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Article Excerpt
BANGOR, Maine -- Edwin N. Clift, Chairman and Chief Executive Officer of Merrill Merchants Bancshares, Inc. (the "Company") (Nasdaq: MERB), the parent company of Merrill Merchants Bank, reported record net income of $1.4 million for the three months ended June 30, 2005, a 14% increase over the same period last year. The Company reported diluted earnings per share of $0.39 for the second quarter of 2005, a 15% increase over 2004's second quarter earnings per share of $0.34.
The Company reported net income of $2.6 million or earnings per share of $0.76 on a fully diluted basis for the six months ended June 30, 2005, compared to $2.3 million or earnings per share of $0.66 for the same period last year.
Balance Sheet. The Company's consolidated assets were $392.6 million at June 30, 2005, an increase of $32.3 million or 9% from the same date a year ago. Comparing June 30, 2005 and 2004, total loans grew $28.2 million or 10%. Consumer real estate lending was strong with construction balances increasing 23%, home equity balances growing 25% and residential mortgages up 4%. The commercial and commercial real estate portfolio grew at a rate of 9% and consumer loans increased 9% from a year ago.
Total deposits were $314.7 million at June 30, 2005 versus $287.6 million a year ago, representing growth of $27.1 million or 9%. Savings account balances increased $8.3 million or 19% due to...
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