February 25, 2019
Marine Bancorp of Florida, the parent company of Marine Bank & Trust, has reported strong growth in total assets, loans and deposits in 2018.
The Bank experienced asset growth year over year with $270 million in total assets as of December 31, 2018 compared to $243 million as of December 31, 2017, an increase of $27 million or 11%.
Loans outstanding as of December 31, 2018 were $218 million as compared to $194 million on December 31, 2017, an increase of $24 million or 13%. In 2018, the Bank closed 119 loans for a total of $75 million in new loans that included $20 million in commercial loans helping 70 small businesses grow, resulting in new job creation, $53 million in mortgage loans that assisted 112 families in purchasing a home and more than $1 million in personal loans.
Total deposits as of December 31, 2018 were $246 million as compared to $218 million on December 31, 2017, an increase of $27 million or 12%.
Consolidated net income for 2018 was $753,784 compared to $1,237,967 for 2017 and was impacted by the Bank’s focus on three strategic initiatives. Net income was impacted by investments related to geographic expansion into Melbourne with the opening of a full-service banking center staffed with mortgage and commercial lenders along with seasoned service providers. The Bank also expanded its lending team to better serve small business borrowing needs and increased online security by updating to a secure .bank platform, reserved only for qualifying banks.
Due to its continued strength and financial performance, Marine Bank has maintained a 5-Star Superior rating from Bauer Financial, the premier bank-rating organization that reports on and analyzes the performance of banks.
“We continue to be committed to the growth and support of businesses and individuals in the communities we serve” said Bill Penney, President and CEO. “Rather than making short term earnings decisions, we have strategically positioned Marine Bank to better serve our customers’ financial needs.”