Merchants & Marine Bancorp, Inc. Announces Second Quarter Financial Results
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 Bancorp, Inc. (OTCQX: MNMB) ha riportato un utile netto di 1,72 milioni di dollari (1,29 dollari per azione) per il secondo trimestre del 2024, rispetto a 1,87 milioni di dollari (1,41 dollari per azione) nel secondo trimestre del 2023. Il reddito lordo è aumentato del 33,43% raggiungendo 24,53 milioni di dollari. I totali di bilancio sono cresciuti del 18,25% fino a 777,40 milioni di dollari. Il totale dei prestiti è aumentato del 6,83% fino a 442,17 milioni di dollari, mentre i depositi totali sono aumentati dell'11,61% fino a 588,44 milioni di dollari. L'acquisizione della Mississippi River Bank, completata il 10 aprile 2024, ha favorito la crescita del bilancio e l'incidenza di spese non interpolari una tantum. Il reddito da interessi totali è aumentato del 28,15% fino a 19,06 milioni di dollari, principalmente per un incremento del reddito da interessi sui prestiti. La qualità del credito è rimasta solida, con miglioramenti nei rapporti di prestiti scaduti e non in captazione. L'azienda mantiene una posizione di liquidità sana con 93,51 milioni di dollari in contante e mezzi equivalenti.
Merchants & Marine Bancorp, Inc. (OTCQX: MNMB) reportó un ingreso neto de 1.72 millones de dólares (1.29 dólares por acción) para el segundo trimestre de 2024, en comparación con 1.87 millones de dólares (1.41 dólares por acción) en el segundo trimestre de 2023. Los ingresos brutos aumentaron un 33.43% alcanzando 24.53 millones de dólares. Los activos del balance crecieron un 18.25% hasta 777.40 millones de dólares. Los préstamos netos aumentaron un 6.83% hasta 442.17 millones de dólares, mientras que los depósitos totales crecieron un 11.61% hasta 588.44 millones de dólares. La adquisición de Mississippi River Bank, completada el 10 de abril de 2024, impulsó el crecimiento del balance y algunos gastos no relacionados con intereses extraordinarios. Los ingresos por intereses totales crecieron un 28.15% hasta 19.06 millones de dólares, principalmente debido al aumento de los ingresos por intereses de los préstamos. La calidad del crédito se mantuvo sólida, con mejoras en las proporciones de préstamos atrasados y no devengados. La empresa mantiene una posición de liquidez saludable con 93.51 millones de dólares en efectivo y equivalentes de efectivo.
Merchants & Marine Bancorp, Inc. (OTCQX: MNMB)는 2024년 2분기 동안 172만 달러의 순이익 (주당 1.29 달러)을 보고했으며, 이는 2023년 2분기의 187만 달러 (주당 1.41 달러)와 비교됩니다. 총 수익은 33.43% 증가하여 2453만 달러에 달했습니다. 대차대조표의 총액은 18.25% 증가하여 7억 7740만 달러에 달했습니다. 순대출은 6.83% 증가하여 4억 4217만 달러에 달하며, 총 예금은 11.61% 증가하여 5억 8844만 달러에 도달했습니다. 2024년 4월 10일 완료된 미시시피 리버 뱅크의 인수는 대차대조표 성장을 이끌고 일회성 비이자 비용을 발생시켰습니다. 총 이자 수익은 28.15% 증가하여 1906만 달러에 이르렀으며, 이는 주로 대출의 이자 수익 증가에 따른 것입니다. 신용 품질은 지속적으로 강하며, 연체 및 비율의 비은행 대출 비율이 개선되었습니다. 이 회사는 현금 및 현금 등가물로 9351만 달러를 보유하여 건전한 유동성 상태를 유지하고 있습니다.
Merchants & Marine Bancorp, Inc. (OTCQX: MNMB) a déclaré un revenu net de 1,72 million de dollars (1,29 dollar par action) pour le deuxième trimestre de 2024, par rapport à 1,87 million de dollars (1,41 dollar par action) au deuxième trimestre de 2023. Le revenu brut a augmenté de 33,43% pour atteindre 24,53 millions de dollars. Les actifs au bilan ont crû de 18,25% pour atteindre 777,40 millions de dollars. Les prêts nets ont augmenté de 6,83% pour atteindre 442,17 millions de dollars, tandis que les dépôts totaux ont augmenté de 11,61% pour s'élever à 588,44 millions de dollars. L'acquisition de la Mississippi River Bank, finalisée le 10 avril 2024, a favorisé la croissance du bilan et des frais ponctuels non liés aux intérêts. Le revenu total d'intérêts a augmenté de 28,15% pour atteindre 19,06 millions de dollars, principalement en raison d'une augmentation des revenus d'intérêts des prêts. La qualité du crédit est restée solide, avec des améliorations dans les ratios de prêts en retard et non acquittés. L’entreprise maintient une position de liquidité saine avec 93,51 millions de dollars en espèces et équivalents de liquidités.
