Merchants Financial Group, Inc. Announces Preliminary Earnings of $18,539,332 for 2024
News
| 01.29.2025
Merchants Financial Group, Inc. (MFGI) made a preliminary earnings announcement for 2024 projecting net income of $18,539,332, according to MFGI President & CEO Gregory M. Evans. The earnings report, subject to external audit, represents a 27.30% decrease compared to 2023 earnings.
“While disappointing by our standard expectation, our 2024 results are in line with performance metrics for the banking industry in what continued to be a difficult market and interest rate environment,” said Evans. “The business growth and continued profitability of the Company is indicative of Merchants’ resilience, strength, and stability.”
Merchants experienced deposit growth of $249 million (11.47%) from year-end 2023 to $2.42 billion year-over-year and intentionally managed flat loan growth. Total loans declined 2.2% from year-end 2023 but total assets grew 6.85% to $2.78 billion. Earnings were impacted by identified increased risk in the Company’s consolidated loan portfolio, which resulted in additions to Allowance for Credit Loss (ACL) of approximately $10 million throughout the year.
Additionally, Evans noted that the Company made significant progress on several strategic initiatives and is positioned for strong business growth and performance in 2025. Merchants' community commitment remains steadfast, with contributions of 2.1% of pre-tax earnings made to more than 440 organizations and employees volunteer hours totaling more 11,000 hours last year.
Merchants Financial Group, Inc. is a publicly-traded Company. Ownership is made up of its more than 420 employees and mostly individuals and families from southeastern Minnesota and west-central Wisconsin.
Merchants Bank is a full service community bank with 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 $2.7 billion in assets and is the seventh largest bank chartered in the state of Minnesota. Merchants was founded in 1875.
“While disappointing by our standard expectation, our 2024 results are in line with performance metrics for the banking industry in what continued to be a difficult market and interest rate environment,” said Evans. “The business growth and continued profitability of the Company is indicative of Merchants’ resilience, strength, and stability.”
Merchants experienced deposit growth of $249 million (11.47%) from year-end 2023 to $2.42 billion year-over-year and intentionally managed flat loan growth. Total loans declined 2.2% from year-end 2023 but total assets grew 6.85% to $2.78 billion. Earnings were impacted by identified increased risk in the Company’s consolidated loan portfolio, which resulted in additions to Allowance for Credit Loss (ACL) of approximately $10 million throughout the year.
Additionally, Evans noted that the Company made significant progress on several strategic initiatives and is positioned for strong business growth and performance in 2025. Merchants' community commitment remains steadfast, with contributions of 2.1% of pre-tax earnings made to more than 440 organizations and employees volunteer hours totaling more 11,000 hours last year.
Merchants Financial Group, Inc. is a publicly-traded Company. Ownership is made up of its more than 420 employees and mostly individuals and families from southeastern Minnesota and west-central Wisconsin.
Merchants Bank is a full service community bank with 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 $2.7 billion in assets and is the seventh largest bank chartered in the state of Minnesota. Merchants was founded in 1875.
