Bank of Marin Bancorp, "Bancorp" (NASDAQ: BMRC), parent company
of Bank of Marin, "Bank," announced earnings of $7.5 million in the
first quarter of 2019, compared to $9.7 million in the fourth
quarter of 2018 and $6.4 million in the first quarter of 2018.
Diluted earnings per share were $0.54 in the first quarter of 2019,
compared to $0.69 in the prior quarter and $0.46 in the same
quarter last year.
“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.
Loans and Credit Quality
Loans grew $8.7 million in the first quarter of 2019 and totaled
$1,772.5 million at March 31, 2019. Loan originations for the three
months ended March 31, 2019 and March 31, 2018 were $34.0 million
and $37.4 million, respectively. New loan originations were
partially offset by loan payoffs of $26.1 million in the first
quarter of 2019 and $31.5 million in the same quarter last year.
The largest portion of payoffs in the current quarter came from the
sale of assets underlying loans and the successful completion of
construction projects.
Non-accrual loans totaled $719 thousand, or 0.04% of the loan
portfolio at March 31, 2019, compared to $697 thousand, or
0.04% at December 31, 2018, and $392 thousand, or 0.02% a year
ago. Classified loans totaled $14.8 million at March 31, 2019,
compared to $12.6 million at December 31, 2018 and $27.8
million at March 31, 2018. The $2.2 million increase in the
first quarter of 2019 was primarily due to a well-secured
owner-occupied commercial real estate loan. In April 2019, we
received a $2.2 million paydown on a $2.7 million substandard
classified land development loan and upgraded the remaining balance
to a Pass risk rating due to the low loan-to-value ratio and the
borrower’s improved financial condition. There were no loans
classified doubtful at March 31, 2019 or December 31,
2018. Accruing loans past due 30 to 89 days totaled $2,194 thousand
at March 31, 2019, compared to $1,121 thousand at
December 31, 2018 and $388 thousand a year ago.
There was no provision for loan losses recorded in the first
quarter of 2019, consistent with last quarter and the same quarter
a year ago. Net charge-offs were $4 thousand in the first quarter
of 2019, compared to net recoveries of $4 thousand for the three
months ended December 31, 2018 and March 31, 2018. The ratio of
loan loss reserves to loans, including acquired loans, was 0.89% at
March 31, 2019, 0.90% at December 31, 2018, and 0.94% at
March 31, 2018.
Investments
The investment securities portfolio totaled $595.7 million at
March 31, 2019, compared to $619.7 million at December 31, 2018 and
$572.9 million at March 31, 2018. The decrease from the prior
quarter was primarily attributed to calls, principal paydowns,
sales and maturities of $34.6 million, partially offset by $11.3
million in purchases.
Deposits
Total deposits were $2,178.6 million at March 31, 2019,
compared to $2,174.8 million at December 31, 2018 and $2,186.6
million at March 31, 2018. The increase in deposit balances during
the first quarter of 2019, was primarily due to normal cash
fluctuations in some of our large business accounts. The average
cost of deposits in the first quarter of 2019 was 0.18%, an
increase of 4 basis points from the prior quarter and an increase
of 10 basis points from the same quarter a year ago, primarily due
to an increase in market interest rates.
Earnings
“Bank of Marin's investment in people, infrastructure and
acquisitions continues to produce benefits in terms of loan growth
and expense control,” said Tani Girton, EVP and Chief Financial
Officer. “The ongoing strength of the Bank is reflected in the
year-over-year increase of 17 basis points in net interest margin,
efficiency ratio in the low 60's and return on assets of
1.19%.”
Net interest income totaled $23.8 million in the first quarter
of 2019, compared to $23.3 million in the prior quarter and $21.9
million in the same quarter a year ago. The $574 thousand and
$1,955 thousand increases from the prior quarter and comparative
quarter a year ago were reflective of growth in average earning
assets of $5.6 million and $85.7 million, respectively, and higher
yields across earning asset classes.
