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 $1.5 million for the three months ended September 30,
2005, an 18% increase over the same period last year. The Company
reported diluted earnings per share of $0.42 for the third quarter
of 2005, a 17% increase over 2004's third quarter earnings per
share of $0.36. The Company reported net income of $4.1 million or
earnings per share of $1.18 on a fully diluted basis for the nine
months ended September 30, 2005, compared to $3.6 million or
earnings per share of $1.01 for the same period last year. Balance
Sheet. The Company's consolidated assets were $408.0 million at
September 30, 2005, an increase of $41.2 million or 11% from the
same date a year ago. Comparing September 30, 2005 and 2004, total
loans grew $34.8 million or 13%. Real estate lending was strong
with growth in the commercial real estate portfolio of $13.6
million or 15% and home equity balances increasing $8.4 million or
25%. Residential and construction balances increased $6.1 million
from a year ago and loans to small businesses were up $5.2 million.
Total deposits were $325.0 million at September 30, 2005 versus
$293.7 million a year ago, representing growth of $31.3 million or
11%. Savings account balances increased $11.8 million or 27% due to
offering a premium interest rate savings product. Comparing
September 30, 2005 and 2004, checking accounts increased 7% and
money market balances grew 11%. Retail certificates of deposit
(CDs) grew $11.0 million or 17% as increases in market interest
rates have attracted customers to invest in short-term CDs.
Brokered deposits declined $3.3 million as a result of scheduled
maturities. Net Income. The Company's net income for the nine
months ended September 30, 2005 amounted to $4.1 million compared
to $3.6 million for the same period in 2004, an increase of 15%.
Return on average equity increased to 16.95% for the first nine
months of 2005 compared to 15.60% last year and return on average
assets increased to 1.42% from 1.33%. Net income for the three
months ended September 30, 2005 increased $228,000 or 18% compared
with the same period in 2004. Return on assets and return on equity
were 1.45% and 17.60%, respectively, for the third quarter of 2005
compared to return on assets of 1.33% and return on equity of
16.26% for the same period in 2004. Net Interest Income. Net
interest income increased $1.4 million, or 14%, for the nine months
ended September 30, 2005 to $11.6 million. The increase was driven
by $27.0 million of growth in average earning assets for the nine
months of 2005 compared to the same period in 2004, combined with
an increase in the net interest margin to 4.22% from 3.99% for the
nine months ended 2004. Net interest income for the third quarter
of 2005 increased 15% to $4.1 million and the net interest margin
increased to 4.29% for the third quarter of 2005 compared to 3.98%
for the same period last year. Non-Interest Income. Non-interest
income was $3.8 million for the nine months ended September 30,
2005, an increase of $120,000 compared to the same period in 2004.
The 3% increase in non-interest income was driven by increases in
trust fees of $130,000, increases in other fees of $112,000 and a
$106,000 gain on the sale of our credit card portfolio. Mortgage
sale gains declined by $265,000 as residential loan refinancing
volume is significantly lower this year and investment security
gains decreased $46,000 from a year ago. Non-interest income was
$1.2 million for the third quarter of 2005, an increase of $47,000
or 4%, from the same period in 2004. Trust fees grew 11% and
service charges on deposit accounts increased 12% while the gains
on mortgage sales declined 34%. Non-Interest Expense. Non-interest
expense totaled $8.9 million for the nine months ended September
30, 2005 compared to $8.2 million for the same period last year.
