Merchants Financial Group Announces Earnings of $19.76MM for 2019
JAN 30, 2020 - 6:45 am
Merchants Financial Group announced year-end earnings for 2019 with net income of $19.76 million 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.
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.
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