Merchants Bancorp (MBIN) 10-Q 10 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 01, 2024
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-38258
Entity Registrant Name	MERCHANTS BANCORP
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		43,354,718
Entity Central Index Key	0001629019
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
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, 2024	Dec. 31, 2023
Assets
Cash and due from banks	$ 17,924	$ 15,592
Interest-earning demand accounts	490,831	568,830
Cash and cash equivalents	508,755	584,422
Securities purchased under agreements to resell	3,329	3,349
Mortgage loans in process of securitization	142,629	110,599
Securities available for sale ($700,640 and $722,497 utilizing fair value option, respectively)	1,061,288	1,113,687
Securities held to maturity ($1,176,178 and $1,203,535 at fair value, respectively)	1,175,167	1,204,217
Federal Home Loan Bank (FHLB) stock	64,215	48,578
Loans held for sale (includes $84,513 and $86,663 at fair value, respectively)	3,503,131	3,144,756
Loans receivable, net of allowance for credit losses on loans of $75,712 and $71,752, respectively	10,690,513	10,127,801
Premises and equipment, net	42,450	42,342
Servicing rights	172,200	158,457
Interest receivable	90,303	91,346
Goodwill	8,014	15,845
Intangible assets, net	149	742
Other assets and receivables	360,433	306,375
Total assets	17,822,576	16,952,516
Deposits
Noninterest-bearing	319,872	520,070
Interest-bearing	13,655,789	13,541,390
Total deposits	13,975,661	14,061,460
Borrowings	1,835,985	964,127
Deferred and current tax liabilities, net	43,935	19,923
Other liabilities	190,527	205,922
Total liabilities	16,046,108	15,251,432
Commitments and Contingencies
Shareholders' Equity
Common stock, without par value Authorized - 75,000,000 shares Issued and outstanding - 43,354,718 shares at March 31, 2024 and 43,242,928 shares at December 31, 2023	139,950	140,365
Retained earnings	1,138,083	1,063,599
Accumulated other comprehensive loss	(1,173)	(2,488)
Total shareholders' equity	1,776,468	1,701,084
Total liabilities and shareholders' equity	17,822,576	16,952,516
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, 2024	Dec. 31, 2023
Securities available for sale	$ 700,640	$ 722,497
Securities held to maturity, fair value	1,176,178	1,203,535
Loans held for sale at fair value	84,513	86,663
Net of allowance for credit losses on loans	$ 75,712	$ 71,752
Stockholders' Equity:
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	43,354,718	43,242,928
Common stock, shares outstanding	43,354,718	43,242,928
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 (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest Income
Loans	$ 271,998,000	$ 189,450,000
Mortgage loans in process of securitization	1,720,000	1,648,000
Investment securities:
Available for sale	14,388,000	2,266,000
Held to maturity	20,522,000	15,754,000
Federal Home Loan Bank stock	844,000	427,000
Other	4,701,000	1,749,000
Total interest income	314,173,000	211,294,000
Interest Expense
Deposits	171,022,000	104,442,000
Borrowed funds	16,095,000	6,159,000
Total interest expense	187,117,000	110,601,000
Net Interest Income	127,056,000	100,693,000
Provision for credit losses	4,726,000	6,867,000
Net Interest Income After Provision for Credit Losses	122,330,000	93,826,000
Noninterest Income
Gain on sale of loans	9,356,000	6,733,000
Loan servicing fees, net	19,402,000	2,360,000
Mortgage warehouse fees	982,000	1,028,000
Loss on sale of investments available for sale (includes $(108) and $0, respectively, related to accumulated other comprehensive loss reclassifications)	(108,000)
Syndication and asset management fees	5,303,000	1,212,000
Other income	5,939,000	2,931,000
Total noninterest income	40,874,000	14,264,000
Noninterest Expense
Salaries and employee benefits	29,596,000	22,146,000
Loan expenses	956,000	804,000
Occupancy and equipment	2,237,000	2,232,000
Professional fees	4,099,000	2,269,000
Deposit insurance expense	5,125,000	2,178,000
Technology expense	1,854,000	1,577,000
Other expense	5,045,000	3,566,000
Total noninterest expense	48,912,000	34,772,000
Income Before Income Taxes	114,292,000	73,318,000
Provision for income taxes (includes $26 and $0, respectively, related to income tax benefit for reclassification items)	27,238,000	18,363,000
Net Income	87,054,000	54,955,000
Dividends on preferred stock	(8,667,000)	(8,667,000)
Net income allocated to common shareholders	$ 78,387,000	$ 46,288,000
Basic Earnings Per Share (in dollars per share)	$ 1.81	$ 1.07
Diluted Earnings Per Share (in dollars per share)	$ 1.80	$ 1.07
Weighted-Average Shares Outstanding
Basic (in shares)	43,305,985	43,179,604
Diluted (in shares)	43,466,647	43,290,779

Consolidated Statements of Inco

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Condensed Consolidated Statements of Income (Unaudited)
Reclassifications included in gains on sale of investment available for sale	$ (108)	$ 0
Provision for income taxes related to income tax expense for reclassification items	$ 26	$ 0

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Net Income	$ 87,054	$ 54,955
Other Comprehensive Income:
Net unrealized gain on investment securities available for sale, net of tax expense of $(384) and $(934), respectively	1,233	2,792
Add: Reclassification adjustment for losses included in net income, net of tax benefit of $26 and $0, respectively	82
Other comprehensive income (loss) for the period	1,315	2,792
Comprehensive Income	$ 88,369	$ 57,747

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Net of tax (expense)/ benefits on net change in unrealized gains/(losses) on investment securities available for sale	$ (384)	$ (934)
Net of tax expense on reclassification adjustment for gains include in net income	$ 26	$ 0

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - 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	Accumulated Other Comprehensive Income (Loss)	Total
Balance beginning of period at Dec. 31, 2022	$ 137,781					$ 832,871	$ (10,521)
Balance beginning of period (in shares) at Dec. 31, 2022	43,113,127
Consolidated Statements of Shareholders' Equity
Net Income						54,955		$ 54,955
Dividends on 7% Series A preferred stock, $1.75 per share, annually						(910)
Dividends on 6% Series B preferred stock, $60.00 per share, annually						(1,875)
Dividends on 6% Series C preferred stock, $60.00 per share, annually						(2,943)
Dividends on 8.25% Series D preferred stock, $82.50 per share, annually						(2,939)
Dividends on common stock, $0.33 per share, annually in 2024 and $0.32 per share, annually in 2023						(3,459)
Other comprehensive income (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 end of period at Mar. 31, 2023	$ 138,105	$ 50,221	$ 120,844	$ 191,084	$ 137,459	875,700	(7,729)	1,505,684
Balance end of period (in shares) at Mar. 31, 2023	43,233,618	2,081,800	125,000	196,181	142,500
Balance beginning of period at Dec. 31, 2023	$ 140,365					1,063,599	(2,488)	1,701,084
Balance beginning of period (in shares) at Dec. 31, 2023	43,242,928
Consolidated Statements of Shareholders' Equity
Net Income						87,054		87,054
Dividends on 7% Series A preferred stock, $1.75 per share, annually						(910)
Dividends on 6% Series B preferred stock, $60.00 per share, annually						(1,875)
Dividends on 6% Series C preferred stock, $60.00 per share, annually						(2,943)
Dividends on 8.25% Series D preferred stock, $82.50 per share, annually						(2,939)
Dividends on common stock, $0.33 per share, annually in 2024 and $0.32 per share, annually in 2023						(3,903)
Other comprehensive income (loss)							1,315	1,315
Distribution to employee stock ownership plan	$ 997
Distribution to employee stock ownership plan (in shares)	23,414
Shares issued for stock compensation plans, net of taxes withheld to satisfy tax obligations	$ (1,412)
Shares issued for stock compensation plans, net of taxes withheld to satisfy tax obligations (in shares)	88,376
Balance end of period at Mar. 31, 2024	$ 139,950	$ 50,221	$ 120,844	$ 191,084	$ 137,459	$ 1,138,083	$ (1,173)	$ 1,776,468
Balance end of period (in shares) at Mar. 31, 2024	43,354,718	2,081,800	125,000	196,181	142,500

Condensed Consolidated Statem_5

Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Dividends on common stock per share	$ 0.36	$ 0.32
7% Series A Preferred Stock
Preferred stock, dividend rate (as a percent)	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% 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% 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% 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	$ 82.50

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities:
Net income	$ 87,054,000	$ 54,955,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	725,000	686,000
Provision for credit losses	4,726,000	6,867,000
Gain on sale of securities	108,000
Gain on sale of loans	(9,356,000)	(6,733,000)
Proceeds from sales of loans	4,694,759,000	3,356,860,000
Loans and participations originated and purchased for sale	(5,078,607,000)	(3,674,484,000)
Proceeds from sale of low-income housing tax credits	25,861,000	8,670,000
Purchases of low-income housing tax credits for sale	(21,113,000)	(7,932,000)
Change in servicing rights for paydowns and fair value adjustments	(11,577,000)	4,554,000
Net change in:
Mortgage loans in process of securitization	(32,030,000)	(42,880,000)
Other assets and receivables	(58,186,000)	(8,116,000)
Other liabilities	14,595,000	7,607,000
Other	(731,000)	(1,587,000)
Net cash used in operating activities	(383,772,000)	(301,533,000)
Investing activities:
Net change in securities purchased under agreements to resell	20,000	26,000
Purchases of securities available for sale	(193,957,000)	(353,249,000)
Purchases of securities held to maturity		(1,540,000)
Proceeds from the sale of securities available for sale	9,983,000	0
Proceeds from calls, maturities and paydowns of securities available for sale	231,585,000	832,000
Proceeds from calls, maturities and paydowns of securities held to maturity	29,050,000	15,783,000
Purchases of loans	(27,727,000)	(98,791,000)
Net change in loans receivable	(552,568,000)	(678,522,000)
Proceeds from loans held for sale previously classified as loans receivable	1,600,000
Purchase of FHLB stock	(16,031,000)
Proceeds from sale of FHLB stock	394,000
Purchases of premises and equipment	(2,306,000)	(1,041,000)
Purchase of limited partnership interests	(4,157,000)	(4,580,000)
Net cash paid on sale of branches	(171,319,000)
Other investing activities	414,000	906,000
Net cash used in investing activities	(695,019,000)	(1,120,176,000)
Financing activities:
Net change in deposits	144,036,000	1,273,886,000
Proceeds from borrowings	26,751,878,000	22,335,000,000
Repayment of borrowings	(25,871,971,000)	(22,185,180,000)
Proceeds from credit linked notes		153,546,000
Payment of credit linked notes	(8,249,000)
Dividends	(12,570,000)	(12,126,000)
Other financing activities		5,000
Net cash provided by financing activities	1,003,124,000	1,565,131,000
Net Change in Cash and Cash Equivalents	(75,667,000)	143,422,000
Cash and Cash Equivalents, Beginning of Period	584,422,000	226,164,000
Cash and Cash Equivalents, End of Period	508,755,000	369,586,000
Supplemental Cash Flows Information:
Interest paid	178,751,000	101,381,000
Income taxes paid, net of refunds	783,000	966,000
Change in ROU assets due to lease renegotiation	(1,349,000)
Transfer of loans from loans held for sale to loans receivable	31,350,000	$ 377,460,000
Transfer of loans from loans receivable to loans held for sale	$ 1,600,000

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2024
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”) (whose branches were sold to unaffiliated third parties and its remaining charter collapsed into Merchants Bank on January 26, 2024), 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, 2023, which has been derived from audited financial statements, and unaudited condensed consolidated financial statements of the Company as of March 31, 2024 and for the three months ended March 31, 2024 and 2023, 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 unaudited 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, 2023 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, 2024 Sale of Farmers-Merchants Bank of Illinois branches On September 7, 2023, the Company entered into an agreement with Bank of Pontiac to sell its Farmers-Merchants Bank of Illinois branch locations in Paxton, Melvin, and Piper City, Illinois, and into an agreement with CBI Bank & Trust, to sell its Farmers-Merchants Bank of Illinois branch located in Joy, Illinois. ​ This transaction enhances the Company’s ability to focus on its core business of single and multi-family mortgage lending and strategically aligns the branches with institutions that share a similar business model and allows them to provide additional products to their customers. ​ On January 26, 2024, the transaction was completed after having met customary closing conditions, including regulatory approval. ​ In addition to the branches, Bank of Pontiac acquired approximately $164.8 million in deposits and $19.2 million in loans, and CBI Bank & Trust acquired approximately $65.1 million in deposits and $28.6 million in loans. ​ ​ Principles of Consolidation The unaudited condensed consolidated financial statements as of and for the period ended March 31, 2024 and 2023 include results from the Company, and its wholly owned subsidiaries, Merchants Bank, FMBI (until its branches were sold and its bank charter merged into Merchants Bank on January 26, 2024) and MAM. Also included are Merchants Bank’s primary operating subsidiaries, MCC, MCS and MCI, as well as all direct and indirectly owned subsidiaries owned by Merchants Bancorp. During 2022, Merchants Foundation, Inc., a nonprofit corporation, was incorporated and its results are consolidated with the Company’s consolidated financial statements in all periods presented. 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 (“ASU”) Topic 810. Accordingly, the entity is assessed for potential consolidation under the variable interest entity (“VIE”) model and would only consolidate those entities for which it is a primary beneficiary. A primary beneficiary is defined as the party that has both the power to direct the activities that most significantly impact the entity, and an interest that could be significant to the entity. To determine if an interest could be significant to the entity, both qualitative and quantitative factors regarding the nature, size and form of our involvement with the entity are evaluated. Alternatively, under the voting interest model, it would only consolidate those entities for which it has a controlling interest. ​ In May 2023, the Company acquired a variable interest in an investment for which it is the primary beneficiary of, and its results have been consolidated since the date of acquisition. Additionally, the Company has certain variable interest investments that it was deemed not to be a primary beneficiary of as of March 31, 2024 and December 31, 2023. These VIEs are not consolidated and the equity or proportional method of accounting has been applied. The Company will analyze whether the primary beneficiary designation has changed through triggering events on a prospective 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. Restricted Cash ​ Included in cash equivalents is an account restricted as collateral for the potential risk of loss on senior credit linked notes issued by the Company. The balance of the notes as of March 31, 2024 was $115.6 million. As of March 31, 2024, there was $39.2 million in restricted cash. Also see Note 11: Borrowings. ​

Investment Securities

Investment Securities	3 Months Ended
	Mar. 31, 2024
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, 2024 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ Cost Gains Losses Value ​ ​ (In thousands) Securities available for sale: ​ ​ ​ ​ Treasury notes ​ $ 109,146 ​ $ 15 ​ $ 58 ​ $ 109,103 Federal agencies ​ 240,000 ​ — ​ 1,499 ​ 238,501 Mortgage-backed - Government Agency ("Agency") (2) - multi-family ​ ​ 13,044 ​ ​ — ​ ​ — ​ ​ 13,044 Mortgage-backed - Non-Agency residential - fair value option (1) ​ ​ 472,192 ​ ​ — ​ ​ — ​ ​ 472,192 Mortgage-backed - Agency - residential - fair value option (1) ​ ​ 228,448 ​ ​ — ​ ​ — ​ ​ 228,448 Total securities available for sale ​ $ 1,062,830 ​ $ 15 ​ $ 1,557 ​ $ 1,061,288 Securities held to maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed - Non-Agency - multi-family ​ $ 710,024 ​ $ — ​ $ 419 ​ $ 709,605 Mortgage-backed - Non-Agency - residential ​ ​ 453,167 ​ ​ 2,385 ​ ​ 87 ​ ​ 455,465 Mortgage-backed - Agency ​ ​ 11,976 ​ ​ — ​ ​ 868 ​ ​ 11,108 Total securities held to maturity ​ $ 1,175,167 ​ $ 2,385 ​ $ 1,374 ​ $ 1,176,178 ​ (1) For fair value option securities, the amortized cost reflects the carrying value, which is also equal to the fair value. (2) Agency includes government sponsored agencies, such as Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”), and Government National Mortgage Association (“Ginnie Mae”). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ Cost Gains Losses Value ​ ​ (In thousands) Securities available for sale: ​ ​ ​ ​ Treasury notes ​ $ 129,261 ​ $ 45 ​ $ 338 ​ $ 128,968 Federal agencies ​ 250,731 ​ — ​ 2,976 ​ 247,755 Mortgage-backed - Government Agency ("Agency") (2) ​ ​ 14,465 ​ ​ 5 ​ ​ 3 ​ ​ 14,467 Mortgage-backed - Non-Agency residential - fair value option (1) ​ ​ 485,500 ​ ​ — ​ ​ — ​ ​ 485,500 Mortgage-backed - Agency - residential - fair value option (1) ​ ​ 236,997 ​ ​ — ​ ​ — ​ ​ 236,997 Total securities available for sale ​ $ 1,116,954 ​ $ 50 ​ $ 3,317 ​ $ 1,113,687 Securities held to maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed - Non-Agency - multi-family ​ $ 719,662 ​ $ — ​ $ 415 ​ $ 719,247 Mortgage-backed - Non-Agency - residential ​ ​ 472,539 ​ ​ 973 ​ ​ 418 ​ ​ 473,094 Mortgage-backed - Agency ​ ​ 12,016 ​ ​ — ​ ​ 822 ​ ​ 11,194 Total securities held to maturity ​ $ 1,204,217 ​ $ 973 ​ $ 1,655 ​ $ 1,203,535 ​ (1) For fair value option securities, the amortized cost reflects the carrying value, which is also equal to the fair value. (2) Agency includes government sponsored agencies, such as Fannie Mae, Freddie Mac, and Ginnie Mae. Accrued interest on securities available for sale totaled $5.1 million at March 31, 2024 and $6.7 million at December 31, 2023, and is excluded from the estimate of credit losses. Accrued interest on securities held to maturity totaled $5.6 million at March 31, 2024 and $5.8 million at December 31, 2023, and is excluded from the estimate of credit losses. The amortized cost and fair value of available for sale securities at March 31, 2024 and December 31, 2023, 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, 2024 ​ December 31, 2023 ​ ​ Amortized ​ Fair ​ Amortized ​ Fair ​ Cost Value Cost Value Securities available for sale: ​ (In thousands) Within one year ​ $ 209,146 ​ $ 207,796 ​ $ 308,474 ​ $ 305,406 After one through five years ​ 140,000 ​ 139,808 ​ 71,518 ​ 71,317 ​ ​ 349,146 ​ 347,604 ​ 379,992 ​ 376,723 Mortgage-backed - Agency ​ ​ 13,044 ​ ​ 13,044 ​ ​ 14,465 ​ ​ 14,467 Mortgage-backed - Non-Agency residential - fair value option ​ ​ 472,192 ​ ​ 472,192 ​ ​ 485,500 ​ ​ 485,500 Mortgage-backed - Agency - residential - fair value option ​ ​ 228,448 ​ ​ 228,448 ​ ​ 236,997 ​ ​ 236,997 ​ ​ $ 1,062,830 ​ $ 1,061,288 ​ $ 1,116,954 ​ $ 1,113,687 Securities held to maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed - Non-Agency - multi-family ​ $ 710,024 ​ $ 709,605 ​ $ 719,662 ​ $ 719,247 Mortgage-backed - Non-Agency - residential ​ ​ 453,167 ​ ​ 455,465 ​ ​ 472,539 ​ ​ 473,094 Mortgage-backed - Agency ​ ​ 11,976 ​ 11,108 ​ 12,016 ​ 11,194 ​ ​ $ 1,175,167 ​ $ 1,176,178 ​ $ 1,204,217 ​ $ 1,203,535 ​ During the three months ended March 31, 2024, the Company recognized a net loss of $108,000 from sales of securities available for sale. The $108,000 net loss consisted of $10,000 in gains and $118,000 of losses. During the three months ended March 31, 2023, ​ 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 allowance for credit losses (“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, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ 3,092 ​ $ 1 ​ $ 26,938 ​ $ 57 ​ $ 30,030 ​ $ 58 Federal agencies ​ ​ 139,808 ​ ​ 192 ​ ​ 98,693 ​ ​ 1,307 ​ ​ 238,501 ​ ​ 1,499 ​ ​ $ 142,900 ​ $ 193 ​ $ 125,631 ​ $ 1,364 ​ $ 268,531 ​ $ 1,557 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 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 ​ $ 3,052 ​ $ 6 ​ $ 32,080 ​ $ 332 ​ $ 35,132 ​ $ 338 Federal agencies ​ ​ 60,541 ​ ​ 189 ​ ​ 167,213 ​ ​ 2,787 ​ ​ 227,754 ​ ​ 2,976 Mortgage-backed - Agency ​ ​ 364 ​ ​ 1 ​ ​ 186 ​ ​ 2 ​ ​ 550 ​ ​ 3 ​ ​ $ 63,957 ​ $ 196 ​ $ 199,479 ​ $ 3,121 ​ $ 263,436 ​ $ 3,317 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for Credit Losses (ACL) For available for sale securities with an unrealized loss position, the Company evaluates the securities to determine whether the decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or noncredit related factors. Any impairment that is not credit-related is recognized in accumulated other comprehensive income (loss), net of tax. Credit-related impairment is recognized as an ACL for available for sale securities on the balance sheet, limited to the amount by which the amortized cost basis exceeds the fair value, with a corresponding adjustment to earnings. Accrued interest receivable is excluded from the estimate of credit losses. Both the ACL and the adjustment to net income may be reversed if conditions change. However, if the Company expects, or is required, to sell an impaired available for sale security before recovering its amortized cost basis, the entire impairment amount would be recognized in earnings with a corresponding adjustment to the security’s amortized cost basis. Because the security’s amortized cost basis is adjusted to fair value, there is no ACL in this situation. ​ In evaluating available for sale securities in unrealized loss positions for impairment and the criteria regarding its intent or requirement to sell such securities, the Company considers the extent to which fair value is less than amortized cost, whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuers’ financial condition, among other factors. Unrealized losses on the Company’s investment securities portfolio have not been recognized as an expense because the securities are of high credit quality, and the decline in fair values is attributable to changes in the prevailing interest rate environment since the purchase date. Fair value is expected to recover as securities reach maturity and/or the interest rate environment returns to conditions similar to when these securities were purchased. There were no credit related factors underlying unrealized losses on available for sale debt securities at March 31, 2024 and December 31, 2023. ​ Securities held to maturity are comprised of non-agency mortgage-backed securities secured by multi-family or single-family properties, and agency mortgage-backed securities secured by multi-family properties. The agency securities are Ginnie Mae mortgage-backed securities and backed by the full faith and credit of the U.S. government. Accordingly, no allowance for credit losses has been recorded for these securities. The non-agency 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-agency securities.

