SOUTH BURLINGTON, VT -- (Marketwire) -- 10/24/12 -- Merchants Bancshares, Inc. (NASDAQ: MBVT), the parent company of Merchants Bank, today announced net income of $4.00 million and $11.35 million, or diluted earnings per share of $0.64 and $1.82 for the three and nine months ended September 30, 2012, respectively. This compares to earnings of $4.18 million and $10.91 million, or diluted earnings per share of $0.67 and $1.76 for the three and nine months ended September 30, 2011, respectively. The return on average assets was 0.97% and 0.92% for the quarter and nine months ended September 30, 2012, compared to 1.11% and 0.98% for the same periods in 2011. The return on average equity was 13.95% and 13.47% for the quarter and nine months ended September 30, 2012, compared to 15.84% and 14.23% for the same periods in 2011. We previously announced the declaration of a dividend of $0.28 per share, payable November 15, 2012, to shareholders of record as of November 1, 2012. This quarter represents our 64th consecutive quarterly dividend payment and our 28th consecutive quarter at the current payout level.
Total assets ended the quarter at $1.69 billion and total shareholders' equity ended the quarter at $118.03 million. Our book value per share was $18.81 at September 30, 2012. Our Tier 1 leverage ratio was 8.10%, total risk-based capital ratio was 15.83% and tangible capital ratio was 7.00% at September 30, 2012.
"The third quarter results exhibit improvement on a linked quarter basis. We are on track to record another strong year in 2012. The rate of growth for the past twelve months has added significantly to the core earnings base for our company. Average loans for the third quarter are up 6% over the third quarter of last year. Although we expect the economic environment to pose some challenges, we remain confident in our ability to grow and maintain strong asset quality," commented Michael R. Tuttle, our President and Chief Executive Officer.
Our taxable equivalent net interest income was $13.15 million and $38.97 million for the three and nine months ended September 30, 2012, respectively, compared to $13.27 million and $38.39 million for the same periods in 2011; and $12.86 million for the second quarter of 2012. Our taxable equivalent net interest margin increased slightly during the third quarter of 2012 to 3.29% from 3.27% for the second quarter of this year. This quarter-over-quarter increase is driven by a reduction in our average cost of borrowed funds to 0.98% for the third quarter of 2012 from 1.30% for the second quarter of 2012. The decrease in borrowing cost was primarily driven by reduced costs associated with our customer repurchase agreements combined with our prepayment of Federal Home Loan Bank ("FHLB") debt discussed below. Year-to-date the net interest margin has decreased 26 basis points to 3.30%, compared to 3.56% for the first nine months of 2011. Our continued growth in earning assets has helped to offset margin compression and allowed us to increase net interest income for the first nine months of 2012, compared to the first nine months of 2011. Average earning assets for the three and nine months ended September 30, 2012 were $1.59 billion and $1.58 billion, respectively, an increase of $129.39 million and $135.06 million over the same periods in 2011; and an increase of $8.38 million over the second quarter of 2012.
The extended low interest rate environment continues to present a challenge as our assets reprice down at a steady rate and new assets come on at lower rates. Overall asset yields were 3.68% for the third quarter of 2012, compared to 3.76% for the second quarter of 2012 and 4.19% for the third quarter of last year. The average rate on our loan portfolio was 4.40% for the third quarter of 2012, an 8 basis point decrease from the second quarter of 2012, and a 39 basis point decrease from the third quarter of 2011. The average rate on our investment portfolio for the third quarter of 2012 was 2.30%, a 7 basis point decrease from the second quarter of 2012, and a 107 basis point decrease from the third quarter of 2011. These decreases were offset, in part, by decreases in the cost of our interest bearing liabilities. The average cost of interest bearing liabilities for the third quarter of 2012 was 48 basis points, a 10 basis point decrease from the second quarter of this year, and a 21 basis point decrease from the third quarter of 2011. We prepaid $10.00 million in long-term FHLB debt on August 30, 2012, and paid a prepayment penalty of $677 thousand. We have prepaid a total of $20 million in long-term FHLB advances at a rate of 2.75% during 2012, incurring total prepayment penalties of $1.36 million. These prepayments will reduce our overall cost of funds going forward.
Ending loan balances at September 30, 2012 were $1.07 billion, an increase of $45.25 million over ending loan balances at December 31, 2011. This represents an annualized loan growth rate of 6%. Quarterly average loans for the third quarter of 2012 were $50.40 million higher than for the fourth quarter of 2011. Year-to-date growth in our commercial loan portfolio has been driven by new customer acquisition and expansion of existing relationships, partially offset by decreased line of credit utilization during the third quarter of 2012. Reduced loan demand by our municipal customers has led to a year-to-date reduction in municipal balances. Growth in our residential real estate loan portfolio continues to be driven by increased mortgage refinance volume due to the low interest rate environment.
