Dear Fellow Shareholders:

I am pleased to announce that Marine Bancorp of Florida has continued to demonstrate solid performance for the first two quarters of 2019.

Net income after tax for the first six months of 2019 was $745,000, compared to $476,000 in the first half of 2018. This is an earnings improvement of $269,000 or 57%. The earnings growth is due to the execution of our strategic initiatives to profitably grow the Bank and your investment.

The Company has experienced asset growth year over year with $273 million in total assets as of June 30, 2019, compared to $268 million as of June 30, 2018, an increase of $5 million or 2%. 

Most importantly, loans outstanding were $223 million as of June 30, 2019, compared to $205 million on June 30, 2018, an increase of $18 million or 9%.

Total deposits as of June 30, 2019 were $247 million as compared to $245 million on June 30, 2018, an increase of $2 million or 1%.  Although we have not seen tremendous growth in total deposits, we have made an effort to change the deposit mix, making a positive impact on profitability.  Checking and NOW accounts are a no and low-cost loan funding source and I’m pleased to report that this deposit category increased to $108 million as of June 30, 2019 vs. $89 million as of June 30, 2018. This is an increase of $19 million or 21%.  This substantial increase is a direct result of our Team’s focus on targeting high value prospects and selling them on the benefits of banking local at Marine, with all the technology advantages of a big bank plus the personalized service for which we are known.

The common stock book value was $16.00 per share as of June 30, 2019, an increase from $14.43 per share in June 2018, or 11%.

Marine Bank has maintained a 5-Star Superior rating from Bauer Financial, the premier bank-rating organization that reports on and analyzes the performance of banks.

I am proud to report that our Sebastian Banking Office has grown from $13 million in deposits when we acquired the branch in October 2016 to over $30 million in deposits currently with an increase in checking deposits versus the more expensive CDs. Thanks, and congratulations to our Sebastian Team led by Georgia Irish!

In January 2018, we opened our Melbourne Banking Office. Our Melbourne Team, led by Charlie McCoach, has grown the branch to just under $10 million in deposits with a like amount in loans.  Kudos to Team Melbourne!

Over the past several months, we have hired highly skilled, experienced bankers. Please join me in welcoming:

  • Tina Nicholson, Banking Center Manager at our Mainland office in Vero
  • Lory Milton, Commercial Loan Officer in Melbourne
  • Jael Aldunate, Commercial Loan Officer in Melbourne

The last capital offering was substantially complete at the end of 2013.  This is our progress since then:

In millions

December 2013

December 2018

% of change

Total loans $107 $218 104%
Total deposits $129 $245 90%
Total assets $145 $269 86%
Equity Capital $14 $20 43%
Pre-tax Income
(in thousands)
$848 $1,095 29%

2013 Stock Offering Price December 31, 2018 Book Value Annualized Return

$7.50 $14.74 14.5%

We continue to strive to offer new technological solutions and are excited to announce that Marine Bank customers now have a fast, simple and secure way to pay for purchases with Visa®’s Digital Wallet.  Your digital wallet allows you to pay securely with Apple Pay™ and Google Pay™ at participating stores and restaurants nationwide. Please see our website or a personal banker for additional information.

Marine Bancorp of Florida, Inc. the holding company for Marine Bank & Trust Company in Vero Beach, FL is pleased to announce their common stock will begin trading on the OTC Market exchange under the ticker symbol MBOF.  We believe this will increase the visibility of our company and will provide shareholders the opportunity for greater liquidity.

To assist our shareholders with their trades, Marine Bank has hired D.A. Davidson, a banking industry specialist in providing market making services. D.A. Davidson has assigned Michael Acampora to assist with any questions or inquiries you may have regarding buying, selling or your current ownership in Marine Bank and Trust.  Mr. Acampora has more than 33 years of experience working with Florida-based Community Banks and their shareholders.  He can be reached at (904) 456-6153 or  Additionally, he will be providing stock trading updates and Community Bank market color to our shareholders as the Bank transitions from being privately-held to a publicly-traded company.

Over the last several years, we have communicated how our strategic partner, Connors Wealth Management, is available to provide you with a free financial review.  For those of you who have not yet taken advantage of this benefit, I encourage you to do so. The Connors Wealth Management team will create a financial plan at no cost to you and will determine if your current investment portfolio is in line with your risk tolerance, and then present a proposal to help you align your investments with your financial goals. Please contact me at (772) 231-8222 to set up an appointment.

Marine Bank’s Facebook and LinkedIn pages often provide value-added financial related information.   Your “likes” and “shares” are important and it will help spread the word regarding news about the Bank. Please follow us!

Remember to refer 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. Enclosed is a shareholder referral form. Become an active participant in the value enhancement of your investment!

Thank you for your support of Marine Bank and our Team. With our positive performance and growth trends, you can feel confident that we will continue to grow the organization and increase the value of your investment.  Please let us know how we can best serve your financial needs.  

Sincerely yours,

Bill Penney Signature

William J. Penney
Chairman and CEO