Articles from Merchants & Marine Bancorp, Inc.

Merchants & Marine Bancorp, Inc. (OTCQX: MNMB) and its wholly owned subsidiary Merchants & Marine Bank proudly announce Board leadership changes following the Company’s 2025 Annual Shareholder Meeting held on Thursday, May 1, 2025.

Merchants & Marine Bancorp, Inc. (OTCQX: MNMB), the parent company of Merchants & Marine Bank, reported net income for the first quarter of 2025 of $814 thousand, or $0.61 per share, compared with earnings of $687 thousand, or $0.52 per share, in the same period of the prior year. Net income available to common shareholders, net of preferred dividends, totaled $0.42 per share. Gross income in the first quarter totaled $11.51 million, a slight decrease of 1.19% from the prior year. Balance sheet footings increased by 8.50% to $730.27 million during the 12 months ended March 31, 2025. Net loans grew to $460.15 million during the year from $416.65 million at the end of the same period in the prior year, an increase of 10.44%. Total deposits increased 21.09% from the same period in the prior year, from $485.15 million to $587.49 million. Balance sheet growth, and the significant increase in one-time non-interest expenses during the past 12 months, was driven primarily by the acquisition of Mississippi River Bank, which was completed on April 10, 2024. It should also be noted that the company repaid the Bank Term Funding facility from the Federal Reserve during the latter half of 2024, resulting in a net impact of ($50MM) to the balance sheet.

Merchants & Marine Bancorp, Inc. (OTCQX: MNMB), the parent company of Merchants & Marine Bank, reported net income in 2024 of $5.94 million, or $4.46 per share, compared with earnings of $6.29 million, or $4.73 per share, in the same period of the prior year. Net income available to common shareholders, net of preferred dividends, totaled $4.06 per share. Gross income in 2024 totaled $50.55 million, an increase of 18.17% from the prior year. Balance sheet footings increased by 4.37% to $716.86 million during the 12 months ended December 31, 2024. Net loans grew to $464.36 million during the year from $418.00 million at the end of the same period in the prior year, an increase of 11.09%. Total deposits increased 15.14% from the same period in the prior year, from $498.13 million to $573.53 million. Balance sheet growth, and the significant increase in one-time non-interest expenses during 2024, was driven primarily by the acquisition of Mississippi River Bank, which was completed on April 10, 2024. It should also be noted that the company repaid the Bank Term Funding facility from the Federal Reserve during the latter half of 2024, resulting in a net impact of ($50MM) to the balance sheet.

Merchants & Marine Bancorp, Inc. (OTCQX: MNMB), the parent company of Merchants & Marine Bank, reported net income through the third quarter of $3.40 million, or $2.55 per share, compared with earnings of $5.17 million, or $3.88 per share, in the same period of the prior year. Gross income through the first nine months of 2024 totaled $37.56 million, an increase of 24.17% from the prior year. Balance sheet footings increased by 12.24% to $725.73 million during the 12 months ended September 30, 2024. Net loans grew to $449.34 million in at September 30, 2024 from $411.36 million at the end of the same period in the prior year, an increase of 9.23%. Total deposits increased 13.25% from the same period in the prior year, from $514.19 million to $582.31 million. Balance sheet growth, and the significant increase in one-time non-interest expenses during the first nine months of 2024, was driven primarily by the acquisition of Mississippi River Bank, which was completed on April 10, 2024.

Clayton Legear, President & Chief Executive Officer of Merchants & Marine Bancorp, Inc. (OTCQX: MNMB) today announced the selection of Paige Oliver to fill the newly established role of Merchants & Marine Bank Brand President & Chief Executive Officer. Oliver brings a wealth of experience to her new role, having served as President & Chief Executive Officer of the Bank of Oak Ridge in Oak Ridge, Louisiana for the prior 9 years.

