MERCHANTS BANCSHARES,INC. SOUTH BURLINGTON, Vt., July 21, 2016 /PRNewswire/ -- Merchants Bancshares, Inc. (NASDAQ: MBVT), the parent company of Merchants Bank, today announced net income of $4.4 million and $0.63 per diluted share for the second quarter of 2016 compared to net income of $3.5 million or $0.50 per diluted share in the first quarter of 2016 and $3.1 million in net income or $0.49 per diluted share in the second quarter of 2015.
For the six months ended June 30, 2016, net income was $7.9 million, or $1.14 per diluted share, compared to net income of $6.5 million, or $1.02 per diluted share, for the same period in 2015.
The return on average assets was 0.90% for the three months ended June 30, 2016, compared to 0.71% in the linked quarter and 0.72% for the same period in 2015. The return on average equity was 11.36% for the three months ended June 30, 2016, compared to 9.32% in the linked quarter and 9.73% for the same period in 2015.
The Company's Board of Directors approved a dividend of $0.28 per share, payable August 18, 2016, to stockholders of record as of August 4, 2016. Based on the closing price of $30.48 per share on June 30, 2016 and the annual dividend payout of $1.12 per share, the dividend represents annualized yield of 3.67%.
Geoffrey Hesslink, Merchants Bancshares, Inc.'s President and Chief Executive Officer commented, "Improved second quarter results reflect successful integration of NUVO bank into the Merchants franchise. We are focusing on growing our loan portfolio and expanding our customer base in western Massachusetts and Vermont markets. We are also executing on our strategy to deliver high-quality products and services to our customers." Mr. Hesslink also noted, "The interest rate environment continues to present industry challenges. We remain focused on control of non-interest expenses, managing net interest margin and strong credit standards. Our disciplined approach will benefit our stockholders over the long term."
Second Quarter 2016 Financial Highlights
Balance Sheet:
-- Total assets were $1.90 billion for the second quarter of 2016, a
decrease of $64.9 million over the linked quarter and $222.8 million
increase from the second quarter of 2015. The decrease over the linked
quarter was due to seasonal declines in loan and investment portfolio
balances.
-- Loans at June 30, 2016 totaled $1.40 billion, a decrease of $26.2
million on a linked quarter basis and $191.7 million increase from the
second quarter of 2015. The linked quarter decrease was mainly driven by
$44.8 million seasonal run-off in municipal loans and $4.9 million
decrease in residential portfolio. These declines were partially offset
by $24.9 million increase in total commercial loans, defined as
commercial, commercial real estate and construction. Loan balances
increased by $191.7 million from the second quarter of 2015, which
reflects organic growth and the addition of the acquired NUVO loan
portfolio. Average loan balances increased by $9.3 million in the second
quarter of 2016 over the linked quarter due to growth in total
commercial loans.
-- The investment portfolio ended the second quarter of 2016 at $391.1
million, a decrease of $18.3 million from the linked quarter and an
increase of $2.3 million from the second quarter of 2015. The linked
quarter decrease was largely due to seasonality.
-- Total deposits were $1.45 billion for the second quarter of 2016, a
decrease of $73.5 million on a linked quarter basis and an increase of
$106.5 million from the second quarter of 2015. The decrease on a linked
quarter basis was primarily attributable to a seasonal drop in municipal
deposits and planned run-off of high-cost NUVO time deposits. The
increase from the second quarter of 2015 was largely due to the addition
of NUVO deposits and partially due to modest growth.
-- Total stockholders' equity ended the quarter at $156.3 million. The
tangible book value per share at June 30, 2016 was $21.56 per share, an
increase of $0.50 per share from $21.06 at March 31, 2016. The major
components of the linked quarter increase were $0.63 of earnings and
$0.15 mark to market securities gains, offset by $0.28 of dividends
paid.
Income Statement:
-- Net interest income on a fully-taxable basis was $14.4 million for the
three months ended June 30, 2016, compared to $14.3 million for the
quarter ending March 31, 2016, and $12.3 million for the same period in
2015. The increases in net interest income reflected higher average loan
balances.
