Bank of Marin third-quarter earnings up 34 percent

Monday, October 19, 2009, 9:17 am

By Jenna V. Loceff, Business Journal Staff Reporter

NOVATO – Bank of Marin Bancorp, parent company of Bank of Marin, announced third-quarter earnings of $3.6 million, up $906,000, or 33.6 percent from the same period last year, and up $468,000, or 14.9 percent from the second quarter of 2009. Diluted earnings per share were $0.68 in the third quarter, up $0.16, or 30.8 percent from the same quarter last year, and up $0.08, or 13.3 percent from the second quarter of this year.

“We are pleased to achieve the highest quarterly earnings in our history this quarter,” said Russell Colombo, president and chief executive officer of the bank. “Our business success is based on our consistent execution on the fundamentals of responsible, solid banking, which has been particularly important in this challenging economic environment.”

The bancorp’s total risk-based capital ratio grew to 12.1 percent at Sept. 30, up fifty basis points from a year ago.

Total loans reached $919.8 million at the end of the third quarter, representing growth of $80.8 million, or a 9.6 percent increase from the same time last year. Non-performing loans totaled $6.0 million, or 0.7 percent of the bancorp’s loan portfolio at Sept. 30, compared with $5.9 million, or 0.6 percent at June 30, and $823,000 a year ago.

Total deposits grew $100.1 million, or 11.8 percent over a year ago to $943.3 million at Sept. 30.

Earnings for the nine-month period ended Sept. 30 totaled $10.0 million, an increase of $606,000, or 6.5 percent, over the same period a year ago.