Marine Bank Continues to Grow Assets Through First Quarter of 2024

Despite ongoing economic uncertainty, inflationary pressures, and rising interest rates, Marine Bank has announced that it continued to increase its assets through the first quarter of 2024. As a result of its continued positive financial performance, Marine Bank is rated 4-Stars, Excellent by Bauer Financial, the premier bank-rating organization.

As of March 31, 2024, the Bank had $666 million in assets, a 2% year-over-year increase. Loans as of March 31, 2024, totaled $444 million, an increase of 2% over total loans as of March 31, 2023. Although the Bank has more checking accounts than before, the average account balance has declined. As a result, total deposits as of March 31, 2024, were $594 million, a 1% decrease over the same time last year.

“Our talented team continues to attract new clients who are seeking a customer service focused banking experience,” said Bill Penney, President and CEO of Marine Bank. “Each new client is a new referral source which is fueling our momentum.”

Net income for the quarter ending March 31, 2024, was $876 thousand, down from $1.462 million for the quarter ending March 31, 2023. The decrease in earnings is due primarily to the high interest rate environment, increased deposit competition, heightened cost of funds, slowdown in loan growth, and a reduction in mortgage origination income.