SANTA ROSA – Bank of Marin reported first quarter earnings of $2.9 million, down slightly from $3.2 million reported in the same quarter last year.
Total loans were reported at $920.4 million, compared to the $921.5 reported the year before. Loan loss provision for the first quarter was $1.6 million, compared to the $1.2 million for the same period last year and the $2.5 million in the last quarter of 2009.
“Our steady quarterly results are a result of our continued commitment to building a strong customer relationships and delivering on the fundamentals of responsible banking,” said Russell Colombo, president and chief executive officer of the bank.
The bank’s net interest income for the first quarter was $13.1 million, up $320,000 from the same period a year ago.
Total risk-based capital is estimated to be 11.8 percent, above the 10.0 percent that is standard for a well capitalized institution.
Bank of Marin stock was at $33.89 in late trading. The 52-week range is $23.75 - $35.75.
