226,164 ​ $ 226,164 ​ $ 226,164 ​ $ — ​ $ — Securities purchased under agreements to resell ​ 3,464 ​ 3,464 ​ — ​ 3,464 ​ — Securities held to maturity ​ ​ 1,119,078 ​ ​ 1,118,966 ​ — ​ 247,182 ​ 871,784 FHLB stock ​ 39,130 ​ 39,130 ​ — ​ 39,130 ​ — Loans held for sale ​ 2,828,384 ​ 2,828,384 ​ — ​ 2,828,384 ​ — Loans receivable, net ​ 7,426,858 ​ 7,431,731 ​ — ​ — ​ 7,431,731 Interest receivable ​ 56,262 ​ 56,262 ​ — ​ 56,262 ​ — Financial liabilities: ​ ​ ​ ​ ​ ​ Deposits ​ 10,071,345 ​ 10,064,941 ​ 7,082,056 ​ 2,982,885 ​ — Short-term subordinated debt ​ 21,000 ​ 21,000 ​ — ​ 21,000 ​ — FHLB advances ​ 859,392 ​ 858,984 ​ — ​ 858,984 ​ — Other borrowing ​ ​ 50,000 ​ ​ 50,000 ​ ​ — ​ ​ 50,000 ​ ​ — Interest payable ​ 23,384 ​ 23,384 ​ — ​ 23,384 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ — ​

Significant Estimates and Conce

Significant Estimates and Concentrations	12 Months Ended
	Dec. 31, 2022
Significant Estimates and Concentrations
Significant Estimates and Concentrations	Accounting principles generally accepted in the United States of America require disclosure of certain significant estimates and current vulnerabilities due to certain concentrations. Estimates related to the provision and allowance for credit losses are reflected in the footnotes regarding loans and the allowance for credit losses on loans (Notes 1 and 5). Estimates related to servicing rights are reflected in the notes on servicing rights and loan servicing (Notes 1 and 7). Estimates related to fair values are reflected in the footnote regarding fair values (Note 23). Current vulnerabilities due to certain concentrations of credit risk are discussed in the footnote on commitments, credit risk, and contingencies (Note 25). Other significant estimates and concentrations not discussed in those footnotes include: Mortgage-backed Securities and Secondary Mortgage Market Programs The Company is involved in government programs for issuing mortgage-backed securities (MBS). The objective of these programs is to facilitate secondary market activities in order to provide funding for the multi-family mortgage market. The Company is subject to cancellation of secondary mortgage market programs, rapid increases in general interest rates, and competition associated with conventional mortgage programs. In addition, the Company could be responsible for covering shortfalls in amounts due to investors for delinquencies or foreclosures. No amounts have been reported in the consolidated financial statements since management believes that no near term financial losses will be incurred and these MBS programs will not be significantly affected by the controlling regulatory bodies. Liquidity In order to withstand rapidly changing market dynamics, the Company’s business model minimizes concentration risk by having significant sources of liquidity. It emphasizes the origination and investment in floating rate loans that adjust when market interest rates change and thereby minimize the interest rate risk inherent in fixed rate loans that lose value when rates rise, as they did during 2022. The Company also conservatively matches the duration of assets and liabilities. Its most liquid assets are in cash, short-term investments, including interest-bearing demand deposits, mortgage loans in process of securitization, loans held for sale, and warehouse lines of credit included in loans receivable. Taken together with its unused borrowing capacity of $3.1 billion, these totaled 54% of its $12.6 billion total assets at December 31, 2022. As of December 31, 2022, approximately 93% of Merchants’ loan portfolio reprices within 30 days. Additionally, approximately 79% of its investment securities reprice within 30 days, with none maturing in more than 2 years. Major Customer The Company had no major customers whose business represented more than 10% of revenues during the years ended December 31, 2022, 2021 or 2020.

Commitments, Credit Risk, and C

Commitments, Credit Risk, and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments, Credit Risk, and Contingencies
Commitments, Credit Risk, and Contingencies	Note 25: Commitments, Credit Risk, and Contingencies Financial Instruments Merchants offers certain financial instruments, including commitments with contracts that contain credit risk to the Company and others that are subject to certain performance criteria by the client and or cancellation by the Company. Such commitments were as follows at December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (In thousands) Commitments subject to credit risk: ​ ​ ​ ​ ​ ​ Commitments to extend credit ​ $ 3,293,847 ​ $ 2,194,144 Standby letters of credit ​ 108,312 ​ 105,894 Warehouse unfunded lines of warehouse credit ​ ​ 146,932 ​ 98,234 Total commitments subject to credit risk ​ $ 3,549,091 ​ $ 2,398,272 ​ ​ ​ ​ ​ ​ ​ Commitments subject to certain performance criteria and cancellation: ​ ​ ​ ​ ​ ​ Outstanding commitments to originate loans ​ $ 1,042,497 ​ $ 1,595,265 Unfunded construction draws ​ 247,504 ​ 274,269 Unfunded warehouse and other lines of credit ​ ​ 3,183,257 ​ ​ 2,323,686 Total commitments subject to certain performance criteria and cancellation ​ $ 4,473,258 ​ $ 4,193,220 ​ Included in the chart above are the following commitments that are subject to credit risk: Commitments to extend credit Standby letters of credit. Included in the chart above are the following commitments that are subject to certain performance criteria and can be denied by the Company: Outstanding commitments to originate loans. Unfunded construction draws. Through the Multi-family Mortgage Banking segment, the Company has made commitments to fund certain FHA insured construction loans that are drawn upon throughout the construction period. These commitments are subject to certain performance criteria and inspections throughout the project, and funding can be denied by the Company. As construction draws are disbursed, the amounts are securitized and sold to Ginnie Mae, and the Company continues to service the loans. Unfunded warehouse and other lines of credit depository financial institution customers engaged in mortgage lending. Funds drawn on the warehouse lines of credit are used by the borrowers to fund the loans they originate. The customers’ loans must meet certain credit and underwriting criteria before the Company will fund the draw requests on the lines of credit, and the draw requests can be denied by the Company. The majority of the warehouse lines of credit are unconditionally cancellable by the Company. Allowance for credit losses – off-balance sheet credit exposures (ACL-OBCE). Note 1: Nature of Operations and Significant Accounting Policies. Risk-Sharing Arrangements As a Fannie Mae multifamily lender, Merchants assumes a limited portion of the risk of loss during the remaining term on each commercial mortgage loan that is sold to Fannie Mae. Under this loss sharing agreement, Merchants bears a risk of up to one-third of incurred losses resulting from borrower defaults. Accordingly, Merchants maintained a reserve liability for this risk-sharing obligation of $0.5 million at December 31, 2022 and $1.4 million at December 31, 2021. There have been no loans in default during the years ended December 31, 2022, 2021 or 2020. ​ Repurchase Obligations Certain single-family loans sold to Fannie Mae or Freddie Mac may require the Company to repurchase loans if it is determined that the Company did not adhere to underwriting guidelines required by these government-sponsored entities. There was a reserve for potential obligations in other liabilities on the balance sheet for $0.9 million and $0.8 million at December 2022 and 2021, respectively. Indemnification Agreements As part of a Freddie Mac Q-Series Securitization transaction occurring in 2022, the Company established reserve liabilities in other liabilities on the balance sheet related to an indemnification agreement for potential loan losses. The Company established a reserve for contingent financial guarantees, which had a balance of $1.2 million as of December 31, 2022. The Company also established a non-contingent stand-by reserve, which had a balance of $2.5 million as of December 31, 2022. See Note 5: Loans and Allowance for Credit Losses on Loans Unconditional Investment Obligations The Company is contractually obligated to provide additional capital funding to certain investments in low-income housing tax credit limited partnerships.. There was an unfunded liability for these investments of $36.8 million and $24.4 million at December 31, 2022 and 2021, respectively. Additionally, the Company had an unfunded liability to invest in debt fund joint ventures for $5.2 million and $10.3 million at December 31, 2022 and 2021, respectively. Both liability accounts are recorded in other liabilities on balance sheet. See Note 11: Other Assets and Receivables Other The Company and its subsidiaries can be parties to various claims and proceedings arising in the normal course of business. Management, after consultation with legal counsel, believes that the liabilities, if any, arising from such proceedings and claims will not be material to the Company’s consolidated financial position or results of operations. ​

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2022
Segment Information
Segment Information	Note 26: Segment Information Our 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 fully integrated 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. Other includes general and administrative expenses that provide services to all segments; internal funds transfer pricing offsets resulting from allocations to/from the other segments, certain elimination entries and investments in qualified affordable housing limited partnerships. All operations are domestic. The tables below present selected business segment financial information for the years ended December 31, 2022, 2021 and 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multi-family ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage ​ Mortgage ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking Warehousing Banking Other Total ​ ​ (In thousands) Year Ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ $ 2,239 ​ $ 115,870 ​ $ 354,482 ​ $ 8,242 $ 480,833 Interest expense ​ — ​ 48,079 ​ 117,284 ​ (3,081) 162,282 Net interest income ​ 2,239 ​ 67,791 ​ 237,198 ​ 11,323 318,551 Provision for credit losses ​ 1,153 ​ 37 ​ 16,105 ​ — 17,295 Net interest income after provision for credit losses ​ 1,086 ​ 67,754 ​ 221,093 ​ 11,323 301,256 Noninterest income ​ 155,883 ​ 5,400 ​ (26,177) ​ (9,170) 125,936 Noninterest expense ​ 82,213 ​ 10,420 ​ 18,303 ​ 25,114 136,050 Income before income taxes ​ 74,756 ​ 62,734 ​ 176,613 ​ (22,961) 291,142 Income taxes ​ 20,114 ​ 14,130 ​ 42,392 ​ (5,215) 71,421 Net income ​ $ 54,642 ​ $ 48,604 ​ $ 134,221 ​ $ (17,746) $ 219,721 Total assets ​ $ 351,274 ​ $ 2,519,810 ​ $ 9,587,544 ​ $ 156,599 $ 12,615,227 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multi-family ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage ​ Mortgage ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking Warehousing Banking Other ​ Total ​ ​ (In thousands) Year Ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ $ 957 ​ $ 134,120 ​ $ 171,465 ​ $ 5,344 $ 311,886 Interest expense ​ — ​ 8,930 ​ 28,076 ​ (3,114) 33,892 Net interest income ​ 957 ​ 125,190 ​ 143,389 ​ 8,458 277,994 Provision for credit losses ​ — ​ (1,022) ​ 6,034 ​ — 5,012 Net interest income after provision for credit losses ​ 957 ​ 126,212 ​ 137,355 ​ 8,458 272,982 Noninterest income ​ 141,605 ​ 12,399 ​ 7,755 ​ (4,426) 157,333 Noninterest expense ​ 71,486 ​ 11,949 ​ 24,137 ​ 17,813 125,385 Income before income taxes ​ 71,076 ​ 126,662 ​ 120,973 ​ (13,781) 304,930 Income taxes ​ 19,572 ​ 31,503 ​ 30,115 ​ (3,364) 77,826 Net income ​ $ 51,504 ​ $ 95,159 ​ $ 90,858 ​ $ (10,417) $ 227,104 Total assets ​ $ 296,129 ​ $ 3,977,537 ​ $ 6,929,565 ​ $ 75,407 $ 11,278,638 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multi-family ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage ​ Mortgage ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking Warehousing Banking Other ​ Total ​ ​ (In thousands) Year Ended December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ $ 1,163 ​ $ 163,488 ​ $ 115,304 ​ $ 2,835 $ 282,790 Interest expense ​ — ​ 27,325 ​ 35,749 ​ (4,430) 58,644 Net interest income ​ 1,163 ​ 136,163 ​ 79,555 ​ 7,265 224,146 Provision for credit losses ​ — ​ 1,269 ​ 10,569 ​ — 11,838 Net interest income after provision for credit losses ​ 1,163 ​ 134,894 ​ 68,986 ​ 7,265 212,308 Noninterest income ​ 80,690 ​ 21,163 ​ 29,443 ​ (3,823) 127,473 Noninterest expense ​ 41,386 ​ 13,367 ​ 26,537 ​ 15,134 96,424 Income before income taxes ​ 40,467 ​ 142,690 ​ 71,892 ​ (11,692) 243,357 Income taxes ​ 11,295 ​ 36,361 ​ 18,255 ​ (3,087) 62,824 Net income ​ $ 29,172 ​ $ 106,329 ​ $ 53,637 ​ $ (8,605) $ 180,533 Total assets ​ $ 210,714 ​ $ 4,893,513 ​ $ 4,498,880 ​ $ 42,268 $ 9,645,375 ​

Condensed Financial Information

Condensed Financial Information (Parent Company Only)	12 Months Ended
	Dec. 31, 2022
Condensed Financial Information (Parent Company Only)
Condensed Financial Information (Parent Company Only)	Note 27: Condensed Financial Information (Parent Company Only) Presented below is condensed financial information of the Company as to financial position as of December 31, 2022 and 2021, and results of operations and cash flows for the years ended December 31, 2022, 2021 and 2020: Condensed Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 ​ 2021 ​ ​ (In thousands) Assets ​ ​ ​ Cash and cash equivalents ​ $ 41,725 ​ $ 22,556 Investment in joint ventures ​ ​ 27,490 ​ ​ 25,573 Investment in subsidiaries ​ 1,415,173 ​ 1,134,898 Other assets ​ 217 ​ 101 Total assets ​ $ 1,484,605 ​ $ 1,183,128 Liabilities ​ ​ Short-term subordinated debt ​ $ 21,000 ​ 17,000 Unfunded commitments to joint ventures ​ ​ 3,521 ​ ​ 10,350 Other liabilities ​ 345 ​ 369 Total liabilities ​ 24,866 ​ 27,719 Shareholders’ Equity ​ 1,459,739 ​ 1,155,409 Total liabilities and shareholders’ equity ​ $ 1,484,605 ​ $ 1,183,128 ​ Condensed Statements of Income and Comprehensive Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2022 ​ 2021 2020 ​ ​ (In thousands) Income ​ ​ ​ ​ Dividends and return of capital from subsidiaries ​ 39,775 ​ 33,447 ​ 29,773 Other Income ​ 2,523 ​ 509 ​ 27 Total income ​ 42,298 ​ 33,956 ​ 29,800 Expenses ​ ​ ​ Interest expense ​ 4,333 ​ 3,797 ​ 3,972 Salaries and employee benefits ​ 690 ​ 493 ​ 2,726 Professional fees ​ 423 ​ 236 ​ 386 Other ​ 829 ​ 627 ​ 383 Total expense ​ 6,275 ​ 5,153 ​ 7,467 Income Before Income Tax and Equity in Undistributed Income of Subsidiaries ​ 36,023 ​ 28,803 ​ 22,333 Income Tax Benefit ​ (698) ​ (1,174) ​ (1,911) Income Before Equity in Undistributed Income of Subsidiaries ​ 36,721 ​ 29,977 ​ 24,244 Equity in Undistributed Income of Subsidiaries ​ 183,000 ​ 197,127 ​ 156,289 Net Income ​ $ 219,721 ​ $ 227,104 ​ $ 180,533 Comprehensive Income ​ $ 210,654 ​ $ 225,276 ​ $ 180,449 ​ Condensed Statements of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2022 2021 ​ ​ 2020 ​ ​ (In thousands) Operating Activities ​ ​ ​ ​ Net income ​ $ 219,721 ​ $ 227,104 ​ $ 180,533 Adjustments to reconcile net income to net cash used in operating activities ​ (181,263) ​ (195,530) ​ ​ (155,442) Net cash provided by operating activities ​ 38,458 ​ 31,574 ​ ​ 25,091 Investing Activities ​ ​ ​ ​ Contributed capital to subsidiaries ​ (110,000) ​ (116,176) ​ ​ (2,760) Purchase of limited partnership interests ​ (8,746) ​ (15,223) ​ ​ — Proceeds from sale of limited partnership interests ​ ​ — ​ ​ — ​ ​ 266 Other investing activity ​ — ​ — ​ ​ (32) Net cash used in investing activities ​ (118,746) ​ (131,399) ​ ​ (2,526) Financing Activities ​ ​ ​ ​ Net change in lines of credit and subordinated debt ​ 4,000 ​ 2,040 ​ ​ 2,760 Dividends paid ​ (38,067) ​ (31,235) ​ ​ (23,671) Proceeds from issuance of preferred stock ​ 137,459 ​ 191,084 ​ ​ — Redemption of preferred stock ​ ​ — ​ ​ (41,625) ​ ​ — Repurchase of common stock ​ (3,935) ​ — ​ ​ — Net cash provided by (used in) financing activities ​ 99,457 ​ 120,264 ​ ​ (20,911) Net Change in Cash and Due From Banks ​ 19,169 ​ 20,439 ​ ​ 1,654 Cash and Due From Banks at Beginning of Year ​ 22,556 ​ 2,117 ​ ​ 463 Cash and Due From Banks at End of Year ​ $ 41,725 ​ $ 22,556 ​ $ 2,117 Additional Cash Flows Information: ​ ​ ​ ​ ​ ​ ​ ​ ​ Payable for limited partnership interest ​ $ 3,521 ​ $ 10,350 ​ $ — Redemption of common shares related to sale of limited partnership interests ​ $ — ​ $ — ​ $ (150) ​

Recent Accounting Pronouncement

Recent Accounting Pronouncements	12 Months Ended
	Dec. 31, 2022
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Note 28: Recent Accounting Pronouncements The Company continually monitors potential accounting pronouncement and SEC release changes. The following pronouncements and releases have been deemed to have the most applicability to the Company’s financial statements: 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 burden in accounting for, or recognizing the effects of, the transition away from the LIBOR or other interbank offered rate on financial reporting. To help with the transition to new reference rates, the ASU provides optional expedients and exceptions for applying GAAP to affected contract modifications and hedge accounting relationships. The main provisions include: ​ ● 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. ​ The Company adopted this new guidance in 2022 after organizing a committee to evaluate potential implications. A transition plan was implemented 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 2023. 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.

Quarterly Condensed Financial I

Quarterly Condensed Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2022
Quarterly Condensed Financial Information (Unaudited)
Quarterly Condensed Financial Information (Unaudited)	Note 29: Quarterly Condensed Financial Information (Unaudited) The following tables present the unaudited quarterly condensed financial information for the years ended December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 Quarter Ended (Dollars in thousands, except per share data) March 31 June 30 September 30 December 31 ​ ​ ​ ​ ​ Interest income ​ $ 76,012 ​ $ 89,270 ​ $ 134,112 ​ $ 181,439 Interest expense ​ 10,287 ​ 17,239 ​ 48,727 ​ 86,029 Net interest income ​ 65,725 ​ 72,031 ​ 85,385 ​ 95,410 Provision for credit losses ​ 2,451 ​ 6,212 ​ 2,225 ​ 6,407 Net interest income after provision for credit losses ​ ​ 63,274 ​ ​ 65,819 ​ ​ 83,160 ​ ​ 89,003 Noninterest income ​ ​ 34,597 ​ ​ 39,171 ​ ​ 29,186 ​ ​ 22,982 Noninterest expense ​ ​ 31,033 ​ ​ 32,957 ​ ​ 34,951 ​ ​ 37,109 Income before income taxes ​ ​ 66,838 ​ ​ 72,033 ​ ​ 77,395 ​ ​ 74,876 Income taxes ​ ​ 16,696 ​ ​ 18,098 ​ ​ 18,907 ​ ​ 17,720 Net income ​ ​ 50,142 ​ ​ 53,935 ​ ​ 58,488 ​ ​ 57,156 Less: preferred stock dividends ​ ​ 5,728 ​ ​ 5,729 ​ ​ 5,729 ​ ​ 8,797 Net income allocated to common shareholders ​ $ 44,414 ​ $ 48,206 ​ $ 52,759 ​ $ 48,359 Per common share data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per common share ​ $ 1.03 ​ $ 1.12 ​ $ 1.22 ​ $ 1.12 Diluted earnings per common share ​ $ 1.02 ​ $ 1.11 ​ $ 1.22 ​ $ 1.12 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 Quarter Ended (Dollars in thousands, except per share data) March 31 June 30 September 30 December 31 ​ ​ ​ ​ ​ Interest income ​ $ 79,549 ​ $ 72,438 ​ $ 77,314 ​ $ 82,585 Interest expense ​ 7,586 ​ 8,031 ​ 8,433 ​ 9,842 Net interest income ​ 71,963 ​ 64,407 ​ 68,881 ​ 72,743 Provision for credit losses ​ 1,663 ​ (315) ​ 1,079 ​ 2,585 Net interest income after provision for credit losses ​ ​ 70,300 ​ ​ 64,722 ​ ​ 67,802 ​ ​ 70,158 Noninterest income ​ ​ 43,936 ​ ​ 32,855 ​ ​ 40,271 ​ ​ 40,271 Noninterest expense ​ ​ 30,084 ​ ​ 28,183 ​ ​ 29,472 ​ ​ 37,646 Income before income taxes ​ ​ 84,152 ​ ​ 69,394 ​ ​ 78,601 ​ ​ 72,783 Income taxes ​ ​ 22,169 ​ ​ 17,977 ​ ​ 20,098 ​ ​ 17,582 Net income ​ ​ 61,983 ​ ​ 51,417 ​ ​ 58,503 ​ ​ 55,201 Less: preferred stock dividends ​ ​ 3,757 ​ ​ 5,659 ​ ​ 5,729 ​ ​ 5,728 Net income allocated to common shareholders ​ $ 58,226 ​ $ 45,758 ​ $ 52,774 ​ $ 49,473 Per common share data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per common share ​ $ 1.35 ​ $ 1.06 ​ $ 1.22 ​ $ 1.15 Diluted earnings per common share ​ $ 1.35 ​ $ 1.06 ​ $ 1.22 ​ $ 1.14 ​

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events
Subsequent Events	Note 30: Subsequent Events No material events were noted.

