Merchants Bancorp (MBIN) 10-Q 10 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 01, 2023
Document Information
Entity Registrant Name	MERCHANTS BANCORP
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		43,233,618
Entity Central Index Key	0001629019
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Common Stock.
Document Information
Title of 12(b) Security	Common Stock, without par value
Trading Symbol	MBIN
Security Exchange Name	NASDAQ
Series A Preferred Stock
Document Information
Title of 12(b) Security	Series A Preferred Stock, without par value
Trading Symbol	MBINP
Security Exchange Name	NASDAQ
Series B Preferred Stock
Document Information
Title of 12(b) Security	Depositary Shares, each representing a 1/40th interest in a share of Series B Preferred Stock, without par value
Trading Symbol	MBINO
Security Exchange Name	NASDAQ
Series C Preferred Stock
Document Information
Title of 12(b) Security	Depositary Shares, each representing a 1/40th interest in a share of Series C Preferred Stock, without par value
Trading Symbol	MBINN
Security Exchange Name	NASDAQ
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

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and due from banks	$ 19,002	$ 22,170
Interest-earning demand accounts	350,584	203,994
Cash and cash equivalents	369,586	226,164
Securities purchased under agreements to resell	3,438	3,464
Mortgage loans in process of securitization	197,074	154,194
Securities available for sale	679,518	323,337
Securities held to maturity (includes $1,106,582 and $1,118,966 at fair value, respectively)	1,104,835	1,119,078
Federal Home Loan Bank (FHLB) stock	39,130	39,130
Loans held for sale (includes $85,516 and $82,192 at fair value, respectively)	2,855,250	2,910,576
Loans receivable, net of allowance for credit losses on loans of $51,838 and $44,014, respectively	8,575,210	7,426,858
Premises and equipment, net	35,793	35,438
Servicing rights	143,867	146,248
Interest receivable	64,282	56,262
Goodwill	15,845	15,845
Intangible assets, net	1,068	1,186
Other assets and receivables	156,070	157,447
Total assets	14,240,966	12,615,227
Deposits
Noninterest-bearing	313,733	326,875
Interest-bearing	11,031,498	9,744,470
Total deposits	11,345,231	10,071,345
Borrowings	1,233,762	930,392
Deferred and current tax liabilities, net	32,827	19,613
Other liabilities	123,462	134,138
Total liabilities	12,735,282	11,155,488
Commitments and Contingencies
Shareholders' Equity
Common stock, without par value Authorized - 75,000,000 shares Issued and outstanding - 43,233,618 shares at March 31, 2023 and 43,113,127 shares at December 31, 2022	138,105	137,781
Retained earnings	875,700	832,871
Accumulated other comprehensive loss	(7,729)	(10,521)
Total shareholders' equity	1,505,684	1,459,739
Total liabilities and shareholders' equity	14,240,966	12,615,227
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	$ 137,459

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Held to maturity securities, fair value	$ 1,106,582	$ 1,118,966
Loans held for sale at fair value	85,516	82,192
Allowance for credit losses on loans	$ 51,838	$ 44,014
Stockholders' Equity:
Common stock, without par value (in dollars per share)
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	43,233,618	43,113,127
Common stock, shares outstanding	43,233,618	43,113,127
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%	8.25%
Preferred stock liquidation preference (in dollars per share)	$ 1,000	$ 1,000
Preferred stock, shares authorized	300,000	300,000
Preferred stock, shares issued	142,500	142,500
Preferred stock, shares outstanding	142,500	142,500
Depositary shares	5,700,000	5,700,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest Income
Loans	$ 189,450	$ 72,196
Mortgage loans in process of securitization	1,648	2,245
Investment securities:
Available for sale - taxable	2,266	701
Held to maturity	15,754
Federal Home Loan Bank stock	427	269
Other	1,749	601
Total interest income	211,294	76,012
Interest Expense
Deposits	104,442	8,813
Borrowed funds	6,159	1,474
Total interest expense	110,601	10,287
Net Interest Income	100,693	65,725
Provision for credit losses	6,867	2,451
Net Interest Income After Provision for Credit Losses	93,826	63,274
Noninterest Income
Gain on sale of loans	6,733	17,965
Loan servicing fees, net	2,360	9,731
Mortgage warehouse fees	1,028	1,858
Syndication and asset management fees	1,212	614
Other income	2,931	4,429
Total noninterest income	14,264	34,597
Noninterest Expense
Salaries and employee benefits	22,146	21,293
Loan expenses	804	1,211
Occupancy and equipment	2,232	1,814
Professional fees	2,269	1,303
Deposit insurance expense	2,178	759
Technology expense	1,577	1,236
Other expense	3,566	3,417
Total noninterest expense	34,772	31,033
Income Before Income Taxes	73,318	66,838
Provision for income taxes	18,363	16,696
Net Income	54,955	50,142
Dividends on preferred stock	(8,667)	(5,728)
Net Income Allocated to Common Shareholders	$ 46,288	$ 44,414
Basic Earnings Per Share	$ 1.07	$ 1.03
Diluted Earnings Per Share	$ 1.07	$ 1.02
Weighted-Average Shares Outstanding
Basic (in Shares)	43,179,604	43,190,066
Diluted (in Shares)	43,290,779	43,360,034

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Condensed Consolidated Statements of Comprehensive Income
Net Income	$ 54,955	$ 50,142
Other Comprehensive Income (Loss):
Net change in unrealized gain/(losses) on investment securities available for sale, net of tax (expense)/benefits of $(934) and $1,650, respectively	2,792	(4,850)
Other comprehensive income (loss) for the period	2,792	(4,850)
Comprehensive Income	$ 57,747	$ 45,292

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Condensed Consolidated Statements of Comprehensive Income
Tax (expense)/ benefits on net change in unrealized gains/(losses) on investment securities available for sale	$ (934)	$ 1,650

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Shareholders' Equity - USD ($) $ in Thousands	Common stock	Preferred stock 7% Series A Preferred Stock	Preferred stock 6% Series B Preferred Stock	Preferred stock 6% Series C Preferred Stock	Preferred stock 8.25% Series D Preferred Stock	Retained Earnings 7% Series A 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 (ASU 2016-13) at Dec. 31, 2021										$ (3,648)
Balance at beginning of the period (ASU 2016-02) at Dec. 31, 2021										$ (110)
Balance at beginning of the period at Dec. 31, 2021	$ 137,565	$ 50,221	$ 120,844	$ 191,084							$ 657,149	$ (1,454)
Balance at beginning of the period (in shares) at Dec. 31, 2021	43,180,079	2,081,800	125,000	196,181
Consolidated Statements of Shareholders' Equity
Net income											50,142		$ 50,142
Dividends on 7% preferred stock, annually						$ (910)
Dividends on 6% preferred stock, annually							$ (1,875)	$ (2,943)
Dividends on common stock, annually											(3,029)
Other comprehensive loss												(4,850)	(4,850)
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	$ (335)
Shares issued for stock compensation plans, net of taxes withheld to satisfy tax obligations (in shares)	67,017
Balance at end of the period at Mar. 31, 2022	$ 137,882	$ 50,221	$ 120,844	$ 191,084							694,776	(6,304)	1,188,503
Balance at end of the period (in shares) at Mar. 31, 2022	43,267,776	2,081,800	125,000	196,181
Balance at beginning of the period at Dec. 31, 2022	$ 137,781	$ 50,221	$ 120,844	$ 191,084							832,871	(10,521)	1,459,739
Balance at beginning of the period (in shares) at Dec. 31, 2022	43,113,127	2,081,800	125,000	196,181
Consolidated Statements of Shareholders' Equity
Net income											54,955		54,955
Dividends on 7% preferred stock, annually						$ (910)
Dividends on 6% preferred stock, annually							$ (1,875)	$ (2,943)
Dividends 8.25 Percent Series D Preferred Stock									$ (2,939)
Dividends on common stock, annually											(3,459)
Other comprehensive loss												2,792	2,792
Distribution to employee stock ownership plan	$ 810
Distribution to employee stock ownership plan (in shares)	33,293
Shares issued for stock compensation plans, net of taxes withheld to satisfy tax obligations	$ (486)
Shares issued for stock compensation plans, net of taxes withheld to satisfy tax obligations (in shares)	87,198
Balance at end of the period at Mar. 31, 2023	$ 138,105	$ 50,221	$ 120,844	$ 191,084	$ 137,459						$ 875,700	$ (7,729)	$ 1,505,684
Balance at end of the period (in shares) at Mar. 31, 2023	43,233,618	2,081,800	125,000	196,181	142,500

Condensed Consolidated Statem_5

Condensed Consolidated Statement of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Dividends on common stock per share	$ 0.32	$ 0.28
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%	7%
Dividends on preferred stock per share	$ 1.75	$ 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%	6%
Dividends on preferred stock per share	$ 60	$ 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%	6%
Dividends on preferred stock per share	$ 60	$ 60
8.25% Series D Preferred Stock
Preferred stock, dividend rate (as a percent)	8.25%		8.25%
8.25% Series D Preferred Stock | Preferred stock
Preferred stock, dividend rate (as a percent)	8.25%	8.25%
Dividends on preferred stock per share	$ 82.50

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Operating activities:
Net income	$ 54,955	$ 50,142
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	686	591
Provision for credit losses	6,867	2,451
Gain on sale of loans	(6,733)	(17,965)
Proceeds from sales of loans	3,356,860	8,214,273
Loans and participations originated and purchased for sale	(3,674,484)	(7,178,991)
Purchases of low-income housing tax credits for sale	(7,932)	(6,651)
Proceeds from sale of low-income housing tax credits	8,670
Change in servicing rights for paydowns and fair value adjustments	4,554	(4,896)
Net change in:
Mortgage loans in process of securitization	(42,880)	244,959
Other assets and receivables	(8,116)	(15,325)
Other liabilities	7,607	8,030
Other	(1,587)	(988)
Net cash (used in) provided by operating activities	(301,533)	1,295,630
Investing activities:
Net change in securities purchased under agreements to resell	26	1,090
Purchases of securities available for sale	(353,249)	(20,002)
Purchases of securities held to maturity	(1,540)
Proceeds from calls, maturities and paydowns of securities available for sale	832	9,302
Proceeds from calls, maturities and paydowns of securities held to maturity	15,783
Purchases of loans	(98,791)	(40,672)	$ (40,700)
Net change in loans receivable	(678,522)	(187,323)
Proceeds from sale of FHLB stock		784
Purchases of premises and equipment	(1,041)	(3,939)
Purchase of servicing rights		(2,057)
Purchase of limited partnership interests	(4,580)	(6,577)
Other investing activities	906	2,245
Net cash used in investing activities	(1,120,176)	(247,149)
Financing activities:
Net change in deposits	1,273,886	(1,506,792)
Proceeds from borrowings	22,335,000	626,000
Repayment of borrowings	(22,185,180)	(780,025)
Proceeds from credit linked notes	153,546
Dividends	(12,126)	(8,757)
Other financing activities	5
Net cash provided by (used in) financing activities	1,565,131	(1,669,574)
Net Change in Cash and Cash Equivalents	143,422	(621,093)
Cash and Cash Equivalents, Beginning of Period	226,164	1,032,614	1,032,614
Cash and Cash Equivalents, End of Period	369,586	411,521	$ 226,164
Supplemental Cash Flows Information:
Interest paid	101,381	10,228
Income taxes paid, net of refunds	966	$ (497)
Transfer of loans from loans receivable to loans held for sale	$ 377,460

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Basis of Presentation
Basis of Presentation	Note 1: Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Merchants Bancorp, a registered bank holding company (the “Company”) and its wholly owned subsidiaries, Merchants Bank of Indiana (“Merchants Bank”), Farmers-Merchants Bank of Illinois (“FMBI”) and Merchants Asset Management, LLC (“MAM”). Merchants Bank’s primary operating subsidiaries include Merchants Capital Corp. (“MCC”), Merchants Capital Servicing, LLC (“MCS”) and Merchants Capital Investments, LLC (“MCI”). All direct and indirectly owned subsidiaries owned by Merchants Bancorp are collectively referred to as the “Company”. The accompanying unaudited condensed consolidated balance sheet of the Company as of December 31, 2022, which has been derived from audited financial statements, and unaudited condensed consolidated financial statements of the Company as of March 31, 2023 and for the three months ended March 31, 2023 and 2022, were prepared in accordance with the instructions for Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America. Accordingly, these condensed financial statements should be read in conjunction with the audited financial statements and notes thereto of the Company as of and for the year ended December 31, 2022 in its Annual Report on Form 10-K. Reference is made to the accounting policies of the Company described in the Notes to the Financial Statements contained in the Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) which are necessary for a fair presentation of the unaudited financial statements have been included to present fairly the financial position as of March 31, 2023 Principles of Consolidation The unaudited condensed consolidated financial statements as of and for the period ended March 31, 2023 and 2022 include results from the Company, and its wholly owned subsidiaries, Merchants Bank, FMBI and MAM. Also included are Merchants Bank’s primary operating subsidiaries, MCC, MCS and MCI, as well as all direct and indirectly owned subsidiaries owned by Merchants Bancorp. In addition, when the Company makes an equity investment in 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 the Company’s involvement with the entity are evaluated. Alternatively, under the voting interest model, it would only consolidate those entities for which it has a controlling interest. Because the variable interest investments held by the Company as of March 31, 2023 are not deemed to be primary beneficiaries or controlling interests, the entities are not consolidated and the equity method or proportional method of accounting has been applied. The Company will analyze whether its entities are the primary beneficiary on an ongoing basis. Changes in facts and circumstances occurring since the previous primary beneficiary determination will be considered as part of this ongoing assessment. See Note 5: Variable Interest Entities (VIEs) All significant intercompany accounts and transactions have been eliminated in consolidation. ​ Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses on loans, servicing rights and fair values of financial instruments. Significant Accounting Policies The significant accounting policies followed by the Company for interim financial reporting are consistent with the accounting policies followed for annual financial reporting. On January 1, 2022, the Company adopted FASB Accounting Standards Update (ASU) No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("CECL"). The Company revised certain accounting policies and implemented certain accounting policy elections, related to the adoption of CECL, which are described below. All adjustments, which are of a normal recurring nature and are, in the opinion of management, necessary for a fair statement of the results for the periods reported, have been included in the accompanying Condensed Consolidated Financial Statements. CECL replaces the previous "allowance for loan and lease losses" model for measuring credit losses, which encompassed allowances for current known and inherent losses within the portfolio, with an "expected loss" model for measuring credit losses, which encompasses allowances for losses expected to be incurred over the life of the included assets. The new CECL model requires the measurement of all expected credit losses for financial assets measured at amortized cost and certain off-balance sheet credit exposures (“OBCEs”) based on historical experiences, current conditions, and reasonable and supportable forecasts. CECL also requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as credit quality and underwriting standards of an organization's portfolio. In addition, CECL includes certain changes to the accounting for investment securities available for sale depending on whether management intends to sell the securities or believes that it is more likely than not they will be required to sell. As of the adoption date on January 1, 2022, the Company recorded a $3.6 million decrease, net of taxes, to retained earnings for the cumulative effect of adopting CECL. The transition adjustment included a $0.3 million increase to retained earnings related to allowance for credit losses on loans (“ACL-Loans”) and a $5.2 million decrease to retained earnings related to allowance for OBCEs (“ACL-OBCEs”). The following table summarizes the impact of the adoption of CECL on the Company’s balance sheet as of January 1, 2022. ACL-Loans Note 4: Loans and Allowance for credit losses on loans ACL-OBCEs life of the commitment. 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 ACL–OBCEs is adjusted through the income statement as a component of provision for credit loss. Restricted Cash ​ Included in cash equivalents is an account restricted as collateral for the potential risk of loss on $158.1 million of senior credit linked notes issued by the Company in March 2023. As of March 31, 2023, there was $20.5 million in restricted cash. Also see Note 11: Borrowings. Reclassifications ​ Certain reclassifications may have been made to the 2022 financial statements to conform to the financial statement presentation as of and for the three months ended March 31, 2023. These reclassifications had no effect on net income.

Investment Securities

Investment Securities	3 Months Ended
	Mar. 31, 2023
Investment Securities
Investment Securities	Note 2: 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ Cost Gains Losses Value ​ ​ (In thousands) Securities available for sale: ​ ​ ​ ​ Treasury notes ​ $ 175,766 ​ $ 52 ​ $ 719 ​ $ 175,099 Federal agencies ​ 299,990 ​ — ​ 9,659 ​ 290,331 Mortgage-backed - Government-sponsored entity (GSE) ​ ​ 214,086 ​ ​ 6 ​ ​ 4 ​ ​ 214,088 Total securities available for sale ​ $ 689,842 ​ $ 58 ​ $ 10,382 ​ $ 679,518 Securities held to maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed - Non-GSE multi-family ​ $ 867,072 ​ $ — ​ $ 285 ​ $ 866,787 Mortgage-backed - Non-GSE residential ​ ​ 236,225 ​ ​ 2,088 ​ ​ — ​ ​ 238,313 Mortgage-backed - Government - sponsored entity (GSE) ​ ​ 1,538 ​ ​ — ​ ​ 56 ​ ​ 1,482 Total securities held to maturity ​ $ 1,104,835 ​ $ 2,088 ​ $ 341 ​ $ 1,106,582 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ 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 ​ At March 31, 2023 and December 31, 2022, GSE mortgage-backed securities included in the tables above are primarily backed by multi-family loans. The tables above for March 31, 2023 and December 31, 2022 primarily include securities held to maturity that were purchased following the September 2022 loan sale and securitization transactions. Accrued interest on securities available for sale totaled $1.5 million at March 31, 2023 and $0.5 million at December 31, 2022, respectively, and is excluded from the estimate of credit losses. Accrued interest on securities held to maturity totaled $4.4 million at March 31, 2023 and $4.3 million at December 31, 2022, respectively, and is excluded from the estimate of credit losses. The amortized cost and fair value of available for sale securities at March 31, 2023 and 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 ​ ​ Amortized ​ Fair ​ Amortized ​ Fair ​ Cost Value Cost Value Securities available for sale: ​ (In thousands) Within one year ​ $ 341,569 ​ $ 336,159 ​ $ 118,984 ​ $ 115,386 After one through five years ​ 134,187 ​ 129,271 ​ 203,236 ​ 192,784 ​ ​ 475,756 ​ 465,430 ​ 322,220 ​ 308,170 Mortgage-backed - Government-sponsored entity (GSE) ​ ​ 214,086 ​ ​ 214,088 ​ ​ 15,167 ​ ​ 15,167 ​ ​ $ 689,842 ​ $ 679,518 ​ $ 337,387 ​ $ 323,337 Securities held to maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed - Non-GSE multi-family ​ $ 867,072 ​ $ 866,787 ​ $ 871,772 ​ $ 871,784 Mortgage-backed - Non-GSE residential ​ ​ 236,225 ​ ​ 238,313 ​ ​ — ​ ​ — Mortgage-backed - Government - sponsored entity (GSE) ​ ​ 1,538 ​ 1,482 ​ 247,306 ​ 247,182 ​ ​ $ 1,104,835 ​ $ 1,106,582 ​ $ 1,119,078 ​ $ 1,118,966 ​ During the three months ended March 31, 2023 and 2022, no securities available for sale were sold. ​ The following tables show the Company’s gross unrealized losses and fair value of the Company’s investment securities with unrealized losses for which an ACL has not been recorded, aggregated by investment class and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ 29,757 ​ $ 588 ​ $ 5,862 ​ $ 131 ​ $ 35,619 ​ $ 719 Federal agencies ​ ​ 14,947 ​ ​ 53 ​ ​ 275,385 ​ ​ 9,606 ​ ​ 290,332 ​ ​ 9,659 Mortgage-backed - Government-sponsored entity (GSE) ​ ​ 74 ​ ​ 2 ​ ​ 200 ​ ​ 2 ​ ​ 274 ​ ​ 4 ​ ​ $ 44,778 ​ $ 643 ​ $ 281,447 ​ $ 9,739 ​ $ 326,225 ​ $ 10,382 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities held to maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed - Non-GSE multi-family ​ $ 866,787 ​ $ 285 ​ $ — ​ $ — ​ $ 866,787 ​ $ 285 Mortgage-backed - Government - sponsored entity (GSE) ​ ​ 1,482 ​ ​ 56 ​ ​ — ​ ​ — ​ ​ 1,482 ​ ​ 56 ​ ​ $ 868,269 ​ $ 341 ​ $ — ​ $ — ​ $ 868,269 ​ $ 341 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ Allowance for Credit Losses 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 March 31, 2023 and December 31, 2022. Securities held to maturity are comprised of non-GSE mortgage-backed securities secured by multi-family or single-family properties, and GSE mortgage-backed securities secured by multi-family properties. The GSE security is a Government National Mortgage Association (“Ginnie Mae”) mortgage-backed security and backed by the full faith and credit of the U.S. government. Accordingly, no allowance for credit losses has been recorded for this security. The non-GSE securities were purchased under securitization arrangements where a credit loss component was purchased by third party investors. These securities were evaluated for credit losses over and above the credit loss percentage sold under the arrangements, and the Company does not anticipate any such losses. Additional qualitative factors are evaluated, including the timeliness of principal and interest payments under the contractual terms of the securities. Accordingly, no allowance for credit losses has been recorded for the non-GSE securities

