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Parent Company (Tables)
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12 Months Ended |
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Dec. 31, 2013
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| Parent Company [Abstract] |
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| Balance Sheets |
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Balance Sheets as of December 31,
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(In thousands)
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2013
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2012
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Assets:
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Investment in subsidiaries*
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$
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137,810
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$
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135,373
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Cash*
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2,797
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4,116
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Other assets
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461
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526
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Total assets
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$
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141,068
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$
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140,015
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Liabilities and shareholders’ equity:
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Other liabilities
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$
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838
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$
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1,175
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Long term debt
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20,619
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20,619
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Shareholders’ equity
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119,611
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118,221
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Total liabilities and shareholders’ equity
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$
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141,068
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$
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140,015
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| Statements of Income |
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Statements of Income for the Years Ended December 31,
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(In thousands)
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2013
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2012
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2011
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Dividends from Merchants Bank*
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$
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5,789
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$
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7,607
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$
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7,953
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Equity in undistributed earnings of subsidiaries*
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10,211
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8,721
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7,832
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Other expense, net
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(1,337)
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(1,743)
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(1,788)
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Benefit from income taxes
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468
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609
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623
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Net income
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$
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15,131
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$
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15,194
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$
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14,620
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| Statements of Cashflows |
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Statement of Cash Flows for the Years Ended December 31,
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(In thousands)
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2013
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2012
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2011
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Cash flow from operating activities:
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Net income
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$
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15,131
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$
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15,194
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$
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14,620
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Adjustments to reconcile net income to net cash provided by operating activities:
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Net change in other assets
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65
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170
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(84)
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Net change in other liabilities
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(121)
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(116)
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66
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Equity in undistributed earnings of subsidiaries*
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(10,211)
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(8,721)
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(7,832)
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Net cash provided by operating activities
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4,864
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6,527
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6,770
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Cash flows from financing activities:
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Sale of treasury stock
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15
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18
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14
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Proceeds from exercise of stock options
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0
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280
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(1)
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Tax benefit from exercises of stock options
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8
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20
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1
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Cash dividends paid
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(6,432)
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(6,324)
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(6,233)
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Other, net
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226
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200
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206
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Net cash used in financing activities
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(6,183)
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(5,806)
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(6,013)
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Increase (decrease) in cash and cash equivalents
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(1,319)
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721
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757
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Cash and cash equivalents at beginning of year
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4,116
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3,395
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2,638
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Cash and cash equivalents at end of year
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$
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2,797
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$
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4,116
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$
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3,395
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* Account balances are partially or fully eliminated in consolidation
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