Merchants Financial Group, Inc. ended 2012 with $12,400,000 in net income, an increase of nearly $3,700,000 over 2011, according to Merchants Financial Group President & CEO Richard L. Mahoney.
Mahoney said it was the best year Merchants has had to date in terms of income, He said the organization has continued to see strength in mortgage activity across its 18 locations and network of correspondent banks, and continued its success in improving credit quality.
The Merchants organization expanded its loan portfolio from $754,500,000 in 2011 to $867,200,000 2012. Equity increased from $105,200,000 in 2011 to $112,200,000 in 2012. And assets for Merchants were at 1.28 billion in 2012, as opposed to 1.25 billion in 2011.
Mahoney said-quote- "While it is fair to say that our results in 2012 were exceptional and hard to surpass, we do expect that our conservative banking principles will lead us to a very successful 2013."-end quote.