The tax-equivalent net interest margin was 4.02% in the first
quarter of 2019, compared to 3.85% in both the prior quarter and
same quarter a year ago. The 17 basis point increase from the prior
quarter was primarily due to the early redemption of a high-rate
subordinated debenture due to NorCal Community Bancorp Trust I in
October 2018. The 17 basis point increase from the first quarter of
2018 was primarily due to a more favorable mix of interest-earning
assets toward higher yielding loans and investment securities.
Loans obtained through the acquisition of other banks are
classified as either purchased credit impaired ("PCI") or non-PCI
loans and are recorded at fair value at acquisition date. For
acquired loans not considered credit impaired, the level of
accretion varies due to maturities and early payoffs. Accretion on
PCI loans fluctuates based on changes in cash flows expected to be
collected. Gains on payoffs of PCI loans are recorded as interest
income when the payoff amounts exceed the recorded investment. PCI
loans totaled $2.1 million at March 31, 2019, December 31, 2018 and
March 31, 2018.
As our acquired loans from prior acquisitions continue to pay
off, we expect the accretion on these loans to continue to decline.
Accretion and gains on payoffs of purchased loans recorded to
interest income were as follows:
Three months ended March 31, 2019 December 31,
2018 March 31, 2018 (dollars in thousands; unaudited)
DollarAmount
Basis pointimpact to netinterest
margin
DollarAmount
Basis pointimpact to netinterest
margin
DollarAmount
Basis pointimpact to netinterest
margin
Accretion on PCI loans 1 $ 59 1 bps $
62 1 bps $ 112 2 bps Accretion
on non-PCI loans 2 $ 42 1 bps $ 214 3 bps $ 99 2 bps Gains on
payoffs of PCI loans $ — 0 bps $ — 0 bps $ 128 2 bps 1
Accretable yield on PCI loans totaled $875 thousand, $934
thousand and $1.1 million at March 31, 2019, December 31, 2018 and
March 31, 2018, respectively. 2 Unaccreted purchase discounts on
non-PCI loans totaled $666 thousand, $708 thousand and $1.1 million
at March 31, 2019, December 31, 2018 and March 31, 2018,
respectively.
Non-interest income of $1.8 million in the first quarter of 2019
decreased $1.7 million from $3.4 million in the fourth quarter due
to a $956 thousand pre-tax gain on sale of 6,500 shares of Visa
Inc. Class B restricted common stock and a $180 thousand Federal
Home Loan Bank special dividend in the fourth quarter.
Additionally, the Bank incurred $283 thousand non-refundable costs
for underwriting two new bank-owned life insurance policies
purchased in the first quarter and deposit network income declined
$163 thousand. The decrease of $471 thousand from $2.2 million in
the first quarter last year was primarily related to the costs
associated with the newly purchased bank-owned life insurance
policies and the decrease in deposit network income mentioned
above.
Non-interest expense totaled $15.5 million in the first quarter
of 2019, $13.7 million in the prior quarter, and $16.1 million in
the same quarter a year ago. The increase of $1.8 million from the
prior quarter was primarily due to a $1.2 million increase in
salaries and benefits from stock-based compensation ($498 thousand
due to certain participants meeting retirement eligibility
requirements and $64 thousand vesting of performance awards), $136
thousand one-time pay cycle adjustment, six additional full-time
equivalent ("FTE") staff, and $339 thousand more in 401(k) employer
matching contributions. Additionally, there was a $129 thousand
provision for losses on off-balance sheet commitments in the first
quarter of 2019. The $553 thousand decrease from the same quarter a
year ago was primarily related to a decrease in professional fees
of $713 thousand (mostly attributed to core processing contract
negotiations) and data processing expenses of $366 thousand (mostly
attributed to Bank of Napa acquisition-related expenses in 2018).
These decreases were partially offset by additional FTE staff,
merit increases, the one-time pay cycle adjustment and the
provision for losses on off-balance sheet commitments.
