Bank of Marin Finances

The Bank of Marin was pleased to announce that their first quarter earnings were up 2.2% from same time last year. They had earnings of $3 million, which was up about $64,000. They also had diluted earnings per share of $0.55 for the first quarter – up from the $0.52 per share they offered last year.

Effective the first of this year, they also marked their $83 million auto loan portfolio to fair value, which is in accordance with SFAS No. 159. They have had a major growth in this area, and they are possibly looking to sell their auto loan portfolio in the future. Once they sell their auto loans, they will be able to focus on other areas of relationship loans.

The company says that selling the auto loan portfolio will be a “pro-active” move by the company, so that they can increase the amount of returns for their shareholders from where they are now. They say that they are hoping to sell the auto loans this year, and you can get more information on the auto loan sale on their 8-K form that they filed last month.

They say that they are simply trying to position the bank for more economic growth, and keeping their capital base monitored. They are expanding what they can offer to their clients, and hope to maintain their strength in the market without having to split their interests between personal and car loans.

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