Merchants Financial Group Balance Sheet

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	242.44	177.79	39.06	227.47	849.82
Investment Securities	-	7.09	8.06	38.53	6.64
Trading Asset Securities	-	0.94	1.24	1.5	0.07
Mortgage-Backed Securities	438.35	312.12	231.87	273.67	197.44
Total Investments	438.35	320.15	241.17	313.7	204.15
Gross Loans	2,037	2,118	2,163	1,881	1,613
Allowance for Loan Losses	-26	-28.49	-28.15	-26.11	-28.65
Other Adjustments to Gross Loans	-	-3.2	-3.62	-3.35	-5.32
Net Loans	2,011	2,086	2,132	1,852	1,579
Property, Plant & Equipment	34.82	41.73	46.09	47.95	45.12
Goodwill	35.67	35.67	35.67	35.67	35.67
Other Intangible Assets	-	0.05	0.32	0.8	1.49
Loans Held for Sale	14.01	1.05	1.93	6.2	24.07
Accrued Interest Receivable	41.82	31.99	18.93	13.83	14.14
Other Real Estate Owned & Foreclosed	0.97	6.46	1.01	0.81	1.12
Other Long-Term Assets	81.08	80.93	84.52	82	72.12
Total Assets	2,900	2,782	2,600	2,580	2,827
Interest Bearing Deposits	2,045	1,807	1,592	1,573	1,838
Institutional Deposits	-	153.2	99.94	48.71	59.25
Non-Interest Bearing Deposits	476.27	463.17	482.29	635.85	620.99
Total Deposits	2,521	2,424	2,174	2,257	2,519
Short-Term Borrowings	15.04	15.06	109.75	12.02	1.7
Current Portion of Long-Term Debt	-	10	-	-	-
Accrued Interest Payable	21.69	25.45	15.02	13.29	16.91
Long-Term Debt	29.95	30.25	35.61	53.37	55.79
Long-Term Deferred Tax Liabilities	4.96	1.87	1.62	3.23	3.37
Total Liabilities	2,593	2,506	2,336	2,339	2,596
Common Stock	0.07	0.07	0.07	0.07	0.07
Additional Paid-In Capital	10.26	10.24	10.27	10.26	10.14
Retained Earnings	312.17	286.01	273.17	254.09	228.63
Comprehensive Income & Other	-14.8	-20.6	-19.58	-23.25	-8.2
Shareholders' Equity	307.69	275.72	263.94	241.16	230.64
Total Liabilities & Equity	2,900	2,782	2,600	2,580	2,827
Total Debt	44.99	55.31	145.37	65.39	57.49
Net Cash (Debt)	197.45	123.43	-105.08	163.58	792.39
Net Cash Growth	59.97%	-	-	-79.36%	124.25%
Net Cash Per Share	24.14	15.57	-13.29	20.72	100.37
Filing Date Shares Outstanding	7.93	7.93	7.96	8.18	7.92
Total Common Shares Outstanding	7.93	7.93	7.96	8.18	7.92
Book Value Per Share	38.81	34.77	33.16	29.49	29.11
Tangible Book Value	272.03	240	227.95	204.7	193.48
Tangible Book Value Per Share	34.31	30.27	28.64	25.03	24.42

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