Marine Bank & Trust Company has just announced a strong positive trend in earnings, an additional reduction in non-performing assets, asset growth and six consecutive quarters of profitability.

	2014	2013
1st quarter earnings	$173,284	$56,969
2nd quarter earnings	$283,203	$171,206
1st six months earnings	$456,487	$228,175

The bank has experienced asset growth year over year with $151 million in total assets as of June 30, 2014 compared to $140 million as of June 30, 2013.

The bank also reported a $500,000 decrease in non-performing assets as compared to June 2013.   Non-performing assets for the second quarter 2014 were $1.24 million or .82% of total assets, compared to $1.74 million or 1.24% of total assets for the second quarter 2013.   This $.5 million reduction was a result of the continued focus on the sale of bank owned properties and working with borrowers to sell their properties before foreclosure.   Real estate owned (REO) was reduced by 70% from $830 thousand for the second 2013 to $250 thousand for the second quarter 2014.

In January 2014, Marine Bank & Trust completed a successful $3.3 million capital raise that positions the bank for growth.   The Bank is “Well Capitalized” per the regulatory guidelines; tier 1 capital ratio as of June 30, 2014 was 8.25% and total risk-based capital ratio was 14.20%.  The capital ratios exceed the regulatory requirements.

“Our positive 2014 six-month earnings results are a continuation of the improvements we experienced in 2013,” said William Penney, President and Chief Executive Officer.  “Our solid operating performance is being driven by growth in customer relationship deposit accounts, increasing residential mortgage and business lending, and continued success in aggressively reducing non-performing assets.”

“We are seeing economic improvement in our community that is being fueled by an increased demand for residential housing,” said Penney.   “With the improved housing market, we are increasing the number of home loans we make to people in our community and are on our way becoming Vero’s leading mortgage lender.”