Winona, Minn.-based Merchants Financial Group, Inc., approved a 3-for-1 stock split on April 14 after the $2.8 billion company announced record 2021 profits.
The company reported $28.7 million in net income last year, a nearly 34 percent increase from 2020. The increase was mainly driven by strong residential mortgage lending activity and continued work with businesses through the Paycheck Protection Program. The company’s total residential mortgage loan volume exceeded $835.2 million, $309 million above the company’s 2021 forecast. Merchants Bank originated more than $81.5 million in new PPP loans and recognized $8 million in fee income for loans facilitated in 2020-21, according to the company. Year-over-year deposits grew $326.8 million, nearly 15 percent above 2020.
“Last year continued to present an unpredictable market environment, but our team just continued to adapt and maintained its focus on working with our customers to fulfill their hopes and dreams in the midst of uncertainty,” said Gregory Evans, president and CEO of Merchants Financial Group. “That commitment drove our strong earnings performance, and I’d like to thank our loyal shareholders for their support and belief in Merchants’ role as a community partner and vital economic contributor to this region.”
The stock dividend is expected to be paid on May 13 to shareholders of record as of May 5.
Two people were elected to three-year board terms, including Molly Jungbauer, CEO and co-owner of Eagan-based Hollstadt Consulting, Inc.; and James Rogers III, chief business development officer for Mayo Clinic. Rogers has served on the Merchants Bank Rochester advisory board since 2016. Two were reelected to three-year terms, including John Killen, senior vice president of hardgoods and president of Winona-based WinCraft, a Fanatics brand company; and James Trenda, founder, owner and operator of CP Advisors.