Merchants & Marine Bancorp, Inc. (OTCQX: MNMB), the parent company of Merchants & Marine Bank, reported net income through the second quarter of $1.72 million, or $1.29 per share, compared with earnings of $1.87 million, or $1.41 per share, in the same period of the prior year. Gross income through the first six months of 2024 totaled $24.53 million, an increase of 33.43% from the prior year. Balance sheet footings increased by 18.25% to $777.40 million during the 12 months ended June 30, 2024. Net loans grew to $442.17 million in at June 30, 2024 from $413.91 million at the end of the same period in the prior year, an increase of 6.83%. Total deposits increased 11.61% from the same period in the prior year, from $527.45 million to $588.44 million. Balance sheet growth, and the significant increase in one-time non-interest expenses during the first half of 2024, was driven primarily by the acquisition of Mississippi River Bank, which was completed on April 10, 2024.

Merchants & Marine Bancorp, Inc. (OTCQX: MNMB), (the “Company”) the parent company of Merchants & Marine Bank (the “Bank”), today announced the completion of its previously announced acquisition of Mississippi River Bank, Belle Chasse, Louisiana. The acquisition, which was effective with the close of business on April 10, 2024, expands the Company’s operations into the strong and growing Plaquemines Parish & West Bank communities in Louisiana.

Merchants & Marine Bancorp, Inc. (OTCQX: MNMB), the parent company of Merchants & Marine Bank, reported net income during 2023 of $6.29 million, or $4.73 per share, compared with earnings of $3.14 million, or $2.36 per share, in the prior year. Gross income in 2023 increased 34.82% to $42.77 million from $31.73 million in 2022. Balance sheet footings were materially unchanged for the 2023 fiscal year, increasing very slightly to $686.86 million from $686.66 million at the end of 2022. Net loans grew to $418.01 million in 2023 from $398.82 million at the end of the prior year, an increase of 4.81%. Total deposits decreased by 10.03% from the same period in the prior year, from $553.69 million to $498.13 million at the end 2023.

Merchants & Marine Bancorp, Inc. (OTCQX: MNMB), the parent company of Merchants & Marine Bank is pleased to announce it has been named to the 2024 OTCQX® Best 50, a ranking of top performing companies traded on the OTCQX Best Market last year.

Merchants & Marine Bancorp, Inc. (OTCQX: MNMB), the parent company of Merchants & Marine Bank, reported net income through the third quarter of 2023 of $5.17 million, or $3.88 per share, compared with earnings of $1.80 million, or $1.35 per share, for the same period in the prior year. In quarter-only terms, third quarter income totaled $3.29 million, or $2.48 per share, an increase of 134.43% from the same period in 2022. Gross income through the third quarter increased 35.94% to $18.79 million from $13.82 million for the same period in 2022. Third quarter income was materially affected by a large one-time non-interest expense related to the Company’s receipt of a grant available through the United States Treasury Department’s Community Development Financial Institution (CDFI) program. The one-time grant income totaled $3.72 million. Excluding grant proceeds and non-recurring expenses associated with the grant, including large donations, taxes and program expenses, the company posted core net income net of $3.78 million through the first three quarters of 2023, or $2.84 per share. This represents a lift of 15% of the same period in the prior year. Third quarter 2023 core earnings net of non-recurring items summed $1.91 million, or $1.44 per share, an increase of 35.97% over the same quarter in 2022. Total deposits decreased by 10.01% from the same period in the prior year, from $571 million to $514 million at the end of the third quarter 2023.

Merchants & Marine Bancorp, Inc. (“MNMB”) today announces the signing of a definitive agreement to acquire Mississippi River Bank, a Belle Chasse, Louisiana-based community bank with approximately $128 million in total assets (as of June 30, 2023).

