NOVATO - Bank of Marin (NASDQ: BMRC) today announced second quarter earnings of $3.1 million.
Earnings for the quarter ending June 30 were consistent with the last quarter reported to be $3.2 million, and the $3.4 million reported for the same quarter of 2008.
The bank also announced a cash dividend of 14 cents per share and second-quarter.
"We are pleased to continue our cash dividend for the 17th consecutive quarter," said President and Chief Executive Officer Russell Colombo.
Deposits totaled $922.6 million, up 15.2 percent from last years second quarter.
Loans totaled $909.6 million, up 13.8 percent from the same quarter last year. The loan-loss provision was $700,000 for the quarter ending June 30, compared with $500,000 million last year.
"We feel very good about the deposits and loan growth being they are approximately 100 percent loan to deposit ratio," said Mr. Colombo
"We have always operated as a relationship-based community bank in the markets we know," Mr. Colombo said.
Nonperforming loans totaled $5.9 million at the end of the second quarter, compared with $7.4 million at the end of the first quarter. Last year's second quarter had $236,000 in non-performing loans.
"While we have experienced a higher-than-historical level of non-accrual loans, they remain at a very manageable level," said Chief Financial Officer Christina Cook.
The one-time assessment of five basis points all banks were are required to pay to the Federal Deposit Insurance Corporation went on the books for the second quarter. This is an assessment to help shore up the FDIC and is, unlike the normal insurance, not calculated on deposits, but on total assets less capital. Bank of Marin will pay out $496,000.
Risk-based capital totaled 11.7 percent at quarter-end after repayment of TARP capital. In March of this year, the bank repurchased 28,000 shares of preferred stock sold to the Treasury in December 2008 as part of the Capital Purchase Program. The repayment was $28.2 million to Treasury, which included accrued dividends of $179,000.
Bank of Marin Bancorp's total assets exceed $1 billion. The bank has 12 branches and will open another branch in Greenbrae in September.