The tax-equivalent net interest margin was 5.25% in the first nine months of 2011 compared to 4.96% in the first nine months of 2010. The net interest income for the first nine months of 2011 totaled $48.1 million, representing an increase of $7.3 million, or 17.8%, from the same period last year. The increase primarily reflects the acquisition of loans from the former Charter Oak Bank and a reduction in the cost of deposits, partially offset by the pre-payment penalty on the FHLB advance discussed above.“As we expand the Bank of Marin franchise, we also look to create efficiencies by offsetting the costs of growth with expense savings,“ said Christina Cook, Chief Financial Officer. “From renewing office space leases at market rates to improving processes through automation, our goal is to closely manage expenses overall.”
Bank Of Marin Bancorp Reports Strong Third Quarter Earnings
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