@$ID/NormalParagraphStyle:Merchants Bank earns $3.6 million

SOUTH BURLINGTON — Merchants Bancshares, parent company of Merchants Bank, reported first quarter net income of $3.61 million or 58 cents per share, compared to earnings of $3.1 million or 50 cents per share, for the same quarter last year.

“The first quarter continued our trend of increasing loans, deposits and net interest income. These results combined with a solid increase in non-interest income to produce a significant increase in earnings versus the first quarter of 2011,” said Michael Tuttle, Merchants Bank president and chief executive officer.

Total assets ended the quarter at $1.63 billion, an increase of $16.84 million over 2011.

The bank reached a new record in its loan portfolio for the second consecutive quarter. Ending loan balances on March 31 were $1.04 billion, an increase of $13.38 million from Dec. 31.