The following table summarizes the components of our loan portfolio as of the periods indicated:
(In thousands) September 30, 2012 June 30, 2012 December 31, 2011 ---------------------------------------------------------------------------- Commercial, financial and agricultural $169,450 $173,114 $146,990 Municipal loans 82,048 42,578 101,705 Real estate loans - residential 477,321 464,202 439,818 Real estate loans - commercial 327,182 329,698 313,915 Real estate loans - construction 11,285 9,875 18,993 Installment loans 5,259 5,842 5,806 All other loans 334 356 399 ---------------------------------------------------------------------------- Total loans $1,072,879 $1,025,665 $1,027,626 ----------------------------------------------------------------------------
We recorded a $250 thousand and $700 thousand provision for credit losses during the three and nine months ended September 30, 2012, respectively, compared to a provision of $250 thousand and $500 thousand for the three and nine months ended September 30, 2011, respectively. Asset quality remained high throughout 2012 and continues to be a core strength for our company. Our continued loan growth was the primary factor for the provision to date in 2012. Our nonperforming asset totals decreased to $2.74 million at September 30, 2012, compared to $3.52 million at June 30, 2012 and $2.87 million at December 31, 2011. There were no loans fully or partially charged-off during the third quarter of 2012 and year-to-date we have booked net recoveries of $27 thousand. Our total accruing substandard loans remain low at 1.78% of total loans. Loans past due 30-89 days were 0.01% of total loans at September 30, 2012.
Total deposits at September 30, 2012 were $1.25 billion compared to $1.18 billion at December 31, 2011. Growth during 2012 has been concentrated in our demand deposit and money market categories. Securities sold under agreement to repurchase, which represent collateralized customer accounts, declined by $34.53 million to $228.00 million at September 30, 2012 from $262.53 million at December 31, 2011 as a result of seasonal cash flows combined with migration to other deposit products due to the low interest rate environment. Short-term wholesale borrowings were $55.60 million at September 30, 2012, compared to zero at December 31, 2011. Our long-term debt was $20 million lower than balances at December 31, 2011 as a result of the FHLB prepayment discussed previously.
Total noninterest income decreased $213 thousand to $3.20 million for the third quarter of 2012 compared to 2011, and increased $658 thousand for the first nine months of 2012 compared to 2011. During the third quarter of 2012, we recognized a net gain on the sale of one of our branch locations of $749 thousand. Additionally, during the second quarter of 2012, we recognized a gain of $334 thousand on the sale of the mineral rights we owned on properties in Oklahoma which we acquired in a bank acquisition in 1971. We also recognized net gains (losses) on investment securities of $(26) thousand and $422 thousand during the quarter and nine months ended September 30, 2012, respectively. Excluding net gains (losses) on investment securities and the gains on the sale of the branch location and mineral rights, total noninterest income decreased $16 thousand to $2.48 million for the third quarter of 2012 compared to $2.49 million for the third quarter of 2011, and increased $200 thousand to $7.22 million for the first nine months of 2012, compared to $7.02 million for the first nine months of 2011. The change for the three and nine months ended September 30, 2012, compared to the same periods in 2011 is primarily a result of increases in net debit card income and Trust division income, offset in part by decreased overdraft fee revenue. Additionally, the timing of investments in low income housing partnerships and their associated tax credits led to a reduction in equity in losses of real estate limited partnerships to $(370) thousand for the third quarter of 2012 from $(441) thousand for the third quarter of last year, and $(1.19) million for the first nine months of 2012, compared to $(1.32) million for the same period in 2011. Trust assets under management have continued to grow in 2012 and now total $531 million.
Total noninterest expense decreased $596 thousand to $10.45 million for the third quarter of 2012 compared to 2011, and $165 thousand to $31.20 million for the first nine months of 2012 compared to 2011. As mentioned previously, we prepaid $20 million in FHLB long-term debt during the second and third quarters of 2012 and incurred prepayment penalties totaling $677 thousand during the third quarter and $1.36 million during the first nine months of 2012. We also prepaid $16 million in FHLB debt during the third quarter of 2011, and incurred a prepayment penalty of $861 thousand. Excluding the prepayment penalties, noninterest expense decreased $412 thousand for the third quarter of 2012 compared to 2011 and decreased $667 thousand for the first nine months of 2012 compared to 2011. Compensation and benefits were lower for both the quarter and nine months ended September 30, 2012. Normal salary increases were offset by increased vacancies, a lower incentive accrual, and credits related to loan origination fees. A change to our health insurance plan for 2012 resulted in a $193 thousand reduction in health and group insurance expense for the first nine months of 2012 compared to 2011. The effective tax rate for the quarter and nine months ended September 30, 2012 was 22% and 20%, respectively, compared to 14% and 17% for the same periods last year. Taxes for 2011 were positively impacted by the purchase of large historic rehabilitation credits that were available in 2011. Absent those credits, our effective tax rate for 2011 would have been approximately 20%.
