Bank earnings Merrill Merchants

BANGOR – Merrill Merchants Bancshares Inc., the parent company of Merrill Merchants Bank, has reported net income of $3.2 million, or earnings per share of 95 cents for the nine months ended Sept. 30, compared to $2.9 million or earnings per share of 86 cents for the same period last year.

Earnings for the three months ended Sept. 30 increased 11 percent, totaling $1.1 million, a strong gain compared to $995,000 for the same period last year.

“Our real estate lending activity continues to be the catalyst for earnings growth with fee income from mortgage banking increasing 178 percent for the quarter,” said Edwin N. Clift, president and chief executive officer of Merrill Merchants Bancshares.

The company’s consolidated assets were $331.3 million as of Sept. 30, an increase of $31.2 million or 10 percent from the same date a year ago.

Net loans grew $34.7 million or 17 percent and deposits grew $23. 9 million or 10 percent.

Merrill Merchants Bancshare’s subsidiary, Merrill Merchants Bank, has its headquarters in Bangor.