Nature of Operations and Summ_2

Nature of Operations and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Nature of Operations and Summary of Significant Accounting Policies
Nature of Operations	Nature of Operations The accompanying 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”. Merchants Bank operates under an Indiana state bank charter and provides full banking services. As a state bank and non-Federal Reserve member, it is subject to the regulation of the Indiana Department of Financial Institutions (“IDFI”) and the Federal Deposit Insurance Corporation (“FDIC”). The Company is further subject to regulations of the Board of Governors of the Federal Reserve System (“Federal Reserve”) governing bank holding companies. Merchants Bank operates from six locations in Indiana, including Lynn, Spartanburg, Richmond, Carmel and Indianapolis. Merchants Bank generates multi-family, commercial, mortgage and consumer loans and receives deposits from customers located primarily in Hamilton, Marion, Wayne, Randolph and surrounding counties in Indiana. Merchants Bank’s loans are generally secured by specific items of collateral including real property, consumer assets and business assets. Merchants Bank’s Mortgage Warehousing segment funds and participates in single-family and multi-family, agency eligible loans across the nation. FMBI operates under an Illinois state bank charter and provides full banking services. As a state bank and non-Federal Reserve member, it is subject to the regulation of the MCC is primarily engaged in mortgage banking, specializing in lending for multi-family rental properties and healthcare facilities. It is a Federal Housing Authority (“FHA”) approved mortgagee and a Government National Mortgage Association (“Ginnie Mae”), Federal National Mortgage Association (“Fannie Mae”), and Federal Home Loan Mortgage Corporation (“Freddie Mac”) issuer. It is also a fully integrated syndicator of low-income housing tax credit and debt funds.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements as of and for the years ended December 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. During 2022, Merchants Foundation, Inc., a nonprofit corporation, was incorporated and its results are consolidated with the Company’s consolidated financial statements as of December 31, 2022. In addition, when the Company makes an equity investment in or has a relationship with 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 December 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 12: 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 12: 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.
Significant Accounting Changes Adopted in 2022	Significant Accounting Changes Adopted in 2022 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 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 and held to maturity 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 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 off-balance sheet credit exposures (“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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders' Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ Retained earnings, net of tax ​ $ 657,149 ​ $ (3,648) ​ $ 653,501 ​ ACL-Loans Note 5: Loans and Allowance for credit losses on loans ​ ACL-OBCEs ​ As part of the adoption process, management performed an assessment to confirm there were no perceived credit losses on securities that would require an allowance to be established in accordance with the new standard. Because the majority of securities had been in U.S. Treasuries and government-entity agency securities, there was no perceived credit risks and no allowance was recorded upon adoption. Under CECL, securities held to maturity generally require an allowance for lifetime expected credit losses when the security is purchased. The Company had no securities held to maturity at the time it adopted CECL. ​ 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”). ​ ​
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. Cash equivalents consist primarily of cash amounts due from depository institutions, interest-bearing deposits in other banks, money market accounts, and federal funds sold. At December 31, 2022, the Company’s cash accounts exceeded federally insured limits by approximately $208.4 million. Included in this amount is approximately $185.6 million with the Federal Reserve and $3.6 million with the Federal Home Loan Bank of Indianapolis (“FHLBI”), and $150,000 with the Federal Home Loan Bank of Chicago (“FHLBC”). At December 31, 2021, the Company’s cash accounts exceeded federally insured limits by approximately $1.0 billion. Included in this amount is approximately $1.0 billion with the Federal Reserve and $3.7 million with the FHLBI, and $51,000 with the FHLBC.
Securities purchased under agreements to resell	Securities purchased under agreements to resell Securities purchased pursuant to a simultaneous agreement Reverse Repurchase Agreement (“RRA”) to resell the same securities at a specified price and date generally have maturity dates of 90 days or less and are carried at cost. Every 90 days the RRAs rollover.
Mortgage Loans In Process of Securitization	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 Ginnie Mae mortgage backed securities and Fannie Mae and Freddie Mac participation certificates, all of which are pending settlement with firm investor commitments to purchase the securities, typically occurring within 30 days.
Investment Securities	Investment Securities Securities held to maturity are carried at amortized cost when the Company has the positive intent and ability to hold to maturity. Securities not classified as held to maturity or trading are classified as “available for sale” and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. Regular assessments are performed on securities available for sale to confirm there are no perceived credit losses that would require an allowance for credit losses to be established in accordance with CECL. Securities held to maturity generally require an allowance for lifetime expected credit losses when the security is purchased. Management considers several factors when making such estimates, including issuer bond ratings, historical loss rates for given bond ratings, the financial condition of the issuer, and whether issuers continue to make timely principal and interest payments under the contractual terms of the securities, among others. For securities available for sale 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 securities available for sale 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. Prior to the adoption of CECL, unrealized losses on securities were evaluated to determine if there was any other-than-temporary impairment. These unrealized losses were not recognized into income because the Company had the intent and ability to hold the securities for the foreseeable future and the decline in fair value was primarily due to increased market rates. The fair value was expected to recover as the securities approached their maturity dates.
Loans Held for Sale under Mortgage Banking Activities	Loans Held for Sale under Mortgage Banking Activities The Company uses participation agreements to fund mortgage loans held for sale from closing or purchase until sold to an investor. Under a participation agreement the Company elects to purchase a participation interest of up to 100% in individual loans. The Company shares proportionately in the interest income and the credit risk until the loan is sold to an investor. The Company holds the collateral until it is sent under a bailee arrangement to the investor. Typical investors are large financial institutions or government agencies. These loans are carried at the lower of cost or fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance and included in noninterest income. Other mortgage loans originated and intended for sale in the secondary market, for which the fair value option has been elected, are carried at fair value at each balance sheet date. The Company believes that the fair value is the best indicator of the resolution of these loans. The difference between the cost and fair value was not material at December 31, 2022. For all loans held for sale, interest earned from the time of funding to the time of sale is accrued and recognized as interest income. Gains and losses on loan sales are recorded in noninterest income. The gain on sale of loans in the income statement may include placement and origination fees, capitalized servicing rights, trading gains and losses and other related income or expense.
Loans	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 amortized at 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 $35.0 million and $15.4 million at December 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 principal 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. 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 uncollectability 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. There have been no changes to the credit quality components used to assess risk during the year ended December 31, 2022. 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 15 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 Single-family commercial lines of credit ​ 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 and multi-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 Company adopted CECL on January 1, 2022 and the impact at adoption is described above under the heading " Significant Accounting Changes Adopted In 2022 ​ ACL-OBCE’s The allowance for credit losses on off-balance sheet credit exposures is a liability account representing expected credit losses over the contractual period for which the Company is exposed to credit risk resulting from a contractual obligation to extend credit. No allowance is recognized if the Company has the unconditional right to cancel the obligation. Off-balance sheet credit exposures primarily consist of amounts available under outstanding lines of credit and letters of credit. For the period of exposure, the estimate of expected credit losses considers both the likelihood that funding will occur, and the amount expected to be funded over the estimated remaining life of the commitment or other off-balance sheet exposure. The likelihood and expected amount of funding are based on historical utilization rates. The amount of the allowance represents management’s best estimate of expected credit losses on commitments expected to be funded over the contractual life of the commitment. The allowance for off-balance sheet credit exposures is adjusted through the income statement as a component of provision for credit loss. The Company adopted CECL on January 1, 2022 and the impact at adoption is described above under the heading " Significant Accounting Changes Adopted In 2022 ." ACL-Guarantees The allowance for credit losses on guarantees (“ACL-Guarantees”) is a liability account representing expected credit losses over the contractual period for which the Company is exposed to credit risk resulting from a reimbursement and security agreement with Freddie Mac. This agreement was associated with the Company’s May 2022 securitization arrangement. The Company agreed to reimburse Freddie Mac for a first loss position in the underlying loan portfolio, not to exceed of the unpaid principal amount of the loans comprising the securitization pool at settlement. An initial ACL – Guarantee of million was established. For the period of exposure, the estimate of expected credit losses considers both the likelihood that losses will occur and the amount of losses over the estimated remaining life of the guarantee. The likelihood and expected losses are based on historical loan loss experience from peers, as well as from similar loans in our ACL-Loans, for each class of loans. The amount of the allowance represents management’s best estimate of expected credit losses over the contractual life of the commitment. The ACL - Guarantees is adjusted through the income statement as a component of provision for credit loss. Note 5 - Loans and Allowance for Credit Losses on Loans
Premises and Equipment	Premises and Equipment Depreciable assets are stated at cost less accumulated depreciation. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets. The estimated useful lives for premises and equipment are as follows: ​ ​ ​ ​ ​ Buildings 7 40 years Leasehold improvements 2 11 years Software and intangible assets ​ 5 10 years Furniture, fixtures and equipment 3 15 years Vehicles 5 years ​ Expenditures for property and equipment and for renewals or betterments that extend the originally estimated economic life of the assets are capitalized. Expenditures for maintenance and repairs are charged to expense. When an asset is retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any gain or loss is included in the results of operations.
Leases	Leases two prior to lease commencement and excludes lease incentives. When an implicit rate is not available, an incremental borrowing rate based on the information available at commencement date is used in determining the present value of the lease payments. The Company elected not to separate non-lease components from lease components for its operating leases. A lease term may include an option to extend or terminate the lease when it is reasonably certain the option will be exercised. Renewal and termination options are considered when determining short-term leases. Leases are accounted for at the individual level.
Federal Home Loan Bank Stock	Federal Home Loan Bank Stock Federal Home Loan Bank (FHLB) stock is a required investment for institutions that are members of a FHLB. The required investment in the common stock is based on a predetermined formula, carried at cost and evaluated for impairment.
Other Real Estate Owned	Other Real Estate Owned Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net income or expense from other real estate.
Servicing Rights	Servicing Rights Servicing assets are recognized separately when rights are acquired through purchase or through sale of financial assets. Under the servicing assets and liabilities accounting guidance (ASC 860-50), servicing rights resulting from the sale or securitization of loans originated by the Company are initially measured at fair value at the date of transfer. The Company has elected to initially and subsequently measure the servicing rights for mortgage loans using the fair value method. Under the fair value method, the servicing rights are carried in the balance sheet at fair value and the changes in fair value are reported in earnings in the period in which the changes occur. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model is from an independent third party and it incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds, prepayment penalties, and default rates and losses. These variables change from quarter to quarter as market conditions and projected interest rates change, and any change in fair values is recorded to noninterest income. Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. The change in the fair value of the mortgage-servicing rights is netted against loan servicing fee income.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill is tested annually for impairment or more frequently if impairment indicators are present. If the implied fair value of goodwill is lower than its carrying amount, a goodwill impairment is indicated and goodwill is written down to its implied fair value. Subsequent increases in goodwill value are not recognized in the financial statements. Intangible assets, which include licenses and trade names, are amortized over a period ranging from 84 to 120 months using a straight-line method of amortization. Customer list intangible assets were amortized over 21 months using a straight-line method of amortization. Also included are core deposit intangibles that are amortized over a 10 year period using the accelerated sum of the years digits method of amortization. On a periodic basis, the Company evaluates events and circumstances that may indicate a change in the recoverability of the carrying value.
Investment in Low-Income Housing Tax Credit Limited Partnerships	Investment in Low-Income Housing Tax Credit Limited Partnerships The Company has elected to account for its investment in affordable housing tax credit limited partnerships using the proportional amortization method described in FASB ASU 2014-01, “Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Low-Income Housing Tax Credit Projects (A Consensus of the FASB Emerging Issues Task Force).” Under the proportional amortization method, an investor amortizes the initial cost of the investment to income tax expense in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense. The investment in the limited partnerships is included in other assets in the consolidated balance sheets. During the years ended December 31, 2022, 2021 and 2020, the Company sold some of these assets to a fund in which it is a general partner and in some cases holds a minority interest in the limited partnership.
Income Taxes	Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes). The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. Uncertain tax positions are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management’s judgment. With a few exceptions, the Company is no longer subject to U.S. federal, state and local or non-U.S. income tax examinations by tax authorities for years before 2018. The Company recognizes interest and penalties, if any, as other noninterest expense. The Company files consolidated income tax returns with its subsidiaries.
Earnings Per Share	Earnings Per Share Basic earnings per share is the Company’s net income available to common shareholders, which represents net income less dividends paid or payable to preferred stock shareholders, if any, divided by the weighted-average number of common shares outstanding during each period. Diluted earnings per share is calculated in the same manner as basic earnings per share, but also reflects the issuance of additional common shares that would have been diluted if such shares had been outstanding, as well as any adjustment to income that would result from the assumed issuance.
Share based Compensation Plan	Share-based Compensation Plans The Company has an equity incentive plan that provides for annual awards of shares to certain members of senior management based upon the Company’s performance and attainment of certain performance goals established by the Board of Directors. Share awards are valued at the estimated fair value on the date of the award and generally vest over three years. Compensation expense for the awards is recognized in the consolidated financial statements ratably over the vesting period. In 2018, the Compensation Committee of the Board of Directors also approved a plan for non-executive directors to receive a portion of their annual fees in the form of restricted common stock, which has been issued once per year, subsequent to the annual meeting of shareholders. This plan was amended to issue allocated shares on a quarterly basis, beginning after the Company’s 2021 annual meeting of shareholders. In 2020, the Company established an employee stock ownership plan (“ESOP”) to provide certain benefits for all employees who meet certain requirements.
Revenue Recognition	Revenue Recognition ​ The Company’s principal source of revenue is interest income from loans, investment securities and other financial instruments that are not within the scope of Accounting Standards Codification Topic 606, “Revenue from Contracts with Customers”. The Company has evaluated the nature of its contracts with customers and determined that further disaggregation of revenue from contracts with customers into more granular categories beyond what is presented in the Consolidated Statements of Income was not necessary. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, there is little judgment involved in applying Topic 606 that significantly affects the determination of the amount and timing of revenue from contracts with customers. The Company recognizes revenues as they are earned based on contractual terms, as transactions occur, or as services are provided and collectability is reasonably assured. Interest income on loans is accrued as earned using the interest method based on unpaid principal balances, except for interest on loans in nonaccrual status. Interest on loans in nonaccrual status is recorded as a reduction of loan principal when received. The Company also earns other noninterest income through a variety of financial and transaction services provided to corporate and consumer clients such as deposit service charges, debit card network fees, collection fees, safe deposit box rental fees, gain/(loss) on sale of other real estate owned, LIHTC syndication, and asset management fees. Revenue is recorded for noninterest income based on the contractual terms for the service or transaction performed.
Comprehensive Income	Comprehensive Income ​ Comprehensive income consists of net income and other comprehensive income (loss), net of applicable income taxes. Other comprehensive income (loss) and accumulated other comprehensive income consist of unrealized appreciation (depreciation) on available for sale investment securities and reclassification adjustments for investment gains/(losses) on the sale of available for sale investment securities.
Derivative Financial Instruments	Derivative Financial Instruments The Company occasionally enters into derivative financial instruments as part of its interest rate risk management strategies. These derivative financial instruments consist primarily of interest rate locks, forward sale commitments and interest rate swaps. These derivative instruments are recorded on the Consolidated Balance Sheets, as either an asset or liability, at their fair value. Changes in fair value are recognized in noninterest income on the Consolidated Statements of Income. The Company also offers interest rate swaps to some customers through 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 are 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.
Reclassifications	Reclassifications Certain reclassifications may have been made to the 2021 and 2020 financial statements to conform to the financial statement presentation as of and for the year ended December 31, 2022. These reclassifications had no effect on net income.

Nature of Operations and Summ_3

Nature of Operations and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Nature of Operations and Summary of Significant Accounting Policies
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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders' Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ Retained earnings, net of tax ​ $ 657,149 ​ $ (3,648) ​ $ 653,501 ​
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 Single-family commercial lines of credit ​ 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 and multi-family warehouse lines of credit ​ Remaining Life Method ​
Schedule of estimated useful lives	​ ​ ​ ​ ​ Buildings 7 40 years Leasehold improvements 2 11 years Software and intangible assets ​ 5 10 years Furniture, fixtures and equipment 3 15 years Vehicles 5 years ​

Investment Securities (Tables)

Investment Securities (Tables)	12 Months Ended
	Dec. 31, 2022
Investment Securities
Schedule of amortized cost and approximate fair values, together with gross unrealized gains and losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ Gross ​ Gross ​ Approximate ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ Cost Gains Losses Value ​ ​ (In thousands) Securities available for sale: ​ ​ ​ ​ Treasury notes ​ $ 37,234 ​ $ 1 ​ $ 955 ​ $ 36,280 Federal agencies ​ 284,986 ​ — ​ 13,096 ​ 271,890 Mortgage-backed - Government-sponsored entity (GSE) ​ 15,167 ​ 7 ​ 7 ​ 15,167 Total securities available for sale ​ $ 337,387 ​ $ 8 ​ $ 14,058 ​ $ 323,337 Securities held to maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed - Non-GSE multi-family ​ $ 871,772 ​ $ 12 ​ $ — ​ $ 871,784 Mortgage-backed - Non-GSE residential ​ ​ 247,306 ​ ​ — ​ ​ 124 ​ ​ 247,182 Total securities held to maturity ​ $ 1,119,078 ​ $ 12 ​ $ 124 ​ $ 1,118,966 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Gross ​ Gross ​ Approximate ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ Cost Gains Losses Value ​ ​ (In thousands) Securities available for sale: ​ ​ ​ ​ 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 securities available for sale ​ $ 312,590 ​ $ 77 ​ $ 2,038 ​ $ 310,629 ​ ​ ​
Schedule of amortized cost and fair value of available-for-sale securities and held to maturity securities by contractual maturity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ Amortized ​ Fair ​ Cost Value Securities available for sale: ​ (In thousands) Within one year ​ $ 118,984 ​ $ 115,386 After one through five years ​ 203,236 ​ 192,784 After five through ten years ​ — ​ — After ten years ​ — ​ — ​ ​ 322,220 ​ 308,170 Mortgage-backed - Government-sponsored entity (GSE) ​ 15,167 ​ 15,167 ​ ​ $ 337,387 ​ $ 323,337 Securities held to maturity: ​ ​ ​ ​ ​ ​ Mortgage-backed - Non-GSE multi-family ​ $ 871,772 ​ $ 871,784 Mortgage-backed - Non-GSE residential ​ ​ 247,306 ​ 247,182 ​ ​ $ 1,119,078 ​ $ 1,118,966 ​
Schedule of gross unrealized losses and fair value of investments with unrealized losses have been in continuous	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 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) Securities available for sale: ​ ​ ​ ​ ​ ​ Treasury notes ​ $ 29,560 ​ $ 762 ​ $ 5,798 ​ $ 193 ​ $ 35,358 ​ $ 955 Federal agencies ​ ​ 19,276 ​ ​ 724 ​ ​ 252,613 ​ ​ 12,372 ​ ​ 271,889 ​ ​ 13,096 Mortgage-backed - Government-sponsored entity (GSE) ​ ​ 709 ​ ​ 7 ​ ​ — ​ ​ — ​ ​ 709 ​ ​ 7 ​ ​ $ 49,545 ​ $ 1,493 ​ $ 258,411 ​ $ 12,565 ​ $ 307,956 ​ $ 14,058 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities held to maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed - Non-GSE residential ​ $ 247,182 ​ $ 124 ​ $ — ​ $ — ​ $ 247,182 ​ $ 124 ​ ​ $ 247,182 ​ $ 124 ​ $ — ​ $ — ​ $ 247,182 ​ $ 124 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) Securities available for sale: ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ 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) Securities available for sale: ​ ​ ​ ​ ​ ​ Federal agencies ​ $ 69,939 ​ $ 17 ​ $ — ​ $ — ​ $ 69,939 ​ $ 17 ​

