April 26, 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 Quarter (Q1) 2021 Financial Summary:

million $

1st Quarter 2021

1st Quarter


% 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 quarter of 2021 was $1.444 million, up from $600,000 in the first quarter of 2020 for a 141% year-over-year improvement. Earnings improvement was due to growth in customer deposit accounts, the loan portfolio and SBA Paycheck Protection Program forgiveness fee income.

Your Bank has experienced year-over-year asset growth with $472 million in total assets as of March 31, 2021, compared to $312 million as of March 31, 2020, an increase of $160 million or a 51% growth rate.

Loans outstanding as of March 31, 2021 were $331 million as compared to $256 million on March 31, 2020, an increase of $74 million or 29%. 

Total deposits as of March 31, 2021 were $437 million compared to $280 million the same time last year, an increase of $157 million or 56%. 

Our non-interest and interest-bearing checking accounts, the key to customer relationships, grew to $202 million as of March 31, 2021 compared to $118 million as of March 31, 2020, an increase of $84 million or 71%.

For Q1 2021, Return on Shareholders’ Equity (ROE) was 21.52% as compared to 10.47% for Q1 2020. By measuring the Bank’s income that is earned on our shareholders’ equity, ROE signals how effectively we are using your investment to generate increased profits.

For Q1 2021 the actual earnings per share was $1.04, versus $0.44 for the same period in 2020, an increase of $0.60 per share or 136%.

As a result of the financial success reported above, the common stock tangible book value of your company increased to $19.67 per share as of March 31, 2021, from $17.12 in Q1 2020, an increase of $2.55 per share, or 15%.

SBA Paycheck Protection Program Loans

The SBA PPP program has enabled Marine to serve the needs of our community and our employees to develop many new relationships with local businesses.  This has resulted in a significant increase in the demand for checking accounts and commercial loans. Time is running out so if you are interested in applying for a PPP loan, or know someone who is, please give me a call.

The SBA PPP loans have provided a strong tailwind to our loan growth and earnings. In rounds one and two of the program which began April 3, 2020, Marine Bank originated 787 loans totaling $61,379,900. Of those, 591 loans totaling $43,739,799 have been forgiven and paid off by the SBA. During the first four months of 2021, we originated 429 loans totaling $31,668,514, none of which are ready for the forgiveness process at this time.

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:

  • Richard H. Giessert, Vice President/SBA Loan Officer
  • Rufus Byrd, Vice-President/Commercial Loan Officer serving St. Lucie County
  • Pedro Guirola, Vice-President/Commercial Loan Officer serving Brevard County

We are also very close to hiring two residential loan officers and a new credit professional.

Speaking of new team members, we are very pleased to announce that Hal Roberts has joined our Board of Directors. Mr. Roberts is the former president of Port St. Lucie National Bank, Enterprise National Bank, and Harbor Federal.  He also served as the north-central market president for PNC.  As president and CEO of Harbor Community Bank, Mr. Roberts was instrumental in growing the bank to 46 branch locations in 19 Florida counties with assets of $1.9 billion before it was sold to CenterState Bank in 2017.  In 2019, he retired as Treasure Coast regional president of CenterState Bank.  

Credit Quality

Credit quality continues to be very strong. We have one loan with a balance of $68,000 in the process of liquidation with no loss expected. There are no other non-performing loans or assets.

Annual Shareholder Meeting

The 2021 Annual Shareholder Meeting will be held on Wednesday, April 28th at 4:30 p.m. Considering the ongoing pandemic, this will again be a virtual meeting. You can always get updates on the MarineBank.bank website under Investor Relations.

Wealth Management

We are pleased to have Warren Capital Management as our strategic partner for wealth management. Warren Capital Management is led by Sue Tompkins, a local and highly skilled investment advisor.  If you have not already done so, please contact us at (772) 231-8222 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. Mike Acampora of DA Davidson is our market maker. If you have an interest in buying or selling Marine stock, please contact Mike at 904-456-6153 or macampora@dadco.com.

What You Can Do

Please check Marine Bank’s Facebook and LinkedIn pages.  They provide value-added banking and financial related information and news about your Bank.  Your “likes” and “shares” are important so please follow us!

Remember to refer your friends, family members, business associates or someone you think will be a good customer of your Bank. Over the last three 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.

Sincerely yours,

Bill Penney Signature                                                                                                               

William J. Penney
President, CEO & Chairman