Merchants Financial Group, Inc. (MFGI) made a preliminary earnings announcement for 2023 projecting net income of $25,502,130, according to MFGI President & CEO Gregory M. Evans. The earnings report, subject to external audit, represents a 16% decrease compared to 2022’s record earnings.
“These results represent the strength and stability of Merchants Bank in what was a challenging environment for the entire industry last year,”shared Evans. “I’m proud of the resilience of this organization and I’m very confident our performance will stand out admirably among our peers.”
Key contributors to year-end results include loan growth of 15% compared to 2022, with total loans of $2.16 billion; a record-year of origination activity for the company’s leasing division, Merchants Bank Equipment Finance, of $165.5 million; and gross revenue growth of 15.9% for Merchants’ Trust Department. Total deposits at year-end were strong at $2.17 billion, a 3.7% decrease from the prior year.
In addition, Evans indicated that credit quality for the Company remains very strong, and that the Company’s prudent management of its balance sheet, liquidity and interest rate risk makes it well positioned for future performance,
“The diversification of our business lines and conservative approach to managing the business again served us well in 2023. I credit our team for adapting to unexpected challenges while maintaining keen focus on our mission to help our customers realize their financial hopes and dreams,” Evans said.
Merchants Financial Group, Inc. is a publicly-traded Company. Ownership is made up of its more than 425 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 $2.6 billion in assets and is the seventh largest bank chartered in the state of Minnesota. Merchants was founded in 1875. Member FDIC.