Marine Bancorp of Florida, the parent company of Marine Bank & Trust, has announced that the Bank continued to achieve growth in assets, loans, deposits and more through the second quarter of 2022.
Highlights of the Bank’s performance include a 21% growth in assets, with $591 million in total assets as of June 30, 2022, compared to $488 million for the same period last year. Deposits grew 23% from $453 million in the second quarter of 2021 to $559 million this year.
Loans outstanding as of June 30, 2022 were $371 million as compared to $331 million on June 30, 2021, an increase of 12%. Non-interest and interest-bearing checking accounts grew to $292 million as of June 30, 2022 compared to $212 million as of June 30, 2021, an increase of 38%.
“We’re experiencing tremendous momentum in loan and deposit growth as a result of hiring and retaining the best people who consistently deliver a positive banking experience,” said Marine Bank president and CEO Bill Penney. “As more and more people choose to support local businesses, we’re giving them the opportunity to bank local without sacrificing any services or conveniences.”
Net income for the first six months of 2022 was $2.458 million, versus $2.567 million in the first six months of 2021. The decline was due to the non-recurring origination revenue from the SBA’s Paycheck Protection Program loans that concluded in 2021.
In June, Penney was named chair of the Florida Bankers Association, one of Florida’s oldest and most powerful trade associations. “It’s a great honor to represent Florida’s banks as we meet with lawmakers and work together on policies that improve the path toward home and business ownership. On a more local level, it’s great to represent the best that a community bank has to offer - no appointment banking, humans answering the phones, and we know and have a genuine interest in our customers. “