Mortgage Loans in Process of Se

Mortgage Loans in Process of Securitization	3 Months Ended
	Mar. 31, 2023
Mortgage Loans in Process of Securitization.
Mortgage Loans in Process of Securitization	Note 3: Mortgage Loans in Process of Securitization Mortgage loans in process of securitization are recorded at fair value with changes in fair value recorded in earnings. These include multi-family rental real estate loan originations to be sold as Ginnie Mae mortgage-backed securities and Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”) participation certificates, all of which are pending settlements with firm investor commitments to purchase the securities, typically occurring within 30 days. The fair value increases recorded in earnings for mortgage loans in process of securitization totaled ​

Loans and Allowance for Credit

Loans and Allowance for Credit Losses on Loans	3 Months Ended
	Mar. 31, 2023
Loans and Allowance for Credit Losses on Loans
Loans and Allowance for Credit Losses on Loans	Note 4: Loans and Allowance for Credit Losses on Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding principal balances adjusted for unearned income, charge-offs, the ACL-Loans, any unamortized deferred fees or costs on originated loans and unamortized premiums or discounts on purchased loans. For loans at amortized cost, interest income is accrued based on the unpaid principal balance. The Company has made a policy election to exclude accrued interest from the amortized cost basis of loans and reports accrued interest separately from the related loan balance in the consolidated balance sheets. Accrued interest on loans totaled $42.6 million and $35.0 million at March 31, 2023 and December 31, 2022, respectively. The Company also elected not to measure an allowance for credit losses for accrued interest receivables. The accrual of interest on loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past-due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest collected on these loans is applied to the principal balance until the loan can be returned to an accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. For all loan portfolio segments, the Company promptly charges off loans, or portions thereof, when available information confirms that specific loans are uncollectable based on information that includes, but is not limited to, (1) the deteriorating financial condition of the borrower, (2) declining collateral values, and/or (3) legal action, including bankruptcy, that impairs the borrower’s ability to adequately meet its obligations. When cash payments for accrued interest are received on nonaccrual loans in each loan class, the Company records a reduction in principle on the balance of the loan. For loan modifications, interest income is recognized on an accrual basis at the renegotiated rate if the loan is in compliance with the modified terms. The Company offers warehouse loans or credit to fund mortgage loans held for sale from closing until sale to an investor. Under a warehousing arrangement the Company funds a mortgage loan as secured financing. The warehousing arrangement is secured by the underlying mortgages and a combination of deposits, personal guarantees and advance rates. The Company typically holds the collateral until it is sent under a bailee arrangement instructing the investor to send proceeds to the Company. Typical investors are large financial institutions or government agencies. Interest earned from the time of funding to the time of sale is recognized as interest income as accrued. Fees earned agreements are recognized when collected as noninterest income. Loan Portfolio Summary Loans receivable at March 31, 2023 and December 31, 2022 include: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2023 2022 ​ ​ (In thousands) ​ ​ ​ ​ ​ ​ ​ Mortgage warehouse lines of credit ​ $ 604,445 ​ $ 464,785 Residential real estate ​ 1,215,252 ​ 1,178,401 Multi-family financing ​ 3,566,530 ​ 3,135,535 Healthcare financing ​ ​ 1,941,204 ​ ​ 1,604,341 Commercial and commercial real estate (1)(2) ​ 1,194,320 ​ 978,661 Agricultural production and real estate ​ 89,516 ​ 95,651 Consumer and margin loans ​ 15,781 ​ 13,498 ​ ​ 8,627,048 ​ 7,470,872 Less: ​ ​ ACL-Loans ​ 51,838 ​ 44,014 ​ ​ ​ ​ ​ ​ ​ Loans Receivable ​ $ 8,575,210 ​ $ 7,426,858 (1) Includes $672.9 million and $497.0 million of revolving lines of credit collateralized primarily by single-family mortgage servicing rights as of March 31, 2023 and December 31, 2022, respectively. (2) Includes only $9.1 million of non-owner occupied commercial real estate as of March 31, 2023 and included only $12.8 million as of December 31, 2022. Risk characteristics applicable to each segment of the loan portfolio are described as follows. Mortgage Warehouse Lines of Credit (MTG WHLOC): Under its warehouse program, the Company provides warehouse financing arrangements to approved mortgage companies for the origination and sale of residential mortgage loans and to a lesser extent multi-family loans. Agency eligible, governmental and jumbo residential mortgage loans that are secured by mortgages placed on existing one-to-four family dwellings may be originated or purchased and placed on each mortgage warehouse line. As a secured repurchase agreement, collateral pledged to the Company secures each individual mortgage until the lender sells the loan in the secondary market. A traditional secured warehouse line of credit typically carries a base interest rate of 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): Real estate loans are secured by owner-occupied 1- 4 family residences. Repayment of residential real estate loans is primarily dependent on the personal income and credit rating of the borrowers. First-lien HELOC mortgages included in this segment typically carry a base rate of 30-day LIBOR or the One-Year Constant Maturity Treasury (“CMT”), plus a margin. Multi-Family Financing (MF FIN): Healthcare Financing (HC FIN): The healthcare financing portfolio includes customized loan products for independent living, assisted living, memory care and skilled nursing projects. A variety of loan products are available to accommodate rehabilitation, acquisition, and refinancing of healthcare properties. Credit risk in these loans are primarily driven by local demographics and the expertise of the operators of the facilities. Repayment of these loans may include permanent loans, sales of developed property or an interim loan commitment from the Company until permanent agency-eligible financing is obtained, as well as successful operation of a business or property and the borrower’s cash flows. 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): The commercial lending and commercial real estate portfolio includes loans to commercial customers for use in financing working capital needs, equipment purchases and expansions, as well as loans to commercial customers to finance land and improvements. It also includes loans collateralized by servicing rights and loan sale proceeds of mortgage warehouse customers. The loans in this category are repaid primarily from the cash flow of a borrower’s principal business operation. Credit risk in these loans is driven by creditworthiness of a borrower and the economic conditions that impact the cash flow stability from business operations. Small Business Administration (“SBA”) loans are included in this category. Less than Agricultural Production and Real Estate Loans (AG & AGRE): Agricultural production loans are generally comprised of seasonal operating lines of credit to grain farmers to plant and harvest corn and soybeans and term loans to fund the purchase of equipment. The Company also offers long term financing to purchase agricultural real estate. Specific underwriting standards have been established for agricultural-related loans including the establishment of projections for each operating year based on industry-developed estimates of farm input costs and expected commodity yields and prices. Operating lines are typically written for one year and secured by the crop and other farm assets as considered necessary. The Company is approved to sell agricultural loans in the secondary market through the Federal Agricultural Mortgage Corporation and uses this relationship to manage interest rate risk within the portfolio. 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): Consumer loans are those loans secured by household assets. Margin loans are those loans secured by marketable securities. The term and maximum amount for these loans are determined by considering the purpose of the loan, the margin (advance percentage against value) in all collateral, the primary source of repayment, and the borrower’s other related cash flow. ACL-Loans The Company adopted CECL on January 1, 2022. CECL replaces the previous “Allowance for Loan and Lease Losses” standard for measuring credit losses. Upon adoption of CECL, the difference in the two measurements was recorded in the ACL-Loans and retained earnings. The ACL-Loans is the Company’s estimate of expected credit losses. Loans receivable is presented net of the allowance to reflect the principal balance expected to be collected over the contractual term of the loans. This life of loan allowance is established through a provision for credit losses charged to net interest income as loans are recorded in the financial statements. The provision for a reporting period also reflects increases or decreases in the allowance related to changes in credit loss expectations. Actual credit losses are charged against the allowance when management believes the uncollectibility of a loan balance, or a portion thereof, is confirmed. Subsequent recoveries, if any, are credited to the allowance. The ACL-Loans is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans considering relevant available information from internal and external sources, including historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. The allowance also incorporates reasonable and supportable forecasts. 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 portfolio is segmented by loans with similar risk characteristics. ​ ​ ​ ​ Loan Portfolio Segment ACL-Loans Methodology ​ ​ ​ Mortgage warehouse lines of credit ​ Remaining Life Method Residential real estate ​ Discounted Cash Flow Multi-family financing ​ Discounted Cash Flow Healthcare financing ​ Discounted Cash Flow Commercial and commercial real estate ​ Discounted Cash Flow Agricultural production and real estate ​ Remaining Life Method Consumer and margin loans ​ Remaining Life Method ​ Loan characteristics used in determining the segmentation include 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. 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 models utilized and the applicable qualitative adjustments require assumptions and management judgment that can be subjective in nature. The above measurement approach is also used to estimate the expected credit losses associated with unfunded loan commitments, which also incorporates expected utilization rates. The following table presents, by loan portfolio segment, the activity in the ACL-Loans for the three months ended March 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, 2023 ​ MTG WHLOC RES RE MF FIN HC FIN ​ CML & CRE AG & AGRE CON & MAR TOTAL ​ ​ (In thousands) ACL-Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 1,249 ​ $ 7,029 $ 16,781 ​ $ 9,882 ​ $ 8,326 ​ $ 565 ​ $ 182 ​ $ 44,014 Provision for credit losses ​ 415 ​ 349 ​ 3,070 ​ ​ 1,871 ​ 2,149 ​ (22) ​ (15) ​ 7,817 Loans charged to the allowance ​ — ​ — ​ — ​ ​ — ​ — ​ — ​ — ​ — Recoveries of loans previously charged off ​ — ​ — ​ — ​ ​ — ​ 7 ​ — ​ — ​ 7 Balance, end of period ​ $ 1,664 ​ $ 7,378 ​ $ 19,851 ​ $ 11,753 ​ $ 10,482 ​ $ 543 ​ $ 167 ​ $ 51,838 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, 2022 ​ MTG WHLOC RES RE MF FIN HC FIN ​ CML & CRE AG & AGRE CON & MAR TOTAL ​ ​ (In thousands) ACL-Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 1,955 ​ $ 4,170 $ 14,084 ​ $ 4,461 ​ $ 5,879 ​ $ 657 ​ $ 138 ​ $ 31,344 Impact of adopting CECL ​ ​ 41 ​ ​ 275 ​ ​ 520 ​ ​ 139 ​ ​ (1,277) ​ ​ (18) ​ ​ 21 ​ ​ (299) Provision for credit losses ​ (55) ​ 102 ​ 527 ​ ​ 1,018 ​ 431 ​ (42) ​ — ​ 1,981 Loans charged to the allowance ​ — ​ — ​ — ​ ​ — ​ (931) ​ — ​ — ​ (931) Recoveries of loans previously charged off ​ — ​ — ​ — ​ ​ — ​ — ​ — ​ 7 ​ 7 Balance, end of period ​ $ 1,941 ​ $ 4,547 ​ $ 15,131 ​ $ 5,618 ​ $ 4,102 ​ $ 597 ​ $ 166 ​ $ 32,102 ​ The Company recorded a total provision for credit losses of $6.9 million for the three months ended March 31, 2023. The $6.9 million total provision for credit losses consisted of $7.8 million for the ACL-Loans as shown above and $(0.9) million for the ACL-OBCE’s. The Company recorded a total provision for credit losses of $2.5 million for the three months ended March 31, 2022. The $2.5 million total provision for credit losses consisted of $2.0 million for the ACL-Loans as shown above and $0.5 million for the ACL-OBCE’s. The following table presents the allowance for loan losses and the recorded investment in loans and impairment method as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 below table presents the amortized cost basis and ACL-Loans allocated for collateral dependent loans, which are individually evaluated to determine expected credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ Real Estate Accounts Receivable / Equipment Other Total ACL-Loans Allocation ​ ​ (In thousands) RES RE ​ $ 231 ​ $ — ​ $ 9 ​ $ 240 ​ $ 38 MF FIN ​ ​ 36,760 ​ ​ — ​ ​ — ​ ​ 36,760 ​ ​ 184 HC FIN ​ 21,783 ​ — ​ — ​ 21,783 ​ 132 CML & CRE ​ — ​ 4,986 ​ 1,493 ​ 6,479 ​ 1,381 AG & AGRE ​ 147 ​ — ​ — ​ 147 ​ 1 CON & MAR ​ — ​ — ​ 5 ​ 5 ​ — Total collateral dependent loans ​ $ 58,921 ​ $ 4,986 ​ $ 1,507 ​ $ 65,414 ​ $ 1,736 ​ There have been no significant changes to the types of collateral securing the Company’s collateral dependent loans compared to March 31, 2022. 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 category as of March 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 ​ 2023 2022 2021 ​ 2020 2019 Prior Revolving Loans TOTAL ​ ​ (In thousands) MTG WHLOC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 604,445 ​ $ 604,445 Total ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 604,445 ​ $ 604,445 RES RE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ ​ 3,207 ​ ​ 13,097 ​ ​ 8,339 ​ ​ 24,856 ​ ​ 3,475 ​ ​ 12,867 ​ ​ 1,148,709 ​ ​ 1,214,550 Special Mention (Watch) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 60 ​ ​ 402 ​ ​ — ​ ​ 462 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 240 ​ ​ — ​ ​ 240 Total ​ $ 3,207 ​ $ 13,097 ​ $ 8,339 ​ $ 24,856 ​ $ 3,535 ​ $ 13,509 ​ $ 1,148,709 ​ $ 1,215,252 MF FIN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ ​ 382,298 ​ ​ 1,221,448 ​ ​ 494,235 ​ ​ 156,813 ​ ​ 32,201 ​ ​ 11,347 ​ ​ 1,159,249 ​ ​ 3,457,591 Special Mention (Watch) ​ ​ — ​ ​ 32,807 ​ ​ 16,379 ​ ​ 8,000 ​ ​ — ​ ​ — ​ ​ 14,993 ​ ​ 72,179 Substandard ​ ​ — ​ ​ 36,760 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 36,760 Total ​ $ 382,298 ​ $ 1,291,015 ​ $ 510,614 ​ $ 164,813 ​ $ 32,201 ​ $ 11,347 ​ $ 1,174,242 ​ $ 3,566,530 HC FIN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ ​ 93,837 ​ ​ 1,176,484 ​ ​ 265,032 ​ ​ 79,805 ​ ​ 13,682 ​ ​ — ​ ​ 207,521 ​ ​ 1,836,361 Special Mention (Watch) ​ ​ 22,709 ​ ​ 22,437 ​ ​ 29,014 ​ ​ — ​ ​ — ​ ​ — ​ ​ 8,900 ​ ​ 83,060 Substandard ​ ​ — ​ ​ — ​ ​ 21,783 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 21,783 Total ​ $ 116,546 ​ $ 1,198,921 ​ $ 315,829 ​ $ 79,805 ​ $ 13,682 ​ $ — ​ $ 216,421 ​ $ 1,941,204 CML & CRE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ ​ 23,150 ​ ​ 130,905 ​ ​ 85,065 ​ ​ 22,411 ​ ​ 22,109 ​ ​ 19,553 ​ ​ 881,494 ​ ​ 1,184,687 Special Mention (Watch) ​ ​ 17 ​ ​ 41 ​ ​ 473 ​ ​ 1,103 ​ ​ 116 ​ ​ 323 ​ ​ 1,081 ​ ​ 3,154 Substandard ​ ​ — ​ ​ 496 ​ ​ 2,057 ​ ​ 586 ​ ​ 70 ​ ​ 632 ​ ​ 2,638 ​ ​ 6,479 Total ​ $ 23,167 ​ $ 131,442 ​ $ 87,595 ​ $ 24,100 ​ $ 22,295 ​ $ 20,508 ​ $ 885,213 ​ $ 1,194,320 AG & AGRE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ ​ 4,439 ​ ​ 11,116 ​ ​ 7,163 ​ ​ 15,049 ​ ​ 5,675 ​ ​ 20,352 ​ ​ 24,124 ​ ​ 87,918 Special Mention (Watch) ​ ​ — ​ ​ 14 ​ ​ 54 ​ ​ 462 ​ ​ 344 ​ ​ 551 ​ ​ 26 ​ ​ 1,451 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 147 ​ ​ — ​ ​ 147 Total ​ $ 4,439 ​ $ 11,130 ​ $ 7,217 ​ $ 15,511 ​ $ 6,019 ​ $ 21,050 ​ $ 24,150 ​ $ 89,516 CON & MAR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ ​ 137 ​ ​ 4,570 ​ ​ 403 ​ ​ 220 ​ ​ 62 ​ ​ 4,502 ​ ​ 5,861 ​ ​ 15,755 Special Mention (Watch) ​ ​ — ​ ​ — ​ ​ — ​ ​ 19 ​ ​ — ​ ​ 2 ​ ​ — ​ ​ 21 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 5 ​ ​ — ​ ​ 5 Total ​ $ 137 ​ $ 4,570 ​ $ 403 ​ $ 239 ​ $ 62 ​ $ 4,509 ​ $ 5,861 ​ $ 15,781 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Pass ​ $ 507,068 ​ $ 2,557,620 ​ $ 860,237 ​ $ 299,154 ​ $ 77,204 ​ $ 68,621 ​ $ 4,031,403 ​ $ 8,401,307 Total Special Mention (Watch) ​ $ 22,726 ​ $ 55,299 ​ $ 45,920 ​ $ 9,584 ​ $ 520 ​ $ 1,278 ​ $ 25,000 ​ $ 160,327 Total Substandard ​ $ — ​ $ 37,256 ​ $ 23,840 ​ $ 586 ​ $ 70 ​ $ 1,024 ​ $ 2,638 ​ $ 65,414 Total Loans ​ $ 529,794 ​ $ 2,650,175 ​ $ 929,997 ​ $ 309,324 ​ $ 77,794 ​ $ 70,923 ​ $ 4,059,041 ​ $ 8,627,048 Total Charge offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 March 31, 2023 or 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. ​ ​ ​ ​ ​ Delinquent Loans The following tables present the Company’s loan portfolio aging analysis of the recorded investment in loans as of March 31, 2023 and December 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ 30-59 Days 60-89 Days Greater Than Total ​ ​ Total ​ ​ Past Due ​ Past Due ​ 90 Days ​ Past Due ​ Current ​ Loans ​ ​ (In thousands) MTG WHLOC ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 604,445 ​ $ 604,445 RES RE ​ 2,573 ​ ​ 2,409 ​ 918 ​ 5,900 ​ 1,209,352 ​ 1,215,252 MF FIN ​ — ​ ​ 12,975 ​ 36,760 ​ 49,735 ​ 3,516,795 ​ 3,566,530 HC FIN ​ ​ — ​ ​ — ​ ​ 21,783 ​ ​ 21,783 ​ ​ 1,919,421 ​ ​ 1,941,204 CML & CRE ​ 209 ​ ​ 495 ​ 3,778 ​ 4,482 ​ 1,189,838 ​ 1,194,320 AG & AGRE ​ 236 ​ ​ 43 ​ 1,242 ​ 1,521 ​ 87,995 ​ 89,516 CON & MAR ​ 47 ​ ​ 1 ​ 22 ​ 70 ​ 15,711 ​ 15,781 ​ ​ $ 3,065 ​ $ 15,923 ​ $ 64,503 ​ $ 83,491 ​ $ 8,543,557 ​ $ 8,627,048 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ Nonperforming Loans Nonaccrual loans, including modified loans 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. Generally, this is at 90 or more days past due. The amount of interest income recognized on nonaccrual financial assets during the year ended March 31, 2023 was immaterial. ​ ​ ​ ​ ​ The following table presents the Company’s nonaccrual loans and loans past due 90 days or more and still accruing at March 31, 2023 and December 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ Total Loans > ​ ​ ​ ​ Total Loans > ​ ​ ​ ​ ​ 90 Days & ​ ​ ​ ​ 90 Days & ​ Nonaccrual Accruing Nonaccrual Accruing ​ ​ (In thousands) RES RE ​ $ 240 ​ $ 741 ​ $ 245 ​ $ 96 MF FIN ​ 36,760 ​ — ​ — ​ — HC FIN ​ ​ 21,783 ​ ​ — ​ ​ 21,783 ​ ​ — CML & CRE ​ 4,357 ​ ​ — ​ 4,390 ​ ​ — AG & AGRE ​ 147 ​ 1,242 ​ 147 ​ — CON & MAR ​ 5 ​ 17 ​ 6 ​ 16 ​ ​ $ 63,292 ​ $ 2,000 ​ $ 26,571 ​ $ 112 ​ The Company did not have any nonperforming loans without an estimated ACL at March 31, 2023. ​ On January 1, 2023, the Company adopted FASB Accounting Standards Update (ASU) No. 2022-02, Financial Instruments – Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures. The Company adopted the prospective approach for this new guidance. During the three months ended March 31, 2023, there was one customer experiencing financial difficulty that was modified from the original contractual terms to a delayed payment schedule. ​ The following table presents the Company’s modified loans during the three months ended March 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, 2023 ​ Principal Forgiveness Payment Delay Term Extension Interest Rate Reduction ​ Combination Term Extension and Principal Forgiveness ​ Combination Term Extension Interest Rate Reduction ​ Total Class of Financing Receivable ​ ​ (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and commercial real estate ​ $ — ​ $ 4,357 ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ — % Total ​ $ — ​ $ 4,357 ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ — % ​ ​ residential loans in the process of foreclosure as of March 31, 2023 and December 31, 2022. ​ ​ Loans Purchased The Company purchased $98.8 million and $40.7 million of loans during the three months ended March 31, 2023 and 2022, respectively.

