Marine Bancorp of Florida, Inc., the parent company of Marine Bank & Trust, has announced that the Bank continued to achieve strong growth, earnings, and profitability in the first quarter of 2021.
Highlights of Marine Bank’s first quarter performance include net income of $1.444 million as of March 31, 2021 compared to $600 million on March 31, 2020, an increase of 141%. The bank also experienced year-over-year asset growth of 51% with $472 million in total assets as of March 31, 2021 compared to $312 million as of March 31, 2020. Total deposits as of March 31, 2021 were $437 million as compared to $280 million on March 31, 2020, an increase of 56%. Loans outstanding as of March 31, 2021 were $331 million as compared to $256 million on March 31, 2020, an increase of 29%.
"Marine Bank’s reputation for personalized customer service and our commitment to providing high-tech convenience continues to be a winning combination,” said Marine Bank president and CEO Bill Penney. “Happy customers are our greatest marketing asset.”
As the pandemic carried over into 2021, so did relief for small businesses via the Small Business Administration’s Paycheck Protection Program (PPP). “As a community bank, being a resource for Main Street is part of our DNA,” continued Penney. “During the first four months of 2021, we originated 429 PPP loans totaling $31,668,514 to keep employees on the payroll and keep these small businesses open.”