Loans and Allowance for Credi_2

Loans and Allowance for Credit Losses on Loans (Tables)	12 Months Ended
	Dec. 31, 2022
Loans and Allowance for Credit Losses on Loans
Summary of loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2022 2021 ​ ​ (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ Mortgage warehouse lines of credit ​ $ 464,785 ​ $ 781,437 ​ Residential real estate ​ 1,178,401 ​ 843,101 ​ Multi-family financing (1) ​ 3,135,535 ​ 2,702,042 ​ Healthcare financing (1) ​ ​ 1,604,341 ​ ​ 826,157 ​ Commercial and commercial real estate (2) ​ 978,661 ​ 520,199 ​ Agricultural production and real estate ​ 95,651 ​ 97,060 ​ Consumer and margin loans ​ 13,498 ​ 12,667 ​ ​ ​ 7,470,872 ​ 5,782,663 ​ Less: ​ ​ ​ ACL - Loans ​ 44,014 ​ 31,344 ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans Receivable ​ $ 7,426,858 ​ $ 5,751,319 ​ (1) In 2022, the Company started presenting multi-family and healthcare loan types on separate lines for reporting purposes. Healthcare loans of $826.2 million were included in the combined multi-family and healthcare financing loan total as of December 31, 2021. (2) Includes $497.0 million and $209.8 million of revolving lines of credit collateralized primarily by single-family mortgage servicing rights as of December 31, 2022 and 2021, respectively.
Summary of the activity in the ACL-Loans by portfolio segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At or For the Year Ended December 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 ​ (747) ​ 2,588 ​ 2,177 ​ ​ 5,282 ​ 4,216 ​ (74) ​ 31 ​ 13,473 Loans charged to the allowance ​ — ​ (4) ​ — ​ ​ — ​ (1,238) ​ — ​ (15) ​ (1,257) Recoveries of loans previously charged off ​ — ​ — ​ — ​ ​ — ​ 746 ​ — ​ 7 ​ 753 Balance, end of period ​ $ 1,249 ​ $ 7,029 ​ $ 16,781 ​ $ 9,882 ​ $ 8,326 ​ $ 565 ​ $ 182 ​ $ 44,014 ​
Summary of activity in the allowance for loans and recorded investment by loan portfolio	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At or For the Year Ended 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, beginning of period ​ $ 4,018 ​ $ 3,334 $ 12,140 ​ $ 2,591 ​ $ 4,641 ​ $ 636 ​ $ 140 ​ $ 27,500 Provision (credit) for loan losses ​ (2,063) ​ 838 ​ 1,944 ​ ​ 1,870 ​ 2,422 ​ 21 ​ (20) ​ 5,012 Loans charged to the allowance ​ — ​ (2) ​ — ​ ​ — ​ (1,184) ​ — ​ (6) ​ (1,192) Recoveries of loans previously charged off ​ — ​ — ​ — ​ ​ — ​ — ​ — ​ 24 ​ 24 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2020 ​ MTG WHLOC RES RE MF FIN HC FIN ​ CML & CRE AG & AGRE CON & MAR TOTAL ​ ​ (In thousands) Allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of year ​ $ 1,913 ​ $ 2,042 $ 5,784 ​ $ 1,234 ​ $ 4,173 ​ $ 523 ​ $ 173 ​ $ 15,842 Provision for credit losses ​ 2,105 ​ 1,248 ​ 6,356 ​ ​ 1,357 ​ 681 ​ 113 ​ (22) ​ 11,838 Loans charged to the allowance ​ — ​ (31) ​ — ​ ​ — ​ (319) ​ — ​ (11) ​ (361) Recoveries of loans previously charged off ​ — ​ 75 ​ — ​ ​ — ​ 106 ​ — ​ — ​ 181 Balance, end of year ​ $ 4,018 ​ $ 3,334 ​ $ 12,140 ​ $ 2,591 ​ $ 4,641 ​ $ 636 ​ $ 140 ​ $ 27,500 ​
Schedule of allowance for credit loss allocated to collateral dependent loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Real Estate Accounts Receivable / Equipment Other Total ACL-Loans Allocation ​ ​ (In thousands) RES RE ​ $ 237 ​ $ — $ 9 ​ $ 246 ​ $ 31 MF FIN ​ 36,760 ​ — ​ — ​ 36,760 ​ 173 HC FIN ​ ​ 21,783 ​ ​ — ​ ​ — ​ ​ 21,783 ​ ​ 134 CML & CRE ​ — ​ 4,917 ​ 966 ​ 5,883 ​ 842 AG & AGRE ​ 147 ​ — ​ — ​ 147 ​ 1 CON & MAR ​ ​ — ​ ​ — ​ ​ 6 ​ ​ 6 ​ ​ — Total collateral dependent loans ​ $ 58,927 ​ $ 4,917 ​ $ 981 ​ $ 64,825 ​ $ 1,181 ​
Schedule of credit risk profile of loan portfolio	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ 2022 2021 2020 2019 2018 Prior Revolving Loans ​ TOTAL ​ ​ (In thousands) MTG WHLOC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 464,785 ​ $ 464,785 Total ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 464,785 ​ $ 464,785 RES RE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ ​ 13,344 ​ ​ 8,192 ​ ​ 24,708 ​ ​ 3,498 ​ ​ 1,722 ​ ​ 11,166 ​ ​ 1,114,705 ​ ​ 1,177,335 Special Mention (Watch) ​ ​ — ​ ​ — ​ ​ — ​ ​ 61 ​ ​ — ​ ​ 668 ​ ​ 91 ​ ​ 820 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 74 ​ ​ 172 ​ ​ — ​ ​ 246 Total ​ $ 13,344 ​ $ 8,192 ​ $ 24,708 ​ $ 3,559 ​ $ 1,796 ​ $ 12,006 ​ $ 1,114,796 ​ $ 1,178,401 MF FIN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ ​ 1,212,008 ​ ​ 544,823 ​ ​ 200,829 ​ ​ 32,349 ​ ​ 4,416 ​ ​ 7,229 ​ ​ 1,042,024 ​ ​ 3,043,678 Special Mention (Watch) ​ ​ 32,919 ​ ​ — ​ ​ 8,000 ​ ​ — ​ ​ — ​ ​ — ​ ​ 14,178 ​ ​ 55,097 Substandard ​ ​ 36,760 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 36,760 Total ​ $ 1,281,687 ​ $ 544,823 ​ $ 208,829 ​ $ 32,349 ​ $ 4,416 ​ $ 7,229 ​ $ 1,056,202 ​ $ 3,135,535 HC FIN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ ​ 987,676 ​ ​ 301,103 ​ ​ 78,792 ​ ​ 13,770 ​ ​ — ​ ​ — ​ ​ 123,888 ​ ​ 1,505,229 Special Mention (Watch) ​ ​ 52,022 ​ ​ 25,307 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 77,329 Substandard ​ ​ — ​ ​ 21,783 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 21,783 Total ​ $ 1,039,698 ​ $ 348,193 ​ $ 78,792 ​ $ 13,770 ​ $ — ​ $ — ​ $ 123,888 ​ $ 1,604,341 CML & CRE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ ​ 123,757 ​ ​ 86,282 ​ ​ 23,803 ​ ​ 24,730 ​ ​ 12,335 ​ ​ 8,765 ​ ​ 690,114 ​ ​ 969,786 Special Mention (Watch) ​ ​ 43 ​ ​ 164 ​ ​ 963 ​ ​ 119 ​ ​ 99 ​ ​ 228 ​ ​ 1,376 ​ ​ 2,992 Substandard ​ ​ — ​ ​ 2,017 ​ ​ 591 ​ ​ 72 ​ ​ — ​ ​ 666 ​ ​ 2,537 ​ ​ 5,883 Total ​ $ 123,800 ​ $ 88,463 ​ $ 25,357 ​ $ 24,921 ​ $ 12,434 ​ $ 9,659 ​ $ 694,027 ​ $ 978,661 AG & AGRE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ ​ 12,112 ​ ​ 7,485 ​ ​ 15,660 ​ ​ 5,808 ​ ​ 3,137 ​ ​ 20,176 ​ ​ 29,566 ​ ​ 93,944 Special Mention (Watch) ​ ​ 14 ​ ​ 55 ​ ​ 462 ​ ​ 421 ​ ​ 163 ​ ​ 389 ​ ​ 56 ​ ​ 1,560 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 147 ​ ​ — ​ ​ 147 Total ​ $ 12,126 ​ $ 7,540 ​ $ 16,122 ​ $ 6,229 ​ $ 3,300 ​ $ 20,712 ​ $ 29,622 ​ $ 95,651 CON & MAR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ ​ 4,673 ​ ​ 463 ​ ​ 307 ​ ​ 101 ​ ​ 4,589 ​ ​ 9 ​ ​ 3,328 ​ ​ 13,470 Special Mention (Watch) ​ ​ — ​ ​ — ​ ​ 20 ​ ​ — ​ ​ — ​ ​ 2 ​ ​ — ​ ​ 22 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 6 ​ ​ — ​ ​ 6 Total ​ $ 4,673 ​ $ 463 ​ $ 327 ​ $ 101 ​ $ 4,589 ​ $ 17 ​ $ 3,328 ​ $ 13,498 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Pass ​ $ 2,353,570 ​ $ 948,348 ​ $ 344,099 ​ $ 80,256 ​ $ 26,199 ​ $ 47,345 ​ $ 3,468,410 ​ $ 7,268,227 Total Special Mention (Watch) ​ $ 84,998 ​ $ 25,526 ​ $ 9,445 ​ $ 601 ​ $ 262 ​ $ 1,287 ​ $ 15,701 ​ $ 137,820 Total Substandard ​ $ 36,760 ​ $ 23,800 ​ $ 591 ​ $ 72 ​ $ 74 ​ $ 991 ​ $ 2,537 ​ $ 64,825 Total Loans ​ $ 2,475,328 ​ $ 997,674 ​ $ 354,135 ​ $ 80,929 ​ $ 26,535 ​ $ 49,623 ​ $ 3,486,648 ​ $ 7,470,872 ​ ​ ​ ​ ​ 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 Pass ​ 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 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 ​ $ — $ — ​ $ — ​ $ — ​ $ 464,785 ​ $ 464,785 RES RE ​ 4,053 ​ 152 ​ 272 ​ 4,477 ​ 1,173,924 ​ 1,178,401 MF FIN ​ — ​ — ​ — ​ — ​ 3,135,535 ​ 3,135,535 HC FIN ​ ​ — ​ — ​ 21,783 ​ 21,783 ​ 1,582,558 ​ 1,604,341 CML & CRE ​ 4,759 ​ — ​ 3,778 ​ 8,537 ​ 970,124 ​ 978,661 AG & AGRE ​ 4,903 ​ — ​ — ​ 4,903 ​ 90,748 ​ 95,651 CON & MAR ​ 6 ​ 24 ​ 22 ​ 52 ​ 13,446 ​ 13,498 ​ ​ $ 13,721 ​ $ 176 ​ $ 25,855 ​ $ 39,752 ​ $ 7,431,120 ​ $ 7,470,872 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ MTG ​ ​ ​ ​ CML & AG & CON & ​ ​ ​ WHLOC ​ RES RE ​ MF FIN ​ CRE ​ AGRE ​ MAR ​ TOTAL ​ ​ (In thousands) Average recorded investment in impaired loans ​ $ — ​ $ 1,658 ​ $ 14,138 ​ $ 6,888 ​ $ 611 ​ $ 7 ​ $ 23,302 Interest income recognized ​ — ​ 64 ​ — ​ 397 ​ — ​ — ​ 461 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ MTG ​ ​ CML & ​ AG & CON & ​ ​ ​ WHLOC ​ RES RE ​ MF FIN ​ CRE ​ ​ AGRE ​ MAR ​ TOTAL ​ ​ (In thousands) Average recorded investment in impaired loans ​ $ 106 ​ $ 3,002 ​ $ — ​ $ 9,913 ​ $ 1,662 ​ $ 17 ​ $ 14,700 Interest income recognized ​ — ​ 57 ​ — ​ 371 ​ 1 ​ — ​ 429
Schedule of nonaccrual loans and loans past due 90 days or more and still accruing	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ Total Loans > ​ ​ ​ ​ Total Loans > ​ ​ ​ ​ ​ 90 Days & ​ ​ ​ ​ 90 Days & ​ Nonaccrual Accruing Nonaccrual Accruing ​ ​ (In thousands) RES RE ​ $ 245 ​ $ 96 ​ $ 362 ​ $ 22 MF FIN ​ — ​ — ​ — ​ — HC FIN ​ ​ 21,783 ​ — ​ — ​ — CML & CRE ​ 4,390 ​ ​ — ​ — ​ ​ 149 AG & AGRE ​ 147 ​ — ​ 158 ​ 30 CON & MAR ​ 6 ​ 16 ​ 4 ​ 36 ​ ​ $ 26,571 ​ $ 112 ​ $ 524 ​ $ 237 ​

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 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 December 31, 2022 ​ (In thousands) ​ ​ ​ ​ ​ (In thousands) Interest rate lock commitments $ 8,759 ​ ​ Other assets/liabilities ​ $ 28 ​ $ 23 Forward contracts 13,096 ​ ​ Other assets/liabilities ​ ​ 46 ​ ​ 52 Interest rate swaps 57,574 ​ ​ Other assets/liabilities ​ 3,030 ​ ​ — ​ ​ ​ ​ ​ ​ ​ $ 3,104 ​ $ 75 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ ​ December 31, ​ 2022 ​ 2021 2020 ​ ​ ​ (In thousands) Derivative gain (loss) included in other income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ ​ $ (218) ​ $ (5,908) ​ $ 5,945 Forward contracts (includes pair-off settlements) ​ ​ 5,277 ​ ​ 5,956 ​ ​ (11,078) Net derivative gains (loss) ​ ​ $ 5,059 ​ $ 48 ​ $ (5,133) Gain (loss) included in gain on sale of loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rates swaps - change in fair value ​ ​ $ 3,030 ​ $ — ​ $ — Loans held for sale - change in fair value ​ ​ (2,898) ​ ​ — ​ ​ — Net gain (loss) ​ ​ $ 132 ​ $ — ​ $ — ​
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) December 31, 2022 $ 77,495 ​ ​ Other assets/liabilities ​ $ 3,041 ​ $ 3,041 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ ​ December 31, ​ 2022 2021 ​ 2020 ​ ​ ​ (In thousands) Gross swap gains ​ ​ $ 1,910 ​ $ 2,039 ​ $ 2,659 Gross swap losses ​ ​ 1,910 ​ ​ 2,039 ​ ​ 2,659 Net swap gains (losses) ​ ​ $ — ​ $ — ​ $ — ​

Loan Servicing (Tables)

Loan Servicing (Tables)	12 Months Ended
	Dec. 31, 2022
Loan Servicing
Schedule of mortgage servicing rights measured using fair value method	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ 2022 ​ 2021 2020 ​ ​ (In thousands) Balance, beginning of period ​ $ 110,348 ​ $ 82,604 ​ $ 74,387 Additions ​ ​ ​ Purchased servicing ​ — ​ 2,057 ​ — Originated servicing ​ 27,124 ​ 30,421 ​ 21,889 Subtractions ​ ​ ​ ​ ​ ​ Paydowns ​ (10,985) ​ (16,691) ​ (7,838) Sold servicing ​ ​ — ​ ​ (438) ​ ​ — Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model ​ 19,761 ​ 12,395 ​ (5,834) Balance, end of period ​ $ 146,248 ​ $ 110,348 ​ $ 82,604 ​

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangibles
Schedule of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ 2021 ​ ​ 2020 ​ Multifamily Banking Warehouse Total Multifamily Banking Warehouse Total Multifamily Banking Warehouse Total ​ (In thousands) ​ (In thousands) ​ (In thousands) Balance, beginning of period $ 3,791 ​ $ 8,353 ​ $ 3,701 ​ $ 15,845 ​ $ 3,791 ​ $ 8,353 ​ $ 3,701 ​ $ 15,845 ​ $ 3,791 ​ $ 8,353 ​ $ 3,701 ​ $ 15,845 Goodwill acquired during the period ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Post-acquisition adjustments ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Impairment losses ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Balance, end of period $ 3,791 ​ $ 8,353 ​ $ 3,701 ​ $ 15,845 ​ $ 3,791 ​ $ 8,353 ​ $ 3,701 ​ $ 15,845 ​ $ 3,791 ​ $ 8,353 ​ $ 3,701 ​ $ 15,845 ​
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 ​ ​ Gross ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ ​ ​ ​ ​ Carrying ​ Accumulated ​ ​ ​ ​ Carrying ​ Accumulated ​ ​ ​ ​ Carrying ​ Accumulated ​ ​ ​ ​ ​ Amount ​ Amortization ​ Total Amount ​ Amortization ​ Total Amount ​ Amortization ​ Total ​ ​ (In thousands) ​ (In thousands) ​ (In thousands) Licenses ​ $ 1,370 ​ $ (1,052) ​ $ 318 ​ $ 1,370 ​ $ (856) ​ $ 514 ​ $ 1,370 ​ $ (661) ​ $ 709 Trade names ​ ​ 224 ​ ​ (120) ​ ​ 104 ​ ​ 224 ​ ​ (98) ​ ​ 126 ​ ​ 224 ​ ​ (75) ​ ​ 149 Customer list ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,570 ​ ​ (1,570) ​ ​ — Core deposit intangible ​ ​ 2,417 ​ ​ (1,653) ​ ​ 764 ​ ​ 2,417 ​ ​ (1,350) ​ ​ 1,067 ​ ​ 2,417 ​ ​ (992) ​ ​ 1,425 Total intangible Assets ​ $ 4,011 ​ $ (2,825) ​ $ 1,186 ​ $ 4,011 ​ $ (2,304) ​ $ 1,707 ​ $ 5,581 ​ $ (3,298) ​ $ 2,283 ​
Estimated amortization expense	Estimated amortization expense for future years is as follows (in thousands): ​ ​ ​ ​ ​ Year ending December 31, ​ ​ 2023 ​ $ 462 2024 ​ ​ 335 2025 ​ ​ 166 2026 ​ ​ 124 2027 ​ ​ 76 Thereafter ​ ​ 23 Total ​ $ 1,186

Premises and Equipment (Tables)

Premises and Equipment (Tables)	12 Months Ended
	Dec. 31, 2022
Premises and Equipment
Schedule of premises and equipment stated at cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (In thousands) Land ​ $ 3,696 ​ $ 3,097 Buildings ​ 29,661 ​ 25,214 Leasehold improvements ​ 310 ​ 237 Furniture, fixtures, equipment and software ​ 10,500 ​ 9,759 Total cost ​ 44,167 ​ 38,307 Accumulated depreciation ​ (8,729) ​ (7,095) Net premises and equipment ​ $ 35,438 ​ $ 31,212

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases.
Schedule of balance sheet, income statement and cash flow detail regarding operating leases	​ ​ ​ ​ ​ December 31, 2022 Balance Sheet ​ (In thousands) Operating lease right-of-of use asset (in other assets) $ 10,969 Operating lease liability (in other liabilities) ​ 11,992 ​ ​ ​ Weighted average remaining lease term (years) ​ 6.5 Weighted average discount rate ​ 2.65% ​ ​ ​ Maturities of lease liabilities: ​ ​ 2023 $ 2,181 2024 ​ 2,321 2025 ​ 1,881 2026 ​ 1,911 2027 ​ 1,853 Thereafter ​ 2,902 Total future minimum lease payments ​ 13,049 Less: imputed interest ​ 1,057 Total $ 11,992 ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2022 Income Statement ​ (In thousands) Components of lease expense: ​ ​ Operating lease cost (in occupancy and equipment expense) $ 2,033 ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2022 Cash Flow Statement ​ (In thousands) Supplemental cash flow information: ​ ​ Operating cash flows from operating leases $ 1,461 ​
Schedule of future minimum lease payments, prior to the adoption of ASU 2016-02	Future minimum lease payments under operating leases as of December 31, 2021 were as follows: ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ​ ​ (In thousands) Due within one year ​ $ 1,570 Due in one year to two years ​ 1,776 Due in two years to three years ​ 1,568 Due in three years to four years ​ 947 Due in four years to five years ​ 964 Thereafter ​ 2,154 Total minimum lease payments ​ $ 8,979

Variable Interest Entities (V_2

Variable Interest Entities (VIEs) (Tables)	12 Months Ended
	Dec. 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) December 31, 2022 ​ ​ ​ Unconsolidated VIEs ​ $ 52,125 ​ $ 25,564 ​ $ 52,125 December 31, 2021 ​ ​ ​ Unconsolidated VIEs ​ $ 36,573 ​ $ 21,014 ​ $ 36,164 ​

Deposits (Tables)

Deposits (Tables)	12 Months Ended
	Dec. 31, 2022
Deposits
Schedule of deposits	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (In thousands) Demand deposits ​ $ 4,047,238 ​ $ 4,943,937 Savings deposits ​ 3,034,818 ​ 2,839,616 Certificates of deposit ​ 2,989,289 ​ 1,199,060 Total deposits ​ $ 10,071,345 ​ $ 8,982,613 ​
Schedule of maturities of time deposits	​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ (In thousands) Due within one year ​ $ 2,958,036 Due in one year to two years ​ 21,409 Due in two years to three years ​ 8,032 Due in three years to four years ​ 1,190 Due in four years to five years ​ 622 ​ ​ $ 2,989,289 ​
Schedule of brokered deposit amounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (In thousands) Brokered certificates of deposit ​ $ 2,681,198 ​ $ 551,809 Brokered savings deposits ​ 81,532 ​ 357,840 Brokered deposit on demand accounts ​ 13 ​ 1,250,141 ​ ​ $ 2,762,743 ​ $ 2,159,790

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2022
Borrowings
Schedule of borrowings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (In thousands) Federal Reserve discount window borrowings ​ $ 20,000 ​ $ 160,000 Short-term subordinated debt ​ 21,000 ​ 17,000 FHLB advances ​ ​ 859,392 ​ ​ 556,954 American Financial Exchange borrowing ​ 30,000 ​ 300,000 Total borrowings ​ $ 930,392 ​ $ 1,033,954 ​
Schedule of maturities of FHLB advances	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ ​ Federal Reserve ​ Short-Term ​ FHLB ​ American Financial ​ Borrowings ​ ​ Discount Window ​ Subordinated Debt ​ Advances ​ Exchange Borrowing ​ Total ​ ​ (In thousands) Due within one year ​ $ 20,000 ​ $ — ​ $ 725,342 ​ $ 30,000 ​ $ 775,342 Due in one year to two years ​ — ​ 21,000 ​ 52,339 ​ — ​ 73,339 Due in two years to three years ​ — ​ — ​ 5,320 ​ — ​ 5,320 Due in three years to four years ​ — ​ — ​ 261 ​ — ​ 261 Due in four years to five years ​ — ​ — ​ 174 ​ — ​ 174 Thereafter ​ — ​ — ​ 75,956 ​ — ​ 75,956 ​ ​ $ 20,000 ​ $ 21,000 ​ $ 859,392 ​ $ 30,000 ​ $ 930,392 ​

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Taxes
Schedule of provision for income taxes includes components	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2022 ​ 2021 ​ 2020 ​ ​ (In thousands) ​ Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current tax payable ​ ​ ​ ​ ​ ​ Federal ​ $ 51,306 ​ $ 55,936 ​ $ 48,409 ​ State ​ 15,384 ​ 16,580 ​ 15,107 ​ Deferred tax payable ​ ​ ​ ​ Federal ​ 4,237 ​ 4,055 ​ (529) ​ State ​ 494 ​ 1,255 ​ (163) ​ Income tax expense ​ $ 71,421 ​ $ 77,826 ​ $ 62,824 ​ Effective tax rate ​ 24.5 % 25.5 % 25.8 % ​
Schedule of a reconciliation of statutory federal tax rate and effective tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2022 ​ 2021 ​ 2020 ​ (In thousands) Computed at the statutory rate -21% ​ $ 61,140 ​ $ 64,035 ​ $ 51,105 Increase resulting from ​ ​ ​ ​ ​ State income taxes ​ 12,544 ​ 14,090 ​ 11,805 Tax Credits net of related amortization ​ 57 ​ 8 ​ (123) Other ​ (2,320) ​ (307) ​ 37 Actual tax expense ​ $ 71,421 ​ $ 77,826 ​ $ 62,824 ​
Schedule of tax effects of temporary differences related to deferred taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (In thousands) Deferred tax assets ​ ​ ​ ​ ​ ​ Allowance for credit losses on loans ​ $ 13,983 ​ $ 8,093 Unrealized loss on securities available for sale ​ 3,530 ​ 507 Fair value adjustments on acquisitions ​ 51 ​ 99 Other ​ 3,945 ​ 3,955 Total assets ​ 21,509 ​ 12,654 Deferred tax liabilities ​ ​ Depreciation ​ (2,809) ​ (2,860) Intangible assets ​ (338) ​ (298) Servicing rights ​ (36,043) ​ (27,468) Limited partnership investments ​ (1,831) ​ (1,097) Other ​ (101) ​ (102) Total liabilities ​ (41,122) ​ (31,825) Net deferred tax liability ​ $ (19,613) ​ $ (19,171)

Regulatory Matters (Tables)

Regulatory Matters (Tables)	12 Months Ended
	Dec. 31, 2022
Regulatory Matters
Summary of bank's actual capital amounts and ratios	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount Required ​ Minimum Amount ​ ​ ​ ​ ​ ​ ​ ​ for Adequately ​ To Be Well ​ ​ ​ Actual ​ Capitalized (1) ​ Capitalized (1) ​ ​ Amount Ratio Amount Ratio ​ Amount Ratio ​ ​ (Dollars in thousands) ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total capital (1) ​ ​ ​ ​ ​ ​ ​ Company ​ $ 1,507,968 12.2 % $ 992,883 8.0 % $ — N/A % Merchants Bank ​ ​ 1,427,738 11.7 % 975,853 8.0 % 1,219,817 10.0 % FMBI ​ 34,769 11.3 % 24,703 8.0 % 30,878 10.0 % Tier I capital (1) ​ ​ ​ ​ Company ​ 1,452,456 11.7 % 744,662 6.0 % — N/A % Merchants Bank ​ ​ 1,372,941 11.3 % 731,890 6.0 % 975,853 8.0 % FMBI ​ 34,054 11.0 % 18,527 6.0 % 24,703 8.0 % Common Equity Tier I capital (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Company ​ 952,848 7.7 % 558,497 4.5 % — N/A % Merchants Bank ​ ​ 1,372,941 11.3 % 548,917 4.5 % 792,881 6.5 % FMBI ​ 34,054 11.0 % 13,895 4.5 % 20,071 6.5 % Tier I capital (1) ​ ​ ​ ​ ​ ​ Company ​ 1,452,456 11.7 % 497,604 4.0 % — N/A % Merchants Bank ​ ​ 1,372,941 11.3 % 487,511 4.0 % 609,389 5.0 % FMBI ​ 34,054 10.7 % 12,702 4.0 % 15,878 5.0 % (1) As defined by regulatory agencies. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount Required ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ for Adequately ​ ​ ​ ​ ​ 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share
Schedule of computation of earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ ​ ​ ​ Weighted- ​ Per ​ ​ ​ ​ Weighted- ​ Per ​ ​ ​ ​ Weighted- ​ Per ​ ​ Net ​ Average ​ Share ​ Net ​ Average ​ Share ​ Net ​ Average ​ Share ​ Income Shares Amount Income Shares Amount Income Shares Amount ​ (In thousands) ​ ​ ​ (In thousands) ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ ​ Net income ​ $ 219,721 ​ ​ ​ ​ ​ ​ $ 227,104 ​ ​ ​ ​ ​ ​ $ 180,533 ​ ​ ​ Dividends on preferred stock ​ (25,983) ​ ​ (20,873) ​ ​ ​ ​ ​ ​ (14,473) ​ Net income allocated to common shareholders ​ $ 193,738 ​ ​ $ 206,231 ​ ​ ​ ​ ​ ​ $ 166,060 ​ Basic earnings per share ​ 43,164,477 ​ $ 4.49 ​ ​ ​ 43,172,078 ​ $ 4.78 ​ 43,113,741 ​ $ 3.85 Effect of dilutive securities—restricted stock awards ​ 152,427 ​ ​ ​ ​ ​ 153,225 ​ ​ 53,372 ​ Diluted earnings per share ​ 43,316,904 ​ $ 4.47 ​ ​ ​ ​ 43,325,303 ​ $ 4.76 ​ 43,167,113 ​ $ 3.85

Common Stock (Tables)

Common Stock (Tables)	12 Months Ended
	Dec. 31, 2022
Common Stock
Schedule of repurchase activity on a cash basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ Year Ended ​ ​ ​ December 31, ​ ​ December 31, ​ ​ ​ 2022 ​ ​ 2021 Dollar value of shares repurchased ​ $ 3,935,333 ​ $ — Shares repurchased (1) ​ ​ 165,037 ​ ​ — Average price paid per share ​ $ 23.85 ​ $ — ​ (1) On November 17, 2021, the Company announced an increase in authorization for its stock repurchase program, up to $75,000,000 of common stock, expiring December 31, 2023. On April 29, 2022, the Company entered into a Rule 10b5-1 plan (the “10b5-1 Plan”) with a broker for the repurchase of shares of its common stock commencing on May 3, 2022. The details of this repurchase plan were provided in the Form 8-K filed by the Company on May 24, 2022.