Variable Interest Entities (VIE

Variable Interest Entities (VIEs)	3 Months Ended
	Mar. 31, 2023
Variable Interest Entities (VIEs).
Variable Interest Entities (VIEs)	Note 5: Variable Interest Entities (VIEs) A VIE is a corporation, partnership, limited liability company, or any other legal structure used to conduct activities or hold assets generally that either: ​ • Does not have equity investors with voting rights that can directly or indirectly make decisions about the entity’s activities through those voting rights or similar rights; or ​ • Has equity investors that do not provide sufficient equity for the entity to finance its activities without additional subordinated financial support. ​ The Company has invested in single-family, multi-family, and healthcare debt financing entities, as well as low-income housing syndicated funds that are deemed to be VIEs. The Company has also 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 transaction. Accordingly, the entities were assessed for potential consolidation under the VIE model that requires primary beneficiaries to consolidate the entity’s results. A primary beneficiary is defined as the party that has both the power to direct the activities that most significantly impact the entity, and an interest that could be significant to the entity. To determine if an interest could be significant to the entity, both qualitative and quantitative factors regarding the nature, size and form of involvement with the entity are evaluated. ​ At March 31, 2023 the Company determined it was not the primary beneficiary of its VIEs primarily because the Company did not have the obligation to absorb losses or the rights to receive benefits from the VIE that could potentially be significant to the VIE. Evaluation and assessment of VIEs for consolidation is performed on an ongoing basis by management. Any changes in facts and circumstances occurring since the previous primary beneficiary determination will be considered as part of this ongoing assessment. ​ The Company’s maximum exposure to loss associated with its VIEs consists of the capital invested plus any unfunded equity commitments. These investments are recorded in other assets and other liabilities on the consolidated balance sheets. The table below reflects the size of the VIEs as well as the maximum exposure to loss in connection with these investments at March 31, 2023 and December 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Total ​ Maximum Assets ($ in thousands) Assets Liabilities Exposure to Loss ​ ​ (In thousands) March 31, 2023 ​ ​ ​ Unconsolidated VIEs ​ $ 60,466 ​ $ 25,207 ​ $ 60,466 December 31, 2022 ​ ​ ​ Unconsolidated VIEs ​ $ 52,125 ​ $ 25,564 ​ $ 52,125 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Regulatory Matters

Regulatory Matters	3 Months Ended
	Mar. 31, 2023
Regulatory Matters
Regulatory Matters	Note 6: Regulatory Matters The Company, Merchants Bank, and FMBI are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by federal and state banking regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company, Merchants Bank, and FMBI must meet specific capital guidelines that involve quantitative measures of the Company’s, Merchants Bank’s, and FMBI’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s, Merchants Bank’s, and FMBI’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, and other factors. Furthermore, the Company’s, Merchants Bank’s, and FMBI’s regulators could require adjustments to regulatory capital not reflected in these financial statements. 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 March 31, 2023 and December 31, 2022, that the Company, Merchants Bank, and FMBI met all capital adequacy requirements to which they were subject. As of March 31, 2023 and December 31, 2022, 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 ​ Minimum ​ ​ ​ ​ ​ ​ ​ ​ Amount Required ​ Amount To Be ​ ​ ​ ​ ​ ​ ​ ​ for Adequately ​ Well ​ ​ ​ Actual ​ Capitalized (1) ​ Capitalized (1) ​ ​ Amount Ratio Amount Ratio ​ Amount Ratio ​ ​ (Dollars in thousands) ​ March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total capital (1) ​ ​ ​ ​ ​ ​ ​ Company ​ $ 1,558,187 12.4 % $ 1,006,425 8.0 % $ — N/A % Merchants Bank ​ ​ 1,488,469 12.1 % 986,980 8.0 % 1,233,725 10.0 ​ FMBI ​ 36,044 11.4 % 25,309 8.0 % 31,636 10.0 % Tier I capital (1) ​ ​ ​ ​ Company ​ 1,495,800 11.9 % 754,818 6.0 % — N/A % Merchants Bank ​ ​ 1,426,815 11.6 % 740,235 6.0 % 986,980 8.0 ​ FMBI ​ 35,311 11.2 % 18,981 6.0 % 25,309 8.0 % Common Equity Tier I capital (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Company ​ 996,192 7.9 % 566,114 4.5 % — N/A % Merchants Bank ​ ​ 1,426,815 11.6 % 555,176 4.5 % 801,921 6.5 ​ FMBI ​ 35,311 11.2 % 14,236 4.5 % 20,563 6.5 % Tier I capital (1) ​ ​ ​ ​ ​ ​ Company ​ 1,495,800 11.6 % 514,725 4.0 % — N/A % Merchants Bank ​ ​ 1,426,815 11.3 % 503,987 4.0 % 629,983 5.0 ​ FMBI ​ 35,311 10.6 % 13,347 4.0 % 16,684 5.0 % (1) As defined by regulatory agencies. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum ​ Minimum ​ ​ ​ ​ ​ ​ ​ ​ Amount Required ​ Amount To Be ​ ​ ​ ​ ​ ​ ​ ​ for Adequately ​ Well ​ ​ ​ Actual ​ Capitalized (1) ​ Capitalized (1) ​ ​ Amount Ratio Amount Ratio ​ Amount ​ Ratio ​ ​ ​ (Dollars in thousands) ​ ​ ​ ​ ​ December 31, 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.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2023
Derivative Financial Instruments
Derivative Financial Instruments	​ Note 7: Derivative Financial Instruments ​ The Company uses derivative financial instruments to help manage exposure to interest rate risk and the effects that changes in interest rates may have on net income and the fair value of assets and liabilities. Forward Sales Commitments, 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 condensed consolidated statements of income. The fair value of derivative instruments with a positive fair value are reported in other assets in the condensed consolidated balance sheets while derivative instruments with a negative fair value are reported in other liabilities in the condensed consolidated balance sheets. The following table presents the notional amount and fair value of interest rate locks, forward contracts, and interest rate swaps utilized by the Company at March 31, 2023 and December 31, 2022. This table excludes the fair market value adjustment on loans associated with these derivatives. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ ​ ​ Fair Value ​ ​ Amount ​ Balance Sheet Location ​ Asset ​ Liability March 31, 2023 ​ (In thousands) ​ ​ ​ ​ ​ (In thousands) Interest rate lock commitments $ 32,018 ​ ​ Other assets/liabilities ​ $ 218 ​ $ 4 Forward contracts $ 29,317 ​ ​ Other assets/liabilities ​ ​ 2 ​ ​ 235 Interest rate swaps $ 57,566 ​ ​ Other assets/liabilities ​ 1,694 ​ ​ — ​ ​ ​ ​ ​ ​ ​ $ 1,914 ​ $ 239 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ Fair values of these derivative financial instruments were estimated using changes in mortgage interest rates from the date the Company entered into the interest rate lock commitment and the balance sheet date. The following table summarizes the periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income for the three months ended March 31, 2023 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ 2023 2022 ​ ​ ​ ​ (In thousands) Derivative gain (loss) included in other income: ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ ​ $ 209 ​ $ (882) Forward contracts (includes pair-off settlements) ​ ​ ​ (96) ​ ​ 3,150 Net derivative gains (loss) ​ ​ $ 113 ​ $ 2,268 Gain (loss) included in gain on sale of loans: ​ ​ ​ ​ ​ ​ ​ Interest rates swaps - change in fair value ​ ​ ​ (1,336) ​ ​ — Loans held for sale - change in fair value ​ ​ 1,560 ​ ​ — Net gain (loss) ​ ​ $ 224 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) March 31, 2023 $ 77,354 ​ ​ Other assets/liabilities ​ $ 2,461 ​ $ 2,461 December 31, 2022 $ 77,495 ​ ​ Other assets/liabilities ​ $ 3,041 ​ $ 3,041 ​ ​ The gross gains and losses on these derivative assets and liabilities were recorded in other noninterest income and other noninterest expense in the condensed consolidated statements of income as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ 2023 2022 ​ ​ ​ ​ (In thousands) Gross swap gains ​ ​ $ 580 ​ $ 496 Gross swap losses ​ ​ 580 ​ ​ 496 Net swap gains (losses) ​ ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ The Company pledged $0 in collateral to secure its obligations under swap contracts at both March 31, 2023 and December 31, 2022.

Disclosures about Fair Value of

Disclosures about Fair Value of Assets and Liabilities	3 Months Ended
	Mar. 31, 2023
Disclosures about Fair Value of Assets and Liabilities
Disclosures about Fair Value of Assets and Liabilities	Note 8: Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value: Level 1 Level 2 Level 3 Recurring Measurements The following tables present the fair value measurements of assets and liabilities recognized in the accompanying balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ Quoted Prices in ​ Significant ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Other ​ Significant ​ ​ ​ ​ ​ for Identical ​ Observable ​ Unobservable ​ ​ Fair ​ Assets ​ Inputs ​ Inputs Assets Value (Level 1) (Level 2) (Level 3) ​ ​ (In thousands) March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans in process of securitization ​ $ 197,074 ​ $ — ​ $ 197,074 ​ $ — Securities available for sale: ​ ​ ​ ​ Treasury notes ​ 175,099 ​ 175,099 ​ — ​ — Federal agencies ​ 290,331 ​ — ​ 290,331 ​ — Mortgage-backed - Government-sponsored entity (GSE) ​ 214,088 ​ — ​ 214,088 ​ — Loans held for sale ​ 85,516 ​ — ​ 85,516 ​ — Servicing rights ​ 143,867 ​ — ​ — ​ 143,867 Derivative assets - interest rate lock commitments ​ 218 ​ — ​ — ​ 218 Derivative assets - forward contracts ​ 2 ​ — ​ 2 ​ — Derivative assets - interest rate swaps ​ ​ 1,694 ​ ​ — ​ ​ 1,694 ​ ​ — Derivative assets - interest rate swaps (back-to-back) ​ 2,461 ​ — ​ 2,461 ​ — Derivative liabilities - interest rate lock commitments ​ 4 ​ ​ — ​ ​ — ​ ​ 4 Derivative liabilities - forward contracts ​ 235 ​ ​ — ​ ​ 235 ​ ​ — Derivative liabilities - interest rate swaps (back-to-back) ​ 2,461 ​ ​ — ​ ​ 2,461 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 assets - interest rate swaps ​ ​ 3,030 ​ ​ — ​ 3,030 ​ — Derivative assets - 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 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. There have been no significant changes in the valuation techniques during the three months ended March 31, 2023 and the year ended December 31, 2022. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 2022 ​ ​ (In thousands) Servicing rights ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 146,248 ​ $ 110,348 Additions ​ ​ ​ Originated servicing ​ 2,173 ​ 5,792 Subtractions ​ ​ Paydowns ​ (1,698) ​ (2,749) Sales of servicing ​ ​ — ​ ​ — Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model ​ (2,856) ​ 7,645 Balance, end of period ​ $ 143,867 ​ $ 121,036 ​ ​ ​ ​ ​ ​ ​ Derivative Assets - interest rate lock commitments ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 28 ​ $ 264 Changes in fair value ​ 190 ​ (152) Balance, end of period ​ $ 218 ​ $ 112 ​ ​ ​ ​ ​ ​ ​ Derivative Liabilities - interest rate lock commitments ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 23 ​ $ 41 Changes in fair value ​ (19) ​ 730 Balance, end of period ​ $ 4 ​ $ 771 ​ Nonrecurring Measurements The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2023 and December 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ Quoted Prices in ​ Significant ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Other ​ Significant ​ ​ ​ ​ ​ for Identical ​ Observable ​ Unobservable ​ ​ Fair ​ Assets ​ Inputs ​ Inputs Assets Value (Level 1) (Level 2) (Level 3) ​ ​ (In thousands) March 31, 2023 ​ ​ ​ ​ Impaired loans (collateral-dependent) ​ $ — ​ $ — ​ $ — ​ $ — December 31, 2022 ​ ​ ​ ​ Impaired loans (collateral-dependent) ​ $ 4,465 ​ $ — ​ $ — ​ $ 4,465 ​ Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying balance sheet, as well as the general classification of such assets pursuant to the valuation hierarchy. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below. Collateral Dependent Loans, Net of ACL-Loans The estimated fair value of collateral dependent loans is based on the appraised fair value of the collateral, less estimated cost to sell. Collateral dependent loans are classified within Level 3 of the fair value hierarchy. The Company considers the appraisal or evaluation as the starting point for determining fair value and then considers other factors and events in the environment that may affect the fair value. Appraisals of the collateral underlying collateral-dependent loans are obtained when the loan is determined to be collateral dependent and subsequently as deemed necessary by the Chief Credit Officer’s (“CCO”) office. Appraisals and evaluations are reviewed for accuracy and consistency by the CCO’s office. Appraisers are selected from the list of approved appraisers maintained by management. The appraised values are reduced by discounts to consider lack of marketability and estimated cost to sell if repayment or satisfaction of the loan is dependent on the sale of the collateral. These discounts and estimates are developed by the CCO’s office by comparison to historical results. Unobservable (Level 3) Inputs: The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements other than goodwill. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Valuation ​ ​ ​ ​ ​ Weighted ​ Fair Value Technique Unobservable Inputs ​ Range Average ​ ​ (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ At March 31, 2023: ​ ​ ​ ​ ​ ​ Servicing rights - Multi-family ​ $ 109,706 Discounted cash flow Discount rate ​ 8% - 13% 9% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 0 - 39% 8% Servicing rights - Single-family ​ $ 29,078 Discounted cash flow Discount rate ​ 9% - 10% ​ 9% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 7% - 10% ​ 7% Servicing rights - SBA ​ $ 5,083 Discounted cash flow Discount rate ​ 16% 16% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 3% - 12% ​ 8% Derivative assets - interest rate lock commitments ​ $ 218 Discounted cash flow Loan closing rates ​ 51% - 99% 75% Derivative liabilities - interest rate lock commitments ​ $ 4 Discounted cash flow Loan closing rates ​ 51% - 99% 75% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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% ​ Sensitivity of Significant Unobservable Inputs The following is a discussion of the sensitivity of significant unobservable inputs, the interrelationships between those inputs and other unobservable inputs used in recurring fair value measurement, and of how those inputs might magnify or mitigate the effect of changes in the unobservable inputs on the fair value measurement. Servicing Rights The significant unobservable inputs used in the fair value measurement of the Company’s servicing rights are discount rates and constant prepayment rates. These two inputs can drive a significant amount of a market participant’s valuation of servicing rights. Significant increases (decreases) in the discount rate or assumed constant prepayment rates used to value servicing rights would decrease (increase) the value derived. Fair Value of Financial Instruments The following table presents the carrying amount and estimated fair values of the Company’s financial instruments not carried at fair value and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2023 and December 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices in ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Other ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ for Identical ​ Observable ​ Unobservable ​ ​ Carrying ​ Fair ​ Assets ​ Inputs ​ Inputs Assets Value Value (Level 1) (Level 2) (Level 3) ​ ​ (In thousands) March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 369,586 ​ $ 369,586 ​ $ 369,586 ​ $ — ​ $ — Securities purchased under agreements to resell ​ 3,438 ​ 3,438 ​ — ​ 3,438 ​ — Securities held to maturity ​ 1,104,835 ​ 1,106,582 ​ — ​ 239,795 ​ 866,787 FHLB stock ​ 39,130 ​ 39,130 ​ — ​ 39,130 ​ — Loans held for sale ​ 2,769,734 ​ 2,769,734 ​ — ​ 2,769,734 ​ — Loans receivable, net ​ 8,575,210 ​ 8,553,015 ​ — ​ — ​ 8,553,015 Interest receivable ​ 64,282 ​ 64,282 ​ — ​ 64,282 ​ — Financial liabilities: ​ ​ ​ ​ ​ ​ Deposits ​ 11,345,231 ​ 11,343,744 ​ 7,208,222 ​ 4,135,522 ​ — Short-term subordinated debt ​ 21,000 ​ 21,000 ​ — ​ 21,000 ​ — FHLB advances ​ 859,211 ​ 858,957 ​ — ​ 858,957 ​ — Other borrowing ​ ​ 200,000 ​ ​ 200,000 ​ ​ — ​ ​ 200,000 ​ ​ — Credit linked notes ​ ​ 153,551 ​ ​ 154,520 ​ ​ — ​ ​ 154,520 ​ ​ — Interest payable ​ 32,605 ​ 32,605 ​ — ​ 32,605 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ — ​

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases.
Leases	Note 9: Leases The Company has operating leases for various locations with terms ranging from one The Company has operating lease right-of-use assets of $10.5 million as of March 31, 2023 and operating lease right-of-use liabilities of $11.6 million as of March 31, 2023. Balance sheet, income statement and cash flow detail regarding operating leases follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ December 31, 2022 Balance Sheet ​ (In thousands) ​ ​ (In thousands) Operating lease right-of-of use asset (in other assets) $ 10,483 ​ $ 10,969 Operating lease liability (in other liabilities) ​ 11,644 ​ ​ 11,992 ​ ​ ​ ​ ​ ​ Weighted average remaining lease term (years) ​ 6.3 ​ ​ 6.5 Weighted average discount rate ​ 2.68% ​ ​ 2.65% ​ ​ ​ ​ ​ ​ Maturities of lease liabilities: ​ ​ ​ ​ ​ One year or less $ 1,731 ​ $ 2,181 Year two ​ 2,345 ​ ​ 2,321 Year three ​ 1,881 ​ ​ 1,881 Year four ​ 1,911 ​ ​ 1,911 Year five ​ 1,853 ​ ​ 1,853 Thereafter ​ 2,902 ​ ​ 2,902 Total future minimum lease payments ​ 12,623 ​ ​ 13,049 Less: imputed interest ​ 979 ​ ​ 1,057 Total $ 11,644 ​ $ 11,992 ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Three Months Ended ​ ​ March 31, 2023 ​ ​ March 31, 2022 Income Statement ​ (In thousands) ​ ​ (In thousands) Components of lease expense: ​ ​ ​ ​ ​ Operating lease cost (in occupancy and equipment expense) $ 583 ​ $ 367 ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Three Months Ended ​ ​ March 31, 2023 ​ ​ March 31, 2022 Cash Flow Statement ​ (In thousands) ​ ​ (In thousands) Supplemental cash flow information: ​ ​ ​ ​ ​ Operating cash flows from operating leases $ 426 ​ $ 283 ​ ​ ​ ​

