Bank of Marin Reports Record Third Quarter Earnings Growth.CORTE MADERA Madera (mədâr`ə), city (1990 pop. 29,281), seat of Madera co., central Calif., in the San Joaquin valley; inc. 1907. Wine, machinery, consumer goods, and plastic products are produced, and a granite quarry is there. , Calif.--(BUSINESS WIRE)--Oct. 8, 1997--Bank of Marin Chairman JD Sullivan and President Robert Griswold announced the continuation of the Bank's record of strong growth and increasing profitability in the third quarter. All major asset and income categories were at record levels. Compared to Sept. 30, 1996, net income was up 35%; total assets 19%; deposits increased 20%; and loans were up an impressive 30%. Year to date net income was $1,828,000 or $1.38 per share compared to $1,354,000 or $1.09 per share for the same period last year. At quarter end, total assets were $221.9 million. Loans and deposits ended the quarter at $152.6 million and $200.3 million, respectively. The strong loan growth over the past year is attributable to the strong Marin economy and a declining interest rate environment. The Bank's record year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. earnings are the beneficiary beneficiary Person or entity (e.g., a charity or estate) that receives a benefit from something (e.g., a trust, life-insurance policy, or contract). A primary beneficiary receives proceeds from a trust or insurance policy before any other. of the impressive loan growth. While the Bank has provided $545,000 for possible loan losses in 1997, net losses totaled only $51,000. Last week the Bank announced that a lease had been signed for a sixth branch location in Strawberry strawberry, any plant of the genus Fragaria of the family Rosaceae (rose family), low herbaceous perennials with edible red fruits, native to temperate and mountainous tropical regions. The European everbearing strawberry (F. . The branch will be located at 23 Reed Boulevard, the former location for Oshman's Sporting Goods Noun 1. sporting goods - sports equipment sold as a commodity commodity, trade good, good - articles of commerce sports equipment - equipment needed to participate in a particular sport . Leasehold improvements Leasehold Improvement Improvements on a leased asset that increase the value of the asset. Notes: A leasehold improvement is classified as an asset that must be depreciated over time. should be completed during the next two weeks and the branch is scheduled to open on October 27. Joe Ayoob Joe Ayoob (born August 8, 1984 in San Rafael, California), U.S.) was formerly the back up quarterback for the California Golden Bears. Regarded as one of the premier junior college quarterbacks in the nation, he was an All-American quarterback at San Francisco City College. , an experienced Marin County banker, will manage the office with a staff of five. Bank of Marin currently have five office in Corte Madera, San Rafael San Rafael (săn rəfĕl`), residential city (1990 pop. 48,404), seat of Marin co., W Calif., a suburb of San Francisco on the northern shore of San Francisco Bay; inc. 1913. , Northgate, Bel Marin Keys and downtown Novato. -0-
BANK OF MARIN
FINANCIAL HIGHLIGHTS
Year to Year Comparison
Sept. 30, 1997
THIRD QUARTER QTR 97 QTR 96 CHANGE % CHANGE
Net income $713,000 $535,000 $178,000 33.27%
Earnings per share $0.53 $0.43 $0.10 23.26%
YEAR TO DATE YTD 97 YTD 96 CHANGE % CHANGE
Net income $1,828,000 $1,354,000 $474,000 35.01%
Earnings per share $1.38 $1.09 $0.29 26.61%
AT PERIOD END Sept. 30, Sept. 30, CHANGE % CHANGE
1997 1996
Total assets $221,868,000 $187,149,000 $34,719,000 18.55%
Total deposits $200,260,000 $166,617,000 $33,643,000 20.19%
Total loans $152,608,000 $117,039,000 $35,569,000 30.39%
Loan loss re-
serve to loans 1.58% 1.67% (0.09%) (5.39%)
Shareholders'
equity $18,668,000 $15,080,000 $3,588,000 23.79%
Book value
per share $14.59 $12.37 $2.22 17.95%
Shareholders'
equity to
assets 8.41% 8.06% 0.36% 4.42%
CONTACT: For Bank of Marin Pam Hamilton Hamilton, city, Bermuda Hamilton, city (1990 est. pop. 3,100), capital of Bermuda, on Bermuda Island. It is a port at the head of Great Sound, a huge lagoon and deepwater harbor protected by coral reefs. , 415/381-8198 |
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