Merrill Merchants announces earnings

BANGOR – Merrill Merchants Bancshares, Inc., the parent company of Merrill Merchants Bank, reported record quarterly net income of $1 million or $0.30 diluted earnings per share for the three months ended March 31. This represents a 10 percent increase over $927,000 or $0.28 diluted earnings per share for the same period last year.

The company’s consolidated assets were $311.2 million at the end of the quarter, an increase of $31.6 million or 11 percent from the same date a year ago. Comparing this quarter to last year’s, total net loans grew $29.8 million or 16 percent. Real estate lending was strong with residential mortgages growing 25 percent, home equity balances increasing 15 percent, commercial mortgage balances increasing 8 percent and construction lending doubling to $12.9 million. Commercial loans outstanding increased 13 percent from a year ago.

Total deposits were at $232.2 million at quarter end versus $218 million a year ago. Checking account balances increased $13.8 million or 24 percent due to deposit relationships associated with new loan business and the new accounts generated by the High Performance Checking program, which was introduced during the fourth quarter of 2002.