{"success":true,"data":{"pressRelease":{"id":"113094","rtpr_id":"nBw8Tl1x6a","ticker":"MNMB","exchange":"OTC","all_tickers":["MNMB"],"title":"Merchants & Marine Bancorp, Inc. Announces Second Quarter Financial Results and Share Repurchase Program","author":"Business Wire","published_at":"2026-08-07T16:52:00.106Z","article_body":"Merchants & Marine Bancorp, Inc. Announces Second Quarter Financial\nResults and Share Repurchase Program\n\nMerchants & Marine Bancorp, Inc. (OTCQX: MNMB), the parent company of\nMerchants & Marine Bank, reported net income available to common\nshareholders through the second quarter of 2026 of $11.37 million, or $8.36\nper share, compared with earnings of $875 thousand, or $0.66 per share, in the\nsame period of the prior year. Gross income through the second quarter totaled\n$53.31 million, an increase of 109.8% from the prior year. Balance sheet\nfootings increased by 42.12% to $1.35 billion during the 12 months ended June\n30, 2026. Net loans grew to $677.13 million over the trailing 12 months from\n$464.29 million, an increase of 42.12%. Total deposits increased 61.41% during\nthe same period, from $602.77 million at June 30, 2025, to $972.95 million.\nSignificant growth in the balance sheet and in earnings is primarily the\nresult of the successful consummation of the previously announced acquisition\nof Farmers-Merchants Bank, Breaux Bridge, LA, (FM Bank) which closed on April\n1, 2026.\n\nSelected financial highlights:\n\n\n * Net loans increased significantly to $677.13 million at the end of second\nquarter. Loans added through the FM Bank acquisition comprise $239.50 million\nof the end of quarter total.\n\n * Total interest income during the second quarter increased to $16.50 million\nfrom $11.71 million during the same period in 2025, an increase of 40.90%.\nInterest income associated with the FM Bank acquisition accounts for 84.04% of\nthe increase.\n\n * Deposit costs totaled 73 basis points at the end of the second quarter 2026,\nan increase from 43 basis points in the first quarter of 2026. The increase is\ndirectly linked to the FM Bank acquisition, with deposit costs throughout\nexisting brands remaining very stable.\n\n * Credit quality remained solid at the end of the second quarter. The ratio of\nloans past due 30-89 days increased to 1.70% of total loans at the end of the\nsecond quarter from 1.39% the end of the first quarter. This is concentrated\nin two larger loan relationships, and is not indicative of more widespread\ndeterioration in any segment of the portfolio. The ratio of non-accrual loans\nalso increased slightly in the same period, totaling 1.94% of total loans at\nthe end of the second quarter compared to 1.55% at the end of the first\nquarter.\n\n * Accumulated Other Comprehensive Income (AOCI) mark-to-market losses in the\nsecurities portfolio improved slightly to ($5.81 million) at the end of the\nsecond quarter of 2026 from ($6.03 million) at the end of the first quarter of\n2026. These losses represent just 1.32% and 1.85% the total securities\nportfolio for these reporting periods, respectively.\n\n * On-balance sheet liquidity levels remain healthy, with cash and cash\nequivalents totaling $115.80 million at the end of the second quarter of 2026.\nIn addition to these large cash balances, the Company’s investment portfolio\nremains highly liquid, with a significant portion of the portfolio able to be\nliquidated with minimal losses.\n\n * In addition to the sizable on-balance sheet liquidity position, the Company\nhas more than $200 million in additional borrowing capacity at the Federal\nHome Loan Bank of Dallas and the Federal Reserve.\n\n“While there was a good amount of noise in our second quarter earnings due\nto the acquisition of a relatively large partner in the form of\nFarmers-Merchants Bank, we are very excited about our core performance in the\nquarter and what it means for our forward earnings,” remarked Casey Hill,\nthe company’s Chief Financial Officer. He continued: “Fair market\naccounting necessitated by the merger resulted in material markups on legacy\nFarmers-Merchants Bank assets, which produced outsized earnings for the\nquarter. However, core earnings exceeded $1.1 million per month on a pre-tax,\npre-provision basis during the quarter, and we still have yet to gain full\nefficiencies and cost savings associated with a core systems conversions that\nwill take place very early next year,” continued Hill.