-- The taxable equivalent net interest margin for the three months ended
June 30, 2016 was 3.08%, an increase of 6 basis points on a linked
quarter basis and an increase of 13 basis points from the second quarter
of 2015. The linked quarter increase reflected a decrease in the cost of
interest-bearing deposits, the planned run-off of high cost NUVO time
deposits, and higher loan yields. Additionally, seasonally lower levels
of average interest-earning assets contributed to the increase in
margin. The improvement from the second quarter of 2015 was driven by
higher loan yields and a decrease in the cost of borrowings.
-- The Company recorded a $200 thousand provision for credit losses during
the second quarter of 2016 and was slightly below the linked quarter
provision of $205 thousand. In the second quarter of 2015, the provision
for credit losses was $100 thousand.
-- Noninterest income for the second quarter of 2016 was $3.2 million, an
increase of $297 thousand on a linked quarter basis and an increase of
$468 thousand from the second quarter of 2015. The increase on a linked
quarter basis was attributable to higher debit card and other fee
income. The improvement from the second quarter of 2015 was driven by
increases in overdraft income, deposit fees and other fee income.
-- Noninterest expense was $10.8 million for the second quarter of 2016, a
decrease of $1.1 million on a linked quarter basis and an increase of
$352 thousand from the second quarter of 2015. Excluding merger and
severance costs, core non-interest expense was $11.0 million in the
second quarter of 2016 compared to $11.5 million in the first quarter of
2016 and $10.5 million in the second quarter of 2015. Core non-interest
expense decreased over the linked quarter mainly due to lower
compensation expenses. The increase in noninterest expense from the
second quarter of 2015 was due to the acquisition of NUVO in December
2015.
-- The effective tax rate was 25.5% for the six months ended on June 30,
2016 compared to 20.7% for the corresponding period in 2015, mainly due
to a change in business loan composition and partially reflects reduced
Low Income Housing Partnership tax credits.
Credit Quality and Capital Ratios:
-- The allowance for loan losses ("ALL") as of June 30, 2016 was $12.4
million, or 0.89% of gross loans, compared to $12.2 million, or 0.86% of
gross loans, on a linked quarter basis and $12.2 million, or 1.01% of
gross loans, as of June 30, 2015. ALL as a percentage of gross loans
increased on a linked quarter basis due to a second quarter provision
and modest loan growth. ALL as a percentage of gross loans for the
second quarter of 2016 has decreased from the second quarter in 2015 due
to the addition of loan balances acquired from NUVO. These loans were
acquired at fair value on the acquisition date.
-- Nonperforming loans were $4.69 million, or 0.34% of total loans, at June
30, 2016, compared to 0.34% of total loans at March 31, 2016 and 0.12%
of total loans at June 30, 2015. ALL as a percentage of nonperforming
loans was 265% at June 30, 2016 compared to 251% at March 31, 2016.
Accruing loans past due 31-90 days were 0.06% for the second quarter of
2016 compared to 0.28% in the first quarter of 2016 and 0.04% in the
second quarter of 2015. The bank continues to experience strong credit
quality.
-- Regulatory Capital Ratios at June 30, 2016:
-- Common Equity Tier 1 - 13.03%
-- Tier 1 Leverage - 8.78%
-- Total Risk-Based Capital - 15.92%
-- Tangible Capital - 7.84%
Geoffrey R. Hesslink, President and Chief Executive Officer, Eric A. Segal, Interim PFO, PAO and Treasurer, and Marie Thresher, Executive Vice President and Chief Operating Officer, will host a conference call to discuss these earnings results, business and outlook at 10:00 a.m. Eastern Time on Friday, July 22, 2016. Interested parties may participate in the conference call by dialing U.S. number (866) 218-2405, Canada number (855) 669-9657, or international number (412) 902-4124. The title of the call is Merchants Bancshares, Inc. Q2 2016 Earnings Call. Participants are asked to call a few minutes prior to register. A replay will be available until 12:01 a.m. Eastern Time on Friday, August 5, 2016. The U.S. replay dial-in telephone number is (877) 344-7529. The Canada replay telephone number is (855) 669-9658, the international replay telephone number is (412) 317-0088. The replay access code for all replay telephone numbers is 10068680. Additionally, a recording of the call will be available on Merchants website at www.mbvt.com
