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, Auburn, and Pensacola among others. We have data for 8 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
189Origination Dollar Volume (All Markets)
$20,855,000Employee count
141Top 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) | 40 | $9,320,000 | $233,000 | $0 | 0.00% |
| GULFPORT-BILOXI, MS (FHA|USDA|VA) | 103 | $6,635,000 | $64,417 | $0 | 0.00% |
| Outside of Metro Areas | 37 | $2,615,000 | $70,676 | $0 | 0.00% |
| MOBILE, AL (FHA|USDA|VA) | 5 | $1,545,000 | $309,000 | $0 | 0.00% |
| AUBURN-OPELIKA, AL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 0.00% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 0.00% |
| HATTIESBURG, MS (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 0.00% |
| McComb, MS (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $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 | 189 | $20,855,000 | $110,344 | $0 | 0.00% |
For 2019, Merchants & Marine Bank's most frequently originated type of loan was Conventional, with 189 originations.
Loan Reason
For 2019, Merchants & Marine Bank's most frequently cited loan purpose was Refi, with 110 originations. The 2nd most popular reason was Home Purchase, with 58 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 189 | $20,855,000 | $110,344 | $0 | 0.00% |
For 2019, Merchants & Marine Bank's most frequently cited loan duration was Other, with 189 originations.
Loan Sizing
2019 saw Merchants & Marine Bank place emphasis on $100,000 or less loans with 124 originations, totaling $5,570,000 in origination value.
Applicant Income
Merchants & Marine Bank lent most frequently to those with incomes in the $50k or less range, with 47 originations. The second most popular income band? $50k-75k, with 39 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 189 | $20,855,000 | $110,344 | $0 | 0.00% |
Merchants & Marine Bank lent most frequently to those with DTI ratios of Exempt%, with 189 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.43%
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 origination89.42%
Merchants & Marine Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 189 | $20,855,000 | $110,344 |
Occupancy Type Mix
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MORGAN STANLEY & CO. LLC | Conventional home mortgage | Closing on a mortgage | 1 | 8.3% |
| MORGAN STANLEY & CO. LLC | Conventional home mortgage | Incorrect information on your report | 1 | 8.3% |
| MORGAN STANLEY & CO. LLC | Conventional home mortgage | Struggling to pay mortgage | 3 | 25.0% |
| MORGAN STANLEY & CO. LLC | Conventional home mortgage | Trouble during payment process | 6 | 50.0% |
| MORGAN STANLEY & CO. LLC | Other type of mortgage | Struggling to pay mortgage | 1 | 8.3% |
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 | $26,932 |
| Merchants & Marine Bank | 1807 Market St Pascagoula, MS 39567 | Full Service B&M | $4,560 |
| Merchants & Marine Bank | 1820 South Gulf Shores Parkway Gulf Shores, AL 36542 | Full Service B&M | $28,893 |
| Merchants & Marine Bank | 2008 Bienville Blvd Ocean Springs, MS 39564 | Full Service B&M | $27,484 |
| Merchants & Marine Bank | 21536 Highway 613 Moss Point, MS 39563 | Full Service B&M | $24,858 |
| Merchants & Marine Bank | 2235 Highway 90 Gautier, MS 39553 | Full Service B&M | $30,619 |
| Merchants & Marine Bank | 27765 Highway 98 Daphne, AL 36526 | Full Service B&M | $7,322 |
| Merchants & Marine Bank | 3118 Pascagoula Street Pascagoula, MS 39567 | Full Service B&M | $248,199 |
| Merchants & Marine Bank | 325 Fairhope Avenue Fairhope, AL 36532 | Full Service B&M | $3,577 |
| Merchants & Marine Bank | 4619 Main Street (Highway 613) Moss Point, MS 39563 | Full Service B&M | $31,592 |
| Merchants & Marine Bank | 6416 North Washington Avenue Ocean Springs, MS 39564 | Full Service B&M | $24,218 |
| Merchants & Marine Bank | 7616 Highway 613 Moss Point, MS 39563 | Full Service B&M | $23,884 |
| Merchants & Marine Bank | Highway 63 Wade, MS 39567 | Full Service B&M | $5,117 |
For 2019, Merchants & Marine Bank had 13 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $21,247 |
| Net interest income | $17,873 |
| Total noninterest income | $6,670 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $3,045 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $3,625 |
| Pre-tax net operating income | $5,253 |
| Securities gains (or losses, -) | $-108 |
| Income before extraordinary items | $4,358 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $4,358 |
| Minority interest net income | $0 |
| Net income | $4,358 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $4,449 |
Merchants & Marine Bank's gross interest income from loans was $21,247,000.
Merchants & Marine Bank's net interest income from loans was $17,873,000.
Merchants & Marine Bank's fee based income from loans was $3,045,000.
