Marine Bank & Trust continued to demonstrate solid performance for the first two quarters of 2018. The Bank experienced asset growth year over year with $268 million in total assets as of June 30, 2018, compared to $219 million as of June 30, 2017, an increase of $49 million or 22%.
Loans outstanding as of June 30, 2018, were $205 million as compared to $170 million on June 30, 2017, an increase of $35 million or 20%. Total deposits as of June 30, 2018 were $245 million as compared to $194 million on June 30, 2017, an increase of $51 million or 26%.
On January 29, 2018, Marine Bank opened its fourth full-service banking center, the first in Brevard County, located at 3303 Suntree Boulevard in Melbourne.
“As a result of our strategic decision to grow and expand, net income was impacted by expenses related to the opening of our Melbourne banking center location and by hiring highly qualified and experienced bankers to support and promote our continued growth,” said Bill Penney, President and CEO of Marine Bank & Trust.
The first six months net income for 2018 was $451,000, compared to $555,000 in the first half of 2017. However, due to its continued strength and financial performance, Marine Bank has maintained a 5-Star Superior rating from Bauer Financial, the premier bank-rating organization that reports on and analyzes the performance of banks.