February 21, 2018
Marine Bancorp of Florida, Inc., parent company of Marine Bank & Trust Company, has just announced record earnings and asset growth for 2017.
|1st Quarter Earnings||$261.3||$215.9|
|2nd Quarter Earnings||$293.8||$217.4|
|3rd Quarter Earnings||$360.4||$238.8|
|4th Quarter Earnings||$322.4||$182.9|
|Full Year 2017 Earnings||$1,237.9||$900.0|
The Bank has experienced asset growth year over year with $243 million in total assets as of December 31, 2017, compared to $211 million as of December 31, 2016, equating to a 15% growth rate. Net income is up from $0.9 million in 2016 to a record $1.2 million in 2017 for 33% year over year improvement. Earnings improvement was due to growth in the loan portfolio and customer deposit accounts.
The new tax reform bill has reduced the maximum corporate tax rate from 35% to 21% beginning in 2018. Under GAAP, Marine Bank was required to make a reduction to its deferred tax assets in the amount of $100,000. The additional tax charge was recorded as an expense through the profit and loss statement in the 4th quarter of 2017, which did not impact the Bank’s record profitability for 2017.
Loans outstanding as of December 31, 2017, were $194 million as compared to $162 million on December 31, 2016, an increase of $32 million or 19.8%. Total deposits as of December 31, 2017, increased to $218 million from $192 million on December 31, 2016, a $26 million increase or 13.5%. In 2017, Marine Bank made 180 new home loans for $54 million and 67 new business loans for $19 million, demonstrating Marine’s commitment to provide financial support for the communities we serve.
Because of its continued strength and financial performance, Marine Bank has maintained a 5-Star Superior rating from Bauer Financial, the nation’s premier bank rating firm.
“Marine Bank celebrated its 20th Anniversary in 2017 with a solid financial performance,” said Bill Penney, President and CEO of Marine Bank. “Our ability to recruit exceptional people enables us to deliver unparalleled service to our customers. In fact, 99.1% of our customers who responded to a service survey said they would recommend us to others. We look forward to continuing our success in 2018 in Indian River County and bringing our very special style of personalized banking to Brevard County with our new Melbourne office which opened in January of this year.”