North Bay Business Journal

SAN RAFAEL — BioMarin Pharmaceutical Inc. (Nasdaq:BMRN) recently reported a net loss of $39.8 million, or 31 cents per share, for the first quarter ended March 31, compared to a net loss of $24 million in the same period last year.

PETALUMA — Petaluma-based Cyan, Inc. (NYSE: CYNI) completed its initial public offering on Thursday, raising $88 million in the sale of 8 million shares priced at $11 per share.

NOVATO — Raptor Pharmaceutical Corp. (Nasdaq: RPTP) today reported its first-quarter net loss expanded by 13.6 percent from a year before.

NOVATO — Fueled by an acquisition that significantly increased its assets under management, Hennessy Advisors, Inc. (OTCBB: HNNA) today announced a 400 percent increase in earnings comparing the first three months of 2013 to the same period in 2012.

MILL VALLEY — Redwood Trust, Inc. (NYSE: RWT) today announced net income of $61 million for the first quarter of 2013, equivalent to 69 cents per diluted share and up 45.2 percent versus earnings in the first three months of last year.

SANTA ROSA — American AgCredit returned the largest member dividend in its history in 2012, the agricultural cooperative’s first year of positive loan growth since 2009, the lender reported today.

SANTA ROSA — Citing an increase in income-generating assets and new loans, Summit State Bank (NASDAQ: SSBI) reported a 64 percent increase in net income for the first three months of 2013 and declared a larger quarterly dividend.

SANTA ROSA — AltaPacific Bank assets have grown steadily in the year since completing its merger with a Southern California-based bank, ending the first quarter 4.1 percent higher.

After returning from the annual executive conference for Western Independent Bankers, a community bank trade group, Russell Colombo, president and CEO of Bank of Marin, said that leaders in the industry are starting to express greater optimism after a historically challenging economic period. …

Loans and deposits have grown at Bank of Napa, N.A., with net assets growing 8.2 percent over the course of a year and approaching $150 million as of March 31. …

NOVATO — Bank of Marin Bancorp (NASDAQ: BMRC), parent company of Bank of Marin, today reported net income in the first three months of 2013 increased from the prior quarter and was level with income a year before.

The bank realized a net recovery on troubled loans for the first time in several years.

NAPA — While assets and pre-tax income have grown at Bank of Napa, N.A. (OTCBB: BNNP), the bank announced today that net income was 9.4 percent lower comparing the first three months of 2013 to the same period in 2012. The change was largely attributable to a reduction in the bank’s income tax benefit from the prior year, according to the announcement.

SANTA ROSA — Exchange Bank today reported its after-tax income for the first three months this year was 9 percent higher than a year before, partly attributed to improvements in efficiency and loan quality.

PETALUMA — Enphase Energy, Inc. (NASDAQ: ENPH), today reported 2012 revenues increased 45 percent, though fourth-quarter sales were barely changed from a year before and net loss expanded in both periods.

SAN RAFAEL — Autodesk, Inc. (NASDAQ: ADSK) today reported fourth-quarter revenue increased 2 percent from a year before and full-year sales went up 4 percent.

SAN RAFAEL — BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) on Thursday reported its fourth-quarter and 2012 net losses about doubled from a year before.

Rumors have been circulating that BioMarin is an acquisition target, but the company CEO fended off that speculation recently.

MILL VALLEY — Redwood Trust, Inc. (NYSE: RWT) today reported net income of $132 million in 2012, with earnings from the company’s mortgage banking arm and lower loss provisions contributing to the marked increase over $26 million in net income for 2011.

SANTA ROSA — Medtronic’s Santa Rosa-based Cardiac and Vascular Group reported worldwide third-quarter sales increased 5 percent from a year before.

PETALUMA — Occulus Innovative Sciences, Inc., (Nasdaq: OCLS) reported revenue in its third quarter increased nearly 27 percent and was up 29 percent for the fiscal year, while the maker of health care treatments and devices significantly cut its quarterly and nine-month losses and prepares to spin off a drug in development into a new company.

SANTA ROSA — Citing marked improvements in the financial footing of its members, Redwood Credit Union reported increases in portfolio quality, lending, equity, total membership and a number of other measures during 2012.

VACAVILLE — After aggressively seeking resolution for borrowers whose loans became distressed during the economic downturn, Travis Credit Union reported to regulators that the value of its delinquent loans fell 62.3 percent to $9.3 million in 2012.