|Over a week ago|
Bank of Marin reports Q1 EPS 68c, consensus 65c » 08:3504/2504/25/22
Net interest income…
Net interest income totaled $29.9M in the first quarter of 2022, compared to $30.6M in the prior quarter and $22M in the first quarter a year ago. The $735 thousand decrease from the prior quarter was primarily attributable to changes in amortization and accretion on acquired loans, lower loan prepayment fees, lower PPP fee recognition and fewer days in the quarter, partially offset by higher average balances and yields on investment securities. The $7.9 million increase from the comparative quarter a year ago was reflective of the ARB merger, a larger allocation of the loan portfolio to higher rate loans, deployment of cash into investment securities, and costs associated with the early redemption of subordinated debt in the first quarter of 2021. Increases were partially offset by a lower average yield on the investment portfolio. "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."
|Over a quarter ago|
Bank of Marin reports Q4 EPS 61c, consensus 59c » 08:0801/2401/24/22
Cash, cash equivalents…
Cash, cash equivalents and restricted cash totaled $347.6M at December 31, compared to $584.7M at September 30. The $237.1M decrease was primarily due to the deployment of funds into investment securities, as noted below. "As illustrated by our fourth-quarter earnings, we are poised to reap the benefits of better scale gained through our acquisition of American River Bankshares with most of the one-time costs behind us and the increase in our balance sheet size," said Tim Myers, President and Chief Executive Officer. "Improving economic forecasts led to reduced credit loss provisions in 2021 when compared to the prior year, and key hires helped us build substantial momentum as we finished the year with robust loan production across our Northern California footprint. We expect that traction to drive continued growth and strong results for our shareholders in 2022."
Bank of Marin initiated with an Equal Weight at Stephens » 08:2712/2812/28/21
Stephens analyst Andrew…
Stephens analyst Andrew Terrell initiated coverage of Bank of Marin with an Equal Weight rating and $40 price target. Though the California-based bank has a consistent track record of low-single digit organic loan growth, which he thinks could potentially improve following recent acquisitive expansion, and he sees "several positive attributes to like," Terrell sees little upside to current Street estimates, he tells investors.
Keefe Bruyette assumes four California small- and mid-cap banks » 08:3012/2112/21/21
BMRC, BSRR, CVCY, FSBC
Keefe Bruyette analyst…
Keefe Bruyette analyst Stuart Lotz last night assumed coverage of four California small- and mid-cap banks with a positive outlook. They offer "asset-sensitive balance sheets anchored by strong, low-cost core deposit bases" as well as outsized cash redeployment and earning asset remix opportunities, Lotz tells investors in a research note. The analyst's top picks are Outperform-rated Bank of Marin Bancorp (BMRC) and Sierra Bancorp (BSRR), we he is "comfortably above consensus" estimates. Lotz also assumed Central Valley Community Bancorp (CVCY) and Five Star Bancorp (FSBC) with Market Perform ratings.
Bank of Marin assumed with an Outperform at Keefe Bruyette » 16:1512/2012/20/21
Keefe Bruyette analyst…
Keefe Bruyette analyst Stuart Lotz assumed coverage of Bank of Marin with an Outperform rating and $45 price target. Before suspending coverage under a different analyst the firm had an Outperform rating on the shares.
Bank of Marin reports Q3 EPS 35c, consensus 17c » 08:0510/2510/25/21
Reports Q revenue $27.8M,…
Reports Q revenue $27.8M, consensus $26.91M. "Bank of Marin is on solid ground financially and in an excellent strategic position. Our integration of American River Bankshares is progressing smoothly, setting the stage for long-term growth across a much larger and more diverse footprint," said Russell A. Colombo, Chief Executive Officer. As previously announced, Russell A. Colombo will formally retire as Chief Executive Officer of Bank of Marin and Bank of Marin Bancorp, effective October 31, 2021. The Board of Directors named Tim Myers, currently President and Chief Operating Officer, as his successor. Mr. Colombo will remain on the Boards of Bancorp and the Bank, and Mr. Myers will join both Boards. "I'm very proud of the bank we have built over the past two decades and the team that drives our success," said Mr. Colombo. "As I prepare to retire, I'm confident that Tim is more than ready to succeed me, leading our deep bench of talented bankers to deliver strong returns for our shareholders for years to come." "Our merger with American River brought together two institutions that share complementary values and disciplined fundamentals," said Mr. Myers. "I look forward to leading the combined team as we roll up our sleeves to ensure a seamless integration. By committing significant resources to this process, we are building a strong foundation on which to grow our franchise on a regional scale."
Bank of Marin CEO Russell Colombo to retire, Tim Myers to succeed » 08:0409/2409/24/21
Russell Colombo, CEO of…
Russell Colombo, CEO of Bank of Marin, has formally announced his retirement, effective October 31. The board of directors of Bank of Marin named Tim Myers, currently president and COO as his successor. Tim Myers will assume the role of CEO on November 1. Colombo will remain on the boards of Bancorp and the Bank; Myers will join both Boards.
Bank of Marin announces retirement of EVP Reizman, appoints new EVP » 09:1808/2708/27/21
Bank of Marin announced…
Bank of Marin announced the retirement of Beth Reizman, Executive Vice President, or EVP, Chief Credit Officer. Reizman will retire on January 3, 2022. In the interim, on September 30, 2021, Reizman will step down from her role as Chief Credit Officer and remain on staff at Bank of Marin to facilitate a smooth transition of duties to her successor. Misako Stewart, age 53, currently Senior Vice President, Senior Credit Manager, will succeed Reizman as Executive Vice President, Chief Credit Officer.
Bank of Marin upgraded to Outperform on pullback at Keefe Bruyette » 21:2307/1907/19/21
Keefe Bruyette analyst…
Keefe Bruyette analyst Jacquelynne Bohlen upgraded Bank of Marin to Outperform from Market Perform with an unchanged price target of $43 post the company's Q2 results. The stock's underperformance over the past months provides an attractive entry point, Bohlen tells investors in a research note. The analyst views Bank of Marin's franchise as strong and sees earnings growth opportunities from deal-related synergies and potential cash deployment.
Bank of Marin upgraded to Outperform from Market Perform at Keefe Bruyette » 20:2407/1907/19/21
Keefe Bruyette analyst…
Keefe Bruyette analyst Jacquelynne Bohlen upgraded Bank of Marin to Outperform from Market Perform with an unchanged $43 price target.