Merchants Marine Stock Price, News & Analysis

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.

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.

Merchants & Marine Bank has promoted Greg Hodges to Chief Banking Officer. Previously serving as Market President for the Pine Belt Region, Hodges brings over 19 years of banking experience. In his new role, he will oversee commercial lending, retail banking, and the bank’s marketing efforts. Hodges will also join the executive leadership team of Merchants & Marine Bancorp, focusing on growth and expansion into new markets. CEO Clayton Legear praised Hodges as a strong leader committed to community service.

Clayton Legear, President and CEO of Merchants & Marine Bank, has been appointed to the Mississippi State Board of Banking Review by Governor Tate Reeves. This five-year term, subject to state Senate confirmation, involves oversight of new bank charters and state regulations. Legear emphasizes the importance of positioning state-chartered banks to compete effectively, benefiting local communities and the economy. Since joining Merchants & Marine Bank in 2011 and becoming CEO in 2019, he has focused on balanced growth and risk management, supporting the bank's expansion across Mississippi and Alabama.