Peer Analysis

Data for trailing four quarters

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Asset Quality Ratios (%)      
NPAs / Assets 0.25  0.31  0.48 
NCOs / Avg Loans 0.01  0.08  0.07 
Reserves / Loans 0.89  0.98  1.05 
Reserves / NPAs 261.53  179.47  193.11 
Capital Ratios (%)      
Tier 1 Capital NA  NA  NA 
Tangible Equity / Tangible Assets 7.84  8.16  8.07 
Total Equity / Total Assets 8.23  9.28  9.22 
Market Ratios      
Price / Earnings (x) 15.22  15.16  16.02 
Price / Book (%) 134.79  119.81  128.06 
Dividend Yield (%) 3.50  2.96  2.66 
Performance Ratios (%) MBVT
Peer
Median

Peer
Average
ROAA 0.74  0.80  0.80 
ROAE 9.84  9.80  8.90 
Net Interest Margin 3.00  3.12  3.13 
Efficiency Ratio 66.00  62.65  63.88 
Loans / Deposits 96.01  98.22  95.29 

Merchants Bancshares, Inc.’s peer group consists of the following: Arrow Financial Corporation (AROW), Bar Harbor Bankshares (BHB), Camden National Corporation (CAC), Century Bancorp, Inc. (CNBKA), Chemung Financial Corporation (CHMG), Enterprise Bancorp, Inc. (EBTC), Evans Bancorp, Inc. (EVBN), Financial Institutions, Inc. (FISI), First Bancorp, Inc. (FNLC), Hingham Institution for Savings (HIFS), Lake Sunapee Bank Group (LSBG), SI Financial Group, Inc. (SIFI), United Financial Bancorp, Inc. (UBNK), Washington Trust Bancorp, Inc. (WASH), Westfield Financial, Inc. (WFD)

Merchants Bancshares, Inc.’s financial data is as of 6/30/2016.

Peer financial data is as of 6/30/2016