Share-Based Payment Plans (Tabl

Share-Based Payment Plans (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Plans
Schedule of equity-based incentive awards and Board of Directors fees paid in shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ ($ in thousands) Equity-based incentive awards to Company officers: ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares issued ​ ​ 64,962 ​ ​ 23,435 ​ ​ 78,773 Expenses recognized ​ $ 1,870 $ 1,198 ​ $ 602 Unvested shares awarded ​ 280,974 374,598 ​ 265,569 Unrecognized compensation costs ​ $ 5,817 $ 4,499 ​ $ 3,071 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity-based retainer fees to non-executive Board of Directors: ​ ​ Shares issued ​ 12,443 6,870 ​ 4,695 Expenses recognized ​ $ 325 $ 188 ​ $ 50

Disclosures about Fair Value _2

Disclosures about Fair Value of Assets and Liabilities (Tables)	12 Months Ended
	Dec. 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) December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans in process of securitization ​ $ 154,194 ​ $ — ​ $ 154,194 ​ $ — Securities available for sale: ​ ​ ​ ​ Treasury notes ​ 36,280 ​ 36,280 ​ — ​ — Federal agencies ​ 271,890 ​ — ​ 271,890 ​ — Mortgage-backed - Government-sponsored entity (GSE) ​ 15,167 ​ — ​ 15,167 ​ — Loans held for sale ​ 82,192 ​ — ​ 82,192 ​ — Servicing rights ​ 146,248 ​ — ​ — ​ 146,248 Derivative assets - interest rate lock commitments ​ 28 ​ — ​ — ​ 28 Derivative assets - forward contracts ​ 46 ​ — ​ 46 ​ — Derivative asset - interest rate swaps ​ ​ 3,030 ​ ​ — ​ ​ 3,030 ​ ​ — Derivative asset - interest rate swaps (back-to-back) ​ ​ 3,041 ​ ​ — ​ ​ 3,041 ​ ​ — Derivative liabilities - interest rate lock commitments ​ 23 ​ ​ — ​ ​ — ​ ​ 23 Derivative liabilities - forward contracts ​ ​ 52 ​ ​ — ​ ​ 52 ​ ​ — Derivative liabilities - interest rate swaps (back-to-back) ​ 3,041 ​ ​ — ​ ​ 3,041 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans in process of securitization ​ $ 569,239 ​ $ — ​ $ 569,239 ​ $ — Securities available for sale: ​ ​ ​ ​ 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 assets - interest rate swaps (back-to-back) ​ 1,131 ​ — ​ 1,131 ​ — Derivative liabilities - interest rate lock commitments ​ ​ 41 ​ ​ — ​ ​ — ​ ​ 41 Derivative liabilities - forward contracts ​ 118 ​ ​ — ​ 118 ​ — Derivative liabilities - interest rate swap (back-to-back) ​ 1,131 ​ ​ — ​ ​ 1,131 ​ ​ — ​
Schedule of Level 3 reconciliation of recurring fair value measurements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 ​ ​ (In thousands) Servicing rights ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 110,348 ​ $ 82,604 ​ $ 74,387 Additions ​ ​ ​ Purchased servicing ​ — ​ 2,057 ​ — Originated servicing ​ 27,124 ​ 30,421 ​ 21,889 Subtractions ​ ​ ​ Paydowns ​ (10,985) ​ (16,691) ​ (7,838) Sales of servicing ​ ​ — ​ ​ (438) ​ ​ — Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model ​ 19,761 ​ 12,395 ​ (5,834) Balance, end of period ​ $ 146,248 ​ $ 110,348 ​ $ 82,604 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Assets - interest rate lock commitments ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 264 ​ $ 6,131 ​ $ 186 Changes in fair value ​ (236) ​ (5,867) ​ 5,945 Balance, end of period ​ $ 28 ​ $ 264 ​ $ 6,131 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Liabilities - interest rate lock commitments ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 41 ​ $ — ​ $ — Changes in fair value ​ (18) ​ 41 ​ — Balance, end of period ​ $ 23 ​ ​ 41 ​ $ — ​
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) December 31, 2022 ​ ​ ​ ​ Impaired loans (collateral-dependent) ​ $ 4,465 ​ $ — ​ $ — ​ $ 4,465 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 December 31, 2022: ​ ​ ​ ​ ​ ​ Collateral dependent loans ​ $ 4,465 Market comparable properties Marketability discount ​ 4% - 54% 5% Servicing rights - Multi-family ​ $ 111,690 Discounted cash flow Discount rate ​ 8% - 13% 9% ​ ​ Constant prepayment rate ​ 0% - 39% 8% Servicing rights - Single-family ​ $ 29,926 ​ Discounted cash flow ​ Discount rate ​ 9% - 10% ​ 9% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 7% - 10% ​ 7% Servicing rights - SBA ​ $ 4,632 ​ Discounted cash flow ​ Discount rate ​ 16% ​ 16% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 3% - 12% ​ 8% Derivative assets - interest rate lock commitments ​ $ 28 Discounted cash flow Loan closing rates ​ 60% - 87% 77% Derivative liabilities - interest rate lock commitments ​ $ 23 Discounted cash flow Loan closing rates ​ 60% - 87% 77% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 226,164 ​ $ 226,164 ​ $ 226,164 ​ $ — ​ $ — Securities purchased under agreements to resell ​ 3,464 ​ 3,464 ​ — ​ 3,464 ​ — Securities held to maturity ​ ​ 1,119,078 ​ ​ 1,118,966 ​ — ​ 247,182 ​ 871,784 FHLB stock ​ 39,130 ​ 39,130 ​ — ​ 39,130 ​ — Loans held for sale ​ 2,828,384 ​ 2,828,384 ​ — ​ 2,828,384 ​ — Loans receivable, net ​ 7,426,858 ​ 7,431,731 ​ — ​ — ​ 7,431,731 Interest receivable ​ 56,262 ​ 56,262 ​ — ​ 56,262 ​ — Financial liabilities: ​ ​ ​ ​ ​ ​ Deposits ​ 10,071,345 ​ 10,064,941 ​ 7,082,056 ​ 2,982,885 ​ — Short-term subordinated debt ​ 21,000 ​ 21,000 ​ — ​ 21,000 ​ — FHLB advances ​ 859,392 ​ 858,984 ​ — ​ 858,984 ​ — Other borrowing ​ ​ 50,000 ​ ​ 50,000 ​ ​ — ​ ​ 50,000 ​ ​ — Interest payable ​ 23,384 ​ 23,384 ​ — ​ 23,384 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ —

Commitments, Credit Risk, and_2

Commitments, Credit Risk, and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments, Credit Risk, and Contingencies
Schedule of business segment financial information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (In thousands) Commitments subject to credit risk: ​ ​ ​ ​ ​ ​ Commitments to extend credit ​ $ 3,293,847 ​ $ 2,194,144 Standby letters of credit ​ 108,312 ​ 105,894 Warehouse unfunded lines of warehouse credit ​ ​ 146,932 ​ 98,234 Total commitments subject to credit risk ​ $ 3,549,091 ​ $ 2,398,272 ​ ​ ​ ​ ​ ​ ​ Commitments subject to certain performance criteria and cancellation: ​ ​ ​ ​ ​ ​ Outstanding commitments to originate loans ​ $ 1,042,497 ​ $ 1,595,265 Unfunded construction draws ​ 247,504 ​ 274,269 Unfunded warehouse and other lines of credit ​ ​ 3,183,257 ​ ​ 2,323,686 Total commitments subject to certain performance criteria and cancellation ​ $ 4,473,258 ​ $ 4,193,220 ​

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Information
Schedule of business segment financial information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multi-family ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage ​ Mortgage ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking Warehousing Banking Other Total ​ ​ (In thousands) Year Ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ $ 2,239 ​ $ 115,870 ​ $ 354,482 ​ $ 8,242 $ 480,833 Interest expense ​ — ​ 48,079 ​ 117,284 ​ (3,081) 162,282 Net interest income ​ 2,239 ​ 67,791 ​ 237,198 ​ 11,323 318,551 Provision for credit losses ​ 1,153 ​ 37 ​ 16,105 ​ — 17,295 Net interest income after provision for credit losses ​ 1,086 ​ 67,754 ​ 221,093 ​ 11,323 301,256 Noninterest income ​ 155,883 ​ 5,400 ​ (26,177) ​ (9,170) 125,936 Noninterest expense ​ 82,213 ​ 10,420 ​ 18,303 ​ 25,114 136,050 Income before income taxes ​ 74,756 ​ 62,734 ​ 176,613 ​ (22,961) 291,142 Income taxes ​ 20,114 ​ 14,130 ​ 42,392 ​ (5,215) 71,421 Net income ​ $ 54,642 ​ $ 48,604 ​ $ 134,221 ​ $ (17,746) $ 219,721 Total assets ​ $ 351,274 ​ $ 2,519,810 ​ $ 9,587,544 ​ $ 156,599 $ 12,615,227 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multi-family ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage ​ Mortgage ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking Warehousing Banking Other ​ Total ​ ​ (In thousands) Year Ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ $ 957 ​ $ 134,120 ​ $ 171,465 ​ $ 5,344 $ 311,886 Interest expense ​ — ​ 8,930 ​ 28,076 ​ (3,114) 33,892 Net interest income ​ 957 ​ 125,190 ​ 143,389 ​ 8,458 277,994 Provision for credit losses ​ — ​ (1,022) ​ 6,034 ​ — 5,012 Net interest income after provision for credit losses ​ 957 ​ 126,212 ​ 137,355 ​ 8,458 272,982 Noninterest income ​ 141,605 ​ 12,399 ​ 7,755 ​ (4,426) 157,333 Noninterest expense ​ 71,486 ​ 11,949 ​ 24,137 ​ 17,813 125,385 Income before income taxes ​ 71,076 ​ 126,662 ​ 120,973 ​ (13,781) 304,930 Income taxes ​ 19,572 ​ 31,503 ​ 30,115 ​ (3,364) 77,826 Net income ​ $ 51,504 ​ $ 95,159 ​ $ 90,858 ​ $ (10,417) $ 227,104 Total assets ​ $ 296,129 ​ $ 3,977,537 ​ $ 6,929,565 ​ $ 75,407 $ 11,278,638 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multi-family ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage ​ Mortgage ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking Warehousing Banking Other ​ Total ​ ​ (In thousands) Year Ended December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ $ 1,163 ​ $ 163,488 ​ $ 115,304 ​ $ 2,835 $ 282,790 Interest expense ​ — ​ 27,325 ​ 35,749 ​ (4,430) 58,644 Net interest income ​ 1,163 ​ 136,163 ​ 79,555 ​ 7,265 224,146 Provision for credit losses ​ — ​ 1,269 ​ 10,569 ​ — 11,838 Net interest income after provision for credit losses ​ 1,163 ​ 134,894 ​ 68,986 ​ 7,265 212,308 Noninterest income ​ 80,690 ​ 21,163 ​ 29,443 ​ (3,823) 127,473 Noninterest expense ​ 41,386 ​ 13,367 ​ 26,537 ​ 15,134 96,424 Income before income taxes ​ 40,467 ​ 142,690 ​ 71,892 ​ (11,692) 243,357 Income taxes ​ 11,295 ​ 36,361 ​ 18,255 ​ (3,087) 62,824 Net income ​ $ 29,172 ​ $ 106,329 ​ $ 53,637 ​ $ (8,605) $ 180,533 Total assets ​ $ 210,714 ​ $ 4,893,513 ​ $ 4,498,880 ​ $ 42,268 $ 9,645,375

Condensed Financial Informati_2

Condensed Financial Information (Parent Company Only) (Tables)	12 Months Ended
	Dec. 31, 2022
Condensed Financial Information (Parent Company Only)
Summary of condensed balance sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 ​ 2021 ​ ​ (In thousands) Assets ​ ​ ​ Cash and cash equivalents ​ $ 41,725 ​ $ 22,556 Investment in joint ventures ​ ​ 27,490 ​ ​ 25,573 Investment in subsidiaries ​ 1,415,173 ​ 1,134,898 Other assets ​ 217 ​ 101 Total assets ​ $ 1,484,605 ​ $ 1,183,128 Liabilities ​ ​ Short-term subordinated debt ​ $ 21,000 ​ 17,000 Unfunded commitments to joint ventures ​ ​ 3,521 ​ ​ 10,350 Other liabilities ​ 345 ​ 369 Total liabilities ​ 24,866 ​ 27,719 Shareholders’ Equity ​ 1,459,739 ​ 1,155,409 Total liabilities and shareholders’ equity ​ $ 1,484,605 ​ $ 1,183,128 ​
Summary of condensed statements of income and comprehensive income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2022 ​ 2021 2020 ​ ​ (In thousands) Income ​ ​ ​ ​ Dividends and return of capital from subsidiaries ​ 39,775 ​ 33,447 ​ 29,773 Other Income ​ 2,523 ​ 509 ​ 27 Total income ​ 42,298 ​ 33,956 ​ 29,800 Expenses ​ ​ ​ Interest expense ​ 4,333 ​ 3,797 ​ 3,972 Salaries and employee benefits ​ 690 ​ 493 ​ 2,726 Professional fees ​ 423 ​ 236 ​ 386 Other ​ 829 ​ 627 ​ 383 Total expense ​ 6,275 ​ 5,153 ​ 7,467 Income Before Income Tax and Equity in Undistributed Income of Subsidiaries ​ 36,023 ​ 28,803 ​ 22,333 Income Tax Benefit ​ (698) ​ (1,174) ​ (1,911) Income Before Equity in Undistributed Income of Subsidiaries ​ 36,721 ​ 29,977 ​ 24,244 Equity in Undistributed Income of Subsidiaries ​ 183,000 ​ 197,127 ​ 156,289 Net Income ​ $ 219,721 ​ $ 227,104 ​ $ 180,533 Comprehensive Income ​ $ 210,654 ​ $ 225,276 ​ $ 180,449 ​
Summary of condensed statements of cash flows	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2022 2021 ​ ​ 2020 ​ ​ (In thousands) Operating Activities ​ ​ ​ ​ Net income ​ $ 219,721 ​ $ 227,104 ​ $ 180,533 Adjustments to reconcile net income to net cash used in operating activities ​ (181,263) ​ (195,530) ​ ​ (155,442) Net cash provided by operating activities ​ 38,458 ​ 31,574 ​ ​ 25,091 Investing Activities ​ ​ ​ ​ Contributed capital to subsidiaries ​ (110,000) ​ (116,176) ​ ​ (2,760) Purchase of limited partnership interests ​ (8,746) ​ (15,223) ​ ​ — Proceeds from sale of limited partnership interests ​ ​ — ​ ​ — ​ ​ 266 Other investing activity ​ — ​ — ​ ​ (32) Net cash used in investing activities ​ (118,746) ​ (131,399) ​ ​ (2,526) Financing Activities ​ ​ ​ ​ Net change in lines of credit and subordinated debt ​ 4,000 ​ 2,040 ​ ​ 2,760 Dividends paid ​ (38,067) ​ (31,235) ​ ​ (23,671) Proceeds from issuance of preferred stock ​ 137,459 ​ 191,084 ​ ​ — Redemption of preferred stock ​ ​ — ​ ​ (41,625) ​ ​ — Repurchase of common stock ​ (3,935) ​ — ​ ​ — Net cash provided by (used in) financing activities ​ 99,457 ​ 120,264 ​ ​ (20,911) Net Change in Cash and Due From Banks ​ 19,169 ​ 20,439 ​ ​ 1,654 Cash and Due From Banks at Beginning of Year ​ 22,556 ​ 2,117 ​ ​ 463 Cash and Due From Banks at End of Year ​ $ 41,725 ​ $ 22,556 ​ $ 2,117 Additional Cash Flows Information: ​ ​ ​ ​ ​ ​ ​ ​ ​ Payable for limited partnership interest ​ $ 3,521 ​ $ 10,350 ​ $ — Redemption of common shares related to sale of limited partnership interests ​ $ — ​ $ — ​ $ (150)

Quarterly Condensed Financial_2

Quarterly Condensed Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2022
Quarterly Condensed Financial Information (Unaudited)
Schedule of quarterly condensed financial information (unaudited)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 Quarter Ended (Dollars in thousands, except per share data) March 31 June 30 September 30 December 31 ​ ​ ​ ​ ​ Interest income ​ $ 76,012 ​ $ 89,270 ​ $ 134,112 ​ $ 181,439 Interest expense ​ 10,287 ​ 17,239 ​ 48,727 ​ 86,029 Net interest income ​ 65,725 ​ 72,031 ​ 85,385 ​ 95,410 Provision for credit losses ​ 2,451 ​ 6,212 ​ 2,225 ​ 6,407 Net interest income after provision for credit losses ​ ​ 63,274 ​ ​ 65,819 ​ ​ 83,160 ​ ​ 89,003 Noninterest income ​ ​ 34,597 ​ ​ 39,171 ​ ​ 29,186 ​ ​ 22,982 Noninterest expense ​ ​ 31,033 ​ ​ 32,957 ​ ​ 34,951 ​ ​ 37,109 Income before income taxes ​ ​ 66,838 ​ ​ 72,033 ​ ​ 77,395 ​ ​ 74,876 Income taxes ​ ​ 16,696 ​ ​ 18,098 ​ ​ 18,907 ​ ​ 17,720 Net income ​ ​ 50,142 ​ ​ 53,935 ​ ​ 58,488 ​ ​ 57,156 Less: preferred stock dividends ​ ​ 5,728 ​ ​ 5,729 ​ ​ 5,729 ​ ​ 8,797 Net income allocated to common shareholders ​ $ 44,414 ​ $ 48,206 ​ $ 52,759 ​ $ 48,359 Per common share data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per common share ​ $ 1.03 ​ $ 1.12 ​ $ 1.22 ​ $ 1.12 Diluted earnings per common share ​ $ 1.02 ​ $ 1.11 ​ $ 1.22 ​ $ 1.12 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 Quarter Ended (Dollars in thousands, except per share data) March 31 June 30 September 30 December 31 ​ ​ ​ ​ ​ Interest income ​ $ 79,549 ​ $ 72,438 ​ $ 77,314 ​ $ 82,585 Interest expense ​ 7,586 ​ 8,031 ​ 8,433 ​ 9,842 Net interest income ​ 71,963 ​ 64,407 ​ 68,881 ​ 72,743 Provision for credit losses ​ 1,663 ​ (315) ​ 1,079 ​ 2,585 Net interest income after provision for credit losses ​ ​ 70,300 ​ ​ 64,722 ​ ​ 67,802 ​ ​ 70,158 Noninterest income ​ ​ 43,936 ​ ​ 32,855 ​ ​ 40,271 ​ ​ 40,271 Noninterest expense ​ ​ 30,084 ​ ​ 28,183 ​ ​ 29,472 ​ ​ 37,646 Income before income taxes ​ ​ 84,152 ​ ​ 69,394 ​ ​ 78,601 ​ ​ 72,783 Income taxes ​ ​ 22,169 ​ ​ 17,977 ​ ​ 20,098 ​ ​ 17,582 Net income ​ ​ 61,983 ​ ​ 51,417 ​ ​ 58,503 ​ ​ 55,201 Less: preferred stock dividends ​ ​ 3,757 ​ ​ 5,659 ​ ​ 5,729 ​ ​ 5,728 Net income allocated to common shareholders ​ $ 58,226 ​ $ 45,758 ​ $ 52,774 ​ $ 49,473 Per common share data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per common share ​ $ 1.35 ​ $ 1.06 ​ $ 1.22 ​ $ 1.15 Diluted earnings per common share ​ $ 1.35 ​ $ 1.06 ​ $ 1.22 ​ $ 1.14

Nature of Operations and Summ_4

Nature of Operations and Summary of Significant Accounting Policies - Operations (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) item
Merchants Bank
Nature of Operations and Principles of Consolidation
Number of locations of operation | item	6
FMBI
Nature of Operations and Principles of Consolidation
Number of locations of operation | $	4

Nature of Operations and Summ_5

Nature of Operations and Summary of Significant Accounting Policies - Deconsolidation (Details) $ in Millions	Feb. 01, 2021 USD ($)
Nature of Operations and Summary of Significant Accounting Policies
Net assets deconsolidated	$ 10
Loans receivable deconsolidated	66.6
Borrowings deconsolidated	52.7
Fair value of continuing investments after deconsolidation	10
Gain or loss on deconsolidation	$ 0

Nature of Operations and Summ_6

Nature of Operations and Summary of Significant Accounting Policies - Impact of the Adoption of CECL (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jan. 01, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance for loan losses			$ 31,344	$ 27,500	$ 15,842
Retained earnings, net of tax	$ 832,871		657,149
Impact from adoption of ASU | ASU 2016-13
Allowance for loan losses		$ (300)
ACL - OBCEs (in Other Liabilities)		5,176
Retained earnings, net of tax		(3,648)
Post ASU Adoption | ASU 2016-13
ACL - OBCEs (in Other Liabilities)		5,176
Retained earnings, net of tax		653,501
Mortgage warehouse lines of credit
Allowance for loan losses			1,955	4,018	1,913
Mortgage warehouse lines of credit | Impact from adoption of ASU | ASU 2016-13
Allowance for loan losses		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			4,170	3,334	2,042
Residential real estate | Impact from adoption of ASU | ASU 2016-13
Allowance for loan losses		275
Residential real estate | Post ASU Adoption | ASU 2016-13
Allowance for loan losses		4,445
Multi-family financing
Allowance for loan losses			14,084	12,140	5,784
Multi-family financing | Impact from adoption of ASU | ASU 2016-13
Allowance for loan losses		520
Multi-family financing | Post ASU Adoption | ASU 2016-13
Allowance for loan losses		14,604
Healthcare financing
Allowance for loan losses			4,461	2,591	1,234
Healthcare financing | Impact from adoption of ASU | ASU 2016-13
Allowance for loan losses		139
Healthcare financing | Post ASU Adoption | ASU 2016-13
Allowance for loan losses		4,600
Commercial and commercial real estate
Allowance for loan losses			5,879	4,641	4,173
Commercial and commercial real estate | Impact from adoption of ASU | ASU 2016-13
Allowance for loan losses		(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			657	636	523
Agricultural production and real estate | Impact from adoption of ASU | ASU 2016-13
Allowance for loan losses		(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			138	$ 140	$ 173
Consumer and margin loans | Impact from adoption of ASU | ASU 2016-13
Allowance for loan losses		21
Consumer and margin loans | Post ASU Adoption | ASU 2016-13
Allowance for loan losses		159
Healthcare loans
Allowance for loan losses			$ 31,344
Healthcare loans | Impact from adoption of ASU | ASU 2016-13
Allowance for loan losses		(299)
Healthcare loans | Post ASU Adoption | ASU 2016-13
Allowance for loan losses		$ 31,045

