Merchants & Marine Bank CEO Clayton Legear Appointed to State Board of Banking Review apnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from apnews.com Daily Mail and Mail on Sunday newspapers.
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Merchants & Marine Bancorp Releases Earnings
July 19, 2021 GMT
PASCAGOULA, Miss. (BUSINESS WIRE) Jul 18, 2021
Merchants & Marine Bancorp, Inc. (OTCQX: MNMB), the parent company of Merchants & Marine Bank, reports net income through the first six months of 2021 of $1.44 million, or $1.08 per share, compared with net income of $3.50 million, or $2.63 per share during the same period in 2020. It should be noted that during the same period in 2020, the company monetized a $3.1 million gain (pretax) by liquidating a portion of its securities portfolio, which materially affected per share earnings data during that period.
Are Banks Open on Memorial Day 2021? Bank of America, Chase, Wells Fargo, Others
On 5/31/21 at 2:30 AM EDT
Memorial Day is observed every year on the last Monday in May and falls on May 31 this year. It is a federal holiday, so most banks are closed. Federal Reserve banks as well as others, including Bank of America, Chase, Wells Fargo, are shut on the day.
The USA.gov federal website says: Many government offices close on federal holidays and some private businesses may close as well.
Customers can access online services as well as ATM machines at most banks for any banking needs on Memorial Day.
Are Banks Open or Closed on Memorial Day 2021? gobankingrates.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gobankingrates.com Daily Mail and Mail on Sunday newspapers.
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Merchants & Marine Bancorp, Inc. (OTCQX: MNMB), the parent company of Merchants & Marine Bank, reports first quarter 2021 net income of $567 thousand, or 43 cents per share, compared with net income of $843 thousand, or 63 cents per share during the same period in 2020.
The bank has been an active participant in the Small Business Administration’s Paycheck Protection Program (PPP). As of March 31, 2021, PPP loans constituted $36.2 million, or 10.28 percent, of the bank’s $355.9 million loan portfolio. Excluding PPP balances, loan growth was somewhat flat over the same period in 2020, growing 1.28 percent to $319.7 million from $315.7 million over the last twelve months. Interest and fees on loans totaled $4.94 million in the first quarter. When extracting fees realized on forgiven PPP balances, this number decreases to $4.32 million, which nonetheless represents an increase of 3.04 percent over the corresponding period in 2020.