Deposits

Deposits	3 Months Ended
	Mar. 31, 2023
Deposits
Deposits	​ Note 10: Deposits Deposits were comprised of the following at March 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, ​ 2023 2022 ​ ​ (In thousands) Noninterest-bearing deposits ​ ​ ​ ​ ​ ​ Demand deposits ​ $ 313,733 ​ $ 326,875 Total noninterest-bearing deposits ​ ​ 313,733 ​ ​ 326,875 Interest-bearing deposits ​ ​ ​ ​ ​ ​ Demand deposits ​ $ 3,843,282 ​ $ 3,720,363 Savings deposits ​ 3,051,207 ​ 3,034,818 Certificates of deposit ​ 4,137,009 ​ 2,989,289 Total interest-bearing deposits ​ ​ 11,031,498 ​ ​ 9,744,470 Total deposits ​ $ 11,345,231 ​ $ 10,071,345 ​ Maturities for certificates of deposit are as follows: ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ (In thousands) Due within one year ​ $ 4,004,937 Due in one year to two years ​ 90,668 Due in two years to three years ​ 39,683 Due in three years to four years ​ 1,114 Due in four years to five years ​ ​ 585 Due in five years to six years ​ 22 ​ ​ $ 4,137,009 ​ Brokered deposit amounts at March 31, 2023 and December 31, 2022, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2023 2022 ​ ​ (In thousands) Brokered certificates of deposit ​ $ 3,679,084 ​ $ 2,681,198 Brokered savings deposits ​ 51,076 ​ 81,532 Brokered deposit on demand accounts ​ — ​ 13 ​ ​ $ 3,730,160 ​ $ 2,762,743 ​

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2023
Borrowings
Borrowings	Note 11: Borrowings Borrowings were comprised of the following at March 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2023 2022 ​ ​ (In thousands) Federal Reserve discount window borrowings ​ $ 200,000 ​ $ 20,000 Short-term subordinated debt ​ 21,000 ​ 21,000 FHLB advances ​ ​ 859,211 ​ ​ 859,392 American Financial Exchange borrowing ​ ​ — ​ ​ 30,000 Credit linked notes ​ 153,551 ​ — Total borrowings ​ $ 1,233,762 ​ $ 930,392 ​ On March 30, 2023, Merchants Bank of Indiana issued and sold $158.1 million senior credit linked notes, due May 26, 2028. The net proceeds of the offering were approximately $153.5 million. The repayment of principal on the notes is linked to an approximately $1.1 billion reference pool of loans originated under the Bank’s healthcare commercial real estate lending program, but the notes are not secured by the loans. The notes provide periodic payments of interest in addition to payment of principal over the life of the note and these values are tied to the performance of the loans. Therefore, the notes effectively transfer credit risk in excess of the first 1% of losses on the reference pool of loans. The reduction in risk weighted assets provides additional balance sheet capacity and benefits capital ratios for additional growth in the existing loan pipeline. The Company will maintain the ACL associated with the loans in the reference pool on the Company’s balance sheet. The notes accrue interest at a rate equal to SOFR plus 15.50% and interest pays monthly. As of March 31, 2023, the effective interest rate was 21.5% . However, the interest earned on the collateral account maintained by the Company for the transaction had an effective rate of The notes are secured by a restricted collateral account which the Company is required to maintain with a third-party financial institution. The collateral account maintains an amount equal to at least the initial aggregate unpaid principal of the notes. As of March 31, 2023, the account included $20.5 million of restricted cash and $137.6 million of short-term Treasury securities. These are reported as cash equivalents and securities available for sale in the consolidated balance sheets.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share
Earnings Per Share	Note 12: Earnings Per Share Earnings per share were computed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Month Periods Ended March 31, ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ Weighted- ​ Per ​ ​ ​ ​ Weighted- ​ Per ​ ​ Net ​ Average ​ Share ​ Net ​ Average ​ Share ​ Income Shares Amount Income Shares Amount ​ ​ (In thousands) ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ ​ ​ Net income ​ $ 54,955 ​ ​ $ 50,142 ​ Dividends on preferred stock ​ (8,667) ​ ​ (5,728) ​ Net income allocated to common shareholders ​ $ 46,288 ​ ​ $ 44,414 ​ Basic earnings per share ​ 43,179,604 ​ $ 1.07 ​ 43,190,066 ​ $ 1.03 Effect of dilutive securities-restricted stock awards ​ 111,175 ​ ​ 169,968 ​ Diluted earnings per share ​ 43,290,779 ​ $ 1.07 ​ 43,360,034 ​ $ 1.02 ​ ​ ​ ​ ​ ​ ​ ​ ​

Share-Based Payment Plans

Share-Based Payment Plans	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Plans
Share-Based Payment Plans	Note 13: Share-Based Payment Plans Equity-based incentive awards for Company officers are currently issued pursuant to the 2017 Equity Incentive Plan (the “2017 Incentive Plan”). During the three months ended March 31, 2023 and March 31, 2022, the Company issued During 2018, the Compensation Committee of the Board of Directors approved a plan for non-executive directors to receive a portion of their annual retainer fees in the form of shares of common stock equal to $10,000, rounded up to the nearest whole share. In January 2021, the Board of Directors amended the plan for nonexecutive directors to receive a portion of their annual fees, issued quarterly, in the form of restricted common stock equal to $50,000 per member, rounded up to the nearest whole share, to be effective after the Company’s annual meeting of shareholders held in May 2021. Accordingly, there were 2,863 and 2,055 shares, issued to non-executive directors during the three months ended March 31, 2023 and March 31, 2022, 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 $810,000 and $653,000 for the three months ended March 31, 2023 and March 31, 2022, respectively. The Company contributed 33,293 shares and 20,709 shares to the ESOP for the three months ended March 31, 2023 and March 31, 2022, respectively.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Information
Segment Information	Note 14: Segment Information The Company’s business segments are defined as Multi-family Mortgage Banking, Mortgage Warehousing, and Banking. The reportable business segments are consistent with the internal reporting and evaluation of the principal lines of business of the Company. The Multi-family Mortgage Banking segment originates and services government sponsored mortgages for multi-family and healthcare facilities. It is also a 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; and 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 three months ended March 31, 2023 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multi-family ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage ​ Mortgage ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking Warehousing Banking Other Total Three Months Ended March 31, 2023 ​ (In thousands) Interest income ​ $ 1,106 ​ $ 42,318 ​ $ 166,726 ​ $ 1,144 $ 211,294 Interest expense ​ — ​ 27,794 ​ 84,526 ​ (1,719) 110,601 Net interest income ​ 1,106 ​ 14,524 ​ 82,200 ​ 2,863 100,693 Provision for credit losses ​ — ​ 1,364 ​ 5,503 ​ — 6,867 Net interest income after provision for credit losses ​ 1,106 ​ 13,160 ​ 76,697 ​ 2,863 93,826 Noninterest income ​ 16,597 ​ 1,033 ​ (1,189) ​ (2,177) 14,264 Noninterest expense ​ 14,631 ​ 2,755 ​ 10,170 ​ 7,216 34,772 Income (loss) before income taxes ​ 3,072 ​ 11,438 ​ 65,338 ​ (6,530) 73,318 Income taxes ​ 1,106 ​ 2,797 ​ 16,031 ​ (1,571) 18,363 Net income (loss) ​ $ 1,966 ​ $ 8,641 ​ $ 49,307 ​ $ (4,959) $ 54,955 Total assets ​ $ 341,487 ​ $ 3,318,491 ​ $ 10,430,293 ​ $ 150,695 $ 14,240,966 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multi-family ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage ​ Mortgage ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking Warehousing Banking Other Total Three Months Ended March 31, 2022 ​ (In thousands) Interest income ​ $ 257 ​ $ 20,329 ​ $ 53,725 ​ $ 1,701 $ 76,012 Interest expense ​ — ​ 2,021 ​ 8,517 ​ (251) 10,287 Net interest income ​ 257 ​ 18,308 ​ 45,208 ​ 1,952 65,725 Provision for credit losses ​ — ​ (207) ​ 2,658 ​ — 2,451 Net interest income after provision for credit losses ​ 257 ​ 18,515 ​ 42,550 ​ 1,952 63,274 Noninterest income ​ 32,186 ​ 1,860 ​ 2,189 ​ (1,638) 34,597 Noninterest expense ​ 16,531 ​ 2,926 ​ 6,574 ​ 5,002 31,033 Income (loss) before income taxes ​ 15,912 ​ 17,449 ​ 38,165 ​ (4,688) 66,838 Income taxes ​ 4,420 ​ 4,290 ​ 9,401 ​ (1,415) 16,696 Net income (loss) ​ $ 11,492 ​ $ 13,159 ​ $ 28,764 ​ $ (3,273) $ 50,142 Total assets ​ $ 293,286 ​ $ 2,863,907 ​ $ 6,409,943 ​ $ 83,456 $ 9,650,592 ​

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2023
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Note 15: 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 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 adopted this new guidance as of January 1, 2023, but does not expect it to have a material impact on the Company’s financial position or results of operations. ​ ​

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events
Subsequent Events	Note 16: Subsequent Events No material events were noted.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2023
Basis of Presentation
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements include the accounts of Merchants Bancorp, a registered bank holding company (the “Company”) and its wholly owned subsidiaries, Merchants Bank of Indiana (“Merchants Bank”), Farmers-Merchants Bank of Illinois (“FMBI”) and Merchants Asset Management, LLC (“MAM”). Merchants Bank’s primary operating subsidiaries include Merchants Capital Corp. (“MCC”), Merchants Capital Servicing, LLC (“MCS”) and Merchants Capital Investments, LLC (“MCI”). All direct and indirectly owned subsidiaries owned by Merchants Bancorp are collectively referred to as the “Company”. The accompanying unaudited condensed consolidated balance sheet of the Company as of December 31, 2022, which has been derived from audited financial statements, and unaudited condensed consolidated financial statements of the Company as of March 31, 2023 and for the three months ended March 31, 2023 and 2022, were prepared in accordance with the instructions for Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America. Accordingly, these condensed financial statements should be read in conjunction with the audited financial statements and notes thereto of the Company as of and for the year ended December 31, 2022 in its Annual Report on Form 10-K. Reference is made to the accounting policies of the Company described in the Notes to the Financial Statements contained in the Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) which are necessary for a fair presentation of the unaudited financial statements have been included to present fairly the financial position as of March 31, 2023
Principles of Consolidation	Principles of Consolidation The unaudited condensed consolidated financial statements as of and for the period ended March 31, 2023 and 2022 include results from the Company, and its wholly owned subsidiaries, Merchants Bank, FMBI and MAM. Also included are Merchants Bank’s primary operating subsidiaries, MCC, MCS and MCI, as well as all direct and indirectly owned subsidiaries owned by Merchants Bancorp. In addition, when the Company makes an equity investment in 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 the Company’s involvement with the entity are evaluated. Alternatively, under the voting interest model, it would only consolidate those entities for which it has a controlling interest. Because the variable interest investments held by the Company as of March 31, 2023 are not deemed to be primary beneficiaries or controlling interests, the entities are not consolidated and the equity method or proportional method of accounting has been applied. The Company will analyze whether its entities are the primary beneficiary on an ongoing basis. Changes in facts and circumstances occurring since the previous primary beneficiary determination will be considered as part of this ongoing assessment. See Note 5: Variable Interest Entities (VIEs) All significant intercompany accounts and transactions have been eliminated in consolidation.
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 Policies	Significant Accounting Policies The significant accounting policies followed by the Company for interim financial reporting are consistent with the accounting policies followed for annual financial reporting. On January 1, 2022, the Company adopted FASB Accounting Standards Update (ASU) No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("CECL"). The Company revised certain accounting policies and implemented certain accounting policy elections, related to the adoption of CECL, which are described below. All adjustments, which are of a normal recurring nature and are, in the opinion of management, necessary for a fair statement of the results for the periods reported, have been included in the accompanying Condensed Consolidated Financial Statements. CECL replaces the previous "allowance for loan and lease losses" model for measuring credit losses, which encompassed allowances for current known and inherent losses within the portfolio, with an "expected loss" model for measuring credit losses, which encompasses allowances for losses expected to be incurred over the life of the included assets. The new CECL model requires the measurement of all expected credit losses for financial assets measured at amortized cost and certain off-balance sheet credit exposures (“OBCEs”) based on historical experiences, current conditions, and reasonable and supportable forecasts. CECL also requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as credit quality and underwriting standards of an organization's portfolio. In addition, CECL includes certain changes to the accounting for investment securities available for sale depending on whether management intends to sell the securities or believes that it is more likely than not they will be required to sell. As of the adoption date on January 1, 2022, the Company recorded a $3.6 million decrease, net of taxes, to retained earnings for the cumulative effect of adopting CECL. The transition adjustment included a $0.3 million increase to retained earnings related to allowance for credit losses on loans (“ACL-Loans”) and a $5.2 million decrease to retained earnings related to allowance for OBCEs (“ACL-OBCEs”). The following table summarizes the impact of the adoption of CECL on the Company’s balance sheet as of January 1, 2022. ACL-Loans Note 4: Loans and Allowance for credit losses on loans ACL-OBCEs life of the commitment. 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 ACL–OBCEs is adjusted through the income statement as a component of provision for credit loss.
Restricted Cash	Restricted Cash ​ Included in cash equivalents is an account restricted as collateral for the potential risk of loss on $158.1 million of senior credit linked notes issued by the Company in March 2023. As of March 31, 2023, there was $20.5 million in restricted cash. Also see Note 11: Borrowings.
Reclassifications	Reclassifications ​ Certain reclassifications may have been made to the 2022 financial statements to conform to the financial statement presentation as of and for the three months ended March 31, 2023. These reclassifications had no effect on net income.

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2023
Investment Securities
Schedule of amortized cost and approximate fair values, together with gross unrealized gains and losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ Cost Gains Losses Value ​ ​ (In thousands) Securities available for sale: ​ ​ ​ ​ Treasury notes ​ $ 175,766 ​ $ 52 ​ $ 719 ​ $ 175,099 Federal agencies ​ 299,990 ​ — ​ 9,659 ​ 290,331 Mortgage-backed - Government-sponsored entity (GSE) ​ ​ 214,086 ​ ​ 6 ​ ​ 4 ​ ​ 214,088 Total securities available for sale ​ $ 689,842 ​ $ 58 ​ $ 10,382 ​ $ 679,518 Securities held to maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed - Non-GSE multi-family ​ $ 867,072 ​ $ — ​ $ 285 ​ $ 866,787 Mortgage-backed - Non-GSE residential ​ ​ 236,225 ​ ​ 2,088 ​ ​ — ​ ​ 238,313 Mortgage-backed - Government - sponsored entity (GSE) ​ ​ 1,538 ​ ​ — ​ ​ 56 ​ ​ 1,482 Total securities held to maturity ​ $ 1,104,835 ​ $ 2,088 ​ $ 341 ​ $ 1,106,582 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ 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 ​
Schedule of amortized cost and fair value of available-for-sale securities and held to maturity securities by contractual maturity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 ​ ​ Amortized ​ Fair ​ Amortized ​ Fair ​ Cost Value Cost Value Securities available for sale: ​ (In thousands) Within one year ​ $ 341,569 ​ $ 336,159 ​ $ 118,984 ​ $ 115,386 After one through five years ​ 134,187 ​ 129,271 ​ 203,236 ​ 192,784 ​ ​ 475,756 ​ 465,430 ​ 322,220 ​ 308,170 Mortgage-backed - Government-sponsored entity (GSE) ​ ​ 214,086 ​ ​ 214,088 ​ ​ 15,167 ​ ​ 15,167 ​ ​ $ 689,842 ​ $ 679,518 ​ $ 337,387 ​ $ 323,337 Securities held to maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed - Non-GSE multi-family ​ $ 867,072 ​ $ 866,787 ​ $ 871,772 ​ $ 871,784 Mortgage-backed - Non-GSE residential ​ ​ 236,225 ​ ​ 238,313 ​ ​ — ​ ​ — Mortgage-backed - Government - sponsored entity (GSE) ​ ​ 1,538 ​ 1,482 ​ 247,306 ​ 247,182 ​ ​ $ 1,104,835 ​ $ 1,106,582 ​ $ 1,119,078 ​ $ 1,118,966 ​
Schedule of gross unrealized losses and fair value of investments with unrealized losses have been in continuous	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ 29,757 ​ $ 588 ​ $ 5,862 ​ $ 131 ​ $ 35,619 ​ $ 719 Federal agencies ​ ​ 14,947 ​ ​ 53 ​ ​ 275,385 ​ ​ 9,606 ​ ​ 290,332 ​ ​ 9,659 Mortgage-backed - Government-sponsored entity (GSE) ​ ​ 74 ​ ​ 2 ​ ​ 200 ​ ​ 2 ​ ​ 274 ​ ​ 4 ​ ​ $ 44,778 ​ $ 643 ​ $ 281,447 ​ $ 9,739 ​ $ 326,225 ​ $ 10,382 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities held to maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed - Non-GSE multi-family ​ $ 866,787 ​ $ 285 ​ $ — ​ $ — ​ $ 866,787 ​ $ 285 Mortgage-backed - Government - sponsored entity (GSE) ​ ​ 1,482 ​ ​ 56 ​ ​ — ​ ​ — ​ ​ 1,482 ​ ​ 56 ​ ​ $ 868,269 ​ $ 341 ​ $ — ​ $ — ​ $ 868,269 ​ $ 341 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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