Mortgage Loans in Process of Se

Mortgage Loans in Process of Securitization	3 Months Ended
	Mar. 31, 2024
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 Fannie Mae and Freddie Mac participation certificates, all of which are pending settlements under 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, 2024
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 unaudited condensed consolidated balance sheets. Accrued interest on loans totaled $60.2 million and $60.4 million at March 31, 2024 and December 31, 2023, respectively. The Company also elected not to measure an allowance for credit losses for accrued interest receivables. The accrual of interest on loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past-due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest collected on these loans is applied to the principal balance until the loan can be returned to an accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. For all loan portfolio segments, the Company promptly charges off loans, or portions thereof, when available information confirms that specific loans are uncollectable based on information that includes, but is not limited to, (1) the deteriorating financial condition of the borrower, (2) declining collateral values, and/or (3) legal action, including bankruptcy, that impairs the borrower’s ability to adequately meet its obligations. When cash payments for accrued interest are received on nonaccrual loans in each loan class, the Company records a reduction in principal on the balance of the loan. 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 repurchase agreements to fund mortgage loans held for sale from closing until sale to an investor. Under a warehousing arrangement the Company funds a mortgage loan through 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. Warehouse fees are accrued as noninterest income. ​ ​ ​ Loan Portfolio Summary Loans receivable at March 31, 2024 and December 31, 2023 include: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 ​ ​ (In thousands) ​ ​ ​ ​ ​ ​ ​ Mortgage warehouse repurchase agreements ​ $ 1,142,994 ​ $ 752,468 Residential real estate (1) ​ 1,321,300 ​ 1,324,305 Multi-family financing ​ 4,096,606 ​ 4,006,160 Healthcare financing ​ ​ 2,464,685 ​ ​ 2,356,689 Commercial and commercial real estate (2)(3) ​ 1,666,751 ​ 1,643,081 Agricultural production and real estate ​ 65,977 ​ 103,150 Consumer and margin loans ​ 7,912 ​ 13,700 ​ ​ 10,766,225 ​ 10,199,553 Less: ​ ​ ACL-Loans ​ 75,712 ​ 71,752 ​ ​ ​ ​ ​ ​ ​ Loans Receivable ​ $ 10,690,513 ​ $ 10,127,801 (1) Includes $1.2 billion and $1.2 billion of All-in-One© first-lien home equity lines of credit at March 31, 2024 and December 31, 2023, respectively. (2) Includes $1.1 billion and $1.1 billion of revolving lines of credit collateralized primarily by single-family mortgage servicing rights as of March 31, 2024 and December 31, 2023, respectively. (3) Includes only $6.8 million and $8.4 million of non-owner occupied commercial real estate as of March 31, 2024 and December 31, 202 3, respectively. Risk characteristics applicable to each segment of the loan portfolio are described as follows. Mortgage Warehouse Repurchase Agreements (MTG WHRA): As a secured repurchase agreement, collateral pledged to the Company secures each individual mortgage until the mortgage company sells the loan in the secondary market. A traditional secured warehouse facility 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 companies in warehouse, the sale of which is the expected source of repayment under a warehouse facility. However, the warehouse customers are required to hedge the change in value of these loans to mitigate the risk, typically through forward sales contracts. Residential Real Estate Loans (RES RE): Multi-Family Financing (MF FIN): The Company specializes in originating multi-family financing that can be market rate or affordable. The portfolio includes loans for construction, acquisition, refinance, or permanent financing. Loans are typically secured by real estate mortgages, assignment of Low-Income Housing Tax Credits (“LIHTC”), and/or equity interest in the underlying properties. All loans are assessed and reviewed at a minimum based on borrower strength/experience, historical property performance, market trends, projected financial performance with regards to intended strategy, and source of repayment. Independent third-party reports are used to ensure legal conformity and support valuations of the assets. Exit strategies and sources of repayment are provided through the secondary market via governmental programs, strategic refinances, LIHTC equity installments, and cashflow from the properties. Repayment of these loans depends on the successful operation of a business or property and the borrower’s cash flows. Credit risk in these loans may be impacted by the creditworthiness of a borrower, property values and the local economy in the related market area. These loans are well-collateralized and underwritten to agency guidelines. Loans included in this segment typically carry a base rate of 30-day SOFR, that adjusts on a monthly basis, and a margin. The Company strategically focuses on loan classes that are government backed or can be sold in the secondary market. 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. These loans are well-collateralized and underwritten to agency guidelines. Loans included in this segment typically carry a base rate of 30-day SOFR, that adjusts on a monthly basis, and a margin. The Company strategically focuses on loan classes that are government backed or can be sold in the secondary market. 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 lines of credit collateralized by servicing rights that are assessed for fair value quarterly at the Company’s request. 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 adjustable rate mortgage (“ARM”), three-year ARM or five-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 five 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 ACL-Loans is the Company’s estimate of current 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 included in net interest income as loans are recorded in the financial statements. The provision for a reporting period also reflects increases or decreases in the allowance related to changes in credit loss expectations. Actual credit losses are charged against the allowance when management believes the uncollectability of a loan balance, or a portion thereof, is confirmed. Subsequent recoveries, if any, are credited to the allowance. The ACL-Loans is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans considering relevant available information from internal and external sources, including historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. The allowance also incorporates reasonable and supportable forecasts. There have been no changes to the credit quality components used to assess risk during the three months ended March 31, 2024. 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 loans with similar risk characteristics. Loans risk graded substandard and worse are individually evaluated for expected credit losses. For individually evaluated loans that are collateral dependent, the Company may use the fair value of the collateral, less estimated costs to sell, as a practical expedient as of the reporting date to determine the carrying amount of an asset and the allowance for credit losses, as applicable. 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 when the borrower is experiencing financial difficulty as of the reporting date. To calculate the ACL-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 repurchase agreements ​ Remaining Life Method Residential real estate loans ​ 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 included the underlying collateral, type or purpose of the loan, and expected credit loss patterns. The initial estimate of expected credit losses for each segment is based on historical credit loss experience and management’s judgement. 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 judgement that can be subjective in nature. The above measurement approach is also used to estimate the expected credit losses associated with unfunded loan commitments, which also incorporates expected utilization rates. The following table presents, by loan portfolio segment, the activity in the ACL-Loans for the three months ended March 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, 2024 ​ MTG WHRA RES RE MF FIN HC FIN ​ CML & CRE AG & AGRE CON & MAR TOTAL ​ ​ (In thousands) ACL-Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 2,070 ​ $ 7,323 $ 26,874 ​ $ 22,454 ​ $ 12,243 ​ $ 619 ​ $ 169 ​ $ 71,752 FMBI's ACL for loans sold ​ ​ — ​ ​ (55) ​ ​ (186) ​ ​ (2) ​ ​ (92) ​ ​ (246) ​ ​ (12) ​ ​ (593) Provision for credit losses ​ 952 ​ (363) ​ 1,976 ​ ​ 2,135 ​ 763 ​ 77 ​ (63) ​ 5,477 Loans charged to the allowance ​ — ​ — ​ — ​ ​ — ​ (925) ​ — ​ — ​ (925) Recoveries of loans previously charged-off ​ — ​ — ​ — ​ ​ — ​ 1 ​ — ​ — ​ 1 Balance, end of period ​ $ 3,022 ​ $ 6,905 ​ $ 28,664 ​ $ 24,587 ​ $ 11,990 ​ $ 450 ​ $ 94 ​ $ 75,712 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, 2023 ​ MTG WHRA 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 ​ The Company recorded a total provision for credit losses of $4.7 million for the three months ended March 31, 2024. The $4.7 million total provision for credit losses consisted of $4.9 million for the ACL-Loans as shown above and $(0.2) million for the ACL-Off-Balance Sheet Credit Exposures (“OBCE’s”). The $4.9 million total provision for ACL-Loans reflected an elimination of $593,000 from the sale of FMBI branches in January 2024. 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 following table presents, by loan portfolio segment, the activity in the ACL-Loans for the twelve months ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2023 ​ MTG WHRA 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 ​ 821 ​ 328 ​ 18,493 ​ ​ 12,572 ​ 5,232 ​ 54 ​ (12) ​ 37,488 Loans charged to the allowance ​ — ​ (34) ​ (8,400) ​ ​ — ​ (1,356) ​ — ​ (1) ​ (9,791) Recoveries of loans previously charged-off ​ — ​ — ​ — ​ ​ — ​ 41 ​ — ​ — ​ 41 Balance, end of period ​ $ 2,070 ​ $ 7,323 ​ $ 26,874 ​ $ 22,454 ​ $ 12,243 ​ $ 619 ​ $ 169 ​ $ 71,752 ​ ​ ​ 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 as of March 31, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ Real Estate Accounts Receivable / Equipment Other Total ACL-Loans Allocation ​ ​ (In thousands) RES RE ​ $ 1,272 ​ $ — ​ $ — ​ $ 1,272 ​ $ 8 MF FIN ​ ​ 53,200 ​ ​ — ​ ​ — ​ ​ 53,200 ​ ​ 581 HC FIN ​ 63,283 ​ — ​ — ​ 63,283 ​ 5,652 CML & CRE ​ 168 ​ 2,628 ​ 2,657 ​ 5,453 ​ 1,780 AG & AGRE ​ 147 ​ — ​ — ​ 147 ​ 1 CON & MAR ​ — ​ — ​ — ​ — ​ — Total collateral dependent loans ​ $ 118,070 ​ $ 2,628 ​ $ 2,657 ​ $ 123,355 ​ $ 8,022 ​ There were no significant changes to the types of collateral securing the Company’s collateral dependent loans compared to December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ Real Estate Accounts Receivable / Equipment Other Total ACL-Loans Allocation ​ ​ (In thousands) RES RE ​ $ 1,557 ​ $ — $ 3 ​ $ 1,560 ​ $ 21 MF FIN ​ 46,575 ​ — ​ — ​ 46,575 ​ 521 HC FIN ​ ​ 73,909 ​ ​ — ​ ​ — ​ ​ 73,909 ​ ​ 6,289 CML & CRE ​ 146 ​ 3,603 ​ 2,684 ​ 6,433 ​ 1,132 AG & AGRE ​ 147 ​ — ​ — ​ 147 ​ 1 CON & MAR ​ ​ — ​ ​ — ​ ​ 3 ​ ​ 3 ​ ​ — Total collateral dependent loans ​ $ 122,334 ​ $ 3,603 ​ $ 2,690 ​ $ 128,627 ​ $ 7,964 ​ Internal Risk Categories The Company evaluates the loan risk grading system definitions and ACL-Loans methodology on an ongoing basis. As of December 31, 2023, the Company created a newly defined special mention risk rating category to be consistent with industry practices. Loans with a Watch classification are now included in the Pass risk rating category as of December 31, 2023. This updated policy was approved by the Company’s Management Committee, to be effective as of December 31, 2023 on a prospective basis. In adherence with policy, the Company uses the following internal risk grading categories and definitions for loans since December 31, 2023: Pass Special Mention not warrant adverse classification. Loans with questions or concerns regarding collateral, adverse market conditions impacting future performance, and declining financial trends would be considered for special mention. 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, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ 2024 2023 2022 ​ 2021 2020 Prior Revolving Loans TOTAL ​ ​ (In thousands) MTG WHRA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1,142,994 ​ $ 1,142,994 Total ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1,142,994 ​ $ 1,142,994 Charge-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — RES RE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 1,780 ​ $ 32,353 ​ $ 9,793 ​ $ 6,175 ​ $ 21,315 ​ $ 7,400 ​ $ 1,240,994 ​ $ 1,319,810 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 218 ​ ​ — ​ ​ 218 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,272 ​ ​ 1,272 Total ​ $ 1,780 ​ $ 32,353 ​ $ 9,793 ​ $ 6,175 ​ $ 21,315 ​ $ 7,618 ​ $ 1,242,266 ​ $ 1,321,300 Charge-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — MF FIN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 298,730 ​ $ 957,019 ​ $ 734,071 ​ $ 114,353 ​ $ 9,070 ​ $ 34,587 ​ $ 1,731,470 ​ $ 3,879,300 Special Mention ​ ​ 8,000 ​ ​ 96,900 ​ ​ 28,559 ​ ​ 8,400 ​ ​ — ​ ​ 1,470 ​ ​ 20,777 ​ ​ 164,106 Substandard ​ ​ — ​ ​ 11,667 ​ ​ 28,360 ​ ​ 6,534 ​ ​ — ​ ​ — ​ ​ 6,639 ​ ​ 53,200 Total ​ $ 306,730 ​ $ 1,065,586 ​ $ 790,990 ​ $ 129,287 ​ $ 9,070 ​ $ 36,057 ​ $ 1,758,886 ​ $ 4,096,606 Charge-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — HC FIN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 258,604 ​ $ 626,388 ​ $ 936,880 ​ $ 98,815 ​ $ — ​ $ 14,459 ​ $ 398,904 ​ $ 2,334,050 Special Mention ​ ​ 24,319 ​ ​ 20,900 ​ ​ 9,502 ​ ​ — ​ ​ — ​ ​ — ​ ​ 12,631 ​ ​ 67,352 Substandard ​ ​ — ​ ​ 25,600 ​ ​ — ​ ​ 28,783 ​ ​ — ​ ​ — ​ ​ 8,900 ​ ​ 63,283 Total ​ $ 282,923 ​ $ 672,888 ​ $ 946,382 ​ $ 127,598 ​ $ — ​ $ 14,459 ​ $ 420,435 ​ $ 2,464,685 Charge-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — CML & CRE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 4,469 ​ $ 54,002 ​ $ 116,479 ​ $ 71,824 ​ $ 19,203 ​ $ 34,169 ​ $ 1,360,706 ​ $ 1,660,852 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ 289 ​ ​ 157 ​ ​ — ​ ​ — ​ ​ 446 Substandard ​ ​ — ​ ​ — ​ ​ 92 ​ ​ 776 ​ ​ 850 ​ ​ 60 ​ ​ 3,675 ​ ​ 5,453 Total ​ $ 4,469 ​ $ 54,002 ​ $ 116,571 ​ $ 72,889 ​ $ 20,210 ​ $ 34,229 ​ $ 1,364,381 ​ $ 1,666,751 Charge-offs ​ $ — ​ $ — ​ $ — ​ $ 925 ​ $ — ​ $ — ​ $ — ​ $ 925 AG & AGRE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 7,833 ​ $ 7,875 ​ $ 5,103 ​ $ 2,722 ​ $ 8,566 ​ $ 15,515 ​ $ 18,216 ​ $ 65,830 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 147 ​ ​ — ​ ​ 147 Total ​ $ 7,833 ​ $ 7,875 ​ $ 5,103 ​ $ 2,722 ​ $ 8,566 ​ $ 15,662 ​ $ 18,216 ​ $ 65,977 Charge-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — CON & MAR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ — ​ $ 109 ​ $ 28 ​ $ 25 ​ $ 2 ​ $ 4,268 ​ $ 3,480 ​ $ 7,912 Total ​ $ — ​ $ 109 ​ $ 28 ​ $ 25 ​ $ 2 ​ $ 4,268 ​ $ 3,480 ​ $ 7,912 Charge-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Pass ​ $ 571,416 ​ $ 1,677,746 ​ $ 1,802,354 ​ $ 293,914 ​ $ 58,156 ​ $ 110,398 ​ $ 5,896,764 ​ $ 10,410,748 Total Special Mention ​ $ 32,319 ​ $ 117,800 ​ $ 38,061 ​ $ 8,689 ​ $ 157 ​ $ 1,688 ​ $ 33,408 ​ $ 232,122 Total Substandard ​ $ — ​ $ 37,267 ​ $ 28,452 ​ $ 36,093 ​ $ 850 ​ $ 207 ​ $ 20,486 ​ $ 123,355 Total Doubtful ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Total Loans ​ $ 603,735 ​ $ 1,832,813 ​ $ 1,868,867 ​ $ 338,696 ​ $ 59,163 ​ $ 112,293 ​ $ 5,950,658 ​ $ 10,766,225 Total Charge-offs ​ $ — ​ $ — ​ $ — ​ $ 925 ​ $ — ​ $ — ​ $ — ​ $ 925 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ 2023 2022 2021 2020 2019 Prior Revolving Loans TOTAL ​ ​ (In thousands) MTG WHRA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 752,468 ​ $ 752,468 Total ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 752,468 ​ $ 752,468 Charge-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — RES RE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 31,011 ​ $ 10,086 ​ $ 6,573 ​ $ 22,725 ​ $ 3,298 ​ $ 9,340 ​ $ 1,239,161 ​ $ 1,322,194 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 59 ​ ​ 492 ​ ​ — ​ ​ 551 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 288 ​ ​ 1,272 ​ ​ 1,560 Total ​ $ 31,011 ​ $ 10,086 ​ $ 6,573 ​ $ 22,725 ​ $ 3,357 ​ $ 10,120 ​ $ 1,240,433 ​ $ 1,324,305 Charge-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 21 ​ $ 13 ​ $ 34 MF FIN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 1,094,698 ​ $ 762,448 ​ $ 208,343 ​ $ 77,340 ​ $ 29,764 ​ $ 8,455 ​ $ 1,646,445 ​ $ 3,827,493 Special Mention ​ ​ 94,973 ​ ​ 3,189 ​ ​ 8,400 ​ ​ — ​ ​ — ​ ​ 1,477 ​ ​ 24,052 ​ ​ 132,091 Substandard ​ ​ 11,682 ​ ​ 28,360 ​ ​ 6,534 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 46,576 Total ​ $ 1,201,353 ​ $ 793,997 ​ $ 223,277 ​ $ 77,340 ​ $ 29,764 ​ $ 9,932 ​ $ 1,670,497 ​ $ 4,006,160 Charge-offs ​ $ — ​ $ 8,400 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 8,400 HC FIN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 752,591 ​ $ 996,273 ​ $ 110,197 ​ $ — ​ $ 14,563 ​ $ — ​ $ 351,110 ​ $ 2,224,734 Special Mention ​ ​ 35,869 ​ ​ 9,520 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 12,658 ​ ​ 58,047 Substandard ​ ​ 25,600 ​ ​ 10,625 ​ ​ 28,783 ​ ​ — ​ ​ — ​ ​ — ​ ​ 8,900 ​ ​ 73,908 Total ​ $ 814,060 ​ $ 1,016,418 ​ $ 138,980 ​ $ — ​ $ 14,563 ​ $ — ​ $ 372,668 ​ $ 2,356,689 Charge-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — CML & CRE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 51,110 ​ $ 119,386 ​ $ 77,316 ​ $ 21,154 ​ $ 21,088 ​ $ 17,066 ​ $ 1,328,980 ​ $ 1,636,100 Special Mention ​ ​ — ​ ​ — ​ ​ 292 ​ ​ 172 ​ ​ — ​ ​ 84 ​ ​ — ​ ​ 548 Substandard ​ ​ — ​ ​ 70 ​ ​ 1,701 ​ ​ 878 ​ ​ 62 ​ ​ — ​ ​ 3,672 ​ ​ 6,383 Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 50 ​ ​ — ​ ​ 50 Total ​ $ 51,110 ​ $ 119,456 ​ $ 79,309 ​ $ 22,204 ​ $ 21,150 ​ $ 17,200 ​ $ 1,332,652 ​ $ 1,643,081 Charge-offs ​ $ — ​ $ 496 ​ $ 274 ​ $ 586 ​ $ — ​ $ — ​ $ — ​ $ 1,356 AG & AGRE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 16,850 ​ $ 9,825 ​ $ 6,490 ​ $ 14,267 ​ $ 5,237 ​ $ 16,606 ​ $ 33,728 ​ $ 103,003 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 147 ​ ​ — ​ ​ 147 Total ​ $ 16,850 ​ $ 9,825 ​ $ 6,490 ​ $ 14,267 ​ $ 5,237 ​ $ 16,753 ​ $ 33,728 ​ $ 103,150 Charge-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — CON & MAR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 748 ​ $ 4,329 ​ $ 247 ​ $ 115 ​ $ 27 ​ $ 4,339 ​ $ 3,862 ​ $ 13,667 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ 15 ​ ​ 15 ​ ​ — ​ ​ — ​ ​ 30 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 3 ​ ​ — ​ ​ 3 Total ​ $ 748 ​ $ 4,329 ​ $ 247 ​ $ 130 ​ $ 42 ​ $ 4,342 ​ $ 3,862 ​ $ 13,700 Charge-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1 ​ $ — ​ $ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Pass ​ $ 1,947,008 ​ $ 1,902,347 ​ $ 409,166 ​ $ 135,601 ​ $ 73,977 ​ $ 55,806 ​ $ 5,355,754 ​ $ 9,879,659 Total Special Mention ​ $ 130,842 ​ $ 12,709 ​ $ 8,692 ​ $ 187 ​ $ 74 ​ $ 2,053 ​ $ 36,710 ​ $ 191,267 Total Substandard ​ $ 37,282 ​ $ 39,055 ​ $ 37,018 ​ $ 878 ​ $ 62 ​ $ 438 ​ $ 13,844 ​ $ 128,577 Total Doubtful ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 50 ​ $ — ​ $ 50 Total Loans ​ $ 2,115,132 ​ $ 1,954,111 ​ $ 454,876 ​ $ 136,666 ​ $ 74,113 ​ $ 58,347 ​ $ 5,406,308 ​ $ 10,199,553 Total Charge-offs ​ $ — ​ $ 8,896 ​ $ 274 ​ $ 586 ​ $ — ​ $ 22 ​ $ 13 ​ $ 9,791 ​ The Company did not have any material revolving loans converted to term loans at March 31, 2024 or December 31, 2023. ​ ​ Delinquent Loans The following tables present the Company’s loan portfolio aging analysis of the recorded investment in loans as of March 31, 2024 and December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ 30-59 Days 60-89 Days Greater Than Total ​ ​ Total ​ ​ Past Due ​ Past Due ​ 90 Days ​ Past Due ​ Current ​ Loans ​ ​ (In thousands) MTG WHRA ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1,142,994 ​ $ 1,142,994 RES RE ​ 4,588 ​ ​ 682 ​ 218 ​ 5,488 ​ 1,315,812 ​ 1,321,300 MF FIN ​ 24,870 ​ ​ — ​ 78,910 ​ 103,780 ​ 3,992,826 ​ 4,096,606 HC FIN ​ ​ — ​ ​ 25,600 ​ ​ 48,733 ​ ​ 74,333 ​ ​ 2,390,352 ​ ​ 2,464,685 CML & CRE ​ 1,922 ​ ​ — ​ 3,006 ​ 4,928 ​ 1,661,823 ​ 1,666,751 AG & AGRE ​ 44 ​ ​ 10 ​ 159 ​ 213 ​ 65,764 ​ 65,977 CON & MAR ​ — ​ ​ — ​ — ​ — ​ 7,912 ​ 7,912 ​ ​ $ 31,424 ​ $ 26,292 ​ $ 131,026 ​ $ 188,742 ​ $ 10,577,483 ​ $ 10,766,225 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 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 WHRA ​ $ — $ — ​ $ — ​ $ — ​ $ 752,468 ​ $ 752,468 RES RE ​ 4,557 ​ — ​ 2,379 ​ 6,936 ​ 1,317,369 ​ 1,324,305 MF FIN ​ 38,218 ​ 11,055 ​ 39,609 ​ 88,882 ​ 3,917,278 ​ 4,006,160 HC FIN ​ ​ — ​ ​ 47,275 ​ ​ 35,999 ​ ​ 83,274 ​ ​ 2,273,415 ​ ​ 2,356,689 CML & CRE ​ 172 ​ 393 ​ 3,665 ​ 4,230 ​ 1,638,851 ​ 1,643,081 AG & AGRE ​ 27 ​ 11 ​ 147 ​ 185 ​ 102,965 ​ 103,150 CON & MAR ​ 1 ​ 3 ​ 18 ​ 22 ​ 13,678 ​ 13,700 ​ ​ $ 42,975 ​ $ 58,737 ​ $ 81,817 ​ $ 183,529 ​ $ 10,016,024 ​ $ 10,199,553 ​ The above tables do not include two delinquent loans that were classified as held for sale at March 31, 2024, totaling $30.2 million. Nonperforming Loans Nonaccrual loans, including modified loans to borrowers experiencing financial difficulty 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 modified loans which are on nonaccrual status prior to being modified remain on nonaccrual status until six months of satisfactory borrower performance, at which time management would consider its return to accrual status. A loan is generally classified as nonaccrual when the Company believes that receipt of principal and interest is doubtful under the terms of the loan agreement. Most generally, this is at 90 or more days past due. The amount of interest income recognized on nonaccrual financial assets during the three months ended as of March 31, 2024 and 2023, respectively, 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, 2024 and December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ ​ ​ ​ Total Loans > ​ ​ ​ ​ Total Loans > ​ ​ ​ ​ ​ 90 Days & ​ ​ ​ ​ 90 Days & ​ Nonaccrual Accruing Nonaccrual Accruing ​ ​ (In thousands) RES RE ​ $ 760 ​ $ 218 ​ $ 1,486 ​ $ 894 MF FIN ​ 46,248 ​ 32,662 ​ 39,608 ​ — HC FIN ​ ​ 28,783 ​ ​ 19,950 ​ ​ 28,783 ​ ​ 7,216 CML & CRE ​ 2,866 ​ ​ 140 ​ 3,820 ​ ​ 43 AG & AGRE ​ 147 ​ 12 ​ 147 ​ — CON & MAR ​ — ​ — ​ 3 ​ 15 ​ ​ $ 78,804 ​ $ 52,982 ​ $ 73,847 ​ $ 8,168 ​ The Company did not have any nonperforming loans without an estimated ACL at March 31, 2024. ​ ​ Modifications to Borrowers Experiencing Financial Difficulty ​ ​ ​ There were no new loans modified for borrowers experiencing financial difficulty during the three months ended March 31, 2024. ​ The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The Company did not have loans modified in the last twelve months that were delinquent as of March 31, 2024. ​ Foreclosures ​ There were no residential loans in the process of foreclosure as of March 31, 2024 and December 31, 2023. ​ Loans Purchased The Company purchased $27.7 million and $98.8 million of loans during the three months ended March 31, 2024 and 2023, respectively.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2024
Variable Interest Entities.
Variable Interest Entities	​ ​ ​ Note 5: Variable Interest Entities A VIE is a corporation, partnership, limited liability company, or any other legal structure used to conduct activities or hold assets generally that either: ​ • Does not have equity investors with voting rights that can directly or indirectly make decisions about the entity’s activities through those voting rights or similar rights; or ​ • Has equity investors that do not provide sufficient equity for the entity to finance its activities without additional subordinated financial support. ​ The Company has invested in single-family, multi-family, and healthcare debt financing entities, as well as low-income housing syndicated funds that are deemed to be VIEs. The Company also has deemed as VIEs a REMIC trust that was established in conjunction with the September 2022 multi-family loan sale and securitization transaction, as well as a second REMIC trust that was established in December 2023 with a related party in conjunction with a loan sale and securitization. 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, 2024 the Company determined it was not the primary beneficiary for most 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 is considered as part of this ongoing assessment. ​ The table below reflects the assets and liabilities of the VIEs as well as our maximum exposure to loss in connection with VIEs at March 31, 2024 and December 31, 2023. The ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments ​ Bridge loans ​ Securities ​ Maximum ​ Liabilities Assets in VIEs to VIEs ​ for VIEs ​ Exposure to Loss ​ for VIEs ​ ​ ($ in thousands) March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Low-income housing tax credit investments ​ $ 96,675 ​ $ 136,197 ​ $ — ​ $ 232,872 ​ $ 32,171 Debt funds ​ ​ 33,997 ​ ​ 305,998 ​ ​ — ​ ​ 339,995 ​ ​ 2,752 Off-balance-sheet REMIC trusts ​ ​ — ​ ​ — ​ ​ 1,163,191 ​ ​ 1,163,191 ​ ​ — Total Unconsolidated VIEs ​ $ 130,672 ​ $ 442,195 ​ $ 1,163,191 ​ $ 1,736,058 ​ $ 34,923 December 31, 2023 ​ ​ ​ ​ ​ ​ ​ Low-income housing tax credit investments ​ $ 118,741 ​ $ 232,407 ​ $ — ​ $ 351,148 ​ $ 35,099 Debt funds ​ ​ 33,221 ​ ​ 86,416 ​ ​ — ​ ​ 119,637 ​ ​ 2,752 Off-balance-sheet REMIC trusts ​ ​ — ​ ​ — ​ ​ 1,192,201 ​ ​ 1,192,201 ​ ​ — Total Unconsolidated VIEs ​ $ 151,962 ​ $ 318,823 ​ $ 1,192,201 ​ $ 1,662,986 ​ $ 37,851 ​

