Business
Bank of Marin Bancorp Reports First Quarter Earnings of $10.5 Million
American River Conversion Complete NOVATO, Calif.--(BUSINESS WIRE)-- Bank of Marin Bancorp, "Bancorp" (Nasdaq: BMRC), parent company of Bank of Marin,
About this update from Bank Of Marin Bancorp
[{"type":"text","content":"\nAmerican River Conversion Complete\n\n NOVATO, Calif.--(BUSINESS WIRE)--\nBank of Marin Bancorp, \"Bancorp\" (Nasdaq: BMRC), parent company of Bank of Marin, \"Bank,\" announced earnings of $10.5 million in the first quarter of 2022, compared to $9.7 million in the fourth quarter of 2021 and $8.9 million in the first quarter of 2021. Diluted earnings per share were $0.66 in the first quarter, $0.61 in the prior quarter, and $0.66 in the same quarter last year. First quarter 2022 and fourth quarter 2021 earnings were impacted by the costs associated with our recent acquisition, the details of which are discussed throughout this report.\n\n\"During the first quarter, we successfully completed the system conversion of American River Bankshares, our largest conversion to date, with minimal disruption to customers,\" said Tim Myers, President and Chief Executive Officer. \"As loan demand increases in the market, our talented teams are well positioned to capitalize on this trend and drive new loan originations across our newly expanded footprint.\"\n\nBancorp also provided the following highlights from the first quarter of 2022:\n\n\nConversion of our core systems occurred in March, bringing acquired American River Bank (\"ARB\") accounts and key systems under the umbrella of Bank of Marin. For a smooth end-user experience in line with standards of legendary service, extra resources were deployed to assist our customers with the transition.\n\n\n\nMerger-related one-time and conversion costs reduced net income by $385 thousand, net of taxes, or $0.02 per share in the quarter. As shown in the reconciliation of GAAP to non-GAAP financial measures on page 3, without those acquisition related components, ROA of 0.98% and ROE of 9.61% would have been 1.01% and 9.96%, respectively, compared to 0.97% and 9.19% for the quarter ended December 31, 2021. ROA and ROE were 1.21% and 10.22% for the first three months of 2021.\n\n\n\nA good indicator of the merger's positive impact on operating earnings is the efficiency ratio, as it neither includes provisions for losses on loans and unfunded commitments, nor is it impacted by changes in share counts. As shown in the reconciliation of GAAP to non-GAAP financial measures on page 3, the efficiency ratios excluding merger-related one-time and conversion costs were 57.46% and 53.63% for the quarters ...