Bank Of Marin Bancorp (BMRC) Reports In-Line Q2 EPS

July 22, 2019 8:02 AM EDT
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Price: $30.84 -2.47%

EPS Growth %: +24.5%

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Bank Of Marin Bancorp (NASDAQ: BMRC) reported Q2 EPS of $0.60, in-line with the analyst estimate of $0.60.

“We delivered another strong quarter for our shareholders,” said Russell A. Colombo, President and Chief Executive Officer. “In this competitive environment, we\'ve maintained our low cost, stable deposit base and disciplined underwriting standards, and our credit quality remains excellent. We’re well-positioned to meet the steady loan demand we’re seeing across our markets.”

Bancorp also provided the following highlights from the second quarter of 2019:

  • Loans totaled $1,764.9 million at June 30, 2019, compared to $1,772.5 million at March 31, 2019. New loan originations of $42.2 million in the second quarter were distributed across Commercial Banking and Consumer Banking. Payoffs of $43.3 million in the second quarter included the successful completion of a large construction project.
  • While total deposits decreased $76.6 million in the second quarter to $2,102.0 million, non-interest bearing deposits declined only $19.7 million. Non-interest bearing deposits represented 50% of total deposits versus 49% last quarter, and have been at or near this level since the beginning of last year. The cost of average deposits increased to 0.20% in the second quarter compared to 0.18% in the first quarter of 2019.
  • Strong credit quality remains a cornerstone of the Bank’s consistent performance. Non-accrual loans represented only 0.03% of the Bank’s loan portfolio at June 30, 2019. There were no provisions for loan losses or off-balance sheet commitments recorded in the second quarter of 2019.
  • All capital ratios were above regulatory requirements. The total risk-based capital ratio for Bancorp was 15.2% at June 30, 2019, compared to 14.9% at March 31, 2019. Tangible common equity to tangible assets was 12.0% at June 30, 2019, compared to 11.4% at March 31, 2019 (refer to footnote 3 in Financial Highlights table for a definition of this non-GAAP financial measure).
  • Based on the size of the market and reduced branch foot traffic driven by digital banking offerings, we have decided to close the Petaluma Downtown Branch on August 9, 2019. We will focus our resources on growing our two remaining branches in Petaluma, where most Downtown customers have already moved their business. Our commitment to the Petaluma community remains strong, and employees have accepted positions in other Bank of Marin branches.
  • On June 17, 2019, we upgraded to a new digital banking platform that offers our customers enhanced features and additional functionality for an improved online and mobile banking experience. The conversion is substantially complete, and the implementation and operations teams are working closely with our customers to make their transition to the new platform as smooth as possible.
  • The Board of Directors declared a cash dividend of $0.21 per share on July 19, 2019. This represents the 57th consecutive quarterly dividend paid by Bank of Marin Bancorp. The dividend is payable on August 9, 2019, to shareholders of record at the close of business on August 2, 2019.
  • As a result of her expanded responsibilities, Cecilia Situ, First Vice President, has been named Treasurer of the Bank. David A. Merck, Vice President and Financial Reporting Manager, has assumed the position of Principal Accounting Officer that was previously occupied by Ms. Situ.

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

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