The earnings for Merchants Financial Group, Inc. through the first three quarters of 2008 remains ahead of plan and ahead of the previous year’s performance, according to MFGI President and CEO Richard L. Mahoney.
The MFGI Board of Directors today authorized a 27-cent per share semiannual dividend to shareholders, a 3.85% increase over the June dividend payment. Net income for three quarters was at $4,671,876, up $905,418 through the same time last year. Total assets were at $950 million, up from $920 million at the end of 2007, and $939 million through the first half of 2008.
“The reason we have flourished during these tough times is because we are a conservative Bank. We are focused on credit quality. We make it our practice to lend money to people who can repay the loans. It has served our customers, employees, and shareholders well,” Mahoney said. “Our approach also means that we have money available to lend while others may be tightening their lending practices. This positions us well for growth.”