Merchants & Marine Bank Mortgage Rates, Fees & Info
Pascagoula, MSLEI: 549300ZMSSTP768USP32
Tax ID: 64-6016232
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Bank Data
Review & Overview
Merchants & Marine Bank is a smaller bank specializing in Refi and Home Purchase loans. Merchants & Marine Bank has a high proportion of conventional loans. Their top markets by origination volume include: Daphne, Gulfport, Mobile, Jackson, and Pensacola among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)Merchants & Marine Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.78% | 4/28/24 |
| 30 Year Conventional Refi | 6.66% | 4/28/24 |
| 30 Year FHA Purchase | 7.07% | 4/28/24 |
| 30 Year FHA Refi | 6.63% | 4/28/24 |
| 30 Year VA Purchase | 6.53% | 4/28/24 |
| 30 Year USDA Purchase | 6.75% | 4/28/24 |
| 30 Year USDA Refi | 6.27% | 4/28/24 |
| 15 Year Conventional Purchase | 6.57% | 4/28/24 |
| 15 Year Conventional Refi | 6.65% | 4/28/24 |
| 15 Year Cash-out Refi | 6.65% | 4/28/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Merchants & Marine Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
239Origination Dollar Volume (All Markets)
$30,145,000Employee count
146Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 47 | $11,445,000 | $243,511 | $0 | 0.00% |
| GULFPORT-BILOXI, MS (FHA|USDA|VA) | 117 | $10,835,000 | $92,607 | $0 | 0.00% |
| Outside of Metro Areas | 47 | $3,625,000 | $77,128 | $0 | 0.00% |
| MOBILE, AL (FHA|USDA|VA) | 14 | $2,370,000 | $169,286 | $0 | 0.00% |
| JACKSON, MS (FHA|USDA|VA) | 6 | $450,000 | $75,000 | $0 | 0.00% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $0 | 0.00% |
| Starkville, MS (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $0 | 0.00% |
| Oxford, MS (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 0.00% |
| COLUMBUS, GA-AL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
| AUBURN-OPELIKA, AL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
| HATTIESBURG, MS (FHA|USDA|VA) | 2 | $40,000 | $20,000 | $0 | 0.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against Merchants & Marine Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 239 | $30,145,000 | $126,130 | $0 | 0.00% |
For 2018, Merchants & Marine Bank's most frequently originated type of loan was Conventional, with 239 originations.
Loan Reason
For 2018, Merchants & Marine Bank's most frequently cited loan purpose was Refi, with 141 originations. The 2nd most popular reason was Home Purchase, with 79 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 239 | $30,145,000 | $126,130 | $0 | 0.00% |
For 2018, Merchants & Marine Bank's most frequently cited loan duration was Other, with 239 originations.
Loan Sizing
2018 saw Merchants & Marine Bank place emphasis on $100,000 or less loans with 151 originations, totaling $7,805,000 in origination value.
Applicant Income
Merchants & Marine Bank lent most frequently to those with incomes in the $50k or less range, with 49 originations. The second most popular income band? $50k-75k, with 31 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 239 | $30,145,000 | $126,130 | $0 | 0.00% |
Merchants & Marine Bank lent most frequently to those with DTI ratios of Exempt%, with 239 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.03%
Merchants & Marine Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination88.70%
Merchants & Marine Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 239 | $30,145,000 | $126,130 |
Occupancy Type Mix
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MORGAN STANLEY & CO. LLC | Conventional home mortgage | Struggling to pay mortgage | 1 | 33.3% |
| MORGAN STANLEY & CO. LLC | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 33.3% |
| MORGAN STANLEY & CO. LLC | Other type of mortgage | Closing on a mortgage | 1 | 33.3% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Merchants & Marine Bank | 11283 Old 63 South Lucedale, MS 39452 | Full Service B&M | $25,481 |
| Merchants & Marine Bank | 1807 Market St Pascagoula, MS 39567 | Full Service B&M | $4,069 |
| Merchants & Marine Bank | 1820 South Gulf Shores Parkway Gulf Shores, AL 36542 | Full Service B&M | $31,036 |
| Merchants & Marine Bank | 2008 Bienville Blvd Ocean Springs, MS 39564 | Full Service B&M | $29,339 |
| Merchants & Marine Bank | 21536 Highway 613 Moss Point, MS 39563 | Full Service B&M | $24,446 |
| Merchants & Marine Bank | 2235 Highway 90 Gautier, MS 39553 | Full Service B&M | $29,815 |
| Merchants & Marine Bank | 3118 Pascagoula Street Pascagoula, MS 39567 | Full Service B&M | $245,959 |
| Merchants & Marine Bank | 325 Fairhope Avenue Fairhope, AL 36532 | Full Service B&M | $5,463 |
| Merchants & Marine Bank | 4619 Main Street (Highway 613) Moss Point, MS 39563 | Full Service B&M | $34,684 |
| Merchants & Marine Bank | 6416 North Washington Avenue Ocean Springs, MS 39564 | Full Service B&M | $25,591 |
| Merchants & Marine Bank | 7616 Highway 613 Moss Point, MS 39563 | Full Service B&M | $26,257 |
| Merchants & Marine Bank | Highway 63 Wade, MS 39567 | Full Service B&M | $4,132 |
For 2018, Merchants & Marine Bank had 12 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $19,266 |
| Net interest income | $16,882 |
| Total noninterest income | $5,887 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $3,317 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $2,570 |
| Pre-tax net operating income | $4,993 |
| Securities gains (or losses, -) | $1 |
| Income before extraordinary items | $4,353 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $4,353 |
| Minority interest net income | $0 |
| Net income | $4,353 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $4,352 |
Merchants & Marine Bank's gross interest income from loans was $19,266,000.
