Marine Bank & Trust continued to show strong earnings and asset growth through the first three months of 2017.
The only community bank headquartered in Vero Beach, Marine saw its total assets grow $10 million – to $216 million – from the end of the first quarter of 2016 to the end of the first quarter of this year.
The 4.9 percent gain in assets was accompanied by year-over-year increases in earnings, money loaned and total deposits.
First-quarter earnings in 2017 climbed to $261,000, compared to $216,000 last year, an increase of more than 20 percent. Meanwhile, outstanding loans totaled $163.5 million, an increase of $7.7 million from March 31, 2016.
Total deposits through the first quarter of this year were at $197.9 million, a 5.4 percent jump from 2016.
That $10.2 million increase in deposits not only enhanced the bank’s financial standing, but it also helped Marine maintain its five-star “superior” rating from Bauer Financial – the highest rating available from the nation’s premier bank-rating firm.
Bill Penney, Marine’s president and CEO, attributed the bank’s success to his team’s customer-friendly approach, technology upgrades that enabled mobile banking and the addition of a full-service branch in Sebastian last fall.
“The continued success we are enjoying is the result of the customers’ positive response to our team meeting their banking needs and helping them manage their money, buy homes and expand their businesses,” Penney said.
“Customers also are benefitting from last year’s technology upgrade, which brought us some new services, such as mobile check deposits, text alerts and emailed statements,” he added. “And we’re seeing our new location in Sebastian continue to grow – 20 percent since we welcomed it to the Marine family in October.
“So customers seem to like what we’re doing and they’re voting with their wallets.”
Marine will mark the 20th anniversary of its opening next month.
“I can’t think of a better way to celebrate our longevity in the market than with a healthy balance sheet, an energized team and a commitment to provide an exceptional banking experience,” Penney said.