Regulatory Matters

Regulatory Matters	3 Months Ended
	Mar. 31, 2024
Regulatory Matters
Regulatory Matters	Note 6: Regulatory Matters The Company, Merchants Bank and FMBI (prior to the January 26, 2024 sale of its branches and merger of its remaining charter into Merchants Bank) are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by federal and state banking regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and Merchants Bank must meet specific capital guidelines that involve quantitative measures of the Company’s and Merchants Bank’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s and Merchants Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, and other factors. Furthermore, the Company’s and Merchants Bank’s regulators could require adjustments to regulatory capital not reflected in these financial statements. Quantitative measures established by regulation to ensure capital adequacy require the Company and Merchants Bank to maintain minimum amounts and ratios (set forth in the table below). Management believes, as of March 31, 2024 and December 31, 2023, that the Company and Merchants Bank met all capital adequacy requirements. As of March 31, 2024 and December 31, 2023, the most recent notifications from the Board of Governors of the Federal Reserve System (“Federal Reserve”) categorized the Company as well capitalized and most recent notifications from the Federal Deposit Insurance Corporation (“FDIC”) categorized Merchants Bank 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 or Merchants Bank’s category. FMBI was subject to these same requirements and guidelines prior to the sale of its branches and the merger of its remaining charter into Merchants Bank in January 2024. As of December 31, 2023, FMBI met all capital adequacy requirements (as set forth in the table below). The FDIC categorized FMBI as well capitalized at that time and there are no conditions or events since that notification that management believes would have changed that category. The Company’s, Merchants Bank’s, and FMBI’s actual capital amounts and ratios are presented in the following tables. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount to be Well ​ Minimum Amount ​ ​ ​ ​ ​ ​ ​ ​ Capitalized with ​ To Be Well ​ ​ ​ Actual ​ Basel III Buffer (1) ​ Capitalized (1) ​ ​ Amount Ratio Amount Ratio ​ Amount Ratio ​ ​ (Dollars in thousands) ​ March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total capital (1) ​ ​ ​ ​ ​ ​ ​ Company ​ $ 1,858,348 11.7 % $ 1,662,302 10.5 % $ — N/A % Merchants Bank ​ ​ 1,801,020 11.4 % 1,660,561 10.5 % 1,581,487 10.0 ​ Tier I capital (1) ​ ​ ​ ​ Company ​ 1,768,553 11.2 % 1,345,673 8.5 % — N/A % Merchants Bank ​ ​ 1,711,225 10.8 % 1,344,264 8.5 % 1,265,189 8.0 ​ Common Equity Tier I capital (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Company ​ 1,268,945 8.0 % 1,108,202 7.0 % — N/A % Merchants Bank ​ ​ 1,711,225 10.8 % 1,107,041 7.0 % 1,027,966 6.5 ​ Tier I capital (1) ​ ​ ​ ​ ​ ​ Company ​ 1,768,553 10.5 % 839,199 5.0 % — N/A % Merchants Bank ​ ​ 1,711,225 10.2 % 837,560 5.0 % 837,560 5.0 ​ (1) As defined by regulatory agencies. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount to be Well ​ Minimum Amount ​ ​ ​ ​ ​ ​ ​ ​ Capitalized with ​ To Be Well ​ ​ ​ Actual ​ Basel III Buffer (1) ​ Capitalized (1) ​ ​ Amount Ratio Amount Ratio ​ Amount ​ Ratio ​ ​ ​ (Dollars in thousands) ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total capital (1) ​ ​ ​ ​ ​ ​ ​ Company ​ $ 1,772,195 11.6 % $ 1,598,260 10.5 % $ — N/A % Merchants Bank ​ ​ 1,724,505 11.5 % 1,577,434 10.5 % 1,502,318 10.0 % FMBI ​ 40,613 21.1 % 20,209 10.5 % 19,247 10.0 % Tier I capital (1) ​ ​ ​ ​ Company ​ 1,686,202 11.1 % 1,293,830 8.5 % — N/A % Merchants Bank ​ ​ 1,639,171 10.9 % 1,276,970 8.5 % 1,201,854 8.0 % FMBI ​ 39,953 20.8 % 16,360 8.5 % 15,398 8.0 % Common Equity Tier I capital (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Company ​ 1,186,594 7.8 % 1,065,507 7.0 % — N/A % Merchants Bank ​ ​ 1,639,171 10.9 % 1,051,623 7.0 % 976,507 6.5 % FMBI ​ 39,953 20.8 % 13,473 7.0 % 12,511 6.5 % Tier I capital (1) ​ ​ ​ ​ ​ ​ Company ​ 1,686,202 10.1 % 832,706 5.0 % — N/A % Merchants Bank ​ ​ 1,639,171 10.1 % 815,191 5.0 % 815,191 5.0 % FMBI ​ 39,953 11.5 % 17,391 5.0 % 17,391 5.0 % ​ (1) As defined by regulatory agencies.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2024
Derivative Financial Instruments
Derivative Financial Instruments	​ Note 7: Derivative Financial Instruments ​ The Company uses non-hedging, 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. Internal Interest Rate Risk Management 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. ​ The Company entered into a contract containing put options and interest rate floors on securities it acquired from a warehouse customer. These provide protection and prevent losses in value of certain available for sale securities. The Company also entered into interest rate floor contracts with two warehouse loan customers to minimize interest rate risk. All changes in the fair market value of these options and floors have been included in other noninterest income. ​ ​ Credit Risk Management In March 2024, the Company entered into a contract as the buyer of credit protection through the credit derivative market. A credit default swap was purchased to manage credit risk associated with specific multifamily mortgage loans. Under the terms of the contract, the Company will be compensated for certain credit-related losses on a pool of multifamily mortgage loans. The protection seller has posted aggregate collateral of $76.1 million related to their obligations under the contract. There was no value associated with the credit default swap as of March 31, 2024, as there was no consideration provided to the seller. All changes in the fair market value of this instrument will be included in other noninterest 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 unaudited condensed consolidated statements of income. The fair value of derivative instruments with a positive fair value are reported in other assets in the unaudited condensed consolidated balance sheets while derivative instruments with a negative fair value are reported in other liabilities in the unaudited condensed consolidated balance sheets. The following table presents the notional amount and fair value of interest rate locks, forward contracts, interest rate swaps, put options and interest rate floors utilized by the Company at March 31, 2024 and December 31, 2023. 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, 2024 ​ (In thousands) ​ ​ ​ ​ ​ (In thousands) Interest rate lock commitments $ 31,888 ​ ​ Other assets/liabilities ​ $ 174 ​ $ 22 Forward contracts ​ 33,375 ​ ​ Other assets/liabilities ​ ​ 9 ​ ​ 110 Interest rate swaps ​ 57,531 ​ ​ Other assets/liabilities ​ ​ 3,985 ​ ​ — Put options ​ 734,130 ​ ​ Other assets ​ ​ 33,490 ​ ​ — Interest rate floors ​ 1,229,918 ​ ​ Other assets ​ 8,910 ​ ​ — Credit derivatives ​ 76,092 ​ ​ Other liabilities ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ $ 46,568 ​ $ 132 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ ​ ​ Fair Value ​ ​ Amount ​ Balance Sheet Location ​ Asset ​ Liability December 31, 2023 ​ (In thousands) ​ ​ ​ ​ ​ (In thousands) Interest rate lock commitments $ 16,526 ​ ​ Other assets/liabilities ​ $ 140 ​ $ 4 Forward contracts ​ 25,500 ​ ​ Other assets/liabilities ​ ​ 4 ​ ​ 391 Interest rate swaps ​ 57,540 ​ ​ Other assets/liabilities ​ ​ 2,610 ​ ​ — Put options ​ 748,374 ​ ​ Other assets ​ ​ 25,877 ​ ​ — Interest rate floors ​ 748,374 ​ ​ Other assets ​ ​ 6,576 ​ ​ — ​ ​ ​ ​ ​ ​ ​ $ 35,207 ​ $ 395 ​ ​ 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, 2024 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 ​ ​ (In thousands) Derivative gain (loss) included in gain on sale of loans: ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ $ 16 ​ $ 209 Forward contracts (includes pair-off settlements) ​ ​ 94 ​ ​ (96) Interest rates swaps ​ ​ 1,375 ​ ​ (1,336) Net gain (loss) ​ $ 1,485 ​ $ (1,223) ​ ​ ​ ​ ​ ​ ​ Derivative gain (loss) included in other income: ​ ​ ​ ​ ​ ​ Put options ​ ​ 7,613 ​ ​ — Interest rate floors ​ ​ 2,334 ​ ​ — Net gain (loss) ​ $ 9,947 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 swap arrangements. 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 offsetting 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 material 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 unaudited condensed consolidated balance sheets as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ ​ ​ Fair Value ​ ​ Amount ​ Balance Sheet Location ​ Asset ​ Liability ​ ​ (In thousands) ​ ​ ​ ​ ​ (In thousands) March 31, 2024 $ 657,572 ​ ​ Other assets/liabilities ​ $ 15,259 ​ $ 15,259 December 31, 2023 $ 607,169 ​ ​ Other assets/liabilities ​ $ 12,426 ​ $ 12,426 ​ ​ The gross gains and losses on these derivative assets and liabilities were recorded in other noninterest income and other noninterest expense in the unaudited condensed consolidated statements of income as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 ​ ​ (In thousands) Gross swap gains ​ $ 2,833 ​ $ 580 Gross swap losses ​ ​ 2,833 ​ ​ 580 Net swap gains (losses) ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ The Company pledged $0 in collateral to secure its obligations under swap contracts at both March 31, 2024 and December 31, 2023.

Disclosures about Fair Value of

Disclosures about Fair Value of Assets and Liabilities	3 Months Ended
	Mar. 31, 2024
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 unaudited condensed consolidated 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, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans in process of securitization ​ $ 142,629 ​ $ — ​ $ 142,629 ​ $ — Securities available for sale: ​ ​ ​ ​ Treasury notes ​ 109,103 ​ 109,103 ​ — ​ — Federal agencies ​ 238,501 ​ — ​ 238,501 ​ — Mortgage-backed - Agency ​ ​ 13,044 ​ ​ — ​ 13,044 ​ — Mortgage-backed - Non-agency residential - fair value option ​ ​ 472,192 ​ ​ — ​ — ​ 472,192 Mortgage-backed - Agency - fair value option ​ 228,448 ​ — ​ 228,448 ​ — Loans held for sale ​ 84,513 ​ — ​ 84,513 ​ — Servicing rights ​ 172,200 ​ — ​ — ​ 172,200 Derivative assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ 174 ​ — ​ — ​ 174 Forward contracts ​ ​ 9 ​ — ​ 9 ​ — Interest rate swaps ​ ​ 3,985 ​ ​ — ​ ​ 3,985 ​ ​ — Interest rate swaps (back-to-back) ​ ​ 15,259 ​ ​ — ​ ​ 15,259 ​ ​ — Put options ​ ​ 33,490 ​ ​ — ​ ​ 10,514 ​ ​ 22,976 Interest rate floors ​ ​ 8,910 ​ ​ — ​ ​ — ​ ​ 8,910 Derivative liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ 22 ​ ​ — ​ ​ — ​ ​ 22 Forward contracts ​ 110 ​ ​ — ​ ​ 110 ​ ​ — Interest rate swaps (back-to-back) ​ 15,259 ​ ​ — ​ ​ 15,259 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans in process of securitization ​ $ 110,599 ​ $ — ​ $ 110,599 ​ $ — Securities available for sale: ​ ​ ​ ​ Treasury notes ​ 128,968 ​ 128,968 ​ — ​ — Federal agencies ​ 247,755 ​ — ​ 247,755 ​ — Mortgage-backed - Agency ​ ​ 14,467 ​ ​ — ​ 14,467 ​ — Mortgage-backed - Non-agency residential - fair value option ​ ​ 485,500 ​ ​ — ​ — ​ 485,500 Mortgage-backed - Agency - fair value option ​ 236,997 ​ — ​ 236,997 ​ — Loans held for sale ​ 86,663 ​ — ​ 86,663 ​ — Servicing rights ​ 158,457 ​ — ​ — ​ 158,457 Derivative assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ 140 ​ — ​ — ​ 140 Forward contracts ​ ​ 4 ​ — ​ 4 ​ — Interest rate swaps ​ ​ 2,610 ​ ​ — ​ ​ 2,610 ​ ​ — Interest rate swaps (back-to-back) ​ ​ 12,426 ​ ​ — ​ ​ 12,426 ​ ​ — Put options ​ ​ 25,877 ​ ​ — ​ ​ 7,223 ​ ​ 18,654 Interest rate floors ​ ​ 6,576 ​ ​ — ​ ​ — ​ ​ 6,576 Derivative liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ ​ 4 ​ ​ — ​ ​ — ​ ​ 4 Forward contracts ​ ​ 391 ​ ​ — ​ ​ 391 ​ ​ — Interest rate swaps (back-to-back) ​ ​ 12,426 ​ ​ — ​ ​ 12,426 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 unaudited condensed consolidated 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, 2024 and the year ended December 31, 2023. 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, Securities Available for Sale, and Securities with a Fair Value Option Election 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 an independent 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 Interest rate lock commitments - 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. Forward sales 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. Interest rate swaps – The Company estimates the fair value of interest rate swaps based on prices that are obtained from a third party that uses observable market inputs, thereby supporting a Level 2 classification. Put options - The fair value of put options are linked to securities available for sale that are accounted for using the fair value option and are classified as either Level 2 or Level 3 on the hierarchy. The put options are classified as Level 2 or Level 3 in the hierarchy, depending upon the magnitude of observable inputs in the valuation of the securities. These valuations are estimated by a third party. Interest rate floors - The fair value of certain interest rate floors is linked to securities available for sale that are accounted for using the fair value option. Other interest rate floors are linked to loans with warehouse customers. The value of the interest rate floors is based on estimated discounted cash flows that are based on inputs that are not readily observable and, thus, are classified as Level 3 on the hierarchy. These valuations are estimated by a third party. Credit Default Swap – The fair value of the credit default swap is linked to the value of its underlying mortgage loans. The Company estimates the fair value based on estimated discounted cash flows that are derived from inputs that are not readily observable and, thus, are classified as Level 3 on the hierarchy. These valuations are estimated by a third party. The fair value of the credit default swap was equal to the transaction price of zero at inception on March 27, 2024. The Company will subsequently measure the fair value of the credit default swap each reporting period. 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, ​ 2024 2023 ​ ​ (In thousands) Servicing rights ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 158,457 ​ $ 146,248 Additions ​ ​ Originated servicing ​ 2,166 ​ 2,173 Subtractions ​ ​ Paydowns ​ (2,387) ​ (1,698) Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model ​ 13,964 ​ (2,856) Balance, end of period ​ $ 172,200 ​ $ 143,867 ​ ​ ​ ​ ​ ​ ​ Available for sale securities - Mortgage-backed - Non-Agency residential - fair value option ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 485,500 ​ $ — Paydowns ​ ​ (8,986) ​ ​ — Changes in fair value ​ (4,322) ​ — Balance, end of period ​ $ 472,192 ​ $ — ​ ​ ​ ​ ​ ​ ​ Derivative Assets - put options ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 18,654 ​ $ — Changes in fair value ​ 4,322 ​ — Balance, end of period ​ $ 22,976 ​ $ — ​ ​ ​ ​ ​ ​ ​ Derivative Assets - interest rate floors ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 6,576 ​ $ — Changes in fair value ​ 2,334 ​ — Balance, end of period ​ $ 8,910 ​ $ — ​ ​ ​ ​ ​ ​ ​ Derivative Assets - interest rate lock commitments ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 140 ​ $ 28 Changes in fair value ​ 34 ​ 190 Balance, end of period ​ $ 174 ​ $ 218 ​ ​ ​ ​ ​ ​ ​ Derivative Liabilities - interest rate lock commitments ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 4 ​ $ 23 Changes in fair value ​ 18 ​ (19) Balance, end of period ​ $ 22 ​ $ 4 ​ ​ 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, 2024 and December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ Quoted Prices in ​ Significant ​ Significant ​ ​ ​ ​ ​ Active Markets for ​ Other Observable ​ Unobservable ​ ​ Fair ​ Identical Assets ​ Inputs ​ Inputs Assets ​ Value ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ ​ (In thousands) March 31, 2024 ​ ​ ​ ​ Collateral dependent loans ​ $ 420 ​ $ — ​ $ — ​ $ 420 December 31, 2023 ​ ​ ​ ​ Collateral dependent loans ​ $ 47,026 ​ $ — ​ $ — ​ $ 47,026 ​ 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 unaudited condensed consolidated balance sheets, 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, 2024: ​ ​ ​ ​ ​ ​ Available for sale securities - Mortgage-backed - Non-Agency residential - fair value option ​ $ 472,192 ​ Discounted cash flow ​ Market credit spread ​ 2% ​ 2% Collateral dependent loans ​ $ 420 Market comparable properties Marketability discount ​ 24% - 27% 26% Servicing rights - Multi-family ​ $ 135,314 Discounted cash flow Discount rate ​ 8% - 13% 9% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 0% - 73% 7% Servicing rights - Single-family ​ $ 31,898 Discounted cash flow Discount rate ​ 10% - 11% ​ 10% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 6% - 15% ​ 7% Servicing rights - SBA ​ $ 4,988 Discounted cash flow Discount rate ​ 16% 16% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 3% - 14% ​ 9% Derivative assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ $ 174 Discounted cash flow Loan closing rates ​ 50% - 99% 82% Put options ​ $ 22,976 ​ Intrinsic option value ​ Market credit spread ​ 2% ​ 2% Interest rate floors ​ $ 8,910 ​ Discounted cash flow ​ Discount rate ​ 6%-8% ​ 7% Derivative liabilities - interest rate lock commitments ​ $ 22 Discounted cash flow Loan closing rates ​ 50% - 99% 82% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2023: ​ ​ ​ ​ ​ ​ Available for sale securities - Mortgage-backed - Non-Agency residential - fair value option ​ $ 485,500 ​ Discounted cash flow ​ Market credit spread ​ 2% ​ 2% Collateral dependent loans ​ $ 47,026 Market comparable properties Marketability discount ​ 0% - 100% 2% Servicing rights - Multi-family ​ $ 122,218 Discounted cash flow Discount rate ​ 8% - 13% 9% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 0% - 50% 7% Servicing rights - Single-family ​ $ 30,959 Discounted cash flow Discount rate ​ 10% - 11% ​ 10% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 6% - 16% ​ 7% Servicing rights - SBA ​ $ 5,280 Discounted cash flow Discount rate ​ 16% ​ 16% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 3% - 14% ​ 9% Derivative assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ $ 140 Discounted cash flow Loan closing rates ​ 45% - 99% 78% Put options ​ $ 18,654 ​ Intrinsic option value ​ Market credit spread ​ 2% ​ 2% Interest rate floors ​ $ 6,576 ​ Discounted cash flow ​ Discount rate ​ 6%-7% ​ 7% Derivative liabilities - interest rate lock commitments ​ $ 4 Discounted cash flow Loan closing rates ​ 45% - 99% 78% ​ 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. Securities Available for Sale with a Fair Value Option Election, Loans, and Related Derivative Financial Instruments The significant unobservable input used in the fair value measurement of certain securities available for sale and their related put options include market credit spreads that can be impacted by market conditions and drive a significant amount of a market participant’s valuation of the security and its related put option. The impact of changes to the unobservable inputs for the securities is mitigated by changes to the unobservable inputs for the put options, which are valued in opposite directions, so as to minimize the financial impact to the Company. The significant unobservable input used in the fair value measurement of interest rate floor derivatives associated with certain securities available for sale and loans include the discount rate that can have a significant impact on the value of the derivative. Another variable that affects the floor value is the forward interest curve, which is observable, but changes with market conditions as interest rates and future interest rate expectations change. 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, 2024 and December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 508,755 ​ $ 508,755 ​ $ 508,755 ​ $ — ​ $ — Securities purchased under agreements to resell ​ 3,329 ​ 3,329 ​ — ​ 3,329 ​ — Securities held to maturity ​ 1,175,167 ​ 1,176,178 ​ — ​ 466,573 ​ 709,605 FHLB stock ​ 64,215 ​ 64,215 ​ — ​ 64,215 ​ — Loans held for sale ​ 3,418,618 ​ 3,418,618 ​ — ​ 3,418,618 ​ — Loans receivable, net ​ 10,690,513 ​ 10,646,477 ​ — ​ — ​ 10,646,477 Interest receivable ​ 90,303 ​ 90,303 ​ — ​ 90,303 ​ — Financial liabilities: ​ ​ ​ ​ ​ ​ Deposits ​ 13,975,661 ​ 13,973,624 ​ 8,018,126 ​ 5,955,498 ​ — Short-term subordinated debt ​ 64,922 ​ 64,922 ​ — ​ 64,922 ​ — FHLB advances ​ 1,426,299 ​ 1,425,888 ​ — ​ 1,425,888 ​ — Other borrowing ​ ​ 232,934 ​ ​ 232,934 ​ ​ — ​ ​ 232,934 ​ ​ — Credit linked notes ​ ​ 111,830 ​ ​ 111,828 ​ ​ — ​ ​ 111,828 ​ ​ — Interest payable ​ 51,790 ​ 51,790 ​ — ​ 51,790 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 584,422 ​ $ 584,422 ​ $ 584,422 ​ $ — ​ $ — Securities purchased under agreements to resell ​ 3,349 ​ 3,349 ​ — ​ 3,349 ​ — Securities held to maturity ​ ​ 1,204,217 ​ ​ 1,203,535 ​ — ​ 484,288 ​ 719,247 FHLB stock ​ 48,578 ​ 48,578 ​ — ​ 48,578 ​ — Loans held for sale ​ 3,058,093 ​ 3,058,093 ​ — ​ 3,058,093 ​ — Loans receivable, net ​ 10,127,801 ​ 10,088,468 ​ — ​ — ​ 10,088,468 Interest receivable ​ 91,346 ​ 91,346 ​ — ​ 91,346 ​ — Financial liabilities: ​ ​ ​ ​ ​ ​ Deposits ​ 14,061,460 ​ 14,062,457 ​ 8,894,058 ​ 5,168,399 ​ — Short-term subordinated debt ​ 64,922 ​ 64,922 ​ — ​ 64,922 ​ — FHLB advances ​ 771,392 ​ 771,029 ​ — ​ 771,029 ​ — Other borrowing ​ ​ 7,934 ​ ​ 7,934 ​ ​ — ​ ​ 7,934 ​ ​ — Credit linked notes ​ ​ 119,879 ​ ​ 119,878 ​ ​ — ​ ​ 119,878 ​ ​ — Interest payable ​ 43,423 ​ 43,423 ​ — ​ 43,423 ​ — ​

Leases

Leases	3 Months Ended
	Mar. 31, 2024
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 $8.2 million and $10.1 million as of March 31, 2024 and December 31, 2023, respectively, and operating lease right-of-use liabilities of $9.4 million and $11.3 million as of March 31, 2024 and December 31, 2023, respectively. Unaudited condensed consolidated balance sheet, income statement and cash flow detail regarding operating leases follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ ​ December 31, 2023 Balance Sheet ​ (In thousands) ​ ​ (In thousands) Operating lease right-of-of use asset (in other assets) $ 8,211 ​ $ 10,060 Operating lease liability (in other liabilities) ​ 9,386 ​ ​ 11,251 ​ ​ ​ ​ ​ ​ Weighted average remaining lease term (years) ​ 4.8 ​ ​ 6.0 Weighted average discount rate ​ 3.19% ​ ​ 2.89% ​ ​ ​ ​ ​ ​ Maturities of lease liabilities: ​ ​ ​ ​ ​ One year or less $ 2,359 ​ $ 2,441 Year two ​ 2,073 ​ ​ 2,064 Year three ​ 1,951 ​ ​ 2,100 Year four ​ 1,805 ​ ​ 2,046 Year five ​ 1,123 ​ ​ 1,438 Thereafter ​ 824 ​ ​ 2,128 Total future minimum lease payments ​ 10,135 ​ ​ 12,217 Less: imputed interest ​ 749 ​ ​ 966 Total $ 9,386 ​ $ 11,251 ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Three Months Ended ​ ​ March 31, 2024 ​ ​ March 31, 2023 Income Statement ​ (In thousands) ​ ​ (In thousands) Components of lease expense: ​ ​ ​ ​ ​ Operating lease cost (in occupancy and equipment expense) $ 604 ​ $ 583 ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Three Months Ended ​ ​ March 31, 2024 ​ ​ March 31, 2023 Cash Flow Statement ​ (In thousands) ​ ​ (In thousands) Supplemental cash flow information: ​ ​ ​ ​ ​ Operating cash flows from operating leases $ 594 ​ $ 426 ​ ​

