Merchants Bancshares, Inc. (MBVT) has reported a 34.95 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $3.12 million, or $0.45 a share in the quarter, compared with $2.31 million, or $0.36 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $5.07 million, or $0.73 a share compared with $3.94 million or $0.61 a share, a year ago. Revenue during the quarter grew 8.32 percent to $17.09 million from $15.78 million in the previous year period. Net interest income for the quarter rose 9.36 percent over the prior year period to $13.88 million. Non-interest income for the quarter rose 10.53 percent over the last year period to $3.41 million.
Merchants Bancshares, Inc. has made provision of $0.20 million for loan losses during the quarter.
Net interest margin improved 9 basis points to 2.98 percent in the quarter from 2.89 percent in the last year period. Efficiency ratio for the quarter improved to 57.13 percent from 63.70 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Assets outpace liabilities growth
Total assets stood at $2,066.67 million as on Dec. 31, 2016, up 2.25 percent compared with $2,021.24 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,909.87 million as on Dec. 31, 2016, up 1.96 percent from $1,873.18 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $1,501.55 million as on Dec. 31, 2016, up 7.08 percent compared with $1,402.24 million on Dec. 31, 2015. Deposits stood at $1,527.47 million as on Dec. 31, 2016, down 1.54 percent compared with $1,551.44 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $640.92 million or 41.96 percent of total deposits on Dec. 31, 2016, compared with $631.24 million or 40.69 percent of total deposits on Dec. 31, 2015.
Investments stood at $426.05 million as on Dec. 31, 2016, up 4.22 percent or $17.23 million from year-ago. Shareholders equity stood at $156.81 million as on Dec. 31, 2016, up 5.91 percent or $8.75 million from year-ago.
Return on average assets moved up 13 basis points to 0.62 percent in the quarter from 0.49 percent in the last year period. At the same time, return on average equity increased 110 basis points to 7.83 percent in the quarter from 6.73 percent in the last year period.
Nonperforming assets moved down 18.46 percent or $0.74 million to $3.26 million on Dec. 31, 2016 from $4 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.16 percent in the quarter, down from 0.20 percent in the last year period.
Tier-1 leverage ratio stood at 8.71 percent for the quarter, down from 8.77 percent for the previous year quarter. Book value per share was $22.77 for the quarter, up 5.47 percent or $1.18 compared to $21.59 for the same period last year.
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