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Merchants & Marine Bancorp, Inc. Announces Second Quarter Financial Results and Share Repurchase Program

MNMB
  • Merchants & Marine Bancorp, Inc. reported net income of $11.37 million ($8.36 per share) for the second quarter of 2026, compared to $875,000 ($0.66 per share) in the prior year period.
  • Total gross income reached $53.31 million, representing a 109.8% increase from the same period in 2025.
  • Total assets grew 42.12% to $1.35 billion over the 12 months ended June 30, 2026.
  • Net loans increased 42.12% to $677.13 million, with $239.50 million of this growth attributed to the Farmers-Merchants Bank acquisition.
  • Total deposits rose 61.41% to $972.95 million, up from $602.77 million a year ago.
  • The acquisition of Farmers-Merchants Bank, which closed on April 1, 2026, was the primary driver for the significant balance sheet \& earnings expansion.
  • Interest income increased 40.90% to $16.50 million for the quarter, with 84.04% of the growth linked to the new acquisition.
  • Deposit costs rose to 73 basis points from 43 basis points in the first quarter, a change directly associated with the Farmers-Merchants Bank merger.
  • Credit quality metrics showed a slight increase in loans past due 30-89 days to 1.70% \& non-accrual loans to 1.94%, concentrated in two larger relationships.
  • Accumulated Other Comprehensive Income (AOCI) mark-to-market losses improved slightly to ($5.81 million) from ($6.03 million) in the first quarter.
  • The company maintains healthy liquidity with $115.80 million in cash \& cash equivalents, plus over $200 million in additional borrowing capacity at the Federal Home Loan Bank of Dallas \& the Federal Reserve.
  • CFO Casey Hill noted that while acquisition-related accounting created outsized earnings, core pre-tax, pre-provision earnings exceeded $1.1 million per month.
  • The Board of Directors authorized a share repurchase program allowing the buyback of up to 3% of outstanding common stock through June 30, 2027.
  • The repurchase program will be funded using cash on hand \& cash generated from operations, with timing determined by management discretion.
  • The company operates under multiple brands including Merchants & Marine Bank, Mississippi River Bank, Farmers-Merchants Bank, Canvas Mortgage, CannaFirst Financial, \& Voyager Lending.