\n\n“We are very happy with the performance of the combined companies and are\nvery excited about what the future holds for our institution. In addition to\nstrong performance by our new Farmers-Merchants Bank brand, our Merchants\n& Marine Bank and Mississippi River Bank brands continued the strong\nperformance seen in previous quarters, and our Voyager Lending and Canvas\nMortgage brands saw significant performance enhancements that now have both\nperforming near record levels. Furthermore, our CannaFirst Financial brand has\nembarked on a major expansionary effort that will see their geographic\nfootprint and client base increase significantly,” said Hill.\n\nChairman and Chief Executive Officer Clayton Legear remarked, “The second\nquarter represents more than the successful completion of an acquisition –\nit marks the beginning of the next chapter in our Company’s evolution. The\nsuccessful integration of Farmers-Merchants Bank reflects years of intentional\ninvestment in our people, technology, infrastructure, and operating model,\npositioning us to grow while remaining true to who we are and the competitive\nadvantages of community banking.”\n\n“We believe the future of our Company lies in combining Community Focus,\nLocal Leadership, and Regional Strength. Our model allows each of our local\nbrands to remain deeply rooted in the communities they serve while benefiting\nfrom the scale, expertise, and operational strength of a larger\norganization.”\n\nLegear continued, “While there is still meaningful work ahead as we complete\nsystems conversion and realize additional efficiencies, we are encouraged by\nthe performance of our combined franchise and believe we are well positioned\nto continue creating long-term value for our shareholders, clients,\ncommunities, and team members.”\n\nShare Repurchase Program\n\nThe Board of Directors of Merchants & Marine Bancorp, Inc. (OTCQX: MNMB)\nhas authorized the repurchase of up to three percent (3%) of the Company’s\noutstanding common stock.\n\n“While we are very excited to announce this program for our shareholders, we\nwill be very disciplined and opportunistic in its implementation,” remarked\nCasey Hill, the Company’s Chief Financial Officer. He continued: “We are\nvery steadfast in our belief that our ‘Family of Brands’ business model\nwill continue to lead to outsized growth in tangible book value and earnings,\nand the quarter being reported is very confirmative of that. We see this\nprogram not as a ceding of that belief, but simply as an additional tool to\nsupport that growth when and if it is needed.”\n\nRepurchases of the Company’s common stock will be made in accordance with\napplicable laws and may be made at management’s discretion from time to time\nin the open market, through privately negotiated transactions or otherwise.\nThe board authorized the repurchase program to remain in effect through June\n30, 2027, unless the entire repurchase amount has been acquired before that\ndate. The Company intends to fund the program with a combination of cash on\nhand and cash generated from operations.\n\nThe share repurchase program may be extended, modified, amended, suspended or\ndiscontinued at any time at the Company’s discretion and does not commit the\nCompany to repurchase shares of its common stock. The actual timing, number\nand value of the shares to be purchased under the program will be determined\nby the Company at its discretion and will depend on a number of factors,\nincluding the performance of the Company's stock price, the Company’s\nongoing capital planning considerations, general market and other conditions,\napplicable legal requirements and compliance with the terms of the Company’s\noutstanding indebtedness.