Deposits

Deposits	3 Months Ended
	Mar. 31, 2024
Deposits
Deposits	​ Note 10: Deposits Deposits were comprised of the following at March 31, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 ​ ​ (In thousands) Noninterest-bearing deposits ​ ​ ​ ​ ​ ​ Demand deposits ​ $ 319,872 ​ $ 520,070 Total noninterest-bearing deposits ​ ​ 319,872 ​ ​ 520,070 Interest-bearing deposits ​ ​ ​ ​ ​ ​ Demand deposits ​ $ 4,680,405 ​ $ 5,381,067 Savings deposits ​ 3,017,849 ​ 2,992,921 Certificates of deposit ​ 5,957,535 ​ 5,167,402 Total interest-bearing deposits ​ ​ 13,655,789 ​ ​ 13,541,390 Total deposits ​ $ 13,975,661 ​ $ 14,061,460 ​ Maturities for certificates of deposit are as follows: ​ ​ ​ ​ ​ ​ March 31, 2024 ​ ​ (In thousands) Due within one year ​ $ 5,865,446 Due in one year to two years ​ 76,281 Due in two years to three years ​ 15,808 Due in three years to four years ​ — Due in four years to five years ​ ​ — Due in five years to six years ​ — ​ ​ $ 5,957,535 ​ Brokered deposit amounts at March 31, 2024 and December 31, 2023, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 ​ ​ (In thousands) Brokered certificates of deposit ​ $ 5,351,397 ​ $ 4,465,825 Brokered savings deposits ​ 1,338 ​ 589 Brokered deposit on demand accounts ​ 400,159 ​ 1,504,230 ​ ​ $ 5,752,894 ​ $ 5,970,644 ​

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2024
Borrowings
Borrowings	Note 11: Borrowings Borrowings were comprised of the following at March 31, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 ​ ​ (In thousands) Federal Reserve discount window borrowings ​ $ 50,000 ​ $ — Short-term subordinated debt ​ 64,922 ​ 64,922 FHLB advances ​ ​ 1,426,299 ​ ​ 771,392 American Financial Exchange borrowing ​ ​ 175,000 ​ ​ — Credit linked notes, net of debt discount ​ ​ 111,830 ​ ​ 119,879 Other borrowings ​ 7,934 ​ 7,934 Total borrowings ​ $ 1,835,985 ​ $ 964,127 ​ On March 22, 2024, the Company entered into a new variable rate debt agreement with the FHLB for an advance that has put and call options attached to it. The balance of the advance was $500.0 million as of March 31, 2024, and matures on June 20, 2024. The variable interest rate is based on the Federal Funds effective rate, plus 10 basis points, which was 5.43% as of March 31, 2024. The FHLB has an option to cancel the agreement 60 days after the initial execution date and the Company has an option to cancel the agreement at any time, with one day’s notice.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share
Earnings Per Share	Note 12: Earnings Per Share Earnings per share were computed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Month Periods Ended March 31, ​ ​ 2024 ​ 2023 ​ ​ ​ ​ ​ Weighted- ​ Per ​ ​ ​ ​ Weighted- ​ Per ​ ​ Net ​ Average ​ Share ​ Net ​ Average ​ Share ​ Income Shares Amount Income Shares Amount ​ ​ (In thousands, except share data) Net income ​ $ 87,054 ​ ​ $ 54,955 ​ Dividends on preferred stock ​ (8,667) ​ ​ (8,667) ​ Net income allocated to common shareholders ​ $ 78,387 ​ ​ $ 46,288 ​ Basic earnings per share ​ 43,305,985 ​ $ 1.81 ​ 43,179,604 ​ $ 1.07 Effect of dilutive securities-restricted stock awards ​ 160,662 ​ ​ 111,175 ​ Diluted earnings per share ​ 43,466,647 ​ $ 1.80 ​ 43,290,779 ​ $ 1.07 ​ ​ ​ ​ ​

Share-Based Payment Plans

Share-Based Payment Plans	3 Months Ended
	Mar. 31, 2024
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”). 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. In November 2023, 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 $70,000 per member, rounded up to the nearest whole share, to be effective as of January 1, 2024. Accordingly, there were 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 $287,000 and $267,000 for the three months ended March 31, 2024 and 2023, respectively. The Company contributed 23,414 shares and 33,293 shares to the ESOP for the three months ended March 31, 2024 and 2023, respectively.

Preferred Stock

Preferred Stock	3 Months Ended
	Mar. 31, 2024
Preferred Stock.
Preferred Stock	​ Note 14: Preferred Stock Public Offerings of Preferred Stock: Series A The Company redeemed all outstanding shares of the Series A Preferred Stock on April 1, 2024 at a price equal to the liquidation preference of $25.00 per share, using cash on hand. As of the redemption date, the Series A Preferred Stock did not have any accrued but unpaid dividends. Series B 1/40 th The Series B Preferred Stock have no voting rights with respect to matters that generally require the approval of our common shareholders. Dividends on the Series B Preferred Stock, to the extent declared by the Company’s board, are payable quarterly. The Company may redeem the Series B Preferred Stock, in whole or in part, at its option, on any dividend payment date on or after October 1, 2024, subject to the approval of the appropriate federal banking agency, at the liquidation preference, plus any declared and unpaid dividends (without regard to any undeclared dividends) to, but excluding, the date of redemption. Series C 1/40th The Series C Preferred Stock have no voting rights with respect to matters that generally require the approval of our common shareholders. Dividends on the Series C Preferred Stock, to the extent declared by the Company’s board, are payable quarterly. The Company may redeem the Series C Preferred Stock, in whole or in part, at its option, on any dividend payment date on or after April 1, 2026, subject to the approval of the appropriate federal banking agency, at the liquidation preference, plus any declared and unpaid dividends (without regard to any undeclared dividends) to, but excluding, the date of redemption. Series D th The Series D Preferred Stock have no voting rights with respect to matters that generally require the approval of our common shareholders. Dividends on the Series D Preferred Stock, to the extent declared by the Company’s board, are payable quarterly. The Company may redeem the Series D Preferred Stock, in whole or in part, at its option, on any dividend payment date on or after October 1, 2027, subject to the approval of the appropriate federal banking agency, at the liquidation preference, plus any declared and unpaid dividends (without regard to any undeclared dividends) to, but excluding, the date of redemption.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2024
Segment Information
Segment Information	Note 15: 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. The Other segment includes general and administrative expenses that provide services to all segments; internal funds transfer pricing offsets resulting from allocations to/from the other segments, certain elimination entries and investments in qualified affordable housing limited partnerships or LLCs and certain debt funds. All operations are domestic. ​ ​ ​ ​ ​ ​ ​ ​ ​ The tables below present selected business segment financial information for the three months ended March 31, 2024 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multi-family ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage ​ Mortgage ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking Warehousing Banking Other Total Three Months Ended March 31, 2024 ​ (In thousands) Interest income ​ $ 1,746 ​ $ 84,901 ​ $ 224,288 ​ $ 3,238 $ 314,173 Interest expense ​ 20 ​ 56,140 ​ 131,723 ​ (766) 187,117 Net interest income ​ 1,726 ​ 28,761 ​ 92,565 ​ 4,004 127,056 Provision for credit losses ​ — ​ 940 ​ 3,786 ​ — 4,726 Net interest income after provision for credit losses ​ 1,726 ​ 27,821 ​ 88,779 ​ 4,004 122,330 Noninterest income ​ 40,467 ​ 3,317 ​ 429 ​ (3,339) 40,874 Noninterest expense ​ 19,571 ​ 4,798 ​ 15,578 ​ 8,965 48,912 Income (loss) before income taxes ​ 22,622 ​ 26,340 ​ 73,630 ​ (8,300) 114,292 Income taxes ​ 6,013 ​ 6,150 ​ 17,205 ​ (2,130) 27,238 Net income (loss) ​ $ 16,609 ​ $ 20,190 ​ $ 56,425 ​ $ (6,170) $ 87,054 Total assets ​ $ 416,454 ​ $ 5,369,299 ​ $ 11,760,028 ​ $ 276,795 $ 17,822,576 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2024
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Note 16: 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 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ​ In November 2023, the FASB issued an ASU update that will require public entities’ disclosures, on an annual and interim basis, to include additional details on reportable segments so financial statement users may better understand an entity’s overall performance and assist in assessing potential future cash flows. The new guidance will require public entities to present information regarding significant segment expenses that are regularly provided to the chief operating decision maker (CODM) as well as details regarding segment’s profit and loss. ​ The updates in ASU 2023-07 are effective for annual periods beginning after December 15, 2023 and interim periods for years beginning after December 15, 2024. An entity shall apply the ASU retrospectively to financial statements for periods beginning after the effective date. The Company is continuing to evaluate the impact of adopting this new guidance but does not expect it to have a material impact on the Company’s financial position or results of operations. ​ FASB ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures ​ In December 2023, the FASB issued an ASU update that will require public business entity’s disclosures to include a tabular tax rate reconciliation. The update will also require all public entities disclose income tax expense and taxes paid broken down by federal, state, and foreign with a disaggregation for jurisdictions that exceed 5% of income for taxes paid. ​ The updates in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. An entity shall apply the ASU on a prospective basis to financial statements for annual periods beginning after the effective date. The Company is continuing to evaluate the impact of adopting this new guidance but does not expect it to have a material impact on the Company’s financial position or results of operations. ​ ​

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events
Subsequent Events	Note 17: Subsequent Events The Company redeemed all outstanding shares of the Series A Preferred Stock on April 1, 2024 at a price equal to the liquidation preference of $25.00 per share, or $52 million, using cash on hand. As of March 31, 2024, the cash to redeem the shares was delivered to the Company’s transfer agent, resulting in a prepaid asset reported in other assets. As of the redemption date the Series A Preferred Stock did not have any accrued, but unpaid dividends. ​

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2024
Basis of Presentation
Sale of Farmers-Merchants Bank of Illinois branches	Sale of Farmers-Merchants Bank of Illinois branches On September 7, 2023, the Company entered into an agreement with Bank of Pontiac to sell its Farmers-Merchants Bank of Illinois branch locations in Paxton, Melvin, and Piper City, Illinois, and into an agreement with CBI Bank & Trust, to sell its Farmers-Merchants Bank of Illinois branch located in Joy, Illinois. ​ This transaction enhances the Company’s ability to focus on its core business of single and multi-family mortgage lending and strategically aligns the branches with institutions that share a similar business model and allows them to provide additional products to their customers. ​ On January 26, 2024, the transaction was completed after having met customary closing conditions, including regulatory approval. ​ In addition to the branches, Bank of Pontiac acquired approximately $164.8 million in deposits and $19.2 million in loans, and CBI Bank & Trust acquired approximately $65.1 million in deposits and $28.6 million in loans. ​
Principles of Consolidation	Principles of Consolidation The unaudited condensed consolidated financial statements as of and for the period ended March 31, 2024 and 2023 include results from the Company, and its wholly owned subsidiaries, Merchants Bank, FMBI (until its branches were sold and its bank charter merged into Merchants Bank on January 26, 2024) and MAM. Also included are Merchants Bank’s primary operating subsidiaries, MCC, MCS and MCI, as well as all direct and indirectly owned subsidiaries owned by Merchants Bancorp. During 2022, Merchants Foundation, Inc., a nonprofit corporation, was incorporated and its results are consolidated with the Company’s consolidated financial statements in all periods presented. 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 (“ASU”) Topic 810. Accordingly, the entity is assessed for potential consolidation under the variable interest entity (“VIE”) model and would only consolidate those entities for which it is a primary beneficiary. A primary beneficiary is defined as the party that has both the power to direct the activities that most significantly impact the entity, and an interest that could be significant to the entity. To determine if an interest could be significant to the entity, both qualitative and quantitative factors regarding the nature, size and form of our involvement with the entity are evaluated. Alternatively, under the voting interest model, it would only consolidate those entities for which it has a controlling interest. ​ In May 2023, the Company acquired a variable interest in an investment for which it is the primary beneficiary of, and its results have been consolidated since the date of acquisition. Additionally, the Company has certain variable interest investments that it was deemed not to be a primary beneficiary of as of March 31, 2024 and December 31, 2023. These VIEs are not consolidated and the equity or proportional method of accounting has been applied. The Company will analyze whether the primary beneficiary designation has changed through triggering events on a prospective 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.
Restricted Cash	Restricted Cash ​ Included in cash equivalents is an account restricted as collateral for the potential risk of loss on senior credit linked notes issued by the Company. The balance of the notes as of March 31, 2024 was $115.6 million. As of March 31, 2024, there was $39.2 million in restricted cash. Also see Note 11: Borrowings. ​

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2024
Investment Securities
Schedule of amortized cost and approximate fair values, together with gross unrealized gains and losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ Cost Gains Losses Value ​ ​ (In thousands) Securities available for sale: ​ ​ ​ ​ Treasury notes ​ $ 109,146 ​ $ 15 ​ $ 58 ​ $ 109,103 Federal agencies ​ 240,000 ​ — ​ 1,499 ​ 238,501 Mortgage-backed - Government Agency ("Agency") (2) - multi-family ​ ​ 13,044 ​ ​ — ​ ​ — ​ ​ 13,044 Mortgage-backed - Non-Agency residential - fair value option (1) ​ ​ 472,192 ​ ​ — ​ ​ — ​ ​ 472,192 Mortgage-backed - Agency - residential - fair value option (1) ​ ​ 228,448 ​ ​ — ​ ​ — ​ ​ 228,448 Total securities available for sale ​ $ 1,062,830 ​ $ 15 ​ $ 1,557 ​ $ 1,061,288 Securities held to maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed - Non-Agency - multi-family ​ $ 710,024 ​ $ — ​ $ 419 ​ $ 709,605 Mortgage-backed - Non-Agency - residential ​ ​ 453,167 ​ ​ 2,385 ​ ​ 87 ​ ​ 455,465 Mortgage-backed - Agency ​ ​ 11,976 ​ ​ — ​ ​ 868 ​ ​ 11,108 Total securities held to maturity ​ $ 1,175,167 ​ $ 2,385 ​ $ 1,374 ​ $ 1,176,178 ​ (1) For fair value option securities, the amortized cost reflects the carrying value, which is also equal to the fair value. (2) Agency includes government sponsored agencies, such as Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”), and Government National Mortgage Association (“Ginnie Mae”). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ Cost Gains Losses Value ​ ​ (In thousands) Securities available for sale: ​ ​ ​ ​ Treasury notes ​ $ 129,261 ​ $ 45 ​ $ 338 ​ $ 128,968 Federal agencies ​ 250,731 ​ — ​ 2,976 ​ 247,755 Mortgage-backed - Government Agency ("Agency") (2) ​ ​ 14,465 ​ ​ 5 ​ ​ 3 ​ ​ 14,467 Mortgage-backed - Non-Agency residential - fair value option (1) ​ ​ 485,500 ​ ​ — ​ ​ — ​ ​ 485,500 Mortgage-backed - Agency - residential - fair value option (1) ​ ​ 236,997 ​ ​ — ​ ​ — ​ ​ 236,997 Total securities available for sale ​ $ 1,116,954 ​ $ 50 ​ $ 3,317 ​ $ 1,113,687 Securities held to maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed - Non-Agency - multi-family ​ $ 719,662 ​ $ — ​ $ 415 ​ $ 719,247 Mortgage-backed - Non-Agency - residential ​ ​ 472,539 ​ ​ 973 ​ ​ 418 ​ ​ 473,094 Mortgage-backed - Agency ​ ​ 12,016 ​ ​ — ​ ​ 822 ​ ​ 11,194 Total securities held to maturity ​ $ 1,204,217 ​ $ 973 ​ $ 1,655 ​ $ 1,203,535 ​ (1) For fair value option securities, the amortized cost reflects the carrying value, which is also equal to the fair value. (2) Agency includes government sponsored agencies, such as Fannie Mae, Freddie Mac, and Ginnie Mae.
Schedule of amortized cost and fair value of available-for-sale securities and held to maturity securities by contractual maturity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 ​ ​ Amortized ​ Fair ​ Amortized ​ Fair ​ Cost Value Cost Value Securities available for sale: ​ (In thousands) Within one year ​ $ 209,146 ​ $ 207,796 ​ $ 308,474 ​ $ 305,406 After one through five years ​ 140,000 ​ 139,808 ​ 71,518 ​ 71,317 ​ ​ 349,146 ​ 347,604 ​ 379,992 ​ 376,723 Mortgage-backed - Agency ​ ​ 13,044 ​ ​ 13,044 ​ ​ 14,465 ​ ​ 14,467 Mortgage-backed - Non-Agency residential - fair value option ​ ​ 472,192 ​ ​ 472,192 ​ ​ 485,500 ​ ​ 485,500 Mortgage-backed - Agency - residential - fair value option ​ ​ 228,448 ​ ​ 228,448 ​ ​ 236,997 ​ ​ 236,997 ​ ​ $ 1,062,830 ​ $ 1,061,288 ​ $ 1,116,954 ​ $ 1,113,687 Securities held to maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed - Non-Agency - multi-family ​ $ 710,024 ​ $ 709,605 ​ $ 719,662 ​ $ 719,247 Mortgage-backed - Non-Agency - residential ​ ​ 453,167 ​ ​ 455,465 ​ ​ 472,539 ​ ​ 473,094 Mortgage-backed - Agency ​ ​ 11,976 ​ 11,108 ​ 12,016 ​ 11,194 ​ ​ $ 1,175,167 ​ $ 1,176,178 ​ $ 1,204,217 ​ $ 1,203,535
Schedule of gross unrealized losses and fair value of investments with unrealized losses have been in continuous	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ 3,092 ​ $ 1 ​ $ 26,938 ​ $ 57 ​ $ 30,030 ​ $ 58 Federal agencies ​ ​ 139,808 ​ ​ 192 ​ ​ 98,693 ​ ​ 1,307 ​ ​ 238,501 ​ ​ 1,499 ​ ​ $ 142,900 ​ $ 193 ​ $ 125,631 ​ $ 1,364 ​ $ 268,531 ​ $ 1,557 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 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 ​ $ 3,052 ​ $ 6 ​ $ 32,080 ​ $ 332 ​ $ 35,132 ​ $ 338 Federal agencies ​ ​ 60,541 ​ ​ 189 ​ ​ 167,213 ​ ​ 2,787 ​ ​ 227,754 ​ ​ 2,976 Mortgage-backed - Agency ​ ​ 364 ​ ​ 1 ​ ​ 186 ​ ​ 2 ​ ​ 550 ​ ​ 3 ​ ​ $ 63,957 ​ $ 196 ​ $ 199,479 ​ $ 3,121 ​ $ 263,436 ​ $ 3,317 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Loans and Allowance for Credi_2

