Merrill Bank reports quarterly earnings

BANGOR – Merrill Merchants Bancshares Inc., the parent company of Merrill Merchants Bank, on Friday reported net income of $2.1 million, or earnings per share of $0.62 for the six months ended June 30.

Edwin N. Clift, president and chief executive officer, said the earnings per share was up 11 percent over the same period last year, when the financial institution recorded net income of $1.9 million or earnings per share of $0.56.

Clift said the growth was positive for the institution “considering the continued pressure on our net interest margin in this low interest rate environment.

“Our real-estate lending activity was strong and residential mortgage originations exceeded all expectations,” said Clift, in a statement. “Mortgage originations for the first six months of 2003 totaled $58.2 million compared to $82.3 million for the entire 2002 year.”