Mariners Bank

Capitalizing on a healthy real estate market in south Orange County, Mariners Bank of San Clemente posted profits for its fiscal year, ended Dec. 31, reversing the previous year’s losses. The bank also reported fourth-quarter earnings that were a nearly four-fold increase from the previous year’s final quarter.

For the fiscal year, Mariners reported annual $206,018, compared to a loss of $76,770 recorded for 1983.

In the fourth quarter, the bank earned $50,246, a 389% increase from profits of $10,267 reported during the like period a year ago.

Assets at the 2-year-old bank increased 48% to nearly $23 million from $15.5 million.

Richard Korsgaard, president of Mariners, credits the construction business for its growth and profits--in direct contrast to many financial institutions that in recent years have been battered by problem real estate loans.

“We came into the real estate market after a lot of the devaluation had occurred . . . We really don’t have a lot of loan problems,” he said. The bank has only charged off $2,000 worth of loans since it began operation, Korsgaard said.

The bank predicts the bank’s growth will slow to 35% during fiscal 1985, a rate Korsgaard said reflects the bank’s maturation.

Mariners has one branch, its San Clemente office, and Korsgaard said, has no plans to add other branches.