Merchants Bancshares (MBVT) has posted a 23.63 percent decrease in profit for the quarter ended Sep. 30, 2014. The company earned $2.81 million or $0.44 a share in the third-quarter, compared with $3.67 million or $0.58 a share a year ago.

Revenue during the third-quarter went down marginally 1.13 percent to $14.37 million from $14.54 million in the last year period.

Net interest income for the quarter dropped 5.38 percent over the prior year period to $11.50 million.

Non-interest income for the quarter rose 3.23 percent over the last year period to $2.88 million.

"The third quarter continued our direction of transitioning and strengthening the balance sheet by reducing exposure to price volatility in the investment portfolio, increasing liquidity and building capital. Market conditions still do not favor asset extension or compensate adequately for credit risk. We have nearly completed the investment in our core conversion project, which we expect will go live at the end of October. Conversion project costs will continue into the fourth quarter but should be offset by some modest benefits. We should realize increased benefits as we proceed through 2015," commented Michael R. Tuttle, our President and Chief Executive Officer.