Share Repurchase Program
Bancorp's Board of Directors approved the repurchase of up to
$25.0 million common stock through May 1, 2019. Bancorp
repurchased 113,904 shares totaling $4.8 million in the first
quarter of 2019 for a cumulative total of 285,121 shares totaling
$11.8 million as of March 31, 2019.
Earnings Call and Webcast Information
Bank of Marin Bancorp will present its first quarter earnings
call via webcast on Monday, April 22, 2019 at 8:30 a.m. PT/11:30
a.m. ET. Investors will have the opportunity to listen to the
webcast online through Bank of Marin’s website at
https://www.bankofmarin.com under “Investor Relations.” To listen
to the webcast live, please go to the website at least 15 minutes
early to register, download and install any necessary audio
software. For those who cannot listen to the live broadcast, a
replay will be available at the same website location shortly after
the call.
About Bank of Marin Bancorp
Founded in 1990 and headquartered in Novato, Bank of Marin is
the wholly owned subsidiary of Bank of Marin Bancorp (NASDAQ:
BMRC). A leading business and community bank in the San Francisco
Bay Area, with assets of $2.5 billion, Bank of Marin has 23 retail
branches, 5 commercial banking offices and 1 loan production office
located across the North Bay, San Francisco and East Bay regions.
Bank of Marin provides commercial banking, personal banking, and
wealth management and trust services. Specializing in providing
legendary service to its customers and investing in its local
communities, Bank of Marin has consistently been ranked one of the
“Top Corporate Philanthropists" by the San Francisco Business Times
and one of the “Best Places to Work” by the North Bay Business
Journal. Bank of Marin Bancorp is included in the Russell 2000
Small-Cap Index and NASDAQ ABA Community Bank Index. For more
information, go to www.bankofmarin.com.
Forward-Looking Statements
This release may contain certain forward-looking statements that
are based on management's current expectations regarding economic,
legislative, and regulatory issues that may impact Bancorp's
earnings in future periods. Forward-looking statements can be
identified by the fact that they do not relate strictly to
historical or current facts. They often include the words
“believe,” “expect,” “intend,” “estimate” or words of similar
meaning, or future or conditional verbs such as “will,” “would,”
“should,” “could” or “may.” Factors that could cause future results
to vary materially from current management expectations include,
but are not limited to, general economic conditions, economic
uncertainty in the United States and abroad, changes in interest
rates, deposit flows, real estate values, costs or effects of
acquisitions, competition, changes in accounting principles,
policies or guidelines, legislation or regulation (including the
Tax Cuts & Jobs Act of 2017), and other economic, competitive,
governmental, regulatory and technological factors (including
external fraud and cyber-security threats) affecting Bancorp's
operations, pricing, products and services. These and other
important factors are detailed in various securities law filings
made periodically by Bancorp, copies of which are available from
Bancorp without charge. Bancorp undertakes no obligation to release
publicly the result of any revisions to these forward-looking
statements that may be made to reflect events or circumstances
after the date of this press release or to reflect the occurrence
of unanticipated events.
