Rapidly Responding to Evolving Impacts of
the Novel Coronavirus
Bank of Marin Bancorp, "Bancorp" (Nasdaq: BMRC), parent company
of Bank of Marin, "Bank," announced earnings of $7.2 million in the
first quarter of 2020, compared to $9.1 million in the fourth
quarter of 2019 and $7.5 million in the first quarter of 2019.
Diluted earnings per share were $0.53 in the first quarter of 2020
compared to $0.66 in the prior quarter and $0.54 in the same
quarter last year. Net income reflected a $2.2 million provision
for loan losses related to the economic uncertainties of the
COVID-19 pandemic as well as typical first quarter increases in
non-interest expenses. The provision for loan losses negatively
impacted diluted earnings per share by approximately $0.12.
Partially offsetting the downward pressure on earnings were gains
on investment securities sales and accelerated discount accretion
from the early call on an investment security, which positively
impacted diluted earnings per share by approximately $0.07.
During the first quarter, Bank of Marin was actively engaged in
responding to the COVID-19 pandemic. All branches remain open to
serve our customers and local communities, with modified hours and
strict social distancing protocols in place as well as a maximum of
two customers allowed in a branch at one time. To protect the
health of everyone, many employees are working remotely, travel
restrictions are in effect, and cleaning protocols have been
enhanced across all locations.
We announced in March the waiver of all ATM and overdraft fees,
and the cancellation of early withdrawal penalties for time
certificate of deposits when allowed by law. We are providing
payment relief for 120 days to borrowers with hardship requests,
have reduced interest rate floors on mostly commercial Prime Rate
based loans and are participating in the Small Business
Administration’s ("SBA's") Paycheck Protection Program under the
Coronavirus Aid, Relief and Economic Security ("CARES") Act. In
addition, we have suspended our share repurchase program.
"We want to extend our sincere best wishes to all those directly
fighting the Coronavirus in Northern California and across the
country," said Russell A. Colombo, President and Chief Executive
Officer. "Bank of Marin is focusing its capital, liquidity,
financial strength and expertise on the broad-based solutions
required to respond to this crisis," Colombo continued. "Thanks to
the success of our pandemic response plan and the tireless work of
our staff, we are prepared to support our communities as long as
they need us.”
Bancorp also provided the following highlights from the first
quarter of 2020:
- Loans totaled $1,843.9 million at March 31, 2020, compared to
$1,843.3 million at December 31, 2019, an increase of $574
thousand. Loan originations of $29.8 million and line utilization
increases of $28.9 million were mostly offset by payoffs of $51.7
million.
- Our loan portfolio exposure to industries most affected by the
shelter-in-place order includes 10.4% retail properties and
businesses, 4.6% wine-related businesses and 2.7% hospitality.
Transportation, dental, recreation and entertainment combined
represent less than 1.5% of the total portfolio. Loans to these
customers are generally secured by real estate with low
loan-to-value ratios and strong guarantors.
- As of April 14, 2020, the Bank had received approximately $322
million loan relief requests for conversion to interest only or
payment deferral. Ninety-three percent of the total requests were
secured by real estate with loan-to-value ratios averaging less
than 45%, and $129 million were linked to industries most impacted
by the shelter-in-place order.
- Prior to receiving approval to participate in the Payroll
Protection Program, we put in place a system, team and process to
begin accepting and reviewing applications. To date, we have
received approximately 1,300 applications for an estimated total of
$350 million. We were able to submit and receive SBA approval for a
meaningful portion of those applications prior to SBA’s suspension
of the program due to funds being fully allocated. We continue to
internally process customer applications and remain poised to
submit them for approval as soon as the program is restarted.
- Total deposits decreased $29.4 million in the first quarter to
$2,307.1 million. Non-interest bearing deposits represented 49% of
total deposits in the first quarter and have been at or near this
level since the beginning of 2018. The cost of average deposits
decreased to 0.21% in the first quarter, compared to 0.23% in the
fourth quarter of 2019. In addition to our stable deposit base,
cash and investments of $736.3 million, which accounted for 27.3%
of total assets, provide substantial liquidity.
