Merchants & Marine Bancorp, Inc. Announces First Quarter Financial Results

May 11, 2026 - 19:33

PASCAGOULA, Miss., May 11, 2026 -- Merchants & Marine Bancorp, Inc. has released its financial results for the first quarter of the year. The company reported a net income of $2.8 million for the three months ending March 31, 2026. This compares to a net income of $2.5 million recorded during the same period in the previous year.

Earnings per share for the quarter came in at $0.87, up from $0.78 in the first quarter of 2025. The increase in profitability was driven by a rise in net interest income, which grew to $7.1 million from $6.6 million a year ago. The company attributed this growth to higher loan volumes and improved yields on earning assets.

Total assets at the end of the quarter stood at $487 million, a slight increase from $481 million at year-end 2025. Loans held for investment totaled $326 million, while deposits reached $412 million. The bank maintained a strong capital position, with a Tier 1 leverage ratio of 9.2 percent.

Nonperforming assets remained low at 0.45 percent of total assets, reflecting solid credit quality. The company also set aside $150,000 as a provision for loan losses, consistent with its conservative risk management approach.

Merchants & Marine Bancorp operates as the holding company for Merchants & Marine Bank, which serves customers along the Mississippi Gulf Coast.