Merchants Financial Group, Inc., Announces First Quarter Earnings and Dividend Payment
News
| 05.06.2025
Merchants Financial Group, Inc. (MFGI) announced first quarter net income of $6.48 million according to MFGI President & CEO Gregory M. Evans.
Due to Merchants’ strength and strong performance, at its quarterly meeting last month the MFGI Board of Directors authorized a 5.5% increase in the Company’s semiannual dividend to shareholders to 38 cents per share.
“The work our team accomplished to transform our balance sheet last year positioned the Company for a forecast that projects a healthy earnings rebound in the year ahead,” Evans said. “Our first quarter earnings are indicative of that, as improved net interest margin and liquidity are meeting forecast expectations.”
Net income was $772,521 above MFGI’s plan for 2025 and $1.03 million ahead of 2024’s first quarter performance. The Company continues to see deposit growth with an increase of 9.9% compared to 2024 to a total of $2.45 billion. Total net loans were $2.05 billion, ending the quarter at $55.6 million below plan. Interest income on both loans and investments exceeded the Company’s forecast in the first quarter and funding costs have stabilized because of the strong and healthy diversification of MFGI’s deposit franchise.
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 one of the largest banks chartered in the state of Minnesota. Merchants was founded in 1875. Member FDIC.
Due to Merchants’ strength and strong performance, at its quarterly meeting last month the MFGI Board of Directors authorized a 5.5% increase in the Company’s semiannual dividend to shareholders to 38 cents per share.
“The work our team accomplished to transform our balance sheet last year positioned the Company for a forecast that projects a healthy earnings rebound in the year ahead,” Evans said. “Our first quarter earnings are indicative of that, as improved net interest margin and liquidity are meeting forecast expectations.”
Net income was $772,521 above MFGI’s plan for 2025 and $1.03 million ahead of 2024’s first quarter performance. The Company continues to see deposit growth with an increase of 9.9% compared to 2024 to a total of $2.45 billion. Total net loans were $2.05 billion, ending the quarter at $55.6 million below plan. Interest income on both loans and investments exceeded the Company’s forecast in the first quarter and funding costs have stabilized because of the strong and healthy diversification of MFGI’s deposit franchise.
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 one of the largest banks chartered in the state of Minnesota. Merchants was founded in 1875. Member FDIC.