- Strong credit quality remains a cornerstone of the Bank's
consistent performance. Non-accrual loans represented only 0.09% of
the Bank's loan portfolio at March 31, 2020. A $2.2 million
provision for loan losses and $102 thousand provision for losses on
off-balance sheet commitments were recorded in the first quarter of
2020 to take into account the impact of the COVID-19 pandemic.
- All capital ratios were above regulatory requirements. The
total risk-based capital ratio for Bancorp was 15.3% at March 31,
2020, compared to 15.1% at December 31, 2019. Tangible common
equity to tangible assets was 11.7% at March 31, 2020, compared to
11.3% at December 31, 2019 (refer to footnote 3 on page 6 for a
definition of this non-GAAP financial measure).
- Because of our continued profitability, the Board of Directors
declared a cash dividend of $0.23 per share on April 17, 2020. This
represents the 60th consecutive quarterly dividend paid by Bank of
Marin Bancorp. The dividend is payable on May 8, 2020, to
shareholders of record at the close of business on May 1,
2020.
Loans and Credit Quality
Loans increased by $574 thousand in the first quarter and
totaled $1,843.9 million at March 31, 2020. Loan originations for
the three months ended March 31, 2020 and March 31, 2019 were $29.8
million and $34.0 million, respectively. Loan payoffs were $51.7
million in the first quarter of 2020 and $26.1 million in the same
quarter last year. Payoffs in the first quarter consisted largely
of loans whereby underlying assets were sold, including
construction loans, and planned payoffs expected to refinance
elsewhere as part of risk concentration management. Commitment line
utilization contributed to the overall increase in loans in the
first quarter.
Non-accrual loans totaled $1,632 thousand, or 0.09% of the loan
portfolio at March 31, 2020, compared to $226 thousand, or 0.01% at
December 31, 2019, and $719 thousand, or 0.04% a year ago.
Classified loans totaled $12.1 million at March 31, 2020, compared
to $9.9 million at December 31, 2019 and $14.8 million at March 31,
2019. There were no loans classified doubtful at March 31, 2020,
December 31, 2019, or March 31, 2019. Accruing loans past due 30 to
89 days totaled $1,315 thousand at March 31, 2020, compared to
$1,481 thousand at December 31, 2019 and $2,194 thousand a year
ago.
In accordance with the accounting relief provisions of the CARES
Act, the Bank has postponed the adoption of the current expected
credit losses (“CECL”) accounting standards, primarily due to the
impact the COVID-19 pandemic is having on the economy and the lack
of reasonable and supportable economic forecasts. Had we adopted
CECL as of January 1, 2020, the increase to our allowance for loan
losses would have ranged from 5% to 15% of the amount recorded at
December 31, 2019, which did not consider potential COVID-19
pandemic related impacts.
Under the existing incurred loss model we adjusted certain
qualitative factors, taking into account the uncertain impacts of
the pandemic, and recorded a $2.2 million loan loss provision in
the first quarter of 2020. There was a $500 thousand provision for
loan losses recorded in the fourth quarter and no provision for
loan losses recorded in the first period last year. Net recoveries
were $7 thousand in the first quarter of 2020, compared to net
charge-offs of $63 thousand for the prior quarter and $4 thousand
in the first quarter a year ago. The ratio of loan loss reserves to
loans, including acquired loans, was 1.02% at March 31, 2020, 0.90%
at December 31, 2019, and 0.89% at March 31, 2019.
Investments
The investment securities portfolio increased from $569.7
million at December 31, 2019 to $580.0 million at March 31, 2020.
During the first quarter 2020, we sold $26.6 million short duration
agency residential mortgage-backed securities subject to increasing
prepayment speeds, which resulted in a gain of $800 thousand, and
purchased $54.9 million longer-duration high credit quality
bonds.
Deposits
Total deposits were $2,307.1 million at March 31, 2020, compared
to $2,336.5 million at December 31, 2019. The $29.4 million
decrease during the first quarter primarily resulted from normal
cash fluctuations in some of our large business accounts. The
average cost of deposits in the first quarter of 2020 was 0.21%, a
decrease of 2 basis points from the prior quarter.