Non-GAAP Financial Measure. In addition to results presented in accordance with generally accepted accounting principles ("GAAP"), this press release contains certain non-GAAP financial measures, such as core net income, tangible capital ratio and fully taxable equivalent net interest income. Net interest income is presented on a fully taxable equivalent basis, specifically included in interest income was tax-exempt interest income from certain tax-exempt loans. An amount equal to the tax benefit derived from this tax exempt income is added back to the interest income total, to produce net interest income on a fully taxable equivalent basis. Merchants Bancshares believes that the supplemental non-GAAP information is utilized by regulators and market analysts to evaluate a company's financial condition and therefore such information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. Additionally, capital ratios as presented are preliminary and will not be finalized until the Bank completes and files its regulatory reporting.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties. These statements, which are based on certain assumptions and describe Merchants Bancshares' future plans, strategies and expectations, can generally be identified by the use of the words "may," "will," "should," "could," "would," "plan," "potential," "estimate," "project," "believe," "intend," "anticipate," "expect," "target" and similar expressions. Forward-looking statements are based on the current assumptions and beliefs of management and are only expectations of future results. Actual results could differ materially from those projected in the forward-looking statements as a result of, among others; costs or difficulties related to the integration of NUVO; weakness in general, national, regional or local economic conditions, the performance of the investment portfolio, quality of credits or the overall demand for services; changes in loan default and charge-off rates which could affect the allowance for credit losses; declines in the equity and financial markets; reductions in deposit levels which could necessitate increased and/or higher cost borrowing to fund loans and investments; declines in mortgage loan refinancing, equity loan and line of credit activity which could reduce net interest and non-interest income; changes in the domestic interest rate environment and inflation; changes in the carrying value of investment securities and other assets; misalignment of interest-bearing assets and liabilities; increases in loan repayment rates affecting interest income and the value of mortgage servicing rights; changing business, banking, or regulatory conditions or policies, or new legislation affecting the financial services industry that could lead to changes in the competitive balance among financial institutions, restrictions on bank activities, changes in costs (including deposit insurance premiums), increased regulatory scrutiny, declines in consumer confidence in depository institutions, or changes in the secondary market for bank loan and other products; and changes in accounting rules, federal and state laws, IRS regulations, and other regulations and policies governing financial holding companies and their subsidiaries which may impact Merchants Bancshares' ability to take appropriate action to protect financial interests in certain loan situations.
You should not place undue reliance on forward-looking statements, and are cautioned that forward-looking statements are inherently uncertain. Actual performance and results of operations may differ materially from those projected or suggested in the forward-looking statements due to certain risks and uncertainties, which are included in more detail in the Annual Report on Form 10-K, as updated by Quarterly Reports on Form 10-Q and other filings submitted to the Securities and Exchange Commission. Merchants Bancshares' does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.
Merchants Bancshares, Inc.
Financial Highlights (unaudited)
(Dollars in thousands except share and per share data)
June 30, March 31, December 31, June 30,
2016 2016 2015 2015
---- ---- ---- ----
Balance Sheets - Period End
Cash and due from banks $29,469 $27,586 $30,605 $26,721
Interest earning cash and other short-term investments 30,053 38,054 104,578 13,924
Fed funds sold - 15,000 15,000 -
Investments-available for sale, taxable 280,078 294,048 283,454 259,556
Investments-held to maturity, taxable 111,070 115,392 119,674 129,312
Loans 1,395,393 1,421,603 1,414,280 1,203,655
Allowance for loan losses ("ALL") 12,420 12,173 12,040 12,162
Net loans 1,382,973 1,409,430 1,402,240 1,191,493
Federal Home Loan Bank ("FHLB") stock 7,036 3,863 3,797 4,378
Bank premises and equipment, net 14,052 14,532 15,030 15,230
Bank owned life insurance 10,659 10,606 10,551 10,432
Goodwill 6,872 6,872 6,967 -
