Mariners Bank of San Clemente has reported a first-quarter profit of $54,527 and announced a 3-for-2 stock split.
The federally chartered bank's earnings for the period ending March 31 were 12% higher than those recorded in the same quarter last year.
Total assets as of March 31 stood at $24 million, 39% above those of a year ago. Deposits totaled $21.7 million, 43% higher than the year-earlier deposits of $15.1 million. Loans increased 46% from $11.6 million a year ago to $17 million currently.
The stock split will affect shareholders of record as of April 19. They will receive one additional share for every two that they own.