Merchants Financial Group, Inc., reported income of $2,797,997, more than $300,000 ahead of plan, for the first quarter of 2014, according to MFGI President & CEO Rod Nelson.
As a result of the positive performance, the MFGI Board of Directors approved a semiannual dividend of 45 cents per share to be paid to shareholders. The dividend is the same as the amount paid in December of last year.
“We continue to see excellent work across our locations by our business bankers as they increase our loan portfolio. Our staff continues to work smarter. We are looking closely at ways to maintain our margins, and we are diligent about keeping our expenses in check,” Nelson said. “With increased regulation, 2014 is a year that will be full of change for the banking industry. We are more than up to that challenge, and I do anticipate another strong year.”
Merchants’ numbers were behind last year’s first quarter numbers of $3,209,760 because of decreased mortgage income. Nelson said the decrease in mortgage activity is something that is consistent throughout the banking industry and was anticipated by Merchants when putting together its plan for 2014. Total income for 2013 was $11,612,049.