KBW Maintains Outperform on Bank of Marin

KBW is out with its report today on Bank of Marin BMRC, maintaining Outperform. In a note to clients, KBW writes, "BMRC reported 2Q11 EPS of $0.64, a dime below consensus and our estimate of $0.74. The miss was entirely in the provision expense (-25 cents) as NII was higher (+15 cents) and fees and operating expenses were essentially in line with our forecast. Credit clean-up—a new phenomenon for BMRC—overshadowed an otherwise decent quarter that included continued operating strength and loan growth." Shares of BMRC closed Monday at $37.00, up 0.52% from Friday's close.