Operating Leases
Operating lease right-of-use assets increased $11.2 million and
operating lease liabilities increased $11.1 million in the first
quarter of 2020 as compared to the prior quarter. These changes
reflect modified lease terms for our existing headquarters office
and a new lease agreement for one of our retail branches.
Earnings
"The pandemic has resulted in lower interest rates, higher
volatility and some deterioration in household, business, and
market conditions that will impact all of us in the coming
quarters," said Tani Girton, EVP and Chief Financial Officer. "The
strength of Bank of Marin’s relationship banking model, underlying
operations and expense discipline positions us well to navigate the
challenges ahead."
Net interest income totaled $24.1 million in the first quarter
of 2020, compared to $23.9 million in the prior quarter and $23.8
million a year ago. The $225 thousand increase from the prior
quarter was primarily related to higher average earning asset
balances, $436 thousand accelerated accretion on an investment
security call and lower deposit rates, partially offset by lower
yields on loans and one less day in the quarter. The $273 thousand
increase from the comparative quarter a year ago was reflective of
higher average loan balances, accelerated accretion on the called
bond and one more day of interest, partially offset by lower yields
on loans and higher deposit balances and rates.
The tax-equivalent net interest margin was 3.88% in the first
quarter, 3.82% in the prior quarter, and 4.02% in the first quarter
of 2019. The same factors that drove changes in net interest income
accounted for the differences in net interest margin between the
quarters. Accelerated accretion on the called investment security
added 7 basis points to the first quarter margin.
In response to the evolving risks to economic activity posed by
the COVID-19 pandemic, the Federal Reserve Open Market Committee
("FOMC") made two emergency cuts totaling 150 basis points to the
federal funds rate in March. This will put downward pressure on our
asset yields and net interest margin with the full effect to be
seen in future quarters.
Non-interest income totaled $3.1 million in the first quarter of
2020, $2.3 million in the prior quarter, and $1.8 million in the
same quarter a year ago. The increase of $802 thousand from the
prior quarter was primarily due to $800 thousand in gains from the
sale of investment securities. The $1.3 million increase from the
same quarter a year ago was attributed primarily to the gains on
investment security sales, higher wealth management and trust
service income, annual dividend on bank-owned life insurance
investments, and several small changes in other income in the first
quarter of 2020. In addition, there were $283 thousand
non-refundable costs for underwriting two bank-owned life insurance
policies in the same quarter a year ago.
Non-interest expense increased $2.2 million to $15.5 million in
the first quarter of 2020, from $13.3 million in the prior quarter.
The increase was primarily due to $1.7 million higher salaries and
benefits expense typical in the first quarter of the year related
to January resets of 401K matching and payroll taxes, 2019 bonus
accrual true-ups, 401K matching on bonus payments, and stock-based
compensation, which included $388 thousand for participants meeting
retirement eligibility criteria. In addition, deferred costs
declined due to the lower level of loan originations and there were
four additional full-time equivalent staff in the first quarter.
Occupancy and equipment expense was up $136 thousand primarily due
to common area maintenance adjustments and there was a $102
thousand provision for losses on off-balance sheet loan commitments
in the first quarter.
First quarter non-interest expense decreased $59 thousand from
the same quarter last year. Decreases in data processing costs of
$229 thousand (mostly attributed to the digital platform
conversion) and the absence of Federal Deposit Insurance
Corporation ("FDIC") deposit insurance expense as the FDIC Deposit
Insurance Fund reserve exceeded its billing threshold were
partially offset by higher salaries and benefits related to merit
increases and occupancy and equipment expense mentioned above.
Share Repurchase Program
During the quarter, Bancorp repurchased 92,664 shares totaling
$3.2 million. Bancorp's $25.0 million share repurchase program
originally announced by the Board April 23, 2018 and subsequently
extended to February 28, 2020 expired with cumulative purchases of
561,355 shares totaling $23.5 million. The new $25.0 million share
repurchase program approved by the Board on January 24, 2020, began
subsequent to the February 28, 2020 expiration, and was suspended
on March 20, 2020 in response to the COVID-19 pandemic. Repurchases
under the new program were 58,526 shares totaling $1.8 million. The
program will be monitored with the opportunity to reinstitute when
the Board deems appropriate.
