Bank of Marin Bancorp: Copy that

Its name is redundant and so is Bank of Marin Bancorp's (Nasdaq:BMRC) performance. That's just fine, for the Bay Area bank is proving over and over that it can weather bad times and good, growing consistently in beautiful northern California.

Like the words "Strong Loan Growth?" "Excellent Credit Quality?" And "Squeaky Clean Quarter?" All were used by Don Worthington, analyst at Howe Barnes Hoefer and Arnett, in a July report to describe Bank of Marin's second quarter.

The Novato, Calif.-bank earned $0.65 per share in the second quarter through June, up 20.4% from the year-ago quarter. Earnings were boosted by strong net interest margins of 5.52%, up from 5.07%. Second-quarter loans rose a sharp 22.3% to $799.5 million, with only $236,000, or 0.03%, considered non-performing; the allowance for loan losses as a percentage of loans was 1.07% on June 30, compared with 1.08% a year ago.

In reporting quarterly results, Bank of Marin said it has not participated in subprime lending nor holds securities backed by subprime loans. It also held no stock in Fannie Mae or Freddie Mac.

The quarter boosted investor confidence. The average earnings estimate for 2008 from two analysts is $2.62 per share, up 13% from $2.31 in 2007; earnings are expected to grow to $2.83 in 2009. Revenues are seen at $53 million this year, up 9.4% from 2007 and are expected at $56.6 million in 2009. Talk about monotonous: sales . . .

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