BANK OF MARIN BANCORP FINANCIAL HIGHLIGHTS
March 31, 2019 (dollars in
thousands, except per share data; unaudited)
March
31, 2019
December 31, 2018
March 31, 2018
Quarter-to-Date
Net income $ 7,479 $ 9,662 $ 6,389 Diluted earnings per common
share 4 $ 0.54 $ 0.69 $ 0.46 Return on average assets 1.19 % 1.52 %
1.05 % Return on average equity 9.54 % 12.37 % 8.70 % Efficiency
ratio 60.62 % 51.34 % 66.64 % Tax-equivalent net interest margin 1
4.02 % 3.85 % 3.85 % Net charge-offs (recoveries) $ 4 $ (4 ) $ (4 )
Net charge-offs (recoveries) to average loans — — —
At Period
End
Total assets $ 2,534,076 $ 2,520,892 $ 2,510,043 Loans: Commercial
and industrial $ 237,646 $ 230,739 $ 231,680 Real estate:
Commercial owner-occupied 310,588 313,277 300,377 Commercial
investor-owned 878,494 873,410 828,945 Construction 72,271 76,423
64,978 Home equity 124,512 124,696 124,699 Other residential
117,558 117,847 95,621 Installment and other consumer loans 31,469
27,472 25,440 Total loans $ 1,772,538 $
1,763,864 $ 1,671,740 Non-performing loans: 2
Commercial and industrial $ 309 $ 319 $ — Home equity 346 313 392
Installment and other consumer loans 64 65 —
Total non-accrual loans $ 719 $ 697 $ 392
Classified loans (graded substandard and doubtful) $ 14,811
$ 12,608 $ 27,807 Total accruing loans 30-89 days past due $ 2,194
$ 1,121 $ 388 Allowance for loan losses to total loans 0.89 % 0.90
% 0.94 % Allowance for loan losses to non-performing loans 21.99x
22.71x 40.26x Non-accrual loans to total loans 0.04 % 0.04 % 0.02 %
Total deposits $ 2,178,629 $ 2,174,840 $ 2,186,594
Loan-to-deposit ratio 81.4 % 81.1 % 76.5 % Stockholders' equity $
320,664 $ 316,407 $ 298,464 Book value per share 4 $ 23.26 $ 22.85
$ 21.37 Tangible common equity to tangible assets 3 11.4 % 11.3 %
10.6 % Total risk-based capital ratio - Bank 13.9 % 14.0 % 14.7 %
Total risk-based capital ratio - Bancorp 14.9 % 14.9 % 15.1 %
Full-time equivalent employees 296 290 288 1 Net interest
income is annualized by dividing actual number of days in the
period times 360 days. 2 Excludes accruing troubled-debt
restructured loans of $14.0 million, $14.3 million and $16.2
million at March 31, 2019, December 31, 2018 and March 31, 2018,
respectively. Excludes purchased credit-impaired (PCI) loans with
carrying values of $2.1 million that were accreting interest at
March 31, 2019, December 31, 2018 and March 31, 2018. These amounts
are excluded as PCI loan accretable yield interest recognition is
independent from the underlying contractual loan delinquency
status. 3 Tangible common equity to tangible assets is considered
to be a meaningful non-GAAP financial measure of capital adequacy
and is useful for investors to assess Bancorp's ability to absorb
potential losses. Tangible common equity includes common stock,
retained earnings and unrealized gain on available for sale
securities, net of tax, less goodwill and intangible assets of
$35.5 million, $35.7 million and $36.4 million at March 31, 2019,
December 31, 2018 and March 31, 2018, respectively. Tangible assets
exclude goodwill and intangible assets. 4 Share and per share data
have been adjusted to reflect the two-for-one stock split effective
November 27, 2018.
BANK OF MARIN BANCORP
CONSOLIDATED STATEMENTS OF
CONDITION
At March 31, 2019, December 31, 2018
and March 31, 2018
(in thousands, except share data;
unaudited)
March 31,2019
December 31,2018
March 31,2018
Assets Cash and due from banks $ 51,639 $ 34,221 $ 159,347
Investment securities Held-to-maturity, at amortized cost 152,845
157,206 149,013
Available-for-sale (at fair value;
amortized cost $442,386, $465,910 and $431,871 at March 31, 2019,
December 31, 2018 and March 31, 2018, respectively)
442,885 462,464 423,882
Total investment securities
595,730 619,670 572,895
Loans, net of allowance for loan losses of
$15,817, $15,821 and $15,771 at March 31, 2019, December 31, 2018
and March 31, 2018, respectively
1,756,721 1,748,043 1,655,969 Bank premises and equipment, net
7,237 7,376 8,297 Goodwill 30,140 30,140 30,140 Core deposit
intangible 5,349 5,571 6,262 Operating lease right-of-use assets