Earnings Call and Webcast Information
Bank of Marin Bancorp will present its first quarter earnings
call via webcast on Monday, April 20, 2020 at 8:30 a.m. PT/11:30
a.m. ET. Investors will have the opportunity to listen to the
webcast online through Bank of Marin’s website at
https://www.bankofmarin.com under “Investor Relations.” To listen
to the webcast live, please go to the website at least 15 minutes
early to register, download and install any necessary audio
software. For those who cannot listen to the live broadcast, a
replay will be available at the same website location shortly after
the call.
About Bank of Marin Bancorp
Founded in 1990 and headquartered in Novato, Bank of Marin is
the wholly owned subsidiary of Bank of Marin Bancorp (Nasdaq:
BMRC). A leading business and community bank in the San Francisco
Bay Area, with assets of $2.7 billion, Bank of Marin has 22
branches, 5 commercial banking offices and 1 loan production office
located across the North Bay, San Francisco and East Bay regions.
Bank of Marin provides commercial banking, personal banking, and
wealth management and trust services. Specializing in providing
legendary service to its customers and investing in its local
communities, Bank of Marin has consistently been ranked one of the
“Top Corporate Philanthropists" by the San Francisco Business Times
and one of the “Best Places to Work” by the North Bay Business
Journal. Bank of Marin Bancorp is included in the Russell 2000
Small-Cap Index and Nasdaq ABA Community Bank Index. For more
information, go to www.bankofmarin.com.
Forward-Looking Statements
This release may contain certain forward-looking statements that
are based on management's current expectations regarding economic,
legislative, and regulatory issues that may impact Bancorp's
earnings in future periods. Forward-looking statements can be
identified by the fact that they do not relate strictly to
historical or current facts. They often include the words
“believe,” “expect,” “intend,” “estimate” or words of similar
meaning, or future or conditional verbs such as “will,” “would,”
“should,” “could” or “may.” Factors that could cause future results
to vary materially from current management expectations include,
but are not limited to, natural disasters (such as wildfires and
earthquakes), pandemics such as COVID-19 and the economic impact
caused directly by the disease and by government responses thereto,
general economic conditions, economic uncertainty in the United
States and abroad, changes in interest rates, deposit flows, real
estate values, costs or effects of acquisitions, competition,
changes in accounting principles, policies or guidelines,
legislation or regulation (including the Tax Cuts & Jobs Act of
2017 and the Coronavirus Aid, Relief and Economic Security Act of
2020), interruptions of utility service in our markets for
sustained periods, and other economic, competitive, governmental,
regulatory and technological factors (including external fraud and
cybersecurity threats) affecting Bancorp's operations, pricing,
products and services. These and other important factors are
detailed in various securities law filings made periodically by
Bancorp, copies of which are available from Bancorp without charge.
Bancorp undertakes no obligation to release publicly the result of
any revisions to these forward-looking statements that may be made
to reflect events or circumstances after the date of this press
release or to reflect the occurrence of unanticipated events.
