NOVATO -- Bank of Marin Bancorp reported $3.3 million in earnings for the second quarter, up 6.5 percent from $3.1 million for the same period last year and up 13.3 percent from the first quarter.
"We're very pleased by Bank of Marin's strong earnings performance, driven by increases in loans and deposits, a result of supporting our local businesses and staying true to responsible banking fundamentals," said President and Chief Executive Officer Russell Colombo.
Deposits were $999.2 million, up $76.6 million, or 8.3 percent, over June 30, 2009.
Loans increased $29.7 million to $939.3 million at June 30, up 3.3 percent over last year. This included a 9.6 percent increase in commercial loans. Non-performing loans were $10.8 million, or 1.15 percent of the bank's loan portfolio, compared with $11.4 million, or 1.24 percent, as of the first quarter and $5.9 million, or 0.65 percent, a year ago. The second quarter loan loss provision totaled $1.4 million, compared with $1.6 million in the first quarter. The drop represents a decrease in the volume of newly identified problem credits in the second quarter.
"Our emphasis on conservative lending practices has kept our loan charge-offs at a very manageable level, and we are encouraged by the decreases in charge-offs as compared to last quarter and the same quarter last year," said Christina Cook, chief financial officer.
The total risk-based capital ratio was 12.8 percent, up from 12.5 percent at March 31 and 11.7 percent at June 30, 2009. Industry standard for a well-capitalized institution is 10.0 percent.