12,465 — — Interest receivable and other assets
74,795 75,871 77,133
Total
assets $ 2,534,076
$ 2,520,892 $ 2,510,043
Liabilities and Stockholders' Equity
Liabilities Deposits Non-interest bearing $ 1,076,382 $
1,066,051 $ 1,065,470 Interest bearing Transaction accounts 130,001
133,403 166,117 Savings accounts 180,758 178,429 180,730 Money
market accounts 680,806 679,775 628,335 Time accounts
110,682 117,182 145,942 Total
deposits 2,178,629 2,174,840 2,186,594 Borrowings and other
obligations 309 7,000 — Subordinated debentures 2,657 2,640 5,772
Operating lease liabilities 14,349 — — Interest payable and other
liabilities 17,468 20,005
19,213 Total liabilities 2,213,412
2,204,485 2,211,579
Stockholders' Equity Preferred stock, no par value,
Authorized - 5,000,000 shares, none issued — — —
Common stock, no par value,
Authorized - 30,000,000 shares; Issued and
outstanding - 13,786,808, 13,844,353 and 13,970,252 at March 31,
2019, December 31, 2018 and March 31, 2018, respectively
137,125 140,565 145,282 Retained earnings 184,793 179,944 160,556
Accumulated other comprehensive loss, net of taxes
(1,254 ) (4,102 ) (7,374 ) Total stockholders' equity
320,664 316,407 298,464
Total liabilities and stockholders' equity
$ 2,534,076 $
2,520,892 $ 2,510,043
BANK OF MARIN BANCORP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three months ended (in thousands, except per share amounts;
unaudited) March 31, 2019
December 31, 2018
March 31, 2018
Interest income Interest
and fees on loans $ 20,695 $ 20,732 $ 18,887 Interest on investment
securities 4,097 3,912 3,157 Interest on federal funds sold and due
from banks 139 373 403
Total interest income 24,931 25,017 22,447
Interest
expense Interest on interest-bearing transaction accounts 77 68
52 Interest on savings accounts 18 18 18 Interest on money market
accounts 764 566 216 Interest on time accounts 119 116 156 Interest
on borrowings and other obligations 47 — — Interest on subordinated
debentures 60 977 114
Total interest expense 1,085
1,745 556 Net interest income 23,846 23,272
21,891 Provision for loan losses — —
— Net interest income after provision for loan
losses 23,846 23,272
21,891
Non-interest income Service charges on deposit
accounts 479 484 477 Wealth Management and Trust Services 438 426
515 Debit card interchange fees, net 380 403 396 Merchant
interchange fees, net 87 81 80 (Losses) earnings on bank-owned life
insurance, net (60 ) 228 228 Dividends on FHLB stock 196 377 196
(Losses) gains on investment securities, net (6 ) 955 — Other
income 257 469 350
Total non-interest income 1,771 3,423
2,242
Non-interest expense Salaries and
related benefits 9,146 7,933 9,017 Occupancy and equipment 1,531
1,514 1,507 Depreciation and amortization 556 518 547 Federal
Deposit Insurance Corporation insurance 179 188 191 Data processing
1,015 1,004 1,381 Professional services 586 481 1,299 Directors'
expense 179 170 174 Information technology 259 228 269 Amortization
of core deposit intangible 222 230 230 Provision for losses on
off-balance sheet commitments 129 — — Other expense
1,726 1,439 1,466 Total
non-interest expense 15,528 13,705
16,081 Income before provision for income
taxes 10,089 12,990 8,052 Provision for income taxes
2,610 3,328 1,663
Net
income $ 7,479
$ 9,662 $ 6,389
Net income per common share:1 Basic $ 0.54 $ 0.70 $ 0.46 Diluted $
0.54 $ 0.69 $ 0.46 Weighted average shares:1 Basic 13,737 13,841
13,827 Diluted 13,924 14,033
14,011
Comprehensive income: Net income $
7,479 $ 9,662 $ 6,389 Other comprehensive income (loss) Change in
net unrealized gain or loss on available-for-sale securities 3,939
7,714 (6,170 ) Reclassification adjustment for losses on
available-for-sale securities in net income 6 — — Amortization of
net unrealized losses on securities transferred from
available-for-sale to held-to-maturity 101
120 136 Subtotal 4,046 7,834 (6,034 )
Deferred tax expense (benefit) 1,198
2,318 (1,784 ) Other comprehensive income (loss), net
of tax 2,848 5,516 (4,250
)
Comprehensive income $ 10,327
$ 15,178 $ 2,139 1 Share and per share
data have been adjusted to reflect the two-for-one stock split
effective November 27, 2018.