BANK OF MARIN BANCORP
FINANCIAL HIGHLIGHTS
March 31, 2020
(dollars in thousands, except per share
data; unaudited)
March 31, 2020
December 31, 2019
March 31, 2019
Quarter-to-Date
Net income
$
7,228
$
9,079
$
7,479
Diluted earnings per common share
$
0.53
$
0.66
$
0.54
Return on average assets
1.09
%
1.37
%
1.19
%
Return on average equity
8.54
%
10.75
%
9.54
%
Efficiency ratio
56.79
%
50.84
%
60.62
%
Tax-equivalent net interest margin 1
3.88
%
3.82
%
4.02
%
Cost of deposits
0.21
%
0.23
%
0.18
%
Net (recoveries) charge-offs
$
(7
)
$
63
$
4
Net (recoveries) charge-offs to average
loans
—
%
—
%
—
%
At Period
End
Total assets
$
2,697,738
$
2,707,280
$
2,534,076
Loans:
Commercial and industrial
$
264,405
$
246,687
$
237,646
Real estate:
Commercial owner-occupied
306,371
308,824
310,588
Commercial investor-owned
930,479
946,317
878,494
Construction
63,425
61,095
72,271
Home equity
116,968
116,024
124,512
Other residential
135,929
136,657
117,558
Installment and other consumer loans
26,283
27,682
31,469
Total loans
$
1,843,860
$
1,843,286
$
1,772,538
Non-performing loans: 2
Commercial and industrial
$
—
$
—
$
309
Real estate:
Commercial investor-owned
942
—
—
Home equity
633
168
346
Installment and other consumer loans
57
58
64
Total non-accrual loans
$
1,632
$
226
$
719
Classified loans (graded substandard and
doubtful)
$
12,056
$
9,934
$
14,811
Total accruing loans 30-89 days past
due
$
1,315
$
1,481
$
2,194
Allowance for loan losses to total
loans
1.02
%
0.90
%
0.89
%
Allowance for loan losses to
non-performing loans
11.57
x
73.86
x
21.99
x
Non-accrual loans to total loans
0.09
%
0.01
%
0.04
%
Total deposits
$
2,307,110
$
2,336,489
$
2,178,629
Loan-to-deposit ratio
79.9
%
78.9
%
81.4
%
Stockholders' equity
$
345,940
$
336,788
$
320,664
Book value per share
$
25.50
$
24.81
$
23.26
Tangible common equity to tangible assets
3
11.7
%
11.3
%
11.4
%
Total risk-based capital ratio - Bank
14.4
%
14.6
%
13.9
%
Total risk-based capital ratio -
Bancorp
15.3
%
15.1
%
14.9
%
Full-time equivalent employees
296
290
296
1 Net interest income is annualized by
dividing actual number of days in the period times 360 days.
2 Excludes accruing troubled-debt
restructured loans of $11.1 million, $11.3 million and $14.0
million at March 31, 2020, December 31, 2019 and March 31, 2019,
respectively.
3 Tangible common equity to tangible
assets is considered to be a meaningful non-GAAP financial measure
of capital adequacy and is useful for investors to assess Bancorp's
ability to absorb potential losses. Tangible common equity includes
common stock, retained earnings and unrealized gain on available
for sale securities, net of tax, less goodwill and intangible
assets of $34.6 million, $34.8 million and $35.5 million at March
31, 2020, December 31, 2019, and March 31, 2019, respectively.
Tangible assets exclude goodwill and intangible assets.
BANK OF MARIN BANCORP
CONSOLIDATED STATEMENTS OF
CONDITION
At March 31, 2020, December
31, 2020 and March 31, 2019
(in thousands, except share data;
unaudited)
March 31,
2020
December 31,
2019
March 31,
2019
Assets
Cash, cash equivalents and restricted
cash
$
156,274
$
183,388
$
51,639
Investment securities
Held-to-maturity, at amortized cost
131,140
137,413
152,845
Available-for-sale (at fair value;
amortized cost $431,519, $423,923 and $442,386 at March 31, 2020,
December 31, 2019 and March 31, 2019 respectively)
448,868
432,260
442,885
Total investment securities
580,008
569,673
595,730
Loans, net of allowance for loan losses of
$18,884, $16,677 and $15,817 at March 31, 2020, December 31, 2019
and March 31, 2019 respectively
1,824,976
1,826,609
1,756,721
Bank premises and equipment, net
5,708
6,070
7,237