Loans and Allowance for Credit Losses on Loans (Tables)	3 Months Ended
	Mar. 31, 2024
Loans and Allowance for Credit Losses on Loans
Summary of loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 ​ ​ (In thousands) ​ ​ ​ ​ ​ ​ ​ Mortgage warehouse repurchase agreements ​ $ 1,142,994 ​ $ 752,468 Residential real estate (1) ​ 1,321,300 ​ 1,324,305 Multi-family financing ​ 4,096,606 ​ 4,006,160 Healthcare financing ​ ​ 2,464,685 ​ ​ 2,356,689 Commercial and commercial real estate (2)(3) ​ 1,666,751 ​ 1,643,081 Agricultural production and real estate ​ 65,977 ​ 103,150 Consumer and margin loans ​ 7,912 ​ 13,700 ​ ​ 10,766,225 ​ 10,199,553 Less: ​ ​ ACL-Loans ​ 75,712 ​ 71,752 ​ ​ ​ ​ ​ ​ ​ Loans Receivable ​ $ 10,690,513 ​ $ 10,127,801 (1) Includes $1.2 billion and $1.2 billion of All-in-One© first-lien home equity lines of credit at March 31, 2024 and December 31, 2023, respectively. (2) Includes $1.1 billion and $1.1 billion of revolving lines of credit collateralized primarily by single-family mortgage servicing rights as of March 31, 2024 and December 31, 2023, respectively. (3) Includes only $6.8 million and $8.4 million of non-owner occupied commercial real estate as of March 31, 2024 and December 31, 202 3, respectively.
Schedule of allowance for credit loss on loan methodology by loan portfolio segment	​ Loan Portfolio Segment ​ ACL-Loans Methodology ​ ​ Mortgage warehouse repurchase agreements ​ Remaining Life Method Residential real estate loans ​ 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, 2024 ​ MTG WHRA RES RE MF FIN HC FIN ​ CML & CRE AG & AGRE CON & MAR TOTAL ​ ​ (In thousands) ACL-Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 2,070 ​ $ 7,323 $ 26,874 ​ $ 22,454 ​ $ 12,243 ​ $ 619 ​ $ 169 ​ $ 71,752 FMBI's ACL for loans sold ​ ​ — ​ ​ (55) ​ ​ (186) ​ ​ (2) ​ ​ (92) ​ ​ (246) ​ ​ (12) ​ ​ (593) Provision for credit losses ​ 952 ​ (363) ​ 1,976 ​ ​ 2,135 ​ 763 ​ 77 ​ (63) ​ 5,477 Loans charged to the allowance ​ — ​ — ​ — ​ ​ — ​ (925) ​ — ​ — ​ (925) Recoveries of loans previously charged-off ​ — ​ — ​ — ​ ​ — ​ 1 ​ — ​ — ​ 1 Balance, end of period ​ $ 3,022 ​ $ 6,905 ​ $ 28,664 ​ $ 24,587 ​ $ 11,990 ​ $ 450 ​ $ 94 ​ $ 75,712 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, 2023 ​ MTG WHRA 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
Summary of activity in the allowance for loans losses by loan portfolio	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2023 ​ MTG WHRA 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 ​ 821 ​ 328 ​ 18,493 ​ ​ 12,572 ​ 5,232 ​ 54 ​ (12) ​ 37,488 Loans charged to the allowance ​ — ​ (34) ​ (8,400) ​ ​ — ​ (1,356) ​ — ​ (1) ​ (9,791) Recoveries of loans previously charged-off ​ — ​ — ​ — ​ ​ — ​ 41 ​ — ​ — ​ 41 Balance, end of period ​ $ 2,070 ​ $ 7,323 ​ $ 26,874 ​ $ 22,454 ​ $ 12,243 ​ $ 619 ​ $ 169 ​ $ 71,752
Schedule of amortized cost basis and ACL-Loans allocated for collateral dependent loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ Real Estate Accounts Receivable / Equipment Other Total ACL-Loans Allocation ​ ​ (In thousands) RES RE ​ $ 1,272 ​ $ — ​ $ — ​ $ 1,272 ​ $ 8 MF FIN ​ ​ 53,200 ​ ​ — ​ ​ — ​ ​ 53,200 ​ ​ 581 HC FIN ​ 63,283 ​ — ​ — ​ 63,283 ​ 5,652 CML & CRE ​ 168 ​ 2,628 ​ 2,657 ​ 5,453 ​ 1,780 AG & AGRE ​ 147 ​ — ​ — ​ 147 ​ 1 CON & MAR ​ — ​ — ​ — ​ — ​ — Total collateral dependent loans ​ $ 118,070 ​ $ 2,628 ​ $ 2,657 ​ $ 123,355 ​ $ 8,022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ Real Estate Accounts Receivable / Equipment Other Total ACL-Loans Allocation ​ ​ (In thousands) RES RE ​ $ 1,557 ​ $ — $ 3 ​ $ 1,560 ​ $ 21 MF FIN ​ 46,575 ​ — ​ — ​ 46,575 ​ 521 HC FIN ​ ​ 73,909 ​ ​ — ​ ​ — ​ ​ 73,909 ​ ​ 6,289 CML & CRE ​ 146 ​ 3,603 ​ 2,684 ​ 6,433 ​ 1,132 AG & AGRE ​ 147 ​ — ​ — ​ 147 ​ 1 CON & MAR ​ ​ — ​ ​ — ​ ​ 3 ​ ​ 3 ​ ​ — Total collateral dependent loans ​ $ 122,334 ​ $ 3,603 ​ $ 2,690 ​ $ 128,627 ​ $ 7,964
Schedule of credit risk profile of loan portfolio	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ 2024 2023 2022 ​ 2021 2020 Prior Revolving Loans TOTAL ​ ​ (In thousands) MTG WHRA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1,142,994 ​ $ 1,142,994 Total ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1,142,994 ​ $ 1,142,994 Charge-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — RES RE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 1,780 ​ $ 32,353 ​ $ 9,793 ​ $ 6,175 ​ $ 21,315 ​ $ 7,400 ​ $ 1,240,994 ​ $ 1,319,810 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 218 ​ ​ — ​ ​ 218 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,272 ​ ​ 1,272 Total ​ $ 1,780 ​ $ 32,353 ​ $ 9,793 ​ $ 6,175 ​ $ 21,315 ​ $ 7,618 ​ $ 1,242,266 ​ $ 1,321,300 Charge-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — MF FIN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 298,730 ​ $ 957,019 ​ $ 734,071 ​ $ 114,353 ​ $ 9,070 ​ $ 34,587 ​ $ 1,731,470 ​ $ 3,879,300 Special Mention ​ ​ 8,000 ​ ​ 96,900 ​ ​ 28,559 ​ ​ 8,400 ​ ​ — ​ ​ 1,470 ​ ​ 20,777 ​ ​ 164,106 Substandard ​ ​ — ​ ​ 11,667 ​ ​ 28,360 ​ ​ 6,534 ​ ​ — ​ ​ — ​ ​ 6,639 ​ ​ 53,200 Total ​ $ 306,730 ​ $ 1,065,586 ​ $ 790,990 ​ $ 129,287 ​ $ 9,070 ​ $ 36,057 ​ $ 1,758,886 ​ $ 4,096,606 Charge-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — HC FIN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 258,604 ​ $ 626,388 ​ $ 936,880 ​ $ 98,815 ​ $ — ​ $ 14,459 ​ $ 398,904 ​ $ 2,334,050 Special Mention ​ ​ 24,319 ​ ​ 20,900 ​ ​ 9,502 ​ ​ — ​ ​ — ​ ​ — ​ ​ 12,631 ​ ​ 67,352 Substandard ​ ​ — ​ ​ 25,600 ​ ​ — ​ ​ 28,783 ​ ​ — ​ ​ — ​ ​ 8,900 ​ ​ 63,283 Total ​ $ 282,923 ​ $ 672,888 ​ $ 946,382 ​ $ 127,598 ​ $ — ​ $ 14,459 ​ $ 420,435 ​ $ 2,464,685 Charge-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — CML & CRE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 4,469 ​ $ 54,002 ​ $ 116,479 ​ $ 71,824 ​ $ 19,203 ​ $ 34,169 ​ $ 1,360,706 ​ $ 1,660,852 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ 289 ​ ​ 157 ​ ​ — ​ ​ — ​ ​ 446 Substandard ​ ​ — ​ ​ — ​ ​ 92 ​ ​ 776 ​ ​ 850 ​ ​ 60 ​ ​ 3,675 ​ ​ 5,453 Total ​ $ 4,469 ​ $ 54,002 ​ $ 116,571 ​ $ 72,889 ​ $ 20,210 ​ $ 34,229 ​ $ 1,364,381 ​ $ 1,666,751 Charge-offs ​ $ — ​ $ — ​ $ — ​ $ 925 ​ $ — ​ $ — ​ $ — ​ $ 925 AG & AGRE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 7,833 ​ $ 7,875 ​ $ 5,103 ​ $ 2,722 ​ $ 8,566 ​ $ 15,515 ​ $ 18,216 ​ $ 65,830 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 147 ​ ​ — ​ ​ 147 Total ​ $ 7,833 ​ $ 7,875 ​ $ 5,103 ​ $ 2,722 ​ $ 8,566 ​ $ 15,662 ​ $ 18,216 ​ $ 65,977 Charge-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — CON & MAR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ — ​ $ 109 ​ $ 28 ​ $ 25 ​ $ 2 ​ $ 4,268 ​ $ 3,480 ​ $ 7,912 Total ​ $ — ​ $ 109 ​ $ 28 ​ $ 25 ​ $ 2 ​ $ 4,268 ​ $ 3,480 ​ $ 7,912 Charge-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Pass ​ $ 571,416 ​ $ 1,677,746 ​ $ 1,802,354 ​ $ 293,914 ​ $ 58,156 ​ $ 110,398 ​ $ 5,896,764 ​ $ 10,410,748 Total Special Mention ​ $ 32,319 ​ $ 117,800 ​ $ 38,061 ​ $ 8,689 ​ $ 157 ​ $ 1,688 ​ $ 33,408 ​ $ 232,122 Total Substandard ​ $ — ​ $ 37,267 ​ $ 28,452 ​ $ 36,093 ​ $ 850 ​ $ 207 ​ $ 20,486 ​ $ 123,355 Total Doubtful ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Total Loans ​ $ 603,735 ​ $ 1,832,813 ​ $ 1,868,867 ​ $ 338,696 ​ $ 59,163 ​ $ 112,293 ​ $ 5,950,658 ​ $ 10,766,225 Total Charge-offs ​ $ — ​ $ — ​ $ — ​ $ 925 ​ $ — ​ $ — ​ $ — ​ $ 925 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ 2023 2022 2021 2020 2019 Prior Revolving Loans TOTAL ​ ​ (In thousands) MTG WHRA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 752,468 ​ $ 752,468 Total ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 752,468 ​ $ 752,468 Charge-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — RES RE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 31,011 ​ $ 10,086 ​ $ 6,573 ​ $ 22,725 ​ $ 3,298 ​ $ 9,340 ​ $ 1,239,161 ​ $ 1,322,194 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 59 ​ ​ 492 ​ ​ — ​ ​ 551 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 288 ​ ​ 1,272 ​ ​ 1,560 Total ​ $ 31,011 ​ $ 10,086 ​ $ 6,573 ​ $ 22,725 ​ $ 3,357 ​ $ 10,120 ​ $ 1,240,433 ​ $ 1,324,305 Charge-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 21 ​ $ 13 ​ $ 34 MF FIN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 1,094,698 ​ $ 762,448 ​ $ 208,343 ​ $ 77,340 ​ $ 29,764 ​ $ 8,455 ​ $ 1,646,445 ​ $ 3,827,493 Special Mention ​ ​ 94,973 ​ ​ 3,189 ​ ​ 8,400 ​ ​ — ​ ​ — ​ ​ 1,477 ​ ​ 24,052 ​ ​ 132,091 Substandard ​ ​ 11,682 ​ ​ 28,360 ​ ​ 6,534 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 46,576 Total ​ $ 1,201,353 ​ $ 793,997 ​ $ 223,277 ​ $ 77,340 ​ $ 29,764 ​ $ 9,932 ​ $ 1,670,497 ​ $ 4,006,160 Charge-offs ​ $ — ​ $ 8,400 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 8,400 HC FIN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 752,591 ​ $ 996,273 ​ $ 110,197 ​ $ — ​ $ 14,563 ​ $ — ​ $ 351,110 ​ $ 2,224,734 Special Mention ​ ​ 35,869 ​ ​ 9,520 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 12,658 ​ ​ 58,047 Substandard ​ ​ 25,600 ​ ​ 10,625 ​ ​ 28,783 ​ ​ — ​ ​ — ​ ​ — ​ ​ 8,900 ​ ​ 73,908 Total ​ $ 814,060 ​ $ 1,016,418 ​ $ 138,980 ​ $ — ​ $ 14,563 ​ $ — ​ $ 372,668 ​ $ 2,356,689 Charge-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — CML & CRE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 51,110 ​ $ 119,386 ​ $ 77,316 ​ $ 21,154 ​ $ 21,088 ​ $ 17,066 ​ $ 1,328,980 ​ $ 1,636,100 Special Mention ​ ​ — ​ ​ — ​ ​ 292 ​ ​ 172 ​ ​ — ​ ​ 84 ​ ​ — ​ ​ 548 Substandard ​ ​ — ​ ​ 70 ​ ​ 1,701 ​ ​ 878 ​ ​ 62 ​ ​ — ​ ​ 3,672 ​ ​ 6,383 Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 50 ​ ​ — ​ ​ 50 Total ​ $ 51,110 ​ $ 119,456 ​ $ 79,309 ​ $ 22,204 ​ $ 21,150 ​ $ 17,200 ​ $ 1,332,652 ​ $ 1,643,081 Charge-offs ​ $ — ​ $ 496 ​ $ 274 ​ $ 586 ​ $ — ​ $ — ​ $ — ​ $ 1,356 AG & AGRE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 16,850 ​ $ 9,825 ​ $ 6,490 ​ $ 14,267 ​ $ 5,237 ​ $ 16,606 ​ $ 33,728 ​ $ 103,003 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 147 ​ ​ — ​ ​ 147 Total ​ $ 16,850 ​ $ 9,825 ​ $ 6,490 ​ $ 14,267 ​ $ 5,237 ​ $ 16,753 ​ $ 33,728 ​ $ 103,150 Charge-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — CON & MAR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 748 ​ $ 4,329 ​ $ 247 ​ $ 115 ​ $ 27 ​ $ 4,339 ​ $ 3,862 ​ $ 13,667 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ 15 ​ ​ 15 ​ ​ — ​ ​ — ​ ​ 30 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 3 ​ ​ — ​ ​ 3 Total ​ $ 748 ​ $ 4,329 ​ $ 247 ​ $ 130 ​ $ 42 ​ $ 4,342 ​ $ 3,862 ​ $ 13,700 Charge-offs ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1 ​ $ — ​ $ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Pass ​ $ 1,947,008 ​ $ 1,902,347 ​ $ 409,166 ​ $ 135,601 ​ $ 73,977 ​ $ 55,806 ​ $ 5,355,754 ​ $ 9,879,659 Total Special Mention ​ $ 130,842 ​ $ 12,709 ​ $ 8,692 ​ $ 187 ​ $ 74 ​ $ 2,053 ​ $ 36,710 ​ $ 191,267 Total Substandard ​ $ 37,282 ​ $ 39,055 ​ $ 37,018 ​ $ 878 ​ $ 62 ​ $ 438 ​ $ 13,844 ​ $ 128,577 Total Doubtful ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 50 ​ $ — ​ $ 50 Total Loans ​ $ 2,115,132 ​ $ 1,954,111 ​ $ 454,876 ​ $ 136,666 ​ $ 74,113 ​ $ 58,347 ​ $ 5,406,308 ​ $ 10,199,553 Total Charge-offs ​ $ — ​ $ 8,896 ​ $ 274 ​ $ 586 ​ $ — ​ $ 22 ​ $ 13 ​ $ 9,791
Schedule of aging analysis of the recorded investment in loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ 30-59 Days 60-89 Days Greater Than Total ​ ​ Total ​ ​ Past Due ​ Past Due ​ 90 Days ​ Past Due ​ Current ​ Loans ​ ​ (In thousands) MTG WHRA ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1,142,994 ​ $ 1,142,994 RES RE ​ 4,588 ​ ​ 682 ​ 218 ​ 5,488 ​ 1,315,812 ​ 1,321,300 MF FIN ​ 24,870 ​ ​ — ​ 78,910 ​ 103,780 ​ 3,992,826 ​ 4,096,606 HC FIN ​ ​ — ​ ​ 25,600 ​ ​ 48,733 ​ ​ 74,333 ​ ​ 2,390,352 ​ ​ 2,464,685 CML & CRE ​ 1,922 ​ ​ — ​ 3,006 ​ 4,928 ​ 1,661,823 ​ 1,666,751 AG & AGRE ​ 44 ​ ​ 10 ​ 159 ​ 213 ​ 65,764 ​ 65,977 CON & MAR ​ — ​ ​ — ​ — ​ — ​ 7,912 ​ 7,912 ​ ​ $ 31,424 ​ $ 26,292 ​ $ 131,026 ​ $ 188,742 ​ $ 10,577,483 ​ $ 10,766,225 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 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 WHRA ​ $ — $ — ​ $ — ​ $ — ​ $ 752,468 ​ $ 752,468 RES RE ​ 4,557 ​ — ​ 2,379 ​ 6,936 ​ 1,317,369 ​ 1,324,305 MF FIN ​ 38,218 ​ 11,055 ​ 39,609 ​ 88,882 ​ 3,917,278 ​ 4,006,160 HC FIN ​ ​ — ​ ​ 47,275 ​ ​ 35,999 ​ ​ 83,274 ​ ​ 2,273,415 ​ ​ 2,356,689 CML & CRE ​ 172 ​ 393 ​ 3,665 ​ 4,230 ​ 1,638,851 ​ 1,643,081 AG & AGRE ​ 27 ​ 11 ​ 147 ​ 185 ​ 102,965 ​ 103,150 CON & MAR ​ 1 ​ 3 ​ 18 ​ 22 ​ 13,678 ​ 13,700 ​ ​ $ 42,975 ​ $ 58,737 ​ $ 81,817 ​ $ 183,529 ​ $ 10,016,024 ​ $ 10,199,553
Schedule of nonaccrual loans and loans past due 90 days or more and still accruing	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ ​ ​ ​ Total Loans > ​ ​ ​ ​ Total Loans > ​ ​ ​ ​ ​ 90 Days & ​ ​ ​ ​ 90 Days & ​ Nonaccrual Accruing Nonaccrual Accruing ​ ​ (In thousands) RES RE ​ $ 760 ​ $ 218 ​ $ 1,486 ​ $ 894 MF FIN ​ 46,248 ​ 32,662 ​ 39,608 ​ — HC FIN ​ ​ 28,783 ​ ​ 19,950 ​ ​ 28,783 ​ ​ 7,216 CML & CRE ​ 2,866 ​ ​ 140 ​ 3,820 ​ ​ 43 AG & AGRE ​ 147 ​ 12 ​ 147 ​ — CON & MAR ​ — ​ — ​ 3 ​ 15 ​ ​ $ 78,804 ​ $ 52,982 ​ $ 73,847 ​ $ 8,168

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2024
Variable Interest Entities.
Schedule of assets and liabilities of the VIEs as well as maximum exposure to loss in connection with VIEs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments ​ Bridge loans ​ Securities ​ Maximum ​ Liabilities Assets in VIEs to VIEs ​ for VIEs ​ Exposure to Loss ​ for VIEs ​ ​ ($ in thousands) March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Low-income housing tax credit investments ​ $ 96,675 ​ $ 136,197 ​ $ — ​ $ 232,872 ​ $ 32,171 Debt funds ​ ​ 33,997 ​ ​ 305,998 ​ ​ — ​ ​ 339,995 ​ ​ 2,752 Off-balance-sheet REMIC trusts ​ ​ — ​ ​ — ​ ​ 1,163,191 ​ ​ 1,163,191 ​ ​ — Total Unconsolidated VIEs ​ $ 130,672 ​ $ 442,195 ​ $ 1,163,191 ​ $ 1,736,058 ​ $ 34,923 December 31, 2023 ​ ​ ​ ​ ​ ​ ​ Low-income housing tax credit investments ​ $ 118,741 ​ $ 232,407 ​ $ — ​ $ 351,148 ​ $ 35,099 Debt funds ​ ​ 33,221 ​ ​ 86,416 ​ ​ — ​ ​ 119,637 ​ ​ 2,752 Off-balance-sheet REMIC trusts ​ ​ — ​ ​ — ​ ​ 1,192,201 ​ ​ 1,192,201 ​ ​ — Total Unconsolidated VIEs ​ $ 151,962 ​ $ 318,823 ​ $ 1,192,201 ​ $ 1,662,986 ​ $ 37,851 ​

Regulatory Matters (Tables)

Regulatory Matters (Tables)	3 Months Ended
	Mar. 31, 2024
Regulatory Matters
Summary of bank's actual capital amounts and ratios	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount to be Well ​ Minimum Amount ​ ​ ​ ​ ​ ​ ​ ​ Capitalized with ​ To Be Well ​ ​ ​ Actual ​ Basel III Buffer (1) ​ Capitalized (1) ​ ​ Amount Ratio Amount Ratio ​ Amount Ratio ​ ​ (Dollars in thousands) ​ March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total capital (1) ​ ​ ​ ​ ​ ​ ​ Company ​ $ 1,858,348 11.7 % $ 1,662,302 10.5 % $ — N/A % Merchants Bank ​ ​ 1,801,020 11.4 % 1,660,561 10.5 % 1,581,487 10.0 ​ Tier I capital (1) ​ ​ ​ ​ Company ​ 1,768,553 11.2 % 1,345,673 8.5 % — N/A % Merchants Bank ​ ​ 1,711,225 10.8 % 1,344,264 8.5 % 1,265,189 8.0 ​ Common Equity Tier I capital (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Company ​ 1,268,945 8.0 % 1,108,202 7.0 % — N/A % Merchants Bank ​ ​ 1,711,225 10.8 % 1,107,041 7.0 % 1,027,966 6.5 ​ Tier I capital (1) ​ ​ ​ ​ ​ ​ Company ​ 1,768,553 10.5 % 839,199 5.0 % — N/A % Merchants Bank ​ ​ 1,711,225 10.2 % 837,560 5.0 % 837,560 5.0 ​ (1) As defined by regulatory agencies. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount to be Well ​ Minimum Amount ​ ​ ​ ​ ​ ​ ​ ​ Capitalized with ​ To Be Well ​ ​ ​ Actual ​ Basel III Buffer (1) ​ Capitalized (1) ​ ​ Amount Ratio Amount Ratio ​ Amount ​ Ratio ​ ​ ​ (Dollars in thousands) ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total capital (1) ​ ​ ​ ​ ​ ​ ​ Company ​ $ 1,772,195 11.6 % $ 1,598,260 10.5 % $ — N/A % Merchants Bank ​ ​ 1,724,505 11.5 % 1,577,434 10.5 % 1,502,318 10.0 % FMBI ​ 40,613 21.1 % 20,209 10.5 % 19,247 10.0 % Tier I capital (1) ​ ​ ​ ​ Company ​ 1,686,202 11.1 % 1,293,830 8.5 % — N/A % Merchants Bank ​ ​ 1,639,171 10.9 % 1,276,970 8.5 % 1,201,854 8.0 % FMBI ​ 39,953 20.8 % 16,360 8.5 % 15,398 8.0 % Common Equity Tier I capital (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Company ​ 1,186,594 7.8 % 1,065,507 7.0 % — N/A % Merchants Bank ​ ​ 1,639,171 10.9 % 1,051,623 7.0 % 976,507 6.5 % FMBI ​ 39,953 20.8 % 13,473 7.0 % 12,511 6.5 % Tier I capital (1) ​ ​ ​ ​ ​ ​ Company ​ 1,686,202 10.1 % 832,706 5.0 % — N/A % Merchants Bank ​ ​ 1,639,171 10.1 % 815,191 5.0 % 815,191 5.0 % FMBI ​ 39,953 11.5 % 17,391 5.0 % 17,391 5.0 % ​ (1) As defined by regulatory agencies.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 ​ (In thousands) ​ ​ ​ ​ ​ (In thousands) Interest rate lock commitments $ 31,888 ​ ​ Other assets/liabilities ​ $ 174 ​ $ 22 Forward contracts ​ 33,375 ​ ​ Other assets/liabilities ​ ​ 9 ​ ​ 110 Interest rate swaps ​ 57,531 ​ ​ Other assets/liabilities ​ ​ 3,985 ​ ​ — Put options ​ 734,130 ​ ​ Other assets ​ ​ 33,490 ​ ​ — Interest rate floors ​ 1,229,918 ​ ​ Other assets ​ 8,910 ​ ​ — Credit derivatives ​ 76,092 ​ ​ Other liabilities ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ $ 46,568 ​ $ 132 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ ​ ​ Fair Value ​ ​ Amount ​ Balance Sheet Location ​ Asset ​ Liability December 31, 2023 ​ (In thousands) ​ ​ ​ ​ ​ (In thousands) Interest rate lock commitments $ 16,526 ​ ​ Other assets/liabilities ​ $ 140 ​ $ 4 Forward contracts ​ 25,500 ​ ​ Other assets/liabilities ​ ​ 4 ​ ​ 391 Interest rate swaps ​ 57,540 ​ ​ Other assets/liabilities ​ ​ 2,610 ​ ​ — Put options ​ 748,374 ​ ​ Other assets ​ ​ 25,877 ​ ​ — Interest rate floors ​ 748,374 ​ ​ Other assets ​ ​ 6,576 ​ ​ — ​ ​ ​ ​ ​ ​ ​ $ 35,207 ​ $ 395
Summarizes the periodic changes in the fair value of the derivative financial instruments on the consolidated statements of income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 ​ ​ (In thousands) Derivative gain (loss) included in gain on sale of loans: ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ $ 16 ​ $ 209 Forward contracts (includes pair-off settlements) ​ ​ 94 ​ ​ (96) Interest rates swaps ​ ​ 1,375 ​ ​ (1,336) Net gain (loss) ​ $ 1,485 ​ $ (1,223) ​ ​ ​ ​ ​ ​ ​ Derivative gain (loss) included in other income: ​ ​ ​ ​ ​ ​ Put options ​ ​ 7,613 ​ ​ — Interest rate floors ​ ​ 2,334 ​ ​ — Net gain (loss) ​ $ 9,947 ​ $ — ​ ​ ​ ​ ​ ​ ​
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, 2024 $ 657,572 ​ ​ Other assets/liabilities ​ $ 15,259 ​ $ 15,259 December 31, 2023 $ 607,169 ​ ​ Other assets/liabilities ​ $ 12,426 ​ $ 12,426
Summarizes the periodic changes in the fair value of the derivative financial instruments on the consolidated statements of income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 ​ ​ (In thousands) Gross swap gains ​ $ 2,833 ​ $ 580 Gross swap losses ​ ​ 2,833 ​ ​ 580 Net swap gains (losses) ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​

