Marine Bancorp of Florida, Inc., the parent company of Marine Bank & Trust, has announced that the Bank achieved record growth, earnings, and profitability in 2020.
Highlights of Marine Bank’s 2020 performance include the bank having net income of $2.967 as of December 31, 2020 compared to $1.614 on December 31, 2019, an increase of 84%. The bank also experienced year-over-year asset growth of 49% with $425 million in total assets as of December 31, 2020 compared to $286 million as of December 31, 2019. Total deposits as of December 31, 2020 were $392 million as compared to $257 million on December 31, 2019, an increase of 53%. Loans outstanding as of December 31, 2020 were $330 million as compared to $242 million on December 31, 2019, an increase of 36%.
“Despite 2020 presenting challenges no one could have predicted, it also presented unexpected opportunities,” said Bill Penney, president and CEO of Marine Bank & Trust. “I often say that being a community bank is a distinction that must be earned, and I believe our team stepped up to the plate and hit it out of the park in 2020. With so much uncertainty, the simple act of keeping our banking centers open with enhanced health and safety protocols, provided our customers with some much-needed peace of mind. And, when small business owners in desperate need of relief funding faced an often-frustrating process to apply for a limited amount of funds, Team Marine worked round the clock to get as many small businesses qualified and approved as possible.”
In 2020, Marine Bank originated 790 SBA Paycheck Protection Program (PPP) loans for $62 million which funded eight weeks of payroll for an estimated 6,500 employees.
“Despite the Pandemic and the disproportionate attention PPP required, we were able to keep our focus on what Marine Bank is known for: exceptional service and local decisions that benefit our area’s business owners and residents,” continued Penney.
In 2020, Marine Bank closed 166 business loans totaling $55 million bringing vital capital to Main Street. The Bank also closed 221 residential loans totaling $61 million enabling its customers to buy homes or lower their existing loan rate.