Loans and Allowance for Credi_2

Loans and Allowance for Credit Losses on Loans (Tables)	3 Months Ended
	Mar. 31, 2023
Loans and Allowance for Credit Losses on Loans
Summary of loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2023 2022 ​ ​ (In thousands) ​ ​ ​ ​ ​ ​ ​ Mortgage warehouse lines of credit ​ $ 604,445 ​ $ 464,785 Residential real estate ​ 1,215,252 ​ 1,178,401 Multi-family financing ​ 3,566,530 ​ 3,135,535 Healthcare financing ​ ​ 1,941,204 ​ ​ 1,604,341 Commercial and commercial real estate (1)(2) ​ 1,194,320 ​ 978,661 Agricultural production and real estate ​ 89,516 ​ 95,651 Consumer and margin loans ​ 15,781 ​ 13,498 ​ ​ 8,627,048 ​ 7,470,872 Less: ​ ​ ACL-Loans ​ 51,838 ​ 44,014 ​ ​ ​ ​ ​ ​ ​ Loans Receivable ​ $ 8,575,210 ​ $ 7,426,858 (1) Includes $672.9 million and $497.0 million of revolving lines of credit collateralized primarily by single-family mortgage servicing rights as of March 31, 2023 and December 31, 2022, respectively. (2) Includes only $9.1 million of non-owner occupied commercial real estate as of March 31, 2023 and included only $12.8 million as of December 31, 2022.
Schedule of allowance for credit loss on loan methodology by loan portfolio segment	​ ​ ​ ​ Loan Portfolio Segment ACL-Loans Methodology ​ ​ ​ Mortgage warehouse lines of credit ​ Remaining Life Method Residential real estate ​ Discounted Cash Flow Multi-family financing ​ Discounted Cash Flow Healthcare financing ​ Discounted Cash Flow Commercial and commercial real estate ​ Discounted Cash Flow Agricultural production and real estate ​ Remaining Life Method Consumer and margin loans ​ Remaining Life Method ​
Summary of the activity in the ACL-Loans by portfolio segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, 2023 ​ MTG WHLOC RES RE MF FIN HC FIN ​ CML & CRE AG & AGRE CON & MAR TOTAL ​ ​ (In thousands) ACL-Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 1,249 ​ $ 7,029 $ 16,781 ​ $ 9,882 ​ $ 8,326 ​ $ 565 ​ $ 182 ​ $ 44,014 Provision for credit losses ​ 415 ​ 349 ​ 3,070 ​ ​ 1,871 ​ 2,149 ​ (22) ​ (15) ​ 7,817 Loans charged to the allowance ​ — ​ — ​ — ​ ​ — ​ — ​ — ​ — ​ — Recoveries of loans previously charged off ​ — ​ — ​ — ​ ​ — ​ 7 ​ — ​ — ​ 7 Balance, end of period ​ $ 1,664 ​ $ 7,378 ​ $ 19,851 ​ $ 11,753 ​ $ 10,482 ​ $ 543 ​ $ 167 ​ $ 51,838 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, 2022 ​ MTG WHLOC RES RE MF FIN HC FIN ​ CML & CRE AG & AGRE CON & MAR TOTAL ​ ​ (In thousands) ACL-Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 1,955 ​ $ 4,170 $ 14,084 ​ $ 4,461 ​ $ 5,879 ​ $ 657 ​ $ 138 ​ $ 31,344 Impact of adopting CECL ​ ​ 41 ​ ​ 275 ​ ​ 520 ​ ​ 139 ​ ​ (1,277) ​ ​ (18) ​ ​ 21 ​ ​ (299) Provision for credit losses ​ (55) ​ 102 ​ 527 ​ ​ 1,018 ​ 431 ​ (42) ​ — ​ 1,981 Loans charged to the allowance ​ — ​ — ​ — ​ ​ — ​ (931) ​ — ​ — ​ (931) Recoveries of loans previously charged off ​ — ​ — ​ — ​ ​ — ​ — ​ — ​ 7 ​ 7 Balance, end of period ​ $ 1,941 ​ $ 4,547 ​ $ 15,131 ​ $ 5,618 ​ $ 4,102 ​ $ 597 ​ $ 166 ​ $ 32,102 ​
Summary of activity in the allowance for loans and recorded investment by loan portfolio	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​
Schedule of allowance for credit loss allocated to collateral dependent loans	The below table presents the amortized cost basis and ACL-Loans allocated for collateral dependent loans, which are individually evaluated to determine expected credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ Real Estate Accounts Receivable / Equipment Other Total ACL-Loans Allocation ​ ​ (In thousands) RES RE ​ $ 231 ​ $ — ​ $ 9 ​ $ 240 ​ $ 38 MF FIN ​ ​ 36,760 ​ ​ — ​ ​ — ​ ​ 36,760 ​ ​ 184 HC FIN ​ 21,783 ​ — ​ — ​ 21,783 ​ 132 CML & CRE ​ — ​ 4,986 ​ 1,493 ​ 6,479 ​ 1,381 AG & AGRE ​ 147 ​ — ​ — ​ 147 ​ 1 CON & MAR ​ — ​ — ​ 5 ​ 5 ​ — Total collateral dependent loans ​ $ 58,921 ​ $ 4,986 ​ $ 1,507 ​ $ 65,414 ​ $ 1,736 ​
Schedule of credit risk profile of loan portfolio	The following tables present the credit risk profile of the Company’s loan portfolio based on internal risk rating category as of March 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 ​ 2023 2022 2021 ​ 2020 2019 Prior Revolving Loans TOTAL ​ ​ (In thousands) MTG WHLOC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 604,445 ​ $ 604,445 Total ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 604,445 ​ $ 604,445 RES RE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ ​ 3,207 ​ ​ 13,097 ​ ​ 8,339 ​ ​ 24,856 ​ ​ 3,475 ​ ​ 12,867 ​ ​ 1,148,709 ​ ​ 1,214,550 Special Mention (Watch) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 60 ​ ​ 402 ​ ​ — ​ ​ 462 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 240 ​ ​ — ​ ​ 240 Total ​ $ 3,207 ​ $ 13,097 ​ $ 8,339 ​ $ 24,856 ​ $ 3,535 ​ $ 13,509 ​ $ 1,148,709 ​ $ 1,215,252 MF FIN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ ​ 382,298 ​ ​ 1,221,448 ​ ​ 494,235 ​ ​ 156,813 ​ ​ 32,201 ​ ​ 11,347 ​ ​ 1,159,249 ​ ​ 3,457,591 Special Mention (Watch) ​ ​ — ​ ​ 32,807 ​ ​ 16,379 ​ ​ 8,000 ​ ​ — ​ ​ — ​ ​ 14,993 ​ ​ 72,179 Substandard ​ ​ — ​ ​ 36,760 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 36,760 Total ​ $ 382,298 ​ $ 1,291,015 ​ $ 510,614 ​ $ 164,813 ​ $ 32,201 ​ $ 11,347 ​ $ 1,174,242 ​ $ 3,566,530 HC FIN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ ​ 93,837 ​ ​ 1,176,484 ​ ​ 265,032 ​ ​ 79,805 ​ ​ 13,682 ​ ​ — ​ ​ 207,521 ​ ​ 1,836,361 Special Mention (Watch) ​ ​ 22,709 ​ ​ 22,437 ​ ​ 29,014 ​ ​ — ​ ​ — ​ ​ — ​ ​ 8,900 ​ ​ 83,060 Substandard ​ ​ — ​ ​ — ​ ​ 21,783 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 21,783 Total ​ $ 116,546 ​ $ 1,198,921 ​ $ 315,829 ​ $ 79,805 ​ $ 13,682 ​ $ — ​ $ 216,421 ​ $ 1,941,204 CML & CRE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ ​ 23,150 ​ ​ 130,905 ​ ​ 85,065 ​ ​ 22,411 ​ ​ 22,109 ​ ​ 19,553 ​ ​ 881,494 ​ ​ 1,184,687 Special Mention (Watch) ​ ​ 17 ​ ​ 41 ​ ​ 473 ​ ​ 1,103 ​ ​ 116 ​ ​ 323 ​ ​ 1,081 ​ ​ 3,154 Substandard ​ ​ — ​ ​ 496 ​ ​ 2,057 ​ ​ 586 ​ ​ 70 ​ ​ 632 ​ ​ 2,638 ​ ​ 6,479 Total ​ $ 23,167 ​ $ 131,442 ​ $ 87,595 ​ $ 24,100 ​ $ 22,295 ​ $ 20,508 ​ $ 885,213 ​ $ 1,194,320 AG & AGRE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ ​ 4,439 ​ ​ 11,116 ​ ​ 7,163 ​ ​ 15,049 ​ ​ 5,675 ​ ​ 20,352 ​ ​ 24,124 ​ ​ 87,918 Special Mention (Watch) ​ ​ — ​ ​ 14 ​ ​ 54 ​ ​ 462 ​ ​ 344 ​ ​ 551 ​ ​ 26 ​ ​ 1,451 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 147 ​ ​ — ​ ​ 147 Total ​ $ 4,439 ​ $ 11,130 ​ $ 7,217 ​ $ 15,511 ​ $ 6,019 ​ $ 21,050 ​ $ 24,150 ​ $ 89,516 CON & MAR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ ​ 137 ​ ​ 4,570 ​ ​ 403 ​ ​ 220 ​ ​ 62 ​ ​ 4,502 ​ ​ 5,861 ​ ​ 15,755 Special Mention (Watch) ​ ​ — ​ ​ — ​ ​ — ​ ​ 19 ​ ​ — ​ ​ 2 ​ ​ — ​ ​ 21 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 5 ​ ​ — ​ ​ 5 Total ​ $ 137 ​ $ 4,570 ​ $ 403 ​ $ 239 ​ $ 62 ​ $ 4,509 ​ $ 5,861 ​ $ 15,781 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Pass ​ $ 507,068 ​ $ 2,557,620 ​ $ 860,237 ​ $ 299,154 ​ $ 77,204 ​ $ 68,621 ​ $ 4,031,403 ​ $ 8,401,307 Total Special Mention (Watch) ​ $ 22,726 ​ $ 55,299 ​ $ 45,920 ​ $ 9,584 ​ $ 520 ​ $ 1,278 ​ $ 25,000 ​ $ 160,327 Total Substandard ​ $ — ​ $ 37,256 ​ $ 23,840 ​ $ 586 ​ $ 70 ​ $ 1,024 ​ $ 2,638 ​ $ 65,414 Total Loans ​ $ 529,794 ​ $ 2,650,175 ​ $ 929,997 ​ $ 309,324 ​ $ 77,794 ​ $ 70,923 ​ $ 4,059,041 ​ $ 8,627,048 Total Charge offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​
Schedule of aging analysis of the recorded investment in loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ 30-59 Days 60-89 Days Greater Than Total ​ ​ Total ​ ​ Past Due ​ Past Due ​ 90 Days ​ Past Due ​ Current ​ Loans ​ ​ (In thousands) MTG WHLOC ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 604,445 ​ $ 604,445 RES RE ​ 2,573 ​ ​ 2,409 ​ 918 ​ 5,900 ​ 1,209,352 ​ 1,215,252 MF FIN ​ — ​ ​ 12,975 ​ 36,760 ​ 49,735 ​ 3,516,795 ​ 3,566,530 HC FIN ​ ​ — ​ ​ — ​ ​ 21,783 ​ ​ 21,783 ​ ​ 1,919,421 ​ ​ 1,941,204 CML & CRE ​ 209 ​ ​ 495 ​ 3,778 ​ 4,482 ​ 1,189,838 ​ 1,194,320 AG & AGRE ​ 236 ​ ​ 43 ​ 1,242 ​ 1,521 ​ 87,995 ​ 89,516 CON & MAR ​ 47 ​ ​ 1 ​ 22 ​ 70 ​ 15,711 ​ 15,781 ​ ​ $ 3,065 ​ $ 15,923 ​ $ 64,503 ​ $ 83,491 ​ $ 8,543,557 ​ $ 8,627,048 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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
Schedule of nonaccrual loans and loans past due 90 days or more and still accruing	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ Total Loans > ​ ​ ​ ​ Total Loans > ​ ​ ​ ​ ​ 90 Days & ​ ​ ​ ​ 90 Days & ​ Nonaccrual Accruing Nonaccrual Accruing ​ ​ (In thousands) RES RE ​ $ 240 ​ $ 741 ​ $ 245 ​ $ 96 MF FIN ​ 36,760 ​ — ​ — ​ — HC FIN ​ ​ 21,783 ​ ​ — ​ ​ 21,783 ​ ​ — CML & CRE ​ 4,357 ​ ​ — ​ 4,390 ​ ​ — AG & AGRE ​ 147 ​ 1,242 ​ 147 ​ — CON & MAR ​ 5 ​ 17 ​ 6 ​ 16 ​ ​ $ 63,292 ​ $ 2,000 ​ $ 26,571 ​ $ 112 ​
Schedule of Company's modified loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, 2023 ​ Principal Forgiveness Payment Delay Term Extension Interest Rate Reduction ​ Combination Term Extension and Principal Forgiveness ​ Combination Term Extension Interest Rate Reduction ​ Total Class of Financing Receivable ​ ​ (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and commercial real estate ​ $ — ​ $ 4,357 ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ — % Total ​ $ — ​ $ 4,357 ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ — % ​ ​

Variable Interest Entities (V_2

Variable Interest Entities (VIEs) (Tables)	3 Months Ended
	Mar. 31, 2023
Variable Interest Entities (VIEs).
Schedule reflects the size of VIEs as well as maximum exposure to loss in connection with investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Total ​ Maximum Assets ($ in thousands) Assets Liabilities Exposure to Loss ​ ​ (In thousands) March 31, 2023 ​ ​ ​ Unconsolidated VIEs ​ $ 60,466 ​ $ 25,207 ​ $ 60,466 December 31, 2022 ​ ​ ​ Unconsolidated VIEs ​ $ 52,125 ​ $ 25,564 ​ $ 52,125 ​

Regulatory Matters (Tables)

Regulatory Matters (Tables)	3 Months Ended
	Mar. 31, 2023
Regulatory Matters
Summary of bank's actual capital amounts and ratios	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum ​ Minimum ​ ​ ​ ​ ​ ​ ​ ​ Amount Required ​ Amount To Be ​ ​ ​ ​ ​ ​ ​ ​ for Adequately ​ Well ​ ​ ​ Actual ​ Capitalized (1) ​ Capitalized (1) ​ ​ Amount Ratio Amount Ratio ​ Amount Ratio ​ ​ (Dollars in thousands) ​ March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total capital (1) ​ ​ ​ ​ ​ ​ ​ Company ​ $ 1,558,187 12.4 % $ 1,006,425 8.0 % $ — N/A % Merchants Bank ​ ​ 1,488,469 12.1 % 986,980 8.0 % 1,233,725 10.0 ​ FMBI ​ 36,044 11.4 % 25,309 8.0 % 31,636 10.0 % Tier I capital (1) ​ ​ ​ ​ Company ​ 1,495,800 11.9 % 754,818 6.0 % — N/A % Merchants Bank ​ ​ 1,426,815 11.6 % 740,235 6.0 % 986,980 8.0 ​ FMBI ​ 35,311 11.2 % 18,981 6.0 % 25,309 8.0 % Common Equity Tier I capital (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Company ​ 996,192 7.9 % 566,114 4.5 % — N/A % Merchants Bank ​ ​ 1,426,815 11.6 % 555,176 4.5 % 801,921 6.5 ​ FMBI ​ 35,311 11.2 % 14,236 4.5 % 20,563 6.5 % Tier I capital (1) ​ ​ ​ ​ ​ ​ Company ​ 1,495,800 11.6 % 514,725 4.0 % — N/A % Merchants Bank ​ ​ 1,426,815 11.3 % 503,987 4.0 % 629,983 5.0 ​ FMBI ​ 35,311 10.6 % 13,347 4.0 % 16,684 5.0 % (1) As defined by regulatory agencies. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum ​ Minimum ​ ​ ​ ​ ​ ​ ​ ​ Amount Required ​ Amount To Be ​ ​ ​ ​ ​ ​ ​ ​ for Adequately ​ Well ​ ​ ​ Actual ​ Capitalized (1) ​ Capitalized (1) ​ ​ Amount Ratio Amount Ratio ​ Amount ​ Ratio ​ ​ ​ (Dollars in thousands) ​ ​ ​ ​ ​ December 31, 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.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Financial Instruments
Summary of notional amount and fair value of derivative assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ ​ ​ Fair Value ​ ​ Amount ​ Balance Sheet Location ​ Asset ​ Liability March 31, 2023 ​ (In thousands) ​ ​ ​ ​ ​ (In thousands) Interest rate lock commitments $ 32,018 ​ ​ Other assets/liabilities ​ $ 218 ​ $ 4 Forward contracts $ 29,317 ​ ​ Other assets/liabilities ​ ​ 2 ​ ​ 235 Interest rate swaps $ 57,566 ​ ​ Other assets/liabilities ​ 1,694 ​ ​ — ​ ​ ​ ​ ​ ​ ​ $ 1,914 ​ $ 239 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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
Summarizes the periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ 2023 2022 ​ ​ ​ ​ (In thousands) Derivative gain (loss) included in other income: ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ ​ $ 209 ​ $ (882) Forward contracts (includes pair-off settlements) ​ ​ ​ (96) ​ ​ 3,150 Net derivative gains (loss) ​ ​ $ 113 ​ $ 2,268 Gain (loss) included in gain on sale of loans: ​ ​ ​ ​ ​ ​ ​ Interest rates swaps - change in fair value ​ ​ ​ (1,336) ​ ​ — Loans held for sale - change in fair value ​ ​ 1,560 ​ ​ — Net gain (loss) ​ ​ $ 224 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​
Interest rate swaps
Derivative Financial Instruments
Summary of notional amount and fair value of derivative assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ ​ ​ Fair Value ​ ​ Amount ​ Balance Sheet Location ​ Asset ​ Liability ​ ​ (In thousands) ​ ​ ​ ​ ​ (In thousands) March 31, 2023 $ 77,354 ​ ​ Other assets/liabilities ​ $ 2,461 ​ $ 2,461 December 31, 2022 $ 77,495 ​ ​ Other assets/liabilities ​ $ 3,041 ​ $ 3,041 ​
Summarizes the periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ 2023 2022 ​ ​ ​ ​ (In thousands) Gross swap gains ​ ​ $ 580 ​ $ 496 Gross swap losses ​ ​ 580 ​ ​ 496 Net swap gains (losses) ​ ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​

Disclosures about Fair Value _2

Disclosures about Fair Value of Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Disclosures about Fair Value of Assets and Liabilities
Schedule of fair value measurement of assets measured at fair value on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ Quoted Prices in ​ Significant ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Other ​ Significant ​ ​ ​ ​ ​ for Identical ​ Observable ​ Unobservable ​ ​ Fair ​ Assets ​ Inputs ​ Inputs Assets Value (Level 1) (Level 2) (Level 3) ​ ​ (In thousands) March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans in process of securitization ​ $ 197,074 ​ $ — ​ $ 197,074 ​ $ — Securities available for sale: ​ ​ ​ ​ Treasury notes ​ 175,099 ​ 175,099 ​ — ​ — Federal agencies ​ 290,331 ​ — ​ 290,331 ​ — Mortgage-backed - Government-sponsored entity (GSE) ​ 214,088 ​ — ​ 214,088 ​ — Loans held for sale ​ 85,516 ​ — ​ 85,516 ​ — Servicing rights ​ 143,867 ​ — ​ — ​ 143,867 Derivative assets - interest rate lock commitments ​ 218 ​ — ​ — ​ 218 Derivative assets - forward contracts ​ 2 ​ — ​ 2 ​ — Derivative assets - interest rate swaps ​ ​ 1,694 ​ ​ — ​ ​ 1,694 ​ ​ — Derivative assets - interest rate swaps (back-to-back) ​ 2,461 ​ — ​ 2,461 ​ — Derivative liabilities - interest rate lock commitments ​ 4 ​ ​ — ​ ​ — ​ ​ 4 Derivative liabilities - forward contracts ​ 235 ​ ​ — ​ ​ 235 ​ ​ — Derivative liabilities - interest rate swaps (back-to-back) ​ 2,461 ​ ​ — ​ ​ 2,461 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 assets - interest rate swaps ​ ​ 3,030 ​ ​ — ​ 3,030 ​ — Derivative assets - 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 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of Level 3 reconciliation of recurring fair value measurements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 2022 ​ ​ (In thousands) Servicing rights ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 146,248 ​ $ 110,348 Additions ​ ​ ​ Originated servicing ​ 2,173 ​ 5,792 Subtractions ​ ​ Paydowns ​ (1,698) ​ (2,749) Sales of servicing ​ ​ — ​ ​ — Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model ​ (2,856) ​ 7,645 Balance, end of period ​ $ 143,867 ​ $ 121,036 ​ ​ ​ ​ ​ ​ ​ Derivative Assets - interest rate lock commitments ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 28 ​ $ 264 Changes in fair value ​ 190 ​ (152) Balance, end of period ​ $ 218 ​ $ 112 ​ ​ ​ ​ ​ ​ ​ Derivative Liabilities - interest rate lock commitments ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 23 ​ $ 41 Changes in fair value ​ (19) ​ 730 Balance, end of period ​ $ 4 ​ $ 771 ​
Schedule of fair value measurement of assets and liabilities measured at fair value on nonrecurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ Quoted Prices in ​ Significant ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Other ​ Significant ​ ​ ​ ​ ​ for Identical ​ Observable ​ Unobservable ​ ​ Fair ​ Assets ​ Inputs ​ Inputs Assets Value (Level 1) (Level 2) (Level 3) ​ ​ (In thousands) March 31, 2023 ​ ​ ​ ​ Impaired loans (collateral-dependent) ​ $ — ​ $ — ​ $ — ​ $ — December 31, 2022 ​ ​ ​ ​ Impaired loans (collateral-dependent) ​ $ 4,465 ​ $ — ​ $ — ​ $ 4,465 ​
Schedule of quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements other than goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Valuation ​ ​ ​ ​ ​ Weighted ​ Fair Value Technique Unobservable Inputs ​ Range Average ​ ​ (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ At March 31, 2023: ​ ​ ​ ​ ​ ​ Servicing rights - Multi-family ​ $ 109,706 Discounted cash flow Discount rate ​ 8% - 13% 9% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 0 - 39% 8% Servicing rights - Single-family ​ $ 29,078 Discounted cash flow Discount rate ​ 9% - 10% ​ 9% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 7% - 10% ​ 7% Servicing rights - SBA ​ $ 5,083 Discounted cash flow Discount rate ​ 16% 16% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 3% - 12% ​ 8% Derivative assets - interest rate lock commitments ​ $ 218 Discounted cash flow Loan closing rates ​ 51% - 99% 75% Derivative liabilities - interest rate lock commitments ​ $ 4 Discounted cash flow Loan closing rates ​ 51% - 99% 75% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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% ​
Schedule of carrying amount and estimated fair value of financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices in ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Other ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ for Identical ​ Observable ​ Unobservable ​ ​ Carrying ​ Fair ​ Assets ​ Inputs ​ Inputs Assets Value Value (Level 1) (Level 2) (Level 3) ​ ​ (In thousands) March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 369,586 ​ $ 369,586 ​ $ 369,586 ​ $ — ​ $ — Securities purchased under agreements to resell ​ 3,438 ​ 3,438 ​ — ​ 3,438 ​ — Securities held to maturity ​ 1,104,835 ​ 1,106,582 ​ — ​ 239,795 ​ 866,787 FHLB stock ​ 39,130 ​ 39,130 ​ — ​ 39,130 ​ — Loans held for sale ​ 2,769,734 ​ 2,769,734 ​ — ​ 2,769,734 ​ — Loans receivable, net ​ 8,575,210 ​ 8,553,015 ​ — ​ — ​ 8,553,015 Interest receivable ​ 64,282 ​ 64,282 ​ — ​ 64,282 ​ — Financial liabilities: ​ ​ ​ ​ ​ ​ Deposits ​ 11,345,231 ​ 11,343,744 ​ 7,208,222 ​ 4,135,522 ​ — Short-term subordinated debt ​ 21,000 ​ 21,000 ​ — ​ 21,000 ​ — FHLB advances ​ 859,211 ​ 858,957 ​ — ​ 858,957 ​ — Other borrowing ​ ​ 200,000 ​ ​ 200,000 ​ ​ — ​ ​ 200,000 ​ ​ — Credit linked notes ​ ​ 153,551 ​ ​ 154,520 ​ ​ — ​ ​ 154,520 ​ ​ — Interest payable ​ 32,605 ​ 32,605 ​ — ​ 32,605 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ —

