Merchants Financial Group, Inc. (MFGI)

Merchants Financial Group Income Statement

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Interest Income on Loans	116.05	115.82	118.2	101.88	80.22	81.13
Interest Income on Investments	23.31	22.1	12.5	12.62	14.05	4.52
Total Interest Income	139.36	137.92	130.71	114.5	94.27	85.65
Interest Paid on Deposits	48.07	48.9	45.83	27.78	6.1	6.66
Interest Paid on Borrowings	2.07	2.31	4.18	3.66	2.22	1.65
Total Interest Expense	50.14	51.21	50.01	31.44	8.32	8.31
Net Interest Income	89.21	86.71	80.7	83.06	85.95	77.34
Net Interest Income Growth (YoY)	6.64%	7.45%	-2.85%	-3.36%	11.13%	0.15%
Trust Income	3.75	3.41	3.15	2.75	2.37	2.25
Gain (Loss) on Sale of Assets	0.25	0.25	-	-	-0.02	-0.57
Gain (Loss) on Sale of Investments	-	0.11	-1.18	-0.13	-	-
Other Non-Interest Income	27.53	27.83	26.78	24.56	22.39	21.41
Total Non-Interest Income	37.08	36.49	31.73	29.3	27.97	40.36
Non-Interest Income Growth (YoY)	17.81%	15.01%	8.29%	4.75%	-30.70%	-8.79%
Revenues Before Loan Losses	126.3	123.2	112.43	112.36	113.92	117.7
Provision for Loan Losses	-0.82	-1.59	10.1	1.38	-2.28	-2.21
Revenue	127.12	124.78	102.33	110.98	116.2	119.91
Revenue Growth (YoY)	21.03%	21.95%	-7.80%	-4.49%	-3.10%	10.91%
Salaries and Employee Benefits	42.44	41.79	38.8	40.05	39.8	41.68
Occupancy Expenses	3.77	4.11	5.09	4.92	-	-
Amortization of Goodwill & Intangibles	3.05	3.14	2.66	3.05	3.38	5.58
Selling, General & Administrative	16.98	16.61	15.88	15.21	19.36	19.83
Other Non-Interest Expense	18.49	18.08	15.48	13.78	12.66	13.66
Total Non-Interest Expense	84.73	83.74	77.91	77.01	75.2	80.75
EBT Excluding Unusual Items	42.39	41.05	24.41	33.97	40.99	39.17
Pretax Income	42.39	41.05	24.41	33.97	40.99	39.17
Income Tax Expense	8.21	8.67	5.87	8.47	10.57	10.39
Net Income	34.17	32.38	18.54	25.5	30.42	28.78
Net Income to Common	34.17	32.38	18.54	25.5	30.42	28.78
Net Income Growth	74.72%	74.65%	-27.30%	-16.18%	5.72%	33.78%
Basic Shares Outstanding	8	8	8	8	8	8
Diluted Shares Outstanding	8	8	8	8	8	8
Shares Change (YoY)	-0.30%	-0.30%	0.24%	0.16%	0.00%	-1.07%
EPS (Basic)	4.32	4.10	2.34	3.23	3.85	3.65
EPS (Diluted)	4.32	4.10	2.34	3.23	3.85	3.65
EPS Growth	75.24%	75.17%	-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	19.38%	21.12%	24.06%	24.93%	25.78%	26.53%

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