April 08, 2020
Business

Merrill reports $1.6M in quarterly earnings

BANGOR – Merrill Merchants Bancshares Inc., the parent company of Merrill Merchants Bank, has reported record net income of $1.6 million for the third quarter, representing a 13 percent increase over the same period last year.

The company reported diluted earnings per share of 46 cents for the three month period ending Sept. 30, a 12 percent jump over earnings per share the same quarter a year ago, according to Merrill Merchants Bancshares chairman and chief executive officer Edwin N. Clift.

The company reported net income of $4.5 million or earnings per share of $1.26 on a fully diluted basis for the nine months ended Sept. 30, compared to $4.1 million or $1.14 per share for the same period in 2005.

Consolidated assets were reported at $445 million at the end of the quarter, representing an increase of $36.9 million or 9 percent over a year ago. When compared to the same date last year, total loans grew $19 million or 6 percent and total deposits increased $33.3 million or 10 percent.

Merrill Merchants Bank is headquartered in Bangor and serves customers at 11 locations in central and eastern Maine.


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