BANGOR – Merrill Merchants Bancshares Inc., the parent company of Merrill Merchants Bank, has reported net income of $915,000, or 28 cents diluted earnings per share for the three months ending March 31. This compares with $666,000, or 21 cents diluted earnings per share for the same period last year.
“We are very pleased with the strong start to 2002,” said Edwin N. Clift, president and chief executive officer of Merrill Merchant Bancshares. “The 37 percent increase in first quarter 2002 earnings over the same period last year is attributable to loan growth, income from brisk residential refinance activity and good asset-liability management during a difficult interest rate environment.”
Merrill Merchants Bancshares’ consolidated assets were $279.6 million on March 31, representing an increase of $31.1 million, or 13 percent over assets a year ago on the same date. Comparing this year’s quarter ending report to last year’s, total net loans grew $24.2 million or 14 percent and deposits increased $25.1 million or 13 percent.
The company’s subsidiary, Merrill Merchants Bank, is headquartered in Bangor. Merrill Merchants Bank provides consumer, commercial, and trust and investment services through its 11 locations in central and eastern Maine.