Banking: Exchange Bank earnings up slightly; strengthens portfolio

Santa Rosa's Exchange Bank announced that net income for all of 2012 had risen slightly versus income for 2011, meeting the bank's projections despite a lukewarm demand for financing from both households and businesses.

Net income of $12.26 million was a 0.68 percent increase from income in 2011, according to the bank. Net loans declined 1 percent for the year, to $1.01 billion. While loans declined slightly, increased cash and investments helped net assets rise by 5.8 percent for the year, to $1.7 billion.

Non-performing loans in the bank's portfolio fell by 31 percent by year-end, and non-performing assets as a whole fell by 18 percent. Deposits, now totaling $1.46 billion, grew by $107 million for the year, up 8.06 percent. A greater percentage of those deposits were non-interest bearing demand deposits in 2012 and represented 35.4 percent of total deposits versus 34.56 percent.***

Net income at Novato-based Bank of Marin was up 14.5 percent in 2012 compared to 2011, with $17.8 million representing $3.28 per share, according to an announcement by the bank.

The bank's loan portfolio grew 5.9 percent, driven by more than $70 million in new investor-owned commercial real estate loans. The bank's gross loan portfolio is now $1.1 billion, and total assets are $1.4 billion.

Bank of Marin saw a 1.24 percent return on assets for the year, up from 1.16 percent in 2011 amid improvements to portfolio quality. Deposits totaled $1.3 billion as of Dec. 31, with 31.1 percent being non-interest-bearing deposits.***

Year-over-year net income rose 55 percent for Santa Rosa's Summit State Bank, a period that president and CEO Tom Duryea called "the best year yet in our 38-year history."

The bank earned $3.45 million during the year, or 62 cents per diluted share, including a boost from a one-time $1.5 million legal settlement. The bank saw a 0.84 percent return on average assets, up from 0.59 percent, and total interest revenue rose 3.2 percent.

Nonperforming assets declined more than 25 percent in 2012. Total assets are now $444.9 million, including 275.9 million in loans. The bank also announced $341 million in total deposits as of Dec. 31, with non-interest-bearing deposits representing 17 percent.***

Citing challenges of a low-interest-rate environment, San Rafael-based Westamerica Bank announced that 2012 net income had slipped 7.7 percent from 2011. The bank earned $81.13 million in net income, or $2.93 per common share.

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