October 29, 2018
Marine Bank & Trust continued to demonstrate solid performance and growth for the first three quarters of 2018. The Bank experienced asset growth year over year with $268 million in total assets as of September 30, 2018, compared to $239 million as of September 30, 2017, an increase of $29 million or 12%.
Loans outstanding as of September 30, 2018, were $209 million as compared to $186 million on September 30, 2017, an increase of $23 million or 12%.
Total deposits as of September 30, 2018 were $245 million as compared to $198 million on September 30, 2017, an increase of $47 million or 24%.
“Our sustained growth in the number of customers we serve, loans made to consumers and businesses and deposits from customers come directly from a combination of expanding into Melbourne and attracting and hiring the best bankers throughout our organization,” said Bill Penney, President and CEO of Marine Bank & Trust.
Net income for the first nine months of 2018 was $636,000, compared to $915,000 in the first nine months of 2017, a decrease of $279,000 or 30%. “We anticipated that our strategic investments in geographic expansion and increased staffing to better serve our customers would impact our bottom line for the first year,” continued Penny. “However, I’m happy to say that due to our continued strength and financial performance, Marine Bank has maintained a 5-Star Superior rating from Bauer Financial.”.