California Loans News

The Bank of Marin Bancorp (Bancorp) announced that it has earned $3.6 million for the third quarter. This was a 33.6 percent increase, worth $906,000, from last year of the same period. This was also a 14.9 percent increase or up $468,000 compared with the Bank of Marin’s second quarter report.

The bank’s president and chief executive officer Russell A. Colombo said, “We are pleased to achieve the highest quarterly earnings in our history this quarter. Our business success is based on our consistent execution on the fundamentals of responsible, solid banking which has been particularly important in this challenging economic environment.”

The Bancorp has also provided further operating and financial performance reports for this year’s third quarter. Their loan growth amounting to $80.8 million or 9.6 percent is accountable for the total loans of $919.8 million as of September 30. The deposit growth is $100.1 million or 11.8 percent, and the total deposits reached $949.3 million as of the same period.

Non-performing loans total to $6 million or 0.7 percent of the bank’s loan portfolio. As for risk-based capital ratio, it grew to 12.1 percent, also during the same period. This is fifty basis points up compared with the same period of last year. And the net interest margin came up 5.18 percent. All these data has contributed to the institution’s efficiency ratio, which is 53.02 percent. However, this is lower than the same quarter of 2008, which was 55.11 percent.

Chief financial officer Christina J. Cook said, “Our capital growth allows us to withstand fluctuations in an uncertain economy and is a reflection of our overall strength.” Moreover, Colombo also said that as manifested in their gains, they believe that the opening of its thirteenth full service branch is of opportune timing. The new Bank of Marin branch is in Greenbrae, California.

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