Merchants & Marine Bank's net interest income from loans was $16,882,000.
Merchants & Marine Bank's fee based income from loans was $3,317,000.
Merchants & Marine Bank's net income from loans was $4,353,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $2,384 |
| Provision for credit losses | $882 |
| Total noninterest expense | $16,894 |
| Salaries and employee benefits | $8,704 |
| Premises and equipment expense | $3,270 |
| Additional noninterest expense | $4,920 |
| Applicable income taxes | $641 |
| Net charge-offs | $312 |
| Cash dividends | $2,195 |
Merchants & Marine Bank's interest expense for loans was $2,384,000.
Merchants & Marine Bank's payroll and benefits expense were $8,704,000.
Merchants & Marine Bank's property, plant and equipment expenses $3,270,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 1.0% |
| Real Estate loans | 1.0% |
| Construction & Land Development loans | 1.0% |
| Nonfarm, nonresidential loans | 0.0% |
| Multifamily residential loans | 0.0% |
| 1-4 family residential loans | 4.0% |
| HELOC loans | 2.0% |
| All other family | 4.0% |
| Commercial & industrial loans | 1.0% |
| Personal loans | 1.0% |
| Credit card loans | 0.0% |
| Other individual loans | 1.0% |
| Auto loans | 2.0% |
| Other consumer loans | 0.0% |
| Unsecured commercial real estate loans | 0.0% |
Deposits
| Type | Value (in 000's) |
|---|---|
| Total deposits | $476,217 |
| Deposits held in domestic offices | $476,217 |
| Deposits by Individuals, partnerships, and corporations | $372,548 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $101,933 |
| Deposits by Commercial banks and other depository institutions in U.S. | $1,736 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $69,967 |
| Demand deposits | $7,531 |
| Nontransaction accounts | $406,250 |
| Money market deposit accounts (MMDAs) | $258,911 |
| Other savings deposits (excluding MMDAs) | $63,303 |
| Total time deposits | $84,036 |
| Total time and savings deposits | $468,686 |
| Noninterest-bearing deposits | $69,967 |
| Interest-bearing deposits | $406,250 |
| Retail deposits | $456,602 |
| IRAs and Keogh plan accounts | $9,077 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $558,741 |
| Cash & Balances due from depository institutions | $23,177 |
| Interest-bearing balances | $9,993 |
| Total securities | $187,389 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $301,801 |
| Loan and leases loss allowance | $3,048 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $16,934 |
| Other real estate owned | $1,095 |
| Goodwill and other intangibles | $2,823 |
| All other assets | $25,522 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $558,741 |
| Total Liabilities | $489,709 |
| Total deposits | $476,217 |
| Interest-bearing deposits | $406,250 |
| Deposits held in domestic offices | $476,217 |
| % insured (estimated) | $68 |
| Federal funds purchased and repurchase agreements | $3,817 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $0 |
| All other liabilities | $9,675 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $301,801 |
| Loan and leases loss allowance | $3,048 |
| Total loans and leases (domestic) | $304,849 |
| All real estate loans | $237,630 |
| Real estate loans in domestic offices | $237,630 |
| Construction and development loans | $19,336 |
| Residential 1-4 family construction | $6,203 |
| Other construction, all land development and other land | $13,133 |
| Loans secured by nonfarm nonresidential properties | $127,299 |
| Nonfarm nonresidential secured by owner-occupied properties | $98,979 |
| Commercial real estate & other non-farm, non-residential | $28,320 |
| Multifamily residential real estate | $2,089 |
| 1-4 family residential loans | $87,990 |
| Farmland loans | $916 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $32,887 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $29,099 |
| Credit card loans | $0 |
| Related Plans | $0 |
| Consumer Auto Loans | $15,941 |
| Other loans to individuals | $13,158 |
| All other loans & leases | $5,233 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $539 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $0 |
| Loans secured by real estate to non-U.S. addressees | $0 |
| Restructured Loans & leases | $514 |
| Non 1-4 family restructured loans & leases | $69 |
| Total loans and leases (foreign) | $0 |
Merchants & Marine Bank had $301,801,000 of loans outstanding in 2018. $237,630,000 of loans were in real estate loans. $19,336,000 of loans were in development loans. $2,089,000 of loans were in multifamily mortgage loans. $87,990,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $15,941,000 of loans were in the auto loan category.
Small Business Loans
| Categorization | # of Loans in Category | $ amount of loans (in 000's) | Average $/loan |
|---|---|---|---|
| Nonfarm, nonresidential loans - <$1MM | 311 | $65,187 | $209,605 |
| Nonfarm, nonresidential loans - <$100k | 106 | $7,964 | $75,132 |
| Nonfarm, nonresidential loans - $100-250k | 101 | $12,527 | $124,030 |
| Nonfarm, nonresidential loans - $250k-1MM | 104 | $44,696 | $429,769 |
| Commercial & Industrial, US addressed loans - <$1MM | 774 | $29,672 | $38,336 |
| Commercial & Industrial, US addressed loans - <$100k | 683 | $13,321 | $19,504 |
| Commercial & Industrial, US addressed loans - $100-250k | 59 | $7,667 | $129,949 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 32 | $8,684 | $271,375 |
| Farmland loans - <$1MM | 5 | $916 | $183,200 |
| Farmland loans - <$100k | 1 | $30 | $30,000 |
| Farmland loans - $100-250k | 3 | $437 | $145,667 |
| Farmland loans - $250k-1MM | 1 | $449 | $449,000 |