Goodwill
30,140
30,140
30,140
Core deposit intangible
4,471
4,684
5,349
Operating lease right-of-use assets
22,225
11,002
12,465
Interest receivable and other assets
73,936
75,714
74,795
Total assets
$
2,697,738
$
2,707,280
$
2,534,076
Liabilities and Stockholders'
Equity
Liabilities
Deposits
Non-interest bearing
$
1,130,460
$
1,128,823
$
1,076,382
Interest bearing
Transaction accounts
137,802
142,329
130,001
Savings accounts
167,210
162,817
180,758
Money market accounts
776,271
804,710
680,806
Time accounts
95,367
97,810
110,682
Total deposits
2,307,110
2,336,489
2,178,629
Borrowings and other obligations
185
212
309
Subordinated debentures
2,725
2,708
2,657
Operating lease liabilities
23,726
12,615
14,349
Interest payable and other liabilities
18,052
18,468
17,468
Total liabilities
2,351,798
2,370,492
2,213,412
Stockholders' Equity
Preferred stock, no par value,
Authorized - 5,000,000 shares, none
issued
—
—
—
Common stock, no par value,
Authorized - 30,000,000 shares; Issued and
outstanding - 13,565,969, 13,577,008 and 13,786,808 at March 31
2020, December 31, 2019 and March 31, 2019, respectively
127,684
129,058
137,125
Retained earnings
207,328
203,227
184,793
Accumulated other comprehensive income
(loss), net of taxes
10,928
4,503
(1,254
)
Total stockholders' equity
345,940
336,788
320,664
Total liabilities and stockholders'
equity
$
2,697,738
$
2,707,280
$
2,534,076
BANK OF MARIN BANCORP
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
Three months ended
(in thousands, except per share amounts;
unaudited)
March 31, 2020
December 31, 2019
March 31, 2019
Interest income
Interest and fees on loans
$
20,887
$
21,123
$
20,695
Interest on investment securities
4,165
3,543
4,097
Interest on federal funds sold and due
from banks
332
567
139
Total interest income
25,384
25,233
24,931
Interest expense
Interest on interest-bearing transaction
accounts
66
78
77
Interest on savings accounts
16
18
18
Interest on money market accounts
971
1,033
764
Interest on time accounts
161
154
119
Interest on borrowings and other
obligations
2
2
47
Interest on subordinated debentures
49
54
60
Total interest expense
1,265
1,339
1,085
Net interest income
24,119
23,894
23,846
Provision for loan losses
2,200
500
—
Net interest income after provision for
loan losses
21,919
23,394
23,846
Non-interest income
Service charges on deposit accounts
451
462
479
Wealth Management and Trust Services
504
501
438
Debit card interchange fees, net
360
386
380
Merchant interchange fees, net
73
78
87
Earnings on (cost of) bank-owned life
insurance
275
226
(60
)
Dividends on FHLB stock
208
208
196
Gains (losses) on sale of investment
securities, net
800
—
(6
)
Other income
449
457
257
Total non-interest income
3,120
2,318
1,771
Non-interest expense
Salaries and related benefits
9,477
7,827
9,146
Occupancy and equipment
1,663
1,527
1,531
Depreciation and amortization
526
527
556
Federal Deposit Insurance Corporation
insurance
2
7
179
Data processing
786
775
1,015
Professional services
544
431
586
Directors' expense
174
180
179
Information technology
250
243
259
Amortization of core deposit
intangible
213
222
222
Provision for losses on off-balance sheet
commitments
102
—
129
Other expense
1,732
1,587
1,726
Total non-interest expense
15,469
13,326
15,528
Income before provision for income
taxes
9,570
12,386
10,089
Provision for income taxes
2,342
3,307
2,610
Net income
$
7,228
$
9,079
$
7,479
Net income per common share:
Basic
$
0.53
$
0.67
$
0.54
Diluted
$
0.53
$
0.66
$
0.54
Weighted average shares:
Basic
13,525
13,521
13,737
Diluted
13,656
13,703
13,924
Comprehensive income:
Net income
$
7,228
$
9,079
$
7,479
Other comprehensive income (loss)
