Bank of Marin Announces Strong Second Quarter Earnings.CORTE Corte (Corsican Corti) in is a town and a commune in the Haute-Corse département in central Corsica, in France. It is the fourth-largest commune in Corsica (after Ajaccio, Bastia, and Porto-Vecchio), with a 1999 census population of 6,329 inhabitants. MADERA Madera (mədâr`ə), city (1990 pop. 29,281), seat of Madera co., central Calif., in the San Joaquin valley; inc. 1907. Wine, machinery, consumer goods, and plastic products are produced, and a granite quarry is there. , Calif. -- Bank of Marin Mar·in , John 1870-1953. American painter noted for his semiabstract watercolors, including Brooklyn Bridge. (Nasdaq:BMRC BMRC Biomedical Research Council BMRC Bureau of Meteorology Research Centre BMRC British Medical Research Council BMRC Bangladesh Medical Research Council BMRC Behavioral Medicine Research Center BMRC Buffalo Materials Research Center ) President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Robert Griswold announced strong second quarter earnings of $2,796,000, an increase of 20.7% over the same period in 2004. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $0.53 in the second quarter of 2005, compared to $0.45 in the second quarter of 2004. The 2004 amounts have been restated for the 5% stock dividend declared in April 2005. At quarter end, total assets were $814.2 million and total deposits were $701.2 million, increases of 17.8% and 13.2% respectively, over the prior year. Total loans were $659.9 million at the end of the quarter, up 26.6% over the prior year. Loan quality remained strong, with three non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. to two borrowers totaling $380,000. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. net charge offs were $99,000, or 0.02% of outstanding loans. "The Bank continues to enhance shareholder value with continued double-digit growth in profitability, driven by solid relationship-based growth in loans and deposits. "For the second quarter, our net interest margin increased to 5.21% from 5.04% and our net interest income increased by $1,750,000 to $9,405,000, representing a 22.9% increase over the same quarter last year. In the second quarter, non-interest expense increased 13.9% compared to the same period in 2004. The increase primarily relates to salaries and benefits expense due to the expansion of our staff to support the growth and profitability of the Bank. ROA ROA See: Return on assets ROA See: Right of accumulation ROA See return on assets (ROA). improved from 1.39% in the second quarter of 2004 to 1.43% in 2005," said Robert Griswold. "We enthusiastically anticipate the opening of our tenth branch, in downtown Petaluma. The projected opening is in August of this year. The Bank is committed to the Petaluma community and is looking forward to expanding in this area. Plans for the Bank's eleventh In music or music theory an eleventh is the note eleven scale degrees from the root of a chord and also the interval between the root and the eleventh. Since there are only seven degrees in a diatonic scale the eleventh degree is the same as the subdominant and the interval branch are proceeding well and we expect to announce the location later this quarter." Bank of Marin will celebrate its 12th annual "Spirit of Marin" awards luncheon on September 23, 2005 at the St. Vincent School for Boys in San Rafael San Rafael (săn rəfĕl`), residential city (1990 pop. 48,404), seat of Marin co., W Calif., a suburb of San Francisco on the northern shore of San Francisco Bay; inc. 1913. . The event honors businesses and individuals chosen by each of the twelve Marin County Chambers of Commerce, in recognition of their dedication and support of their respective communities. This release may contain certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are based on management's current expectations regarding economic, legislative, and regulatory issues that may impact the Bank's earnings in future periods. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "intend," "estimate" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could" or "may." Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, real estate values, and competition; changes in accounting principles, policies or guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. ; changes in legislation or regulation; and other economic, competitive, governmental, regulatory and technological factors affecting the Bank's operations, pricing, products and services. These and other important factors are detailed in various Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. filings made periodically by the Bank, copies of which are available from the Bank without charge. The Bank undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of this press release or to reflect the occurrence of unanticipated events.
BANK OF MARIN
FINANCIAL HIGHLIGHTS
Year To Year Comparison
June 30, 2005
SECOND QUARTER QTR 2005 QTR 2004 CHANGE % CHANGE
-------------- ---------- ---------- -------- ---------
NET INCOME $2,796,000 $2,317,000 $479,000 20.67%
DILUTED EARNINGS
PER SHARE(1) $0.53 $0.45 $0.08 17.78%
RETURN ON ASSETS (ROA)
1.43% 1.39% 0.04% 2.88%
RETURN ON EQUITY (ROE)
15.80% 15.64% 0.16% 1.02%
YEAR TO DATE YTD 2005 YTD 2004 CHANGE % CHANGE
-------------- ---------- ---------- -------- ---------
NET INCOME $5,319,000 $4,346,000 $973,000 22.39%
DILUTED EARNINGS
PER SHARE(1) $1.01 $0.85 $0.16 18.82%
RETURN ON ASSETS (ROA) 1.39% 1.33% 0.06% 4.51%
RETURN ON EQUITY (ROE) 15.43% 14.89% 0.54% 3.63%
June 30, June 30,
AT PERIOD END 2005 2004 CHANGE % CHANGE
-------------- ------------ ------------ ------------ --------
TOTAL ASSETS $814,216,000 $691,307,000 $122,909,000 17.78%
TOTAL DEPOSITS $701,184,000 $619,583,000 $81,601,000 13.17%
TOTAL LOANS $659,940,000 $521,227,000 $138,713,000 26.61%
LOAN LOSS RESERVE
TO LOANS(2) 1.08% 1.16% (0.08%) (6.90%)
TOTAL NONPERFORMING
LOANS $380,000 $0 $380,000 100.00%
SHAREHOLDERS'
EQUITY $72,036,000 $59,077,000 $12,959,000 21.94%
BOOK VALUE PER
SHARE(1) $14.63 $12.33 $2.30 18.65%
TOTAL CAPITAL TO
ASSETS 8.85% 8.55% 0.30% 3.51%
TOTAL RISK BASED
CAPITAL RATIO 11.05% 11.21% (0.16%) (1.43%)
(1) Restated for the 5% stock dividend declared in April 2005
(2) Including reserve for loan commitments
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