Bank Of Marin Bancorp (BMRC) Misses Q1 EPS by 9c

April 22, 2019 8:05 AM EDT

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Bank Of Marin Bancorp (NASDAQ: BMRC) reported Q1 EPS of $0.54, $0.09 worse than the analyst estimate of $0.63.

“Our solid first quarter results demonstrate that staying true to a time-tested formula leads to consistent performance through economic cycles,” said Russell A. Colombo, President and Chief Executive Officer. “Our credit quality remains excellent, and our low cost of deposits continues to be a competitive advantage. By maintaining disciplined fundamentals, with rigorous lending practices and a strong relationship banking model, we are delivering value for customers and shareholders alike.”

Bancorp also provided the following highlights in the first quarter of 2019:

  • Loans totaled $1,772.5 million at March 31, 2019, compared to $1,763.9 million at December 31, 2018. New loan originations of $34.0 million in the first quarter were distributed across Commercial Banking and Consumer Banking.
  • Strong credit quality remains a cornerstone of the Bank\'s consistent performance. Non-accrual loans represented only 0.04% of the Bank\'s loan portfolio at March 31, 2019 and December 31, 2018. There was no provision for loan losses recorded in the first quarter of 2019.
  • Total deposits increased by $3.8 million in the first quarter to $2,178.6 million. Non-interest bearing deposits increased $10.3 million from December 31, 2018 and represented 49% of total deposits at March 31, 2019. The cost of average deposits increased to 0.18% for the first quarter of 2019, compared to 0.14% for the prior quarter.
  • First quarter net income reflects the typical increases in expenses associated with year-end resets of payroll taxes and 401K contributions, stock-based award vesting and performance share payouts. The first quarter of 2019 also included accelerated stock-based compensation expense for three newly retirement-eligible employees, the purchase of new bank-owned life insurance policies and a one-time pay cycle adjustment.
  • All capital ratios were above regulatory requirements. The total risk-based capital ratio for Bancorp was 14.9% at March 31, 2019 and December 31, 2018. Tangible common equity to tangible assets was 11.4% at March 31, 2019, compared to 11.3% at December 31, 2018 (refer to footnote 3 in Financial Highlights table for a definition of this non-GAAP financial measure).
  • The Board of Directors declared a cash dividend of $0.19 per share. This represents the 56th consecutive quarterly dividend paid by Bank of Marin Bancorp. The dividend is payable on May 10, 2019, to shareholders of record at the close of business on May 3, 2019.
  • The Board of Directors is considering an extension of the share repurchase authority to utilize the remaining approved budget, and expects to make a final determination prior to the current May 1, 2019, expiration.
  • On April 1, 2019, we expanded our presence in the East Bay by opening a loan production office in Walnut Creek that will serve commercial businesses across the Diablo Valley. In addition, well-established banker Rob Holden has joined Bank of Marin to lead our San Francisco team.

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

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