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	Mar 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest Income on Loans	118.51	118.2	101.88	80.22	81.13	85.54
Interest Income on Investments	16.13	12.5	12.62	14.05	4.52	4.79
Total Interest Income	134.64	130.71	114.5	94.27	85.65	90.33
Interest Paid on Deposits	47.64	45.83	27.78	6.1	6.66	11.1
Interest Paid on Borrowings	3.34	4.18	3.66	2.22	1.65	2.01
Total Interest Expense	50.98	50.01	31.44	8.32	8.31	13.11
Net Interest Income	83.65	80.7	83.06	85.95	77.34	77.23
Net Interest Income Growth (YoY)	5.47%	-2.85%	-3.36%	11.13%	0.15%	10.27%
Trust Income	3.21	3.15	2.75	2.37	2.25	1.81
Gain (Loss) on Sale of Assets	-	-	-	-0.02	-0.57	-0.04
Gain (Loss) on Sale of Investments	0.11	-1.18	-0.13	-	-	-
Other Non-Interest Income	25.08	26.78	24.56	22.39	21.41	19.22
Total Non-Interest Income	31.48	31.73	29.3	27.97	40.36	44.25
Non-Interest Income Growth (YoY)	1.06%	8.29%	4.75%	-30.70%	-8.79%	70.09%
Revenues Before Loan Losses	115.13	112.43	112.36	113.92	117.7	121.48
Provision for Loan Losses	10.1	10.1	1.38	-2.28	-2.21	13.36
Revenue	105.03	102.33	110.98	116.2	119.91	108.11
Revenue Growth (YoY)	-4.26%	-7.80%	-4.49%	-3.10%	10.91%	15.27%
Salaries and Employee Benefits	39.29	38.8	40.05	39.8	41.68	41.1
Occupancy Expenses	4.95	5.09	4.92	-	-	-
Amortization of Goodwill & Intangibles	2.92	2.66	3.05	3.38	5.58	7.99
Selling, General & Administrative	16.08	15.88	15.21	19.36	19.83	15.89
Other Non-Interest Expense	16.18	15.48	13.78	12.66	13.66	13.95
Total Non-Interest Expense	79.41	77.91	77.01	75.2	80.75	78.92
EBT Excluding Unusual Items	25.62	24.41	33.97	40.99	39.17	29.19
Pretax Income	25.62	24.41	33.97	40.99	39.17	29.19
Income Tax Expense	6.06	5.87	8.47	10.57	10.39	7.68
Net Income	19.56	18.54	25.5	30.42	28.78	21.51
Net Income to Common	19.56	18.54	25.5	30.42	28.78	21.51
Net Income Growth	-17.76%	-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)	2.47	2.34	3.23	3.85	3.65	2.70
EPS (Diluted)	2.47	2.34	3.23	3.85	3.65	2.70
EPS Growth	-17.95%	-27.47%	-16.31%	5.72%	35.22%	9.13%
Dividend Per Share	0.720	0.720	0.700	0.630	0.550	0.500
Dividend Growth	2.86%	2.86%	11.11%	14.54%	10.00%	3.45%
Effective Tax Rate	23.66%	24.06%	24.93%	25.78%	26.53%	26.31%

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