Merchants Financial Group, Inc. (MFGI) announced net income of $14.23 million through the second quarter, according to MFGI President & CEO Gregory M. Evans.
“It was especially gratifying to celebrate the 150-year anniversary of this company in July while being able to share strong performance results for the first half of the year,” Evans said. “Neither would have been possible without the dedication of our Merchants team, its commitment to our mission and sense of purpose as a community bank, and the loyal relationships we enjoy with our customers, communities and shareholders.”
Net income through the second quarter was $1.88 million ahead MFGI’s plan for 2025 and $4.00 million ahead of 2024’s second quarter performance. Contributing factors to the company’s results included the diversification strength of the Company’s revenue streams, a well-positioned balance sheet, strong interest income, and continued deposit growth and fee income associated with Merchants’ strong deposit franchise.
Total deposits increased to $2.41 billion, $153.84 million above 2024. Commercial loan activity continues to be managed in a disciplined manner with total loans through the second quarter of $2.07 billion, a year-over-year decline of $118.74 million. Despite a challenging housing market environment and persistently high interest rates, residential mortgage lending volume of $140.5 million was 16.2% above production levels for mid-year 2024. In addition, the continued growth of Merchants’ Trust wealth management division has contributed to fee-income of $1.47 million, which is an 11.5% increase compared to the same period a year ago.
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 $2.7 billion in assets and is one of the largest banks chartered in the state of Minnesota. Merchants was founded in 1875. Member FDIC.