Merchants & Marine Bancorp, Inc. (OTCQX: MNMB) berichtete von einem Nettoeinkommen von 1,72 Millionen Dollar (1,29 Dollar pro Aktie) für das zweite Quartal 2024, im Vergleich zu 1,87 Millionen Dollar (1,41 Dollar pro Aktie) im zweiten Quartal 2023. Der Bruttoertrag stieg um 33,43% auf 24,53 Millionen Dollar. Die Bilanzsumme wuchs um 18,25% auf 777,40 Millionen Dollar. Die Nettokredite stiegen um 6,83% auf 442,17 Millionen Dollar, während die Gesamteinlagen um 11,61% auf 588,44 Millionen Dollar zugenommen haben. Die Übernahme der Mississippi River Bank, die am 10. April 2024 abgeschlossen wurde, trieb das Bilanzwachstum und einmalige nichtzinsbezogene Aufwendungen voran. Die Gesamterträge aus Zinsen stiegen um 28,15% auf 19,06 Millionen Dollar, hauptsächlich aufgrund gestiegener Zinserträge aus Krediten. Die Kreditqualität blieb stark, mit Verbesserungen bei den Überfälligkeits- und Nicht-Zinsaufwandsquoten. Das Unternehmen hält eine gesunde Liquiditätsposition mit 93,51 Millionen Dollar in Bar und Barmittelnäquivalenten.
- 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
- Total deposits rose 11.61% to $588.44 million
- Total interest income grew 28.15% to $19.06 million
- Credit quality improved with lower past due and non-accrual loan ratios
- Strong liquidity position with $93.51 million in cash and cash equivalents
- Net income decreased from $1.87 million in Q2 2023 to $1.72 million in Q2 2024
- Earnings per share declined from $1.41 in Q2 2023 to $1.29 in Q2 2024
- One-time merger-related expenses exceeding $600 thousand impacted earnings
- Accumulated Other Comprehensive Income (AOCI) mark-to-market losses in the securities portfolio increased to ($12.95 million)
Selected financial highlights:
-
Net loans grew by
, or$28.26 million 6.83% , from June 20, 2023. -
Total interest income for the first six months of the year increased to
from$19.06 million during the same period in 2023, a lift of$14.87 million 28.15% . The increase is primarily due to increased interest income on loans, which increased to the first six months of 2024 from$15.07 million during the same period in 2023. This increase is due both to improved loan yields and, to a lesser extent, loan growth from the Mississippi River Bank acquisition.$12.06 million - The company’s cost of funding its assets also increased through June 30th, though much more slowly than seen in the broader market. Interest expense as a function of total assets grew to 60 basis points (annualized)from 20 basis points (annualized) in the first six months of 2023. The increase in funding costs is primarily due to the company’s utilization of the Federal Reserve Bank Term Funding Program (BTFP).
-
Credit quality remained strong at the end of the second quarter. The ratio of loans past due 30-89 days fell to just
0.63% of total loans compared to1.07% at the end of the second quarter of 2023. The ratio of non-accrual loans decreased to0.50% of total loans at the end of the second quarter 2024 from1.42% of total loans at the end of the second quarter of the prior year. -
Accumulated Other Comprehensive Income (AOCI) mark-to-market losses in the securities portfolio increased to (
) at the end of the quarter from ($12.95 million ) at the end of the same period in 2023. These losses represent just$9.51 million 7.82% and6.60% of the total portfolio for the respective reporting periods. A material portion of the increase is due to the addition of securities that were added through the Mississippi River Bank acquisition. -
On balance sheet liquidity levels remain very healthy, with cash and cash equivalents totaling
at the end of the second quarter 2024. In addition to these large cash balances, the Company’s$93.51 million investment portfolio remains highly liquid, with a significant portion able to be liquidated with minimal losses.$166 million -
In addition to the sizeable on-balance sheet liquidity position, the Company has more than
in additional borrowing capacity at the Federal Home Loan Bank of$250 million Dallas and the Federal Reserve.
