February 9, 2022                      

Dear Marine Shareholders:

I am pleased to announce that Marine Bancorp of Florida achieved record growth, earnings, and profitability in 2021. As a result of our sustained positive financial performance, Marine Bank is rated 4-Stars, Excellent, by Bauer Financial, the premier bank-rating organization.

Year Ended 2021 Financial Summary:

million $



% change

Net Income




Total Assets




million $

Total Loans




Total Deposits




Total Checking + Now





Marine Bancorp Tangible Book Value Per Common Share




Earnings Per Share




Return on Shareholders’ Equity




thousand $

Non-performing assets




Financial Results

Net income for the year ending December 31, 2021 was up 63% from the same period last year. The $1,860,000 increase in earnings was due to growth in customer deposit accounts and our loan portfolio, income from the SBA’s Paycheck Protection Program (PPP) forgiveness fees, and mortgage origination fees.

Assets grew by 29%, resulting in $547 million in total assets as of December 31, 2021 compared to $425 million as of December 31, 2020, an increase of $122 million.

As a result of the SBA's PPP loan forgiveness last year, loans outstanding at year-end 2020 and 2021 remain unchanged at $330 million. At the start of 2021, we had $47 million in PPP loans outstanding. During the year, we funded an additional $33 million in Round 2 PPP loans. After successfully obtaining $79 million in loan forgiveness for our customers, we had a remaining balance of $516,000 as of December 31, 2021.  We have since completed the loan forgiveness process for all PPP customers.

The new loan production breakdown is:

  • Commercial & Commercial Real Estate Loans = $104.5 million
  • SBA Loans = $4.7 million
  • Consumer Loans = $955 thousand
  • Residential Portfolio Loans = $56.3 million
  • Residential Secondary Market Loans = $58.9 million

Every loan we made contributed to the financial well-being of our customers, whether providing funds to purchase a home, lowering monthly payments of an existing home loan, buying an investment property, or purchasing or expanding a business that creates jobs and fuels our local economy.

As of December 31, 2021, total deposits were up 28% over the same period last year – an increase of $108 million. Our non-interest and interest-bearing checking accounts, the key to our customer relationships, grew 49% to $251 million compared to $169 million at the same period last year.

For the year ended December 31, 2021, the Bank achieved the following results:

  • Return on Shareholders’ equity (ROE) was 16.37% as compared to 12.32% for the same period last year.
  • The earnings per share increased 24% to $2.67 versus $2.16 for the same period in 2020.
  • The common stock tangible book value of your company has increased by 23% to $23.31 per share compared to $18.94 for the same time last year (this is the result of the retained earnings and capital offering).

SBA Paycheck Protection Program Loans: A Two-Year Lookback

As the pandemic shut down the world in early 2020, there were concerns about our economy, jobs, and the possible damage to our banking system. In April 2020, the Federal Government rolled out a new program called the Paycheck Protection Program. This was delivered through the banking system under the Small Businesses Administration (SBA) loan program. These loans were forgivable by the SBA if the small business borrowers maintained their employees’ payroll for eight weeks.

From April 2020 through early 2021, Marine Bank’s employees worked diligently to assist customers and ensure they secured PPP funding to retain and pay their employees.

Marine Bank originated 1,242 PPP loans for $94 million which funded the payrolls for thousands of employees of our small business customers. These PPP loans positively impacted our loan growth, earnings, and the ability to create and enhance new and existing customer relationships. All our PPP loans have now been forgiven by the SBA and all the funds returned to the Bank. Our mission is to redeploy these funds into new loans which are critical to our ongoing earnings momentum.

New Marine Teammate

We are always on the lookout for new bankers that share our customer-focused, service-driven work ethic and passion. Please join me in welcoming Kristy Contreras, our newest residential lending officer in St. Lucie County.

Credit Quality

Credit quality continues to be very strong. We have one non-performing residential loan with a very low loan to value ratio and no loss is expected. We are working with the borrower to help them get through his short-term financial issues. A resolution is expected soon.  

Capital Raise

In the last two quarters of 2021, Marine Bancorp undertook a capital raise to supplement capital to fund new growth resulting in $11.4 million in new capital. This generated dozens of new local investors, customers and fans in our community that are now ambassadors for Marine Bank. Please join me in welcoming our new shareholders.

Expansion into St. Lucie County

We will soon be signing a lease on a facility in Fort Pierce that will be our first full-service banking office in St. Lucie County. We look forward to bringing our full-service, award-winning banking experience to the residents and businesses of St. Lucie County. Expect more on this exciting news very soon.

Wealth Management

Through our partnership with Warren Capital Management, Marine Bank customers can handle their financial needs in one convenient location – Marine Bank.  Led by partner and Senior Financial Advisor Sue Tompkins, Warren Capital Management provides our customers with financial planning, investment management, trust, and estate services.  If you have not already done so, I encourage you to take this opportunity to benefit from Sue’s decades of experience and contact us at (772) 231-6611 to set up an appointment to review your portfolio and investment goals.

Marine Stock Trading

With more than 35 years of experience working with Florida-based community banks and their shareholders, Michael Acampora of D.A. Davidson, is available to answer your questions regarding buying, selling, or maintaining your current ownership in Marine Bank & Trust. You may reach him at (904) 456-6153 or macampora@dadco.com.  Your Marine Bancorp of Florida stock is listed on the OTC exchange under the ticker symbol of MBOF.

What You Can Do

As an owner, we hope you will take pride in knowing that over the last four years, more than 99% of the respondents to our customer service survey said they would recommend Marine Bank to others. Therefore, you can feel confident referring your friends, family and colleagues to us knowing that our goal is to exceed their expectations with our exceptional service and high-tech convenience.

Also, please follow Marine Bank’s Facebook and LinkedIn pages. Our social media content provides value-added banking and financial related information and news about your Bank. Your “likes” and “shares” are critical in helping us spread the word to an ever growing audience. 

Sincerely yours,

Bill Penney Signature                                                                                                               

William J. Penney
President, CEO & Chairman