Merchants Financial Group, Inc. (MFGI) reported net income of $10,168,380 for the first three quarters of 2015, more than $400,000 ahead of last year’s pace of $9,749,529, according to MFGI President & CEO Rod Nelson.
Based on the performance, the MFGI Board of Directors voted to increase the shareholder semiannual dividend by three cents to 53 cents per share, Nelson said. The dividend will be paid to shareholders of record as of November 20, 2015.
“The reason for the strong performance is consistent with the factors that have driven our organization over the past several years: exceptional commercial loan growth compared to our peers, mortgage volume that has exceeded our plan and sound credit quality,” Nelson said.
Nelson said the Merchants organization is performing well at all of its 21 bank locations, and he expects the positive trend to continue.