Nature of Operations and Summ_7

Nature of Operations and Summary of Significant Accounting Policies - Cash, Cash Equivalents and Other (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents
Cash accounts in excess of federally insured limits	$ 208,400,000	$ 1,000,000,000
Cash accounts in excess of federally insured limits with Federal Reserve Bank	185,600,000	1,000,000,000
Cash accounts in excess of federally insured limits with Federal Home Loan Bank of Indianapolis	3,600,000	3,700,000
Cash accounts in excess of federally insured limits with Federal Home Loan Bank of Chicago	150,000	$ 51,000
Securities
Securities held to maturity (includes $1,118,966 and $0 at fair value, respectively)	$ 1,119,078,000
Loans Held for Sale under Mortgage Banking Activities
Maximum participation interest to be purchased in individual loans (as a percent)	100%

Nature of Operations and Summ_8

Nature of Operations and Summary of Significant Accounting Policies - Loans (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) segment	May 05, 2022	Dec. 31, 2021 USD ($)	May 07, 2021
Loans and Leases Receivable Disclosure [Line Items]
Number of Loan Portfolio Segments | segment	15
Accrued interest on loans, excluded from amortized cost of loans	$ 35		$ 15.4
Initial ACL - Guarantee	$ 1.2
Loan Sale and Freddie Mac Q Series Securitization
Loans and Leases Receivable Disclosure [Line Items]
First loss position in loan portfolio, maximum securitization pool, percentage	12%	12%		10%

Nature of Operations and Summ_9

Nature of Operations and Summary of Significant Accounting Policies - Premises and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Vehicles
Premises and Equipment
Estimated useful lives	5 years
Minimum | Buildings
Premises and Equipment
Estimated useful lives	7 years
Minimum | Leasehold improvements
Premises and Equipment
Estimated useful lives	2 years
Minimum | Software and intangible assets
Premises and Equipment
Estimated useful lives	5 years
Minimum | Furniture, fixtures and equipment
Premises and Equipment
Estimated useful lives	3 years
Maximum | Buildings
Premises and Equipment
Estimated useful lives	40 years
Maximum | Leasehold improvements
Premises and Equipment
Estimated useful lives	11 years
Maximum | Software and intangible assets
Premises and Equipment
Estimated useful lives	10 years
Maximum | Furniture, fixtures and equipment
Premises and Equipment
Estimated useful lives	15 years

Nature of Operations and Sum_10

Nature of Operations and Summary of Significant Accounting Policies - Leases (Details)	12 Months Ended
	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Lessee operating lease, option to extend	true
Minimum
Lessee, Lease, Description [Line Items]
Lease period	2 years
Maximum
Lessee, Lease, Description [Line Items]
Lease period	11 years

Nature of Operations and Sum_11

Nature of Operations and Summary of Significant Accounting Policies - Goodwill and Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2022
Customer list
Intangible assets
Amortization period	21 months
Core deposit intangible
Intangible assets
Amortization period	10 years
Minimum | Licenses and Trade Names
Intangible assets
Amortization period	84 months
Maximum | Licenses and Trade Names
Intangible assets
Amortization period	120 months

Nature of Operations and Sum_12

Nature of Operations and Summary of Significant Accounting Policies - Shared-based Compensation (Details)	12 Months Ended
	Dec. 31, 2022
Share-based Compensation Plan
Share awards vesting period	3 years

Restriction on Cash and Due F_2

Restriction on Cash and Due From Banks (Details)	Dec. 31, 2022	Dec. 31, 2021
Restriction on Cash and Due From Banks
Percentage of reserve required for restriction on cash and due from banks	0%	0%

Investment Securities - Amortiz

Investment Securities - Amortized Cost to Approximate Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Available for sale securities:
Amortized Cost	$ 337,387	$ 312,590
Gross Unrealized Gains	8	77
Gross Unrealized Losses	14,058	2,038
Fair Value	323,337	310,629
Securities sold	0
Other security was fully amortized	0
Accrued interest on available for sale securities	500	400
Accrued interest on held to maturity securities	4,300	0
Held to maturity securities:
Amortized Cost	1,119,078
Gross Unrealized Gains	12
Gross Unrealized Losses	124
Fair Value	1,118,966	0
Treasury notes
Available for sale securities:
Amortized Cost	37,234	8,232
Gross Unrealized Gains	1	4
Gross Unrealized Losses	955	27
Fair Value	36,280	8,209
Federal agencies
Available for sale securities:
Amortized Cost	284,986	264,970
Gross Unrealized Losses	13,096	1,675
Fair Value	271,890	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	15,167	18,664
Gross Unrealized Gains	7	32
Gross Unrealized Losses	7	336
Fair Value	15,167	18,360
Mortgage-backed - Non-GSE
Available for sale securities:
Amortized Cost		16,424
Gross Unrealized Gains		41
Fair Value		$ 16,465
Mortgage-backed - Non-GSE multi-family
Held to maturity securities:
Amortized Cost	871,772
Gross Unrealized Gains	12
Fair Value	871,784
Mortgage-backed - Non-GSE residential
Held to maturity securities:
Amortized Cost	247,306
Gross Unrealized Losses	124
Fair Value	$ 247,182

Investment Securities - Contrac

Investment Securities - Contractual Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Available for Sale Securities, Amortized Cost
Within one year	$ 118,984
After one through five years	203,236
Total, single maturity date	322,220
Total	337,387	$ 312,590
Available for Sale Securities, Fair Value
Within one year	115,386
After one through five years	192,784
Total, single maturity date	308,170
Total	323,337	310,629
Held to Maturity Securities, Amortized Cost
Total	1,119,078
Held to Maturity Securities, Fair Value
Total	1,118,966	0
Held to maturity securities:
Amortized Cost	1,119,078
Fair Value	1,118,966	0
Mortgage-backed - Government-sponsored entity (GSE)
Available for Sale Securities, Amortized Cost
Without single maturity date	15,167
Total	15,167	18,664
Available for Sale Securities, Fair Value
Without single maturity date	15,167
Total	15,167	18,360
Mortgage-backed - Non-GSE
Available for Sale Securities, Amortized Cost
Total		16,424
Available for Sale Securities, Fair Value
Total		$ 16,465
Mortgage-backed - Non-GSE residential
Held to Maturity Securities, Amortized Cost
Total	247,306
Held to Maturity Securities, Fair Value
Total	247,182
Held to maturity securities:
Amortized Cost	247,306
Fair Value	$ 247,182

Investment Securities - Sale of

Investment Securities - Sale of securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investment Securities
Proceeds from the sale of securities available for sale	$ 11,379	$ 38,566	$ 4,347
Net gain on sale of securities available for sale		191	441
Gain loss recognized	0	0	$ 0
Investment securities pledged as collateral	$ 570,600	$ 310,600

Investment Securities - Continu

Investment Securities - Continuous Unrealized Loss Position (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) position	Dec. 31, 2021 USD ($) position	Dec. 31, 2020 USD ($)
Securities
Percentage of AFS investment portfolio	95%	88%
Percentage of HTM investment portfolio	22%
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months	$ 49,545	$ 247,165
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, 12 Months or Longer	258,411	24,806
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total	$ 307,956	$ 271,971
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Number of Positions | position	37	27
Held-to-maturity securities, Continuous Unrealized Loss Position, Fair Value
Held-to-maturity securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months	$ 247,182
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total	$ 247,182
Held-to-maturity Securities, Fair Value, Number of Positions | position	2	0
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	$ 1,493	$ 1,866
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, 12 Months or Longer	12,565	172
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	14,058	2,038
Held-to-maturity securities, Continuous Unrealized Loss Position, Gross Unrealized Losses
Held-to-maturity securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Less than 12 Months	124
Held-to-maturity securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	124
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	29,560	7,957
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, 12 Months or Longer	5,798
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total	35,358	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	762	27
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, 12 Months or Longer	193
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	955	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	19,276	238,489	$ 69,939
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, 12 Months or Longer	252,613	24,806
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total	271,889	263,295
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Number of Positions			69,939
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	724	1,503	$ 17
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, 12 Months or Longer	12,372	172
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	13,096	1,675	$ 17
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	709	719
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total	709	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	7	336
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	7	$ 336
Mortgage-backed - Non-GSE residential
Held-to-maturity securities, Continuous Unrealized Loss Position, Fair Value
Held-to-maturity securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months	247,182
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total	247,182
Held-to-maturity securities, Continuous Unrealized Loss Position, Gross Unrealized Losses
Held-to-maturity securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Less than 12 Months	124
Held-to-maturity securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	$ 124

Mortgage Loans in Process of _2

Mortgage Loans in Process of Securitization (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Mortgage Loans in Process of Securitization
Unrealized gains included in mortgage loans	$ 0.3	$ 10.6

Loans and Allowance for Credi_3

Loans and Allowance for Credit Losses on Loans - Summary of Loans By Classification (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Loans and Allowance for Loan Losses
Loans		$ 7,470,872
Less: ACL-Loans		44,014
Loans receivable		7,426,858
Loans	$ 5,782,663
Allowance for loan losses	31,344		$ 27,500	$ 15,842
Loans Receivable	5,751,319
Accrued interest on loans, excluded from amortized cost of loans	$ 15,400	35,000
Loans funded through PPP, CARES Act
Loans and Allowance for Loan Losses
Percentage of loans to be forgiven	6
Loans receivable to be forgiven	$ 112,000
Mortgage warehouse lines of credit
Loans and Allowance for Loan Losses
Loans		464,785
Less: ACL-Loans		1,249
Loans	781,437
Allowance for loan losses	1,955		4,018	1,913
Residential real estate
Loans and Allowance for Loan Losses
Loans		1,178,401
Less: ACL-Loans		7,029
Loans	843,101
Allowance for loan losses	4,170		3,334	2,042
Healthcare financing
Loans and Allowance for Loan Losses
Loans		1,604,341
Less: ACL-Loans		9,882
Loans	826,157
Allowance for loan losses	4,461		2,591	1,234
Multi-family financing
Loans and Allowance for Loan Losses
Loans		3,135,535
Less: ACL-Loans		16,781
Loans	2,702,042
Allowance for loan losses	14,084		12,140	5,784
Commercial and commercial real estate
Loans and Allowance for Loan Losses
Loans		978,661
Less: ACL-Loans		8,326
Loans	520,199
Allowance for loan losses	5,879		4,641	4,173
Mortgage servicing rights collateralized	209,800	497,000
Commercial and commercial real estate | Loans funded through PPP, CARES Act
Loans and Allowance for Loan Losses
Loans	7,000
Agricultural production and real estate
Loans and Allowance for Loan Losses
Loans		95,651
Less: ACL-Loans		565
Loans	97,060
Allowance for loan losses	657		636	523
Consumer and margin loans
Loans and Allowance for Loan Losses
Loans		13,498
Less: ACL-Loans		$ 182
Loans	12,667
Allowance for loan losses	138		$ 140	$ 173
Healthcare loans
Loans and Allowance for Loan Losses
Allowance for loan losses	31,344
Loans Receivable	$ 826,200

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								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Allowance for credit losses
Provision for credit losses									$ 13,473
Loans charged to the allowance									(1,257)
Recoveries of loans previously charged off									753
Balance, end of period	$ 44,014								44,014
Allowance for loan losses
Balance, beginning of period				$ 31,344				$ 27,500	31,344	$ 27,500	$ 15,842
Provision for credit losses										5,012	(11,838)
Loans charged to the allowance										(1,192)	361
Recoveries of loans previously charged off										24	181
Balance, end of period					$ 31,344					31,344	27,500
Ending balance: individually evaluated for impairment					890					890
Ending balance: collectively evaluated for impairment					30,454					30,454
Loans
Ending balance					5,782,663					5,782,663
Ending balance individually evaluated for impairment					43,405					43,405
Ending balance: collectively evaluated for impairment					5,739,258					5,739,258
ACL Loans
Provision for credit losses	6,407	$ 2,225	$ 6,212	2,451	2,585	$ 1,079	$ (315)	1,663	17,295	5,012	11,838
Provision for credit losses, ACL Loans									13,473
Provision for credit losses, ACL-OBCE's									2,600
Provision for credit losses, Freddie Mac-sponsored Q-series securitization transaction									1,200
ASU 2016-13 | Impact from adoption of ASU
Allowance for credit losses
Balance, beginning of period				(299)					(299)
Balance, end of period					(299)					(299)
Mortgage warehouse lines of credit
Allowance for credit losses
Provision for credit losses									(747)
Balance, end of period	1,249								1,249
Allowance for loan losses
Balance, beginning of period				1,955				4,018	1,955	4,018	1,913
Provision for credit losses										(2,063)	(2,105)
Balance, end of period					1,955					1,955	4,018
Ending balance: collectively evaluated for impairment					1,955					1,955
Loans
Ending balance					781,437					781,437
Ending balance: collectively evaluated for impairment					781,437					781,437
ACL Loans
Provision for credit losses, ACL Loans									(747)
Mortgage warehouse lines of credit | ASU 2016-13 | Impact from adoption of ASU
Allowance for credit losses
Balance, beginning of period				41					41
Balance, end of period					41					41
Residential real estate
Allowance for credit losses
Provision for credit losses									2,588
Loans charged to the allowance									(4)
Balance, end of period	7,029								7,029
Allowance for loan losses
Balance, beginning of period				4,170				3,334	4,170	3,334	2,042
Provision for credit losses										838	(1,248)
Loans charged to the allowance										(2)	31
Recoveries of loans previously charged off											75
Balance, end of period					4,170					4,170	3,334
Ending balance: individually evaluated for impairment					16					16
Ending balance: collectively evaluated for impairment					4,154					4,154
Loans
Ending balance					843,101					843,101
Ending balance individually evaluated for impairment					419					419
Ending balance: collectively evaluated for impairment					842,682					842,682
ACL Loans
Provision for credit losses, ACL Loans									2,588
Residential real estate | ASU 2016-13 | Impact from adoption of ASU
Allowance for credit losses
Balance, beginning of period				275					275
Balance, end of period					275					275
Multi-family financing
Allowance for credit losses
Provision for credit losses									2,177
Balance, end of period	16,781								16,781
Allowance for loan losses
Balance, beginning of period				14,084				12,140	14,084	12,140	5,784
Provision for credit losses										1,944	(6,356)
Balance, end of period					14,084					14,084	12,140
Ending balance: collectively evaluated for impairment					14,084					14,084
Loans
Ending balance					2,702,042					2,702,042
Ending balance individually evaluated for impairment					36,760					36,760
Ending balance: collectively evaluated for impairment					2,665,282					2,665,282
ACL Loans
Provision for credit losses, ACL Loans									2,177
Multi-family financing | ASU 2016-13 | Impact from adoption of ASU
Allowance for credit losses
Balance, beginning of period				520					520
Balance, end of period					520					520
Healthcare financing
Allowance for credit losses
Provision for credit losses									5,282
Balance, end of period	9,882								9,882
Allowance for loan losses
Balance, beginning of period				4,461				2,591	4,461	2,591	1,234
Provision for credit losses										1,870	(1,357)
Balance, end of period					4,461					4,461	2,591
Ending balance: collectively evaluated for impairment					4,461					4,461
Loans
Ending balance					826,157					826,157
Ending balance: collectively evaluated for impairment					826,157					826,157
ACL Loans
Provision for credit losses, ACL Loans									5,282
Healthcare financing | ASU 2016-13 | Impact from adoption of ASU
Allowance for credit losses
Balance, beginning of period				139					139
Balance, end of period					139					139
Commercial and commercial real estate
Allowance for credit losses
Provision for credit losses									4,216
Loans charged to the allowance									(1,238)
Recoveries of loans previously charged off									746
Balance, end of period	8,326								8,326
Allowance for loan losses
Balance, beginning of period				5,879				4,641	5,879	4,641	4,173
Provision for credit losses										2,422	(681)
Loans charged to the allowance										(1,184)	319
Recoveries of loans previously charged off											106
Balance, end of period					5,879					5,879	4,641
Ending balance: individually evaluated for impairment					867					867
Ending balance: collectively evaluated for impairment					5,012					5,012
Loans
Ending balance					520,199					520,199
Ending balance individually evaluated for impairment					6,055					6,055
Ending balance: collectively evaluated for impairment					514,144					514,144
ACL Loans
Provision for credit losses, ACL Loans									4,216
Commercial and commercial real estate | ASU 2016-13 | Impact from adoption of ASU
Allowance for credit losses
Balance, beginning of period				(1,277)					(1,277)
Balance, end of period					(1,277)					(1,277)
Commercial and commercial real estate | Loans funded through PPP, CARES Act
Loans
Ending balance					7,000					7,000
Agricultural production and real estate
Allowance for credit losses
Provision for credit losses									(74)
Balance, end of period	565								565
Allowance for loan losses
Balance, beginning of period				657				636	657	636	523
Provision for credit losses										21	(113)
Balance, end of period					657					657	636
Ending balance: collectively evaluated for impairment					657					657
Loans
Ending balance					97,060					97,060
Ending balance individually evaluated for impairment					158					158
Ending balance: collectively evaluated for impairment					96,902					96,902
ACL Loans
Provision for credit losses, ACL Loans									(74)
Agricultural production and real estate | ASU 2016-13 | Impact from adoption of ASU
Allowance for credit losses
Balance, beginning of period				(18)					(18)
Balance, end of period					(18)					(18)
Consumer and margin loans
Allowance for credit losses
Provision for credit losses									31
Loans charged to the allowance									(15)
Recoveries of loans previously charged off									7
Balance, end of period	$ 182								182
Allowance for loan losses
Balance, beginning of period				138				$ 140	138	140	173
Provision for credit losses										(20)	22
Loans charged to the allowance										(6)	11
Recoveries of loans previously charged off										24
Balance, end of period					138					138	$ 140
Ending balance: individually evaluated for impairment					7					7
Ending balance: collectively evaluated for impairment					131					131
Loans
Ending balance					12,667					12,667
Ending balance individually evaluated for impairment					13					13
Ending balance: collectively evaluated for impairment					12,654					12,654
ACL Loans
Provision for credit losses, ACL Loans									31
Consumer and margin loans | ASU 2016-13 | Impact from adoption of ASU
Allowance for credit losses
Balance, beginning of period				$ 21					$ 21
Balance, end of period					$ 21					$ 21

Loans and Allowance for Credi_5

Loans and Allowance for Credit Losses on Loans - Amortized cost basis and ACL (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	$ 7,470,872
Allowance for credit losses on loans	44,014
Collateral Dependent Loans
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	64,825
Allowance for credit losses on loans	1,181
Real Estate
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	58,927
Accounts Receivable Or Equipment
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	4,917
Other Collateralized Assets
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	981
Mortgage warehouse lines of credit
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	464,785
Allowance for credit losses on loans	1,249
Residential real estate
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	1,178,401
Allowance for credit losses on loans	7,029
Residential real estate | Collateral Dependent Loans
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	246
Allowance for credit losses on loans	31
Residential real estate | Real Estate
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	237
Residential real estate | Other Collateralized Assets
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	9
Multi-family financing
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	3,135,535
Allowance for credit losses on loans	16,781
Multi-family financing | Collateral Dependent Loans
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	36,760
Allowance for credit losses on loans	173
Multi-family financing | Real Estate
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	36,760
Healthcare financing
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	1,604,341
Allowance for credit losses on loans	9,882
Healthcare financing | Collateral Dependent Loans
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	21,783
Allowance for credit losses on loans	134
Healthcare financing | Real Estate
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	21,783
Commercial and commercial real estate
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	978,661
Allowance for credit losses on loans	8,326
Commercial and commercial real estate | Collateral Dependent Loans
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	5,883
Allowance for credit losses on loans	842
Commercial and commercial real estate | Accounts Receivable Or Equipment
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	4,917
Commercial and commercial real estate | Other Collateralized Assets
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	966
Agricultural production and real estate
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	95,651
Allowance for credit losses on loans	565
Agricultural production and real estate | Collateral Dependent Loans
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	147
Allowance for credit losses on loans	1
Agricultural production and real estate | Real Estate
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	147
Consumer and margin loans
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	13,498
Allowance for credit losses on loans	182
Consumer and margin loans | Collateral Dependent Loans
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	6
Consumer and margin loans | Other Collateralized Assets
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	$ 6

