Merchants Financial Group, Inc., (MFGI) announced net income of $9,152,505 through the first two quarters of 2018, according to MFGI President and CEO Gregory M. Evans.
“This quarter’s performance was a true team effort — every one of our bank regions and our Merchants Bank Equipment Finance division exceeded its respective income plan for the first half of the year,” said Evans.
Net income is ahead of MFGI’s plan by $2.1 million and is an increase of 53.51 percent compared to 2017’s second-quarter earnings. Some key contributors to the quarter’s financial performance include: strong loan volume in both commercial and residential mortgage lending, a continued prudent focus on credit quality, and a decrease in loan loss reserve contribution as compared to last year.
“Our second quarter earnings enable us to help grow the communities we serve,” said Evans. “As a community bank, it’s important for us to continue to support our friends and neighbors not only through our personal and commercial banking services, but also monetary contributions to local nonprofits.”
As of June 30, 2018, MFGI’s contributions and outstanding nonprofit commitments are 3.25 percent of pre-tax income.
In reflecting on the rest of 2018, Evans said, “I’m looking forward to continuing the momentum we’ve had in the beginning of 2018 through the remainder of the year.”
MFGI owns 21 Merchants Bank locations, including Minnesota locations in Winona, St. Charles, Goodview, Rochester, Rushford, Lanesboro, Caledonia, La Crescent, Spring Grove, Cannon Falls, Red Wing, Hampton, and the southern Twin Cities metropolitan suburbs of Apple Valley, Cottage Grove, Hastings, Lakeville and Rosemount. Merchants has Wisconsin locations in Eau Claire and Onalaska. All banks are Member FDIC and Equal Housing Lender. Additionally, MFGI also owns Twin Cities-based Merchants Bank Equipment Finance, a division of Merchants Bank, N.A.
The ownership of Merchants Financial Group is made up of its more than 440 employees and its shareholders, mostly individuals and families from Southeast Minnesota and West Central Wisconsin.