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases.
Schedule of balance sheet, income statement and cash flow detail regarding operating leases	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ December 31, 2022 Balance Sheet ​ (In thousands) ​ ​ (In thousands) Operating lease right-of-of use asset (in other assets) $ 10,483 ​ $ 10,969 Operating lease liability (in other liabilities) ​ 11,644 ​ ​ 11,992 ​ ​ ​ ​ ​ ​ Weighted average remaining lease term (years) ​ 6.3 ​ ​ 6.5 Weighted average discount rate ​ 2.68% ​ ​ 2.65% ​ ​ ​ ​ ​ ​ Maturities of lease liabilities: ​ ​ ​ ​ ​ One year or less $ 1,731 ​ $ 2,181 Year two ​ 2,345 ​ ​ 2,321 Year three ​ 1,881 ​ ​ 1,881 Year four ​ 1,911 ​ ​ 1,911 Year five ​ 1,853 ​ ​ 1,853 Thereafter ​ 2,902 ​ ​ 2,902 Total future minimum lease payments ​ 12,623 ​ ​ 13,049 Less: imputed interest ​ 979 ​ ​ 1,057 Total $ 11,644 ​ $ 11,992 ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Three Months Ended ​ ​ March 31, 2023 ​ ​ March 31, 2022 Income Statement ​ (In thousands) ​ ​ (In thousands) Components of lease expense: ​ ​ ​ ​ ​ Operating lease cost (in occupancy and equipment expense) $ 583 ​ $ 367 ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Three Months Ended ​ ​ March 31, 2023 ​ ​ March 31, 2022 Cash Flow Statement ​ (In thousands) ​ ​ (In thousands) Supplemental cash flow information: ​ ​ ​ ​ ​ Operating cash flows from operating leases $ 426 ​ $ 283

Deposits (Tables)

Deposits (Tables)	3 Months Ended
	Mar. 31, 2023
Deposits
Schedule of deposits	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, ​ 2023 2022 ​ ​ (In thousands) Noninterest-bearing deposits ​ ​ ​ ​ ​ ​ Demand deposits ​ $ 313,733 ​ $ 326,875 Total noninterest-bearing deposits ​ ​ 313,733 ​ ​ 326,875 Interest-bearing deposits ​ ​ ​ ​ ​ ​ Demand deposits ​ $ 3,843,282 ​ $ 3,720,363 Savings deposits ​ 3,051,207 ​ 3,034,818 Certificates of deposit ​ 4,137,009 ​ 2,989,289 Total interest-bearing deposits ​ ​ 11,031,498 ​ ​ 9,744,470 Total deposits ​ $ 11,345,231 ​ $ 10,071,345 ​
Schedule of maturities of time deposits	​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ (In thousands) Due within one year ​ $ 4,004,937 Due in one year to two years ​ 90,668 Due in two years to three years ​ 39,683 Due in three years to four years ​ 1,114 Due in four years to five years ​ ​ 585 Due in five years to six years ​ 22 ​ ​ $ 4,137,009 ​
Schedule of brokered deposit amounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2023 2022 ​ ​ (In thousands) Brokered certificates of deposit ​ $ 3,679,084 ​ $ 2,681,198 Brokered savings deposits ​ 51,076 ​ 81,532 Brokered deposit on demand accounts ​ — ​ 13 ​ ​ $ 3,730,160 ​ $ 2,762,743

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2023
Borrowings
Schedule of borrowings	Borrowings were comprised of the following at March 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2023 2022 ​ ​ (In thousands) Federal Reserve discount window borrowings ​ $ 200,000 ​ $ 20,000 Short-term subordinated debt ​ 21,000 ​ 21,000 FHLB advances ​ ​ 859,211 ​ ​ 859,392 American Financial Exchange borrowing ​ ​ — ​ ​ 30,000 Credit linked notes ​ 153,551 ​ — Total borrowings ​ $ 1,233,762 ​ $ 930,392 ​

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share
Schedule of computation of earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Month Periods Ended March 31, ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ Weighted- ​ Per ​ ​ ​ ​ Weighted- ​ Per ​ ​ Net ​ Average ​ Share ​ Net ​ Average ​ Share ​ Income Shares Amount Income Shares Amount ​ ​ (In thousands) ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ ​ ​ Net income ​ $ 54,955 ​ ​ $ 50,142 ​ Dividends on preferred stock ​ (8,667) ​ ​ (5,728) ​ Net income allocated to common shareholders ​ $ 46,288 ​ ​ $ 44,414 ​ Basic earnings per share ​ 43,179,604 ​ $ 1.07 ​ 43,190,066 ​ $ 1.03 Effect of dilutive securities-restricted stock awards ​ 111,175 ​ ​ 169,968 ​ Diluted earnings per share ​ 43,290,779 ​ $ 1.07 ​ 43,360,034 ​ $ 1.02 ​ ​ ​ ​ ​ ​ ​ ​

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Information
Schedule of business segment financial information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multi-family ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage ​ Mortgage ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking Warehousing Banking Other Total Three Months Ended March 31, 2023 ​ (In thousands) Interest income ​ $ 1,106 ​ $ 42,318 ​ $ 166,726 ​ $ 1,144 $ 211,294 Interest expense ​ — ​ 27,794 ​ 84,526 ​ (1,719) 110,601 Net interest income ​ 1,106 ​ 14,524 ​ 82,200 ​ 2,863 100,693 Provision for credit losses ​ — ​ 1,364 ​ 5,503 ​ — 6,867 Net interest income after provision for credit losses ​ 1,106 ​ 13,160 ​ 76,697 ​ 2,863 93,826 Noninterest income ​ 16,597 ​ 1,033 ​ (1,189) ​ (2,177) 14,264 Noninterest expense ​ 14,631 ​ 2,755 ​ 10,170 ​ 7,216 34,772 Income (loss) before income taxes ​ 3,072 ​ 11,438 ​ 65,338 ​ (6,530) 73,318 Income taxes ​ 1,106 ​ 2,797 ​ 16,031 ​ (1,571) 18,363 Net income (loss) ​ $ 1,966 ​ $ 8,641 ​ $ 49,307 ​ $ (4,959) $ 54,955 Total assets ​ $ 341,487 ​ $ 3,318,491 ​ $ 10,430,293 ​ $ 150,695 $ 14,240,966 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multi-family ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage ​ Mortgage ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking Warehousing Banking Other Total Three Months Ended March 31, 2022 ​ (In thousands) Interest income ​ $ 257 ​ $ 20,329 ​ $ 53,725 ​ $ 1,701 $ 76,012 Interest expense ​ — ​ 2,021 ​ 8,517 ​ (251) 10,287 Net interest income ​ 257 ​ 18,308 ​ 45,208 ​ 1,952 65,725 Provision for credit losses ​ — ​ (207) ​ 2,658 ​ — 2,451 Net interest income after provision for credit losses ​ 257 ​ 18,515 ​ 42,550 ​ 1,952 63,274 Noninterest income ​ 32,186 ​ 1,860 ​ 2,189 ​ (1,638) 34,597 Noninterest expense ​ 16,531 ​ 2,926 ​ 6,574 ​ 5,002 31,033 Income (loss) before income taxes ​ 15,912 ​ 17,449 ​ 38,165 ​ (4,688) 66,838 Income taxes ​ 4,420 ​ 4,290 ​ 9,401 ​ (1,415) 16,696 Net income (loss) ​ $ 11,492 ​ $ 13,159 ​ $ 28,764 ​ $ (3,273) $ 50,142 Total assets ​ $ 293,286 ​ $ 2,863,907 ​ $ 6,409,943 ​ $ 83,456 $ 9,650,592

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 30, 2023	Dec. 31, 2022	Jan. 01, 2022	Dec. 31, 2021
Allowance for loan losses					$ 31,344
Retained earnings, net of tax	$ 875,700		$ 832,871
Credit linked notes
Notes issued	158,100	$ 158,100
Restricted Cash | Credit linked notes
Debt Instrument, Collateral Amount	$ 20,500
Impact from adoption of ASU | ASU 2016-13
Allowance for loan losses				$ (300)
ACL - OBCEs (in Other Liabilities)				5,200
Retained earnings, net of tax				$ (3,600)

Investment Securities - Amortiz

Investment Securities - Amortized Cost to Approximate Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Available for sale securities:
Amortized Cost	$ 689,842	$ 337,387
Gross Unrealized Gains	58	8
Gross Unrealized Losses	10,382	14,058
Fair Value	679,518	323,337
Accrued interest on securities available for sale	1,500	500
Accrued interest on securities held to maturity	4,400	4,300
Held to maturity securities:
Amortized Cost	1,104,835	1,119,078
Gross Unrealized Gains	2,088	12
Gross Unrealized Losses	341	124
Fair Value	1,106,582	1,118,966
Treasury notes
Available for sale securities:
Amortized Cost	175,766	37,234
Gross Unrealized Gains	52	1
Gross Unrealized Losses	719	955
Fair Value	175,099	36,280
Federal agencies
Available for sale securities:
Amortized Cost	299,990	284,986
Gross Unrealized Losses	9,659	13,096
Fair Value	290,331	271,890
Mortgage-backed - Government-sponsored entity (GSE)
Available for sale securities:
Amortized Cost	214,086	15,167
Gross Unrealized Gains	6	7
Gross Unrealized Losses	4	7
Fair Value	214,088	15,167
Held to maturity securities:
Amortized Cost	1,538	247,306
Gross Unrealized Losses	56
Fair Value	1,482	247,182
Mortgage-backed - Non-GSE multi-family
Held to maturity securities:
Amortized Cost	867,072	871,772
Gross Unrealized Gains		12
Gross Unrealized Losses	285
Fair Value	866,787	871,784
Mortgage-backed - Non-GSE residential
Held to maturity securities:
Amortized Cost	236,225	247,306
Gross Unrealized Gains	2,088
Gross Unrealized Losses		124
Fair Value	$ 238,313	$ 247,182

Investment Securities - Contrac

Investment Securities - Contractual Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Available for Sale Securities, Amortized Cost
Within one year	$ 341,569	$ 118,984
After one through five years	134,187	203,236
Total, single maturity date	475,756	322,220
Total	689,842	337,387
Available for Sale Securities, Fair Value
Within one year	336,159	115,386
After one through five years	129,271	192,784
Total, single maturity date	465,430	308,170
Total	679,518	323,337
Held to Maturity Securities, Amortized Cost
Total	1,104,835	1,119,078
Held to Maturity Securities, Fair Value
Total	1,106,582	1,118,966
Held to maturity securities:
Amortized Cost	1,104,835	1,119,078
Fair Value	1,106,582	1,118,966
Mortgage-backed - Government-sponsored entity (GSE)
Available for Sale Securities, Amortized Cost
Without single maturity date	214,086	15,167
Total	214,086	15,167
Available for Sale Securities, Fair Value
Without single maturity date	214,088	15,167
Total	214,088	15,167
Held to Maturity Securities, Amortized Cost
Total	1,538	247,306
Held to Maturity Securities, Fair Value
Total	1,482	247,182
Held to maturity securities:
Amortized Cost	1,538	247,306
Fair Value	1,482	247,182
Mortgage-backed - Non-GSE multi-family
Held to Maturity Securities, Amortized Cost
Total	867,072	871,772
Held to Maturity Securities, Fair Value
Total	866,787	871,784
Held to maturity securities:
Amortized Cost	867,072	871,772
Fair Value	866,787	871,784
Mortgage-backed - Non-GSE residential
Held to Maturity Securities, Amortized Cost
Total	236,225	247,306
Held to Maturity Securities, Fair Value
Total	238,313	247,182
Held to maturity securities:
Amortized Cost	236,225	247,306
Fair Value	$ 238,313	$ 247,182

Investment Securities - Sale of

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

Investment Securities - Continu

Investment Securities - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months	$ 44,778	$ 49,545
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, 12 Months or Longer	281,447	258,411
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total	326,225	307,956
Held-to-maturity securities, Continuous Unrealized Loss Position, Fair Value
Held-to-maturity securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months	868,269	247,182
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total	868,269	247,182
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	643	1,493
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, 12 Months or Longer	9,739	12,565
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	10,382	14,058
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	341	124
Held-to-maturity securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	341	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	29,757	29,560
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, 12 Months or Longer	5,862	5,798
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total	35,619	35,358
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	588	762
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, 12 Months or Longer	131	193
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	719	955
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	14,947	19,276
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, 12 Months or Longer	275,385	252,613
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total	290,332	271,889
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	53	724
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, 12 Months or Longer	9,606	12,372
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	9,659	13,096
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	74	709
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, 12 Months or Longer	200
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total	274	709
Held-to-maturity securities, Continuous Unrealized Loss Position, Fair Value
Held-to-maturity securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months	1,482	247,182
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total	1,482	247,182
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	2	7
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, 12 Months or Longer	2
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	4	7
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	56	124
Held-to-maturity securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	56	$ 124
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	866,787
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total	866,787
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	285
Held-to-maturity securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	$ 285

Mortgage Loans in Process of _2

Mortgage Loans in Process of Securitization (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Mortgage Loans in Process of Securitization
Unrealized gains included in mortgage loans	$ 4	$ 2.8

Loans and Allowance for Credi_3

Loans and Allowance for Credit Losses on Loans - Summary of Loans By Classification (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)
Loans and Allowance for Loan Losses
Loans	$ 8,627,048	$ 7,470,872
Less: ACL-Loans	51,838	44,014	$ 32,102
Loans receivable	8,575,210	7,426,858
Accrued interest on loans, excluded from amortized cost of loans	42,600	35,000
Mortgage warehouse lines of credit
Loans and Allowance for Loan Losses
Loans	604,445	464,785
Less: ACL-Loans	1,664	1,249	1,941
Residential real estate
Loans and Allowance for Loan Losses
Loans	1,215,252	1,178,401
Less: ACL-Loans	7,378	7,029	4,547
Healthcare financing
Loans and Allowance for Loan Losses
Loans	1,941,204	1,604,341
Less: ACL-Loans	11,753	9,882	5,618
Multi-family financing
Loans and Allowance for Loan Losses
Loans	3,566,530	3,135,535
Less: ACL-Loans	19,851	16,781	15,131
Commercial and commercial real estate
Loans and Allowance for Loan Losses
Loans	1,194,320	978,661
Less: ACL-Loans	10,482	8,326	4,102
Mortgage servicing rights collateralized	672,900	497,000
Commercial and commercial real estate | Non-owner occupied commercial real estate
Loans and Allowance for Loan Losses
Loans	$ 9,100	12,800
Commercial and commercial real estate | Non-owner occupied commercial real estate | Minimum
Loans and Allowance for Loan Losses
Percentage of loans to be forgiven	1
Agricultural production and real estate
Loans and Allowance for Loan Losses
Loans	$ 89,516	95,651
Less: ACL-Loans	543	565	597
Consumer and margin loans
Loans and Allowance for Loan Losses
Loans	15,781	13,498
Less: ACL-Loans	$ 167	$ 182	$ 166

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
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Allowance for credit losses
Balance, beginning of period	$ 44,014
Provision for credit losses	7,817	$ 1,981
Loans charged to the allowance		(931)	$ (1,257)
Recoveries of loans previously charged off	7	7	753
Balance, end of period	51,838	32,102	44,014
Allowance for loan losses
Balance, beginning of period		31,344	31,344
Provision for credit losses			13,473
ACL Loans
Provision for credit losses	6,867	2,451
Provision for credit losses, ACL Loans	7,817	1,981
Provision for credit losses, ACL-OBCE's	(900)	500
ASU 2016-13 | Impact from adoption of ASU
Allowance for credit losses
Balance, beginning of period		(299)	(299)
Mortgage warehouse lines of credit
Allowance for credit losses
Balance, beginning of period	1,249
Provision for credit losses	415	(55)
Balance, end of period	1,664	1,941	1,249
Allowance for loan losses
Balance, beginning of period		1,955	1,955
Provision for credit losses			(747)
ACL Loans
Provision for credit losses, ACL Loans	415	(55)
Mortgage warehouse lines of credit | ASU 2016-13 | Impact from adoption of ASU
Allowance for credit losses
Balance, beginning of period		41	41
Residential real estate
Allowance for credit losses
Balance, beginning of period	7,029
Provision for credit losses	349	102
Loans charged to the allowance			(4)
Balance, end of period	7,378	4,547	7,029
Allowance for loan losses
Balance, beginning of period		4,170	4,170
Provision for credit losses			2,588
ACL Loans
Provision for credit losses, ACL Loans	349	102
Residential real estate | ASU 2016-13 | Impact from adoption of ASU
Allowance for credit losses
Balance, beginning of period		275	275
Multi-family financing
Allowance for credit losses
Balance, beginning of period	16,781
Provision for credit losses	3,070	527
Balance, end of period	19,851	15,131	16,781
Allowance for loan losses
Balance, beginning of period		14,084	14,084
Provision for credit losses			2,177
ACL Loans
Provision for credit losses, ACL Loans	3,070	527
Multi-family financing | ASU 2016-13 | Impact from adoption of ASU
Allowance for credit losses
Balance, beginning of period		520	520
Healthcare financing
Allowance for credit losses
Balance, beginning of period	9,882
Provision for credit losses	1,871	1,018
Balance, end of period	11,753	5,618	9,882
Allowance for loan losses
Balance, beginning of period		4,461	4,461
Provision for credit losses			5,282
ACL Loans
Provision for credit losses, ACL Loans	1,871	1,018
Healthcare financing | ASU 2016-13 | Impact from adoption of ASU
Allowance for credit losses
Balance, beginning of period		139	139
Commercial and commercial real estate
Allowance for credit losses
Balance, beginning of period	8,326
Provision for credit losses	2,149	431
Loans charged to the allowance		(931)	(1,238)
Recoveries of loans previously charged off	7		746
Balance, end of period	10,482	4,102	8,326
Allowance for loan losses
Balance, beginning of period		5,879	5,879
Provision for credit losses			4,216
ACL Loans
Provision for credit losses, ACL Loans	2,149	431
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)
Agricultural production and real estate
Allowance for credit losses
Balance, beginning of period	565
Provision for credit losses	(22)	(42)
Balance, end of period	543	597	565
Allowance for loan losses
Balance, beginning of period		657	657
Provision for credit losses			(74)
ACL Loans
Provision for credit losses, ACL Loans	(22)	(42)
Agricultural production and real estate | ASU 2016-13 | Impact from adoption of ASU
Allowance for credit losses
Balance, beginning of period		(18)	(18)
Consumer and margin loans
Allowance for credit losses
Balance, beginning of period	182
Provision for credit losses	(15)
Loans charged to the allowance			(15)
Recoveries of loans previously charged off		7	7
Balance, end of period	167	166	182
Allowance for loan losses
Balance, beginning of period		138	138
Provision for credit losses			31
ACL Loans
Provision for credit losses, ACL Loans	$ (15)
Consumer and margin loans | ASU 2016-13 | Impact from adoption of ASU
Allowance for credit losses
Balance, beginning of period		$ 21	$ 21

