Bank Of Marin Bancorp (BMRC) Tops Q3 EPS Expectations

October 24, 2016 8:23 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 Q3 EPS of $1.14, $0.35 better than the analyst estimate of $0.79.

“Bank of Marin has exceeded the record earnings achieved in the first quarter this year,” said Russell A. Colombo, President and Chief Executive Officer. “I'm pleased with our performance overall, particularly with our organic growth in both deposits and loans. We enter the fourth quarter with strong focus and positive momentum thanks to our commitment to relationship banking and our discipline, both of which drive the way the Bank operates. Our relationship focus has allowed us to build a strong customer base and work with our clients to resolve issues. This is clearly evident in the recovery we achieved in the third quarter.”

Bancorp also provided the following highlights from its operating and financial performance for the third quarter of 2016:

  • The resolution of a problem commercial real estate credit added $1.4 million interest recovery to net interest income and resulted in a $1.6 million reversal of the provision for loan losses. Non-accrual loans represent 0.04% of total loans as of September 30, 2016.
  • Deposit growth of $95.9 million in the third quarter reflects the strength of our customer relationships. Non-interest bearing deposits grew by $56.2 million and represent 47.8% of total deposits. The 0.08% cost of total deposits is consistent with the prior quarter.
  • Loans increased by $19.3 million and totaled $1,467.7 million at September 30, 2016, compared to $1,448.4 million at June 30, 2016. New loan volume of $56.3 million in the third quarter of 2016 was $11.8 million higher than last quarter.
  • All capital ratios are well above regulatory requirements for a well-capitalized institution. The total risk-based capital ratio for Bancorp was 14.3% at September 30, 2016 compared to 14.1% at June 30, 2016. Tangible common equity to tangible assets decreased to 10.9% at September 30, 2016 from 11.2% at June 30, 2016, primarily due to the increase in total assets.
  • The Board of Directors declared a cash dividend of $0.27 per share on October 21, 2016. This represents the 46th consecutive quarterly dividend paid by Bank of Marin Bancorp. The dividend is payable on November 14, 2016, to shareholders of record at the close of business on November 4, 2016.

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

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