Overview

* Merchants & Marine Q3 net income falls to $1.42 mln from $1.93 mln yr/yr

* Gross income for Q3 rises 14.17% yr/yr, driven by balance sheet strategy

* Company prepares for merger with Farmers-Merchants Bank, expects growth boost

Outlook

* Company did not provide specific financial guidance for future quarters or years in press release

Result Drivers

* BALANCE SHEET STRATEGY - Co employed a temporary strategy involving Ginnie Mae securities to enhance earnings with minimal risk

* LOAN AND DEPOSIT GROWTH - Net loans and total deposits increased, contributing to higher gross income

* MERGER PREPARATIONS - Increased operational expenses linked to preparations for merger with Farmers-Merchants Bank

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 EPS $1.07

Q3 Net $1.42

Income mln

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)