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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.
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67% of customers billed in FY2021 were also billed in FY2018, FY2019 or FY2020 (70% of customers billed in FY2020 were also billed in FY2019)
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Neal Gandhi, Chief Executive Officer, commented: We have had an excellent year, under extraordinary circumstances and I would like to again thank all The Panoply team for the incredibly hard work they have put in to get us to this position. Highlights include having welcomed three quality businesses into the Group, delivering 19% organic revenue growth, very strong cash conversion and having made substantial progress against our ESG targets.
Our trading momentum has accelerated further into the current year, and we are delighted to have signed approximately