Loans and Allowance for Credi_5

Loans and Allowance for Credit Losses on Loans - Amortized cost basis and ACL (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	$ 8,627,048	$ 7,470,872
Allowance for credit losses on loans	51,838	44,014	$ 32,102
Collateral Dependent Loans
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	65,414
Allowance for credit losses on loans	1,736
Real Estate
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	58,921
Accounts Receivable Or Equipment
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	4,986
Other Collateralized Assets
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	1,507
Mortgage warehouse lines of credit
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	604,445	464,785
Allowance for credit losses on loans	1,664	1,249	1,941
Residential real estate
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	1,215,252	1,178,401
Allowance for credit losses on loans	7,378	7,029	4,547
Residential real estate | Collateral Dependent Loans
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	240
Allowance for credit losses on loans	38
Residential real estate | Real Estate
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	231
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	3,566,530	3,135,535
Allowance for credit losses on loans	19,851	16,781	15,131
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	184
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	1,941,204	1,604,341
Allowance for credit losses on loans	11,753	9,882	5,618
Healthcare financing | Collateral Dependent Loans
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	21,783
Allowance for credit losses on loans	132
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	1,194,320	978,661
Allowance for credit losses on loans	10,482	8,326	4,102
Commercial and commercial real estate | Collateral Dependent Loans
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	6,479
Allowance for credit losses on loans	1,381
Commercial and commercial real estate | Accounts Receivable Or Equipment
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	4,986
Commercial and commercial real estate | Other Collateralized Assets
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	1,493
Agricultural production and real estate
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	89,516	95,651
Allowance for credit losses on loans	543	565	597
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	15,781	13,498
Allowance for credit losses on loans	167	$ 182	$ 166
Consumer and margin loans | Collateral Dependent Loans
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	5
Consumer and margin loans | Other Collateralized Assets
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	$ 5

Loans and Allowance for Credi_6

Loans and Allowance for Credit Losses on Loans - Credit Risk Profile of Loan Portfolio (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2022	Mar. 31, 2023
Credit risk profile of portfolio
2023		$ 2,475,328	$ 529,794
2022		997,674	2,650,175
2021		354,135	929,997
2020		80,929	309,324
2019		26,535	77,794
Prior		49,623	70,923
Revolving Loans		3,486,648	4,059,041
Loans		7,470,872	8,627,048
Loans	$ 931	1,257
Pass
Credit risk profile of portfolio
2023		2,353,570	507,068
2022		948,348	2,557,620
2021		344,099	860,237
2020		80,256	299,154
2019		26,199	77,204
Prior		47,345	68,621
Revolving Loans		3,468,410	4,031,403
Loans		7,268,227	8,401,307
Special Mention (Watch)
Credit risk profile of portfolio
2023		84,998	22,726
2022		25,526	55,299
2021		9,445	45,920
2020		601	9,584
2019		262	520
Prior		1,287	1,278
Revolving Loans		15,701	25,000
Loans		137,820	160,327
Substandard
Credit risk profile of portfolio
2023		36,760
2022		23,800	37,256
2021		591	23,840
2020		72	586
2019		74	70
Prior		991	1,024
Revolving Loans		2,537	2,638
Loans		64,825	65,414
Mortgage warehouse lines of credit
Credit risk profile of portfolio
Revolving Loans		464,785	604,445
Loans		464,785	604,445
Mortgage warehouse lines of credit | Pass
Credit risk profile of portfolio
Revolving Loans		464,785	604,445
Loans		464,785	604,445
Residential real estate
Credit risk profile of portfolio
2023		13,344	3,207
2022		8,192	13,097
2021		24,708	8,339
2020		3,559	24,856
2019		1,796	3,535
Prior		12,006	13,509
Revolving Loans		1,114,796	1,148,709
Loans		1,178,401	1,215,252
Loans		4
Residential real estate | Pass
Credit risk profile of portfolio
2023		13,344	3,207
2022		8,192	13,097
2021		24,708	8,339
2020		3,498	24,856
2019		1,722	3,475
Prior		11,166	12,867
Revolving Loans		1,114,705	1,148,709
Loans		1,177,335	1,214,550
Residential real estate | Special Mention (Watch)
Credit risk profile of portfolio
2020		61
2019			60
Prior		668	402
Revolving Loans		91
Loans		820	462
Residential real estate | Substandard
Credit risk profile of portfolio
2019		74
Prior		172	240
Loans		246	240
Multi-family financing
Credit risk profile of portfolio
2023		1,281,687	382,298
2022		544,823	1,291,015
2021		208,829	510,614
2020		32,349	164,813
2019		4,416	32,201
Prior		7,229	11,347
Revolving Loans		1,056,202	1,174,242
Loans		3,135,535	3,566,530
Multi-family financing | Pass
Credit risk profile of portfolio
2023		1,212,008	382,298
2022		544,823	1,221,448
2021		200,829	494,235
2020		32,349	156,813
2019		4,416	32,201
Prior		7,229	11,347
Revolving Loans		1,042,024	1,159,249
Loans		3,043,678	3,457,591
Multi-family financing | Special Mention (Watch)
Credit risk profile of portfolio
2023		32,919
2022			32,807
2021		8,000	16,379
2020			8,000
Revolving Loans		14,178	14,993
Loans		55,097	72,179
Multi-family financing | Substandard
Credit risk profile of portfolio
2023		36,760
2022			36,760
Loans		36,760	36,760
Healthcare financing
Credit risk profile of portfolio
2023		1,039,698	116,546
2022		348,193	1,198,921
2021		78,792	315,829
2020		13,770	79,805
2019			13,682
Revolving Loans		123,888	216,421
Loans		1,604,341	1,941,204
Healthcare financing | Pass
Credit risk profile of portfolio
2023		987,676	93,837
2022		301,103	1,176,484
2021		78,792	265,032
2020		13,770	79,805
2019			13,682
Revolving Loans		123,888	207,521
Loans		1,505,229	1,836,361
Healthcare financing | Special Mention (Watch)
Credit risk profile of portfolio
2023		52,022	22,709
2022		25,307	22,437
2021			29,014
Revolving Loans			8,900
Loans		77,329	83,060
Healthcare financing | Substandard
Credit risk profile of portfolio
2022		21,783
2021			21,783
Loans		21,783	21,783
Commercial and commercial real estate
Credit risk profile of portfolio
2023		123,800	23,167
2022		88,463	131,442
2021		25,357	87,595
2020		24,921	24,100
2019		12,434	22,295
Prior		9,659	20,508
Revolving Loans		694,027	885,213
Loans		978,661	1,194,320
Loans	$ 931	1,238
Commercial and commercial real estate | Pass
Credit risk profile of portfolio
2023		123,757	23,150
2022		86,282	130,905
2021		23,803	85,065
2020		24,730	22,411
2019		12,335	22,109
Prior		8,765	19,553
Revolving Loans		690,114	881,494
Loans		969,786	1,184,687
Commercial and commercial real estate | Special Mention (Watch)
Credit risk profile of portfolio
2023		43	17
2022		164	41
2021		963	473
2020		119	1,103
2019		99	116
Prior		228	323
Revolving Loans		1,376	1,081
Loans		2,992	3,154
Commercial and commercial real estate | Substandard
Credit risk profile of portfolio
2022		2,017	496
2021		591	2,057
2020		72	586
2019			70
Prior		666	632
Revolving Loans		2,537	2,638
Loans		5,883	6,479
Agricultural production and real estate
Credit risk profile of portfolio
2023		12,126	4,439
2022		7,540	11,130
2021		16,122	7,217
2020		6,229	15,511
2019		3,300	6,019
Prior		20,712	21,050
Revolving Loans		29,622	24,150
Loans		95,651	89,516
Agricultural production and real estate | Pass
Credit risk profile of portfolio
2023		12,112	4,439
2022		7,485	11,116
2021		15,660	7,163
2020		5,808	15,049
2019		3,137	5,675
Prior		20,176	20,352
Revolving Loans		29,566	24,124
Loans		93,944	87,918
Agricultural production and real estate | Special Mention (Watch)
Credit risk profile of portfolio
2023		14
2022		55	14
2021		462	54
2020		421	462
2019		163	344
Prior		389	551
Revolving Loans		56	26
Loans		1,560	1,451
Agricultural production and real estate | Substandard
Credit risk profile of portfolio
Prior		147	147
Loans		147	147
Consumer and margin loans
Credit risk profile of portfolio
2023		4,673	137
2022		463	4,570
2021		327	403
2020		101	239
2019		4,589	62
Prior		17	4,509
Revolving Loans		3,328	5,861
Loans		13,498	15,781
Loans		15
Consumer and margin loans | Pass
Credit risk profile of portfolio
2023		4,673	137
2022		463	4,570
2021		307	403
2020		101	220
2019		4,589	62
Prior		9	4,502
Revolving Loans		3,328	5,861
Loans		13,470	15,755
Consumer and margin loans | Special Mention (Watch)
Credit risk profile of portfolio
2021		20
2020			19
Prior		2	2
Loans		22	21
Consumer and margin loans | Substandard
Credit risk profile of portfolio
Prior		6	5
Loans		$ 6	$ 5

Loans and Allowance for Credi_7

Loans and Allowance for Credit Losses on Loans - Aging Analysis Of The Recorded Investment In Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Aging analysis of loan portfolio
Loans	$ 8,627,048	$ 7,470,872
Total Past Due
Aging analysis of loan portfolio
Loans	83,491	39,752
30-59 Days Past Due
Aging analysis of loan portfolio
Loans	3,065	13,721
60-89 Days Past Due
Aging analysis of loan portfolio
Loans	15,923	176
Greater Than 90 Days
Aging analysis of loan portfolio
Loans	64,503	25,855
Current.
Aging analysis of loan portfolio
Loans	8,543,557	7,431,120
Mortgage warehouse lines of credit
Aging analysis of loan portfolio
Loans	604,445	464,785
Mortgage warehouse lines of credit | Current.
Aging analysis of loan portfolio
Loans	604,445	464,785
Residential real estate
Aging analysis of loan portfolio
Loans	1,215,252	1,178,401
Residential real estate | Total Past Due
Aging analysis of loan portfolio
Loans	5,900	4,477
Residential real estate | 30-59 Days Past Due
Aging analysis of loan portfolio
Loans	2,573	4,053
Residential real estate | 60-89 Days Past Due
Aging analysis of loan portfolio
Loans	2,409	152
Residential real estate | Greater Than 90 Days
Aging analysis of loan portfolio
Loans	918	272
Residential real estate | Current.
Aging analysis of loan portfolio
Loans	1,209,352	1,173,924
Healthcare financing
Aging analysis of loan portfolio
Loans	1,941,204	1,604,341
Healthcare financing | Total Past Due
Aging analysis of loan portfolio
Loans	21,783	21,783
Healthcare financing | Greater Than 90 Days
Aging analysis of loan portfolio
Loans	21,783	21,783
Healthcare financing | Current.
Aging analysis of loan portfolio
Loans	1,919,421	1,582,558
Multi-family financing
Aging analysis of loan portfolio
Loans	3,566,530	3,135,535
Multi-family financing | Total Past Due
Aging analysis of loan portfolio
Loans	49,735
Multi-family financing | 60-89 Days Past Due
Aging analysis of loan portfolio
Loans	12,975
Multi-family financing | Greater Than 90 Days
Aging analysis of loan portfolio
Loans	36,760
Multi-family financing | Current.
Aging analysis of loan portfolio
Loans	3,516,795	3,135,535
Commercial and commercial real estate
Aging analysis of loan portfolio
Loans	1,194,320	978,661
Commercial and commercial real estate | Total Past Due
Aging analysis of loan portfolio
Loans	4,482	8,537
Commercial and commercial real estate | 30-59 Days Past Due
Aging analysis of loan portfolio
Loans	209	4,759
Commercial and commercial real estate | 60-89 Days Past Due
Aging analysis of loan portfolio
Loans	495
Commercial and commercial real estate | Greater Than 90 Days
Aging analysis of loan portfolio
Loans	3,778	3,778
Commercial and commercial real estate | Current.
Aging analysis of loan portfolio
Loans	1,189,838	970,124
Agricultural production and real estate
Aging analysis of loan portfolio
Loans	89,516	95,651
Agricultural production and real estate | Total Past Due
Aging analysis of loan portfolio
Loans	1,521	4,903
Agricultural production and real estate | 30-59 Days Past Due
Aging analysis of loan portfolio
Loans	236	4,903
Agricultural production and real estate | 60-89 Days Past Due
Aging analysis of loan portfolio
Loans	43
Agricultural production and real estate | Greater Than 90 Days
Aging analysis of loan portfolio
Loans	1,242
Agricultural production and real estate | Current.
Aging analysis of loan portfolio
Loans	87,995	90,748
Consumer and margin loans
Aging analysis of loan portfolio
Loans	15,781	13,498
Consumer and margin loans | Total Past Due
Aging analysis of loan portfolio
Loans	70	52
Consumer and margin loans | 30-59 Days Past Due
Aging analysis of loan portfolio
Loans	47	6
Consumer and margin loans | 60-89 Days Past Due
Aging analysis of loan portfolio
Loans	1	24
Consumer and margin loans | Greater Than 90 Days
Aging analysis of loan portfolio
Loans	22	22
Consumer and margin loans | Current.
Aging analysis of loan portfolio
Loans	$ 15,711	$ 13,446

Loans and Allowance for Credi_8

Loans and Allowance for Credit Losses on Loans - Non Accrual Loans and Loans Past Due 90 Days Or More and Still Accruing (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Loan portfolio past due loans
Nonaccrual	$ 63,292	$ 26,571
Total Loans Greater than 90 Days & Accruing	2,000	112
Residential real estate
Loan portfolio past due loans
Nonaccrual	240	245
Total Loans Greater than 90 Days & Accruing	741	96
Multi-family financing
Loan portfolio past due loans
Nonaccrual	36,760
Healthcare financing
Loan portfolio past due loans
Nonaccrual	21,783	21,783
Commercial and commercial real estate
Loan portfolio past due loans
Nonaccrual	4,357	4,390
Agricultural production and real estate
Loan portfolio past due loans
Nonaccrual	147	147
Total Loans Greater than 90 Days & Accruing	1,242
Consumer and margin loans
Loan portfolio past due loans
Nonaccrual	5	6
Total Loans Greater than 90 Days & Accruing	$ 17	$ 16

Loans and Allowance for Credi_9

Loans and Allowance for Credit Losses on Loans - Modified loans (Details) - Payment Delay $ in Thousands	Mar. 31, 2023 USD ($)
Loan portfolio past due loans
Modified loans	$ 4,357
Commercial and commercial real estate
Loan portfolio past due loans
Modified loans	$ 4,357

Loans and Allowance for Cred_10

Loans and Allowance for Credit Losses on Loans - Narrative (Details) $ in Thousands	3 Months Ended			12 Months Ended	15 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($) item	Mar. 31, 2021 item	Dec. 31, 2022 USD ($)	Mar. 31, 2022 loan
Loans and Leases Receivable Disclosure [Line Items]
Net gain (loss) on sale of loans	$ 6,733	$ 17,965
Purchases of available for sale securities	353,249	$ 20,002
Number of loans restructured defaulted | item		0	0
Servicing rights	143,867			$ 146,248
Purchase of loans	98,791	$ 40,672		$ 40,700
Payments to held to maturity security	1,540
Provision for credit losses	7,817	1,981
Multi-family financing
Loans and Leases Receivable Disclosure [Line Items]
Provision for credit losses	3,070	527
Residential real estate
Loans and Leases Receivable Disclosure [Line Items]
Number of loans in the process of foreclosure | loan					0
Provision for credit losses	$ 349	$ 102

Variable Interest Entities (V_3

Variable Interest Entities (VIEs) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Variable Interest Entities (VIEs)
Total Assets	$ 14,240,966	$ 12,615,227	$ 9,650,592
Total Liabilities	12,735,282	11,155,488
Maximum Exposure to Loss	867,100	871,800
Single Family and Multi-Family Debt Financing Investments | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entities (VIEs)
Total Assets	60,466	52,125
Total Liabilities	25,207	25,564
Maximum Exposure to Loss	$ 60,466	$ 52,125

Regulatory Matters (Details)

Regulatory Matters (Details) $ in Thousands	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Company
Total Capital (to risk-weighted assets)
Total Capital (to risk-weighted assets), Actual, Capital Amount	$ 1,558,187	$ 1,507,968
Total Capital (to risk weighted assets), Actual, Ratio (as a percent)	0.124	0.122
Total Capital, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 1,006,425	$ 992,883
Total Capital (to risk weighted assets), Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	0.080	0.080
Tier I Capital (to risk-weighted assets)
Tier I Capital, (to risk-weighted assets), Actual, Capital Amount	$ 1,495,800	$ 1,452,456
Tier I Capital (to risk weighted assets), Actual, Ratio (as a percent)	0.119	0.117
Tier I Capital, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 754,818	$ 744,662
Tier I Capital (to risk weighted assets), Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	0.060	0.060
Common Equity Tier I Capital 1 (to risk-weighted assets)
Common Equity Tier I Capital 1, Actual, Capital Amount	$ 996,192	$ 952,848
Common Equity Tier I Capital 1 (to risk weighted assets), Ratio (as a percent)	0.079	0.077
Common Equity Tier I Capital 1, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 566,114	$ 558,497
Common Equity Tier I Capital 1 (to risk weighted assets, Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	0.045	0.045
Tier 1 Capital (to average assets)
Tier 1 Capital, Actual, Capital Amount	$ 1,495,800	$ 1,452,456
Tier 1 Capital (to average assets), Actual, Ratio (as a percent)	0.116	0.117
Tier 1 Capital, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 514,725	$ 497,604
Tier 1 Capital (to average assets), Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	0.040	0.040
Merchants Bank
Total Capital (to risk-weighted assets)
Total Capital (to risk-weighted assets), Actual, Capital Amount	$ 1,488,469	$ 1,427,738
Total Capital (to risk weighted assets), Actual, Ratio (as a percent)	0.121	0.117
Total Capital, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 986,980	$ 975,853
Total Capital (to risk weighted assets), Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	0.080	0.080
Total capital, Minimum Amount To Be Well Capitalized, Capital Amount	$ 1,233,725	$ 1,219,817
Total Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent)	0.100	0.100
Tier I Capital (to risk-weighted assets)
Tier I Capital, (to risk-weighted assets), Actual, Capital Amount	$ 1,426,815	$ 1,372,941
Tier I Capital (to risk weighted assets), Actual, Ratio (as a percent)	0.116	0.113
Tier I Capital, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 740,235	$ 731,890
Tier I Capital (to risk weighted assets), Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	0.060	0.060
Tier I Capital, Minimum Amount To Be Well Capitalized, Capital Amount	$ 986,980	$ 975,853
Tier I Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent)	0.080	0.080
Common Equity Tier I Capital 1 (to risk-weighted assets)
Common Equity Tier I Capital 1, Actual, Capital Amount	$ 1,426,815	$ 1,372,941
Common Equity Tier I Capital 1 (to risk weighted assets), Ratio (as a percent)	0.116	0.113
Common Equity Tier I Capital 1, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 555,176	$ 548,917
Common Equity Tier I Capital 1 (to risk weighted assets, Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	0.045	0.045
Common Equity Tier I Capital 1, Minimum Amount To Be Well Capitalized, Capital Amount	$ 801,921	$ 792,881
Common Equity Tier I Capital 1 (to risk weighted assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent)	0.065	0.065
Tier 1 Capital (to average assets)
Tier 1 Capital, Actual, Capital Amount	$ 1,426,815	$ 1,372,941
Tier 1 Capital (to average assets), Actual, Ratio (as a percent)	0.113	0.113
Tier 1 Capital, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 503,987	$ 487,511
Tier 1 Capital (to average assets), Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	0.040	0.040
Tier 1 Capital, Minimum Amount To Be Well Capitalized, Capital Amount	$ 629,983	$ 609,389
Tier 1 Capital (to average assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent)	0.050	0.050
FMBI
Total Capital (to risk-weighted assets)
Total Capital (to risk-weighted assets), Actual, Capital Amount	$ 36,044	$ 34,769
Total Capital (to risk weighted assets), Actual, Ratio (as a percent)	0.114	0.113
Total Capital, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 25,309	$ 24,703
Total Capital (to risk weighted assets), Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	0.080	0.080
Total capital, Minimum Amount To Be Well Capitalized, Capital Amount	$ 31,636	$ 30,878
Total Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent)	0.100	0.100
Tier I Capital (to risk-weighted assets)
Tier I Capital, (to risk-weighted assets), Actual, Capital Amount	$ 35,311	$ 34,054
Tier I Capital (to risk weighted assets), Actual, Ratio (as a percent)	0.112	0.110
Tier I Capital, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 18,981	$ 18,527
Tier I Capital (to risk weighted assets), Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	0.060	0.060
Tier I Capital, Minimum Amount To Be Well Capitalized, Capital Amount	$ 25,309	$ 24,703
Tier I Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent)	0.080	0.080
Common Equity Tier I Capital 1 (to risk-weighted assets)
Common Equity Tier I Capital 1, Actual, Capital Amount	$ 35,311	$ 34,054
Common Equity Tier I Capital 1 (to risk weighted assets), Ratio (as a percent)	0.112	0.110
Common Equity Tier I Capital 1, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 14,236	$ 13,895
Common Equity Tier I Capital 1 (to risk weighted assets, Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	0.045	0.045
Common Equity Tier I Capital 1, Minimum Amount To Be Well Capitalized, Capital Amount	$ 20,563	$ 20,071
Common Equity Tier I Capital 1 (to risk weighted assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent)	0.065	0.065
Tier 1 Capital (to average assets)
Tier 1 Capital, Actual, Capital Amount	$ 35,311	$ 34,054
Tier 1 Capital (to average assets), Actual, Ratio (as a percent)	0.106	0.107
Tier 1 Capital, Minimum Amount Required for Adequately Capitalized, Capital Amount	$ 13,347	$ 12,702
Tier 1 Capital (to average assets), Minimum Amount Required for Adequately Capitalized, Ratio (as a percent)	0.040	0.040
Tier 1 Capital, Minimum Amount To Be Well Capitalized, Capital Amount	$ 16,684	$ 15,878
Tier 1 Capital (to average assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent)	0.050	0.050

