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. (OTCQX: MNMB) generates a steady flow of news as a community banking organization and parent of Merchants & Marine Bank, a Mississippi‑chartered community bank serving the Gulf South. Its news releases cover financial performance, strategic initiatives, capital actions, brand development, and leadership changes across its family of community banking brands.
Investors and observers following MNMB news will find detailed quarterly financial updates that discuss net income, loan and deposit growth, balance sheet strategies, credit quality metrics, and securities portfolio performance. These updates often explain how acquisitions, such as the purchase of Mississippi River Bank, and balance sheet strategies involving Ginnie Mae guaranteed HECM mortgage‑backed securities and Federal Home Loan Bank funding affect earnings, liquidity, and capital.
Company news also highlights strategic expansion and brand activity. Examples include the launch and growth of CannaFirst Financial, a division focused on medical cannabis banking, its entry into markets such as Alabama, and progress at non‑bank brands like Voyager Lending and Canvas Mortgage. Announcements may describe new leadership appointments, such as board leadership changes or senior hires at key brands, reflecting the company’s emphasis on governance and market development.
Merchants & Marine Bancorp, Inc. also issues news on corporate transactions, including the definitive agreement for Farmers‑Merchants Bank & Trust Company to merge with Merchants & Marine Bank in an all‑cash transaction. Such releases outline expected branding, regulatory approvals, and strategic rationale for expanding the family of brands and asset base. For anyone tracking MNMB, this news stream provides insight into how the company manages growth, community banking operations, specialized financial services, and its role as a Community Development Financial Institution in its regional markets.
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.
Merchants & Marine Bancorp, Inc. (OTCQX: MNMB) has completed a capital raise through the U.S. Treasury’s Emergency Capital Investment Program (ECIP), issuing $50.595 million in nonvoting, noncumulative preferred shares in exchange for the funds. These shares carry a maximum dividend of 2% and will not dilute common shareholder ownership. The bank, designated as a Community Development Financial Institution (CDFI), aims to enhance its community investments while maintaining a strong capital position.
Merchants & Marine Bancorp (OTCQX: MNMB) reported a net income of $153K, or 12 cents per share, for Q1 2022, a decline from $572K, or 43 cents per share, in Q1 2021. Gross revenue increased by 3.21% year-over-year to $6.98 million, attributed to higher interest income and service charges. Loans grew by 3.65% from year-end 2021, and by 11.58% year-over-year, marking three consecutive quarters of over 10% loan growth. Total deposits remained flat at $649.72 million, while total interest expense dropped 32.73% to $368K.
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Merchants & Marine Bank, a subsidiary of Merchants & Marine Bancorp, Inc. (OTC: MNMB), has appointed Grant Walker as the new Pine Belt Market President. Walker brings over 35 years of banking experience, including a notable 14-year tenure as market president at another bank where his team received regional recognition for exceptional customer service. His educational background includes a bachelor's in Comprehensive Business Administration and advanced degrees in banking from top institutions. This strategic hire aims to enhance community-focused banking as the bank continues its growth in Mississippi and Alabama.
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