Merchants Financial Group, Inc. (MFGI)

Accolade 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	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest Income on Loans	117.78	118.2	101.88	80.22	81.13	85.54
Interest Income on Investments	18.99	12.5	12.62	14.05	4.52	4.79
Total Interest Income	136.77	130.71	114.5	94.27	85.65	90.33
Interest Paid on Deposits	50.05	45.83	27.78	6.1	6.66	11.1
Interest Paid on Borrowings	2.85	4.18	3.66	2.22	1.65	2.01
Total Interest Expense	52.9	50.01	31.44	8.32	8.31	13.11
Net Interest Income	83.87	80.7	83.06	85.95	77.34	77.23
Net Interest Income Growth (YoY)	10.36%	-2.85%	-3.36%	11.13%	0.15%	10.27%
Trust Income	3.31	3.15	2.75	2.37	2.25	1.81
Gain (Loss) on Sale of Assets	-0.01	-	-	-0.02	-0.57	-0.04
Gain (Loss) on Sale of Investments	0.11	-1.18	-0.13	-	-	-
Other Non-Interest Income	26.4	26.78	24.56	22.39	21.41	19.22
Total Non-Interest Income	33.45	31.73	29.3	27.97	40.36	44.25
Non-Interest Income Growth (YoY)	3.61%	8.29%	4.75%	-30.70%	-8.79%	70.09%
Revenues Before Loan Losses	117.32	112.43	112.36	113.92	117.7	121.48
Provision for Loan Losses	7.93	10.1	1.38	-2.28	-2.21	13.36
Revenue	109.39	102.33	110.98	116.2	119.91	108.11
Revenue Growth (YoY)	2.75%	-7.80%	-4.49%	-3.10%	10.91%	15.27%
Salaries and Employee Benefits	40.09	38.8	40.05	39.8	41.68	41.1
Occupancy Expenses	5.33	5.09	4.92	-	-	-
Amortization of Goodwill & Intangibles	2.91	2.66	3.05	3.38	5.58	7.99
Selling, General & Administrative	15.88	15.88	15.21	19.36	19.83	15.89
Other Non-Interest Expense	16.88	15.48	13.78	12.66	13.66	13.95
Total Non-Interest Expense	81.09	77.91	77.01	75.2	80.75	78.92
EBT Excluding Unusual Items	28.31	24.41	33.97	40.99	39.17	29.19
Pretax Income	28.31	24.41	33.97	40.99	39.17	29.19
Income Tax Expense	5.77	5.87	8.47	10.57	10.39	7.68
Net Income	22.54	18.54	25.5	30.42	28.78	21.51
Net Income to Common	22.54	18.54	25.5	30.42	28.78	21.51
Net Income Growth	10.83%	-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)	0.27%	0.24%	0.16%	0.00%	-1.07%	-0.28%
EPS (Basic)	2.84	2.34	3.23	3.85	3.65	2.70
EPS (Diluted)	2.84	2.34	3.23	3.85	3.65	2.70
EPS Growth	10.52%	-27.47%	-16.31%	5.72%	35.22%	9.13%
Dividend Per Share	0.360	0.720	0.700	0.630	0.550	0.500
Dividend Growth	-50.00%	2.86%	11.11%	14.54%	10.00%	3.45%
Effective Tax Rate	20.37%	24.06%	24.93%	25.78%	26.53%	26.31%

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