NOVATO, Calif. (AP) — NOVATO, Calif. (AP) — Bank of Marin Bancorp (BMRC) on Monday reported first-quarter earnings of $9.4 million.
The Novato, California-based bank said it had earnings of 59 cents per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 69 cents per share.
The bank holding company posted revenue of $37.3 million in the period. Its revenue net of interest expense was $32.8 million, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $35 million.
Bank of Marin shares have declined 37% since the beginning of the year. The stock has declined 37% in the last 12 months.
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