Merchants Financial Group, Inc., Announces Second Quarter Earnings of $16.63 Million
News
| 07.30.2026
Merchants Financial Group, Inc. (MFGI) announced net income of $16.63 million through the second quarter, according to MFGI President & CEO Gregory M. Evans.
“Our second quarter earnings are the result of a total team effort with contributions from across our business lines and strategic balance sheet management,” Evans said. “We also continue to make tremendous progress on numerous strategic and change-management initiatives, all mission-critical to our earned independence and long-term relevance.”
Net income through the second quarter was $2.7 million ahead of MFGI’s plan for 2026 and $2.4 million ahead of 2025’s second quarter results. Merchants’ strong performance for the quarter was optimized due to the strength of the Company’s balance sheet, balanced performance from diverse business lines, and increased interest and fee income. In addition, Merchants also recognized some positive one-time income variances to plan that bolstered results.
Total deposits increased to $2.50 billion, $13.8 million above plan and a 3.73% increase from mid-year 2025. While total net loans were slightly behind plan and 2025 levels at $2.04 billion, loan interest and fee income for the year was $1.49 million above plan. All three bank regions and Merchants Bank Equipment Finance were ahead of the 2026 earnings plan. The residential mortgage lending and wealth management business lines also experienced solid growth.
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 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 $2.8 billion in assets and is one of the largest banks chartered in the state of Minnesota. Merchants was founded in 1875.
“Our second quarter earnings are the result of a total team effort with contributions from across our business lines and strategic balance sheet management,” Evans said. “We also continue to make tremendous progress on numerous strategic and change-management initiatives, all mission-critical to our earned independence and long-term relevance.”
Net income through the second quarter was $2.7 million ahead of MFGI’s plan for 2026 and $2.4 million ahead of 2025’s second quarter results. Merchants’ strong performance for the quarter was optimized due to the strength of the Company’s balance sheet, balanced performance from diverse business lines, and increased interest and fee income. In addition, Merchants also recognized some positive one-time income variances to plan that bolstered results.
Total deposits increased to $2.50 billion, $13.8 million above plan and a 3.73% increase from mid-year 2025. While total net loans were slightly behind plan and 2025 levels at $2.04 billion, loan interest and fee income for the year was $1.49 million above plan. All three bank regions and Merchants Bank Equipment Finance were ahead of the 2026 earnings plan. The residential mortgage lending and wealth management business lines also experienced solid growth.
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 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 $2.8 billion in assets and is one of the largest banks chartered in the state of Minnesota. Merchants was founded in 1875.
