Merchants Marine - MNMB STOCK NEWS

Merchants & Marine Bancorp (OTCQX: MNMB) reported Q3 2024 net income of $3.40 million ($2.55 per share), down from $5.17 million ($3.88 per share) in the same period last year. The company saw significant growth with gross income up 24.17% to $37.56 million, balance sheet footings increased 12.24% to $725.73 million, and net loans grew 9.23% to $449.34 million. Total deposits rose 13.25% to $582.31 million. The acquisition of Mississippi River Bank in April 2024 drove balance sheet growth and one-time non-interest expenses. The company maintains strong liquidity with $43.97 million in cash equivalents and over $250 million in additional borrowing capacity.

Merchants & Marine Bancorp, Inc. (OTCQX: MNMB) has announced Paige Oliver as the new Brand President & Chief Executive Officer of Merchants & Marine Bank. Oliver, with 9 years of experience as President & CEO of Bank of Oak Ridge in Louisiana, brings extensive leadership and community banking expertise to her new role.

Oliver will work under the direction of Clayton Legear, President & CEO of Merchants & Marine Bancorp, Inc., and will join a seasoned team of community bankers. Her appointment is expected to drive strategic initiatives, enhance financial solutions, and support the growth of Merchants & Marine Bank and the entire Merchants & Marine Bancorp, Inc. Family of Brands.

Merchants & Marine Bancorp, Inc. (OTCQX: MNMB) reported net income of $1.72 million ($1.29 per share) for Q2 2024, compared to $1.87 million ($1.41 per share) in Q2 2023. Gross income increased by 33.43% to $24.53 million. Balance sheet footings grew 18.25% to $777.40 million. Net loans increased 6.83% to $442.17 million, while total deposits rose 11.61% to $588.44 million. The acquisition of Mississippi River Bank, completed on April 10, 2024, drove balance sheet growth and one-time non-interest expenses. Total interest income grew 28.15% to $19.06 million, primarily due to increased interest income on loans. Credit quality remained strong, with past due and non-accrual loan ratios improving. The company maintains a healthy liquidity position with $93.51 million in cash and cash equivalents.

Merchants & Marine Bank, a subsidiary of Merchants & Marine Bancorp (OTCQX: MNMB), has been granted Preferred Lender Program (PLP) authority by the U.S. Small Business Administration (SBA). This status allows Voyager Lending, a division of Merchants & Marine Bank, to approve most SBA loans in-house, significantly expediting the approval process.

The PLP status enables the bank to make local decisions and streamline the lending process while still adhering to all SBA 7(a) Loan Program requirements. This development is expected to result in faster turnaround times and a more responsive experience for business clients seeking SBA loans. The agreement between Merchants & Marine Bank and the SBA was made on April 17, 2024.

Merchants & Marine Bancorp, Inc. (MNMB) completes the acquisition of Mississippi River Bank, expanding operations into Louisiana. The acquisition boosts consolidated assets to $794 million, gross loans to $449 million, and deposits to $617 million. Key executives from Mississippi River Bank join the Company, maintaining existing branding. The acquisition adds to the Company's Family of Community Banking Brands, enhancing its presence in the Southeast.

Merchants & Marine Bancorp, Inc. (MNMB) reported a record net income of $6.29 million in 2023, with earnings per share of $4.73, a significant increase from the prior year. Gross income rose by 34.82% to $42.77 million. Net loans grew by 4.81%, while total deposits decreased by 10.03%. The company's financial performance was driven by improved loan yields, increased interest income, and strong credit quality.

Merchants & Marine Bancorp, Inc. (MNMB) has been named to the 2024 OTCQX Best 50, a ranking of top performing companies traded on the OTCQX Best Market last year. The company's stock performance reflects improved financial metrics, including net income and core income. The OTCQX Best Market offers transparent and efficient trading of established, investor-focused U.S. and global companies. Merchants & Marine Bank, a Mississippi chartered community bank, has grown from $25,000 to nearly $700 million in assets, with 16 offices serving the Mississippi & Alabama Gulf Coast region and the Mississippi Pine Belt.

MNMB: Merchants & Marine Bancorp Reports 134.43% Increase in Q3 2023 Net Income, Total Deposits Down 10.01%

Merchants & Marine Bancorp, Inc. announces agreement to acquire Mississippi River Bank with $128 million in assets. Acquisition expected to be completed in Q1 2024. Both banks have earned a 5-Star Rating by Bauer Financial. Positive addition to MNMB's community banking brands.