Investment in real estate limited partnerships 5,768 5,827 5,687 5,923
Core deposit intangible 1,258 1,309 1,360 -
Other assets 19,422 21,111 22,294 18,919
Total assets 1,898,710 1,963,630 2,021,237 1,675,888
Non-interest bearing deposits 606,200 620,190 631,244 572,169
Savings, interest bearing checking and money market accounts 627,883 677,600 665,623 575,524
Time deposits 219,247 228,998 254,572 199,132
Total deposits 1,453,330 1,526,788 1,551,439 1,346,825
Short-term borrowings 70,000 - - -
Securities sold under agreement to repurchase, short-term 184,920 249,003 286,639 169,959
Other long-term debt 3,694 4,716 5,238 2,279
Junior subordinated debentures issued to unconsolidated subsidiary trust 20,619 20,619 20,619 20,619
Other liabilities 9,854 9,903 9,248 7,231
Total liabilities 1,742,417 1,811,029 1,873,183 1,546,913
Stockholders' equity 156,293 152,601 148,054 128,975
Balance Sheets - Quarter-to-Date Averages
Cash and due from banks $26,684 $31,058 $28,380 $23,663
Interest earning cash and other short-term investments 37,018 74,294 106,681 66,247
Investments-available for sale, taxable 285,723 279,327 279,416 243,032
Investments-held to maturity, taxable 113,403 117,390 122,924 131,966
Loans 1,426,966 1,417,710 1,306,613 1,220,418
Allowance for loan losses 12,249 12,073 12,269 12,075
Net loans 1,414,717 1,405,637 1,294,344 1,208,343
FHLB stock 6,292 3,784 3,571 4,378
Bank owned life insurance 10,626 10,571 10,515 10,395
Other assets 52,487 51,411 45,312 43,039
Total assets 1,946,950 1,973,472 1,891,143 1,731,063
Non-interest bearing deposits 609,454 616,553 610,499 574,660
Savings, interest bearing checking and money market accounts 665,271 671,823 632,481 576,038
Time deposits 222,782 239,818 210,527 202,050
Total deposits 1,497,507 1,528,194 1,453,507 1,352,748
Short-term borrowings 24,906 - - 6,099
Securities sold under agreement to repurchase, short-term 235,927 259,999 268,614 213,436
Other long-term debt 4,196 4,833 3,255 2,286
Junior subordinated debentures issued to unconsolidated subsidiary trust 20,619 20,619 20,619 20,619
Other liabilities 10,022 9,973 7,972 7,832
Total liabilities 1,793,177 1,823,618 1,753,967 1,603,020
Stockholders' equity 153,773 149,854 137,176 128,043
Earning assets 1,869,402 1,892,505 1,819,205 1,666,041
Interest bearing liabilities 1,173,701 1,197,092 1,135,496 1,020,528
Merchants Bancshares, Inc.
Financial Highlights (unaudited)
(Dollars in thousands except share and per share data)
For the Six Months Ended
------------------------
June 30, June 30,
2016 2015
---- ----
Balance Sheets - Year-to-
Date Averages
Cash and due from banks $28,871 $24,316
Interest earning cash and other
short-term investments 55,656 84,471
Investments-available for
sale, taxable 282,525 234,203
Investments-held to maturity,
taxable 115,397 134,173
Loans 1,422,338 1,203,940
Allowance for loan losses 12,161 11,984
Net loans 1,410,177 1,191,956
FHLB stock 5,038 4,378
Bank owned life insurance 10,599 10,365
Other assets 51,948 40,859
Total assets 1,960,211 1,724,721
Non-interest bearing deposits 613,004 578,594
Savings, interest bearing
checking and money market
accounts 668,547 558,539
Time deposits 231,300 204,934
Total deposits 1,512,851 1,342,067
Short-term borrowings 12,454 3,066
Securities sold under agreement
to repurchase, short-term 247,963 221,728
Other long-term debt 4,515 2,296
Junior subordinated debentures
issued to unconsolidated
subsidiary trust 20,619 20,619
Other liabilities 9,996 7,772
Total liabilities 1,808,398 1,597,548
Stockholders' equity 151,813 127,173
Earning assets 1,880,954 1,661,165
Interest bearing liabilities 1,185,398 1,011,182
Ratios and Supplemental Information:
June 30, March 31, December 31, June 30,
2016 2016 2015 2015
---- ---- ---- ----
Ratios and Supplemental Information - Period End
Book value per share $22.74 $22.25 $21.59 $20.35
Tangible book value per share $21.56 $21.06 $20.38 $20.35
Common Equity Tier 1 13.03% 12.95% 12.86% 13.55%
Tier I leverage ratio 8.78% 8.53% 8.77% 8.95%
Total risk-based capital ratio 15.92% 15.85% 15.77% 16.82%
Tangible capital ratio (1) 7.84% 7.39% 6.94% 7.70%
Period end common shares outstanding 6,871,642 6,858,473 6,855,294 6,336,408
Credit Quality - Period End
Nonperforming loans ("NPLs") $4,689 $4,847 $4,195 $1,387
Nonperforming assets ("NPAs") $4,749 $4,919 $4,207 $1,387
NPLs as a percent of total loans 0.34% 0.34% 0.30% 0.12%
NPAs as a percent of total assets 0.25% 0.25% 0.21% 0.08%
ALL as a percent of NPLs 265% 251% 287% 877%
ALL as a percent of total loans 0.89% 0.86% 0.85% 1.01%
Accruing loans 31 to 90 days past due as a percent of total loans 0.06% 0.28% 0.05% 0.04%
(1) The tangible capital ratio is calculated by dividing tangible equity by tangible assets. See Non-GAAP reconciliation on page 8.
