November 8, 2016
Vero Beach, Fla. - Marine Bank & Trust Company has just announced strong earnings and asset growth for the first three quarters of 2016.
| 2016 | 2015 | |
|---|---|---|
| 1st Quarter earnings | $216,000 | $250,000 |
| 2nd Quarter earnings | $218,000 | $292,000 |
| 3rd Quarter earnings | $283,000 | $300,000 |
| First 9 months earnings | $717,000 | $842,000 |
The Bank has experienced asset growth year over year with $203 million in total assets as of September 30, 2016 compared to $184 million as of September 30, 2015. As a result of our performance, Marine Bank maintained its 5-Star Superior rating from Bauer Financial, the nation’s premier bank rating firm.
Topline revenue is up year over year due to growth in the loan portfolio and customer deposit accounts. Earnings were impacted from increased expenses due to a one-time expenditure for a major technology upgrade in the first half of 2016 which has enabled the bank to offer new services including mobile banking, mobile check deposit, e-statements, electronic signatures, enhanced online capability and security.
In October, the Bank finalized the purchase of the Valley National Bank banking center located at 1020 US Highway 1 in Sebastian, adding 565 new customers, $13 million in customer deposits and three new employees. The Sebastian customers officially became customers of Marine Bank on Saturday, October 22nd and the rebranded banking center opened on Monday, October 24th.
In the first three quarters of 2016, the Bank put 83 families in new homes and originated 125 residential loans for $38 million. Marine Bank has also provided 34 companies with the opportunity to expand their businesses with $11 million in business loans closed during the same period.
“Our belief that investing in quality talent generates outstanding results remains unwavering,” said Bill Penney, President and CEO of Marine Bank. “Our team of banking professionals is committed to providing an exceptional experience at every opportunity.”