Bank of Marin Bancorp (Nasdaq: BMRC), parent company of Bank of Marin, reported 2013 net income dropped 19.7 percent from the year before, attributing it to costs related to a recent East Bay expansion while pointing to short- and long-term growth for the institution.
Net income in 2013 was $14.3 million, down just 0.56 percent from 2012 when $3.4 million in fourth-quarter costs related to the Nov. 29 acquisition of Bank of Alameda are considered, according to the company. With those costs, the bank earned $2.57 a share in 2013, compared with $3.28 per share last year.
Despite the one-time costs, deposit and loan growth for Bank of Marin has grown significantly with the acquisition of Bank of Alameda’s parent company, NorCal Community Bancorp, according to the Novato-based institution.
Nonaccruing loans represented 0.92 percent of the bank’s portfolio at year-end, down from 1.64 percent one year ago.
“We’re very busy in terms of new loan activity,” said Russell Colombo, president and chief executive. “We have very little to resolve in terms of problems. Now we can focus on growth.”***
Summit State Bank (Nadsaq: SSBI) reported a 25 percent increase in net income in 2013, with net income of $4.32 million, or 85 cents per share.
Summit ended the year with $282.67 million in loan volume, up 2.46 percent from the prior year. Net interest income increased 2 percent year-over-year to $16.57 million.
Nonperforming loans accounted for 1.95 percent of total loans as of Dec. 31, compared with 1.72 percent at the end of 2012. The bank had a $50,000 loan loss provision expense in 2013, compared to $3.36 million in 2012.
Summit had a 0.98 percent return on average assets last year, compared with 0.84 percent in 2012. Total assets were $454 million as of Dec. 31, up 2.06 percent from the prior year.
"We've gotten off to a good start this year," said Tom Duryea, president and chief executive. "There's opportunity for this bank -- I'm optimistic."***