Bill Penney
President & CEO
Marine Bancorp of Florida, Inc., the parent company of Marine Bank & Trust, has announced that the Bank has continued to achieve record growth, earnings, and profitability through the third quarter of 2021.
Highlights of the Bank’s performance for the first three quarters of 2021 include a 104% increase in net income from $1,945,000 in 2020 to $3,967,000 in 2021. The Bank also experienced year-over-year asset growth of 30% with $516 million in total assets as of September 30, 2021 compared to $397 for the same period in 2020. Total deposits grew 31% in the first nine months of 2021 to $479 million compared to $366 million in 2020. Loans outstanding decreased by 4% from $334 million on September 30, 2020 to $320 million as of September 30, 2021 as a result of the Small Business Administration’s (SBA) Payroll Protection Loan (PPP) loan forgiveness.
“We entered into 2021 with an overly optimistic outlook that the pandemic would be in our rearview mirror,” said Bill Penney, president and CEO of Marine Bank & Trust. “Despite that not being the case, we focused on what we could do to assist local residents and businesses. By emphasizing customer relationships and exceptional service, we added to our family of loyal customers. We also assisted businesses in keeping their employees on their payroll by helping them secure $33 million through round 2 of the SBA PPP funding.”
To assist an even greater number of people purchase their dream home and help more businesses reach their business goals, the Bank recently opened a Loan Production Office in St. Lucie West in Port St. Lucie, Florida to better serve the residents and businesses of St. Lucie County and beyond.