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Merchants & Marine Bancorp reports news as the parent company of Merchants & Marine Bank, with updates centered on community banking operations, operating results, loan and deposit trends, securities portfolio disclosures, and capital structure. Coverage also includes its Community Development Financial Institution status and completed capital actions involving senior preferred shares issued through the U.S. Treasury’s Emergency Capital Investment Program.
Company news also covers governance matters, including board leadership changes, and developments at CannaFirst Financial, a division of Merchants & Marine Bank that provides banking and financial services for cannabis-related businesses in markets with established programs.
Merchants & Marine Bancorp (OTCQX: MNMB) reported net income of $5.94 million ($4.46 per share) in 2024, compared to $6.29 million ($4.73 per share) in 2023. Net income available to common shareholders was $4.06 per share after preferred dividends.
Key financial highlights include:
- Gross income increased 18.17% to $50.55 million
- Balance sheet grew 4.37% to $716.86 million
- Net loans increased 11.09% to $464.36 million
- Total deposits rose 15.14% to $573.53 million
The company completed the acquisition of Mississippi River Bank in April 2024 and repaid the $50 million Federal Reserve Bank Term Funding facility in late 2024. Fourth-quarter net income was $2.26 million before preferred dividends, yielding an annualized return on assets of 1.26%.
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.
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