Income increases 22% at Merrill Merchants

BANGOR – Merrill Merchants Bancshares Inc., parent company of Merrill Merchants Bank, reported a net income of $666,000, or $.21 diluted earnings per share, for the three months that ended March 31, according to President and CEO Edwin Clift.

The income was an increase over last year’s $544,000 for the same three-month period.

Merrill Bancshares’ consolidated assets were $248.5 million as of March 31, an increase of $28.9 million or 13 percent from the same date last year. In a year’s time, total net loans, excluding loans held for sale, grew $25.3 million or 18 percent, and deposits increased $16.1 million or 9 percent.