Merchants Financial Group Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '26 Sep 30, 2026	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
Interest Income on Loans	117.39	115.82	118.2	101.88	80.22	81.13
Interest Income on Investments	26.03	22.1	12.5	12.62	14.05	4.52
Total Interest Income	143.42	137.92	130.71	114.5	94.27	85.65
Interest Paid on Deposits	44.28	48.9	45.83	27.78	6.1	6.66
Interest Paid on Borrowings	1.89	2.31	4.18	3.66	2.22	1.65
Total Interest Expense	46.17	51.21	50.01	31.44	8.32	8.31
Net Interest Income	97.26	86.71	80.7	83.06	85.95	77.34
Net Interest Income Growth	11.46%	7.45%	-2.85%	-3.36%	11.13%	0.15%
Trust Income	4	3.41	3.15	2.75	2.37	2.25
Gain (Loss) on Sale of Assets	0.27	0.25	-	-	-0.02	-0.57
Gain (Loss) on Sale of Investments	0.02	0.11	-1.18	-0.13	-	-
Other Non-Interest Income	27.33	27.83	26.78	24.56	22.39	21.41
Total Non-Interest Income	38.45	36.49	31.73	29.3	27.97	40.36
Non-Interest Income Growth	15.14%	15.01%	8.29%	4.75%	-30.70%	-8.79%
Revenues Before Loan Losses	135.71	123.2	112.43	112.36	113.92	117.7
Provision for Loan Losses	0.33	-1.59	10.1	1.38	-2.28	-2.21
Revenue	135.38	124.78	102.33	110.98	116.2	119.91
Revenue Growth	15.15%	21.95%	-7.80%	-4.49%	-3.10%	10.91%
Salaries and Employee Benefits	43.69	41.79	38.8	40.05	39.8	41.68
Occupancy Expenses	3.33	4.11	5.09	4.92	-	-
Amortization of Goodwill & Intangibles	2.83	3.14	2.66	3.05	3.38	5.58
Selling, General & Administrative	16.61	16.61	15.88	15.21	19.36	19.83
Other Non-Interest Expense	21.8	18.08	15.48	13.78	12.66	13.66
Total Non-Interest Expense	88.25	83.74	77.91	77.01	75.2	80.75
EBT Excluding Unusual Items	47.13	41.05	24.41	33.97	40.99	39.17
Pretax Income	47.13	41.05	24.41	33.97	40.99	39.17
Income Tax Expense	10.68	8.67	5.87	8.47	10.57	10.39
Net Income	36.45	32.38	18.54	25.5	30.42	28.78
Net Income to Common	36.45	32.38	18.54	25.5	30.42	28.78
Net Income Growth	32.20%	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	-	-0.30%	0.24%	0.16%	0.00%	-1.07%
EPS (Basic)	-	4.10	2.34	3.23	3.85	3.65
EPS (Diluted)	-	4.10	2.34	3.23	3.85	3.65
EPS Growth	-	75.17%	-27.47%	-16.31%	5.72%	35.22%

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '26 Sep 30, 2026	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
Dividend Per Share	0.410	0.790	0.720	0.700	0.630	0.550
Dividend Growth	-44.59%	9.72%	2.86%	11.11%	14.54%	10.00%
Effective Tax Rate	22.66%	21.12%	24.06%	24.93%	25.78%	26.53%