Merchants Financial Group, Inc. (MFGI)

Merchants Financial Group Income Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest Income on Loans	117.01	118.2	101.88	80.22	81.13	85.54
Interest Income on Investments	22.56	12.5	12.62	14.05	4.52	4.79
Total Interest Income	139.57	130.71	114.5	94.27	85.65	90.33
Interest Paid on Deposits	49.93	45.83	27.78	6.1	6.66	11.1
Interest Paid on Borrowings	2.38	4.18	3.66	2.22	1.65	2.01
Total Interest Expense	52.31	50.01	31.44	8.32	8.31	13.11
Net Interest Income	87.26	80.7	83.06	85.95	77.34	77.23
Net Interest Income Growth (YoY)	9.43%	-2.85%	-3.36%	11.13%	0.15%	10.27%
Trust Income	3.42	3.15	2.75	2.37	2.25	1.81
Gain (Loss) on Sale of Assets	-0.02	-	-	-0.02	-0.57	-0.04
Gain (Loss) on Sale of Investments	0.11	-1.18	-0.13	-	-	-
Other Non-Interest Income	26.03	26.78	24.56	22.39	21.41	19.22
Total Non-Interest Income	33.4	31.73	29.3	27.97	40.36	44.25
Non-Interest Income Growth (YoY)	8.54%	8.29%	4.75%	-30.70%	-8.79%	70.09%
Revenues Before Loan Losses	120.65	112.43	112.36	113.92	117.7	121.48
Provision for Loan Losses	3.08	10.1	1.38	-2.28	-2.21	13.36
Revenue	117.57	102.33	110.98	116.2	119.91	108.11
Revenue Growth (YoY)	12.77%	-7.80%	-4.49%	-3.10%	10.91%	15.27%
Salaries and Employee Benefits	41.4	38.8	40.05	39.8	41.68	41.1
Occupancy Expenses	4.41	5.09	4.92	-	-	-
Amortization of Goodwill & Intangibles	2.63	2.66	3.05	3.38	5.58	7.99
Selling, General & Administrative	16.52	15.88	15.21	19.36	19.83	15.89
Other Non-Interest Expense	17.44	15.48	13.78	12.66	13.66	13.95
Total Non-Interest Expense	82.38	77.91	77.01	75.2	80.75	78.92
EBT Excluding Unusual Items	35.19	24.41	33.97	40.99	39.17	29.19
Pretax Income	35.19	24.41	33.97	40.99	39.17	29.19
Income Tax Expense	7.62	5.87	8.47	10.57	10.39	7.68
Net Income	27.57	18.54	25.5	30.42	28.78	21.51
Net Income to Common	27.57	18.54	25.5	30.42	28.78	21.51
Net Income Growth	40.23%	-27.30%	-16.18%	5.72%	33.78%	8.82%
Basic Shares Outstanding	8	8	8	8	8	8
Diluted Shares Outstanding	8	8	8	8	8	8
Shares Change (YoY)	0.24%	0.24%	0.16%	0.00%	-1.07%	-0.28%
EPS (Basic)	3.48	2.34	3.23	3.85	3.65	2.70
EPS (Diluted)	3.48	2.34	3.23	3.85	3.65	2.70
EPS Growth	39.90%	-27.47%	-16.31%	5.72%	35.22%	9.13%
Dividend Per Share	0.740	0.720	0.700	0.630	0.550	0.500
Dividend Growth	2.78%	2.86%	11.11%	14.54%	10.00%	3.45%
Effective Tax Rate	21.65%	24.06%	24.93%	25.78%	26.53%	26.31%

Source: S&P Global Market Intelligence. Banks template. Financial Sources.