Merchants & Marine Bank's net income from loans was $4,358,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $3,374 |
| Provision for credit losses | $905 |
| Total noninterest expense | $18,385 |
| Salaries and employee benefits | $9,207 |
| Premises and equipment expense | $4,140 |
| Additional noninterest expense | $5,038 |
| Applicable income taxes | $787 |
| Net charge-offs | $602 |
| Cash dividends | $2,195 |
Merchants & Marine Bank's interest expense for loans was $3,374,000.
Merchants & Marine Bank's payroll and benefits expense were $9,207,000.
Merchants & Marine Bank's property, plant and equipment expenses $4,140,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 2.0% |
| Real Estate loans | 2.0% |
| Construction & Land Development loans | 0.0% |
| Nonfarm, nonresidential loans | 1.0% |
| Multifamily residential loans | 0.0% |
| 1-4 family residential loans | 4.0% |
| HELOC loans | 1.0% |
| All other family | 4.0% |
| Commercial & industrial loans | 0.0% |
| Personal loans | 1.0% |
| Credit card loans | 0.0% |
| Other individual loans | 1.0% |
| Auto loans | 1.0% |
| Other consumer loans | 0.0% |
| Unsecured commercial real estate loans | 0.0% |
Deposits
| Type | Value (in 000's) |
|---|---|
| Total deposits | $486,223 |
| Deposits held in domestic offices | $486,223 |
| Deposits by Individuals, partnerships, and corporations | $409,644 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $73,919 |
| Deposits by Commercial banks and other depository institutions in U.S. | $2,660 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $57,189 |
| Demand deposits | $12,720 |
| Nontransaction accounts | $429,034 |
| Money market deposit accounts (MMDAs) | $254,473 |
| Other savings deposits (excluding MMDAs) | $62,768 |
| Total time deposits | $111,793 |
| Total time and savings deposits | $473,503 |
| Noninterest-bearing deposits | $105,673 |
| Interest-bearing deposits | $380,550 |
| Retail deposits | $453,910 |
| IRAs and Keogh plan accounts | $9,510 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $576,804 |
| Cash & Balances due from depository institutions | $51,131 |
| Interest-bearing balances | $41,305 |
| Total securities | $170,544 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $309,648 |
| Loan and leases loss allowance | $3,351 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $18,740 |
| Other real estate owned | $574 |
| Goodwill and other intangibles | $2,824 |
| All other assets | $23,343 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $576,804 |
| Total Liabilities | $501,641 |
| Total deposits | $486,223 |
| Interest-bearing deposits | $380,550 |
| Deposits held in domestic offices | $486,223 |
| % insured (estimated) | $70 |
| Federal funds purchased and repurchase agreements | $5,620 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $0 |
| All other liabilities | $9,798 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $309,648 |
| Loan and leases loss allowance | $3,351 |
| Total loans and leases (domestic) | $312,999 |
| All real estate loans | $243,372 |
| Real estate loans in domestic offices | $243,372 |
| Construction and development loans | $29,286 |
| Residential 1-4 family construction | $9,986 |
| Other construction, all land development and other land | $19,300 |
| Loans secured by nonfarm nonresidential properties | $126,341 |
| Nonfarm nonresidential secured by owner-occupied properties | $89,524 |
| Commercial real estate & other non-farm, non-residential | $36,817 |
| Multifamily residential real estate | $2,117 |
| 1-4 family residential loans | $84,776 |
| Farmland loans | $852 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $35,837 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $28,748 |
| Credit card loans | $0 |
| Related Plans | $0 |
| Consumer Auto Loans | $16,403 |
| Other loans to individuals | $12,345 |
| All other loans & leases | $5,042 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $483 |
| 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 | $237 |
| Non 1-4 family restructured loans & leases | $15 |
| Total loans and leases (foreign) | $0 |
Merchants & Marine Bank had $309,648,000 of loans outstanding in 2019. $243,372,000 of loans were in real estate loans. $29,286,000 of loans were in development loans. $2,117,000 of loans were in multifamily mortgage loans. $84,776,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $16,403,000 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 | 312 | $64,370 | $206,314 |
| Nonfarm, nonresidential loans - <$100k | 109 | $4,541 | $41,661 |
| Nonfarm, nonresidential loans - $100-250k | 97 | $13,184 | $135,918 |
| Nonfarm, nonresidential loans - $250k-1MM | 106 | $46,645 | $440,047 |
| Commercial & Industrial, US addressed loans - <$1MM | 905 | $33,802 | $37,350 |
| Commercial & Industrial, US addressed loans - <$100k | 801 | $17,578 | $21,945 |
| Commercial & Industrial, US addressed loans - $100-250k | 70 | $5,975 | $85,357 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 34 | $10,249 | $301,441 |
| Farmland loans - <$1MM | 4 | $852 | $213,000 |
| Farmland loans - $100-250k | 3 | $403 | $134,333 |
| Farmland loans - $250k-1MM | 1 | $449 | $449,000 |