Merchants Bancshares, Inc.
Financial Highlights (unaudited)
(Dollars in thousands except share and per share data)
Loan Portfolios:
June 30, March 31, December 31, June 30,
2016 2016 2015 2015
---- ---- ---- ----
Period End
Commercial, financial and agricultural $260,167 $247,074 $237,451 $210,458
Municipal loans 60,590 105,433 105,421 59,035
Real estate loans - commercial 560,056 556,836 558,004 438,622
Real estate loans - residential 456,132 461,009 468,443 454,114
Real estate loans - construction 50,788 42,209 34,802 38,435
Installment Loans 7,629 9,009 10,115 2,950
All other loans 31 33 44 41
--- --- --- ---
Total Loans $1,395,393 $1,421,603 $1,414,280 $1,203,655
---------- ---------- ---------- ----------
Tangible Capital Ratio:
Period Ended
------------
June 30, March 31, December 31, June 30,
Period End 2016 2016 2015 2015
---- ---- ---- ----
Total assets $1,898,710 $1,963,630 $2,021,237 $1,675,888
Core deposit intangible 1,258 1,309 1,360 -
Goodwill 6,872 6,872 6,967 -
----- ----- ----- ---
Tangible assets 1,890,580 1,955,449 2,012,910 1,675,888
Total stockholders' equity 156,293 152,601 148,054 128,975
Core deposit intangible 1,258 1,309 1,360 -
Goodwill 6,872 6,872 6,967 -
----- ----- ----- ---
Tangible stockholders' equity 148,163 144,420 139,727 128,975
Tangible capital ratio 7.84% 7.39% 6.94% 7.70%
Merchants Bancshares, Inc.
Financial Highlights (unaudited)
(Dollars in thousands except share and per share data)
For the Three Months Ended For the Six Months Ended
-------------------------- ------------------------
June 30, March 31, June 30, June 30, June 30,
2016 2016 2015 2016 2015
---- ---- ---- ---- ----
Operating Results
Interest income
Interest and fees on loans $12,897 $12,804 $10,800 $25,701 $21,423
Interest and dividends on investments 1,988 1,997 1,913 3,985 3,823
Interest on interest earning deposits with banks and other short-term investments 58 81 59 139 132
Total interest and dividend income 14,943 14,882 12,772 29,825 25,378
Interest expense
Savings, interest bearing checking and money market accounts 424 440 354 864 721
Time deposits $100 thousand and greater 196 118 123 314 245
Other time deposits 144 273 200 417 412
Total deposits 764 831 677 1,595 1,378
Short-term borrowings 31 - - 31 -
Securities sold under agreement to repurchase, short-term 103 109 151 212 306
Long-term debt 214 210 199 424 396
Total interest expense 1,112 1,150 1,027 2,262 2,080
Net interest income 13,831 13,732 11,745 27,563 23,298
Provision for credit losses 200 205 100 405 100
Net interest income after provision for credit losses 13,631 13,527 11,645 27,158 23,198
Noninterest income
Trust division income 835 867 885 1,702 1,780
Net, debit card income 812 649 812 1,461 1,505
Overdraft income 677 631 333 1,308 779
Service charges on deposits 424 415 378 839 718
Other noninterest income 473 362 345 835 641
Total noninterest income 3,221 2,924 2,753 6,145 5,423
Noninterest expense
Compensation and benefits 5,456 6,308 5,190 11,764 10,238
Occupancy expense 1,025 1,139 1,049 2,164 2,192
Equipment expense 704 719 732 1,423 1,498
Telephone expense 192 198 186 390 403
Legal and professional fees 731 593 537 1,324 974
Mobile & internet banking 336 366 410 702 796
Core / Item processing 459 517 433 976 839
Marketing expenses 207 192 137 399 289
State franchise taxes 398 398 404 796 690
FDIC insurance 281 254 217 535 435
Merger costs (72) 133 143 61 148
Core deposit intangible amortization 51 51 - 102 -
Other noninterest expense 1,065 1,051 1,043 2,116 1,986
Total noninterest expense 10,833 11,919 10,481 22,752 20,488
Income before provision for income taxes 6,019 4,532 3,917 10,551 8,133
Provision for income taxes 1,653 1,042 801 2,695 1,681
Net income 4,366 3,490 3,116 7,856 6,452
Amounts reported for prior periods are reclassified, where necessary, to be consistent with the current period presentation.
