MARINE BANK | PRESS RELEASE

FOR IMMEDIATE RELEASE                          

April 23, 2024

Contact:              Bill Penney, President and CEO                                                

                             772-231-8222

bpenney@marinebank.bank

Marine Bank Continues to Grow Assets Through First Quarter of 2024

Vero Beach, Fla. - Despite ongoing economic uncertainty, inflationary pressures, and rising interest rates, Marine Bank has announced that it continued to increase its assets through the first quarter of 2024. As a result of its continued positive financial performance, Marine Bank is rated 4-Stars, Excellent by Bauer Financial, the premier bank-rating organization.

As of March 31, 2024, the Bank had $666 million in assets, a 2% year-over-year increase. Loans as of March 31, 2024, totaled $444 million, an increase of 2% over total loans as of March 31, 2023. Although the Bank has more checking accounts than before, the average account balance has declined. As a result, total deposits as of March 31, 2024, were $594 million, a 1% decrease over the same time last year.

“Our talented team continues to attract new clients who are seeking a customer service focused banking experience,” said Bill Penney, President and CEO of Marine Bank. “Each new client is a new referral source which is fueling our momentum.”

Net income for the quarter ending March 31, 2024, was $876 thousand, down from $1.462 million for the quarter ending March 31, 2023. The decrease in earnings is due primarily to the high interest rate environment, increased deposit competition, heightened cost of funds, slowdown in loan growth, and a reduction in mortgage origination income.

About Marine Bank
Marine Bank was chartered in 1997 and has $666 million in assets as of March 31, 2024, with five banking centers in Vero Beach, Sebastian, Melbourne, and Fort Pierce, and a commercial and residential lending center in Port St. Lucie. As the only community bank headquartered in Indian River County, the Bank has a strong interest in helping our residents and businesses prosper. Marine Bank has earned the coveted 4-Star Excellent rating from Bauer Financial, the nation’s premier bank rating firm. In 2022, based on employee feedback, the Bank was Certified™ by Great Place to Work® the global authority on workplace culture, employee experience, and the leadership behaviors.  The bank has been named among the top extraordinary banks in the United States by The Institute for Extraordinary Banking for its commitment to strong community banking.  The Bank is an active community supporter and has provided over $200,000 to more than 125 local non-profit organizations in the market over the last five years.  For more information, visit the website at www.marinebank.bank.

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Thank you,