July 30, 2021                 

Dear Marine Shareholders:

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

First Half of 2021 Financial Summary:

million $

1st Half

1st Half

% change

Net Income




Total Assets




million $

Total Loans




Total Deposits




Total Checking + Now





Marine Bancorp Tangible Book Value Per Common Share




Actual Q1 Earnings Per Share




Return on Shareholders’ Equity




thousand $

Non-performing assets




Financial Results

Net income for the first half of 2021 was $2,567,000 up from $1,241,000 in the first half of 2020 for a 107% year-over-year improvement. Earnings improvement was due to growth in customer deposit accounts, the loan portfolio, SBA Paycheck Protection Program forgiveness fee income and mortgage origination fee income.

Your Bank has experienced year-over-year asset growth with $488 million in total assets as of June 30, 2021, compared to $376 million as of June 30, 2020, an increase of $112 million or a 30% growth rate.

Loans outstanding as of June 30, 2021, were $331 million as compared to $322 million on June 30, 2020, an increase of $9 million or 3%. 

Total deposits as of June 30, 2021, were $453 million compared to $346 million the same time last year, an increase of $107 million or 31%.  Our non-interest and interest-bearing checking accounts, the key to customer relationships, grew to $212 million as of June 30, 2021, compared to $149 million as of June 30, 2020, an increase of $63 million or 42%.

For the first half of 2021, return on Shareholders’ equity (ROE) was 18.28% as compared to 10.43% for Q2 2020. By measuring the Bank’s income that is earned on our shareholders’ equity, ROE reports how effectively we are using your investment to generate increased profits.

For the first half of 2021 the actual earnings per share was $1.86, versus $0.90 for the same period in 2020, an increase of $0.96 per share or 106%.

As a result of the financial success reported above, the common stock tangible book value of your company increased to $20.68 per share as of June 30, 2021, from $17.69 in Q2 2020, an increase of $2.99 per share, or 17%.

SBA Paycheck Protection Program Loans

The SBA PPP loans have provided a strong tailwind to our loan growth and earnings and the ability to create and enhance new and existing customer relationships. In rounds one and two of the program, which began April 3, 2020, Marine Bank originated 787 loans totaling $61,379,900. Of those, 755 loans totaling $56,857,000 have been forgiven and paid off by the SBA. During 2021, we originated 458 loans totaling $32,534,000 with $3,682,000 already forgiven.

Fortunately, when the SBA forgives the loan, Marine Bank recognizes the remaining unearned fee income as fully earned income in that month.  Unfortunately, these funds immediately move from an earning asset (loan) to an effectively non-earning asset (cash) on the balance sheet.

Our challenge is to quickly, and safely, deploy this rapidly increasing liquidity back into good loans. Our solution is hiring new loan officers and credit professionals.  Please welcome:

  • Steven Carey, Residential Loan Officer in St. Lucie County
  • Erika Rico, Residential Loan Officer in St. Lucie County
  • Gabriel Delgado, Residential Lending Manager
  • Dianna Stewart, transferred to Residential Loan Officer in Brevard County
  • Kevin Metoff, Credit Officer
  • Dee Lenderman, Credit Officer
  • Kayon Ashley, Credit Analyst

We are very pleased to announce that Dan Richey has joined our Board of Directors.  Mr. Richey, currently President and CEO of Riverfront Packing Company in Vero Beach, has served in many different capacities in the citrus/agricultural industry, including Chairman of the Florida Citrus Commission, President of the Indian River Citrus League, Board member of the Florida Fruit and Vegetable Association and is currently serving as an appointed advisor to the U.S. Trade Representative and U.S. Secretary of Agriculture regarding international trade issues. Dan has served the community in multiple capacities as well including Chairman of the Indian River County Planning and Zoning Commission, Chairman of the Board of Trustees of St. Edwards School and President of the 100 Club of Indian River County. He has previously served on the Board of Directors at Indian River National Bank, Gulfstream Business Bank and most recently CenterState Bank. 

Credit Quality

Credit quality continues to be very strong. We had one non-performing loan with a balance of $68,000 at quarter-end that has since been paid off in full.  There are no other non-performing loans or assets.

New Capital Raise

The Bank’s significant growth over the last few years has been beneficial to the bottom line but with our asset growth rate exceeding the profitability growth rate, we need more capital to run a safe institution and be prepared for market opportunities. The Board is now considering a capital raise. When this is approved, we will communicate it to you and ensure all shareholders have the right to maintain their current ownership percentage.

Wealth Management

Through our partnership with Warren Capital Management, led by Sue Tompkins, a local and highly skilled investment advisor, Marine Bank’s customers have access to financial planning, investment management, trust, and estate services.  If you have not already done so, please contact us at (772) 231-6611 to set up an appointment to review your portfolio and investment goals.

Marine Stock Trading

Your Marine Bancorp of Florida stock is listed on the OTC exchange under the ticker symbol of MBOF. Michael Acampora of D.A. Davidson, a banking industry specialist in providing market making services, is available to assist you with any questions or inquiries you may have regarding buying, selling or your current ownership in Marine Bank & Trust. He can be reached at (904) 456-6153 or macampora@dadco.com. 

What You Can Do

Over the last four years, more than 99% of the respondents to our service survey said they would recommend Marine Bank to others, so you can be assured we will exceed their expectations. Therefore, you can feel confident referring your friends, family members, business associates or anyone you think will appreciate the exceptional service and high-tech convenience your bank offers.

Be sure to 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. 

Sincerely yours,

Bill Penney Signature                                                                                                               

William J. Penney
President, CEO & Chairman