Marine Bank has announced that it continued to grow assets, increase earnings and profitability through the fourth quarter of 2022. As a result of its continued positive financial performance, Marine Bank is rated 4-Stars, Excellent by Bauer Financial, the premier bank-rating organization.
The Bank ended 2022 with $636 million in assets, a 16% year-over-year increase over assets as of December 31, 2021. Loans as of December 31, 2022, totaled $424 million, an increase of 28% over loans at the end of 2021.
“Investing in our communities by making loans is a strong part of Marine Bank’s DNA,” said Bill Penney, President and CEO of Marine Bank. “Not only because it’s good for our bottom line, but because every loan helps put people in their dream homes or enables their businesses to grow.”
In 2022, the Bank closed $140 million in mortgage loans which assisted 310 families purchase or refinance their homes. The Bank also closed almost $100 million in commercial loans which enabled 214 businesses to expand and create new jobs.
As of December 31, 2022, Marine Bank deposits totaled $577 million compared to $500 million at the same time last year, an increase of $77 million or 15%.
“Our expansion into Fort Pierce and our ‘no appointment needed’ approach to banking have fueled our deposit growth,” continued Penney. “Our clients appreciate that they can walk into any of our five banking centers during operating hours and quickly get answers, assistance and service with a smile.”