BANK OF MARIN BANCORP AVERAGE STATEMENTS OF
CONDITION AND ANALYSIS OF NET INTEREST INCOME Three
months ended Three months ended Three months ended March 31, 2019
December 31, 2018 March 31, 2018
Interest Interest Interest
Average Income/ Yield/ Average Income/ Yield/ Average Income/
Yield/ (dollars in thousands) Balance Expense
Rate Balance Expense Rate
Balance Expense Rate Assets Interest-bearing
due from banks 1 $ 22,690 $ 139 2.45 % $ 65,961 $ 373 2.21 % $
104,850 $ 403 1.54 % Investment securities 2, 3 619,562 4,191 2.71
% 600,914 4,000 2.66 % 532,544 3,276 2.46 % Loans 1, 3, 4
1,756,316 20,887 4.76 %
1,726,045 20,933 4.75 %
1,675,490 19,119 4.56 % Total
interest-earning assets 1 2,398,568 25,217 4.21 % 2,392,920 25,306
4.14 % 2,312,884 22,798 3.94 % Cash and non-interest-bearing due
from banks 30,947 38,943 45,815 Bank premises and equipment, net
7,512 7,529 8,501 Interest receivable and other assets, net
104,685
84,651 89,018
Total assets
$ 2,541,712
$ 2,524,043
$ 2,456,218
Liabilities and Stockholders' Equity Interest-bearing
transaction accounts $ 127,733 $ 77 0.24 % $ 130,546 $ 68 0.21 % $
168,371 $ 52 0.13 % Savings accounts 180,355 18 0.04 % 177,018 18
0.04 % 180,253 18 0.04 % Money market accounts 673,137 764 0.46 %
643,459 566 0.35 % 582,961 216 0.15 % Time accounts including CDARS
113,389 119 0.43 % 121,838 116 0.38 % 154,543 156 0.41 % Borrowings
and other obligations 1 7,414 47 2.55 % 76 — 2.52 % — — — %
Subordinated debentures 1 2,647 60
9.05 % 2,770 977
138.09 % 5,753 114
7.90 % Total interest-bearing liabilities 1,104,675 1,085 0.40 %
1,075,707 1,745 0.64 % 1,091,881 556 0.21 % Demand accounts
1,086,947 1,118,785 1,049,502 Interest payable and other
liabilities 32,163 19,662 16,903 Stockholders' equity
317,927 309,889
297,932
Total liabilities &
stockholders' equity $ 2,541,712
$
2,524,043
$ 2,456,218
Tax-equivalent net interest income/margin 1
$ 24,132 4.02 % $
23,561 3.85 % $ 22,242
3.85 % Reported net interest income/margin 1
$ 23,846 3.98 %
$ 23,272 3.81 %
$ 21,891 3.79 % Tax-equivalent net interest
rate spread 3.81 %
3.49 %
3.74 % 1 Interest income/expense is
divided by actual number of days in the period times 360 days to
correspond to stated interest rate terms, where applicable. 2
Yields on available-for-sale securities are calculated based on
amortized cost balances rather than fair value, as changes in fair
value are reflected as a component of stockholders' equity.
Investment security interest is earned on 30/360 day basis monthly.
3 Yields and interest income on tax-exempt securities and loans are
presented on a taxable-equivalent basis using the Federal statutory
rate of 21 percent in 2019 and 2018. 4 Average balances on loans
outstanding include non-performing loans. The amortized portion of
net loan origination fees is included in interest income on loans,
representing an adjustment to the yield.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190422005153/en/
Beth DrummeyMarketing & Corporate Communications
Manager415-763-4529 | bethdrummey@bankofmarin.com
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