Bank of Marin second quarter earnings up $3.4 million
Bank of Marin Bancorp (“Bancorp”, NASDAQ: BMRC), which is preparing to open a new branch on West Napa Street in Sonoma, announced this week strong second quarter 2011 earnings of $3.4 million, up 3% from $3.3 million in the second quarter of 2010. Diluted earnings per share were $0.64, up $0.01 from the same quarter a year ago.
Earnings for the six-month period ended June 30, 2011 totaled $7.9 million, up 26% from $6.3 million in the same period a year ago. Diluted earnings per share (EPS) for the six-month period ended June 30, 2011 totaled $1.48, up $0.29 from $1.19 for the same period a year ago. Earnings for the first half of 2011 include the impact of the FDIC-assisted acquisition of certain assets and the assumption of certain liabilities of the former Charter Oak Bank on February 18, 2011.
“Our earnings reflect the positive impact of the recently acquired Charter Oak portfolio, as well as certain one-time Acquisition related costs. We expect the uncharacteristic fluctuations related to the accounting for the acquired loan portfolio to be reduced over the next several quarters," said Russell A. Colombo, President and CEO. "In June we successfully completed the conversion and integration of our Napa operations, and are very pleased with our results to date.”