NOVATO, Calif. (AP) — NOVATO, Calif. (AP) — Bank of Marin Bancorp (BMRC) on Monday reported first-quarter profit of $8.5 million.
The Novato, California-based bank said it had earnings of 53 cents per share.
The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 56 cents per share.
The bank holding company posted revenue of $46.6 million in the period. Its revenue net of interest expense was $34.3 million, which beat Street forecasts. Three analysts surveyed by Zacks expected $33.8 million.
Bank of Marin shares have dropped 0.5% since the beginning of the year. The stock has risen 24% in the last 12 months.
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