Merchants Financial Group, Inc. (MFGI)

Merchants Financial Group Income Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Interest Income on Loans	115.82	118.2	101.88	80.22	81.13
Interest Income on Investments	22.1	12.5	12.62	14.05	4.52
Total Interest Income	137.92	130.71	114.5	94.27	85.65
Interest Paid on Deposits	48.9	45.83	27.78	6.1	6.66
Interest Paid on Borrowings	2.31	4.18	3.66	2.22	1.65
Total Interest Expense	51.21	50.01	31.44	8.32	8.31
Net Interest Income	86.71	80.7	83.06	85.95	77.34
Net Interest Income Growth (YoY)	7.45%	-2.85%	-3.36%	11.13%	0.15%
Trust Income	3.41	3.15	2.75	2.37	2.25
Gain (Loss) on Sale of Assets	-0.02	-	-	-0.02	-0.57
Gain (Loss) on Sale of Investments	0.11	-1.18	-0.13	-	-
Other Non-Interest Income	28.09	26.78	24.56	22.39	21.41
Total Non-Interest Income	36.49	31.73	29.3	27.97	40.36
Non-Interest Income Growth (YoY)	15.01%	8.29%	4.75%	-30.70%	-8.79%
Revenues Before Loan Losses	123.2	112.43	112.36	113.92	117.7
Provision for Loan Losses	-1.59	10.1	1.38	-2.28	-2.21
Revenue	124.79	102.33	110.98	116.2	119.91
Revenue Growth (YoY)	21.95%	-7.80%	-4.49%	-3.10%	10.91%
Salaries and Employee Benefits	44.28	38.8	40.05	39.8	41.68
Occupancy Expenses	4.11	5.09	4.92	-	-
Amortization of Goodwill & Intangibles	3.14	2.66	3.05	3.38	5.58
Selling, General & Administrative	14.12	15.88	15.21	19.36	19.83
Other Non-Interest Expense	18.09	15.48	13.78	12.66	13.66
Total Non-Interest Expense	83.74	77.91	77.01	75.2	80.75
EBT Excluding Unusual Items	41.05	24.41	33.97	40.99	39.17
Pretax Income	41.05	24.41	33.97	40.99	39.17
Income Tax Expense	8.67	5.87	8.47	10.57	10.39
Net Income	32.38	18.54	25.5	30.42	28.78
Net Income to Common	32.38	18.54	25.5	30.42	28.78
Net Income Growth	74.65%	-27.30%	-16.18%	5.72%	33.78%
Basic Shares Outstanding	8	8	8	8	8
Diluted Shares Outstanding	8	8	8	8	8
Shares Change (YoY)	3.19%	0.24%	0.16%	0.00%	-1.07%
EPS (Basic)	3.96	2.34	3.23	3.85	3.65
EPS (Diluted)	3.96	2.34	3.23	3.85	3.65
EPS Growth	69.25%	-27.47%	-16.31%	5.72%	35.22%
Dividend Per Share	0.790	0.720	0.700	0.630	0.550
Dividend Growth	9.72%	2.86%	11.11%	14.54%	10.00%
Effective Tax Rate	21.12%	24.06%	24.93%	25.78%	26.53%

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