Merchants Financial Group, Inc. (MFGI) announced year-to-date net income through the third quarter of $20.1 million, according to MFGI President & CEO Gregory M. Evans.

As a result of continued strong performance, the MFGI Board of Directors authorized a semiannual dividend to shareholders of 36 cents per share. The dividend amount is a 9 percent increase over the semiannual payment of 33 cents for the first half of the year.

“We are pleased to have the opportunity to again thank our loyal shareholders with this semiannual dividend increase,” Evans said. “With their support, Merchants is positioned well to weather the current environment and finish the year strong.”

Net income for MFGI is $426,215 ahead of plan for the first three quarters of 2023. The diversification of Merchants’ business lines continues to bolster performance. Specifically, Merchants Bank Equipment Finance, the company’s equipment finance division, originated more than $53 million during the third quarter driving yield and diversification value to MFGI’s consolidated portfolio.

MFGI experienced modest loan growth over the quarter with total net loans increasing to $2.06 billion, which is $58.1 million above plan and a year-over-year increase of 16.27 percent. Core deposits remain strong and stable at $2.15 billion.