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For Release: August 1, 2006
Merchants Bancshares,
Inc. Announces 2006 Second Quarter
Results
"urn:schemas-microsoft-com:office:smarttags" />SOUTH
BURLINGTON, VT - Merchants
Bancshares, Inc. (NASDAQ: MBVT), the parent company of Merchants Bank, today
announced net income of $2.67 million, or diluted earnings per share of 42
cents, for the quarter ended June 30, 2006. This compares with net income of
$3.06 million, or diluted earnings per share of 48 cents, for the quarter ended
June 30, 2005. The return on average assets was 0.96% and the return on average
equity was 16.62% for the second quarter of 2006, compared to 1.15% and 18.89%,
respectively, for the second quarter of 2005. Merchants declared a dividend on July
20, 2006, of 28 cents per share, payable August 17, 2006, to shareholders of record as of
August 3, 2006. For more information on the quarter please refer to Merchants’
quarterly Form 10-Q, which will be filed on or about August 1, 2006, and will be
available on the SEC website at www.sec.gov.
Mr. Joseph Boutin,
Merchants’ President and Chief Executive Officer; Ms.
Janet
Spitler, Merchants’ Chief Financial
Officer; and Mr. Michael Tuttle, President and Chief Executive Officer of
Merchants Bank will host a conference call to discuss these earnings results at
10:00 a.m. Eastern Time on Thursday August 3, 2006. Interested parties may participate in
the conference call by dialing (800) 230-1085; the title of the call is Earnings Release Conference Call for
Merchants Bancshares, Inc.
Participants are asked to call a few minutes prior to register. A replay will be available until noon on
Thursday August 10, 2006. The U.S. replay dial-in telephone
number is (800) 475-6701. The international replay dial-in telephone number is
(320) 365-3844. The replay access code is
806414.
The
continuing mission of Merchants Bank is to provide Vermonters with a true
community bank. It fulfills this commitment through a branch-based system that
includes 35 bank offices and 42 ATMs throughout Vermont, personal bankers
dedicated to top-quality customer service, and streamlined products:
FreedomLYNX® Banking, which consists of Free Checking for
Life®, a Money Market Account, Free Online Banking and Bill Pay,
Overdraft Coverage, Direct Deposit, a Free Debit Card and Free Automated Phone
Banking; TimeLYNX® Certificates of Deposit; HomeLYNX® Home
Equity Loans; RealLYNX® Residential Mortgages and CommerceLYNX®
Business Banking. Merchants Bank also includes a trust and investment
division, known as Merchants Trust Company, serving individuals and
institutions. For more information about Merchants Bank, visit mbvt.com.
Merchants’ stock is traded on the NASDAQ National Market system under the symbol
MBVT. Member FDIC. Equal Housing Lender.
Some of the statements contained in this press release may
constitute forward-looking statements.
Forward-looking statements relate to expectations, beliefs, projections,
future plans and strategies, anticipated events or trends and similar
expressions concerning matters that are not historical facts. The forward-looking statements reflect
Merchants’ current views about future events and are subject to risks,
uncertainties, assumptions and changes in circumstances that may cause
Merchants’ actual results to differ significantly from those expressed in any
forward-looking statement.
Forward-looking statements should not be relied on since they involve
known and unknown risks, uncertainties and other factors that are, in some
cases, beyond Merchants’ control and which could materially affect actual
results. The factors that could
cause actual results to differ materially from current expectations include
changes in general economic conditions in Vermont, changes in interest rates,
changes in competitive product and pricing pressures among financial
institutions within Merchants’ markets, and changes in the financial condition
of Merchants’ borrowers. The
forward-looking statements contained herein represent Merchants’ judgment as of
the date of this release, and Merchants cautions readers not to place undue
reliance on such statements. For
further information, please refer to Merchants’ reports filed with the
Securities and Exchange Commission.
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