Disclosures about Fair Value _2

Disclosures about Fair Value of Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans in process of securitization ​ $ 142,629 ​ $ — ​ $ 142,629 ​ $ — Securities available for sale: ​ ​ ​ ​ Treasury notes ​ 109,103 ​ 109,103 ​ — ​ — Federal agencies ​ 238,501 ​ — ​ 238,501 ​ — Mortgage-backed - Agency ​ ​ 13,044 ​ ​ — ​ 13,044 ​ — Mortgage-backed - Non-agency residential - fair value option ​ ​ 472,192 ​ ​ — ​ — ​ 472,192 Mortgage-backed - Agency - fair value option ​ 228,448 ​ — ​ 228,448 ​ — Loans held for sale ​ 84,513 ​ — ​ 84,513 ​ — Servicing rights ​ 172,200 ​ — ​ — ​ 172,200 Derivative assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ 174 ​ — ​ — ​ 174 Forward contracts ​ ​ 9 ​ — ​ 9 ​ — Interest rate swaps ​ ​ 3,985 ​ ​ — ​ ​ 3,985 ​ ​ — Interest rate swaps (back-to-back) ​ ​ 15,259 ​ ​ — ​ ​ 15,259 ​ ​ — Put options ​ ​ 33,490 ​ ​ — ​ ​ 10,514 ​ ​ 22,976 Interest rate floors ​ ​ 8,910 ​ ​ — ​ ​ — ​ ​ 8,910 Derivative liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ 22 ​ ​ — ​ ​ — ​ ​ 22 Forward contracts ​ 110 ​ ​ — ​ ​ 110 ​ ​ — Interest rate swaps (back-to-back) ​ 15,259 ​ ​ — ​ ​ 15,259 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans in process of securitization ​ $ 110,599 ​ $ — ​ $ 110,599 ​ $ — Securities available for sale: ​ ​ ​ ​ Treasury notes ​ 128,968 ​ 128,968 ​ — ​ — Federal agencies ​ 247,755 ​ — ​ 247,755 ​ — Mortgage-backed - Agency ​ ​ 14,467 ​ ​ — ​ 14,467 ​ — Mortgage-backed - Non-agency residential - fair value option ​ ​ 485,500 ​ ​ — ​ — ​ 485,500 Mortgage-backed - Agency - fair value option ​ 236,997 ​ — ​ 236,997 ​ — Loans held for sale ​ 86,663 ​ — ​ 86,663 ​ — Servicing rights ​ 158,457 ​ — ​ — ​ 158,457 Derivative assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ 140 ​ — ​ — ​ 140 Forward contracts ​ ​ 4 ​ — ​ 4 ​ — Interest rate swaps ​ ​ 2,610 ​ ​ — ​ ​ 2,610 ​ ​ — Interest rate swaps (back-to-back) ​ ​ 12,426 ​ ​ — ​ ​ 12,426 ​ ​ — Put options ​ ​ 25,877 ​ ​ — ​ ​ 7,223 ​ ​ 18,654 Interest rate floors ​ ​ 6,576 ​ ​ — ​ ​ — ​ ​ 6,576 Derivative liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ ​ 4 ​ ​ — ​ ​ — ​ ​ 4 Forward contracts ​ ​ 391 ​ ​ — ​ ​ 391 ​ ​ — Interest rate swaps (back-to-back) ​ ​ 12,426 ​ ​ — ​ ​ 12,426 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of Level 3 reconciliation of recurring fair value measurements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 ​ ​ (In thousands) Servicing rights ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 158,457 ​ $ 146,248 Additions ​ ​ Originated servicing ​ 2,166 ​ 2,173 Subtractions ​ ​ Paydowns ​ (2,387) ​ (1,698) Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model ​ 13,964 ​ (2,856) Balance, end of period ​ $ 172,200 ​ $ 143,867 ​ ​ ​ ​ ​ ​ ​ Available for sale securities - Mortgage-backed - Non-Agency residential - fair value option ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 485,500 ​ $ — Paydowns ​ ​ (8,986) ​ ​ — Changes in fair value ​ (4,322) ​ — Balance, end of period ​ $ 472,192 ​ $ — ​ ​ ​ ​ ​ ​ ​ Derivative Assets - put options ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 18,654 ​ $ — Changes in fair value ​ 4,322 ​ — Balance, end of period ​ $ 22,976 ​ $ — ​ ​ ​ ​ ​ ​ ​ Derivative Assets - interest rate floors ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 6,576 ​ $ — Changes in fair value ​ 2,334 ​ — Balance, end of period ​ $ 8,910 ​ $ — ​ ​ ​ ​ ​ ​ ​ Derivative Assets - interest rate lock commitments ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 140 ​ $ 28 Changes in fair value ​ 34 ​ 190 Balance, end of period ​ $ 174 ​ $ 218 ​ ​ ​ ​ ​ ​ ​ Derivative Liabilities - interest rate lock commitments ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 4 ​ $ 23 Changes in fair value ​ 18 ​ (19) Balance, end of period ​ $ 22 ​ $ 4
Schedule of fair value measurement of assets and liabilities measured at fair value on nonrecurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ Quoted Prices in ​ Significant ​ Significant ​ ​ ​ ​ ​ Active Markets for ​ Other Observable ​ Unobservable ​ ​ Fair ​ Identical Assets ​ Inputs ​ Inputs Assets ​ Value ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ ​ (In thousands) March 31, 2024 ​ ​ ​ ​ Collateral dependent loans ​ $ 420 ​ $ — ​ $ — ​ $ 420 December 31, 2023 ​ ​ ​ ​ Collateral dependent loans ​ $ 47,026 ​ $ — ​ $ — ​ $ 47,026
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, 2024: ​ ​ ​ ​ ​ ​ Available for sale securities - Mortgage-backed - Non-Agency residential - fair value option ​ $ 472,192 ​ Discounted cash flow ​ Market credit spread ​ 2% ​ 2% Collateral dependent loans ​ $ 420 Market comparable properties Marketability discount ​ 24% - 27% 26% Servicing rights - Multi-family ​ $ 135,314 Discounted cash flow Discount rate ​ 8% - 13% 9% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 0% - 73% 7% Servicing rights - Single-family ​ $ 31,898 Discounted cash flow Discount rate ​ 10% - 11% ​ 10% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 6% - 15% ​ 7% Servicing rights - SBA ​ $ 4,988 Discounted cash flow Discount rate ​ 16% 16% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 3% - 14% ​ 9% Derivative assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ $ 174 Discounted cash flow Loan closing rates ​ 50% - 99% 82% Put options ​ $ 22,976 ​ Intrinsic option value ​ Market credit spread ​ 2% ​ 2% Interest rate floors ​ $ 8,910 ​ Discounted cash flow ​ Discount rate ​ 6%-8% ​ 7% Derivative liabilities - interest rate lock commitments ​ $ 22 Discounted cash flow Loan closing rates ​ 50% - 99% 82% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2023: ​ ​ ​ ​ ​ ​ Available for sale securities - Mortgage-backed - Non-Agency residential - fair value option ​ $ 485,500 ​ Discounted cash flow ​ Market credit spread ​ 2% ​ 2% Collateral dependent loans ​ $ 47,026 Market comparable properties Marketability discount ​ 0% - 100% 2% Servicing rights - Multi-family ​ $ 122,218 Discounted cash flow Discount rate ​ 8% - 13% 9% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 0% - 50% 7% Servicing rights - Single-family ​ $ 30,959 Discounted cash flow Discount rate ​ 10% - 11% ​ 10% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 6% - 16% ​ 7% Servicing rights - SBA ​ $ 5,280 Discounted cash flow Discount rate ​ 16% ​ 16% ​ ​ ​ ​ ​ ​ ​ Constant prepayment rate ​ 3% - 14% ​ 9% Derivative assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ $ 140 Discounted cash flow Loan closing rates ​ 45% - 99% 78% Put options ​ $ 18,654 ​ Intrinsic option value ​ Market credit spread ​ 2% ​ 2% Interest rate floors ​ $ 6,576 ​ Discounted cash flow ​ Discount rate ​ 6%-7% ​ 7% Derivative liabilities - interest rate lock commitments ​ $ 4 Discounted cash flow Loan closing rates ​ 45% - 99% 78%
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, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 508,755 ​ $ 508,755 ​ $ 508,755 ​ $ — ​ $ — Securities purchased under agreements to resell ​ 3,329 ​ 3,329 ​ — ​ 3,329 ​ — Securities held to maturity ​ 1,175,167 ​ 1,176,178 ​ — ​ 466,573 ​ 709,605 FHLB stock ​ 64,215 ​ 64,215 ​ — ​ 64,215 ​ — Loans held for sale ​ 3,418,618 ​ 3,418,618 ​ — ​ 3,418,618 ​ — Loans receivable, net ​ 10,690,513 ​ 10,646,477 ​ — ​ — ​ 10,646,477 Interest receivable ​ 90,303 ​ 90,303 ​ — ​ 90,303 ​ — Financial liabilities: ​ ​ ​ ​ ​ ​ Deposits ​ 13,975,661 ​ 13,973,624 ​ 8,018,126 ​ 5,955,498 ​ — Short-term subordinated debt ​ 64,922 ​ 64,922 ​ — ​ 64,922 ​ — FHLB advances ​ 1,426,299 ​ 1,425,888 ​ — ​ 1,425,888 ​ — Other borrowing ​ ​ 232,934 ​ ​ 232,934 ​ ​ — ​ ​ 232,934 ​ ​ — Credit linked notes ​ ​ 111,830 ​ ​ 111,828 ​ ​ — ​ ​ 111,828 ​ ​ — Interest payable ​ 51,790 ​ 51,790 ​ — ​ 51,790 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 584,422 ​ $ 584,422 ​ $ 584,422 ​ $ — ​ $ — Securities purchased under agreements to resell ​ 3,349 ​ 3,349 ​ — ​ 3,349 ​ — Securities held to maturity ​ ​ 1,204,217 ​ ​ 1,203,535 ​ — ​ 484,288 ​ 719,247 FHLB stock ​ 48,578 ​ 48,578 ​ — ​ 48,578 ​ — Loans held for sale ​ 3,058,093 ​ 3,058,093 ​ — ​ 3,058,093 ​ — Loans receivable, net ​ 10,127,801 ​ 10,088,468 ​ — ​ — ​ 10,088,468 Interest receivable ​ 91,346 ​ 91,346 ​ — ​ 91,346 ​ — Financial liabilities: ​ ​ ​ ​ ​ ​ Deposits ​ 14,061,460 ​ 14,062,457 ​ 8,894,058 ​ 5,168,399 ​ — Short-term subordinated debt ​ 64,922 ​ 64,922 ​ — ​ 64,922 ​ — FHLB advances ​ 771,392 ​ 771,029 ​ — ​ 771,029 ​ — Other borrowing ​ ​ 7,934 ​ ​ 7,934 ​ ​ — ​ ​ 7,934 ​ ​ — Credit linked notes ​ ​ 119,879 ​ ​ 119,878 ​ ​ — ​ ​ 119,878 ​ ​ — Interest payable ​ 43,423 ​ 43,423 ​ — ​ 43,423 ​ — ​

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases.
Schedule of balance sheet, income statement and cash flow detail regarding operating leases	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ ​ December 31, 2023 Balance Sheet ​ (In thousands) ​ ​ (In thousands) Operating lease right-of-of use asset (in other assets) $ 8,211 ​ $ 10,060 Operating lease liability (in other liabilities) ​ 9,386 ​ ​ 11,251 ​ ​ ​ ​ ​ ​ Weighted average remaining lease term (years) ​ 4.8 ​ ​ 6.0 Weighted average discount rate ​ 3.19% ​ ​ 2.89% ​ ​ ​ ​ ​ ​ Maturities of lease liabilities: ​ ​ ​ ​ ​ One year or less $ 2,359 ​ $ 2,441 Year two ​ 2,073 ​ ​ 2,064 Year three ​ 1,951 ​ ​ 2,100 Year four ​ 1,805 ​ ​ 2,046 Year five ​ 1,123 ​ ​ 1,438 Thereafter ​ 824 ​ ​ 2,128 Total future minimum lease payments ​ 10,135 ​ ​ 12,217 Less: imputed interest ​ 749 ​ ​ 966 Total $ 9,386 ​ $ 11,251 ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Three Months Ended ​ ​ March 31, 2024 ​ ​ March 31, 2023 Income Statement ​ (In thousands) ​ ​ (In thousands) Components of lease expense: ​ ​ ​ ​ ​ Operating lease cost (in occupancy and equipment expense) $ 604 ​ $ 583 ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Three Months Ended ​ ​ March 31, 2024 ​ ​ March 31, 2023 Cash Flow Statement ​ (In thousands) ​ ​ (In thousands) Supplemental cash flow information: ​ ​ ​ ​ ​ Operating cash flows from operating leases $ 594 ​ $ 426

Deposits (Tables)

Deposits (Tables)	3 Months Ended
	Mar. 31, 2024
Deposits
Schedule of deposits	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 ​ ​ (In thousands) Noninterest-bearing deposits ​ ​ ​ ​ ​ ​ Demand deposits ​ $ 319,872 ​ $ 520,070 Total noninterest-bearing deposits ​ ​ 319,872 ​ ​ 520,070 Interest-bearing deposits ​ ​ ​ ​ ​ ​ Demand deposits ​ $ 4,680,405 ​ $ 5,381,067 Savings deposits ​ 3,017,849 ​ 2,992,921 Certificates of deposit ​ 5,957,535 ​ 5,167,402 Total interest-bearing deposits ​ ​ 13,655,789 ​ ​ 13,541,390 Total deposits ​ $ 13,975,661 ​ $ 14,061,460
Schedule of maturities of time deposits	​ ​ ​ ​ ​ ​ March 31, 2024 ​ ​ (In thousands) Due within one year ​ $ 5,865,446 Due in one year to two years ​ 76,281 Due in two years to three years ​ 15,808 Due in three years to four years ​ — Due in four years to five years ​ ​ — Due in five years to six years ​ — ​ ​ $ 5,957,535
Schedule of brokered deposit amounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 ​ ​ (In thousands) Brokered certificates of deposit ​ $ 5,351,397 ​ $ 4,465,825 Brokered savings deposits ​ 1,338 ​ 589 Brokered deposit on demand accounts ​ 400,159 ​ 1,504,230 ​ ​ $ 5,752,894 ​ $ 5,970,644 ​

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2024
Borrowings
Schedule of borrowings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 ​ ​ (In thousands) Federal Reserve discount window borrowings ​ $ 50,000 ​ $ — Short-term subordinated debt ​ 64,922 ​ 64,922 FHLB advances ​ ​ 1,426,299 ​ ​ 771,392 American Financial Exchange borrowing ​ ​ 175,000 ​ ​ — Credit linked notes, net of debt discount ​ ​ 111,830 ​ ​ 119,879 Other borrowings ​ 7,934 ​ 7,934 Total borrowings ​ $ 1,835,985 ​ $ 964,127

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share
Schedule of computation of earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Month Periods Ended March 31, ​ ​ 2024 ​ 2023 ​ ​ ​ ​ ​ Weighted- ​ Per ​ ​ ​ ​ Weighted- ​ Per ​ ​ Net ​ Average ​ Share ​ Net ​ Average ​ Share ​ Income Shares Amount Income Shares Amount ​ ​ (In thousands, except share data) Net income ​ $ 87,054 ​ ​ $ 54,955 ​ Dividends on preferred stock ​ (8,667) ​ ​ (8,667) ​ Net income allocated to common shareholders ​ $ 78,387 ​ ​ $ 46,288 ​ Basic earnings per share ​ 43,305,985 ​ $ 1.81 ​ 43,179,604 ​ $ 1.07 Effect of dilutive securities-restricted stock awards ​ 160,662 ​ ​ 111,175 ​ Diluted earnings per share ​ 43,466,647 ​ $ 1.80 ​ 43,290,779 ​ $ 1.07

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Information
Schedule of business segment financial information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multi-family ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage ​ Mortgage ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking Warehousing Banking Other Total Three Months Ended March 31, 2024 ​ (In thousands) Interest income ​ $ 1,746 ​ $ 84,901 ​ $ 224,288 ​ $ 3,238 $ 314,173 Interest expense ​ 20 ​ 56,140 ​ 131,723 ​ (766) 187,117 Net interest income ​ 1,726 ​ 28,761 ​ 92,565 ​ 4,004 127,056 Provision for credit losses ​ — ​ 940 ​ 3,786 ​ — 4,726 Net interest income after provision for credit losses ​ 1,726 ​ 27,821 ​ 88,779 ​ 4,004 122,330 Noninterest income ​ 40,467 ​ 3,317 ​ 429 ​ (3,339) 40,874 Noninterest expense ​ 19,571 ​ 4,798 ​ 15,578 ​ 8,965 48,912 Income (loss) before income taxes ​ 22,622 ​ 26,340 ​ 73,630 ​ (8,300) 114,292 Income taxes ​ 6,013 ​ 6,150 ​ 17,205 ​ (2,130) 27,238 Net income (loss) ​ $ 16,609 ​ $ 20,190 ​ $ 56,425 ​ $ (6,170) $ 87,054 Total assets ​ $ 416,454 ​ $ 5,369,299 ​ $ 11,760,028 ​ $ 276,795 $ 17,822,576 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($)		3 Months Ended
	Jan. 26, 2024	Mar. 31, 2024
Restricted cash		$ 39,200,000
Credit linked notes
Notes issued		115,600,000
Farmers Merchants Bank Of Illinois Branches | Disposed by sale
Assets	$ 60,800,000
Net Gain		715,000
Extinguishment Of Goodwill		7,800,000
Extinguishment Of Intangibles	500,000
Liabilities	230,600,000
Farmers-Merchants Bank of Illinois branch locations in Paxton, Melvin, and Piper City, Illinois | Bank of Pontiac
Deposit premium		$ 10,100,000
Farmers-Merchants Bank of Illinois branch locations in Paxton, Melvin, and Piper City, Illinois | Disposed by sale | Bank of Pontiac
Deposits	164,800,000
Loans	19,200,000
Farmers-Merchants Bank of Illinois branch located in Joy, Illinois | Disposed by sale | CBI Bank & Trust
Deposits	65,100,000
Loans	$ 28,600,000

Investment Securities - Amortiz

Investment Securities - Amortized Cost to Approximate Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Available for sale securities:
Amortized Cost	$ 1,062,830	$ 1,116,954
Gross Unrealized Gains	15	50
Gross Unrealized Losses	1,557	3,317
Fair Value	1,061,288	1,113,687
Accrued interest on securities available for sale	5,100	6,700
Held to maturity securities:
Amortized Cost	1,175,167	1,204,217
Gross Unrealized Gains	2,385	973
Gross Unrealized Losses	1,374	1,655
Fair Value	1,176,178	1,203,535
Accrued interest on securities held to maturity	5,600	5,800
Treasury notes
Available for sale securities:
Amortized Cost	109,146	129,261
Gross Unrealized Gains	15	45
Gross Unrealized Losses	58	338
Fair Value	109,103	128,968
Federal agencies
Available for sale securities:
Amortized Cost	240,000	250,731
Gross Unrealized Losses	1,499	2,976
Fair Value	238,501	247,755
Mortgage-backed - Agency
Held to maturity securities:
Amortized Cost	11,976	12,016
Gross Unrealized Losses	868	822
Fair Value	11,108	11,194
Mortgage-backed - Government Agency ("Agency")
Available for sale securities:
Amortized Cost	13,044	14,465
Gross Unrealized Gains		5
Gross Unrealized Losses		3
Fair Value	13,044	14,467
Mortgage-backed - Agency - fair value option
Available for sale securities:
Amortized Cost	228,448	236,997
Fair Value	228,448	236,997
Mortgage-backed - Non-Agency multi-family
Held to maturity securities:
Amortized Cost	710,024	719,662
Gross Unrealized Losses	419	415
Fair Value	709,605	719,247
Mortgage-backed - Non-Agency residential
Available for sale securities:
Amortized Cost	472,192	485,500
Fair Value	472,192	485,500
Held to maturity securities:
Amortized Cost	453,167	472,539
Gross Unrealized Gains	2,385	973
Gross Unrealized Losses	87	418
Fair Value	$ 455,465	$ 473,094

Investment Securities - Contrac

Investment Securities - Contractual Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Available for Sale Securities, Amortized Cost
Within one year	$ 209,146	$ 308,474
After one through five years	140,000	71,518
Total, single maturity date	349,146	379,992
Total	1,062,830	1,116,954
Available for Sale Securities, Fair Value
Within one year	207,796	305,406
After one through five years	139,808	71,317
Total, single maturity date	347,604	376,723
Total	1,061,288	1,113,687
Held to Maturity Securities, Amortized Cost
Amortized Cost	1,175,167	1,204,217
Held to Maturity Securities, Fair Value
Fair Value	1,176,178	1,203,535
Mortgage-backed - Agency
Held to Maturity Securities, Amortized Cost
Amortized Cost	11,976	12,016
Held to Maturity Securities, Fair Value
Fair Value	11,108	11,194
Mortgage-backed - Government Agency ("Agency")
Available for Sale Securities, Amortized Cost
Without single maturity date	13,044	14,465
Total	13,044	14,465
Available for Sale Securities, Fair Value
Without single maturity date	13,044	14,467
Total	13,044	14,467
Mortgage-backed - Agency - fair value option
Available for Sale Securities, Amortized Cost
Without single maturity date	228,448	236,997
Total	228,448	236,997
Available for Sale Securities, Fair Value
Without single maturity date	228,448	236,997
Total	228,448	236,997
Mortgage-backed - Non-Agency multi-family
Held to Maturity Securities, Amortized Cost
Amortized Cost	710,024	719,662
Held to Maturity Securities, Fair Value
Fair Value	709,605	719,247
Mortgage-backed - Non-Agency residential
Available for Sale Securities, Amortized Cost
Without single maturity date	472,192	485,500
Total	472,192	485,500
Available for Sale Securities, Fair Value
Without single maturity date	472,192	485,500
Total	472,192	485,500
Held to Maturity Securities, Amortized Cost
Amortized Cost	453,167	472,539
Held to Maturity Securities, Fair Value
Fair Value	$ 455,465	$ 473,094

Investment Securities - Sale of

Investment Securities - Sale of securities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investment Securities
Proceeds from the sale of securities available for sale	$ 9,983,000	$ 0
Net gain on sale of securities available for sale	(108,000)
Losses on sale of securities available for sale	10,000
Gain on sale of securities available for sale	$ 118,000

Investment Securities - Continu

Investment Securities - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months	$ 142,900	$ 63,957
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, 12 Months or Longer	125,631	199,479
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total	268,531	263,436
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	193	196
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, 12 Months or Longer	1,364	3,121
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	1,557	3,317
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	3,092	3,052
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, 12 Months or Longer	26,938	32,080
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total	30,030	35,132
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Less than 12 Months	1	6
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, 12 Months or Longer	57	332
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	58	338
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	139,808	60,541
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, 12 Months or Longer	98,693	167,213
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total	238,501	227,754
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	192	189
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, 12 Months or Longer	1,307	2,787
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	$ 1,499	2,976
Mortgage-backed - Agency
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months		364
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, 12 Months or Longer		186
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total		550
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Less than 12 Months		1
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		$ 3

Mortgage Loans in Process of _2

Mortgage Loans in Process of Securitization (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Mortgage Loans in Process of Securitization
Positive (negative) fair market adjustment, mortgage loans in process of securitization	$ 0.7	$ 4

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, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Loans and Allowance for Credit Losses on Loans
Loans	$ 10,766,225	$ 10,199,553
ACL-Loans	75,712	71,752	$ 51,838	$ 44,014
Loans receivable	10,690,513	10,127,801
Accrued interest on loans, excluded from amortized cost of loans	60,200	60,400
Mortgage warehouse lines of credit
Loans and Allowance for Credit Losses on Loans
Loans	1,142,994	752,468
ACL-Loans	3,022	2,070	1,664	1,249
Residential real estate
Loans and Allowance for Credit Losses on Loans
Loans	1,321,300	1,324,305
ACL-Loans	6,905	7,323	7,378	7,029
Residential real estate | Home equity line of credit
Loans and Allowance for Credit Losses on Loans
Loans	1,200,000	1,200,000
Healthcare financing
Loans and Allowance for Credit Losses on Loans
Loans	2,464,685	2,356,689
ACL-Loans	24,587	22,454	11,753	9,882
Multi-family financing
Loans and Allowance for Credit Losses on Loans
Loans	4,096,606	4,006,160
ACL-Loans	28,664	26,874	19,851	16,781
Commercial and commercial real estate
Loans and Allowance for Credit Losses on Loans
Loans	1,666,751	1,643,081
ACL-Loans	11,990	12,243	10,482	8,326
Revolving lines of credit collateralized primarily by mortgage servicing rights	1,100,000	1,100,000
Commercial and commercial real estate | Non-owner occupied commercial real estate
Loans and Allowance for Credit Losses on Loans
Loans	$ 6,800	8,400
Commercial and commercial real estate | Non-owner occupied commercial real estate | Minimum
Loans and Allowance for Credit Losses on Loans
Percentage of loans to be forgiven	1
Agricultural production and real estate
Loans and Allowance for Credit Losses on Loans
Loans	$ 65,977	103,150
ACL-Loans	450	619	543	565
Consumer and margin loans
Loans and Allowance for Credit Losses on Loans
Loans	7,912	13,700
ACL-Loans	$ 94	$ 169	$ 167	$ 182

Loans and Allowance for Credi_4

Loans and Allowance for Credit Losses on Loans - Allowance For Credit-Loan Losses (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Allowance for credit losses
Balance, beginning of period	$ 71,752,000	$ 71,752,000	$ 44,014,000	$ 44,014,000
Provision for loan losses		4,900,000	7,800,000
FMBI's ACL for loans sold	(593,000)	(593,000)
Provision for credit losses		5,477,000	7,817,000	37,488,000
Loans charged to the allowance		(925,000)		(9,791,000)
Recoveries of loans previously charged-off		1,000	7,000	41,000
Balance, end of period		75,712,000	51,838,000	71,752,000
ACL Loans
Provision for credit losses		4,726,000	6,867,000
Provision for credit losses, ACL Loans		4,900,000	7,800,000
Provision for credit losses, ACL-OBCE's		(200,000)	(900,000)
Elimination of FMBI's ACL for loans sold	593,000	593,000
Mortgage warehouse lines of credit
Allowance for credit losses
Balance, beginning of period	2,070,000	2,070,000	1,249,000	1,249,000
Provision for credit losses		952,000	415,000	821,000
Balance, end of period		3,022,000	1,664,000	2,070,000
Residential real estate
Allowance for credit losses
Balance, beginning of period	7,323,000	7,323,000	7,029,000	7,029,000
FMBI's ACL for loans sold		(55,000)
Provision for credit losses		(363,000)	349,000	328,000
Loans charged to the allowance				(34,000)
Balance, end of period		6,905,000	7,378,000	7,323,000
ACL Loans
Elimination of FMBI's ACL for loans sold		55,000
Multi-family financing
Allowance for credit losses
Balance, beginning of period	26,874,000	26,874,000	16,781,000	16,781,000
FMBI's ACL for loans sold		(186,000)
Provision for credit losses		1,976,000	3,070,000	18,493,000
Loans charged to the allowance				(8,400,000)
Balance, end of period		28,664,000	19,851,000	26,874,000
ACL Loans
Elimination of FMBI's ACL for loans sold		186,000
Healthcare financing
Allowance for credit losses
Balance, beginning of period	22,454,000	22,454,000	9,882,000	9,882,000
FMBI's ACL for loans sold		(2,000)
Provision for credit losses		2,135,000	1,871,000	12,572,000
Balance, end of period		24,587,000	11,753,000	22,454,000
ACL Loans
Elimination of FMBI's ACL for loans sold		2,000
Commercial and commercial real estate
Allowance for credit losses
Balance, beginning of period	12,243,000	12,243,000	8,326,000	8,326,000
FMBI's ACL for loans sold		(92,000)
Provision for credit losses		763,000	2,149,000	5,232,000
Loans charged to the allowance		(925,000)		(1,356,000)
Recoveries of loans previously charged-off		1,000	7,000	41,000
Balance, end of period		11,990,000	10,482,000	12,243,000
ACL Loans
Elimination of FMBI's ACL for loans sold		92,000
Agricultural production and real estate
Allowance for credit losses
Balance, beginning of period	619,000	619,000	565,000	565,000
FMBI's ACL for loans sold		(246,000)
Provision for credit losses		77,000	(22,000)	54,000
Balance, end of period		450,000	543,000	619,000
ACL Loans
Elimination of FMBI's ACL for loans sold		246,000
Consumer and margin loans
Allowance for credit losses
Balance, beginning of period	$ 169,000	169,000	182,000	182,000
FMBI's ACL for loans sold		(12,000)
Provision for credit losses		(63,000)	(15,000)	(12,000)
Loans charged to the allowance				(1,000)
Balance, end of period		94,000	$ 167,000	$ 169,000
ACL Loans
Elimination of FMBI's ACL for loans sold		$ 12,000