Michael R. Tuttle, our President and Chief Executive Officer, Janet P. Spitler, our Chief Financial Officer and Executive Vice President, and Geoffrey R. Hesslink, our Senior Lender and Executive Vice President, will host a conference call to discuss these earnings results, business highlights and outlook at 10:00 a.m. Eastern Time on Friday, October 26, 2012. Interested parties may participate in the conference call by dialing U.S. number (877) 317-6789, Canada number (866) 605-3852 or international number (412) 317-6789. The title of the call is Merchants Bancshares, Inc. Q3 2012 Earnings. Participants are asked to call a few minutes prior to register. A replay will be available until 9:00 a.m. Eastern Time on Monday, November 26, 2012. The U.S. replay dial-in telephone number is (877) 344-7529. The international replay telephone number is (412) 317-0088. The conference number is 10019234. Additionally, a recording of the call will be available on our website at www.mbvt.com.
Established in 1849, Merchants Bank strives to deliver a fully integrated customer experience to its retail, commercial and investment customers, with a comprehensive array of online and mobile delivery options -- and 33 community bank offices and 40 ATMs throughout Vermont. Merchants Bank and its holding company, Merchants Bancshares, Inc., employ approximately 300 full-time employees and 40 part-time employees. Merchants Trust Company, a division of Merchants Bank, provides investment management, financial planning and trustee services. Please visit www.mbvt.com for access to Merchants Bank information, programs and services. Merchants' stock is traded on the NASDAQ Global Select Market under the symbol "MBVT." Member FDIC. Equal Housing Lender.
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. In several places 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. The amount added back was $485 thousand and $1.53 million, respectively, for the three and nine months ended September 30, 2012, and $529 thousand and $1.40 million, respectively, for the same periods in 2011. An additional non-GAAP financial measure we use is the tangible equity ratio. Because we have no intangible assets, our tangible equity is the same as our book equity. We believe 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.
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' 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. Our actual results could differ materially from those projected in the forward-looking statements as a result of, among others, continued weakness in general, national, regional or local economic conditions which impact the performance of our 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 our 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, such as the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, 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 our ability to take appropriate action to protect our financial interests in certain loan situations.
You should not place undue reliance on our 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 our Annual Report on Form 10-K, as updated by our Quarterly Reports on Form 10-Q and other filings submitted to the Securities and Exchange Commission. We do 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)
September December September
30, June 30, 31, 30,
---------- ---------- ---------- ----------
2012 2012 2011 2011
---------- ---------- ---------- ----------
Balance Sheets - Period End
Total assets $1,685,836 $1,601,765 $1,611,869 $1,560,949
Loans 1,072,879 1,025,665 1,027,626 1,008,076
Allowance for loan losses
("ALL") 11,444 11,203 10,619 10,480
Net loans 1,061,435 1,014,462 1,017,007 997,596
Investments-taxable 526,700 495,303 512,309 418,543
Federal Home Loan Bank
("FHLB") stock 8,145 8,145 8,630 8,630
Cash and due from banks 30,097 30,459 10,392 10,945
Interest earning cash and
other short-term
investments 22,935 17,000 27,420 86,438
Other assets 36,524 36,396 36,111 38,797
Non-interest bearing
