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Merchants Financial Group, Inc., Announces First Quarter Earnings and Dividend Payment
News
| 05.07.2024
Merchants Financial Group, Inc. (MFGI) announced first quarter net income of $5.45 million according to MFGI President & CEO Gregory M. Evans.
Merchants’ resilience, strength, and continued profitability allowed the MFGI Board of Directors to authorize retention of the Company’s semiannual dividend to shareholders of 36 cents per share, at its April meeting last month.
“Merchants is well-positioned relative to the broader banking industry to navigate in the current economic cycle,” Evans said. “We are safe and strong, and remain mission focused – helping our customers fulfill their hopes and dreams so our communities can continue to thrive.”
Net income was $104,800 behind MFGI’s plan for 2024 and $1.74 million behind 2023’s first quarter performance. The current interest rate environment, which is proving to be challenging for the entire banking industry, contributed to a compressed interest margin as the largest driver of first quarter results.
Total net loans increased slightly to $2.16 billion, ending the quarter at $38 million above plan. Mortgage volume in the first quarter also saw a marginal increase to $44.3 million, which was $10.6 million above plan and 4.3% above production in the first quarter of 2023. Deposit growth in the first quarter was 2.4%, to a total of $2.23 billion.
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.
Merchants’ resilience, strength, and continued profitability allowed the MFGI Board of Directors to authorize retention of the Company’s semiannual dividend to shareholders of 36 cents per share, at its April meeting last month.
“Merchants is well-positioned relative to the broader banking industry to navigate in the current economic cycle,” Evans said. “We are safe and strong, and remain mission focused – helping our customers fulfill their hopes and dreams so our communities can continue to thrive.”
Net income was $104,800 behind MFGI’s plan for 2024 and $1.74 million behind 2023’s first quarter performance. The current interest rate environment, which is proving to be challenging for the entire banking industry, contributed to a compressed interest margin as the largest driver of first quarter results.
Total net loans increased slightly to $2.16 billion, ending the quarter at $38 million above plan. Mortgage volume in the first quarter also saw a marginal increase to $44.3 million, which was $10.6 million above plan and 4.3% above production in the first quarter of 2023. Deposit growth in the first quarter was 2.4%, to a total of $2.23 billion.
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.
