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

Core Insights - Merchants & Marine Bancorp, Inc. reported its third quarter earnings, highlighting significant financial performance and growth metrics [1] Financial Performance - The company achieved a net income of $1.2 million for the third quarter, representing an increase of 20% compared to the same period last year [1] - Earnings per share (EPS) rose to $0.30, up from $0.25 in the previous year, indicating a strong performance in profitability [1] - Total assets increased to $500 million, reflecting a growth of 10% year-over-year [1] Operational Highlights - The bank's loan portfolio expanded by 15%, reaching $300 million, driven by increased demand for commercial loans [1] - Deposits grew by 12%, totaling $400 million, showcasing the bank's ability to attract new customers and retain existing ones [1] - The net interest margin improved to 3.5%, up from 3.2% in the previous year, indicating better efficiency in earning interest on loans [1]