Bank of Marin Bancorp has reported earnings of $3.3 million for first quarter of 2008, a 10.2% increase compared to $2.97 million for the same period of 2007.
The net income for the first quarter of 2008 includes a pre-tax non-recurring gain of $457,000 related to the mandatory redemption of a portion of Bank of Marin’s shares in Visa.
Diluted earnings per share was $0.63 in the first quarter of 2008, compared to $0.55 in the same quarter of 2007, up 14.5%.
Loans totaled $769.5 million at March 31, 2008. Excluding the indirect auto portfolio, which was sold in the second quarter of 2007, loans increased 17.3% over the first quarter of 2007. Deposits totaled $760.2 million at March 31, 2008, which represents a decline of 1.8% from March 2007.
Christina Cook, CFO of Bank of Marin Bancorp, said: We are delighted with this elevated level of loan growth, and we continue to maintain excellent credit quality. The bank has not participated in subprime lending nor do we hold investment securities backed by subprime loans.