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Merchants Financial Group, Inc., Announces Earnings of $14.26 Million Through Third Quarter and Declares Dividend
News
| 10.31.2024
Merchants Financial Group, Inc. (MFGI) has announced third quarter net income of $14.26 million according to MFGI President & CEO Gregory M. Evans.
In recognition of Merchants’ performance, the MFGI Board of Directors authorized retention of the Company’s semiannual dividend to shareholders of $0.36 cents per share at its October meeting,
“Merchants continues to maintain a stable, profitable position while navigating in this economic cycle,” noted Evans. “Our community banking disciplines continue to position us for future strength and performance.”
Net income through the third quarter was $3.92 million behind MFGI’s plan for 2024 and $5.84 million behind 2023’s third quarter performance. An additional provision to Merchants’ Allowance for Credit Loss of $4.62 million caused the biggest variance to plan, as increased risk was identified in Merchants’ consolidated loan portfolio.
Strong deposit growth continued in the third quarter with total deposits increasing to $2.33 billion -- $74.5 million above plan and an 8.36% increase year-over-year. Total loans declined slightly to $2.317 billion, which was $42 million below plan but $75.3 million ahead of 2023. Residential mortgage loan activity through three quarters continued to slightly exceed Merchants’ projections, with $199 million of production.
Merchants Financial Group, Inc. is a publicly traded Company. Ownership is made up of its more than 450 employees and mostly individuals and families from southeastern Minnesota and west-central Wisconsin.
Merchants Bank is a full-service community bank with 23 bank locations in southeastern Minnesota and west-central Wisconsin and a leasing division, Merchants Bank Equipment Finance, in Edina. Headquartered in Winona, MN, MFGI has more than $2.6 billion in assets and is one of the largest banks chartered in the state of Minnesota. Merchants was founded in 1875.
In recognition of Merchants’ performance, the MFGI Board of Directors authorized retention of the Company’s semiannual dividend to shareholders of $0.36 cents per share at its October meeting,
“Merchants continues to maintain a stable, profitable position while navigating in this economic cycle,” noted Evans. “Our community banking disciplines continue to position us for future strength and performance.”
Net income through the third quarter was $3.92 million behind MFGI’s plan for 2024 and $5.84 million behind 2023’s third quarter performance. An additional provision to Merchants’ Allowance for Credit Loss of $4.62 million caused the biggest variance to plan, as increased risk was identified in Merchants’ consolidated loan portfolio.
Strong deposit growth continued in the third quarter with total deposits increasing to $2.33 billion -- $74.5 million above plan and an 8.36% increase year-over-year. Total loans declined slightly to $2.317 billion, which was $42 million below plan but $75.3 million ahead of 2023. Residential mortgage loan activity through three quarters continued to slightly exceed Merchants’ projections, with $199 million of production.
Merchants Financial Group, Inc. is a publicly traded Company. Ownership is made up of its more than 450 employees and mostly individuals and families from southeastern Minnesota and west-central Wisconsin.
Merchants Bank is a full-service community bank with 23 bank locations in southeastern Minnesota and west-central Wisconsin and a leasing division, Merchants Bank Equipment Finance, in Edina. Headquartered in Winona, MN, MFGI has more than $2.6 billion in assets and is one of the largest banks chartered in the state of Minnesota. Merchants was founded in 1875.
