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."***
AltaPacific Bancorp (OTCBB: ABNK), parent company of AltaPacific Bank, grew its loan volume by 45 percent over the course of 2013, the company announced.
The company saw net income of $1.4 million in 2013, a 19.3 percent decrease from the prior year largely attributable to the absence of a one-time, merger-related gain realized in 2012.
Loans totaled $143.2 million as of Dec. 31. Net interest income was up 4.8 percent, at $10.2 million.
The bank realized a 0.63 percent return on assets in 2013, compared to a 0.41 percent return excluding the benefit of the one-time $886,000 gain in 2012.
“We continue to see signs of improvement in the economy, and that has certainly helped our business customers,” said Charles Hall, president and chief executive, in a statement.***
Community First Credit Union reported record growth in 2013, including a 24 percent increase in net income from a previous record in 2011.
The 53-year-old institution said it earned $1.62 million in 2013. Assets increased 8 percent from 2012 to a new record of $162.6 million. Capital reserves also reached an all-time high of $13.7 million.
The credit union said it plans to use earnings to add remote deposit of checks to its existing mobile banking platform in the first half of this year and wants to add two new ATMs — a second in Guerneville and one in Napa.