Merchants & Marine Bancorp, Inc. (OTCQX: MNMB), the parent company of Merchants & Marine Bank, reported net income through the second quarter of 2023 of $1.87 million, or $1.41 per share, compared with earnings of $396 thousand, or $0.30 per share, for the same period in the prior year. In quarter-only terms, second quarter income totaled $709 thousand, or $0.53 per share, an increase of 197.89% from the same period in 2022. Second quarter gross income increased 20.67% to $9.5 million from $7.87 million for the same period in 2022. Second quarter income was materially affected by a large one-time non-interest expense related to the Company’s application for a grant available through the United States Treasury Department’s Community Development Financial Institution (CDFI) program. Total deposits decreased by 16.31% from the same period in the prior year, from $630 million to $527 million at the end of the second quarter 2023. The majority of the decrease in deposits – $57 million – was due to the planned exit of high-cost public funds. This planned reduction has served to materially decrease the Company’s cost of funds.

Merchants & Marine Bancorp, Inc. (OTCQX: MNMB), the parent company of Merchants & Marine Bank, reported net income for the first quarter of 2023 of $1.161 million, or $0.87 per share, compared with earnings of $158 thousand, or $0.12 per share, for the same period in the prior year. First quarter gross income increased 27.29% to $8.883 million from $6.979 million for the same period in 2022. Total deposits decreased by 17.67% from the same period in the prior year, from $649 million to $534 million at the end of the first quarter 2023. However, when adjusting for planned runoff in high-cost public funds that exited the bank during the second and third quarters of 2022, total deposits declined by just 7.54% from the previous year. Total interest expense for the quarter decreased by 17.29% compared to the same period in 2022.

Merchants & Marine Bancorp, Inc. (OTCQX: MNMB), the parent company of Merchants & Marine Bank, reported net income for the final quarter of 2022 of $1.170 million, or $0.88 per share, compared with earnings of $103 thousand, or $0.08 per share, for the same period in the prior year. Fourth quarter gross income increased 34.76% to $8.637 million from $6.409 million for the same period in 2021. Total deposits decreased by 5.46% from the same period in the prior year, from $586 million to $553 million at the end of the fourth quarter 2022. However, when adjusting for planned runoff in high-cost public funds that exited the bank during the second and third quarters of 2022, total deposits declined by just 0.53%, or $3.01 million, from the previous year. Total interest expense for the quarter decreased by 33.89% compared to the same period in 2021.

Merchants & Marine Bancorp, Inc. (OTCQX: MNMB), the parent company of Merchants & Marine Bank, a century-old Mississippi-based financial institution, has launched Voyager Lending, a division dedicated to offering lending solutions for small business owners.

Merchants & Marine Bancorp, Inc. (OTCQX: MNMB), the parent company of Merchants & Marine Bank, reported net income for the third quarter of 2022 of $1.406 million, or $1.06 per share, compared with earnings of $643 thousand, or 48 cents per share, for the same period last year. Earnings per share for the period showed improvement over the linked quarter, increasing by 88 cents from 18 cents per share. Third quarter gross income decreased 2.84% to $8.237 million from $8.478 million for the same period in 2021. However, gross income increased 4.66% from $7.87 million in the second quarter of 2022. Total deposits decreased by 5.26% from the same period in the prior year to $572 million at the end of the third quarter 2022. When adjusting for planned runoff in high-cost public funds that exited the bank during the second and third quarters of 2022, total deposits actually grew by 1.69% or $10.20 million from the previous year. Total interest expense for the quarter decreased by 57.34% to just $224 thousand, compared to $524 thousand during the same period in 2021.

Merchants & Marine Bancorp, Inc. (OTCQX: MNMB), the parent company of Merchants & Marine Bank, reported net income for the second quarter of 2022 of $243 thousand, or 18 cents per share, compared with earnings of $872 thousand, or 66 cents per share, for the same period last year. Earnings per share for the period showed improvement over the linked quarter, increasing by 6 cents from 12 cents per share. Second quarter gross revenue grew by 1.62% to $7.87 million in 2022 from $7.75 million in 2021. Total deposits increased by 4.01% to $663.68 million at the end of the second quarter 2022, total interest expense decreased by 23.35% to just $523 thousand for the same period, compared to $683 thousand in the second quarter of 2021.

