Marine Bancorp of Florida, the parent company of Marine Bank & Trust, has announced that the Bank continued to achieve asset growth, good earnings, and profitability in the first quarter of 2022.
Highlights of the Bank’s performance as of March 31, 2022 include a 26% growth in assets, with $593 million in total assets as of March 31, 2022, compared to $472 million for the same period last year. Deposits also grew 26% from $437 million in the first quarter of 2021 to $552 million this year.
Loans outstanding as of March 31, 2022 were $343 million as compared to $331 million on March 31, 2021, an increase of 4%. Non-interest and interest-bearing checking accounts grew to $286 million as of March 31, 2022 compared to $202 million as of March 31, 2021, an increase of 41%.
“We’re turning 25 this year, and we’ve learned a valuable lesson along the way,” said Marine Bank president and CEO Bill Penney. “Although we’ve continued to expand into new markets, offered new mobile and online services, and increased the size of our team - we never forgot the value of our community bank culture - no appointment banking, we answer our phones; we know and care about our customers. It’s their appreciation for this personalized service that fuels our team’s desire to exceed expectations and it’s our community’s need for this service that is motivating our upcoming expansion into Fort Pierce.”
Marine Bank will open a full-service banking center at 604 Seaway Plaza, at the southeast corner of US Highway 1 and Seaway Drive, this summer.