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, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	$ 10,766,225	$ 10,199,553
ACL-Loans	75,712	71,752	$ 51,838	$ 44,014
Collateral Dependent Loans
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	123,355	128,627
ACL-Loans	8,022	7,964
Real Estate
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	118,070	122,334
Accounts Receivable Or Equipment
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	2,628	3,603
Other Collateralized Assets
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	2,657	2,690
Residential real estate
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	1,321,300	1,324,305
ACL-Loans	6,905	7,323	7,378	7,029
Residential real estate | Collateral Dependent Loans
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	1,272	1,560
ACL-Loans	8	21
Residential real estate | Real Estate
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	1,272	1,557
Residential real estate | Other Collateralized Assets
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis		3
Multi-family financing
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	4,096,606	4,006,160
ACL-Loans	28,664	26,874	19,851	16,781
Multi-family financing | Collateral Dependent Loans
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	53,200	46,575
ACL-Loans	581	521
Multi-family financing | Real Estate
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	53,200	46,575
Healthcare financing
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	2,464,685	2,356,689
ACL-Loans	24,587	22,454	11,753	9,882
Healthcare financing | Collateral Dependent Loans
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	63,283	73,909
ACL-Loans	5,652	6,289
Healthcare financing | Real Estate
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	63,283	73,909
Commercial and commercial real estate
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	1,666,751	1,643,081
ACL-Loans	11,990	12,243	10,482	8,326
Commercial and commercial real estate | Collateral Dependent Loans
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	5,453	6,433
ACL-Loans	1,780	1,132
Commercial and commercial real estate | Real Estate
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	168	146
Commercial and commercial real estate | Accounts Receivable Or Equipment
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	2,628	3,603
Commercial and commercial real estate | Other Collateralized Assets
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	2,657	2,684
Agricultural production and real estate
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	65,977	103,150
ACL-Loans	450	619	543	565
Agricultural production and real estate | Collateral Dependent Loans
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	147	147
ACL-Loans	1	1
Agricultural production and real estate | Real Estate
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	147	147
Consumer and margin loans
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis	7,912	13,700
ACL-Loans	$ 94	169	$ 167	$ 182
Consumer and margin loans | Collateral Dependent Loans
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis		3
Consumer and margin loans | Other Collateralized Assets
Loans and Allowance for Credit Losses on Loans
Amortized Cost Basis		$ 3

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, 2024	Dec. 31, 2023
Credit risk profile of portfolio
2023	$ 603,735	$ 2,115,132
2022	1,832,813	1,954,111
2021	1,868,867	454,876
2020	338,696	136,666
2019	59,163	74,113
Prior	112,293	58,347
Revolving Loans	5,950,658	5,406,308
Loans	10,766,225	10,199,553
Net Charge-Offs
2022		8,896
2021		274
2020	925	586
Prior		22
Revolving Loans		13
Net Charge-Offs	925	9,791
Pass
Credit risk profile of portfolio
2023	571,416	1,947,008
2022	1,677,746	1,902,347
2021	1,802,354	409,166
2020	293,914	135,601
2019	58,156	73,977
Prior	110,398	55,806
Revolving Loans	5,896,764	5,355,754
Loans	10,410,748	9,879,659
Special Mention
Credit risk profile of portfolio
2023	32,319	130,842
2022	117,800	12,709
2021	38,061	8,692
2020	8,689	187
2019	157	74
Prior	1,688	2,053
Revolving Loans	33,408	36,710
Loans	232,122	191,267
Substandard
Credit risk profile of portfolio
2023		37,282
2022	37,267	39,055
2021	28,452	37,018
2020	36,093	878
2019	850	62
Prior	207	438
Revolving Loans	20,486	13,844
Loans	123,355	128,577
Doubtful
Credit risk profile of portfolio
Prior		50
Loans		50
Mortgage warehouse lines of credit
Credit risk profile of portfolio
Revolving Loans	1,142,994	752,468
Loans	1,142,994	752,468
Mortgage warehouse lines of credit | Pass
Credit risk profile of portfolio
Revolving Loans	1,142,994	752,468
Loans	1,142,994	752,468
Residential real estate
Credit risk profile of portfolio
2023	1,780	31,011
2022	32,353	10,086
2021	9,793	6,573
2020	6,175	22,725
2019	21,315	3,357
Prior	7,618	10,120
Revolving Loans	1,242,266	1,240,433
Loans	1,321,300	1,324,305
Net Charge-Offs
Prior		21
Revolving Loans		13
Net Charge-Offs		34
Residential real estate | Pass
Credit risk profile of portfolio
2023	1,780	31,011
2022	32,353	10,086
2021	9,793	6,573
2020	6,175	22,725
2019	21,315	3,298
Prior	7,400	9,340
Revolving Loans	1,240,994	1,239,161
Loans	1,319,810	1,322,194
Residential real estate | Special Mention
Credit risk profile of portfolio
2019		59
Prior	218	492
Loans	218	551
Residential real estate | Substandard
Credit risk profile of portfolio
Prior		288
Revolving Loans	1,272	1,272
Loans	1,272	1,560
Multi-family financing
Credit risk profile of portfolio
2023	306,730	1,201,353
2022	1,065,586	793,997
2021	790,990	223,277
2020	129,287	77,340
2019	9,070	29,764
Prior	36,057	9,932
Revolving Loans	1,758,886	1,670,497
Loans	4,096,606	4,006,160
Net Charge-Offs
2022		8,400
Net Charge-Offs		8,400
Multi-family financing | Pass
Credit risk profile of portfolio
2023	298,730	1,094,698
2022	957,019	762,448
2021	734,071	208,343
2020	114,353	77,340
2019	9,070	29,764
Prior	34,587	8,455
Revolving Loans	1,731,470	1,646,445
Loans	3,879,300	3,827,493
Multi-family financing | Special Mention
Credit risk profile of portfolio
2023	8,000	94,973
2022	96,900	3,189
2021	28,559	8,400
2020	8,400
Prior	1,470	1,477
Revolving Loans	20,777	24,052
Loans	164,106	132,091
Multi-family financing | Substandard
Credit risk profile of portfolio
2023		11,682
2022	11,667	28,360
2021	28,360	6,534
2020	6,534
Revolving Loans	6,639
Loans	53,200	46,576
Healthcare financing
Credit risk profile of portfolio
2023	282,923	814,060
2022	672,888	1,016,418
2021	946,382	138,980
2020	127,598
2019		14,563
Prior	14,459
Revolving Loans	420,435	372,668
Loans	2,464,685	2,356,689
Healthcare financing | Pass
Credit risk profile of portfolio
2023	258,604	752,591
2022	626,388	996,273
2021	936,880	110,197
2020	98,815
2019		14,563
Prior	14,459
Revolving Loans	398,904	351,110
Loans	2,334,050	2,224,734
Healthcare financing | Special Mention
Credit risk profile of portfolio
2023	24,319	35,869
2022	20,900	9,520
2021	9,502
Revolving Loans	12,631	12,658
Loans	67,352	58,047
Healthcare financing | Substandard
Credit risk profile of portfolio
2023		25,600
2022	25,600	10,625
2021		28,783
2020	28,783
Revolving Loans	8,900	8,900
Loans	63,283	73,908
Commercial and commercial real estate
Credit risk profile of portfolio
2023	4,469	51,110
2022	54,002	119,456
2021	116,571	79,309
2020	72,889	22,204
2019	20,210	21,150
Prior	34,229	17,200
Revolving Loans	1,364,381	1,332,652
Loans	1,666,751	1,643,081
Net Charge-Offs
2022		496
2021		274
2020	925	586
Net Charge-Offs	925	1,356
Commercial and commercial real estate | Pass
Credit risk profile of portfolio
2023	4,469	51,110
2022	54,002	119,386
2021	116,479	77,316
2020	71,824	21,154
2019	19,203	21,088
Prior	34,169	17,066
Revolving Loans	1,360,706	1,328,980
Loans	1,660,852	1,636,100
Commercial and commercial real estate | Special Mention
Credit risk profile of portfolio
2021		292
2020	289	172
2019	157
Prior		84
Loans	446	548
Commercial and commercial real estate | Substandard
Credit risk profile of portfolio
2022		70
2021	92	1,701
2020	776	878
2019	850	62
Prior	60
Revolving Loans	3,675	3,672
Loans	5,453	6,383
Commercial and commercial real estate | Doubtful
Credit risk profile of portfolio
Prior		50
Loans		50
Agricultural production and real estate
Credit risk profile of portfolio
2023	7,833	16,850
2022	7,875	9,825
2021	5,103	6,490
2020	2,722	14,267
2019	8,566	5,237
Prior	15,662	16,753
Revolving Loans	18,216	33,728
Loans	65,977	103,150
Agricultural production and real estate | Pass
Credit risk profile of portfolio
2023	7,833	16,850
2022	7,875	9,825
2021	5,103	6,490
2020	2,722	14,267
2019	8,566	5,237
Prior	15,515	16,606
Revolving Loans	18,216	33,728
Loans	65,830	103,003
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		748
2022	109	4,329
2021	28	247
2020	25	130
2019	2	42
Prior	4,268	4,342
Revolving Loans	3,480	3,862
Loans	7,912	13,700
Net Charge-Offs
Prior		1
Net Charge-Offs		1
Consumer and margin loans | Pass
Credit risk profile of portfolio
2023		748
2022	109	4,329
2021	28	247
2020	25	115
2019	2	27
Prior	4,268	4,339
Revolving Loans	3,480	3,862
Loans	$ 7,912	13,667
Consumer and margin loans | Special Mention
Credit risk profile of portfolio
2020		15
2019		15
Loans		30
Consumer and margin loans | Substandard
Credit risk profile of portfolio
Prior		3
Loans		$ 3

Loans and Allowance for Credi_7

Loans and Allowance for Credit Losses on Loans - Aging Analysis Of The Recorded Investment In Loans (Details) $ in Thousands	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($)
Aging analysis of loan portfolio
Loans	$ 10,766,225	$ 10,199,553
Number of delinquent loans classified as held for sale | loan	2
Loan as held for sale	$ 30,200
Total Past Due
Aging analysis of loan portfolio
Loans	188,742	183,529
30-59 Days Past Due
Aging analysis of loan portfolio
Loans	31,424	42,975
60-89 Days Past Due
Aging analysis of loan portfolio
Loans	26,292	58,737
Greater Than 90 Days
Aging analysis of loan portfolio
Loans	131,026	81,817
Current.
Aging analysis of loan portfolio
Loans	10,577,483	10,016,024
Mortgage warehouse lines of credit
Aging analysis of loan portfolio
Loans	1,142,994	752,468
Mortgage warehouse lines of credit | Current.
Aging analysis of loan portfolio
Loans	1,142,994	752,468
Residential real estate
Aging analysis of loan portfolio
Loans	1,321,300	1,324,305
Residential real estate | Total Past Due
Aging analysis of loan portfolio
Loans	5,488	6,936
Residential real estate | 30-59 Days Past Due
Aging analysis of loan portfolio
Loans	4,588	4,557
Residential real estate | 60-89 Days Past Due
Aging analysis of loan portfolio
Loans	682
Residential real estate | Greater Than 90 Days
Aging analysis of loan portfolio
Loans	218	2,379
Residential real estate | Current.
Aging analysis of loan portfolio
Loans	1,315,812	1,317,369
Healthcare financing
Aging analysis of loan portfolio
Loans	2,464,685	2,356,689
Healthcare financing | Total Past Due
Aging analysis of loan portfolio
Loans	74,333	83,274
Healthcare financing | 60-89 Days Past Due
Aging analysis of loan portfolio
Loans	25,600	47,275
Healthcare financing | Greater Than 90 Days
Aging analysis of loan portfolio
Loans	48,733	35,999
Healthcare financing | Current.
Aging analysis of loan portfolio
Loans	2,390,352	2,273,415
Multi-family financing
Aging analysis of loan portfolio
Loans	4,096,606	4,006,160
Multi-family financing | Total Past Due
Aging analysis of loan portfolio
Loans	103,780	88,882
Multi-family financing | 30-59 Days Past Due
Aging analysis of loan portfolio
Loans	24,870	38,218
Multi-family financing | 60-89 Days Past Due
Aging analysis of loan portfolio
Loans		11,055
Multi-family financing | Greater Than 90 Days
Aging analysis of loan portfolio
Loans	78,910	39,609
Multi-family financing | Current.
Aging analysis of loan portfolio
Loans	3,992,826	3,917,278
Commercial and commercial real estate
Aging analysis of loan portfolio
Loans	1,666,751	1,643,081
Commercial and commercial real estate | Total Past Due
Aging analysis of loan portfolio
Loans	4,928	4,230
Commercial and commercial real estate | 30-59 Days Past Due
Aging analysis of loan portfolio
Loans	1,922	172
Commercial and commercial real estate | 60-89 Days Past Due
Aging analysis of loan portfolio
Loans		393
Commercial and commercial real estate | Greater Than 90 Days
Aging analysis of loan portfolio
Loans	3,006	3,665
Commercial and commercial real estate | Current.
Aging analysis of loan portfolio
Loans	1,661,823	1,638,851
Agricultural production and real estate
Aging analysis of loan portfolio
Loans	65,977	103,150
Agricultural production and real estate | Total Past Due
Aging analysis of loan portfolio
Loans	213	185
Agricultural production and real estate | 30-59 Days Past Due
Aging analysis of loan portfolio
Loans	44	27
Agricultural production and real estate | 60-89 Days Past Due
Aging analysis of loan portfolio
Loans	10	11
Agricultural production and real estate | Greater Than 90 Days
Aging analysis of loan portfolio
Loans	159	147
Agricultural production and real estate | Current.
Aging analysis of loan portfolio
Loans	65,764	102,965
Consumer and margin loans
Aging analysis of loan portfolio
Loans	7,912	13,700
Consumer and margin loans | Total Past Due
Aging analysis of loan portfolio
Loans		22
Consumer and margin loans | 30-59 Days Past Due
Aging analysis of loan portfolio
Loans		1
Consumer and margin loans | 60-89 Days Past Due
Aging analysis of loan portfolio
Loans		3
Consumer and margin loans | Greater Than 90 Days
Aging analysis of loan portfolio
Loans		18
Consumer and margin loans | Current.
Aging analysis of loan portfolio
Loans	$ 7,912	$ 13,678

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, 2024	Dec. 31, 2023
Loan portfolio past due loans
Nonaccrual	$ 78,804	$ 73,847
Total Loans Greater than 90 Days & Accruing	52,982	8,168
Residential real estate
Loan portfolio past due loans
Nonaccrual	760	1,486
Total Loans Greater than 90 Days & Accruing	218	894
Multi-family financing
Loan portfolio past due loans
Nonaccrual	46,248	39,608
Total Loans Greater than 90 Days & Accruing	32,662
Healthcare financing
Loan portfolio past due loans
Nonaccrual	28,783	28,783
Total Loans Greater than 90 Days & Accruing	19,950	7,216
Commercial and commercial real estate
Loan portfolio past due loans
Nonaccrual	2,866	3,820
Total Loans Greater than 90 Days & Accruing	140	43
Agricultural production and real estate
Loan portfolio past due loans
Nonaccrual	147	147
Total Loans Greater than 90 Days & Accruing	$ 12
Consumer and margin loans
Loan portfolio past due loans
Nonaccrual		3
Total Loans Greater than 90 Days & Accruing		$ 15

Loans and Allowance for Credi_9

Loans and Allowance for Credit Losses on Loans - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) loan	Mar. 31, 2023 USD ($)	Dec. 31, 2023 loan
Loans and Allowance for Credit Losses on Loans
Number of loans modified for borrowers	0
Purchase of loans | $	$ 27,727	$ 98,791
Residential real estate
Loans and Allowance for Credit Losses on Loans
Number of loans in the process of foreclosure	0		0

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entities
Liabilities for VIEs	$ 16,046,108	$ 15,251,432
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entities
Investments in VIEs	130,672	151,962
Bridge loans to VIEs	442,195	318,823
Securities for VIEs	1,163,191	1,192,201
Maximum Exposure to Loss	1,736,058	1,662,986
Liabilities for VIEs	34,923	37,851
Low-income housing tax credit investments | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entities
Investments in VIEs	96,675	118,741
Bridge loans to VIEs	136,197	232,407
Maximum Exposure to Loss	232,872	351,148
Liabilities for VIEs	32,171	35,099
Debt funds | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entities
Investments in VIEs	33,997	33,221
Bridge loans to VIEs	305,998	86,416
Maximum Exposure to Loss	339,995	119,637
Liabilities for VIEs	2,752	2,752
Off-balance-sheet REMIC trusts | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entities
Securities for VIEs	1,163,191	1,192,201
Maximum Exposure to Loss	$ 1,163,191	$ 1,192,201

Regulatory Matters (Details)

Regulatory Matters (Details) $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Company
Total Capital (to risk-weighted assets)
Total Capital (to risk-weighted assets), Actual, Amount	$ 1,858,348	$ 1,772,195
Total Capital (to risk weighted assets), Actual, Ratio (as a percent)	0.117	0.116
Total Capital (to risk weighted assets), Minimum Amount to be Well Capitalized with Basel III Buffer, Amount	$ 1,662,302	$ 1,598,260
Total Capital (to risk weighted assets), Minimum Amount to be Well Capitalized with Basel III Buffer, Ratio (as a percent)	0.105	0.105
Tier I Capital (to risk-weighted assets)
Tier I Capital, (to risk-weighted assets), Actual, Amount	$ 1,768,553	$ 1,686,202
Tier I Capital (to risk weighted assets), Actual, Ratio (as a percent)	0.112	0.111
Tier I Capital (to risk weighted assets), Minimum Amount to be Well Capitalized with Basel III Buffer, Amount	$ 1,345,673	$ 1,293,830
Tier I Capital (to risk weighted assets), Minimum Amount to be Well Capitalized with Basel III Buffer, Ratio (as a percent)	0.085	0.085
Common Equity Tier I Capital (to risk-weighted assets)
Common Equity Tier I Capital (to risk weighted assets), Actual, Amount	$ 1,268,945	$ 1,186,594
Common Equity Tier I Capital (to risk weighted assets), Ratio (as a percent)	0.080	0.078
Common Equity Tier I Capital (to risk weighted assets), Minimum Amount to be Well Capitalized with Basel III Buffer, Amount	$ 1,108,202	$ 1,065,507
Common Equity Tier I Capital (to risk weighted assets, Minimum Amount Required to be Well Capitalized with Basel III Buffer, Ratio (as a percent)	0.070	0.070
Tier 1 Capital (to average assets)
Tier 1 Capital (to average assets), Actual, Amount	$ 1,768,553	$ 1,686,202
Tier 1 Capital (to average assets), Actual, Ratio (as a percent)	0.105	0.101
Tier 1 Capital (to average assets), Minimum Amount Required to be Well Capitalized with Basel III Buffer, Amount	$ 839,199	$ 832,706
Tier 1 Capital (to average assets), Minimum Amount Required to be Well Capitalized with Basel III Buffer, Ratio (as a percent)	0.050	0.050
Merchants Bank
Total Capital (to risk-weighted assets)
Total Capital (to risk-weighted assets), Actual, Amount	$ 1,801,020	$ 1,724,505
Total Capital (to risk weighted assets), Actual, Ratio (as a percent)	0.114	0.115
Total Capital (to risk weighted assets), Minimum Amount to be Well Capitalized with Basel III Buffer, Amount	$ 1,660,561	$ 1,577,434
Total Capital (to risk weighted assets), Minimum Amount to be Well Capitalized with Basel III Buffer, Ratio (as a percent)	0.105	0.105
Total Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Amount	$ 1,581,487	$ 1,502,318
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, Amount	$ 1,711,225	$ 1,639,171
Tier I Capital (to risk weighted assets), Actual, Ratio (as a percent)	0.108	0.109
Tier I Capital (to risk weighted assets), Minimum Amount to be Well Capitalized with Basel III Buffer, Amount	$ 1,344,264	$ 1,276,970
Tier I Capital (to risk weighted assets), Minimum Amount to be Well Capitalized with Basel III Buffer, Ratio (as a percent)	0.085	0.085
Tier I Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Amount	$ 1,265,189	$ 1,201,854
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 (to risk-weighted assets)
Common Equity Tier I Capital (to risk weighted assets), Actual, Amount	$ 1,711,225	$ 1,639,171
Common Equity Tier I Capital (to risk weighted assets), Ratio (as a percent)	0.108	0.109
Common Equity Tier I Capital (to risk weighted assets), Minimum Amount to be Well Capitalized with Basel III Buffer, Amount	$ 1,107,041	$ 1,051,623
Common Equity Tier I Capital (to risk weighted assets, Minimum Amount Required to be Well Capitalized with Basel III Buffer, Ratio (as a percent)	0.070	0.070
Common Equity Tier I Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Amount	$ 1,027,966	$ 976,507
Common Equity Tier I Capital (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 (to average assets), Actual, Amount	$ 1,711,225	$ 1,639,171
Tier 1 Capital (to average assets), Actual, Ratio (as a percent)	0.102	0.101
Tier 1 Capital (to average assets), Minimum Amount Required to be Well Capitalized with Basel III Buffer, Amount	$ 837,560	$ 815,191
Tier 1 Capital (to average assets), Minimum Amount Required to be Well Capitalized with Basel III Buffer, Ratio (as a percent)	0.050	0.050
Tier 1 Capital (to average assets), Minimum Amount To Be Well Capitalized, Amount	$ 837,560	$ 815,191
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, Amount		$ 40,613
Total Capital (to risk weighted assets), Actual, Ratio (as a percent)		0.211
Total Capital (to risk weighted assets), Minimum Amount to be Well Capitalized with Basel III Buffer, Amount		$ 20,209
Total Capital (to risk weighted assets), Minimum Amount to be Well Capitalized with Basel III Buffer, Ratio (as a percent)		0.105
Total Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Amount		$ 19,247
Total Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent)		0.100
Tier I Capital (to risk-weighted assets)
Tier I Capital, (to risk-weighted assets), Actual, Amount		$ 39,953
Tier I Capital (to risk weighted assets), Actual, Ratio (as a percent)		0.208
Tier I Capital (to risk weighted assets), Minimum Amount to be Well Capitalized with Basel III Buffer, Amount		$ 16,360
Tier I Capital (to risk weighted assets), Minimum Amount to be Well Capitalized with Basel III Buffer, Ratio (as a percent)		0.085
Tier I Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Amount		$ 15,398
Tier I Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent)		0.080
Common Equity Tier I Capital (to risk-weighted assets)
Common Equity Tier I Capital (to risk weighted assets), Actual, Amount		$ 39,953
Common Equity Tier I Capital (to risk weighted assets), Ratio (as a percent)		0.208
Common Equity Tier I Capital (to risk weighted assets), Minimum Amount to be Well Capitalized with Basel III Buffer, Amount		$ 13,473
Common Equity Tier I Capital (to risk weighted assets, Minimum Amount Required to be Well Capitalized with Basel III Buffer, Ratio (as a percent)		0.070
Common Equity Tier I Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Amount		$ 12,511
Common Equity Tier I Capital (to risk weighted assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent)		0.065
Tier 1 Capital (to average assets)
Tier 1 Capital (to average assets), Actual, Amount		$ 39,953
Tier 1 Capital (to average assets), Actual, Ratio (as a percent)		0.115
Tier 1 Capital (to average assets), Minimum Amount Required to be Well Capitalized with Basel III Buffer, Amount		$ 17,391
Tier 1 Capital (to average assets), Minimum Amount Required to be Well Capitalized with Basel III Buffer, Ratio (as a percent)		0.050
Tier 1 Capital (to average assets), Minimum Amount To Be Well Capitalized, Amount		$ 17,391
Tier 1 Capital (to average assets), Minimum Amount To Be Well Capitalized, Ratio (as a percent)		0.050

Derivative Financial Instrume_3

Derivative Financial Instruments (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2024 USD ($) customer	Mar. 31, 2024 USD ($) customer	Mar. 31, 2023 USD ($)	Mar. 27, 2024 USD ($)	Dec. 31, 2023 USD ($)
Derivative Financial Instruments
Number of warehouse loan customers | customer	2	2
Derivative assets, fair value				$ 0
The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income
Net swap gains (losses)		$ 9,947
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Noninterest Income, Other	Noninterest Income, Other
Pledged in collateral	$ 0	$ 0			$ 0
Derivative assets
Derivative Financial Instruments
Derivative assets, fair value	46,568	46,568			35,207
Derivative liabilities
Derivative Financial Instruments
Derivative liabilities, fair value	132	132			395
Derivative
The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income
Net swap gains (losses)		$ 1,485	$ (1,223)
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
Interest rate lock commitments
Derivative Financial Instruments
Notional amount	31,888	$ 31,888			16,526
The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income
Net swap gains (losses)		16	$ 209
Interest rate lock commitments | Derivative assets
Derivative Financial Instruments
Derivative assets, fair value	174	174			140
Interest rate lock commitments | Derivative liabilities
Derivative Financial Instruments
Derivative liabilities, fair value	22	22			4
Forward contracts
Derivative Financial Instruments
Notional amount	33,375	33,375			25,500
The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income
Net swap gains (losses)		94	(96)
Forward contracts | Derivative assets
Derivative Financial Instruments
Derivative assets, fair value	9	9			4
Forward contracts | Derivative liabilities
Derivative Financial Instruments
Derivative liabilities, fair value	110	110			391
Interest rate swaps
Derivative Financial Instruments
Notional amount	57,531	57,531			57,540
The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income
Net swap gains (losses)		1,375	(1,336)
Interest rate swaps | Derivative assets
Derivative Financial Instruments
Derivative assets, fair value	3,985	3,985			2,610
Interest rate swaps (back-to-back)
Derivative Financial Instruments
Notional amount	657,572	657,572			607,169
The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income
Gross swap gains		2,833	580
Gross swap losses		2,833	$ 580
Interest rate swaps (back-to-back) | Derivative assets
Derivative Financial Instruments
Derivative assets, fair value	15,259	15,259			12,426
Interest rate swaps (back-to-back) | Derivative liabilities
Derivative Financial Instruments
Derivative liabilities, fair value	15,259	15,259			12,426
Put Option
Derivative Financial Instruments
Notional amount	734,130	734,130			748,374
The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income
Net swap gains (losses)		7,613
Put Option | Derivative assets
Derivative Financial Instruments
Derivative assets, fair value	33,490	33,490			25,877
Interest Rate Floor
Derivative Financial Instruments
Notional amount	1,229,918	1,229,918			748,374
The periodic changes in the fair value of the derivative financial instruments on the condensed consolidated statements of income
Net swap gains (losses)		2,334
Interest Rate Floor | Derivative assets
Derivative Financial Instruments
Derivative assets, fair value	8,910	8,910			$ 6,576
Credit derivatives
Derivative Financial Instruments
Notional amount	76,092	$ 76,092
Credit Default Swap | Multifamily mortgage loans
Derivative Financial Instruments
Aggregate collateral obligation	$ 76,100

