Marine Bancorp of Florida, Inc., parent company of Marine Bank & Trust Company, has just announced record earnings and asset growth for the first three quarters of 2017.
| 2017 | 2016 | |
|---|---|---|
| 1st Quarter earnings | $261,000 | $216,000 |
| 2nd Quarter earnings | $294,000 | $217,000 |
| 3rd Quarter earnings | $360,000 | $284,000 |
The Bank has experienced asset growth year over year with $238 million in total assets as of September 30, 2017, compared to $203 million as of September 30, 2016, equating to a 17% growth rate. Net income is up year over year due to growth in the loan portfolio and customer deposit accounts. Loans outstanding as of September 30, 2017, were $186 million as compared to $160 million on September 30, 2016, an increase of $26 million. Total deposits as of September 30, 2017, were $198 million as compared to $183 million on September 30, 2016, a $15 million increase.
As a result of our financial performance, Marine Bank has maintained 5-Star Superior rating from Bauer Financial, the nation’s premier bank rating firm.
In the first three quarters of 2017, Marine Bank made 132 new home loans for $42.4 million and 52 new business loans for $17.5 million, demonstrating our commitment to provide financial support for the communities we serve.
“Marine Bank is celebrating its 20th Anniversary with a solid financial performance,” said Bill Penney, President and CEO of Marine Bank. “Our ability to recruit exceptional people enables us to deliver unparalleled service to our customers. In fact, 100% of our customers who responded to a service survey said they would recommend us to others.”