Welcome to our dedicated page for Merchants Marine news (Ticker: MNMB), a resource for investors and traders seeking the latest updates and insights on Merchants Marine stock.
Merchants Marine Bancorp Inc (MNMB) provides essential community financial services across Mississippi and Alabama through its subsidiary Merchants & Marine Bank. This news hub offers investors and stakeholders timely updates on corporate developments, regulatory filings, and market positioning.
Access official press releases covering earnings reports, leadership changes, product launches, and strategic initiatives. Our curated collection simplifies tracking of MNMB's financial health and community impact while maintaining strict compliance with disclosure regulations.
Key updates include quarterly results analysis, loan portfolio expansions, digital banking enhancements, and community partnership announcements. Bookmark this page for verified information directly from corporate communications and authorized financial reporting sources.
Merchants & Marine Bancorp (OTCQX: MNMB) reported a strong first quarter of 2023, achieving net income of $1.161 million, or $0.87 per share, compared to $158 thousand or $0.12 per share in the same period last year. Gross income rose 27.29% to $8.883 million. While total deposits decreased 17.67% year-over-year, adjusting for high-cost public funds showed a decline of only 7.54%. Interest expense also fell 17.29% to $304 thousand. The loan portfolio grew by 12.07%, and credit quality remained strong, with past due loans at 1.04%. The bank adopted CECL, increasing its loan loss reserves to $8.505 million. Furthermore, the company was granted $3.718 million from the CDFI Equitable Recovery Program to support future growth.
Merchants & Marine Bancorp, Inc. (OTCQX: MNMB) reported a net income of $1.170 million or $0.88 per share for Q4 2022, significantly up from $103 thousand or $0.08 per share year-over-year. Gross income rose 34.76% to $8.637 million, although total deposits fell 5.46% to $553 million. Adjusted for high-cost public funds, the drop was only 0.53%. Interest expenses saw a notable decrease of 33.89%. Year-to-date gross revenues increased 7.93%, driven by improved interest from loans and securities. The bank maintains a strong capital position at 17.61% of total assets despite market challenges.
Merchants & Marine Bancorp (OTCQX: MNMB) has introduced Voyager Lending, a new division focused on providing lending solutions for small business owners. This initiative is led by experienced professionals committed to offering personalized service and fostering community relationships. The lending products are backed by government support, including loans for business acquisitions, real estate, equipment, and startup funds. President Matthew McElveen emphasized the significance of small businesses in local economies, aiming to empower them with accessible financing options. Merchants & Marine Bank has over a century of experience in serving the Mississippi and Alabama Gulf Coast regions.
Merchants & Marine Bank has promoted Jeff Trammell to Chief Operations Officer (COO), effective immediately. Trammell, who joined the bank’s leadership team in 2019, previously served as Chief Risk & Strategy Officer. Under his leadership, the bank has enhanced its credit risk management and launched the CannaFirst Financial division, the first of its kind in Mississippi for medical cannabis services. In his new role, Trammell aims to expand the bank’s operational framework to support its community services.
Merchants & Marine Bancorp (OTCQX: MNMB) reported a net income of $1.406 million for Q3 2022, up from $643 thousand a year ago, translating to earnings per share of $1.06 vs. 48 cents. Despite a gross income decline of 2.84% year-over-year to $8.237 million, it rose by 4.66% from the previous quarter. Total deposits decreased by 5.26% to $572 million, although adjusted deposits showed a 1.69% increase. Interest expenses fell by 57.34%, boosting profitability. The bank's tangible equity remains strong at 12.31% of assets.
Merchants & Marine Bancorp, Inc. (OTCQX: MNMB) reported a net income of $243 thousand for Q2 2022, down from $872 thousand in Q2 2021, resulting in earnings per share of $0.18. Gross revenue rose by 1.62% to $7.87 million. Total deposits increased by 4.01% to $663.68 million. Interest expense decreased by 23.35% to $523 thousand. Net loans grew by 14.68% year-over-year. Despite an increase in AOCI mark-to-market losses to ($11.24 million), total capital surged 49.78% to $122.87 million, bolstered by a $50.56 million preferred stock issuance from the U.S. Treasury.
