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Tamalpais Bank posts record third-quarter earnings
(The Marin Independent Journal Via Acquire Media NewsEdge) Oct. 23--Tamalpais Bancorp, the parent company of Tamalpais Bank and Tamalpais Wealth Advisors, reported record quarterly earnings Thursday, saying asset growth was strong despite an increase in its loan loss provision and tax rate.
Net income for the third quarter rose 51 percent to $1.5 million from $985,000 in the same quarter in 2007. Per-share earnings were up 56 percent from last year at 39 cents.
Net income for the first nine months ended Sept. 30 was $3.9 million, up 30 percent from $3 million in 2007.
Mark Garwood, president and chief executive officer of Tamalpais Bancorp, said the company's high-quality loan portfolio, its widening interest margin and controlled operating expenses have produced high levels of recurring income.
"This has given us the flexibility to prudently increase reserves and capital ratios while still producing superior shareholder returns," Garwood said.
At a time banks across the country are collapsing, Garwood said Tamalpais has been able to stay focused on its core business because it has maintained strict lending practices.
"Many banks have been in trouble and have been on the sidelines, so we have been able to take advantage," Garwood said. "A lot of banks have had to curtail to deal with internal issues."
Tamalpais has hired several key executives to create new business and concentrates on vital markets.
"We have enough loan demand that we just put our dollars into that," Garfield said, adding that the bank didn't buy into the
failed financial giants Freddie Mac and Fannie Mae as many others did.
The bank's total assets rose to $679.7 million, a 4.7 increase from $649.1 million on June 30.
Tim O'Brien, an equity research analyst at Sandler O'Neill and Partners in San Francisco, said the bank performed well in the current banking environment.
"We have high standards for them," O'Brien said, adding his company is recommending Tamalpais Bancorp as a buy.
"Tamalpais operates in Marin, and that's a good market from a housing standpoint," O'Brien said. "Management avoided making investments in a lot of housing construction-related business and land speculation."
Tamalpais Bancorp shares closed level with the previous day's at $10. Per-share prices have ranged from $9.40 to $13 in the past year.
Tamalpais Bank has seven branches in Marin and one Northern California loan production office. Tamalpais Wealth Advisors provides services to high net worth families and institutional clients. The company had $680 million in assets and $254 million in assets under management as of Sept. 30.
Contact Nancy Isles Nation via e-mail at nnation@marinij.com
Read more Business and stocks stories at the IJ's Business and stocks section.
To see more of The Marin Independent Journal or to subscribe to the newspaper, go to http://www.marinij.com/.
Copyright (c) 2008, The Marin Independent Journal, Novato, Calif.
Distributed by McClatchy-Tribune Information Services.
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