Loans and Allowance for Credi_6

Loans and Allowance for Credit Losses on Loans - Credit Risk Profile of Loan Portfolio (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Credit risk profile of portfolio
2022	$ 2,475,328
2021	997,674
2020	354,135
2019	80,929
2018	26,535
Prior	49,623
Revolving Loans	3,486,648
Loans	7,470,872
Loans		$ 5,782,663
Pass
Credit risk profile of portfolio
2022	2,353,570
2021	948,348
2020	344,099
2019	80,256
2018	26,199
Prior	47,345
Revolving Loans	3,468,410
Loans	7,268,227
Loans		5,638,427
Special Mention (Watch)
Credit risk profile of portfolio
2022	84,998
2021	25,526
2020	9,445
2019	601
2018	262
Prior	1,287
Revolving Loans	15,701
Loans	137,820
Loans		100,831
Substandard
Credit risk profile of portfolio
2022	36,760
2021	23,800
2020	591
2019	72
2018	74
Prior	991
Revolving Loans	2,537
Loans	64,825
Loans		43,405
Mortgage warehouse lines of credit
Credit risk profile of portfolio
Revolving Loans	464,785
Loans	464,785
Loans		781,437
Mortgage warehouse lines of credit | Pass
Credit risk profile of portfolio
Revolving Loans	464,785
Loans	464,785
Loans		781,437
Residential real estate
Credit risk profile of portfolio
2022	13,344
2021	8,192
2020	24,708
2019	3,559
2018	1,796
Prior	12,006
Revolving Loans	1,114,796
Loans	1,178,401
Loans		843,101
Residential real estate | Pass
Credit risk profile of portfolio
2022	13,344
2021	8,192
2020	24,708
2019	3,498
2018	1,722
Prior	11,166
Revolving Loans	1,114,705
Loans	1,177,335
Loans		841,736
Residential real estate | Special Mention (Watch)
Credit risk profile of portfolio
2019	61
Prior	668
Revolving Loans	91
Loans	820
Loans		946
Residential real estate | Substandard
Credit risk profile of portfolio
2018	74
Prior	172
Loans	246
Loans		419
Multi-family financing
Credit risk profile of portfolio
2022	1,281,687
2021	544,823
2020	208,829
2019	32,349
2018	4,416
Prior	7,229
Revolving Loans	1,056,202
Loans	3,135,535
Loans		2,702,042
Multi-family financing | Pass
Credit risk profile of portfolio
2022	1,212,008
2021	544,823
2020	200,829
2019	32,349
2018	4,416
Prior	7,229
Revolving Loans	1,042,024
Loans	3,043,678
Loans		2,638,127
Multi-family financing | Special Mention (Watch)
Credit risk profile of portfolio
2022	32,919
2020	8,000
Revolving Loans	14,178
Loans	55,097
Loans		27,155
Multi-family financing | Substandard
Credit risk profile of portfolio
2022	36,760
Loans	36,760
Loans		36,760
Healthcare financing
Credit risk profile of portfolio
2022	1,039,698
2021	348,193
2020	78,792
2019	13,770
Revolving Loans	123,888
Loans	1,604,341
Loans		826,157
Healthcare financing | Pass
Credit risk profile of portfolio
2022	987,676
2021	301,103
2020	78,792
2019	13,770
Revolving Loans	123,888
Loans	1,505,229
Loans		759,751
Healthcare financing | Special Mention (Watch)
Credit risk profile of portfolio
2022	52,022
2021	25,307
Loans	77,329
Loans		66,406
Healthcare financing | Substandard
Credit risk profile of portfolio
2021	21,783
Loans	21,783
Commercial and commercial real estate
Credit risk profile of portfolio
2022	123,800
2021	88,463
2020	25,357
2019	24,921
2018	12,434
Prior	9,659
Revolving Loans	694,027
Loans	978,661
Loans		520,199
Commercial and commercial real estate | Pass
Credit risk profile of portfolio
2022	123,757
2021	86,282
2020	23,803
2019	24,730
2018	12,335
Prior	8,765
Revolving Loans	690,114
Loans	969,786
Loans		511,661
Commercial and commercial real estate | Special Mention (Watch)
Credit risk profile of portfolio
2022	43
2021	164
2020	963
2019	119
2018	99
Prior	228
Revolving Loans	1,376
Loans	2,992
Loans		2,483
Commercial and commercial real estate | Substandard
Credit risk profile of portfolio
2021	2,017
2020	591
2019	72
Prior	666
Revolving Loans	2,537
Loans	5,883
Loans		6,055
Agricultural production and real estate
Credit risk profile of portfolio
2022	12,126
2021	7,540
2020	16,122
2019	6,229
2018	3,300
Prior	20,712
Revolving Loans	29,622
Loans	95,651
Loans		97,060
Agricultural production and real estate | Pass
Credit risk profile of portfolio
2022	12,112
2021	7,485
2020	15,660
2019	5,808
2018	3,137
Prior	20,176
Revolving Loans	29,566
Loans	93,944
Loans		93,082
Agricultural production and real estate | Special Mention (Watch)
Credit risk profile of portfolio
2022	14
2021	55
2020	462
2019	421
2018	163
Prior	389
Revolving Loans	56
Loans	1,560
Loans		3,820
Agricultural production and real estate | Substandard
Credit risk profile of portfolio
Prior	147
Loans	147
Loans		158
Consumer and margin loans
Credit risk profile of portfolio
2022	4,673
2021	463
2020	327
2019	101
2018	4,589
Prior	17
Revolving Loans	3,328
Loans	13,498
Loans		12,667
Consumer and margin loans | Pass
Credit risk profile of portfolio
2022	4,673
2021	463
2020	307
2019	101
2018	4,589
Prior	9
Revolving Loans	3,328
Loans	13,470
Loans		12,633
Consumer and margin loans | Special Mention (Watch)
Credit risk profile of portfolio
2020	20
Prior	2
Loans	22
Loans		21
Consumer and margin loans | Substandard
Credit risk profile of portfolio
Prior	6
Loans	$ 6
Loans		$ 13

Loans and Allowance for Credi_7

Loans and Allowance for Credit Losses on Loans - Aging Analysis Of The Recorded Investment In Loans (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Aging analysis of loan portfolio
Loans	$ 7,470,872,000
Loans		$ 5,782,663,000
Total Past Due
Aging analysis of loan portfolio
Loans	39,752,000
Loans		2,619,000
30-59 Days Past Due
Aging analysis of loan portfolio
Loans	13,721,000
Loans		1,923,000
60-89 Days Past Due
Aging analysis of loan portfolio
Loans	176,000
Loans		321,000
Greater Than 90 Days
Aging analysis of loan portfolio
Loans	25,855,000
Loans		375,000
Current.
Aging analysis of loan portfolio
Loans	7,431,120,000
Loans		5,780,044,000
Mortgage warehouse lines of credit
Aging analysis of loan portfolio
Loans	464,785,000
Loans		781,437,000
Mortgage warehouse lines of credit | Current.
Aging analysis of loan portfolio
Loans	464,785,000
Loans		781,437,000
Residential real estate
Aging analysis of loan portfolio
Loans	1,178,401,000
Loans		843,101,000
Residential real estate | Total Past Due
Aging analysis of loan portfolio
Loans	4,477,000
Loans		1,725,000
Residential real estate | 30-59 Days Past Due
Aging analysis of loan portfolio
Loans	4,053,000
Loans		1,252,000
Residential real estate | 60-89 Days Past Due
Aging analysis of loan portfolio
Loans	152,000
Loans		287,000
Residential real estate | Greater Than 90 Days
Aging analysis of loan portfolio
Loans	272,000
Loans		186,000
Residential real estate | Current.
Aging analysis of loan portfolio
Loans	1,173,924,000
Loans		841,376,000
Healthcare financing
Aging analysis of loan portfolio
Loans	1,604,341,000
Loans		826,157,000
Healthcare financing | Total Past Due
Aging analysis of loan portfolio
Loans	21,783,000
Healthcare financing | Greater Than 90 Days
Aging analysis of loan portfolio
Loans	21,783,000
Healthcare financing | Current.
Aging analysis of loan portfolio
Loans	1,582,558,000
Loans		826,157,000
Multi-family financing
Aging analysis of loan portfolio
Loans	3,135,535,000
Loans		2,702,042,000
Multi-family financing | Current.
Aging analysis of loan portfolio
Loans	3,135,535,000
Loans		2,702,042,000
Commercial and commercial real estate
Aging analysis of loan portfolio
Loans	978,661,000
Loans		520,199,000
Commercial and commercial real estate | Total Past Due
Aging analysis of loan portfolio
Loans	8,537,000
Loans		748,000
Commercial and commercial real estate | 30-59 Days Past Due
Aging analysis of loan portfolio
Loans	4,759,000
Loans		591,000
Commercial and commercial real estate | 60-89 Days Past Due
Aging analysis of loan portfolio
Loans		8,000
Commercial and commercial real estate | Greater Than 90 Days
Aging analysis of loan portfolio
Loans	3,778,000
Loans		149,000
Commercial and commercial real estate | Current.
Aging analysis of loan portfolio
Loans	970,124,000
Loans		519,451,000
Commercial and commercial real estate | Government guaranteed SBA loans | 30-59 Days Past Due
Aging analysis of loan portfolio
Loans	0
Loans		3,200,000
Commercial and commercial real estate | Government guaranteed SBA loans | Greater Than 90 Days
Aging analysis of loan portfolio
Loans	0
Loans		274,000
Agricultural production and real estate
Aging analysis of loan portfolio
Loans	95,651,000
Loans		97,060,000
Agricultural production and real estate | Total Past Due
Aging analysis of loan portfolio
Loans	4,903,000
Loans		58,000
Agricultural production and real estate | 30-59 Days Past Due
Aging analysis of loan portfolio
Loans	4,903,000
Loans		37,000
Agricultural production and real estate | 60-89 Days Past Due
Aging analysis of loan portfolio
Loans		21,000
Agricultural production and real estate | Current.
Aging analysis of loan portfolio
Loans	90,748,000
Loans		97,002,000
Consumer and margin loans
Aging analysis of loan portfolio
Loans	13,498,000
Loans		12,667,000
Consumer and margin loans | Total Past Due
Aging analysis of loan portfolio
Loans	52,000
Loans		88,000
Consumer and margin loans | 30-59 Days Past Due
Aging analysis of loan portfolio
Loans	6,000
Loans		43,000
Consumer and margin loans | 60-89 Days Past Due
Aging analysis of loan portfolio
Loans	24,000
Loans		5,000
Consumer and margin loans | Greater Than 90 Days
Aging analysis of loan portfolio
Loans	22,000
Loans		40,000
Consumer and margin loans | Current.
Aging analysis of loan portfolio
Loans	$ 13,446,000
Loans		$ 12,579,000

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, 2021 USD ($)
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) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Impaired Loans
Average recorded investment in impaired loans	$ 23,302	$ 14,700
Interest income recognized	461	429
Mortgage warehouse lines of credit
Impaired Loans
Average recorded investment in impaired loans		106
Residential real estate
Impaired Loans
Average recorded investment in impaired loans	1,658	3,002
Interest income recognized	64	57
Multi-family financing
Impaired Loans
Average recorded investment in impaired loans	14,138
Commercial and commercial real estate
Impaired Loans
Average recorded investment in impaired loans	6,888	9,913
Interest income recognized	397	371
Agricultural production and real estate
Impaired Loans
Average recorded investment in impaired loans	611	1,662
Interest income recognized		1
Consumer and margin loans
Impaired Loans
Average recorded investment in impaired loans	$ 7	$ 17

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	Dec. 31, 2022	Dec. 31, 2021
Loan portfolio past due loans
Nonaccrual	$ 26,571	$ 524
Total Loans Greater than 90 Days & Accruing	112	237
Residential real estate
Loan portfolio past due loans
Nonaccrual	245	362
Total Loans Greater than 90 Days & Accruing	96	22
Healthcare financing
Loan portfolio past due loans
Nonaccrual	21,783
Commercial and commercial real estate
Loan portfolio past due loans
Nonaccrual	4,390
Total Loans Greater than 90 Days & Accruing		149
Agricultural production and real estate
Loan portfolio past due loans
Nonaccrual	147	158
Total Loans Greater than 90 Days & Accruing		30
Consumer and margin loans
Loan portfolio past due loans
Nonaccrual	6	4
Total Loans Greater than 90 Days & Accruing	$ 16	$ 36

Loans and Allowance for Cred_11

Loans and Allowance for Credit Losses on Loans - Troubled Debt and Modifications (Details)	12 Months Ended
	Dec. 31, 2022 loan	Dec. 31, 2021 USD ($) loan item	Dec. 31, 2020 USD ($) item
Troubled debt and modifications
Number of troubled debt restructuring | loan	0
Commercial and commercial real estate
Troubled debt and modifications
Number of troubled debt restructuring | item		1
Commercial and commercial real estate | Modification of terms
Troubled debt and modifications
Recorded investment, before modification		$ 2,000,000
Recorded investment, after modification		$ 2,000,000
Residential real estate
Troubled debt and modifications
Number of loans in the process of foreclosure | loan	0	0
Agricultural production and real estate
Troubled debt and modifications
Number of troubled debt restructuring | item			1
Agricultural production and real estate | Modification of terms
Troubled debt and modifications
Recorded investment, before modification			$ 180,000
Recorded investment, after modification			$ 180,000

Loans and Allowance for Cred_12

Loans and Allowance for Credit Losses on Loans - Narrative (Details)					12 Months Ended
	Nov. 03, 2022 USD ($) loan	Sep. 22, 2022 USD ($)	May 05, 2022 USD ($) security	May 07, 2021 USD ($) security	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Loans and Leases Receivable Disclosure [Line Items]
Proceeds from sale of loans receivable					$ 788,848,000	$ 262,086,000
Net gain (loss) on sale of loans					64,150,000	111,185,000	$ 96,578,000
Purchases of available for sale securities					51,197,000	221,191,000	596,839,000
Servicing rights					146,248,000	110,348,000	82,604,000	$ 74,387,000
Purchase of loans					551,091,000	$ 369,148,000	$ 385,820,000
Payments to held to maturity security					1,252,793,000
Provision for credit losses					$ 13,473,000
Loan Sale and Freddie Mac Q Series Securitization
Loans and Leases Receivable Disclosure [Line Items]
Net gain (loss) on sale of loans	$ 121,000		$ 2,300,000	$ (676,000)
First loss position in loan portfolio, maximum securitization pool, percentage			12%	10%	12%
First loss position in loan portfolio, maximum securitization pool, amount			$ 25,700,000	$ 26,200,000
First loss position in loan portfolio, reserves for losses			1,200,000	1,400,000
Servicing rights	1,300,000		1,200,000	$ 730,000
Gain (loss) on sale					$ 0
Loan Sale and Freddie Mac Q Series Securitization | Other liabilities
Loans and Leases Receivable Disclosure [Line Items]
Non-contingent reserve			$ 2,500,000		2,500,000
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			0	2
Purchases of available for sale securities				$ 28,700,000
Loan Sale and Freddie Mac Q Series Securitization | US Treasury Securities.
Loans and Leases Receivable Disclosure [Line Items]
Purchases of available for sale securities			$ 27,000,000
Multi-family financing
Loans and Leases Receivable Disclosure [Line Items]
Provision for credit losses					$ 2,177,000
Multi-family financing | Loan Sale and Freddie Mac Q Series Securitization
Loans and Leases Receivable Disclosure [Line Items]
Amount of portfolio of loans sold in a securitization transaction	$ 284,200,000		$ 214,000,000	$ 262,000,000
Number of loans securitized | loan	16
Multi-family financing | Loan Sale and Securitization
Loans and Leases Receivable Disclosure [Line Items]
Amount of portfolio of loans sold in a securitization transaction		$ 1,200,000,000
Net gain (loss) on sale of loans		(525,000)
Payments to held to maturity security		$ 1,000,000,000
Percentage of first loss position		13.40%
Proceeds and accrued interest on loans, net of the acquired securities		$ 150,600,000
Allowance for credit losses associated with loans sold released through the provision for credit losses		4,000,000
Pricing loss		5,400,000
Transaction expenses		4,900,000
Capitalizing servicing rights		6,700,000
Release of deferred fees on loans sold		$ 3,200,000

Derivative Financial Instrume_3

Derivative Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Financial Instruments
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets and Receivables	Other Assets and Receivables
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities.	Other Liabilities.
The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income
Net swap gains (losses)	$ 132
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Sales of Loans, Net	Gain (Loss) on Sales of Loans, Net	Gain (Loss) on Sales of Loans, Net
Amount of pledged collateral to secure obligations under back-to-back swap contracts	$ 0	$ 3,900
Derivative assets
Derivative Financial Instruments
Derivative assets, fair value	3,104	350
Derivative liabilities
Derivative Financial Instruments
Derivative liabilities, fair value	75	159
Derivative
The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income
Net swap gains (losses)	$ 5,059	$ 48	$ (5,133)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Noninterest Income, Other	Noninterest Income, Other	Noninterest Income, Other
Interest rate lock commitments
Derivative Financial Instruments
Notional amount	$ 8,759	$ 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)	(218)	(5,908)	$ 5,945
Interest rate lock commitments | Derivative assets
Derivative Financial Instruments
Derivative assets, fair value	28	264
Interest rate lock commitments | Derivative liabilities
Derivative Financial Instruments
Derivative liabilities, fair value	23	41
Forward contracts
Derivative Financial Instruments
Notional amount	13,096	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)	5,277	5,956	(11,078)
Forward contracts | Derivative assets
Derivative Financial Instruments
Derivative assets, fair value	46	86
Forward contracts | Derivative liabilities
Derivative Financial Instruments
Derivative liabilities, fair value	52	118
Interest rate swaps
Derivative Financial Instruments
Notional amount	57,574
The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income
Net swap gains (losses)	3,030
Interest rate swaps | Derivative assets
Derivative Financial Instruments
Derivative assets, fair value	3,030
Interest rate swaps (back-to-back)
Derivative Financial Instruments
Notional amount	77,495	135,686
Derivative assets, fair value	3,041	1,131
Derivative liabilities, fair value	3,041	1,131
The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income
Gross swap gains	1,910	2,039	2,659
Gross swap losses	1,910	$ 2,039	$ 2,659
Loans held for sale
The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income
Net swap gains (losses)	$ (2,898)

Loan Servicing (Details)

Loan Servicing (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loan Servicing
Balance, beginning of period	$ 110,348	$ 82,604	$ 74,387
Paydowns	(10,985)	(16,691)	(7,838)
Sold Servicing		(438)
Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model	19,761	12,395	(5,834)
Balance, end of period	146,248	110,348	82,604
Revenue from specified servicing fee	21,400	20,700	11,900
Escrow funds	777,700	695,900
Customer servicing loan	6,200	4,800
Purchased servicing
Loan Servicing
Additions		2,057
Originated servicing
Loan Servicing
Additions	$ 27,124	30,421	$ 21,889
Mortgage Loans
Loan Servicing
Sliding scale to deter prepayments (in years)	10 years
Unpaid principal balances of mortgage and other loans serviced for others	$ 13,100,000	10,600,000
Unpaid principal balances of loans subserviced for others	1,900,000	700,000
Unpaid principal balances of loans others servicing	700	0
Multi-family financing | Mortgage Loans
Loan Servicing
Unpaid principal balances of mortgage loan	$ 21,900	$ 16,100

Goodwill and Intangibles - Good

Goodwill and Intangibles - Goodwill (Details) - USD ($)		12 Months Ended
	Dec. 31, 2018	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Changes in goodwill:
Balance, beginning of period		$ 15,845,000	$ 15,845,000	$ 15,845,000
Goodwill acquired during the period
Post-acquisition adjustments
Impairment losses
Balance, end of the period		15,845,000	15,845,000	15,845,000	$ 15,845,000
NattyMac, LLC
Goodwill
Transfer to intangible assets	$ 1,600,000				1,600,000
Changes in goodwill:
Post-acquisition adjustments					271,000
Multifamily
Changes in goodwill:
Balance, beginning of period		3,791,000	3,791,000	3,791,000
Goodwill acquired during the period
Post-acquisition adjustments
Impairment losses
Balance, end of the period		3,791,000	3,791,000	3,791,000	3,791,000
Banking
Changes in goodwill:
Balance, beginning of period		8,353,000	8,353,000	8,353,000
Goodwill acquired during the period
Post-acquisition adjustments
Impairment losses
Balance, end of the period		8,353,000	8,353,000	8,353,000	8,353,000
Mortgage Warehousing
Changes in goodwill:
Balance, beginning of period		3,701,000	3,701,000	3,701,000
Goodwill acquired during the period
Post-acquisition adjustments
Impairment losses
Balance, end of the period		$ 3,701,000	$ 3,701,000	$ 3,701,000	$ 3,701,000
Mortgage Warehousing | NattyMac, LLC
Changes in goodwill:
Goodwill acquired during the period	$ 3,700,000

Goodwill and Intangibles - Acqu

Goodwill and Intangibles - Acquisitions, Goodwill (Details) - USD ($)					12 Months Ended
	Dec. 31, 2018	Oct. 01, 2018	Jan. 02, 2018	Aug. 15, 2017	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill
Goodwill acquired during the period
Post-acquisition adjustments
Finite-Lived Intangible Assets, Net					1,186,000	1,707,000	2,283,000
Multifamily
Goodwill
Goodwill acquired during the period
Post-acquisition adjustments
Banking
Goodwill
Goodwill acquired during the period
Post-acquisition adjustments
Mortgage Warehousing
Goodwill
Goodwill acquired during the period
Post-acquisition adjustments
NattyMac, LLC
Goodwill
Post-acquisition adjustments								$ 271,000
Transfer to intangible assets	$ 1,600,000							$ 1,600,000
NattyMac, LLC | Mortgage Warehousing
Goodwill
Goodwill acquired during the period	$ 3,700,000
FMNBP | Banking
Goodwill
Goodwill acquired during the period		$ 6,900,000
Post-acquisition adjustments		$ 333,000
FMBI | Banking
Goodwill
Goodwill acquired during the period			$ 988,000
MCS | Multifamily
Goodwill
Goodwill acquired during the period				$ 3,800,000
Post-acquisition adjustments									$ 412,000

Goodwill and Intangibles - Inta

Goodwill and Intangibles - Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Summary
Gross Carrying Amount	$ 4,011,000	$ 4,011,000	$ 5,581,000
Accumulated Amortization	(2,825,000)	(2,304,000)	(3,298,000)
Total	$ 1,186,000	1,707,000	2,283,000
Licenses
Intangible assets
Amortization period	84 months
Summary
Gross Carrying Amount	$ 1,370,000	1,370,000	1,370,000
Accumulated Amortization	(1,052,000)	(856,000)	(661,000)
Total	$ 318,000	514,000	709,000
Trade names
Intangible assets
Amortization period	120 months
Summary
Gross Carrying Amount	$ 224,000	224,000	224,000
Accumulated Amortization	(120,000)	(98,000)	(75,000)
Total	$ 104,000	126,000	149,000
Customer list
Intangible assets
Amortization period	21 months
Summary
Gross Carrying Amount			1,570,000
Accumulated Amortization			(1,570,000)
Core deposit intangible
Intangible assets
Amortization period	10 years
Summary
Gross Carrying Amount	$ 2,417,000	2,417,000	2,417,000
Accumulated Amortization	(1,653,000)	(1,350,000)	(992,000)
Total	$ 764,000	1,067,000	1,425,000
NattyMac, LLC | Customer list
Intangible assets
Amortization period	21 months
Summary
Total	$ 1,600,000	1,600,000	1,600,000
FMNBP | Core deposit intangible
Intangible assets
Amortization period	10 years
Amortization of intangible assets		250,000	294,000	$ 326,000
FMBI | Core deposit intangible
Intangible assets
Amortization period	10 years
Amortization of intangible assets	$ 53,000	64,000	75,000
MCS
Intangible assets
Amortization of intangible assets	$ 218,000	$ 218,000	$ 218,000

Goodwill and Intangibles - Esti

Goodwill and Intangibles - Estimated Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Estimated amortization expense
2023	$ 462
2024	335
2025	166
2026	124
2027	76
Thereafter	23
Total	$ 1,186	$ 1,707	$ 2,283

Premises and Equipment (Details

Premises and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Premises and Equipment
Total cost	$ 44,167	$ 38,307
Accumulated depreciation	(8,729)	(7,095)
Net premises and equipment	35,438	31,212
Land
Premises and Equipment
Total cost	3,696	3,097
Buildings
Premises and Equipment
Total cost	29,661	25,214
Leasehold improvements
Premises and Equipment
Total cost	310	237
Furniture, Fixtures, Equipment and Software
Premises and Equipment
Total cost	$ 10,500	$ 9,759

Leases - Other (Details)