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, 2024	Mar. 27, 2024	Dec. 31, 2023
Disclosures about Fair Value of Assets and Liabilities
Mortgage loans in process of securitization	$ 142,629		$ 110,599
Securities available for sale ($700,640 and $722,497 utilizing fair value option, respectively)	1,061,288		1,113,687
Loans held for sale	84,513		86,663
Servicing rights	172,200		158,457
Derivative assets		$ 0
Recurring
Disclosures about Fair Value of Assets and Liabilities
Mortgage loans in process of securitization	142,629		110,599
Loans held for sale	84,513		86,663
Servicing rights	172,200		158,457
Recurring | Interest rate lock commitments
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	174		140
Derivative liabilities	22		4
Recurring | Forward contracts
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	9		4
Derivative liabilities	110		391
Recurring | Interest rate swaps
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	3,985		2,610
Recurring | Interest rate swaps (back-to-back)
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	15,259		12,426
Derivative liabilities	15,259		12,426
Recurring | Put Option
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	33,490		25,877
Recurring | Interest Rate Floor
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	8,910		6,576
Level 2 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Mortgage loans in process of securitization	142,629		110,599
Loans held for sale	84,513		86,663
Level 2 | Recurring | Forward contracts
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	9		4
Derivative liabilities	110		391
Level 2 | Recurring | Interest rate swaps
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	3,985		2,610
Level 2 | Recurring | Interest rate swaps (back-to-back)
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	15,259		12,426
Derivative liabilities	15,259		12,426
Level 2 | Recurring | Put Option
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	10,514		7,223
Level 3 | Interest rate lock commitments
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	174		140
Derivative liabilities	22		4
Level 3 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Servicing rights	172,200		158,457
Level 3 | Recurring | Interest rate lock commitments
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	174		140
Derivative liabilities	22		4
Level 3 | Recurring | Put Option
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	22,976		18,654
Level 3 | Recurring | Interest Rate Floor
Disclosures about Fair Value of Assets and Liabilities
Derivative assets	8,910		6,576
Treasury notes
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale ($700,640 and $722,497 utilizing fair value option, respectively)	109,103		128,968
Treasury notes | Recurring
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale ($700,640 and $722,497 utilizing fair value option, respectively)	109,103		128,968
Treasury notes | Level 1 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale ($700,640 and $722,497 utilizing fair value option, respectively)	109,103		128,968
Federal agencies
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale ($700,640 and $722,497 utilizing fair value option, respectively)	238,501		247,755
Federal agencies | Recurring
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale ($700,640 and $722,497 utilizing fair value option, respectively)	238,501		247,755
Federal agencies | Level 2 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale ($700,640 and $722,497 utilizing fair value option, respectively)	238,501		247,755
Mortgage-backed - Government Agency ("Agency")
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale ($700,640 and $722,497 utilizing fair value option, respectively)	13,044		14,467
Mortgage-backed - Government Agency ("Agency") | Recurring
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale ($700,640 and $722,497 utilizing fair value option, respectively)	13,044		14,467
Mortgage-backed - Government Agency ("Agency") | Level 2 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale ($700,640 and $722,497 utilizing fair value option, respectively)	13,044		14,467
Mortgage-backed - Non-Agency residential
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale ($700,640 and $722,497 utilizing fair value option, respectively)	472,192		485,500
Mortgage-backed - Non-Agency residential | Recurring
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale ($700,640 and $722,497 utilizing fair value option, respectively)	472,192		485,500
Mortgage-backed - Non-Agency residential | Level 3 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale ($700,640 and $722,497 utilizing fair value option, respectively)	472,192		485,500
Mortgage-backed - Agency - fair value option
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale ($700,640 and $722,497 utilizing fair value option, respectively)	228,448		236,997
Mortgage-backed - Agency - fair value option | Recurring
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale ($700,640 and $722,497 utilizing fair value option, respectively)	228,448		236,997
Mortgage-backed - Agency - fair value option | Level 2 | Recurring
Disclosures about Fair Value of Assets and Liabilities
Securities available for sale ($700,640 and $722,497 utilizing fair value option, respectively)	$ 228,448		$ 236,997

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, 2024	Mar. 31, 2023
Put Option
Reconciliation of significant unobservable inputs, assets:
Balance, beginning of period	$ 18,654
Subtractions
Changes in fair value	$ 4,322
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Noninterest Expense, Noninterest Income.
Balance, end of period	$ 22,976
Interest Rate Floor
Reconciliation of significant unobservable inputs, assets:
Balance, beginning of period	6,576
Subtractions
Changes in fair value	2,334
Balance, end of period	8,910
Derivative Liabilities - interest rate lock commitments | Interest rate lock commitments
Reconciliation of significant unobservable inputs, liabilities:
Balance, beginning of period	4	$ 23
Change in fair value	$ 18	$ (19)
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Noninterest Expense, Noninterest Income.	Noninterest Expense, Noninterest Income.
Balance, end of period	$ 22	$ 4
Servicing rights.
Reconciliation of significant unobservable inputs, assets:
Balance, beginning of period	158,457	146,248
Additions
Originated servicing	2,166	2,173
Subtractions
Paydowns	(2,387)	(1,698)
Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model	13,964	(2,856)
Balance, end of period	172,200	143,867
Available for sale securities
Reconciliation of significant unobservable inputs, assets:
Balance, beginning of period	485,500
Subtractions
Paydowns	(8,986)
Changes in fair value	(4,322)
Balance, end of period	472,192
Derivative Assets - interest rate lock commitments | Interest rate lock commitments
Reconciliation of significant unobservable inputs, assets:
Balance, beginning of period	140	28
Subtractions
Gains (losses) included in other noninterest income	$ (34)	$ (190)
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Noninterest Expense, Noninterest Income.	Noninterest Expense, Noninterest Income.
Balance, end of period	$ 174	$ 218

Disclosures about Fair Value _5

Disclosures about Fair Value of Assets and Liabilities - Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Disclosures about Fair Value of Assets and Liabilities
Collateral-dependent loans	$ 420	$ 47,026
Level 3
Disclosures about Fair Value of Assets and Liabilities
Collateral-dependent loans	$ 420	$ 47,026

Disclosures about Fair Value _6

Disclosures about Fair Value of Assets and Liabilities - Quantitative Information about Unobservable Inputs (Details) $ in Thousands	Mar. 31, 2024 USD ($)	Mar. 27, 2024 USD ($)	Dec. 31, 2023 USD ($)
Quantitative information about unobservable inputs
Servicing rights	$ 172,200		$ 158,457
Derivative assets		$ 0
Level 3 | Servicing rights | Loans funded through PPP, CARES Act
Quantitative information about unobservable inputs
Servicing rights	$ 4,988		$ 5,280
Level 3 | Servicing rights | Loans funded through PPP, CARES Act | Discount Rate
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.16		0.16
Level 3 | Servicing rights | Loans funded through PPP, CARES Act | Discount Rate | Weighted average
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.16		0.16
Level 3 | Servicing rights | Loans funded through PPP, CARES Act | Constant Prepayment Rate | Minimum
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.03		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	0.14		0.14
Level 3 | Servicing rights | Loans funded through PPP, CARES Act | Constant Prepayment Rate | Weighted average
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.09		0.09
Level 3 | Servicing rights | Single Family
Quantitative information about unobservable inputs
Servicing rights	$ 31,898		$ 30,959
Level 3 | Servicing rights | Single Family | Discount Rate | Minimum
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.10		0.10
Level 3 | Servicing rights | Single Family | Discount Rate | Maximum
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.11		0.11
Level 3 | Servicing rights | Single Family | Discount Rate | Weighted average
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.10		0.10
Level 3 | Servicing rights | Single Family | Constant Prepayment Rate | Minimum
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.06		0.06
Level 3 | Servicing rights | Single Family | Constant Prepayment Rate | Maximum
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.15		0.16
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	$ 135,314		$ 122,218
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	0.73		0.50
Level 3 | Servicing rights | Multi-family | Constant Prepayment Rate | Weighted average
Quantitative information about unobservable inputs
Servicing asset, measurement input	0.07		0.07
Level 3 | Collateral-dependent impaired loans
Quantitative information about unobservable inputs
Collateral-dependent loans	$ 420		$ 47,026
Level 3 | Collateral-dependent impaired loans | Minimum
Quantitative information about unobservable inputs
Marketability discount (as a percent)	0.24		0
Level 3 | Collateral-dependent impaired loans | Maximum
Quantitative information about unobservable inputs
Marketability discount (as a percent)	0.27		1
Level 3 | Collateral-dependent impaired loans | Weighted average
Quantitative information about unobservable inputs
Marketability discount (as a percent)	0.26		0.02
Level 3 | Available for sale securities | Measurement Input, Credit Spread
Quantitative information about unobservable inputs
Mortgage-backed - Non-agency residential- fair value option	$ 472,192		$ 485,500
Mortgage-backed - Non-agency residential- fair value option (as a percent)	0.02		0.02
Level 3 | Available for sale securities | Measurement Input, Credit Spread | Weighted average
Quantitative information about unobservable inputs
Mortgage-backed - Non-agency residential- fair value option (as a percent)	0.02		0.02
Level 3 | Interest rate lock commitments
Quantitative information about unobservable inputs
Derivative assets	$ 174		$ 140
Derivative liabilities	$ 22		$ 4
Level 3 | Interest rate lock commitments | Measurement Input, Maturity | Minimum
Quantitative information about unobservable inputs
Derivative assets, (as a percent)	0.50		0.45
Derivative liabilities (as a percent)	0.50		0.45
Level 3 | Interest rate lock commitments | Measurement Input, Maturity | Maximum
Quantitative information about unobservable inputs
Derivative assets, (as a percent)	0.99		0.99
Derivative liabilities (as a percent)	0.99		0.99
Level 3 | Interest rate lock commitments | Measurement Input, Maturity | Weighted average
Quantitative information about unobservable inputs
Derivative assets, (as a percent)	0.82		0.78
Derivative liabilities (as a percent)	0.82		0.78
Level 3 | Put Option | Measurement Input, Credit Spread
Quantitative information about unobservable inputs
Derivative assets	$ 22,976		$ 18,654
Derivative assets, (as a percent)	0.02		0.02
Level 3 | Put Option | Measurement Input, Credit Spread | Weighted average
Quantitative information about unobservable inputs
Derivative assets, (as a percent)	0.02		0.02
Level 3 | Interest Rate Floor | Discount Rate
Quantitative information about unobservable inputs
Derivative assets	$ 8,910		$ 6,576
Level 3 | Interest Rate Floor | Discount Rate | Minimum
Quantitative information about unobservable inputs
Derivative assets, (as a percent)	0.06		0.06
Level 3 | Interest Rate Floor | Discount Rate | Maximum
Quantitative information about unobservable inputs
Derivative assets, (as a percent)	0.08		0.07
Level 3 | Interest Rate Floor | Discount Rate | Weighted average
Quantitative information about unobservable inputs
Derivative assets, (as a percent)	0.07		0.07

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, 2024	Dec. 31, 2023
Financial assets:
Securities held to maturity	$ 1,176,178	$ 1,203,535
Loans held for sale	84,513	86,663
Carrying value per balance sheet
Financial assets:
Cash and cash equivalents	508,755	584,422
Securities purchased under agreements to resell	3,329	3,349
Securities held to maturity	1,175,167	1,204,217
FHLB stock	64,215	48,578
Loans held for sale	3,418,618	3,058,093
Loans receivable, net	10,690,513	10,127,801
Interest receivable	90,303	91,346
Financial liabilities:
Deposits	13,975,661	14,061,460
Short-term subordinated debt	64,922	64,922
FHLB advances	1,426,299	771,392
Other borrowing	232,934	7,934
Credit linked notes	111,830	119,879
Interest payable	51,790	43,423
Estimated fair value
Financial assets:
Cash and cash equivalents	508,755	584,422
Securities purchased under agreements to resell	3,329	3,349
Securities held to maturity	1,176,178	1,203,535
FHLB stock	64,215	48,578
Loans held for sale	3,418,618	3,058,093
Loans receivable, net	10,646,477	10,088,468
Interest receivable	90,303	91,346
Financial liabilities:
Deposits	13,973,624	14,062,457
Short-term subordinated debt	64,922	64,922
FHLB advances	1,425,888	771,029
Other borrowing	232,934	7,934
Credit linked notes	111,828	119,878
Interest payable	51,790	43,423
Level 1 | Estimated fair value
Financial assets:
Cash and cash equivalents	508,755	584,422
Financial liabilities:
Deposits	8,018,126	8,894,058
Level 2 | Estimated fair value
Financial assets:
Securities purchased under agreements to resell	3,329	3,349
Securities held to maturity	466,573	484,288
FHLB stock	64,215	48,578
Loans held for sale	3,418,618	3,058,093
Interest receivable	90,303	91,346
Financial liabilities:
Deposits	5,955,498	5,168,399
Short-term subordinated debt	64,922	64,922
FHLB advances	1,425,888	771,029
Other borrowing	232,934	7,934
Credit linked notes	111,828	119,878
Interest payable	51,790	43,423
Level 3 | Estimated fair value
Financial assets:
Securities held to maturity	709,605	719,247
Loans receivable, net	$ 10,646,477	$ 10,088,468

Leases - Other (Details)

Leases - Other (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases
Operating lease right-of-use assets	$ 8,211	$ 10,060
Operating lease liabilities	$ 9,386	$ 11,251
Maximum
Leases
Lease period	7 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
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Leases.
Operating lease right-of-of use asset (in other assets)	$ 8,211		$ 10,060
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)	$ 9,386		$ 11,251
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities.		Other Liabilities.
Weighted average remaining lease term (years)	4 years 9 months 18 days		6 years
Weighted average discount rate	3.19%		2.89%
Maturities of lease liabilities:
One year or less	$ 2,359		$ 2,441
Year two	2,073		2,064
Year three	1,951		2,100
Year four	1,805		2,046
Year five	1,123		1,438
Thereafter	824		2,128
Total future minimum lease payments	10,135		12,217
Less: imputed interest	749		966
Total	9,386		$ 11,251
Components of lease expense:
Operating lease cost (in occupancy and equipment expense)	604	$ 583
Operating cash flows from operating leases	$ 594	$ 426

Deposits - Components (Details)

Deposits - Components (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Noninterest-bearing deposits
Total noninterest-bearing deposits	$ 319,872	$ 520,070
Interest-bearing deposits
Demand deposits	4,680,405	5,381,067
Savings deposits	3,017,849	2,992,921
Certificates of deposit	5,957,535	5,167,402
Total interest-bearing deposits	13,655,789	13,541,390
Total deposits	$ 13,975,661	$ 14,061,460

Deposits - Maturities of deposi

Deposits - Maturities of deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Deposits
Due within one year	$ 5,865,446
Due in one year to two years	76,281
Due in two years to three years	15,808
Total time deposits	$ 5,957,535	$ 5,167,402

Deposits - Brokered deposits (D

Deposits - Brokered deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Deposits
Brokered certificates of deposit	$ 5,351,397	$ 4,465,825
Brokered savings deposits	1,338	589
Brokered deposit on demand accounts	400,159	1,504,230
Total brokered deposits	$ 5,752,894	$ 5,970,644

Borrowings - Components (Detail

Borrowings - Components (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Borrowings
Other borrowings	$ 7,934	$ 7,934
Borrowings	1,835,985	964,127
Federal Reserve discount window borrowings
Borrowings
Borrowings	50,000
Short-term subordinated debt
Borrowings
Borrowings	64,922	64,922
FHLB advances
Borrowings
Borrowings	1,426,299	771,392
American Financial Exchange borrowing
Borrowings
Borrowings	175,000
Credit linked notes, net of debt discount
Borrowings
Borrowings	$ 111,830	$ 119,879

Borrowings - Other (Details)

Borrowings - Other (Details) - FHLB Advances - USD ($) $ in Millions		3 Months Ended
	Mar. 22, 2024	Mar. 31, 2024
Borrowings
Outstanding balance		$ 500
Basis spread on variable rate (as a percent)		0.10%
FHLB advances interest rate		5.43%
FHLB has an option to cancel the agreement	60 days
Number of days prior notice required for cancellation of debt agreement.	1 day

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Income
Net Income	$ 87,054	$ 54,955
Dividends on preferred stock	(8,667)	(8,667)
Net income allocated to common shareholders	$ 78,387	$ 46,288
Weighted-Average Shares
Weighted average shares - Basic	43,305,985	43,179,604
Effect of dilutive securities-restricted stock awards	160,662	111,175
Weighted average shares - diluted	43,466,647	43,290,779
Per Share Amount
Basic earnings per share	$ 1.81	$ 1.07
Diluted earnings per share	$ 1.80	$ 1.07

Share-Based Payment Plans - Inc

Share-Based Payment Plans - Incentive Plan (Details) - USD ($)	1 Months Ended	3 Months Ended
	Nov. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Non executive directors
Plan disclosures
Value of shares available for issuance for compensation related to annual fees	$ 70,000
Shares issued		3,164	2,863
2017 Plan
Plan disclosures
Shares issued		85,212	84,335

Share-Based Payment Plans - ESO

Share-Based Payment Plans - ESOP (Details) - ESOP - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Stock Ownership Plan
Expense recognized for the contribution to the plan	$ 287,000	$ 267,000
Shares contributed to the plan	23,414	33,293

Preferred Stock (Details)

Preferred Stock (Details)							3 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) shares	Sep. 27, 2022 USD ($) $ / shares shares	Mar. 23, 2021 USD ($) $ / shares shares	Aug. 19, 2019 USD ($) $ / shares shares	Apr. 12, 2019 USD ($) shares	Mar. 28, 2019 USD ($) $ / shares shares	Mar. 31, 2024 $ / shares	Dec. 31, 2023 $ / shares	Feb. 28, 2024 $ / shares
7% Series A Preferred Stock
Public Offering of Preferred Stock
Preferred stock, dividend rate (as a percent)							7%	7%
Preferred stock liquidation preference (in dollars per share) | $ / shares							$ 25	$ 25	$ 25
7% Series A Preferred Stock | Public Offering
Public Offering of Preferred Stock
Shares issued (in shares) | shares					81,800	2,000,000
Preferred stock, dividend rate (as a percent)						7%
Preferred stock liquidation preference (in dollars per share) | $ / shares						$ 25
Aggregate gross offering proceeds for the shares issued						$ 50,000,000
Net proceeds					$ 2,000,000	48,300,000
Offering costs						$ 1,700,000
Underwriting discounts					$ 41,000
6% Series B Preferred Stock
Public Offering of Preferred Stock
Preferred stock, dividend rate (as a percent)							6%	6%
Preferred stock liquidation preference (in dollars per share) | $ / shares							$ 1,000	$ 1,000
6% Series B Preferred Stock | Public Offering
Public Offering of Preferred Stock
Depositary shares issued (in shares) | shares				5,000,000
Depositary shares equivalent preferred stock interest per share				0.025
Preferred stock, dividend rate (as a percent)				6%
Preferred stock liquidation preference (in dollars per share) | $ / shares				$ 1,000
Depositary share, preferred stock liquidation preference (in dollars per share) | $ / shares				$ 25
Aggregate gross offering proceeds for the shares issued				$ 125,000,000
Net proceeds				120,800,000
Underwriting discounts				$ 4,200,000
6% Series C Preferred Stock
Public Offering of Preferred Stock
Preferred stock, dividend rate (as a percent)							6%	6%
Preferred stock liquidation preference (in dollars per share) | $ / shares							$ 1,000	$ 1,000
6% Series C Preferred Stock | Public Offering
Public Offering of Preferred Stock
Depositary shares issued (in shares) | shares			6,000,000
Depositary shares equivalent preferred stock interest per share			0.025
Preferred stock, dividend rate (as a percent)			6%
Preferred stock liquidation preference (in dollars per share) | $ / shares			$ 1,000
Depositary share, preferred stock liquidation preference (in dollars per share) | $ / shares			$ 25
Aggregate gross offering proceeds for the shares issued			$ 150,000,000
Net proceeds			144,900,000
Underwriting discounts			$ 5,100,000
8.25% Series D Preferred Stock
Public Offering of Preferred Stock
Preferred stock, dividend rate (as a percent)							8.25%	8.25%
Preferred stock liquidation preference (in dollars per share) | $ / shares							$ 1,000	$ 1,000
8.25% Series D Preferred Stock | Public Offering
Public Offering of Preferred Stock
Depositary shares issued (in shares) | shares		5,200,000
Preferred stock, dividend rate (as a percent)		8.25%
Preferred stock liquidation preference (in dollars per share) | $ / shares		$ 1,000
Depositary share, preferred stock liquidation preference (in dollars per share) | $ / shares		$ 25
Aggregate gross offering proceeds for the shares issued		$ 130,000,000
Net proceeds		125,400,000
Underwriting discounts		$ 4,600,000
Series D Preferred Stock | Public Offering
Public Offering of Preferred Stock
Shares issued (in shares) | shares	500,000
Net proceeds	$ 12,100,000
Underwriting discounts	$ 400,000

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Information
Interest income	$ 314,173	$ 211,294
Interest expense	187,117	110,601
Net Interest Income	127,056	100,693
Provision for credit losses	4,726	6,867
Net Interest Income After Provision for Credit Losses	122,330	93,826
Noninterest income	40,874	14,264
Noninterest expense	48,912	34,772
Income Before Income Taxes	114,292	73,318
Income taxes	27,238	18,363
Net Income	87,054	54,955
Total assets	17,822,576	14,240,966	$ 16,952,516
Other
Segment Information
Interest income	3,238	1,144
Interest expense	(766)	(1,719)
Net Interest Income	4,004	2,863
Net Interest Income After Provision for Credit Losses	4,004	2,863
Noninterest income	(3,339)	(2,177)
Noninterest expense	8,965	7,216
Income Before Income Taxes	(8,300)	(6,530)
Income taxes	(2,130)	(1,571)
Net Income	(6,170)	(4,959)
Total assets	276,795	150,695
Multi-family Mortgage Banking | Operating Segments
Segment Information
Interest income	1,746	1,106
Interest expense	20
Net Interest Income	1,726	1,106
Net Interest Income After Provision for Credit Losses	1,726	1,106
Noninterest income	40,467	16,597
Noninterest expense	19,571	14,631
Income Before Income Taxes	22,622	3,072
Income taxes	6,013	1,106
Net Income	16,609	1,966
Total assets	416,454	341,487
Mortgage Warehousing | Operating Segments
Segment Information
Interest income	84,901	42,318
Interest expense	56,140	27,794
Net Interest Income	28,761	14,524
Provision for credit losses	940	1,364
Net Interest Income After Provision for Credit Losses	27,821	13,160
Noninterest income	3,317	1,033
Noninterest expense	4,798	2,755
Income Before Income Taxes	26,340	11,438
Income taxes	6,150	2,797
Net Income	20,190	8,641
Total assets	5,369,299	3,318,491
Banking | Operating Segments
Segment Information
Interest income	224,288	166,726
Interest expense	131,723	84,526
Net Interest Income	92,565	82,200
Provision for credit losses	3,786	5,503
Net Interest Income After Provision for Credit Losses	88,779	76,697
Noninterest income	429	(1,189)
Noninterest expense	15,578	10,170
Income Before Income Taxes	73,630	65,338
Income taxes	17,205	16,031
Net Income	56,425	49,307
Total assets	$ 11,760,028	$ 10,430,293

Subsequent Events (Details)

Subsequent Events (Details) - 7% Series A Preferred Stock - USD ($) $ / shares in Units, $ in Millions	Apr. 01, 2024	Mar. 31, 2024	Feb. 28, 2024	Dec. 31, 2023
Subsequent events
Preferred stock liquidation preference (in dollars per share)		$ 25	$ 25	$ 25
Subsequent event
Subsequent events
Preferred stock liquidation preference (in dollars per share)	$ 25
Preferred stock liquidation preference value	$ 52

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 87,054	$ 54,955

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false