Merchants Financial Group, Inc. Announces Earnings of $13.81 Million through Second Quarter of 2022
News
| 07.28.2022
Merchants Financial Group, Inc. (MFGI) announced net income of $13,814,079 through the first two quarters of 2022, according to MFGI President & CEO Gregory M. Evans.
“While we had projected performance headwinds for 2022, it’s gratifying to see that due to the hard work of our team, earnings have exceeded our plan which helps solidify our reputation as a safe, strong growing financial partner for the communities we serve,” said Evans.
Net income for MFGI is $3.33 million ahead of plan, but $4.35 million behind mid-year earnings of 2021. Commercial loan fee income of $1.25 million was the biggest contributor to mid-year performance; a result of the $260 million in new commercial loan activity generated by Merchants Commercial Bankers.
All three Bank regions exceeded earnings plans for the first six months and Merchants Bank Equipment Finance contributed $2.3 million of net income, more than double its plan. However, the current rate environment has impacted residential mortgage loan activity with total loan volume for the first six months of $243.27 million compared to $483.87 million in 2021.
“This year has not been without it’s challenges, but I’m so proud of The Merchants team for our constant focus on how we can add value to our customers lives, working with them on fulfilling their hopes and dreams,” noted Evans.
Merchants Financial Group, Inc. is a publicly-traded Company. Ownership is made up of its more than 470 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 $2.8 billion in assets and Merchants Bank is the fourth largest chartered in the state of Minnesota. Merchants was founded in 1875.
“While we had projected performance headwinds for 2022, it’s gratifying to see that due to the hard work of our team, earnings have exceeded our plan which helps solidify our reputation as a safe, strong growing financial partner for the communities we serve,” said Evans.
Net income for MFGI is $3.33 million ahead of plan, but $4.35 million behind mid-year earnings of 2021. Commercial loan fee income of $1.25 million was the biggest contributor to mid-year performance; a result of the $260 million in new commercial loan activity generated by Merchants Commercial Bankers.
All three Bank regions exceeded earnings plans for the first six months and Merchants Bank Equipment Finance contributed $2.3 million of net income, more than double its plan. However, the current rate environment has impacted residential mortgage loan activity with total loan volume for the first six months of $243.27 million compared to $483.87 million in 2021.
“This year has not been without it’s challenges, but I’m so proud of The Merchants team for our constant focus on how we can add value to our customers lives, working with them on fulfilling their hopes and dreams,” noted Evans.
Merchants Financial Group, Inc. is a publicly-traded Company. Ownership is made up of its more than 470 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 $2.8 billion in assets and Merchants Bank is the fourth largest chartered in the state of Minnesota. Merchants was founded in 1875.