\n\nMerchants & Marine Bancorp, Inc. (OTCQX: MNMB) is the parent company of\nMerchants & Marine Bank, a Mississippi chartered community bank serving\nthe Gulf South region. Originally founded in 1899, Merchants & Marine Bank\nwas reborn in 1932 during the middle of the worst economic disaster in the\nhistory of the United States: The Great Depression. The Bank offers banking\nservices to customers in Southern Mississippi and Coastal Alabama under its\nlegacy Merchants & Marine Bank brand, in Southeastern Louisiana through\nits Mississippi River Bank brand, and in the Acadiana Region of Louisiana\nthrough its Farmers-Merchants Bank brand. It offers mortgage financing through\nits Canvas Mortgage brand, medical cannabis banking through its CannaFirst\nFinancial brand, and access to government-guaranteed credit through its\nVoyager Lending brand. It provides bank operational, risk, and support\nservices through its Community of Resources bank services brand. For more\ninformation on Merchants & Marine Bancorp, Inc., visit\nhttps://mandmbank.com/investor-relations\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fmandmbank.com%2Finvestor-relations&esheet=54585845&newsitemid=20260807147252&lan=en-US&anchor=https%3A%2F%2Fmandmbank.com%2Finvestor-relations&index=1&md5=f5d60bc59fb5e019397b86eccff598f6)\n.\n   \n   \n   \n MERCHANTS & MARINE BANCORP, INC. \n CONSOLIDATED FINANCIALS (UNAUDITED) \n BALANCE SHEET \n   \n ASSETS June 30, 2026 June 30, 2025 \n TOTAL CASH & DUE FROM   115,796,798.55     53,958,700.86   \n   \n TOTAL SECURITIES   439,331,326.80     347,609,498.58   \n TOTAL FEDERAL FUNDS SOLD   32,913.23     198.00   \n   \n TOTAL LOANS   684,964,655.39     470,969,298.47   \n Begin Year Reserve for Loss   (5,361,649.01 )   (6,286,501.00 ) \n Recoveries on Charge Off   (236,415.56 )   (155,784.39 ) \n Charge Offs Current Year   284,364.45     301,998.80   \n Allowance-Current Year   (2,517,942.46 )   (538,828.41 ) \n RESERVE FOR LOSSES ON LOANS   (7,831,642.58 )   (6,679,115.00 ) \n NET LOANS   677,133,012.81     464,290,183.47   \n   \n NET FIXED ASSETS   48,092,159.05     34,902,569.33   \n   \n Other Real Estate   170,000.00     -   \n Other Assets   68,158,526.65     48,205,969.54   \n TOTAL OTHER ASSETS   68,328,526.65     48,205,969.54   \n TOTAL ASSETS $ 1,348,714,737.09   $ 948,967,119.78   \n   \n LIABILITIES AND STOCKHOLDERS' EQUITY \n Liabilities \n Demand Deposits $ 625,133,907.03   $ 417,367,501.27   \n Public Funds   25,564,473.81     22,560,757.91   \n TOTAL DEMAND DEPOSITS   650,698,380.84     439,928,259.18   \n   \n Savings   182,666,221.04     111,433,006.40   \n C D's   131,073,763.04     42,302,687.08   \n I R A's   6,051,188.00     6,648,355.44   \n CDARS   2,458,703.48     2,459,349.02   \n TOTAL TIME & SAVINGS DEPOSITS   322,249,875.56     162,843,397.94   \n TOTAL DEPOSITS   972,948,256.40     602,771,657.12   \n   \n SECURITIES SOLD UNDER REPO \n & BORRROWINGS   210,924,000.00     209,808,080.79   \n   \n DIVIDENDS PAYABLE   399,101.40     399,101.40   \n   \n TOTAL OTHER LIABILITIES   876,847.35     10,171,001.55   \n   \n Stockholders' Equity 6/30/2026 6/30/2025 \n Preferred Stock $ 71,519,000.00   $ 50,595,000.00   \n Common Stock   3,325,845.00     3,325,845.00   \n Earned Surplus   14,500,000.00     14,500,000.00   \n Undivided Profits   71,485,601.58     69,889,977.76   \n Current Profits   11,878,638.56     1,380,447.11   \n Total Unrealized Gain/Loss AFS   (5,810,105.20 )   (9,580,840.95 ) \n Defined Benefit Pension FASB 158   (3,332,448.00 )   (4,293,150.00 ) \n TOTAL CAPITAL   163,566,531.94     125,817,278.92   \n   \n TOTAL LIABILITIES & CAPITAL $ 1,348,714,737.09   $ 948,967,119.78   \n\n     \n     \n     \n     \n MERCHANTS & MARINE BANCORP, INC. \n CONSOLIDATED FINANCIALS (UNAUDITED) \n INCOME STATEMENT \n ACCOUNT NAME THROUGH THROUGH \n \n \n \n \nJUNE 30, 2026 \nJUNE 30, 2025 \n Interest & Fees on Loans $ 19,330,217.94   $ 16,692,765.15   \n Interest on Securities Portfolio   7,606,411.39     4,177,528.96   \n Interest on Fed Funds & EBA   993,640.80     295,753.65   \n TOTAL INTEREST INCOME   27,930,270.13     21,166,047.76   \n     \n Total Service Charges   1,936,343.32     1,642,048.81   \n Total Miscellaneous Income   23,472,984.73     2,600,778.98   \n TOTAL NON INT INCOME   25,409,328.05     4,242,827.79   \n     \n Gains/(Losses) on Secs   -     -   \n Gains/(Losses) on Sales REO   -     -   \n Gains/(Losses) on Sale of Loans   (31,863.36 )   -   \n TOTAL INCOME   53,307,734.82     25,408,875.55   \n     \n TOTAL INT ON DEPOSITS   2,534,397.56     