Bank Of Marin Bancorp (BMRC) Tops Q3 EPS by 6c

October 22, 2018 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 Q3 EPS of $1.23, $0.06 better than the analyst estimate of $1.17.

“Our record earnings for the third quarter reflect our proven relationship banking model, which provides us with a growing base of low-cost deposits and attractive lending opportunities,” said Russell A. Colombo, President and Chief Executive Officer. “As we head into Q4, we are focused on finishing the year strong and laying the groundwork for a successful 2019.”

Bancorp also provided the following highlights in the third quarter of 2018:

  • Pre-tax net income in the third quarter of 2018 was up $1.2 million from the second quarter of 2018 and $4.0 million from the third quarter of 2017. Higher average balances of both loans and non-interest bearing deposits and higher yields across earning asset categories favorably impacted earnings in the current quarter. Reported net interest margin was 3.91% in the third quarter of 2018, compared to 3.87% in the prior quarter and 3.63% in the same quarter last year.
  • Loans increased $11.3 million to $1,728.9 million at September 30, 2018, compared to $1,717.6 million at June 30, 2018. New loan volume of $52.6 million in the third quarter was well-distributed among our Marin, Napa and San Francisco Commercial Banking markets as well as Consumer Banking.
  • Strong credit quality remains a cornerstone of the Bank\'s consistent performance. Non-accrual loans continue to represent 0.02% of the Bank\'s loan portfolio at September 30, 2018. There was no provision for either loan losses or off-balance sheet commitments recorded in the third quarter of 2018.
  • Total deposits increased $75.1 million in the third quarter to $2,212.8 million. Non-interest bearing deposits represented 50.2% of total deposits versus 49.5% last quarter. The cost of total deposits increased to 0.10% for the third quarter of 2018, compared to 0.08% for the prior quarter.
  • All capital ratios are well above regulatory requirements for a well-capitalized institution. The total risk-based capital ratio for Bancorp was 15.3% at September 30, 2018, compared to 15.2% at June 30, 2018. Tangible common equity to tangible assets was 10.9% at September 30, 2018, compared to 11.0% at June 30, 2018 (refer to footnote 3 on page 6 for a definition of this non-GAAP financial measure.)
  • The Board of Directors declared a cash dividend of $0.35 per share, a $0.03 increase from the prior quarter. This represents the 54th consecutive quarterly dividend paid by Bank of Marin Bancorp. The dividend is payable on November 8, 2018, to shareholders of record at the close of business on November 1, 2018.
  • In order to further enhance liquidity in Bank of Marin Bancorp (BMRC) stock and expand diversification in the investor base, the Board of Directors announced a 2:1 stock split payable on November 27, 2018, to shareholders of record at the close of business on November 9, 2018.
  • To reduce our funding costs, on October 5, 2018, Bancorp early-redeemed one of the two subordinated debentures assumed as part of the 2013 acquisition of NorCal Community Bancorp. The unaccreted purchase discount of $916 thousand has been accelerated and will have a one-time impact on net interest income in the fourth quarter of 2018, but will not have a material impact on our capital ratios.

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

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