Merchants & Marine Bancorp, Inc. (OTCQX:MNMB), the parent company of Merchants & Marine Bank, has announced the completion of its capital raise through the United States Treasury’s Emergency Capital Investment Program (ECIP). In exchange for the capital injection, the company has issued senior preferred shares, with a face value equivalent to capital received, to the Treasury. Those preferred shares are nonvoting, noncumulative, perpetual shares that carry a maximum dividend rate of two percent, with the possibility of the dividend being as low as a half percent, or 50 basis points, depending on the bank hitting certain investment benchmarks into disadvantaged communities. Dividends do not begin to accrue until 24 months after the receipt of funds by the company, which was June 7, 2022. The total value of preferred shares issued, as well as the amount invested by the Treasury into the company, stands at $50.595 million. It is important to note that these preferred shares are non-dilutive to common shareholder ownership.

Merchants & Marine Bancorp, Inc. (OTCQX: MNMB), the parent company of Merchants & Marine Bank, reported net income for the first quarter of 2022 of $153 thousand, or 12 cents per share, compared with earnings of $572 thousand, or 43 cents per share, for the same period last year. First quarter gross revenue grew by 3.21% to $6.98 million in 2022 from $6.76 million in 2021. While total deposits remained relatively flat at $649.72 million at the end of the first quarter 2022, total interest expense decreased by 32.73% to just $368 thousand for the same period, compared to $547 thousand in the first quarter of 2021.

Merchants & Marine Bancorp, Inc. (OTCQX: MNMB), the parent company of Merchants & Marine Bank, reports net income for fiscal year 2021 of $2.18 million, or $1.64 per share, compared with net income of $4.02 million, or $3.02 per share for fiscal year 2020.

Merchants & Marine Bancorp, Inc. (OTCQX: MNMB), the parent company of Merchants & Marine Bank, reports net income through the first nine months of 2021 of $2.08 million, or $1.56 per share, compared with net income of $3.81 million, or $2.86 per share during the same period in 2020. It should be noted that during the same period in 2020, the company monetized a $3.1 million gain (pretax) by liquidating a portion of its securities portfolio, which materially affected earnings during the prior period.

Clayton Legear, President and CEO of Merchants & Marine Bank, has been appointed to the Mississippi State Board of Banking Review by Governor Tate Reeves. The Board is responsible for ruling on applications for new bank charters, conversion charters and protested branches, as well as managing rules and regulations that ensure state-chartered banks have rights and privileges equal to those of national banks. Legear will fill one of two seats on the five-member Board that are reserved for active officers or directors of state-chartered banks. Each of the appointments to the State Board of Banking Review are made by the Governor and confirmed by the state Senate.

Merchants & Marine Bancorp, Inc. (OTCQX: MNMB), the parent company of Merchants & Marine Bank, reports net income through the first six months of 2021 of $1.44 million, or $1.08 per share, compared with net income of $3.50 million, or $2.63 per share during the same period in 2020. It should be noted that during the same period in 2020, the company monetized a $3.1 million gain (pretax) by liquidating a portion of its securities portfolio, which materially affected per share earnings data during that period.

Merchants & Marine Bank announced today that it has refreshed its branding. For more than 120 years, Merchants & Marine Bank has served the people and businesses of the Gulf Coast community with committed service and thoughtful integrity. With an eye to the future, the bank’s rebrand includes a new logo, color palette, merchandising and signage that reflects the bank’s core values of community, relationship, and personal service. While the bank has a new look, customers can expect the same team they know and trust. Merchants & Marine Bank will continue to advance its technology and software, offering customers quick and convenient banking.

Merchants & Marine Bancorp, Inc. (OTCQX: MNMB), the parent company of Merchants & Marine Bank, reports first quarter 2021 net income of $567 thousand, or 43 cents per share, compared with net income of $843 thousand, or 63 cents per share during the same period in 2020.