Bank of Marin Bancorp - BMRC STOCK NEWS

Bank of Marin Bancorp (BMRC) reported net income of $4.6 million for Q3 2024, compared to a net loss of $21.9 million in Q2 2024. Diluted earnings per share was $0.28 for Q3, versus a loss of $(1.36) in Q2. The company's tax-equivalent net interest margin increased to 2.70% from 2.52%. Total deposits grew to $3.309 billion, up $95.5 million from Q2, with non-interest bearing deposits increasing to 44.5% of total deposits. The Board declared a cash dividend of $0.25 per share. Year-to-date 2024 results reflected a $32.5 million pretax loss from Q2 balance sheet restructuring.

Bank of Marin Bancorp (Nasdaq: BMRC) has announced its upcoming third quarter earnings webcast scheduled for Monday, October 28, 2024, at 8:30 a.m. PT/11:30 a.m. ET. The presentation will feature President and CEO Tim Myers, EVP and CFO Tani Girton, and EVP and Chief Credit Officer Misako Stewart discussing the company's fiscal third quarter results, which ended September 30, 2024.

Investors and interested parties can access the live webcast through Bank of Marin's website at www.bankofmarin.com under the "Investor Relations" section. Participants are advised to log in at least 15 minutes before the call to register and install any necessary audio software. For those unable to attend the live broadcast, a replay will be available on the same website shortly after the call. The webcast will also feature closed captioning during the live presentation and replay.

Bank of Marin Bancorp (Nasdaq: BMRC) reported a net loss of $21.9 million for Q2 2024, dropping from a net income of $2.9 million in Q1 2024. The diluted loss per share was $(1.36), compared to earnings of $0.18 per share last quarter. The six-month net loss was $19.0 million, in contrast to a $14.0 million net income for the same period in 2023. This loss reflects a pretax loss of $32.5 million from balance sheet restructuring and a $5.2 million provision for credit losses.

The company sold $325 million of low-yielding investment securities, using proceeds to pay off borrowings and reinvest in higher-yielding assets. Despite Q2 losses, BMRC expects a 30 basis point increase in annualized net interest margin and $0.46 per share earnings accretion starting Q3 2024.

Total loans grew by $27.4 million to $2.082 billion, while total deposits decreased by $70.3 million to $3.214 billion. Non-accrual loans increased significantly due to a $16.7 million commercial real estate loan.

Bank of Marin Bancorp (Nasdaq: BMRC) will webcast its Q2 earnings call on Monday, July 29, 2024, at 8:30 a.m. PT/11:30 a.m. ET.

President and CEO Tim Myers, EVP and CFO Tani Girton, and EVP and Chief Credit Officer Misako Stewart will discuss the company’s second-quarter performance ending June 30, 2024.

Interested parties can listen online through Bank of Marin's website under 'Investor Relations'. A replay will be available shortly after the live event, which will also include closed captioning.

Bank of Marin, a subsidiary of Bank of Marin Bancorp (Nasdaq: BMRC), has sold $293 million in available-for-sale securities as a part of its strategic plan to enhance future earnings, EPS growth, and return on equity. According to CEO Tim Myers, the bank's robust capital allows for proactive balance sheet repositioning to create additional shareholder value. The securities, accounting for 56% of the AFS portfolio with an average yield of 1.94%, were sold, leading to an estimated after-tax loss of $23 million to be recorded in Q2 2024. The proceeds will be reinvested into higher-yielding loans and short-duration securities, expected to yield 5.75% on average, improving net interest margin by 30 basis points annually, and adding $0.46 to EPS over the next four quarters.

Bank of Marin Bancorp, parent company of Bank of Marin, reported earnings of $2.9 million for the first quarter of 2024, compared to $610 thousand for the previous quarter and $9.4 million for the same period in 2023. Diluted EPS was $0.18 for the quarter. The net interest margin was stable at 2.50%, but climbing deposit rates impacted the margin. Non-accrual loans decreased, but classified loans increased. Loan balances remained stable, and deposits were essentially flat. The company declared a dividend of $0.25 per share. The TCE ratio increased, and capital ratios were above regulatory requirements. Net interest income decreased, while non-interest income improved. Non-interest expenses increased. The company provided a reconciliation of GAAP and non-GAAP financial measures.

Bank of Marin Bancorp (BMRC) will host its first quarter earnings call on April 29, 2024, featuring key executives discussing the fiscal performance. Investors can access the webcast on the company's website.

Bank of Marin Bancorp (BMRC) announces the retirement of Robert Heller from its board of directors after nearly 20 years of service. Heller's leadership and expertise have been instrumental in the Bank's growth and success, with assets increasing five-fold while maintaining excellent credit quality and consistent dividends to shareholders.

Bank of Marin Bancorp, parent company of Bank of Marin, announced earnings of $610 thousand for Q4 2023, compared to $5.3 million for Q3 2023. Full year 2023 earnings were $19.9 million, compared to $46.6 million for 2022. The decrease in earnings was due to a $5.9 million pretax net loss on the sale of investment securities and an $875 thousand increase in the pre-tax credit loss provision. The Bank sold $131.9 million in available-for-sale investment securities in Q4, resulting in a net pretax loss of $5.9 million. The tax-equivalent net interest margin improved 5 basis points over the preceding quarter to 2.53%. The total risk-based capital ratios at December 31, 2023, for Bancorp and the Bank were 16.89% and 16.62%, respectively. Loans decreased by $13.2 million for Q4 2023 and totaled $2.074 billion as of December 31, 2023.