1,272,653.77   \n Int on Borrowings/Sec Sold Repo   3,746,555.88     1,493,632.47   \n TOTAL INT EXPENSE   6,280,953.44     2,766,286.24   \n     \n PROVISION-LOAN LOSS   2,516,486.12     536,382.41   \n     \n Salary & Employee Benefits   17,595,900.18     11,366,377.74   \n Total Premises Expense   4,035,270.57     3,040,511.58   \n FDIC, Sales and Franchise   334,725.42     210,960.42   \n Professional Fees   756,482.82     920,578.09   \n Miscellaneous Office Expense   539,114.35     466,411.78   \n Dues, Donations and Advertising   3,352,607.94     359,132.28   \n Checking, ATM/Debit Card Expenses   6,980,103.58     1,156,196.81   \n ORE Expenses   3,639.28     100.00   \n Total Miscellaneous Expense   1,675,062.56     3,018,091.09   \n TOTAL OTHER OPERATING   35,272,906.70     20,538,359.79   \n     \n FEDERAL & STATE INCOME TAXES   (2,641,250.00 )   187,400.00   \n     \n TOTAL EXPENSES   41,429,096.26     24,028,428.44   \n NET INCOME $ 11,878,638.56   $ 1,380,447.11   \n Preferred Stock Dividends $ 505,950.00   $ 505,950.00   \n NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 11,372,688.56   $ 874,497.11   \n     \n     \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260807147252/en/\n(https://www.businesswire.com/news/home/20260807147252/en/)\n\nCasey Hill\n\nChief Financial Officer\n\n(228) 934-1307\n\ncasey.hill@mandmbank.com (mailto:casey.hill@mandmbank.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw8Tl1x6a","title":"Merchants & Marine Bancorp, Inc. Announces Second Quarter Financial Results and Share Repurchase Program","author":"Business Wire","ticker":"MNMB","created":"2026-08-07T16:52:00.106Z","tickers":["MNMB"],"exchange":"OTC","article_body":"Merchants & Marine Bancorp, Inc. Announces Second Quarter Financial\nResults and Share Repurchase Program\n\nMerchants & Marine Bancorp, Inc. (OTCQX: MNMB), the parent company of\nMerchants & Marine Bank, reported net income available to common\nshareholders through the second quarter of 2026 of $11.37 million, or $8.36\nper share, compared with earnings of $875 thousand, or $0.66 per share, in the\nsame period of the prior year. Gross income through the second quarter totaled\n$53.31 million, an increase of 109.8% from the prior year. Balance sheet\nfootings increased by 42.12% to $1.35 billion during the 12 months ended June\n30, 2026. Net loans grew to $677.13 million over the trailing 12 months from\n$464.29 million, an increase of 42.12%. Total deposits increased 61.41% during\nthe same period, from $602.77 million at June 30, 2025, to $972.95 million.\nSignificant growth in the balance sheet and in earnings is primarily the\nresult of the successful consummation of the previously announced acquisition\nof Farmers-Merchants Bank, Breaux Bridge, LA, (FM Bank) which closed on April\n1, 2026.\n\nSelected financial highlights:\n\n\n * Net loans increased significantly to $677.13 million at the end of second\nquarter. Loans added through the FM Bank acquisition comprise $239.50 million\nof the end of quarter total.\n\n * Total interest income during the second quarter increased to $16.50 million\nfrom $11.71 million during the same period in 2025, an increase of 40.90%.\nInterest income associated with the FM Bank acquisition accounts for 84.04% of\nthe increase.\n\n * Deposit costs totaled 73 basis points at the end of the second quarter 2026,\nan increase from 43 basis points in the first quarter of 2026. The increase is\ndirectly linked to the FM Bank acquisition, with deposit costs throughout\nexisting brands remaining very stable.\n\n * Credit quality remained solid at the end of the second quarter. The ratio of\nloans past due 30-89 days increased to 1.70% of total loans at the end of the\nsecond quarter from 1.39% the end of the first quarter. This is concentrated\nin two larger loan relationships, and is not indicative of more widespread\ndeterioration in any segment of the portfolio. The ratio of non-accrual loans\nalso increased slightly in the same period, totaling 1.94% of total loans at\nthe end of the second quarter compared to 1.55% at the end of the first\nquarter.