Merrill Merchants’ earnings up by 13%

BANGOR – Edwin N. Clift, president and chief executive officer of Merrill Merchants Bancshares Inc., the parent company of Merrill Merchants Bank, reported net income of $4.3 million, or earnings per share of $1.29 for 2003, compared to $3.8 million, or $1.14 per share, for 2002.

“We are pleased to report record earnings for 2003, with earnings per share increasing 13 percent,” Clift said. “Real estate lending activity continued to be the catalyst for earnings growth.”

The company’s consolidated assets were $342.2 million on Dec. 31, 2003, an increase of $34.9 million or 11 percent from the same date the previous year. The bank’s loan volume grew 15 percent during the year.

The company’s subsidiary, Merrill Merchants Bank, has headquarters in Bangor.