Merchants Financial Group, Inc. (MFGI) announced year-end earnings for 2019 with net income of $19,760,000, according to MFGI President & CEO Gregory M. Evans. The earnings exceeded MFGI’s plan for the year by more than $2.6 million and is an increase of 4.7% over 2018 earnings.
“I’m extremely proud of our long track record of repeatable, sustainable earnings growth. Our success resulted from a total team effort, with each of our 480 teammates intensely focused on an extraordinary service orientation and a tremendous spirit of collaboration,” said Evans.
Key contributors to Merchants’core earnings for 2019 included strong business growth in both loans and deposits, mortgage loan volume significantly above plan and a net income contribution from First National Bank of Northfield, which was acquired by MFGI in August. Evans also credits an intense focus on credit quality and Merchants’unique community banking approach for another strong year.
Total year-over-year deposit growth for Merchants Bank from 2018 was 12.13%, and consolidated deposits when factoring in the Northfield acquisition increased 26.49% to just over $1.8 billion. Organic loan growth for Merchants Bank was 7.54% in 2019, and the addition of Northfield’s loan portfolio to the consolidated balance sheet contributed to total loans at year-end being $1.7 billion (growth of 20.6%).
Merchants Bank is a full service community bank with 19 bank locations in southeastern Minnesota, two bank locations in west-central Wisconsin and a leasing division, Merchants Bank Equipment Finance, in Edina. Merchants Financial Group, Inc. (MFGI) also owns the First National Bank of Northfield, with two banking offices in Northfield and a loan production office in Bloomington, Minn. Headquartered in Winona, MN, MFGI has more than $2 billion in assets. Merchants was founded in 1875.
Merchants Financial Group, Inc. is a publicly traded company. Ownership is made up of its more than 480 employees and mostly individuals and families from southeastern Minnesota and west-central Wisconsin.