\n\n * Accumulated Other Comprehensive Income (AOCI) mark-to-market losses in the\nsecurities portfolio improved slightly to ($5.81 million) at the end of the\nsecond quarter of 2026 from ($6.03 million) at the end of the first quarter of\n2026. These losses represent just 1.32% and 1.85% the total securities\nportfolio for these reporting periods, respectively.\n\n * On-balance sheet liquidity levels remain healthy, with cash and cash\nequivalents totaling $115.80 million at the end of the second quarter of 2026.\nIn addition to these large cash balances, the Company’s investment portfolio\nremains highly liquid, with a significant portion of the portfolio able to be\nliquidated with minimal losses.\n\n * In addition to the sizable on-balance sheet liquidity position, the Company\nhas more than $200 million in additional borrowing capacity at the Federal\nHome Loan Bank of Dallas and the Federal Reserve.\n\n“While there was a good amount of noise in our second quarter earnings due\nto the acquisition of a relatively large partner in the form of\nFarmers-Merchants Bank, we are very excited about our core performance in the\nquarter and what it means for our forward earnings,” remarked Casey Hill,\nthe company’s Chief Financial Officer. He continued: “Fair market\naccounting necessitated by the merger resulted in material markups on legacy\nFarmers-Merchants Bank assets, which produced outsized earnings for the\nquarter. However, core earnings exceeded $1.1 million per month on a pre-tax,\npre-provision basis during the quarter, and we still have yet to gain full\nefficiencies and cost savings associated with a core systems conversions that\nwill take place very early next year,” continued Hill.\n\n“We are very happy with the performance of the combined companies and are\nvery excited about what the future holds for our institution. In addition to\nstrong performance by our new Farmers-Merchants Bank brand, our Merchants\n& Marine Bank and Mississippi River Bank brands continued the strong\nperformance seen in previous quarters, and our Voyager Lending and Canvas\nMortgage brands saw significant performance enhancements that now have both\nperforming near record levels. Furthermore, our CannaFirst Financial brand has\nembarked on a major expansionary effort that will see their geographic\nfootprint and client base increase significantly,” said Hill.\n\nChairman and Chief Executive Officer Clayton Legear remarked, “The second\nquarter represents more than the successful completion of an acquisition –\nit marks the beginning of the next chapter in our Company’s evolution. The\nsuccessful integration of Farmers-Merchants Bank reflects years of intentional\ninvestment in our people, technology, infrastructure, and operating model,\npositioning us to grow while remaining true to who we are and the competitive\nadvantages of community banking.”\n\n“We believe the future of our Company lies in combining Community Focus,\nLocal Leadership, and Regional Strength. Our model allows each of our local\nbrands to remain deeply rooted in the communities they serve while benefiting\nfrom the scale, expertise, and operational strength of a larger\norganization.”\n\nLegear continued, “While there is still meaningful work ahead as we complete\nsystems conversion and realize additional efficiencies, we are encouraged by\nthe performance of our combined franchise and believe we are well positioned\nto continue creating long-term value for our shareholders, clients,\ncommunities, and team members.”\n\nShare Repurchase Program\n\nThe Board of Directors of Merchants & Marine Bancorp, Inc. (OTCQX: MNMB)\nhas authorized the repurchase of up to three percent (3%) of the Company’s\noutstanding common stock.\n\n“While we are very excited to announce this program for our shareholders, we\nwill be very disciplined and opportunistic in its implementation,” remarked\nCasey Hill, the Company’s Chief Financial Officer. He continued: “We are\nvery steadfast in our belief that our ‘Family of Brands’ business model\nwill continue to lead to outsized growth in tangible book value and earnings,\nand the quarter being reported is very confirmative of that. We see this\nprogram not as a ceding of that belief, but simply as an additional tool to\nsupport that growth when and if it is needed.”