Change in net unrealized gains or losses
on available-for-sale securities included in net income
9,812
(2,018
)
3,939
Reclassification adjustment for (gains)
losses on available-for-sale securities in net income
(800
)
—
6
Amortization of net unrealized losses on
securities transferred from available-for-sale to
held-to-maturity
110
117
101
Subtotal
9,122
(1,901
)
4,046
Deferred tax expense (benefit)
2,697
(558
)
1,198
Other comprehensive income (loss), net of
tax
6,425
(1,343
)
2,848
Comprehensive income
$
13,653
$
7,736
$
10,327
BANK OF MARIN BANCORP
AVERAGE STATEMENTS OF
CONDITION AND ANALYSIS OF NET INTEREST INCOME
Three months ended
Three months ended
Three months ended
March 31, 2020
December 31, 2019
March 31, 2019
Interest
Interest
Interest
Average
Income/
Yield/
Average
Income/
Yield/
Average
Income/
Yield/
(in thousands; unaudited)
Balance
Expense
Rate
Balance
Expense
Rate
Balance
Expense
Rate
Assets
Interest-bearing due from banks 1
$
99,362
$
332
1.32
%
$
136,320
$
566
1.63
%
$
22,690
$
139
2.45
%
Investment securities 2, 3
556,897
4,266
3.06
%
530,596
3,625
2.73
%
619,562
4,191
2.71
%
Loans 1, 3, 4
1,833,180
21,066
4.55
%
1,804,667
21,276
4.61
%
1,756,316
20,887
4.76
%
Total interest-earning assets 1
2,489,439
25,664
4.08
%
2,471,583
25,467
4.03
%
2,398,568
25,217
4.21
%
Cash and non-interest-bearing due from
banks
40,844
39,882
30,947
Bank premises and equipment, net
5,939
6,326
7,512
Interest receivable and other assets,
net
118,909
112,895
104,685
Total assets
$
2,655,131
$
2,630,686
$
2,541,712
Liabilities and Stockholders' Equity
Interest-bearing transaction accounts
$
138,395
$
66
0.19
%
$
145,237
$
79
0.22
%
$
127,733
$
77
0.24
%
Savings accounts
163,439
16
0.04
%
164,664
17
0.04
%
180,355
18
0.04
%
Money market accounts
760,616
971
0.51
%
725,192
1,033
0.57
%
673,137
764
0.46
%
Time accounts including CDARS
96,157
161
0.67
%
97,302
154
0.63
%
113,389
119
0.43
%
Borrowings and other obligations 1
358
2
1.81
%
226
2
2.80
%
7,414
47
2.55
%
Subordinated debentures 1
2,715
49
7.19
%
2,698
54
7.79
%
2,647
60
9.05
%
Total interest-bearing liabilities
1,161,680
1,265
0.44
%
1,135,319
1,339
0.47
%
1,104,675
1,085
0.40
%
Demand accounts
1,119,975
1,129,068
1,086,947
Interest payable and other liabilities
33,045
31,270
32,163
Stockholders' equity
340,431
335,029
317,927
Total liabilities & stockholders'
equity
$
2,655,131
$
2,630,686
$
2,541,712
Tax-equivalent net interest income/margin
1
$
24,399
3.88
%
$
24,128
3.82
%
$
24,132
4.02
%
Reported net interest income/margin 1
$
24,119
3.83
%
$
23,894
3.78
%
$
23,846
3.98
%
Tax-equivalent net interest rate
spread
3.64
%
3.56
%
3.81
%
1 Interest income/expense is divided by actual number of days in
the period times 360 days to correspond to stated interest rate
terms, where applicable.
2 Yields on available-for-sale securities
are calculated based on amortized cost balances rather than fair
value, as changes in fair value are reflected as a component of
stockholders' equity. Investment security interest is earned on
30/360 day basis monthly.
3 Yields and interest income on tax-exempt
securities and loans are presented on a taxable-equivalent basis
using the Federal statutory rate of 21 percent in 2020 and
2019.
4 Average balances on loans outstanding
include non-performing loans. The amortized portion of net loan
origination fees is included in interest income on loans,
representing an adjustment to the yield.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200420005129/en/
Beth Drummey Marketing & Corporate Communications Manager
415-763-4529 | bethdrummey@bankofmarin.com
Bank of Marin Bancorp (NASDAQ:BMRC)
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