“The company’s core financial performance continued to strengthen during the first half of 2024. Both top line revenue and net interest margin continue to grow as assets continue to reprice at a faster rate than liabilities, something that is relatively unique in today’s banking environment,” said the company’s Chief Financial Officer, Casey Hill. He continued “In addition to strong core performance in our legacy operations, the addition of the Mississippi River Bank balance sheet stands to lift forward earnings significantly. The merger was detrimental to earnings in the first half of the year as the company realized one-time merger-related expenses exceeding
The bank drew on the Federal Reserve’s Bank Term Funding Program (BTFP) in November of 2023, and financed the
“The company possesses enough on-balance sheet cash to repay the BTFP at any point that we deem it advantageous to do so and still maintain a highly liquid balance sheet. However, due to small net profit position that we realize on those borrowed funds, we do not foresee prepaying at this time unless and until the rate environment changes,” commented Hill. “In the meantime, we will continue to explore avenues of opportunity and growth, but will only execute on those opportunities if they are highly accretive to our current enterprise.”
”Our team’s performance through the first half of 2024, and the strong financial results produced by the efforts, are very encouraging,” remarked Clayton Legear, the company’s Chief Executive Officer. “In addition to shepherding increasingly strong financial results of our core franchises, our team successfully integrated Mississippi River Bank into our growing Family of Brands. We are excited to already see tangible positive impacts from this addition both in terms of earnings and through contributions to our ‘Battle Ready Balance Sheet.’ We look forward to even more progress as Mississippi River Bank Brand Chief Executive Officer Mike Bush and his team further leverage the expanded tools and resources now at their disposal. As we move into the second half of the year, we remain focused on operating from a position of strength across each of our brands and in being opportunistic in seizing opportunities to drive significant value for our clients, our team members, our shareholders and the communities we serve.”
Merchants & Marine Bancorp, Inc. (OTCQX: MNMB) is the parent company of Merchants & Marine Bank, a
MERCHANTS & MARINE BANCORP, INC. | |||||||
CONSOLIDATED FINANCIALS (UNAUDITED) | |||||||
BALANCE SHEET | |||||||
ASSETS | June 30, 2024 | June 30, 2023 | |||||
TOTAL CASH & DUE FROM |
|
93,507,728.62 |
|
|
43,471,583.41 |
|
|
TOTAL SECURITIES |
|
165,650,760.36 |
|
|
143,986,019.05 |
|
|
TOTAL FEDERAL FUNDS SOLD |
|
97,006.75 |
|
|
199,563.45 |
|
|
TOTAL LOANS |
|
449,991,168.99 |
|
|
422,226,713.78 |
|
|
Begin Year Reserve for Loss |
|
(7,684,072.00 |
) |
|
(3,566,893.00 |
) |
|
Recoveries on Charge Off |
|
(134,827.56 |
) |
|
(189,056.20 |
) |
|
Charge Offs Current Year |
|
174,673.38 |
|
|
387,559.91 |
|
|
Allowance-Current Year |
|
(177,845.82 |
) |
|
(4,945,682.71 |
) |
|
RESERVE FOR LOSSES ON LOANS |
|
(7,822,072.00 |
) |
|
(8,314,072.00 |
) |
|
NET LOANS |
|
442,169,096.99 |
|
|
413,912,641.78 |
|
|
NET FIXED ASSETS |
|
29,211,629.53 |
|
|
25,458,102.98 |
|
|
Other Real Estate |
|
- |
|
|
27,000.00 |
|
|
Other Assets |
|
46,765,538.94 |
|
|
30,355,581.79 |
|
|
TOTAL OTHER ASSETS |
|
46,765,538.94 |
|
|
30,382,581.79 |
|
|
TOTAL ASSETS | $ |
777,401,761.19 |
|
$ |
657,410,492.46 |
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Liabilities | |||||||
Demand Deposits | $ |
405,391,088.52 |
|
$ |
361,025,898.80 |
|
|
Public Funds |
