Profile: Merchants Bancshares Inc (MBVT.OQ)

MBVT.OQ on NASDAQ Stock Exchange Global Select Market

1 Dec 2015
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Merchants Bancshares, Inc. (the Bank), incorporated on April 20, 1987, is a bank holding company. The Bank offers a full range of deposit, loan, cash management and trust services to meet the financial needs of individual consumers, businesses and municipalities. The Bank's primary subsidiary Merchants Bank is a commercial bank with 32 full-service banking offices located throughout the state of Vermont. Merchants Bank's trust division offers investment management, financial planning and trustee services. MBVT Statutory Trust I, a trust affiliate of the Bank, was formed for the sole purpose of issuing non-voting capital securities.

Lending Activities

The Bank offers commercial, financial and agricultural loans, municipal loans, residential real estate loans, commercial real estate loans, construction real estate loans and consumer installment loans. As of December 31, 2014, approximately 52% of its loan portfolio was consisted of commercial, commercial real estate and construction loans. As of December 31, 2014, the Bank serviced $974 thousand in residential mortgage loans for investors, such as the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC) and other financial investors and government agencies. As of December 31, 2014, the total loans were $1.18 billion.

Investment Activities

The Bank classifies certain of its investments in debt securities as securities available for sale and securities held to maturity. The investment portfolio is used to generate interest income, manage liquidity and mitigate interest rate sensitivity. As of December 31, 2014, the securities available for sale include the United States Treasury Obligations, Residential Real Estate Mortgage-Backed Securities, Agency Commercial Mortgage Backed Securities, Agency Collateralized Mortgage Obligations And Asset Backed Securities; and the securities held to maturity include United States Agency Obligations, United States Government Sponsored Enterprises, Federal Home Loan Bank Obligations, Agency Collateralized Mortgage Obligations and Residential Real Estate Mortgage-Backed Securities. As of December 31, 2014, the Bank's investment portfolio totaled $341.89 million.

Sources of Fund

The Bank's primary sources of funds are deposits, amortization and prepayment of loans, maturities of investment securities and other short-term investments, periodic principal repayments on mortgage-backed and other amortizing securities, advances from the Federal Home Loan Bank of Boston (FHLBB), and earnings and funds provided from operations. The deposits include demand, savings and interest bearing checking and money market accounts and time deposits. As of December 31, 2014, the total deposits were $1.31 billion.

Company Address

Merchants Bancshares Inc

275 Kennedy Drive
P: +1802.6583400
F: +1302.6365454

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