Derivative Financial Instrume_3

Derivative Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income
Net swap gains (losses)	$ 224
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
Pledged in collateral	$ 0		$ 0
Derivative assets
Derivative Financial Instruments
Derivative assets, fair value	1,914		3,104
Derivative liabilities
Derivative Financial Instruments
Derivative liabilities, fair value	239		75
Derivative
The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income
Net swap gains (losses)	$ 113	$ 2,268
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Noninterest Income, Other	Noninterest Income, Other
Interest rate lock commitments
Derivative Financial Instruments
Notional amount	$ 32,018		8,759
The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income
Net swap gains (losses)	209	$ (882)
Interest rate lock commitments | Derivative assets
Derivative Financial Instruments
Derivative assets, fair value	218		28
Interest rate lock commitments | Derivative liabilities
Derivative Financial Instruments
Derivative liabilities, fair value	4		23
Forward contracts
Derivative Financial Instruments
Notional amount	29,317		13,096
The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income
Net swap gains (losses)	(96)	3,150
Forward contracts | Derivative assets
Derivative Financial Instruments
Derivative assets, fair value	2		46
Forward contracts | Derivative liabilities
Derivative Financial Instruments
Derivative liabilities, fair value	235		52
Interest rate swaps
Derivative Financial Instruments
Notional amount	57,566		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)	(1,336)
Interest rate swaps | Derivative assets
Derivative Financial Instruments
Derivative assets, fair value	1,694		3,030
Interest rate swaps (back-to-back)
Derivative Financial Instruments
Notional amount	77,354		77,495
The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income
Gross swap gains	580	496
Gross swap losses	580	$ 496
Interest rate swaps (back-to-back) | Derivative assets
Derivative Financial Instruments
Derivative assets, fair value	2,461		3,041
Interest rate swaps (back-to-back) | Derivative liabilities
Derivative Financial Instruments
Derivative liabilities, fair value	2,461		$ 3,041
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)	$ 1,560

Disclosures about Fair Value _3

Disclosures about Fair Value of Assets and Liabilities - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Disclosures about Fair Value of Assets and Liabilities
Mortgage loans in process of securitization	$ 197,074	$ 154,194
Securities available for sale	679,518	323,337
Loans held for sale	85,516	82,192
Servicing rights	143,867	146,248
Recurring
Disclosures about Fair Value of Assets and Liabilities
Mortgage loans in process of securitization	197,074	154,194
Loans held for sale	85,516	82,192
Servicing rights	143,867	146,248
Recurring | Interest rate lock commitments
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	218	28
Derivative liabilities	4	23
Recurring | Forward contracts
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	2	46
Derivative liabilities	235	52
Recurring | Interest rate swaps
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	1,694	3,030
Recurring | Interest rate swaps (back-to-back)
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	2,461	3,041
Derivative liabilities	2,461	3,041
Level 2 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Mortgage loans in process of securitization	197,074	154,194
Loans held for sale	85,516	82,192
Level 2 | Recurring | Forward contracts
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	2	46
Derivative liabilities	235	52
Level 2 | Recurring | Interest rate swaps
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	1,694	3,030
Level 2 | Recurring | Interest rate swaps (back-to-back)
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	2,461	3,041
Derivative liabilities	2,461	3,041
Level 3 | Interest rate lock commitments
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	218	28
Derivative liabilities	4	23
Level 3 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Servicing rights	143,867	146,248
Level 3 | Recurring | Interest rate lock commitments
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	218	28
Derivative liabilities	4	23
Treasury notes
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale	175,099	36,280
Treasury notes | Recurring
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale	175,099	36,280
Treasury notes | Level 1 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale	175,099	36,280
Federal agencies
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale	290,331	271,890
Federal agencies | Recurring
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale	290,331	271,890
Federal agencies | Level 2 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale	290,331	271,890
Mortgage-backed - Government-sponsored entity (GSE)
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale	214,088	15,167
Mortgage-backed - Government-sponsored entity (GSE) | Recurring
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale	214,088	15,167
Mortgage-backed - Government-sponsored entity (GSE) | Level 2 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale	$ 214,088	$ 15,167

Disclosures about Fair Value _4

Disclosures about Fair Value of Assets and Liabilities - Reconciliation of Unobservable Inputs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative liabilities | Interest rate lock commitments
Reconciliation of significant unobservable inputs, liabilities:
Balance, beginning of period	$ 23	$ 41
Changes in fair value	(19)	730
Balance, end of period	4	771
Servicing rights.
Reconciliation of significant unobservable inputs, assets:
Balance, beginning of period	146,248	110,348
Additions
Originated servicing	2,173	5,792
Subtractions
Paydowns	(1,698)	(2,749)
Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model	(2,856)	7,645
Balance, end of period	143,867	121,036
Derivative assets | Interest rate lock commitments
Reconciliation of significant unobservable inputs, assets:
Balance, beginning of period	28	264
Subtractions
Changes in fair value	190	(152)
Balance, end of period	$ 218	$ 112

Disclosures about Fair Value _5

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

Disclosures about Fair Value _6

Disclosures about Fair Value of Assets and Liabilities - Quantitative Information about Unobservable Inputs (Details) $ in Thousands	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Quantitative information about unobservable inputs
Servicing rights	$ 143,867	$ 146,248
Level 3
Quantitative information about unobservable inputs
Collateral-dependent impaired loans		4,465
Level 3 | Servicing rights | Loans funded through PPP, CARES Act
Quantitative information about unobservable inputs
Servicing rights	$ 5,083	$ 4,632
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	0.03
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	0.12
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	0.08
Level 3 | Servicing rights | Single Family
Quantitative information about unobservable inputs
Servicing rights	$ 29,078	$ 29,926
Level 3 | Servicing rights | Single Family | Discount Rate | Minimum
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.09	0.09
Level 3 | Servicing rights | Single Family | Discount Rate | Maximum
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.10	0.10
Level 3 | Servicing rights | Single Family | Discount Rate | Weighted average
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.09	0.09
Level 3 | Servicing rights | Single Family | Constant Prepayment Rate | Minimum
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.07	0.07
Level 3 | Servicing rights | Single Family | Constant Prepayment Rate | Maximum
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.10	0.10
Level 3 | Servicing rights | Single Family | Constant Prepayment Rate | Weighted average
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.07	0.07
Level 3 | Servicing rights | Multi-family
Quantitative information about unobservable inputs
Servicing rights	$ 109,706	$ 111,690
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	0.39
Level 3 | Servicing rights | Multi-family | Constant Prepayment Rate | Weighted average
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.08	0.08
Level 3 | Collateral-dependent impaired loans | Measurement Input, Maturity | Minimum
Quantitative information about unobservable inputs
Marketability discount (as a percent)		0.04
Level 3 | Collateral-dependent impaired loans | Measurement Input, Maturity | Maximum
Quantitative information about unobservable inputs
Marketability discount (as a percent)		0.54
Level 3 | Collateral-dependent impaired loans | Measurement Input, Maturity | Weighted average
Quantitative information about unobservable inputs
Marketability discount (as a percent)		0.05
Level 3 | Interest rate lock commitments
Quantitative information about unobservable inputs
Derivative assets	$ 218	$ 28
Derivative liabilities	$ 4	$ 23
Level 3 | Interest rate lock commitments | Measurement Input, Maturity | Minimum
Quantitative information about unobservable inputs
Loan closing rates (as a percent)	0.51	0.60
Loan closing rates (as a percent)	0.51	0.60
Level 3 | Interest rate lock commitments | Measurement Input, Maturity | Maximum
Quantitative information about unobservable inputs
Loan closing rates (as a percent)	0.99	0.87
Loan closing rates (as a percent)	0.99	0.87
Level 3 | Interest rate lock commitments | Measurement Input, Maturity | Weighted average
Quantitative information about unobservable inputs
Loan closing rates (as a percent)	0.75	0.77
Loan closing rates (as a percent)	0.75	0.77

Disclosures about Fair Value _7

Disclosures about Fair Value of Assets and Liabilities - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financial assets:
Held to maturity securities, fair value	$ 1,106,582	$ 1,118,966
Loans held for sale	85,516	82,192
Carrying value per balance sheet
Financial assets:
Cash and cash equivalents	369,586	226,164
Securities purchased under agreements to resell	3,438	3,464
Held to maturity securities, fair value	1,104,835	1,119,078
FHLB stock	39,130	39,130
Loans held for sale	2,769,734	2,828,384
Loans receivable, net	8,575,210	7,426,858
Interest receivable	64,282	56,262
Financial liabilities:
Deposits	11,345,231	10,071,345
Short-term subordinated debt	21,000	21,000
FHLB advances	859,211	859,392
Other borrowing	200,000	50,000
Credit linked notes	153,551
Interest payable	32,605	23,384
Estimated fair value
Financial assets:
Cash and cash equivalents	369,586	226,164
Securities purchased under agreements to resell	3,438	3,464
Held to maturity securities, fair value	1,106,582	1,118,966
FHLB stock	39,130	39,130
Loans held for sale	2,769,734	2,828,384
Loans receivable, net	8,553,015	7,431,731
Interest receivable	64,282	56,262
Financial liabilities:
Deposits	11,343,744	10,064,941
Short-term subordinated debt	21,000	21,000
FHLB advances	858,957	858,984
Other borrowing	200,000	50,000
Credit linked notes	154,520
Interest payable	32,605	23,384
Level 1 | Estimated fair value
Financial assets:
Cash and cash equivalents	369,586	226,164
Financial liabilities:
Deposits	7,208,222	7,082,056
Level 2 | Estimated fair value
Financial assets:
Securities purchased under agreements to resell	3,438	3,464
Held to maturity securities, fair value	239,795	247,182
FHLB stock	39,130	39,130
Loans held for sale	2,769,734	2,828,384
Interest receivable	64,282	56,262
Financial liabilities:
Deposits	4,135,522	2,982,885
Short-term subordinated debt	21,000	21,000
FHLB advances	858,957	858,984
Other borrowing	200,000	50,000
Credit linked notes	154,520
Interest payable	32,605	23,384
Level 3 | Estimated fair value
Financial assets:
Held to maturity securities, fair value	866,787	871,784
Loans receivable, net	$ 8,553,015	$ 7,431,731

Leases - Other (Details)

Leases - Other (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases
Operating lease right-of-use assets	$ 10,483	$ 10,969
Operating lease liabilities	$ 11,644	$ 11,992
Maximum
Leases
Lease period	11 years
Minimum
Leases
Lease period	1 year

Leases - Balance sheet, Income

Leases - Balance sheet, Income Statement and Cash Flow Detail Regarding Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Leases.
Operating lease right-of-of use asset (in other assets)	$ 10,483	$ 10,969
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets and Receivables	Other Assets and Receivables
Operating lease liability (in other liabilities)	$ 11,644	$ 11,992
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities.	Other Liabilities.
Weighted average remaining lease term (years)	6 years 3 months 18 days	6 years 6 months
Weighted average discount rate	2.68%	2.65%
Maturities of lease liabilities
One year or less	$ 1,731	$ 2,181
Year two	2,345	2,321
Year three	1,881	1,881
Year four	1,911	1,911
Year five	1,853	1,853
Thereafter	2,902	2,902
Total future minimum lease payments	12,623	13,049
Less: imputed interest	979	1,057
Total	11,644	11,992
Components of lease expense:
Operating lease cost (in occupancy and equipment expense)	583	367
Operating cash flows from operating leases	$ 426	$ 283

Deposits - Components (Details)

Deposits - Components (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Noninterest-bearing deposits
Total noninterest-bearing deposits	$ 313,733	$ 326,875
Interest-bearing deposits
Demand deposits	3,843,282	3,720,363
Savings deposits	3,051,207	3,034,818
Certificates of deposit	4,137,009	2,989,289
Interest-bearing Deposit Liabilities	11,031,498	9,744,470
Total deposits	$ 11,345,231	$ 10,071,345

Deposits - Maturities of deposi

Deposits - Maturities of deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Deposits
Due within one year	$ 4,004,937
Due in one year to two years	90,668
Due in two years to three years	39,683
Due in three years to four years	1,114
Due in four years to five years	585
Due in five years to six years	22
Total time deposits	$ 4,137,009	$ 2,989,289

Deposits - Brokered deposits (D

Deposits - Brokered deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Deposits
Brokered certificates of deposit	$ 3,679,084	$ 2,681,198
Brokered savings deposits	51,076	81,532
Brokered deposit on demand accounts		13
Total brokered deposits	$ 3,730,160	$ 2,762,743

Borrowings - Components (Detail

Borrowings - Components (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Borrowings
Borrowings	$ 1,233,762	$ 930,392
Federal Reserve discount window borrowings
Borrowings
Borrowings	200,000	20,000
Short-Term Subordinated Debt
Borrowings
Borrowings	21,000	21,000
FHLB Advances
Borrowings
Borrowings	859,211	859,392
American Financial Exchange borrowing
Borrowings
Borrowings		$ 30,000
Credit linked notes
Borrowings
Borrowings	$ 153,551

Borrowings - Other (Details)

Borrowings - Other (Details) - Credit linked notes - USD ($) $ in Millions		3 Months Ended
	Mar. 30, 2023	Mar. 31, 2023
Debt
Notes issued	$ 158.1	$ 158.1
Proceeds from notes and bonds payable issued	153.5
Principal repayment of notes	$ 1,100
Variable interest rate, basis points spread over variable reference rate (as a percent)	1%
Effective interest rate (as a percent)		21.50%
Percentage of effective interest rate on restricted proceeds from transaction		4.50%
Percentage of net effective interest rate on restricted proceeds from transaction		17%
Restricted Cash
Debt
Debt instrument, Collateral amount		$ 20.5
Short term Treasury Securities
Debt
Debt instrument, Collateral amount		$ 137.6
SOFR
Debt
Effective interest rate (as a percent)	15.50%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net Income
Net income	$ 54,955	$ 50,142
Dividends on preferred stock	(8,667)	(5,728)
Net Income Allocated to Common Shareholders	$ 46,288	$ 44,414
Weighted-Average Shares
Weighted average shares - Basic	43,179,604	43,190,066
Effect of dilutive securities-restricted stock awards	111,175	169,968
Weighted average shares - diluted	43,290,779	43,360,034
Per Share Amount
Basic Earnings Per Share	$ 1.07	$ 1.03
Diluted Earnings Per Share	$ 1.07	$ 1.02

Share-Based Payment Plans - Inc

Share-Based Payment Plans - Incentive Plan (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2018
Non executive directors
Plan disclosures
Shares issued		2,863	2,055
Value of shares available for issuance for compensation related to annual fees	$ 50,000			$ 10,000
2017 Plan | Restricted Stock
Plan disclosures
Shares issued		84,335	64,962

Share-Based Payment Plans - ESO

Share-Based Payment Plans - ESOP (Details) - ESOP - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Employee Stock Ownership Plan
Expense recognized for the contribution to the plan	$ 810,000	$ 653,000
Shares contributed to the plan	33,293	20,709

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Information
Interest income	$ 211,294	$ 76,012
Interest expense	110,601	10,287
Net Interest Income	100,693	65,725
Provision for credit losses	6,867	2,451
Net Interest Income After Provision for Credit Losses	93,826	63,274
Noninterest income	14,264	34,597
Noninterest expense	34,772	31,033
Income Before Income Taxes	73,318	66,838
Income taxes	18,363	16,696
Net Income	54,955	50,142
Total assets	14,240,966	9,650,592	$ 12,615,227
Other
Segment Information
Interest income	1,144	1,701
Interest expense	(1,719)	(251)
Net Interest Income	2,863	1,952
Net Interest Income After Provision for Credit Losses	2,863	1,952
Noninterest income	(2,177)	(1,638)
Noninterest expense	7,216	5,002
Income Before Income Taxes	(6,530)	(4,688)
Income taxes	(1,571)	(1,415)
Net Income	(4,959)	(3,273)
Total assets	150,695	83,456
Multifamily | Operating Segments
Segment Information
Interest income	1,106	257
Net Interest Income	1,106	257
Net Interest Income After Provision for Credit Losses	1,106	257
Noninterest income	16,597	32,186
Noninterest expense	14,631	16,531
Income Before Income Taxes	3,072	15,912
Income taxes	1,106	4,420
Net Income	1,966	11,492
Total assets	341,487	293,286
Mortgage Warehousing | Operating Segments
Segment Information
Interest income	42,318	20,329
Interest expense	27,794	2,021
Net Interest Income	14,524	18,308
Provision for credit losses	1,364	(207)
Net Interest Income After Provision for Credit Losses	13,160	18,515
Noninterest income	1,033	1,860
Noninterest expense	2,755	2,926
Income Before Income Taxes	11,438	17,449
Income taxes	2,797	4,290
Net Income	8,641	13,159
Total assets	3,318,491	2,863,907
Banking | Operating Segments
Segment Information
Interest income	166,726	53,725
Interest expense	84,526	8,517
Net Interest Income	82,200	45,208
Provision for credit losses	5,503	2,658
Net Interest Income After Provision for Credit Losses	76,697	42,550
Noninterest income	(1,189)	2,189
Noninterest expense	10,170	6,574
Income Before Income Taxes	65,338	38,165
Income taxes	16,031	9,401
Net Income	49,307	28,764
Total assets	$ 10,430,293	$ 6,409,943