Merchants Financial Group (MFGI) achieved net income of $22,114,264 through the first three quarters of 2022, according to Gregory M. Evans, president and CEO of the company.

The MFGI board of directors authorized a semiannual dividend to shareholders of 33 cents per share. The dividend amount is a 10% increase over the semiannual payment of 30 cents for the first half of the year.

“It’s gratifying to be in a position to thank our dedicated shareholders once again for their support. It’s because of their commitment to Merchants that we’re able to continue serving our customers as the consultive, community-minded financial partner they deserve,” Evans said.

Net income for MFGI is $6.4 million ahead of plan, but $3.45 million behind Q3 earnings of 2021’s record year. Evans notes that the company’s 2022 forecast reflected key contributors in 2021 that would not recur such as the SBA’s paycheck protection program and exceptional activity in the mortgage loan area.

Total new commercial loan activity of $452.8 million played a significant role in Q3 performance, driving year-over-year growth in total loans of 11.34%. In addition, all three bank regions and the company’s equipment finance division exceeded earnings plans. Mortgage loan activity has been heavily impacted by the increasing rate environment with volume just 49% of the level achieved for the same time in 2021.