NOVATO, Calif. (AP) — NOVATO, Calif. (AP) — Bank of Marin Bancorp (BMRC) on Monday reported first-quarter net income of $2.9 million.
The bank, based in Novato, California, said it had earnings of 18 cents per share.
The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 28 cents per share.
The bank holding company posted revenue of $36.9 million in the period. Its revenue net of interest expense was $25.4 million, which also did not meet Street forecasts. Three analysts surveyed by Zacks expected $26.9 million.
Bank of Marin shares have decreased 30% since the beginning of the year. The stock has decreased 14% in the last 12 months.
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