Bank Of Marin Bancorp (BMRC) Raises Quarterly Dividend 9.5% to $0.23, 2.1% Yield; Announces New $25M Share Buyback Plan

Bank Of Marin Bancorp (NASDAQ: BMRC) declared a quarterly dividend of $0.23 per share, or $0.92 annualized. This is a 9.5% increase from the prior dividend of $0.21.

The dividend will be payable on February 14, 2020, to stockholders of record on February 7, 2020, with an ex-dividend date of February 6, 2020.

The annual yield on the dividend is 2.1 percent.

SHARE BUYBACK

Bancorp's existing $25.0 million Share Repurchase Program expires February 28, 2020. Bancorp repurchased 42,349 shares totaling $1.9 million in the fourth quarter of 2019 for a cumulative total of 527,217 shares and $22.0 million as of December 31, 2019.

With the current Share Repurchase Program nearing expiration, Bancorp’s Board of Directors approved a new repurchase program on January 24, 2020 of up to $25.0 million of Bancorp’s common stock. Repurchases will not begin under this new program until Bancorp is no longer in a trading blackout or otherwise in possession of material non-public information and the program will continue through February 28, 2022.

Under the new Share Repurchase Program, Bancorp may purchase shares of its common stock through various means such as open market transactions, including block purchases, and privately negotiated transactions. The number of shares repurchased and the timing, manner, price and amount of any repurchases will be determined at Bancorp’s discretion. Factors include, but are not limited to, stock price, trading volume and general market conditions, along with Bancorp’s general business conditions. The program may be suspended or discontinued at any time and does not obligate Bancorp to acquire any specific number of shares of its common stock.

As part of the new Share Repurchase Program, Bancorp intends to enter into a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The 10b5-1 trading plan would permit common stock to be repurchased at a time that Bancorp might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions. The 10b5-1 trading plan will be administered by an independent broker and will be subject to price, market volume and timing restrictions.

For a dividend history and other dividend-related data on Bank Of Marin Bancorp (BMRC) click here.

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