The increase in non-interest expense of $682,000, or 8%, was due to
increases in personnel costs of 8%, occupancy costs of 13% and
other expenses of 12%. Non-interest expense increased $244,000, or
9%, to $3.0 million for the third quarter of 2005 compared to the
third quarter of 2004. The increase was the result of an increase
in personnel costs of 10%, an increase in other expenses of 12%,
and a decline in data processing expenses of 17%. Shareholders'
Equity. At September 30, 2005, shareholders' equity totaled $33.5
million. The net increase of $2.2 million for the first nine months
of 2005 was attributable to: net income of $4.1 million less cash
dividends of $1.6 million and share repurchases of $119,000. The
Company declared a third quarter cash dividend of $.16 per share on
the Company's common stock. This was an increase of 18% over last
year's third quarter dividend. On September 17, 2004, the Board of
Directors approved a fourth stock repurchase program authorizing
the Company to repurchase up to 169,995, or 5%, of its outstanding
shares of common stock. As of September 30, 2005, 22,137 shares had
been repurchased under the program. Repurchases will be made from
time to time at the discretion of Company management. The Company's
subsidiary, Merrill Merchants Bank, is headquartered in Bangor,
Maine. Merrill Merchants Bank provides consumer, commercial, and
trust and investment services through its eleven locations in
Central and Eastern Maine. The Bank is a "Preferred Lender" of the
Small Business Administration (the "SBA") and was recently
recognized by the SBA as the top lender in the state for the fiscal
year ended September 30, 2005. -0- *T MERRILL MERCHANTS BANCSHARES,
INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three
Nine Months Ended Months Ended September 30, September 30, (In
thousands except per share data) 2005 2004 2005 2004 Interest
income $5,951 $4,782 $16,513 $13,751 Interest expense 1,890 1,261
4,962 3,593 Net interest income 4,061 3,521 11,551 10,158 Provision
for loan losses 106 88 300 256 Non-interest income 1,215 1,168
3,810 3,691 Non-interest expense 2,963 2,719 8,891 8,209 Income
before income taxes 2,207 1,882 6,170 5,384 Income taxes 745 648
2,086 1,832 Net income $1,462 $1,234 $4,084 $3,552 Per share data
Basic earnings per common share (1) $0.43 $0.36 $1.19 $1.02 Diluted
earnings per common share (1) $0.42 $0.36 $1.18 $1.01 (1) Adjusted
to reflect the 3% stock dividend in March 2005. SELECTED
CONSOLIDATED BALANCE SHEETS (Unaudited) Sept. 30, Dec. 31, (In
thousands) 2005 2004 2004 Total assets $408,031 $366,820 $368,690
Loans receivable, net 306,981 272,490 279,122 Loans held for sale
1,393 1,170 617 Investment securities 70,168 69,866 66,099 Deposits
324,995 293,692 299,782 Shareholders' equity 33,522 30,576 31,329
Off-Balance Sheet Trust assets under management 358,359 344,704
356,436 Mortgage servicing portfolio 132,806 116,712 122,125 OTHER
SELECTED CONSOLIDATED DATA (Unaudited) At or for At or for the
Three Months the Nine Months Ended September 30, Ended September
30, 2005 2004 2005 2004 Return on average assets (1) 1.45% 1.33%
1.42% 1.33% Return on average equity (1) 17.60% 16.26% 16.95%
15.60% Leverage ratio 8.22% 8.10% 8.22% 8.10% Net interest margin
(1) 4.29% 3.98% 4.22% 3.99% Non-performing assets to total assets
0.21% 0.17% 0.21% 0.17% Net loan charge-offs to average net loans
(1) 0.08% 0.08% 0.04% 0.06% Allowance for loan losses to total
loans 1.31% 1.37% 1.31% 1.37% Number of shares outstanding (2)
3,435,633 3,440,519 3,435,633 3,440,519 Weighted-average shares
outstanding-diluted (2) 3,465,003 3,478,881 3,466,830 3,513,846
Book value per share (2) $9.76 $8.89 $9.76 $8.89 (1) Computed on an
annualized basis. (2) Adjusted to reflect the 3% stock dividend in
March 2005. *T This press release and the documents incorporated by
reference herein contain certain forward-looking statements. These
forward-looking statements may be contained in this press release,
quarterly and annual filings with the Securities and Exchange
Commission (the "SEC"), the Annual Report to Shareholders, other
filings with the SEC, and in other communications by Merrill
Merchants Bancshares, Inc. (the "Company") and its wholly-owned
subsidiary, Merrill Merchants Bank (the "Bank"), which are made in
good faith pursuant to the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. The words "may," "could,"
"should," "would," "believe," "anticipate," "estimate," "expect,"
"intend," "plan" and similar expressions are intended to identify
forward-looking statements. In preparing these disclosures,
management must make assumptions, including, but not limited to,
the level of future interest rates, prepayments on loans and
investment securities, required levels of capital, needs for
liquidity, and the adequacy of the allowance for loan losses. These
forward-looking statements may be subject to significant known and
unknown risks uncertainties, and other factors, including, but not
limited to, those matters referred to in the preceding sentence.
Although we believe that the expectations reflected in such
forward-looking statements are reasonable, actual results may
differ materially from the results discussed in these
forward-looking statements. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date hereof. The Company undertakes no obligation to
republish revised forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. You are also urged to carefully review and
consider the various disclosures made by the Company which attempt
to advise interested parties of the facts which affect the
Company's business.
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