Business
Bank of Marin Bancorp Reports Third Quarter Earnings of $9.4 Million; 15% Increase Over Prior Quarter
NOVATO, Calif.--(BUSINESS WIRE)-- Bank of Marin Bancorp, "Bancorp" (Nasdaq: BMRC), parent company of Bank of Marin, "Bank," announced earnings of $9.4
About this update from Bank Of Marin Bancorp
[{"type":"text","content":" NOVATO, Calif.--(BUSINESS WIRE)--\nBank of Marin Bancorp, \"Bancorp\" (Nasdaq: BMRC), parent company of Bank of Marin, \"Bank,\" announced earnings of $9.4 million in the third quarter of 2019, compared to $8.2 million in the second quarter of 2019 and $8.7 million in the third quarter of 2018. Diluted earnings per share were $0.69 in the third quarter of 2019 compared to $0.60 in the prior quarter and $0.62 in the same quarter last year (adjusted for stock-split). Earnings for the first nine months of 2019 totaled $25.2 million compared to $23.0 million in the same period last year. Diluted earnings per share were $1.82 and $1.64 (adjusted for stock-split) in the first nine months of 2019 and 2018, respectively.\n\n\n“Our third quarter performance was once again very good, with strong deposit and loan growth while maintaining excellent credit quality,” said Russell A. Colombo, President and Chief Executive Officer. “We are seeing positive results from our investment in organic growth, specifically the consistent loan volume coming from a number of our offices.”\n\n\nBancorp also provided the following highlights from the third quarter of 2019:\n\n\n\nLoans totaled $1,798.7 million at September 30, 2019, compared to $1,764.9 million at June 30, 2019, an increase of $33.8 million. New loan originations of $77.3 million in the third quarter were mainly distributed across Commercial Banking and Consumer Banking. Payoffs of $38.5 million in the third quarter consisted largely of loans for which the underlying assets were sold and the successful completion of construction projects.\n\n\nTotal deposits increased $122.5 million in the third quarter to $2,224.5 million. Non-interest bearing deposits represented 50% of total deposits in the third quarter and have been at or near this level since the beginning of last year. The cost of average deposits increased to 0.21% in the third quarter, compared to 0.20% in the second quarter of 2019.\n\n\nStrong credit quality remains a cornerstone of the Bank's consistent performance. Non-accrual loans represented only 0.02% of the Bank's loan portfolio at September 30, 2019, compared to 0.03% at June 30, 2019. A $400 thousand provision for loan losses was recorded in the third quarter of 2019 to account for the loan growth, and there was no provision for losses on off-balance sheet commitments.\...