Umpqua Bank, a subsidiary of Umpqua Holdings Corp., opened its first branch in Santa Rosa last week. The new 4,600-square-foot office is located at 1322 Fourth St. It will provide mortgage, commercial and personal banking services as well as access to Umpqua Investments Inc.
Bank of Marin Bancorp announced that its board of directors declared a quarterly cash dividend of $0.16 per share. The cash dividend is payable to shareholders of record at the close of business on Nov. 3, 2010, and will be payable on Nov. 12, 2010. The bank has paid a dividend for the past 22 quarters.
[caption id="attachment_13855" align="alignright" width="144" caption="Russell Colombo"][/caption]
"We are committed to sharing our success with the shareholders of Bank of Marin and are pleased to be able to increase our dividend this quarter,” said Russell Colombo, president and chief executive officer. “We continue to focus on consistent, conservative growth and are very pleased with our results.”
The bancorp also 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.
Nonperforming 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 Mr. Colombo. “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.
Exchange Bank, headquartered in Santa Rosa, reported another profitable quarter – the sixth in a row since the losses and suspension of dividends a year and a half ago.
Net income for the quarter was reported at $3.14 million, up sharply from $816,000 in the same quarter of 2009.
Loans decreased 7 percent to $1.02 billion, including a $34.2 million allowance for loan losses.
Deposits decreased about 2 percent to $1.29 billion, from $1.32 billion the prior year.
Total assets were reported to be $1.51 billion, down slightly from the $1.57 billion reported the year before.