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Bank of Marin Reports Record Revenue for 2012

Earnings jump 14.5 percent over one year ago thanks to strong quarter that ended Dec. 31.

Novato-based Bank of Marin had one heck of a 2012. The financial statistics prove it.

The parent company of Bank of Marin, which goes by Bank of Marin Bancorp (NASDAQ: BMRC) on Tuesday announced record earnings of $17.8 million, a 14.5 percent increase over one year ago, according to a release from Russell Colombo, the bank's CEO and president.

“The bank's overall strong performance demonstrates the solid relationships we have built with customers while also maintaining our high credit quality standards," Colombo said in the release.

Earnings for the quarter that ended Dec. 31 were of $4.7 million, an increase of $1.5 million, or 45.8 percent from the third quarter of 2012. It also represented a 39 percent increase from the fourth quarter of 2011.

Diluted earnings per share totaled 86 cents in the fourth quarter of 2012, up 27 cents (45.8 percent) from the prior quarter and up 36.5 percent from the same quarter a year ago. Diluted earnings per share for all of 2012 were $3.28, up 39 cents (13.5 percent) from 2011.

Earnings for the fourth quarter of 2012 reflected a $1 million pre-tax gain on the payoff of a purchased-credit impaired loan, Colombo announced. The gain increased fourth-quarter diluted earnings per share by 12 cents on an after-tax basis.

"Our robust loan growth in the fourth quarter reflects our continued focus on business development to build the loan portfolio," Colombo said.

Other statistics from the year that ended Dec. 31:

•  Loan growth in the fourth quarter totaled $60.2 million, or 5.9 percent, primarily due to investor-owned commercial real estate loan originations in the Marin and San Francisco markets. Gross loans totaled $1.1 billion by year's end.

•  Credit quality remains solid with non-performing loans at 1.64 percent of total loans, down from 1.90 percent in the prior quarter. Accruing loans past due 30 to 89 days decreased from $2.1 million in the prior quarter to $588,000 at Dec. 31.

•  Deposits increased $50.3 million (4.2 percent) in 2012 to $1.3 billion, reflecting a favorable shift in the deposit mix from higher-interest bearing time accounts to core deposits. Non-interest bearing deposits comprised 31.1 percent of total deposits at year's end.

•  In a conscious effort to deploy excess liquidity, Bancorp grew the investment portfolio by $52.1 million in the fourth quarter of 2012 and $98.6 million in the year ended Dec. 31 primarily through investment-grade municipal securities and corporate bonds.

• Last week the bank's board of directors declared a quarterly cash dividend of 18 cents per share. The cash dividend will be payable on Feb. 15.

Incorporated in 1989, Bank of Marin has 17 offices in Marin, San Francisco, Napa and Sonoma counties and is headquartered in Novato. It offers business and personal banking, private banking and wealth management services with a strong focus on supporting local businesses.

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