Business
Bank of Marin Bancorp Reports Second Quarter Earnings of $7.4 Million
Holds Dividend Steady at 23 Cents Per Share NOVATO, Calif.--(BUSINESS WIRE)-- Bank of Marin Bancorp, "Bancorp" (Nasdaq: BMRC), parent company of Bank of
About this update from Bank Of Marin Bancorp
[{"type":"text","content":"\nHolds Dividend Steady at 23 Cents Per Share\n\n NOVATO, Calif.--(BUSINESS WIRE)--\nBank of Marin Bancorp, \"Bancorp\" (Nasdaq: BMRC), parent company of Bank of Marin, \"Bank,\" announced earnings of $7.4 million in the second quarter of 2020, compared to $7.2 million in the first quarter of 2020 and $8.2 million in the second quarter of 2019. Diluted earnings per share were $0.55 in the second quarter of 2020 compared to $0.53 in the prior quarter and $0.60 in the same quarter last year. Earnings for the first six months of 2020 totaled $14.6 million compared to $15.7 million in the same period last year. Diluted earnings per share were $1.07 and $1.13 in the first six months of 2020 and 2019, respectively.\n\n\nNet income included the positive pretax impact of $1.7 million in interest income and accreted processing fees, net of amortized loan origination costs, related to Small Business Administration (\"SBA\") Paycheck Protection Program (\"PPP\") loans, which contributed $0.09 to diluted earnings per share in the second quarter and first six months of 2020. A $2.0 million provision for loan losses negatively impacted diluted earnings per share by approximately $0.11 in the second quarter. Year-to-date provisions of $4.2 million reduced EPS by $0.23 in the first half of 2020.\n\n\nThe Bank has responded to the COVID-19 pandemic in a number of ways, funding over $300 million in SBA PPP loans to over 1,800 small businesses, reaching nearly 28,000 employees in our markets, while also accommodating loan payment relief requests for over 260 loans with balances exceeding $386 million, lowering interest rate floors on commercial Prime Rate loans, waiving ATM and overdraft fees, and cancelling early withdrawal penalties for certificates of deposit when allowed by law.\n\n\n\"Though the pandemic created sudden and substantial financial hardship for many, our sound underwriting and strong capital and liquidity positions enabled us to efficiently help businesses access resources like the Paycheck Protection Program,\" said Russell A. Colombo, President and Chief Executive Officer. \"Our more than 30-year history of consistently strong performance is proof of our ability to navigate through economic downturns and emerge ready to grow along with our customers. We will continue to work together now to ensure they bridge the gap to recover...