MARIN COUNTY -- Bank of Marin Bancorp announced 2010 third quarter earnings of $3.4 million, up slightly from $3.3 million in the second quarter of the year.
Earnings for the nine-month period ending Sept. 30 totaled $9.6 million, compared with$10.0 million for the same period a year ago.
Total loans were reported at$938.1 million, $18.3 million more than the same quarter last year.
Non performing loans were reported at $10.6 million for the quarter, down from $10.8 million at the end of the second quarter. Most non performing loans were in construction.
Deposits reached more than $1 billion for the first time in the bank's history.
“We have reached an important milestone of $1 billion in deposits, while continuing our solid and consistent level of earnings," said Russell Colombo, president and chief executive officer of the bank. "This demonstrates the continued trust and confidence our customers have in Bank of Marin, as well as our application of conservative fundamentals, which has driven our success."
Demand deposits were 27 percent of the total deposits.
"We are well-positioned to continue to expand our markets,” Mr. Colombo said.
Earlier this month the bank announced a new office in Santa Rosa. Mr. Colombo said he is excited about the opportunities in Sonoma County.
"We are confident about Sonoma despite the problems the county has had. We think there are a lot of business opportunities," he said.
Bank of Marin stock is trading at $33.83 per share.