\n\nRepurchases of the Company’s common stock will be made in accordance with\napplicable laws and may be made at management’s discretion from time to time\nin the open market, through privately negotiated transactions or otherwise.\nThe board authorized the repurchase program to remain in effect through June\n30, 2027, unless the entire repurchase amount has been acquired before that\ndate. The Company intends to fund the program with a combination of cash on\nhand and cash generated from operations.\n\nThe share repurchase program may be extended, modified, amended, suspended or\ndiscontinued at any time at the Company’s discretion and does not commit the\nCompany to repurchase shares of its common stock. The actual timing, number\nand value of the shares to be purchased under the program will be determined\nby the Company at its discretion and will depend on a number of factors,\nincluding the performance of the Company's stock price, the Company’s\nongoing capital planning considerations, general market and other conditions,\napplicable legal requirements and compliance with the terms of the Company’s\noutstanding indebtedness.\n\nMerchants & Marine Bancorp, Inc. (OTCQX: MNMB) is the parent company of\nMerchants & Marine Bank, a Mississippi chartered community bank serving\nthe Gulf South region. Originally founded in 1899, Merchants & Marine Bank\nwas reborn in 1932 during the middle of the worst economic disaster in the\nhistory of the United States: The Great Depression. The Bank offers banking\nservices to customers in Southern Mississippi and Coastal Alabama under its\nlegacy Merchants & Marine Bank brand, in Southeastern Louisiana through\nits Mississippi River Bank brand, and in the Acadiana Region of Louisiana\nthrough its Farmers-Merchants Bank brand. It offers mortgage financing through\nits Canvas Mortgage brand, medical cannabis banking through its CannaFirst\nFinancial brand, and access to government-guaranteed credit through its\nVoyager Lending brand. It provides bank operational, risk, and support\nservices through its Community of Resources bank services brand. For more\ninformation on Merchants & Marine Bancorp, Inc., visit\nhttps://mandmbank.com/investor-relations\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fmandmbank.com%2Finvestor-relations&esheet=54585845&newsitemid=20260807147252&lan=en-US&anchor=https%3A%2F%2Fmandmbank.com%2Finvestor-relations&index=1&md5=f5d60bc59fb5e019397b86eccff598f6)\n.\n   \n   \n   \n MERCHANTS & MARINE BANCORP, INC. \n CONSOLIDATED FINANCIALS (UNAUDITED) \n BALANCE SHEET \n   \n ASSETS June 30, 2026 June 30, 2025 \n TOTAL CASH & DUE FROM   115,796,798.55     53,958,700.86   \n   \n TOTAL SECURITIES   439,331,326.80     347,609,498.58   \n TOTAL FEDERAL FUNDS SOLD   32,913.23     198.00   \n   \n TOTAL LOANS   684,964,655.39     470,969,298.47   \n Begin Year Reserve for Loss   (5,361,649.01 )   (6,286,501.00 ) \n Recoveries on Charge Off   (236,415.56 )   (155,784.39 ) \n Charge Offs Current Year   284,364.45     301,998.80   \n Allowance-Current Year   (2,517,942.46 )   (538,828.41 ) \n RESERVE FOR LOSSES ON LOANS   (7,831,642.58 )   (6,679,115.00 ) \n NET LOANS   677,133,012.81     464,290,183.47   \n   \n NET FIXED ASSETS   48,092,159.05     34,902,569.33   \n   \n Other Real Estate   170,000.00     -   \n Other Assets   68,158,526.65     48,205,969.54   \n TOTAL OTHER ASSETS   68,328,526.65     48,205,969.54   \n TOTAL ASSETS $ 1,348,714,737.09   $ 948,967,119.78   \n   \n LIABILITIES AND STOCKHOLDERS' EQUITY \n Liabilities \n Demand Deposits $ 625,133,907.03   $ 417,367,501.27   \n Public Funds   25,564,473.81     22,560,757.91   \n TOTAL DEMAND DEPOSITS   650,698,380.84     439,928,259.18   \n   \n Savings   182,666,221.04     111,433,006.40   \n C D's   131,073,763.04     42,302,687.08   \n I R A's   6,051,188.00     6,648,355.44   \n CDARS   2,458,703.48     2,459,349.02   \n TOTAL TIME & SAVINGS DEPOSITS   322,249,875.56     162,843,397.94   \n TOTAL DEPOSITS   972,948,256.40     602,771,657.12   \n   \n SECURITIES SOLD UNDER REPO \n & BORRROWINGS   210,924,000.00     209,808,080.79   \n   \n DIVIDENDS PAYABLE   399,101.40     399,101.40   \n   \n TOTAL OTHER LIABILITIES   876,847.35     10,171,001.55   \n   \n Stockholders' Equity 6/30/2026 6/30/2025 \n Preferred Stock $ 71,519,000.00   $ 50,595,000.00   \n Common Stock   3,325,845.00     3,325,845.00   \n Earned Surplus   14,500,000.00     14,500,000.00   \n Undivided Profits   71,485,601.58     69,889,977.76   \n Current Profits   11,878,638.56     1,380,447.11   \n Total Unrealized Gain/Loss AFS   (5,810,105.20 )   (9,580,840.95 ) \n Defined Benefit Pension FASB 158   (3,332,448.00 )   (4,293,150.00 ) \n TOTAL CAPITAL   163,566,531.94     125,817,278.92   \n   \n TOTAL LIABILITIES & CAPITAL $ 1,348,714,737.09   $ 948,967,119.78   \n\n     \n     \n     \n     \n MERCHANTS & MARINE BANCORP, INC. \n CONSOLIDATED FINANCIALS (UNAUDITED) \n INCOME STATEMENT \n ACCOUNT NAME THROUGH THROUGH \n \n \n \n \nJUNE 30, 2026 \nJUNE 30, 2025 \n Interest & Fees on Loans $ 19,330,217.94   $ 16,692,765.15   \n Interest on Securities Portfolio   7,606,411.39     4,177,528.96   \n Interest on Fed Funds & EBA   993,640.80     295,753.65   \n TOTAL INTEREST INCOME   27,930,270.13     21,166,047.76   \n     \n Total Service Charges   1,936,343.32     1,642,048.81   \n Total Miscellaneous Income   23,472,984.73     2,600,778.98   \n TOTAL NON INT INCOME   25,409,328.05     4,242,827.79   \n     \n Gains/(Losses) on Secs   -     -   \n Gains/(Losses) on Sales REO   -     -   \n Gains/(Losses) on Sale of Loans   (31,863.36 )   -   \n TOTAL INCOME   53,307,734.82     25,408,875.55   \n     \n TOTAL INT ON DEPOSITS   2,534,397.56     1,272,653.77   \n Int on Borrowings/Sec Sold Repo   3,746,555.88     1,493,632.47   \n TOTAL INT EXPENSE   6,280,953.44     2,766,286.24   \n     \n PROVISION-LOAN LOSS   2,516,486.12     536,382.41   \n     \n Salary & Employee Benefits   17,595,900.18     11,366,377.74   \n Total Premises Expense   4,035,270.57     3,040,511.58   \n FDIC, Sales and Franchise   334,725.42     210,960.42   \n Professional Fees   756,482.82     920,578.09   \n Miscellaneous Office Expense   539,114.35     466,411.78   \n Dues, Donations and Advertising   3,352,607.94     359,132.28   \n Checking, ATM/Debit Card Expenses   6,980,103.58     1,156,196.81   \n ORE Expenses   3,639.28     100.00   \n Total Miscellaneous Expense   1,675,062.56     3,018,091.09   \n TOTAL OTHER OPERATING   35,272,906.70     20,538,359.79   \n     \n FEDERAL & STATE INCOME TAXES   (2,641,250.00 )   187,400.00   \n     \n TOTAL EXPENSES   41,429,096.26     24,028,428.44   \n NET INCOME $ 11,878,638.56   $ 1,380,447.11   \n Preferred Stock Dividends $ 505,950.00   $ 505,950.00   \n NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 11,372,688.56   $ 874,497.11   \n     \n     \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260807147252/en/\n(https://www.businesswire.com/news/home/20260807147252/en/)\n\nCasey Hill\n\nChief Financial Officer\n\n(228) 934-1307\n\ncasey.hill@mandmbank.com (mailto:casey.hill@mandmbank.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-08-07T16:52:00.170153813Z","server_sent_at_ms":1786121520170},"received_at":"2026-08-07T16:52:00.320Z","source_url":"https://www.businesswire.com/news/home/20260807147252/en/"},"analysis":{"id":"102096","press_release_id":"113094","analysis_json":{"industry":{"label":"Banks","sector":"Financials"},"redFlags":["Earnings increase largely attributed to fair market accounting markups from the merger","Non-accrual loans increased to 1.94% from 1.55% quarter-over-quarter","Loans past due 30-89 days increased to 1.70% from 1.39%"],"eventType":"earnings","narrative":"Merchants & Marine Bancorp reported net income available to common shareholders of $11.37 million ($8.36 per share) for the six months ended June 30, 2026, a substantial increase from $875,000 in the prior year period.\n\nThe growth was driven by the April acquisition of Farmers-Merchants Bank, which increased gross income by 109.8% to $53.31 million and expanded total deposits to $972.95 million.\n\nAdditionally, the board authorized a share repurchase program for up to 3% of outstanding common stock, effective through June 30, 2027.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"M&A-driven earnings surge and 3% buyback authorization highlight post-merger momentum."