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Bank Of Marin Bancorp Reports Record Second Quarter Earnings Of $5.0 Million And Increases Quarterly Cash Dividend To Shareholders

Bank of Marin Bancorp, "Bancorp" (NASDAQ:BMRC), parent company of Bank of Marin, announced second quarter 2012 earnings of $5.0 million, up 0.2%, from $4.9 million in the first quarter of 2012, and up 44.0% from $3.4 million in the second quarter of 2011. Diluted earnings per share totaled $0.91 in the second quarter, consistent with the prior quarter, and increased $0.27 from $0.64 in the same quarter a year ago. Earnings for the six-month period ended June 30, 2012 totaled $9.9 million, up 24.4% from $7.9 million in the same period a year ago. Diluted earnings per share for the six-month period ended June 30, 2012 totaled $1.82, up $0.34, or 23.0%, from $1.48 in the same period a year ago.

“Our solid earnings are driven by our excellent credit quality, strong relationships with customers, and commitment to the community,” said Russell A. Colombo, President and CEO of Bank of Marin. “We have positioned ourselves to expand our wine industry lending by adding another experienced commercial loan officer in Sonoma County, and the appointment of a new board member from Napa, Michaela Rodeno, former CEO of St. Supery Winery."

Bancorp also provided the following highlights on its operating and financial performance for the second quarter of 2012:
  • Credit quality remains solid with net charge-offs in the second quarter of 2012 totaling $187 thousand, down $930 thousand from the prior quarter and down $2.0 million from the same quarter a year ago.
  • Deposits totaled $1.2 billion at June 30, 2012 and March 31, 2012 and totaled $1.1 billion at June 30, 2011. Non-interest bearing deposits totaled 32.5% of total deposits at June 30, 2012.
  • In a conscious effort to deploy excess liquidity, Bancorp grew the investment portfolio by $36.6 million (primarily government-guaranteed mortgage-backed and collateralized mortgage obligation securities, as well as corporate bonds) in the second quarter of 2012.
  • Total risk-based capital ratio for Bancorp grew to 13.9%, up from 13.6% at March 31, 2012 and 13.0% at June 30, 2011, and continues to be well above industry requirements for a well-capitalized institution.
  • Loans in Napa increased $4.7 million, or 8.1%, in the second quarter of 2012, excluding $1.9 million in problem loan payoffs.
  • Michaela Rodeno was appointed as Bancorp's new board member on July 2, 2012. Rodeno, former CEO of St. Supery Winery and former board member of Silicon Valley Bank, brings 40 years of business and wine industry knowledge to the board.
  • On July 19, 2012, the Board of Directors declared a quarterly cash dividend of $0.18 per share, a $0.01 increase from the prior quarter. The cash dividend is payable to shareholders of record at the close of business on August 2, 2012 and will be payable on August 10, 2012.

Loans and Credit Quality

Gross loans totaled $1.0 billion at June 30, 2012 and March 31, 2012 and totaled $986.6 million at June 30, 2011. Non-performing loans totaled $14.3 million, or 1.40%, of Bancorp's loan portfolio at June 30, 2012, relatively unchanged from $14.4 million, or 1.40%, at March 31, 2012 and up from $8.7 million, or 0.88%, a year ago. Accruing loans past due 30 to 89 days totaled $9.8 million at June 30, 2012, compared to $1.8 million at March 31, 2012 and $763 thousand a year ago. The increase in past due loans in the second quarter of 2012 primarily relates to two loans which are adequately collateralized, and no significant loss exposure is expected.

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