Merchants Bancshares Inc. (MBVT, Financial) filed Quarterly Report for the period ended 2012-03-31.
Merchants Bancs has a market cap of $164.3 million; its shares were traded at around $26.01 with a P/E ratio of 10.9 and P/S ratio of 2.4. The dividend yield of Merchants Bancs stocks is 4.3%. Merchants Bancs had an annual average earning growth of 4.1% over the past 10 years.
Noninterest Income: Total noninterest income increased to $2.36 million for the quarter ended March 31, 2012, compared to $2.09 million for the same period in 2011. Excluding net gains (losses) on security sales, noninterest income increased $182 thousand to $2.29 million for the first quarter of 2012 compared to $2.10 million for the first quarter of 2011. The increase for the first quarter of 2012 compared to the first quarter of 2011 is primarily a result of increases in net debit card income and Trust division income. Net debit card fees were $718 thousand, an increase of $64 thousand compared to the same period in 2011, and Trust division income was $657 thousand, an increase of $34 thousand over the first quarter of 2011. Other categories of noninterest income were generally flat for the first quarter of 2012 compared to the first quarter of 2011.
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Merchants Bancs has a market cap of $164.3 million; its shares were traded at around $26.01 with a P/E ratio of 10.9 and P/S ratio of 2.4. The dividend yield of Merchants Bancs stocks is 4.3%. Merchants Bancs had an annual average earning growth of 4.1% over the past 10 years.
Highlight of Business Operations:
This discussion should be read in conjunction with the tables on the following three pages. Our taxable equivalent net interest income was $12.97 million for the quarter ended March 31, 2012, an increase of $805 thousand over the same period in 2011, and an increase of $47 thousand over the fourth quarter of 2011. Our taxable equivalent net interest margin decreased 11 basis points to 3.34% for the first quarter of 2012, compared to 3.45% for the same period in 2011, and decreased 3 basis points when compared to the fourth quarter of 2011. Our continued growth in earning assets has allowed us to increase net interest income in spite of margin compression. Average earning assets for the first quarter of 2012 were $1.56 billion, an increase of $129.76 million over the first quarter of 2011, and an increase of $40.52 million over the fourth quarter of 2011.Noninterest Income: Total noninterest income increased to $2.36 million for the quarter ended March 31, 2012, compared to $2.09 million for the same period in 2011. Excluding net gains (losses) on security sales, noninterest income increased $182 thousand to $2.29 million for the first quarter of 2012 compared to $2.10 million for the first quarter of 2011. The increase for the first quarter of 2012 compared to the first quarter of 2011 is primarily a result of increases in net debit card income and Trust division income. Net debit card fees were $718 thousand, an increase of $64 thousand compared to the same period in 2011, and Trust division income was $657 thousand, an increase of $34 thousand over the first quarter of 2011. Other categories of noninterest income were generally flat for the first quarter of 2012 compared to the first quarter of 2011.
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