Business
Bank of Marin Bancorp Reports First Quarter Earnings of $7.2 Million
Rapidly Responding to Evolving Impacts of the Novel Coronavirus NOVATO, Calif.--(BUSINESS WIRE)-- Bank of Marin Bancorp, "Bancorp" (Nasdaq: BMRC), parent
About this update from Bank Of Marin Bancorp
[{"type":"text","content":"\nRapidly Responding to Evolving Impacts of the Novel Coronavirus\n\n NOVATO, Calif.--(BUSINESS WIRE)--\nBank of Marin Bancorp, \"Bancorp\" (Nasdaq: BMRC), parent company of Bank of Marin, \"Bank,\" announced earnings of $7.2 million in the first quarter of 2020, compared to $9.1 million in the fourth quarter of 2019 and $7.5 million in the first quarter of 2019. Diluted earnings per share were $0.53 in the first quarter of 2020 compared to $0.66 in the prior quarter and $0.54 in the same quarter last year. Net income reflected a $2.2 million provision for loan losses related to the economic uncertainties of the COVID-19 pandemic as well as typical first quarter increases in non-interest expenses. The provision for loan losses negatively impacted diluted earnings per share by approximately $0.12. Partially offsetting the downward pressure on earnings were gains on investment securities sales and accelerated discount accretion from the early call on an investment security, which positively impacted diluted earnings per share by approximately $0.07.\n\n\nDuring the first quarter, Bank of Marin was actively engaged in responding to the COVID-19 pandemic. All branches remain open to serve our customers and local communities, with modified hours and strict social distancing protocols in place as well as a maximum of two customers allowed in a branch at one time. To protect the health of everyone, many employees are working remotely, travel restrictions are in effect, and cleaning protocols have been enhanced across all locations.\n\n\nWe announced in March the waiver of all ATM and overdraft fees, and the cancellation of early withdrawal penalties for time certificate of deposits when allowed by law. We are providing payment relief for 120 days to borrowers with hardship requests, have reduced interest rate floors on mostly commercial Prime Rate based loans and are participating in the Small Business Administration’s (\"SBA's\") Paycheck Protection Program under the Coronavirus Aid, Relief and Economic Security (\"CARES\") Act. In addition, we have suspended our share repurchase program.\n\n\n\"We want to extend our sincere best wishes to all those directly fighting the Coronavirus in Northern California and across the country,\" said Russell A. Colombo, President and Chief Executive Officer. \"Bank of Marin is focusing its capital, ...