Merchants Financial Group, Inc. (MFGI)

Merchants Financial Group Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Jun 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest Income on Loans	118.61	101.88	80.22	81.13	85.54	78.35
Interest Income on Investments	7.73	12.62	14.05	4.52	4.79	5.87
Total Interest Income	126.33	114.5	94.27	85.65	90.33	84.22
Interest Paid on Deposits	44.85	27.78	6.1	6.66	11.1	11.28
Interest Paid on Borrowings	5.49	3.66	2.22	1.65	2.01	2.91
Total Interest Expense	50.34	31.44	8.32	8.31	13.11	14.19
Net Interest Income	76	83.06	85.95	77.34	77.23	70.03
Net Interest Income Growth (YoY)	-17.77%	-3.36%	11.13%	0.15%	10.27%	12.94%
Trust Income	3.05	2.75	2.37	2.25	1.81	1.63
Gain (Loss) on Sale of Assets	-	-	-0.02	-0.57	-0.04	-0.29
Gain (Loss) on Sale of Investments	1.31	-0.13	-	-	-	0.01
Other Non-Interest Income	25.48	24.56	22.39	21.41	19.22	18.5
Total Non-Interest Income	32.28	29.3	27.97	40.36	44.25	26.02
Non-Interest Income Growth (YoY)	16.97%	4.75%	-30.70%	-8.79%	70.09%	8.55%
Revenues Before Loan Losses	108.28	112.36	113.92	117.7	121.48	96.05
Provision for Loan Losses	1.81	1.38	-2.28	-2.21	13.36	2.26
Revenue	106.46	110.98	116.2	119.91	108.11	93.79
Revenue Growth (YoY)	-9.66%	-4.49%	-3.10%	10.91%	15.27%	10.13%
Salaries and Employee Benefits	42.46	40.05	39.8	41.68	41.1	36.9
Amortization of Goodwill & Intangibles	2.59	3.05	3.38	5.58	7.99	4.11
Selling, General & Administrative	20.67	20.13	19.36	19.83	15.89	13.89
Other Non-Interest Expense	14.18	13.78	12.66	13.66	13.95	11.27
Total Non-Interest Expense	79.9	77.01	75.2	80.75	78.92	66.16
EBT Excluding Unusual Items	26.56	33.97	40.99	39.17	29.19	27.63
Pretax Income	26.56	33.97	40.99	39.17	29.19	27.63
Income Tax Expense	6.23	8.47	10.57	10.39	7.68	7.86
Net Income	20.34	25.5	30.42	28.78	21.51	19.77
Net Income to Common	20.34	25.5	30.42	28.78	21.51	19.77
Net Income Growth	-32.46%	-16.18%	5.72%	33.78%	8.82%	4.66%
Basic Shares Outstanding	8	8	8	8	8	8
Diluted Shares Outstanding	8	8	8	8	8	8
Shares Change (YoY)	0.14%	0.16%	0.00%	-1.07%	-0.28%	0.40%
EPS (Basic)	2.57	3.23	3.85	3.65	2.70	2.47
EPS (Diluted)	2.57	3.23	3.85	3.65	2.70	2.47
EPS Growth	-32.55%	-16.31%	5.72%	35.22%	9.13%	4.24%
Dividend Per Share	0.360	0.700	0.630	0.550	0.500	0.483
Dividend Growth	-	11.11%	14.55%	10.00%	3.46%	-37.23%
Effective Tax Rate	23.44%	24.93%	25.78%	26.53%	26.31%	28.45%

Source: S&P Capital IQ. Banks template. Financial Sources.