Merchants Financial Group, Inc. ended 2011 with $8,777,570 in net income, an increase of nearly $2.7 million over 2010, according Merchants Financial Group President & CEO Richard L. Mahoney.
“We had a good year for a number of reasons,” Mahoney said. “We saw continued growth in mortgage loans for Merchants with our 18 locations and network of correspondent banks, our credit quality continued to improve, which positively influenced our bottom line, and we saw an increase in loans to customers.”
While the overall banking industry saw a decline in loan balances through the first three quarters of 2011, Merchants reported an increase in loan balances of 10.5%. Mahoney pointed out that Merchants Capital, the bank’s leasing subsidiary, again had a strong year, helping the bottom line.
Net income was $6.1 million in 2010. Assets for Merchants were at $1.25 billion in 2011, up from $1.15 billion in 2010. Equity increased to $105.2 million, up from $95.5 million in 2010.
“We remain in a very strong capital position, which allows us to take advantage of opportunities in the marketplace that fit our long-term plan,” Mahoney said. “We look forward to continued growth.”