|
16,479,553.86 |
|
|
18,821,588.29 |
|
|
TOTAL DEMAND DEPOSITS |
|
421,870,642.38 |
|
|
379,847,487.09 |
|
|
Savings |
|
111,727,068.43 |
|
|
95,629,788.93 |
|
|
C D's |
|
44,750,226.36 |
|
|
41,012,210.52 |
|
|
I R A's |
|
7,636,171.47 |
|
|
8,304,380.75 |
|
|
CDARS |
|
2,458,674.07 |
|
|
2,452,228.58 |
|
|
TOTAL TIME & SAVINGS DEPOSITS |
|
166,572,140.33 |
|
|
147,398,608.78 |
|
|
TOTAL DEPOSITS |
|
588,442,782.71 |
|
|
527,246,095.87 |
|
|
SECURITIES SOLD UNDER REPO | |||||||
& BORRROWINGS |
|
52,917,019.62 |
|
|
3,362,542.82 |
|
|
DIVIDENDS PAYABLE |
|
399,101.40 |
|
|
399,101.40 |
|
|
TOTAL OTHER LIABILITIES |
|
11,541,966.66 |
|
|
9,573,008.57 |
|
|
Stockholders' Equity | |||||||
Preferred Stock | $ |
50,595,000.00 |
|
$ |
50,595,000.00 |
|
|
Common Stock |
|
3,325,845.00 |
|
|
3,325,845.00 |
|
|
Earned Surplus |
|
14,500,000.00 |
|
|
14,500,000.00 |
|
|
Undivided Profits |
|
66,917,737.88 |
|
|
61,332,410.71 |
|
|
Current Profits |
|
1,722,734.72 |
|
|
1,161,435.04 |
|
|
Total Unrealized Gain/Loss AFS |
|
(9,135,917.80 |
) |
|
(9,505,333.95 |
) |
|
Defined Benefit Pension FASB 158 |
|
(3,824,509.00 |
) |
|
(4,579,613.00 |
) |
|
TOTAL CAPITAL |
|
124,100,890.80 |
|
|
116,829,743.80 |
|
|
TOTAL LIABILITIES & CAPITAL | $ |
777,401,761.19 |
|
$ |
657,410,492.46 |
|
|
MERCHANTS & MARINE BANCORP, INC. | |||||
CONSOLIDATED FINANCIALS (UNAUDITED) | |||||
INCOME STATEMENT | |||||
ACCOUNT NAME | Through June 30, 2024 | Through June 30, 2023 | |||
Interest & Fees on Loans | $ |
15,067,319.01 |
$ |
12,064,896.09 |
|
Interest on Securities Portfolio |
|
3,742,622.12 |
|
2,394,390.89 |
|
Interest on Fed Funds & EBA |
|
250,003.00 |
|
414,137.91 |
|
TOTAL INTEREST INCOME |
|
19,059,944.13 |
|
14,873,424.89 |
|
Total Service Charges |
|
1,631,360.13 |
|
1,413,344.60 |
|
Total Miscellaneous Income |
|
3,653,343.63 |
|
2,069,246.32 |
|
TOTAL NON INT INCOME |
|
5,284,703.76 |
|
3,482,590.92 |
|
Gains/(Losses) on Secs |
|
183,835.86 |
|
- |
|
Gains/(Losses) on Sales REO |
|
823.47 |
|
27,000.00 |
|
Gains/(Losses) on Sale of Loans |
|
- |
|
- |
|
TOTAL INCOME |
|
24,529,307.22 |
|
18,383,015.81 |
|
TOTAL INT ON DEPOSITS |
|
1,284,613.89 |
|
653,909.88 |
|
Int Fed Funds Purchased/Sec Sold Repo |
|
1,062,881.73 |
|
2,467.52 |
|
TOTAL INT EXPENSE |
|
2,347,495.62 |
|
656,377.40 |
|
PROVISION-LOAN LOSS |
|
128,845.82 |
|
(1,230.14 |
) |
Salary & Employee Benefits |
|
11,092,460.29 |
|
8,177,902.00 |
|
Total Premises Expense |
|
4,108,006.93 |
|
3,114,019.58 |
|
FDIC, Sales and Franchise |
|
248,001.78 |
|
201,214.70 |
|
Professional Fees |
|
1,332,231.41 |
|
1,129,837.10 |
|
Miscellaneous Office Expense |
|
445,394.37 |
|
384,094.25 |
|
Dues, Donations and Advertising |
|
401,719.47 |
|
449,975.28 |
|
Checking, ATM/Debit Card Expenses |
|
1,058,199.68 |
|
912,678.15 |
|
ORE Expenses |
|
869.64 |
|
4,200.00 |
|
Total Miscellaneous Expense |
|
1,330,360.82 |
|
1,166,651.14 |
|
TOTAL OTHER OPERATING |
|
20,017,244.39 |
|
15,540,572.20 |
|
FEDERAL & STATE INCOME TAXES |
|
290,500.00 |
|
316,752.38 |
|
TOTAL EXPENSES |
|
22,784,085.83 |
|
16,512,471.84 |
|
NET INCOME | $ |
1,745,221.39 |
$ |
1,870,543.97 |
|
Preferred Stock Dividends | $ |
22,486.67 |
$ |
- |
|
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ |
1,722,734.72 |
$ |
1,870,543.97 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240805273081/en/
Casey Hill
Chief Financial Officer
(228) 934-1307
Source: Merchants & Marine Bancorp, Inc.
FAQ
What was Merchants & Marine Bancorp's (MNMB) net income for Q2 2024?
How much did MNMB's gross income increase in Q2 2024?
When did MNMB complete the acquisition of Mississippi River Bank?
What was the growth in MNMB's total deposits for Q2 2024?