},"keyFigures":{"eps":"$8.36","revenue":"$53.31 million","revenueYoy":"109.8%","customDimensions":{"net_loans":"$677.13 million","total_assets":"$1.35 billion","total_deposits":"$972.95 million","net_income_available_to_common":"$11.37 million","share_repurchase Authorization":"3%"}},"quotedText":"The second quarter represents more than the successful completion of an acquisition – it marks the beginning of the next chapter in our Company’s evolution.","namedEntities":{"people":[{"name":"Casey Hill","role":"Chief Financial Officer"},{"name":"Clayton Legear","role":"Chairman and Chief Executive Officer"}],"products":["Family of Brands"],"companies":[{"name":"Merchants & Marine Bancorp, Inc.","ticker":"MNMB"},{"name":"Merchants & Marine Bank","relationship":"subsidiary"},{"name":"Farmers-Merchants Bank","relationship":"acquired"},{"name":"Mississippi River Bank","relationship":"subsidiary"},{"name":"Voyager Lending","relationship":"subsidiary"},{"name":"Canvas Mortgage","relationship":"subsidiary"},{"name":"CannaFirst Financial","relationship":"subsidiary"}],"dollarAmounts":[{"amount":"$11.37 million","context":"net income available to common shareholders YTD"},{"amount":"$53.31 million","context":"gross income YTD"},{"amount":"$1.35 billion","context":"balance sheet footings"},{"amount":"$677.13 million","context":"net loans"},{"amount":"$972.95 million","context":"total deposits"},{"amount":"$115.80 million","context":"cash and cash equivalents"},{"amount":"$200 million","context":"additional borrowing capacity"}]},"materialImpact":{"score":4,"reasoning":"Net income available to common shareholders surged more than 12x year-over-year to $11.37 million, driven by the recent acquisition of Farmers-Merchants Bank. The company also authorized a new 3% share repurchase program and reported significant balance sheet expansion (assets up 42%)."},"tickerRelevance":{"others":[],"primary":"MNMB"},"globalImportance":25,"audienceRelevance":20,"eventTypeSecondary":["buyback"],"importanceComponents":{"tickerTier":"small-cap","eventGravity":"earnings_beat_and_buyback","sectorWeight":"financials"}},"event_type":"earnings","event_type_secondary":["buyback"],"sentiment":"bullish","material_impact_score":4,"narrative":"Merchants & Marine Bancorp reported net income available to common shareholders of $11.37 million ($8.36 per share) for the six months ended June 30, 2026, a substantial increase from $875,000 in the prior year period.\n\nThe growth was driven by the April acquisition of Farmers-Merchants Bank, which increased gross income by 109.8% to $53.31 million and expanded total deposits to $972.95 million.\n\nAdditionally, the board authorized a share repurchase program for up to 3% of outstanding common stock, effective through June 30, 2027.","key_figures":{"eps":"$8.36","revenue":"$53.31 million","revenueYoy":"109.8%","customDimensions":{"net_loans":"$677.13 million","total_assets":"$1.35 billion","total_deposits":"$972.95 million","net_income_available_to_common":"$11.37 million","share_repurchase Authorization":"3%"}},"named_entities":{"people":[{"name":"Casey Hill","role":"Chief Financial Officer"},{"name":"Clayton Legear","role":"Chairman and Chief Executive Officer"}],"products":["Family of Brands"],"companies":[{"name":"Merchants & Marine Bancorp, Inc.","ticker":"MNMB"},{"name":"Merchants & Marine Bank","relationship":"subsidiary"},{"name":"Farmers-Merchants Bank","relationship":"acquired"},{"name":"Mississippi River Bank","relationship":"subsidiary"},{"name":"Voyager Lending","relationship":"subsidiary"},{"name":"Canvas Mortgage","relationship":"subsidiary"},{"name":"CannaFirst Financial","relationship":"subsidiary"}],"dollarAmounts":[{"amount":"$11.37 million","context":"net income available to common shareholders YTD"},{"amount":"$53.31 million","context":"gross income YTD"},{"amount":"$1.35 billion","context":"balance sheet footings"},{"amount":"$677.13 million","context":"net loans"},{"amount":"$972.95 million","context":"total deposits"},{"amount":"$115.80 million","context":"cash and cash equivalents"},{"amount":"$200 million","context":"additional borrowing capacity"}]},"model_name":"glm-4.7","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-08-07T18:18:42.998Z","global_importance":25,"audience_relevance":20,"importance_components":{"tickerTier":"small-cap","eventGravity":"earnings_beat_and_buyback","sectorWeight":"financials"}},"durationMs":152796,"modelName":"glm-4.7"}}