Leases - Other (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases
Operating lease right-of-use assets	$ 10,969
Operating lease liabilities	$ 11,992
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	12 Months Ended
	Dec. 31, 2022 USD ($)
Leases.
Operating lease right-of-of use asset (in other assets)	$ 10,969
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets and Receivables
Operating lease liability (in other liabilities)	$ 11,992
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities.
Weighted average remaining lease term (years)	6 years 6 months
Weighted average discount rate	2.65%
Maturities of lease liabilities
2023	$ 2,181
2024	2,321
2025	1,881
2026	1,911
2027	1,853
Thereafter	2,902
Total future minimum lease payments	13,049
Less: imputed interest	1,057
Total	11,992
Components of lease expense:
Operating lease cost (in occupancy and equipment expense)	2,033
Operating cash flows from operating leases	$ 1,461

Leases - Prior to Adoption of A

Leases - Prior to Adoption of ASU 2016-02 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases.
Rent expense	$ 1,500	$ 1,200
Future minimum lease payments under operating leases:
Due within one year	1,570
Due in one year to two years	1,776
Due in two years to three years	1,568
Due in three years to four years	947
Due in four years to five years	964
Thereafter	2,154
Total minimum lease payments	$ 8,979

Other Assets and Receivables (D

Other Assets and Receivables (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investment in Qualified Affordable Housing Limited Partnerships
Investments for qualified affordable housing limited partnerships	$ 73	$ 31.5
Additional contribution on qualified affordable housing limited partnerships	36.8	24.4
Amortization expense	2.1	2	$ 1.8
Tax credit	2.1	2	$ 2
Joint Ventures
Investments in debt funds	29.8	25.6
Additional investment in joint ventures	3.5	10.4
Other Receivables
Other receivables	10.5	11.7
Short term receivables	6	6.5
Accrued fees	2.2	0
Other receivables, collateral recorded against outstanding hedges	0	3.9
Corporate Joint Venture [Member]
Joint Ventures
Investment in joint ventures	$ 37.5	$ 31

Variable Interest Entities (V_3

Variable Interest Entities (VIEs) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entities (VIEs)
Total Assets	$ 12,615,227	$ 11,278,638	$ 9,645,375
Total Liabilities	11,155,488	10,123,229
Maximum Exposure to Loss	871,800
Single Family and Multi-Family Debt Financing Investments | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entities (VIEs)
Total Assets	52,125	36,573
Total Liabilities	25,564	21,014
Maximum Exposure to Loss	$ 52,125	$ 36,164

Deposits - Components (Details)

Deposits - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deposits
Demand deposits	$ 4,047,238	$ 4,943,937
Savings deposits	3,034,818	2,839,616
Certificates of deposit	2,989,289	1,199,060
Total deposits	$ 10,071,345	$ 8,982,613

Deposits - Maturities of deposi

Deposits - Maturities of deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deposits
Due within one year	$ 2,958,036
Due in one year to two years	21,409
Due in two years to three years	8,032
Due in three years to four years	1,190
Due in four years to five years	622
Total time deposits	2,989,289	$ 1,199,060
Certificates of deposit of 250,000 or more	$ 186,400	$ 574,000

Deposits - Brokered deposits (D

Deposits - Brokered deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deposits
Brokered certificates of deposit	$ 2,681,198	$ 551,809
Brokered savings deposits	81,532	357,840
Brokered deposit on demand accounts	13	1,250,141
Total brokered deposits	$ 2,762,743	$ 2,159,790

Borrowings - Components (Detail

Borrowings - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Borrowings
Borrowings	$ 930,392	$ 1,033,954
Federal Reserve discount window borrowings
Borrowings
Borrowings	20,000	160,000
Short-Term Subordinated Debt
Borrowings
Borrowings	21,000	17,000
FHLB Advances
Borrowings
Borrowings	859,392	556,954
American Financial Exchange borrowing
Borrowings
Borrowings	$ 30,000	$ 300,000

Borrowings - Other (Details)

Borrowings - Other (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) period D	Dec. 31, 2021 USD ($)	Apr. 24, 2018 USD ($)
Borrowings
Amount of borrowings secured	$ 0	$ 3,900
Amount outstanding	$ 930,392	1,033,954
Federal Reserve discount window borrowings
Borrowings
Maturity period, minimum (in hours) | period	1
Maturity period, maximum (in dats) | D	90
Outstanding balance	$ 20,000	$ 160,000
Fixed rate (as a percent)	4.50%	4.50%
Amount outstanding	$ 20,000	$ 160,000
Short-Term Subordinated Debt
Borrowings
Amount outstanding	$ 21,000	17,000
Short-Term Subordinated Debt | Home point | SOFR
Borrowings
Basis spread on variable rate (as a percent)	3.50%
Short-Term Subordinated Debt | Customer
Borrowings
Maximum investment by counterparty in Company's subordinated debt			$ 30,000
Amount outstanding	$ 21,000	17,000
Additional interest as a percentage of earnings	50%
Agreement renewal term	2 years
Notice period of Non-renewal	180 days
FHLB Advances
Borrowings
Outstanding balance	$ 859,400	557,000
Amount outstanding	859,392	556,954
Mortgage loans pledged as collateral	2,800,000	2,800,000
Available for sale securities and securities purchased under agreements to resell pledged as collateral	298,600	305,800
FHLB Advances | Put option exercised in July 2032
Borrowings
FHLB advances subject to a put option	$ 75,000
FHLB Advances | Minimum
Borrowings
FHLB advances interest rate	1.62%
FHLB Advances | Maximum
Borrowings
FHLB advances interest rate	4.90%
Commercial, agricultural and construction loans | Federal Reserve discount window borrowings
Borrowings
Amount of borrowings secured	$ 2,400,000
American Financial Exchange, Extensions of Credit
Borrowings
Maximum borrowing capacity	500,000	350,000
Outstanding balance	$ 30,000	$ 300,000
Fixed rate (as a percent)	4.60%
American Financial Exchange, Extensions of Credit | Minimum
Borrowings
Fixed rate (as a percent)		0.11%
American Financial Exchange, Extensions of Credit | Maximum
Borrowings
Fixed rate (as a percent)		0.20%

Borrowings - Maturities of Borr

Borrowings - Maturities of Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Borrowings
Excess borrowing capacity	$ 3,100,000
Maturities of borrowings
Due within one year	775,342
Due in one year to two years	73,339
Due in two years to three years	5,320
Due in three years to four years	261
Due in four years to five years	174
Thereafter	75,956
Total	930,392	$ 1,033,954
Federal Reserve discount window borrowings
Maturities of borrowings
Due within one year	20,000
Total	20,000	160,000
Short-Term Subordinated Debt
Maturities of borrowings
Due in one year to two years	21,000
Total	21,000	17,000
FHLB Advances
Maturities of borrowings
Due within one year	725,342
Due in one year to two years	52,339
Due in two years to three years	5,320
Due in three years to four years	261
Due in four years to five years	174
Thereafter	75,956
Total	859,392	556,954
American Financial Exchange borrowing
Maturities of borrowings
Due within one year	30,000
Total	$ 30,000	$ 300,000

Income Taxes - Components (Deta

Income Taxes - Components (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current tax payable
Federal									$ 51,306	$ 55,936	$ 48,409
State									15,384	16,580	15,107
Deferred tax payable
Federal									4,237	4,055	(529)
State									494	1,255	(163)
Actual tax expense	$ 17,720	$ 18,907	$ 18,098	$ 16,696	$ 17,582	$ 20,098	$ 17,977	$ 22,169	$ 71,421	$ 77,826	$ 62,824
Effective tax rate									24.50%	25.50%	25.80%

Income Taxes - Reconciliation (

Income Taxes - Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Statutory tax rate (as a percent)									21%
Computed at the statutory rate -21%									$ 61,140	$ 64,035	$ 51,105
Increase resulting from
State income taxes									12,544	14,090	11,805
Tax credits net of related amortization									57	8	(123)
Other									(2,320)	(307)	37
Actual tax expense	$ 17,720	$ 18,907	$ 18,098	$ 16,696	$ 17,582	$ 20,098	$ 17,977	$ 22,169	$ 71,421	$ 77,826	$ 62,824

Income Taxes - Temporary Differ

Income Taxes - Temporary Differences (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets
Allowance for credit losses on loans	$ 13,983	$ 8,093
Unrealized loss on securities available for sale	3,530	507
Fair value adjustments on acquisitions	51	99
Other	3,945	3,955
Total assets	21,509	12,654
Deferred tax liabilities
Depreciation	(2,809)	(2,860)
Intangible assets	(338)	(298)
Servicing rights	(36,043)	(27,468)
Limited partnership investments	(1,831)	(1,097)
Other	(101)	(102)
Total liabilities	(41,122)	(31,825)
Net deferred tax liability	$ (19,613)	$ (19,171)

Regulatory Matters (Details)

Regulatory Matters (Details) $ in Thousands	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Tier 1 Capital (to average assets)
Amount available without prior regulatory approval for dividends	$ 535,600
Company
Total Capital (to risk-weighted assets)
Total Capital (to risk-weighted assets), Actual, Capital Amount	$ 1,507,968
Total Capital (to risk weighted assets), Actual, Ratio (as a percent)	0.122
Total Capital, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 992,883
Total Capital (to risk weighted assets), Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	0.080
Tier I Capital (to risk-weighted assets)
Tier I Capital, (to risk-weighted assets), Actual, Capital Amount	$ 1,452,456
Tier I Capital (to risk weighted assets), Actual, Ratio (as a percent)	0.117
Tier I Capital, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 744,662
Tier I Capital (to risk weighted assets), Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	0.060
Common Equity Tier I Capital 1 (to risk-weighted assets)
Common Equity Tier I Capital 1, Actual, Capital Amount	$ 952,848
Common Equity Tier I Capital 1 (to risk weighted assets), Ratio (as a percent)	0.077
Common Equity Tier I Capital 1, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 558,497
Common Equity Tier I Capital 1 (to risk weighted assets, Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	0.045
Tier 1 Capital (to average assets)
Tier 1 Capital, Actual, Capital Amount	$ 1,452,456	$ 1,138,090
Tier 1 Capital (to average assets), Actual, Ratio (as a percent)	0.117	0.104
Tier 1 Capital, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 497,604
Tier 1 Capital (to average assets), Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	0.040
Tier 1 Capital, Minimum Amount To Be Well Capitalized, Capital Amount		$ 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)		0.085
Merchants Bank
Total Capital (to risk-weighted assets)
Total Capital (to risk-weighted assets), Actual, Capital Amount	$ 1,427,738
Total Capital (to risk weighted assets), Actual, Ratio (as a percent)	0.117
Total Capital, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 975,853
Total Capital (to risk weighted assets), Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	0.080
Total capital, Minimum Amount To Be Well Capitalized, Capital Amount	$ 1,219,817
Total Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent)	0.100
Tier I Capital (to risk-weighted assets)
Tier I Capital, (to risk-weighted assets), Actual, Capital Amount	$ 1,372,941
Tier I Capital (to risk weighted assets), Actual, Ratio (as a percent)	0.113
Tier I Capital, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 731,890
Tier I Capital (to risk weighted assets), Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	0.060
Tier I Capital, Minimum Amount To Be Well Capitalized, Capital Amount	$ 975,853
Tier I Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent)	0.080
Common Equity Tier I Capital 1 (to risk-weighted assets)
Common Equity Tier I Capital 1, Actual, Capital Amount	$ 1,372,941
Common Equity Tier I Capital 1 (to risk weighted assets), Ratio (as a percent)	0.113
Common Equity Tier I Capital 1, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 548,917
Common Equity Tier I Capital 1 (to risk weighted assets, Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	0.045
Common Equity Tier I Capital 1, Minimum Amount To Be Well Capitalized, Capital Amount	$ 792,881
Common Equity Tier I Capital 1 (to risk weighted assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent)	0.065
Tier 1 Capital (to average assets)
Tier 1 Capital, Actual, Capital Amount	$ 1,372,941	$ 1,088,621
Tier 1 Capital (to average assets), Actual, Ratio (as a percent)	0.113	0.103
Tier 1 Capital, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 487,511
Tier 1 Capital (to average assets), Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	0.040
Tier 1 Capital, Minimum Amount To Be Well Capitalized, Capital Amount	$ 609,389	$ 901,188
Tier 1 Capital (to average assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent)	0.050
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)		0.085
FMBI
Total Capital (to risk-weighted assets)
Total Capital (to risk-weighted assets), Actual, Capital Amount	$ 34,769
Total Capital (to risk weighted assets), Actual, Ratio (as a percent)	0.113
Total Capital, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 24,703
Total Capital (to risk weighted assets), Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	0.080
Total capital, Minimum Amount To Be Well Capitalized, Capital Amount	$ 30,878
Total Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent)	0.100
Tier I Capital (to risk-weighted assets)
Tier I Capital, (to risk-weighted assets), Actual, Capital Amount	$ 34,054
Tier I Capital (to risk weighted assets), Actual, Ratio (as a percent)	0.110
Tier I Capital, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 18,527
Tier I Capital (to risk weighted assets), Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	0.060
Tier I Capital, Minimum Amount To Be Well Capitalized, Capital Amount	$ 24,703
Tier I Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent)	0.080
Common Equity Tier I Capital 1 (to risk-weighted assets)
Common Equity Tier I Capital 1, Actual, Capital Amount	$ 34,054
Common Equity Tier I Capital 1 (to risk weighted assets), Ratio (as a percent)	0.110
Common Equity Tier I Capital 1, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 13,895
Common Equity Tier I Capital 1 (to risk weighted assets, Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	0.045
Common Equity Tier I Capital 1, Minimum Amount To Be Well Capitalized, Capital Amount	$ 20,071
Common Equity Tier I Capital 1 (to risk weighted assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent)	0.065
Tier 1 Capital (to average assets)
Tier 1 Capital, Actual, Capital Amount	$ 34,054	$ 28,958
Tier 1 Capital (to average assets), Actual, Ratio (as a percent)	0.107	0.097
Tier 1 Capital, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 12,702
Tier 1 Capital (to average assets), Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	0.040
Tier 1 Capital, Minimum Amount To Be Well Capitalized, Capital Amount	$ 15,878	$ 25,499
Tier 1 Capital (to average assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent)	0.050
FMBI | Minimum
Tier 1 Capital (to average assets)
Tier 1 Capital (to average assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent)		0.085

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Net Income
Net income		$ 57,156	$ 58,488	$ 53,935	$ 50,142	$ 55,201	$ 58,503	$ 51,417	$ 61,983	$ 219,721		$ 227,104		$ 180,533
Dividends on preferred stock		(8,797)	(5,729)	(5,729)	(5,728)	(5,728)	(5,729)	(5,659)	(3,757)	(25,983)		(20,873)		(14,473)
Net Income Allocated to Common Shareholders		$ 48,359	$ 52,759	$ 48,206	$ 44,414	$ 49,473	$ 52,774	$ 45,758	$ 58,226	$ 193,738		$ 206,231		$ 166,060
Weighted-Average Shares
Weighted average shares - Basic	[1]									43,164,477		43,172,078		43,113,741
Effect of dilutive securities-restricted stock awards										152,427		153,225		53,372
Weighted average shares - diluted	[1]									43,316,904		43,325,303		43,167,113
Per Share Amount
Basic earnings per share(1)		$ 1.12	$ 1.22	$ 1.12	$ 1.03	$ 1.15	$ 1.22	$ 1.06	$ 1.35	$ 4.49	[1]	$ 4.78	[1]	$ 3.85	[1]
Diluted earnings per share(1)		$ 1.12	$ 1.22	$ 1.11	$ 1.02	$ 1.14	$ 1.22	$ 1.06	$ 1.35	$ 4.47	[1]	$ 4.76	[1]	$ 3.85	[1]
[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.

Common Stock (Details)

Common Stock (Details)		12 Months Ended
	Jan. 17, 2022	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 shares	Nov. 17, 2021 USD ($)
Common Stock
Repurchase of common Stock (in shares) | shares			0
Stock split ratio	3
Exchange Ratio of Additional Shares for Every Shares Owned				1
Dollar value of shares repurchased | $		$ 3,935,333
Shares repurchased(1) | shares		165,037
Average price paid per share | $ / shares		$ 23.85
Repurchase program, Authorized Amount | $				$ 75,000,000

Preferred Stock (Details)

Preferred Stock (Details)											12 Months Ended			24 Months Ended
	Sep. 30, 2022 USD ($) shares	Sep. 27, 2022 USD ($) $ / shares shares	May 06, 2021 USD ($) $ / shares shares	Apr. 15, 2021 USD ($) shares	Mar. 23, 2021 USD ($) $ / shares shares	Sep. 23, 2019 USD ($) $ / shares shares	Aug. 19, 2019 USD ($) $ / shares shares	Jun. 27, 2019 USD ($) $ / shares shares	Apr. 12, 2019 USD ($) shares	Mar. 28, 2019 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2016 $ / shares	Dec. 31, 2016 $ / shares shares
Public Offering of Preferred Stock
Net proceeds											$ 137,459,000	$ 191,084,000
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%	8%
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%
Preferred stock liquidation preference (in dollars per share) | $ / shares													$ 1,000	$ 1,000
7% Series A 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%					7%	7%
Preferred stock liquidation preference (in dollars per share) | $ / shares						$ 25					$ 25	$ 25
Redemption of preferred stock						$ 21,850,000
Brokerage fees						$ 0
7% Series A 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%
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% Series A Preferred Stock | Private Placement
Public Offering of Preferred Stock
Shares issued (in shares) | shares								874,000
Preferred stock, dividend rate (as a percent)								7%
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%	6%
Preferred stock liquidation preference (in dollars per share) | $ / shares											$ 1,000	$ 1,000
6% Series B Preferred Stock | Public Offering
Public Offering of Preferred Stock
Depositary 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%
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%	6%
Preferred stock liquidation preference (in dollars per share) | $ / shares											$ 1,000	$ 1,000
Net proceeds			$ 46,200,000
Offering costs			$ 23,000
6% Series C Preferred Stock | Public Offering
Public Offering of Preferred Stock
Depositary 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%
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
8.25% Series D Preferred Stock
Public Offering of Preferred Stock
Preferred stock, dividend rate (as a percent)											8.25%
Preferred stock liquidation preference (in dollars per share) | $ / shares											$ 1,000
8.25% Series D Preferred Stock | Public Offering
Public Offering of Preferred Stock
Shares issued (in shares) | shares		5,200,000
Depositary shares equivalent preferred stock interest per share		0.025
Preferred stock, dividend rate (as a percent)		8.25%
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		$ 130,000,000
Net proceeds		125,400,000
Underwriting discounts		$ 4,600,000
Series D Preferred Stock | Public Offering
Public Offering of Preferred Stock
Shares issued (in shares) | shares	500,000
Net proceeds	$ 12,100,000
Underwriting discounts	$ 400,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)		12 Months Ended
	Nov. 09, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transactions
Servicing income		$ 30,198,000	$ 16,373,000	$ (1,801,000)
Origination fees received				6,500,000
Payments to held to maturity security		1,252,793,000
Investment in Arcline Lending, LLC
Related Party Transactions
Equity method investee, ownership percentage					44.23%
Sale of Stock, Percentage of Ownership before Transaction	44.23%
Limited Liability Company, Senior Housing and Healthcare Sectors
Related Party Transactions
Equity method investee, ownership percentage			30%
Key Loan Processing Vendor
Related Party Transactions
Number of shares of common stock held in a related party	15,000
Common stock share price in a related party (in dollars per share)	$ 10
Value of common stock held in a related party	$ 150,000
Fees paid to related party				2,700,000
Board of Directors
Related Party Transactions
Fees paid to related party		9,400,000	$ 6,600,000	5,300,000
Company owned by Board Member
Related Party Transactions
Fees paid to related party				13,000
Limited Liability Company, Senior Housing and Healthcare Sectors
Related Party Transactions
Servicing income		417,000	69,000	8,000
Servicing fee paid		209,000	34,000	4,000
Interest income distribution received		3,800,000	400,000	0
Interest paid to related party		6,700,000	4,500,000	1,200,000
Origination fees received		24,800,000	17,800,000
Origination fees paid when loans were closed		17,100,000	14,500,000	4,500,000
Interest income received for loans		4,100,000	1,400,000	400,000
Low Income Housing Tax Credit Syndication Business
Related Party Transactions
Gain (loss) on sales		0	0	0
Fees received to the syndicated funds		8,800,000	6,400,000	1,200,000
Loans outstanding, net of participations sold		49,000,000	18,600,000	4,700,000
Interest income received for loans		1,200,000	189,000	20,000
Deferred financing fees received for loans		1,100,000	1,400,000	65,000
Single Family and Multi-Family Debt Financing Investments
Related Party Transactions
Interest income distribution received		512,000	0
Gain (loss) on sales		0	0	$ 0
Loans outstanding, net of participations sold		35,700,000	20,700,000
Recorded income		4,500,000	700,000
Interest income received for loans		50,000	456,000
Proceeds from loans		884,200,000	$ 273,900,000
Payments to held to maturity security		$ 248,400,000

Employee Benefits (Details)

Employee Benefits (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Employee benefits
Matching contribution equals to employees deferrals	100%
Employer contributions to contribution plans	$ 1,600,000	$ 1,400,000	$ 859,000
Expense recognized for the contribution to ESOP	$ 860,000	$ 595,000	$ 537,000
Number of shares contributed to ESOP	20,709	29,149	0
Maximum
Employee benefits
Matching contribution as a percentage of employees compensation	3%

Share-Based Payment Plans (Deta

Share-Based Payment Plans (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018
Executive officers
Plan disclosures
Shares issued		64,962	23,435	78,773
Expense recognized		$ 1,870,000	$ 1,198,000	$ 602,000
Unvested shares awarded		280,974	374,598	265,569
Unrecognized compensation cost		$ 5,817,000	$ 4,499,000	$ 3,071,000
Non executive directors
Plan disclosures
Shares issued		12,443	6,870	4,695
Expense recognized		$ 325,000	$ 188,000	$ 50,000
Value of shares available for issuance for compensation related to annual fees	$ 50,000				$ 10,000

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	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosures about Fair Value of Assets and Liabilities
Mortgage loans in process of securitization	$ 154,194	$ 569,239
Securities available for sale	323,337	310,629
Loans held for sale	82,192	48,583
Servicing rights	146,248	110,348	$ 82,604	$ 74,387
Interest rate swaps (back-to-back)
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	3,041	1,131
Derivative liabilities	3,041	1,131
Recurring
Disclosures about Fair Value of Assets and Liabilities
Mortgage loans in process of securitization	154,194	569,239
Loans held for sale	82,192	48,583
Servicing rights	146,248	110,348
Recurring | Interest rate lock commitments
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	28	264
Derivative liabilities	23	41
Recurring | Forward contracts
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	46	86
Derivative liabilities	52	118
Recurring | Interest rate swaps
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	3,030
Derivative liabilities	3,041	1,131
Recurring | Interest rate swaps (back-to-back)
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	3,041	1,131
Level 2 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Mortgage loans in process of securitization	154,194	569,239
Loans held for sale	82,192	48,583
Level 2 | Recurring | Forward contracts
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	46	86
Derivative liabilities	52	118
Level 2 | Recurring | Interest rate swaps
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	3,030
Derivative liabilities	3,041	1,131
Level 2 | Recurring | Interest rate swaps (back-to-back)
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	3,041	1,131
Level 3 | Interest rate lock commitments
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	28	264
Derivative liabilities	23	41
Level 3 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Servicing rights	146,248	110,348
Level 3 | Recurring | Interest rate lock commitments
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	28	264
Derivative liabilities	23	41
Treasury notes
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale	36,280	8,209
Treasury notes | Recurring
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale	36,280	8,209
Treasury notes | Level 1 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale	36,280	8,209
Federal agencies
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale	271,890	263,295
Federal agencies | Recurring
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale	271,890	263,295
Federal agencies | Level 2 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale	271,890	263,295
Municipals | Recurring
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale		4,300
Municipals | Level 2 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale		4,300
Mortgage-backed - Government-sponsored entity (GSE)
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale	15,167	18,360
Mortgage-backed - Government-sponsored entity (GSE) | Recurring
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale	15,167	18,360
Mortgage-backed - Government-sponsored entity (GSE) | Level 2 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale	$ 15,167	18,360
Mortgage-backed - Non-GSE
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale		16,465
Mortgage-backed - Non-GSE | Recurring
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale		16,465
Mortgage-backed - Non-GSE | Level 2 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale		$ 16,465

