Bank of Marin saw a spike in third quarter earnings, which grew by nearly $1 million from the previous quarter, the Novato-based bank said Monday.
Diluted earnings per share totaled $0.72 in the third quarter, compared to $0.55 in the prior quarter, which bank officials attributed to the strength of the loan portfolio and sound credit.
"Our earnings were solid this quarter as the underlying fundamentals of our business remain very healthy, reflected by the increased dividend," said Russell A. Colombo, President and Chief Executive Officer, in a prepared statement.
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Colombo added that Bankcorp, Bank of Marin's parent company, was also in the process of acquiring the Bank of Alameda, which strengthened its position.
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