deposits 227,879 211,916 197,522 180,696
Savings, interest bearing
checking and money market
accounts 687,267 680,803 632,110 630,355
Time deposits 337,817 347,427 348,248 354,508
Total deposits 1,252,963 1,240,146 1,177,880 1,165,559
Short-term borrowings 55,600 52,000 -- 3,013
Securities sold under
agreement to repurchase,
short-term 227,996 153,700 262,527 222,338
Other long-term debt 2,503 12,522 22,562 22,581
Junior subordinated
debentures issued to
unconsolidated subsidiary
trust 20,619 20,619 20,619 20,619
Other liabilities 8,126 8,719 18,744 18,839
Shareholders' equity 118,029 114,059 109,537 108,000
Balance Sheets - Quarter-to-
Date Averages
Total assets $1,649,457 $1,642,070 $1,564,335 $1,503,192
Loans 1,064,507 1,056,735 1,014,105 1,007,240
Allowance for loan losses 11,309 11,135 10,584 10,550
Net loans 1,053,198 1,045,600 1,003,521 996,690
Investments-taxable 499,688 497,860 443,713 366,435
FHLB stock 8,145 8,145 8,630 8,630
Cash and due from banks 25,793 24,968 10,186 10,389
Interest earning cash and
other short-term
investments 16,241 17,461 53,907 76,887
Other assets 46,392 48,036 44,378 44,161
Non-interest bearing
deposits 220,646 205,072 190,864 171,648
Savings, interest bearing
checking and money market
accounts 677,321 662,713 622,208 600,639
Time deposits 341,231 350,075 349,832 355,007
Total deposits 1,239,198 1,217,860 1,162,904 1,127,294
Short-term borrowings 60,141 35,773 1,798 1,592
Securities sold under
agreement to repurchase,
short-term 196,117 225,797 238,935 207,037
Securities sold under
agreement to repurchase,
long-term -- -- -- 3,995
Other long-term debt 9,032 20,771 22,569 27,763
Junior subordinated
debentures issued to
unconsolidated subsidiary
trust 20,619 20,619 20,619 20,619
Other liabilities 9,466 9,015 9,783 9,341
Shareholders' equity 114,884 112,235 107,727 105,551
Earning assets 1,588,581 1,580,201 1,520,355 1,459,192
Interest bearing liabilities 1,304,461 1,315,748 1,255,961 1,216,652
Ratios and Supplemental
Information - Period End
Book value per share $ 19.82 $ 19.20 $ 18.54 $ 18.29
Book value per share (1) $ 18.81 $ 18.23 $ 17.57 $ 17.35
Tier I leverage ratio 8.10% 7.97% 8.08% 8.26%
Total risk-based capital
ratio 15.83% 15.85% 15.92% 15.81%
Tangible capital ratio (2) 7.00% 7.12% 6.80% 6.92%
Period end common shares
outstanding (1) 6,274,683 6,256,481 6,232,783 6,224,886
Credit Quality - Period End
Nonperforming loans ("NPLs") $ 2,740 $ 3,130 $ 2,511 $ 3,192
Nonperforming assets
("NPAs") $ 2,740 $ 3,516 $ 2,869 $ 3,532
NPLs as a percent of total
loans 0.26% 0.31% 0.24% 0.32%
NPAs as a percent of total
assets 0.16% 0.22% 0.18% 0.23%
ALL as a percent of NPLs 418% 358% 423% 328%
ALL as a percent of total
loans 1.07% 1.09% 1.03% 1.04%
(1) This book value and period end common shares outstanding includes
319,572; 314,418; 325,703; and 320,845 Rabbi Trust shares for the
periods noted above, respectively.
(2) The tangible capital ratio is a non-GAAP financial measure which we
believe provides investors with information that is useful in
understanding our financial performance. Because we have no intangible
assets, our tangible equity is the same as our book equity.
For the Nine Months Ended
September 30,
2012 2011
------------- -------------
Balance Sheets - Year to-Date Averages
Total assets $ 1,636,883 $ 1,488,556
Loans 1,051,886 956,478
Allowance for loan losses 11,061 10,380
Net loans 1,040,825 946,098
Investments-taxable 497,991 423,404
FHLB stock 8,265 8,630
Cash and due from banks 24,037 12,114
Federal funds sold and other short-term
investments 18,454 53,020
Other assets 47,311 45,290
Non-interest bearing deposits 207,097 153,731
Savings, interest bearing checking and money
market accounts 660,386 591,575
Time deposits 346,347 360,549
Total deposits 1,213,830 1,105,855
Short-term borrowings 39,614 2,272
Securities sold under agreement to repurchase,
short-term 223,540 210,708
Securities sold under agreement to repurchase,
long-term -- 6,319
Other long-term debt 17,420 29,987
Junior subordinated debentures issued to
