February 2, 2026
Dear Marine Bank Shareholders:
We continue to seek final regulatory approval for our previously announced merger with ELGA Credit Union of Grand Blanc, Michigan. The indicated price per share to the Marine Bancorp shareholders is $43.75, to be paid in cash to shareholders of record as of the closing date. At this writing we do not have a specific closing date. Because of the delay in closing, we and ELGA have agreed that at or prior to closing, Marine will be permitted to pay our shareholders a cash dividend of one-half of our consolidated net income from June 1, 2025, to the last day of the month before closing. If closing were to have occurred on December 31, 2025, this dividend would have equaled $0.69 per share.
As we await final regulatory approval and plan for the merger, we continue to provide our clients with exceptional banking service. Marine has maintained its 5-Star "Superior" rating from Bauer Financial, a leading bank-rating organization. Most importantly, our clients continue to acknowledge the outstanding service they receive with frequent 5-Star reviews on Google. Please follow our social media for information on this recognition.
Following are the financial results for Marine Bank's parent company, Marine Bancorp of Florida, Inc.
2025 Full Year Financial Summary vs. 2024:
|
million $
|
Twelve Months Ended 12/31/2025
|
Twelve Months Ended 12/31/2024
|
% change
|
|
Net Income
|
3.981
|
2.832
|
41%
|
|
Total Assets
|
657
|
646
|
2%
|
|
million $
|
|
|
|
|
Total Loans
|
469
|
442
|
6%
|
|
Total Deposits
|
580
|
568
|
2%
|
|
Total Checking + NOW
|
238
|
245
|
-3%
|
|
|
|
|
|
Marine Bancorp Tangible Book Value Per Common Share
|
$25.79
|
$20.83
|
24%
|
|
Actual YTD Earnings Per Share
|
$2.18
|
$1.55
|
41%
|
|
Return on Shareholders’ Equity
|
9.60%
|
7.64%
|
26%
|
|
million $
|
|
|
|
|
Non-Performing Assets
|
0.106
|
0
|
NA
|
Quarter Over Quarter 2025 Financial Summary:
|
million $
|
Quarter Ended 12/31/2025
|
Quarter Ended 9/30/2025
|
|
Quarterly Net Income
|
1.220
|
0.980
|
|
Total Assets
|
657
|
635
|
|
million $
|
|
|
|
Total Loans
|
469
|
449
|
|
Total Deposits
|
580
|
573
|
|
Total Checking + NOW
|
238
|
238
|
|
|
|
|
Quarter-to-Date Earnings Per Share
|
$0.67
|
$0.54
|
Financial Results
Net income for the twelve months ending December 31, 2025, was $3.981 million, up from $2.832 million the year earlier, a 41% increase. Declining interest rates, and the resulting reduced interest expense, along with continued earning asset growth, are the main drivers of the improvement in net income.
Asset and Loan Growth
Total assets increased $11 million, or 2%, from December 2024 to December 2025. During the same period, total loans increased 6%.
Total assets increased by $22 million in the fourth quarter of 2025 from the third quarter of 2025, and total loans grew 4% quarter over quarter.
Deposit Growth
Total deposits as of December 31, 2025, were $580 million, an increase of $12 million, or 2%, from December 31, 2024. Our non-interest and interest-bearing checking accounts declined to $238 million as of December 31, 2025, compared to $245 million as of December 31, 2024, a decrease of $7 million or 3%.
We are focused on maintaining core deposit growth, thus controlling the Bank’s cost of funds. Our core checking account deposit base is still commendable at 41% of total deposits. New customer activity continues to be strong but we are seeing a smaller average balance per account as customers seek higher returns in other investment opportunities.
Credit Quality
Credit quality continues to be very strong. As of December 31, 2025, we had $106 thousand in non-performing assets.
Profitability
For the twelve months ending December 31, 2025, the annualized return on shareholders’ equity (ROE) was 9.60% as compared to 7.64% annualized for the twelve months ending December 31, 2024. Earnings per share were $2.18 for the twelve months ending December 31, 2025, compared to $1.55 for the same period in 2024.
Common Stock Book Value
The common stock tangible book value was $25.79 per share on December 31, 2025. Marine stock has been trading on the OTC marketplace (symbol MBOF) at approximately $38.04, apparently in anticipation of the merger.
More on Our Merger with ELGA Credit Union
As we get closer to the anticipated final regulatory approval, please note that when received, the shareholders will receive a transmittal letter from our transfer agent, Continental Stock Transfer & Trust on how to submit your shares for final payment.
Reminder on Marine Stock Ownership Evidence
This is a good time to ensure that you have your Marine Bancorp stock certificates safely in your possession (a Marine Bank safe deposit box) or the account at your broker is accessible. Also please verify that the owner’s name on the certificate is valid, i.e. not a deceased person or discontinued business. This will ensure you can easily negotiate the proceeds check after you have surrendered the stock at closing. The lost stock certificate replacement process is arduous and costly.
What You Can Do
We focus on providing the best possible banking experience available. Please help us by referring your friends, family members, business associates and anyone you think will be a good client of your Bank.
Please follow Marine Bank on Facebook and LinkedIn for value-added banking and financial related information including news about your Bank. Your “likes” and “shares” are important so please follow us!
Sincerely yours,
William J. Penney
Chief Executive Officer and President
Daniel R. Richey
Chairman of the Board
