Big increases in loans and deposits helped Merrill Merchants Bancshares Inc. report a record quarterly profit of $1.23 million Friday.
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The third quarter was the first in the Bangor, Maine, company's 12-year history in which its net income topped $1.2 million. It earned $1.1 million in the third quarter of last year.
For the first nine months of the year, the $367 million-asset Merrill's net income rose 13% from the same period last year, to $3.6 million.
Merrill's loan portfolio increased 14% from a year earlier, to $272.5 million as of Sept. 30, and deposits increased 13%, to $294 million.