Merchants Bancshares, Inc.
Financial Highlights (unaudited)
(Dollars in thousands except share and per share data)
For the Three Months Ended For the Six Months Ended
-------------------------- ------------------------
June 30, March 31, June 30, June 30, June 30,
2016 2016 2015 2016 2015
---- ---- ---- ---- ----
Ratios and Supplemental Information
Weighted average common shares outstanding 6,865,598 6,855,975 6,331,487 6,860,797 6,330,063
Weighted average diluted shares outstanding 6,886,607 6,965,886 6,345,960 6,881,492 6,344,233
Basic earnings per common share $0.64 $0.51 $0.49 $1.15 $1.02
Diluted earnings per common share $0.63 $0.50 $0.49 $1.14 $1.02
Return on average assets 0.90% 0.71% 0.72% 0.80% 0.75%
Return on average stockholders' equity 11.36% 9.32% 9.73% 10.35% 10.15%
Average yield on loans 3.79% 3.78% 3.72% 3.79% 3.76%
Average yield on investments 1.97% 2.01% 2.02% 1.98% 2.07%
Average yield of earning assets 3.33% 3.28% 3.20% 3.30% 3.20%
Average cost of interest bearing deposits 0.35% 0.37% 0.35% 0.36% 0.36%
Average cost of borrowed funds 0.49% 0.45% 0.58% 0.47% 0.57%
Average cost of interest bearing liabilities 0.38% 0.39% 0.40% 0.38% 0.41%
Net interest rate spread 2.95% 2.89% 2.80% 2.92% 2.79%
Net interest margin 3.08% 3.02% 2.95% 3.06% 2.95%
Net interest income on a fully taxable equivalent basis $14,371 $14,265 $12,250 $28,636 $24,306
Net (charge-offs) recoveries to average loans (0.00)% (0.02)% 0.01% (0.01)% 0.00%
Net (charge-offs) recoveries $(7) $(82) $27 $(89) $(24)
Efficiency ratio (1) 59.72% 64.27% 65.42% 61.97% 65.08%
(1) The efficiency ratio excludes amortization of intangibles, OREO expenses, gain/loss on sales of securities, state franchise taxes, and any significant nonrecurring items.
Non-GAAP Reconciliation:
For the Three Months Ended For the Six Months Ended
-------------------------- ------------------------
June 30, March 31, June 30, June 30, June 30,
2016 2016 2015 2016 2015
---- ---- ---- ---- ----
Core Net Interest Income
Merger related expenses and retirement costs $(184) $422 $(2) $238 $213
Tax effect (51) 97 - 46 44
--- --- --- --- ---
Merger related expenses and retirement costs, net of tax $(133) $325 $(2) $192 $169
GAAP net income as reported 4,366 3,490 3,116 7,856 6,452
----- ----- ----- ----- -----
Core net income $4,233 $3,815 $3,114 $8,048 $6,621
Weighted average common shares outstanding 6,866 6,856 6,331 6,861 6,330
Weighted average diluted shares outstanding 6,887 6,966 6,346 6,881 6,344
Core basic earnings per common share $0.62 $0.56 $0.49 $1.17 $1.05
Core diluted earnings per common share $0.61 $0.55 $0.49 $1.17 $1.04
Contact: Jamie Oberle, Merchants Bank, at (802) 865-1603
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SOURCE Merchants Bancshares, Inc.
