Bank Of Marin Profit Falls

(RTTNews) - Bank of Marin Bancorp (BMRC) Monday reported second-quarter net earnings of $3 million or $0.55 per share, compared to $5 million or $0.91 per share last year.

On average, five analysts polled by Thomson Reuters estimated earnings of $0.77 per share for the quarter.

Results for the recent quarter included a $1 million provision for loan loss.

Net interest income for the quarter fell to $14.3 million from $16.3 million a year ago, while analysts estimated $14.97 million.

Net interest margin for the quarter was 4.30%, down from 4.94% last year.

Non-interest income totaled $1.9 million, compared to $1.8 million in the prior year.

On July 1,Bancorp agreed to acquire NorCal Community Bancorp, parent company of Bank of Alameda. Bank of Alameda has four branch offices serving Alameda, Emeryville, and Oakland, and had assets of $264.7 million, deposits of $228.7 million, and loans of $170 million as of March 2013.