Merchants Financial Group, Inc., Announces Third Quarter Earnings of $27.36 Million and Declares Dividend
Merchants Financial Group, Inc. (MFGI) announced net income of $27.36 million through the third quarter of 2026, according to MFGI President & CEO Gregory M. Evans.
In recognition of Merchants’ performance, the MFGI Board of Directors at its October meeting authorized an increase in the semi-annual dividend payment of $0.48 per share. The dividend was a 9.1% increase from the $0.44 dividend paid in June and a 16.5% increase in the total dividend payment amount year-over-year.
“Our ability to gain the trust and loyalty of our customers at the highest level is what drives our performance,” Evans said. “We are grateful for the support of our Shareholders and Board of Directors, who understand the critical importance of fulfilling our mission so our customers and communities can thrive.”
Net income through the first three quarters of the year was $4.3 million ahead of MFGI’s plan for 2026 and $4.1 million ahead of 2025 third quarter results. Performance was driven by continued balance sheet strength, with continued deposit growth. Strong liquidity throughout 2026 has allowed for sustained expansion of MFGI’s balanced investment portfolio, providing opportunity to increase yield with minimal duration risk. This balance sheet strength, together with revenue performance above plan, puts MFGI in a strong position for year-end.
Total deposits increased to $2.51 billion, which is $10.7 million below plan but above 2025 by $59.8 million. Loan growth continues to be soft with total net loans of $2.05 billion. While this is $52.8 million below plan, loans are $7.8 million ahead of 2025 with loan interest and fee income for the year exceeding plan and well above last year. MGFI also saw continued strength and diversity associated with fee income business lines. The Trust Department’s revenue of $2.8 million grew by 26.1% compared to 2025, standing out as a primary driver of total non-interest revenue 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.