Disclosures about Fair Value _4

Disclosures about Fair Value of Assets and Liabilities - Reconciliation of Unobservable Inputs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subtractions
Sales of servicing		$ (438)
Derivative liabilities | Interest rate lock commitments
Reconciliation of significant unobservable inputs, assets:
Balance, beginning of period	$ 41
Subtractions
Changes in fair value	(18)	41
Balance, end of period	23	41
Servicing rights.
Reconciliation of significant unobservable inputs, assets:
Balance, beginning of period	110,348	82,604	$ 74,387
Additions
Purchased servicing		2,057
Originated servicing	27,124	30,421	21,889
Subtractions
Paydowns	(10,985)	(16,691)	(7,838)
Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model	19,761	12,395	(5,834)
Balance, end of period	146,248	110,348	82,604
Derivative assets | Interest rate lock commitments
Reconciliation of significant unobservable inputs, assets:
Balance, beginning of period	264	6,131	186
Subtractions
Changes in fair value	(236)	(5,867)	5,945
Balance, end of period	$ 28	$ 264	$ 6,131

Disclosures about Fair Value _5

Disclosures about Fair Value of Assets and Liabilities - Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosures about Fair Value of Assets and Liabilities
Impaired loans (collateral-dependent)	$ 4,465	$ 4,263
Level 3
Disclosures about Fair Value of Assets and Liabilities
Impaired loans (collateral-dependent)	$ 4,465	$ 4,263

Disclosures about Fair Value _6

Disclosures about Fair Value of Assets and Liabilities - Quantitative Information about Unobservable Inputs (Details) $ in Thousands	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Quantitative information about unobservable inputs
Servicing rights	$ 146,248	$ 110,348	$ 82,604	$ 74,387
Collateral-dependent impaired loans | Minimum
Quantitative information about unobservable inputs
Marketability discount (as a percent)		0.44
Collateral-dependent impaired loans | Maximum
Quantitative information about unobservable inputs
Marketability discount (as a percent)		0.76
Level 3 | Servicing rights | Loans funded through PPP, CARES Act
Quantitative information about unobservable inputs
Servicing rights	$ 4,632	$ 2,769
Level 3 | Servicing rights | Loans funded through PPP, CARES Act | Discount Rate
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.16	0.16
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	0.03	10
Level 3 | Servicing rights | Loans funded through PPP, CARES Act | Constant Prepayment Rate | Maximum
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.12	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	0.08	0.12
Level 3 | Servicing rights | Single Family
Quantitative information about unobservable inputs
Servicing rights	$ 29,926	$ 23,012
Level 3 | Servicing rights | Single Family | Discount Rate
Quantitative information about unobservable inputs
Loan closing rates (as a percent)		0.10
Level 3 | Servicing rights | Single Family | Discount Rate | Minimum
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.09
Loan closing rates (as a percent)		0.09
Level 3 | Servicing rights | Single Family | Discount Rate | Maximum
Quantitative information about unobservable inputs
Servicing asset, measurement input	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	0.07	0.10
Level 3 | Servicing rights | Single Family | Constant Prepayment Rate | Maximum
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.10	0.13
Level 3 | Servicing rights | Single Family | Constant Prepayment Rate | Weighted average
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.07	0.11
Level 3 | Servicing rights | Multi-family
Quantitative information about unobservable inputs
Servicing rights	$ 111,690	$ 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	0.13	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	0.39	0.50
Level 3 | Servicing rights | Multi-family | Constant Prepayment Rate | Weighted average
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.08	0.04
Level 3 | Collateral-dependent impaired loans
Quantitative information about unobservable inputs
Collateral-dependent impaired loans	$ 4,465	$ 4,263
Level 3 | Collateral-dependent impaired loans | Minimum
Quantitative information about unobservable inputs
Marketability discount (as a percent)	0.04
Level 3 | Collateral-dependent impaired loans | Maximum
Quantitative information about unobservable inputs
Marketability discount (as a percent)	0.54
Level 3 | Collateral-dependent impaired loans | Weighted average
Quantitative information about unobservable inputs
Marketability discount (as a percent)	0.05	0.73
Level 3 | Interest rate lock commitments
Quantitative information about unobservable inputs
Derivative assets	$ 28	$ 264
Derivative liabilities	$ 23	$ 41
Level 3 | Interest rate lock commitments | Measurement Input, Maturity | Minimum
Quantitative information about unobservable inputs
Loan closing rates (as a percent)	0.60	63
Loan closing rates (as a percent)		0.63
Level 3 | Interest rate lock commitments | Measurement Input, Maturity | Maximum
Quantitative information about unobservable inputs
Loan closing rates (as a percent)	0.87	99
Loan closing rates (as a percent)	0.87	0.99
Level 3 | Interest rate lock commitments | Measurement Input, Maturity | Weighted average
Quantitative information about unobservable inputs
Loan closing rates (as a percent)	0.77	0.83
Loan closing rates (as a percent)	0.77
Level 3 | Interest rate lock commitments | Loans funded through PPP, CARES Act | Discount Rate | Minimum
Quantitative information about unobservable inputs
Loan closing rates (as a percent)	0.60

Disclosures about Fair Value _7

Disclosures about Fair Value of Assets and Liabilities - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financial assets:
Held to maturity securities, fair value	$ 1,118,966	$ 0
Loans held for sale	82,192	48,583
Carrying value per balance sheet
Financial assets:
Cash and cash equivalents	226,164	1,032,614
Securities purchased under agreements to resell	3,464	5,888
Held to maturity securities, fair value	1,119,078
FHLB stock	39,130	29,588
Loans held for sale	2,828,384	3,254,616
Loans receivable, net	7,426,858	5,751,319
Interest receivable	56,262	24,103
Financial liabilities:
Deposits	10,071,345	8,982,613
Short-term subordinated debt	21,000	17,000
FHLB advances	859,392	556,954
Other borrowing	50,000
Federal Reserve discount window/PPPLF advances		460,000
Interest payable	23,384	1,469
Estimated fair value
Financial assets:
Cash and cash equivalents	226,164	1,032,614
Securities purchased under agreements to resell	3,464	5,888
Held to maturity securities, fair value	1,118,966
FHLB stock	39,130	29,588
Loans held for sale	2,828,384	3,254,616
Loans receivable, net	7,431,731	5,731,500
Interest receivable	56,262	24,103
Financial liabilities:
Deposits	10,064,941	8,982,680
Short-term subordinated debt	21,000	17,000
FHLB advances	858,984	556,925
Other borrowing	50,000
Federal Reserve discount window/PPPLF advances		460,000
Interest payable	23,384	1,469
Level 1 | Estimated fair value
Financial assets:
Cash and cash equivalents	226,164	1,032,614
Financial liabilities:
Deposits	7,082,056	7,783,553
Level 2 | Estimated fair value
Financial assets:
Securities purchased under agreements to resell	3,464	5,888
Held to maturity securities, fair value	247,182
FHLB stock	39,130	29,588
Loans held for sale	2,828,384	3,254,616
Interest receivable	56,262	24,103
Financial liabilities:
Deposits	2,982,885	1,199,127
Short-term subordinated debt	21,000	17,000
FHLB advances	858,984	556,925
Other borrowing	50,000
Federal Reserve discount window/PPPLF advances		460,000
Interest payable	23,384	1,469
Level 3 | Estimated fair value
Financial assets:
Held to maturity securities, fair value	871,784
Loans receivable, net	$ 7,431,731	$ 5,731,500

Significant Estimates and Con_2

Significant Estimates and Concentrations - Liquidity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) security	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Significant Estimates and Concentrations
Excess borrowing capacity	$ 3,100,000
Liquid assets and unused borrowing capacity expressed as a percentage of total assets	54%
Total assets	$ 12,615,227	$ 11,278,638	$ 9,645,375
Percentage of loan portfolio reprices within 30 Days	93%
Percentage of investment securities reprice within 30 Days	79%
Number of investment securities maturing in more than two years | security	0

Commitments, Credit Risk, and_3

Commitments, Credit Risk, and Contingencies - Financial Instrument (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Total commitments subject to credit risk
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instrument whose contract amount represents credit risk	$ 3,549,091	$ 2,398,272
Total commitments subject to certain performance criteria and cancellation
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instrument whose contract amount represents credit risk	4,473,258	4,193,220
Commitments to extend credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instrument whose contract amount represents credit risk	3,293,847	2,194,144
Standby letters of credit issued by Merchants
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instrument whose contract amount represents credit risk	108,312	105,894
Warehouse unfunded lines of warehouse credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instrument whose contract amount represents credit risk	146,932	98,234
Outstanding commitments to originate loans
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instrument whose contract amount represents credit risk	1,042,497	1,595,265
Unfunded construction draws
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instrument whose contract amount represents credit risk	247,504	274,269
Unfunded warehouse and other lines of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instrument whose contract amount represents credit risk	$ 3,183,257	$ 2,323,686

Commitments, Credit Risk, and_4

Commitments, Credit Risk, and Contingencies - Other (Details) - USD ($) $ in Thousands	Dec. 31, 2022	May 05, 2022	Dec. 31, 2021
Commitments and Credit Risk
Reserve liability	$ 500		$ 1,400
Additional contribution on qualified affordable housing limited partnerships	36,800		24,400
Due within one year			1,570
Due in one year to two years			1,776
Due in two years to three years			1,568
Due in three years to four years			947
Due in four years to five years			964
Thereafter			2,154
Total minimum lease payments			8,979
Other liabilities
Commitments and Credit Risk
ACL - OBCEs	7,800
Additional contribution on qualified affordable housing limited partnerships	36,800		24,400
Unfunded liability to invest in debt fund joint ventures	5,200		10,300
Loan Sale and Freddie Mac Q Series Securitization | Other liabilities
Commitments and Credit Risk
Non-contingent reserve	2,500	$ 2,500
Loan Sale and Freddie Mac Q Series Securitization | Indemnification agreement | Other liabilities
Commitments and Credit Risk
Financial guarantees	1,200
Fannie Mae or Freddie Mac [Member] | Other liabilities
Commitments and Credit Risk
Reserve liability	$ 900		$ 800
Minimum
Commitments and Credit Risk
Lease period	2 years
Maximum
Commitments and Credit Risk
Lease period	11 years

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Information
Interest income	$ 181,439	$ 134,112	$ 89,270	$ 76,012	$ 82,585	$ 77,314	$ 72,438	$ 79,549	$ 480,833	$ 311,886	$ 282,790
Interest expense	86,029	48,727	17,239	10,287	9,842	8,433	8,031	7,586	162,282	33,892	58,644
Net Interest Income	95,410	85,385	72,031	65,725	72,743	68,881	64,407	71,963	318,551	277,994	224,146
Provision for credit losses	6,407	2,225	6,212	2,451	2,585	1,079	(315)	1,663	17,295	5,012	11,838
Net Interest Income After Provision for Credit Losses	89,003	83,160	65,819	63,274	70,158	67,802	64,722	70,300	301,256	272,982	212,308
Noninterest income	22,982	29,186	39,171	34,597	40,271	40,271	32,855	43,936	125,936	157,333	127,473
Noninterest expense	37,109	34,951	32,957	31,033	37,646	29,472	28,183	30,084	136,050	125,385	96,424
Income Before Income Taxes	74,876	77,395	72,033	66,838	72,783	78,601	69,394	84,152	291,142	304,930	243,357
Income taxes	17,720	18,907	18,098	16,696	17,582	20,098	17,977	22,169	71,421	77,826	62,824
Net Income	57,156	$ 58,488	$ 53,935	$ 50,142	55,201	$ 58,503	$ 51,417	$ 61,983	219,721	227,104	180,533
Total assets	12,615,227				11,278,638				12,615,227	11,278,638	9,645,375
Other
Segment Information
Interest income									8,242	5,344	2,835
Interest expense									(3,081)	(3,114)	(4,430)
Net Interest Income									11,323	8,458	7,265
Net Interest Income After Provision for Credit Losses									11,323	8,458	7,265
Noninterest income									(9,170)	(4,426)	(3,823)
Noninterest expense									25,114	17,813	15,134
Income Before Income Taxes									(22,961)	(13,781)	(11,692)
Income taxes									(5,215)	(3,364)	(3,087)
Net Income									(17,746)	(10,417)	(8,605)
Total assets	156,599				75,407				156,599	75,407	42,268
Multifamily | Operating Segments
Segment Information
Interest income									2,239	957	1,163
Net Interest Income									2,239	957	1,163
Provision for credit losses									1,153
Net Interest Income After Provision for Credit Losses									1,086	957	1,163
Noninterest income									155,883	141,605	80,690
Noninterest expense									82,213	71,486	41,386
Income Before Income Taxes									74,756	71,076	40,467
Income taxes									20,114	19,572	11,295
Net Income									54,642	51,504	29,172
Total assets	351,274				296,129				351,274	296,129	210,714
Mortgage Warehousing | Operating Segments
Segment Information
Interest income									115,870	134,120	163,488
Interest expense									48,079	8,930	27,325
Net Interest Income									67,791	125,190	136,163
Provision for credit losses									37	(1,022)	1,269
Net Interest Income After Provision for Credit Losses									67,754	126,212	134,894
Noninterest income									5,400	12,399	21,163
Noninterest expense									10,420	11,949	13,367
Income Before Income Taxes									62,734	126,662	142,690
Income taxes									14,130	31,503	36,361
Net Income									48,604	95,159	106,329
Total assets	2,519,810				3,977,537				2,519,810	3,977,537	4,893,513
Banking | Operating Segments
Segment Information
Interest income									354,482	171,465	115,304
Interest expense									117,284	28,076	35,749
Net Interest Income									237,198	143,389	79,555
Provision for credit losses									16,105	6,034	10,569
Net Interest Income After Provision for Credit Losses									221,093	137,355	68,986
Noninterest income									(26,177)	7,755	29,443
Noninterest expense									18,303	24,137	26,537
Income Before Income Taxes									176,613	120,973	71,892
Income taxes									42,392	30,115	18,255
Net Income									134,221	90,858	53,637
Total assets	$ 9,587,544				$ 6,929,565				$ 9,587,544	$ 6,929,565	$ 4,498,880

Condensed Financial Informati_3

Condensed Financial Information (Parent Company Only) (Balance sheets) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 22,170	$ 14,030
Total assets	12,615,227	11,278,638	$ 9,645,375
Liabilities
Other liabilities	134,138	87,492
Total liabilities	11,155,488	10,123,229
Total shareholders' equity	1,459,739	1,155,409	$ 810,621
Total liabilities and shareholders' equity	12,615,227	11,278,638
Reportable Legal Entities | Company
Assets
Cash and cash equivalents	41,725	22,556
Investment in joint ventures	27,490	25,573
Investment in subsidiaries	1,415,173	1,134,898
Other assets	217	101
Total assets	1,484,605	1,183,128
Liabilities
Short-term subordinated debt	21,000	17,000
Unfunded commitments to joint ventures	3,521	10,350
Other liabilities	345	369
Total liabilities	24,866	27,719
Total shareholders' equity	1,459,739	1,155,409
Total liabilities and shareholders' equity	$ 1,484,605	$ 1,183,128

Condensed Financial Informati_4

Condensed Financial Information (Parent Company Only) (Income statement) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Expenses
Interest expense	$ 86,029	$ 48,727	$ 17,239	$ 10,287	$ 9,842	$ 8,433	$ 8,031	$ 7,586	$ 162,282	$ 33,892	$ 58,644
Salaries and employee benefits									89,085	85,727	59,200
Professional fees									9,065	5,427	3,664
Income taxes	17,720	18,907	18,098	16,696	17,582	20,098	17,977	22,169	71,421	77,826	62,824
Net Income	$ 57,156	$ 58,488	$ 53,935	$ 50,142	$ 55,201	$ 58,503	$ 51,417	$ 61,983	219,721	227,104	180,533
Comprehensive Income									210,654	225,276	180,449
Reportable Legal Entities | Company
Income
Dividends and return of capital from subsidiaries									39,775	33,447	29,773
Other Income									2,523	509	27
Total income									42,298	33,956	29,800
Expenses
Interest expense									4,333	3,797	3,972
Salaries and employee benefits									690	493	2,726
Professional fees									423	236	386
Other									829	627	383
Total expense									6,275	5,153	7,467
Income Before Income Tax and Equity in Undistributed Income of Subsidiaries									36,023	28,803	22,333
Income taxes									(698)	(1,174)	(1,911)
Income Before Equity in Undistributed Income of Subsidiaries									36,721	29,977	24,244
Equity in Undistributed Income of Subsidiaries									183,000	197,127	156,289
Net Income									219,721	227,104	180,533
Comprehensive Income									$ 210,654	$ 225,276	$ 180,449

Condensed Financial Informati_5

Condensed Financial Information (Parent Company Only) (Cash flows) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Activities
Net income	$ 219,721,000	$ 227,104,000	$ 180,533,000
Net cash provided by (used in) operating activities	975,774,000	(49,216,000)	(874,888,000)
Investing Activities
Purchase of limited partnership interests	(14,590,000)	(11,194,000)	(4,181,000)
Proceeds from sale of limited partnership interests			10,651,000
Other investing activity	4,395,000	404,000	(17,000)
Net cash used in investing activities	(2,862,851,000)	(474,262,000)	(2,532,228,000)
Financing Activities
Dividends paid	(38,067,000)	(31,235,000)	(23,671,000)
Proceeds from issuance of preferred stock	137,459,000	191,084,000
Repurchase of preferred stock		(41,625,000)
Repurchase of common stock	(3,935,333)
Net cash provided by financing activities	1,080,627,000	1,376,364,000	3,080,135,000
Net Change in Cash and Cash Equivalents	(806,450,000)	852,886,000	(326,981,000)
Cash and Cash Equivalents, Beginning of Period	1,032,614,000
Cash and Cash Equivalents, End of Period	226,164,000	1,032,614,000
Additional Cash Flows Information:
Redemption of common shares related to sale of limited partnership interests			(150,000)
Reportable Legal Entities | Company
Operating Activities
Net income	219,721,000	227,104,000	180,533,000
Adjustments to reconcile net income to net cash used in operating activities	(181,263,000)	(195,530,000)	(155,442,000)
Net cash provided by (used in) operating activities	38,458,000	31,574,000	25,091,000
Investing Activities
Contributed capital to subsidiaries	(110,000,000)	(116,176,000)	(2,760,000)
Purchase of limited partnership interests	(8,746,000)	(15,223,000)
Proceeds from sale of limited partnership interests			266,000
Other investing activity			(32,000)
Net cash used in investing activities	(118,746,000)	(131,399,000)	(2,526,000)
Financing Activities
Net change in lines of credit and subordinated debt	4,000,000	2,040,000	2,760,000
Dividends paid	(38,067,000)	(31,235,000)	(23,671,000)
Proceeds from issuance of preferred stock	137,459,000	191,084,000
Redemption of preferred stock		(41,625,000)
Repurchase of common stock	(3,935,000)
Net cash provided by financing activities	99,457,000	120,264,000	(20,911,000)
Net Change in Cash and Cash Equivalents	19,169,000	20,439,000	1,654,000
Cash and Cash Equivalents, Beginning of Period	22,556,000	2,117,000	463,000
Cash and Cash Equivalents, End of Period	41,725,000	22,556,000	2,117,000
Additional Cash Flows Information:
Payable for limited partnership interest	$ 3,521,000	$ 10,350,000
Redemption of common shares related to sale of limited partnership interests			$ (150,000)

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Details) - USD ($)	Dec. 31, 2022	Jan. 01, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Recent Accounting Pronouncements
Allowance for loan losses			$ 31,344,000	$ 27,500,000	$ 15,842,000
Retained earnings, net of tax	$ 832,871,000		$ 657,149,000
Operating lease right-of-use assets	10,969,000
Operating lease liabilities	$ 11,992,000
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		(300,000)
ACL - OBCEs (in Other Liabilities)		5,176,000
Retained earnings, net of tax		$ (3,648,000)

Quarterly Condensed Financial_3

Quarterly Condensed Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Quarterly Condensed Financial Information (Unaudited)
Interest income	$ 181,439	$ 134,112	$ 89,270	$ 76,012	$ 82,585	$ 77,314	$ 72,438	$ 79,549	$ 480,833		$ 311,886		$ 282,790
Interest expense	86,029	48,727	17,239	10,287	9,842	8,433	8,031	7,586	162,282		33,892		58,644
Net Interest Income	95,410	85,385	72,031	65,725	72,743	68,881	64,407	71,963	318,551		277,994		224,146
Provision for credit losses	6,407	2,225	6,212	2,451	2,585	1,079	(315)	1,663	17,295		5,012		11,838
Net Interest Income After Provision for Credit Losses	89,003	83,160	65,819	63,274	70,158	67,802	64,722	70,300	301,256		272,982		212,308
Noninterest income	22,982	29,186	39,171	34,597	40,271	40,271	32,855	43,936	125,936		157,333		127,473
Noninterest expense	37,109	34,951	32,957	31,033	37,646	29,472	28,183	30,084	136,050		125,385		96,424
Income Before Income Taxes	74,876	77,395	72,033	66,838	72,783	78,601	69,394	84,152	291,142		304,930		243,357
Income taxes	17,720	18,907	18,098	16,696	17,582	20,098	17,977	22,169	71,421		77,826		62,824
Net Income	57,156	58,488	53,935	50,142	55,201	58,503	51,417	61,983	219,721		227,104		180,533
Less: preferred stock dividends	8,797	5,729	5,729	5,728	5,728	5,729	5,659	3,757	25,983		20,873		14,473
Net Income Allocated to Common Shareholders	$ 48,359	$ 52,759	$ 48,206	$ 44,414	$ 49,473	$ 52,774	$ 45,758	$ 58,226	$ 193,738		$ 206,231		$ 166,060
Per common share data:
Basic earnings per share(1)	$ 1.12	$ 1.22	$ 1.12	$ 1.03	$ 1.15	$ 1.22	$ 1.06	$ 1.35	$ 4.49	[1]	$ 4.78	[1]	$ 3.85	[1]
Diluted earnings per share(1)	$ 1.12	$ 1.22	$ 1.11	$ 1.02	$ 1.14	$ 1.22	$ 1.06	$ 1.35	$ 4.47	[1]	$ 4.76	[1]	$ 3.85	[1]
[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.