unconsolidated subsidiary trust 20,619 20,619
Other liabilities 9,514 10,535
Shareholders' equity 112,346 102,261
Earning assets 1,576,596 1,441,532
Interest bearing liabilities 1,307,926 1,222,029
For the Nine Months
For the Three Months Ended Ended
----------------------------------- ----------------------
September September September September
30, June 30, 30, 30, 30,
---------- ---------- ---------- ---------- ----------
2012 2012 2011 2012 2011
---------- ---------- ---------- ---------- ----------
Operating
Results
Interest
income
Interest and
fees on
loans $ 11,278 $ 11,253 $ 11,641 $ 33,860 $ 33,830
Interest and
dividends on
investments 2,951 2,993 3,224 9,034 9,798
Total
interest and
dividend
income 14,229 14,246 14,865 42,894 43,628
Interest
expense
Deposits 860 928 1,111 2,748 3,444
Securities
sold under
agreement to
repurchase
and other
short-term
borrowings 341 537 518 1,454 1,682
Long-term
debt 364 442 492 1,253 1,513
Total
interest
expense 1,565 1,907 2,121 5,455 6,639
Net interest
income 12,664 12,339 12,744 37,439 36,989
Provision for
credit
losses 250 200 250 700 500
Net interest
income after
provision
for credit
losses 12,414 12,139 12,494 36,739 36,489
Noninterest
income
Trust
division
income 670 673 639 2,000 1,894
Service
charges on
deposits 1,033 991 1,161 3,001 3,195
(Loss) gain
on
investment
securities,
net (26) 372 920 422 1,047
Gain on sale
of other
assets 749 334 -- 1,083 --
Equity in
losses of
real estate
limited
partnerships
, net (370) (409) (441) (1,189) (1,324)
Other
noninterest
income 1,143 1,202 1,133 3,406 3,253
Total
noninterest
income 3,199 3,163 3,412 8,723 8,065
Noninterest
expense
Compensation
and benefits 4,809 4,759 5,251 14,756 15,544
Occupancy and
equipment
expenses 1,837 1,812 1,783 5,527 5,377
Legal and
professional
fees 677 666 721 1,954 2,098
Marketing
expenses 360 493 475 1,264 1,259
State
franchise
taxes 321 316 321 965 951
FDIC
insurance 217 212 194 644 740
Prepayment
penalty 677 686 861 1,363 861
Other real
estate owned 65 31 47 129 128
Other
noninterest
expense 1,486 1,670 1,392 4,595 4,404
Total
noninterest
expense 10,449 10,645 11,045 31,197 31,362
Income before
provision
for income
taxes 5,164 4,657 4,861 14,265 13,192
Provision for
income taxes 1,159 921 680 2,911 2,281
Net income $ 4,005 $ 3,736 $ 4,181 $ 11,354 $ 10,911
Ratios and
Supplemental
Information
Weighted
average
common
shares
outstanding 6,269,347 6,249,130 6,221,161 6,251,967 6,206,377
Weighted
average
diluted
shares
outstanding 6,280,479 6,259,932 6,231,659 6,264,340 6,213,209
Basic
earnings per
common share $ 0.64 $ 0.60 $ 0.67 $ 1.82 $ 1.76
Diluted
earnings per
common share $ 0.64 $ 0.60 $ 0.67 $ 1.81 $ 1.76
Return on
average
assets 0.97% 0.91% 1.11% 0.92% 0.98%
Return on
average
shareholders
' equity 13.95% 13.31% 15.84% 13.47% 14.23%
Average yield
on loans 4.40% 4.48% 4.79% 4.49% 4.92%
Average yield
on
investments 2.30% 2.37% 3.37% 2.38% 3.01%
Average yield
of earning
assets 3.68% 3.76% 4.19% 3.76% 4.18%
Average cost
of interest
bearing
deposits 0.34% 0.37% 0.46% 0.36% 0.48%
Average cost
of borrowed
funds 0.98% 1.30% 1.54% 1.20% 1.58%
Average cost
of interest
bearing
liabilites 0.48% 0.58% 0.69% 0.56% 0.73%
Net interest
rate spread 3.20% 3.17% 3.50% 3.20% 3.45%
Net interest
margin 3.29% 3.27% 3.61% 3.30% 3.56%
Net interest
income on a
fully
taxable
equivalent
basis $ 13,149 $ 12,855 $ 13,273 $ 38,970 $ 38,385
Net
recoveries
(charge-
offs) to
Average
Loans 0.00% (0.00%) (0.01%) 0.00% (0.02%)
Net
recoveries
(charge-
offs) $ 12 $ (15) $ (62) $ 27 $ (165)
Efficiency
ratio (1) 58.64% 61.02% 60.53% 60.59% 62.97%
(1) The efficiency ratio excludes amortization of intangibles, equity in
losses of real estate limited partnerships, OREO expenses, gain/loss on
sales of securities, state franchise taxes, and any significant
nonrecurring items.
Note: As of September 30, 2012, Merchants Bank had off-balance sheet
liabilities in the form of standby letters of credit to customers in the
amount of $4.68 million.
Contact:
Lisa Razo
Merchants Bank
(802) 865-1838
