Merchants Financial Group, Inc. (MFGI) continued its history of strong performance with $12,349,685 in net income in 2014, according to Merchants Financial Group, Inc. President & CEO Rodney R. Nelson.
It is MFGI’s second highest year in terms of performance, less than $100,000 behind the record year of 2012, when net income was $12,439,492. MFGI has a history of consistent performance. In 2013, MFGI reported net income of $11,612,049.
“Our performance results from the team effort of our talented staff across all of our locations,” Nelson said. “We are pleased with our earnings, which were more than 15 percent over our plan, and we also anticipate continued growth.”
One of the key drivers in the 2014 performance was continued commercial loan growth, which was up 13.97% over 2013. Credit quality was again very strong. Total loan balances increased to $1,107.0 billion, up from $972.3 million in 2013. Total deposits increased to $1,207.0 billion, up from 1,128.8 billion in 2013. Total equity increased to $131.1 million, up from $116.0 million in 2013. The asset size of the Merchants organization also increased to $1,522.6 billion, up from $1,366.0 billion in 2013.
“We are pleased to share these numbers with our shareholders and customers. The numbers show we are well-positioned for continued success,” Nelson said. “We are especially proud of the long-term relationships our employees have built with our customers, helping those customers reach their business and personal financial goals.”