August 8, 2017
Marine Bancorp of Florida, Inc., parent company of Marine Bank & Trust Company, has just announced record earnings and asset growth for the first six months of 2017.
| 2017 | 2016 | |
|---|---|---|
| 1st quarter earnings | $261,000 | $216,000 |
| 2nd quarter earnings | $294,000 | $218,000 |
| First 6 months earnings | $555,000 | $434,000 |
The Bank has experienced asset growth year over year with $219 million in total assets as of June 30, 2017, compared to $207 million as of June 30, 2016, equating to a 6% growth rate. Net income is up year over year due to growth in the loan portfolio and customer deposit accounts. Loans outstanding as of June 30, 2017, were $165.9 million as compared to $164.3 million on June 30, 2016, an increase of $1.6 million. Total deposits as of June 30, 2017, were $194.1 million as compared to $187.5 million on June 30, 2016, a $6.6 million increase. Deposits in Marine Bank’s new Sebastian Banking Center have grown 38% since the Bank purchased the location in October 2016.
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 two quarters of 2017, Marine Bank made 85 new home loans for $24.9 million and 39 new business loans for $11.7 million, demonstrating our ability to provide financial support for the communities we serve.
“Our solid financial performance is being driven by the market’s response to our reputation for providing excellent service,” said Bill Penney, President and CEO of Marine Bank. “With our new expansion into Brevard County, we are committed to providing the stellar banking experience for which we are known.”