Bank of Marin Announces Strong Third Quarter Earnings.CORTE 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 (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 robust third quarter earnings of $3,086,000, an increase of 23.1% 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 $0.59 in the third quarter of 2005, compared to $0.49 in the third quarter of 2004. The 2004 amounts have been restated for the 5% stock dividend declared in April 2005. "The strong earnings performance is a reflection of continued enhancement of our loan and deposit portfolios. At quarter end, total assets stood at $850.1 million, an increase of 17.5% over the prior year. Total deposits grew to $756.3 million, an increase of 19.0% over the prior year. Total loans registered a healthy increase to $681.8 million at the end of the quarter, up 22.0% over the same quarter a year ago. Loan quality remained strong, with five 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. totaling $393,000. 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 $123,600, or 0.02% of outstanding loans." "In the third quarter, non-interest expense increased by $688,000 or 13.8% over the same period in 2004. The increase represents expenses necessary to support our growth and includes the hiring of additional staff and expanded advertising and information technology. In large part the increase was associated with our branch expansion. "For the third quarter, our net interest margin increased to 5.21% from 5.16%, and our net interest income increased by $1,797,000 to $10,244,000, representing a 21.3% increase over the same quarter last year. Another indicator of our sound performance was our ROA ROA See: Return on assets ROA See: Right of accumulation ROA See return on assets (ROA). , which improved from 1.40% in the third quarter of 2004 to 1.47% in 2005," said Griswold. On August 15th the Bank opened its second branch in Petaluma at 8 4th Street. This full service branch was met with a warm welcome from the community. The bank looks forward to continuing to serve the Petaluma community with the same high service standards that the Bank has set in Marin. This year, Bank of Marin was deemed to be one of the top performing small-cap banks in the nation by Sandler O'Neill & Partners, LP. The firm evaluated the 573 publicly traded banks and thrifts with less than $2 billion in capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. on criteria including growth, profitability and asset quality. We are honored hon·or n. 1. High respect, as that shown for special merit; esteem: the honor shown to a Nobel laureate. 2. a. Good name; reputation. b. to be in their select group of 38 top performing financial institutions," commented Griswold. Bank of Marin has ten offices with locations in Strawberry strawberry, any plant of the genus Fragaria of the family Rosaceae (rose family), low herbaceous perennials with edible red fruits, native to temperate and mountainous tropical regions. The European everbearing strawberry (F. , Corte Madera, downtown 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. , Anderson Drive in San Rafael, Northgate, Ignacio, downtown Novato, Sausalito and two offices in Petaluma. The Bank's Wealth Management Services are located at the Corte Madera location. 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
September 30, 2005
THIRD QUARTER QTR 2005 QTR 2004 CHANGE % CHANGE
-------------- ---------- ---------- ---------- ---------
NET INCOME $3,086,000 $2,507,000 $579,000 23.10%
DILUTED EARNINGS PER
SHARE(1) $0.59 $0.49 $0.10 20.41%
RETURN ON ASSETS
(ROA) 1.47% 1.40% 0.07% 5.00%
RETURN ON EQUITY
(ROE) 16.49% 16.25% 0.24% 1.48%
YEAR TO DATE YTD 2005 YTD 2004 CHANGE % CHANGE
------------- ---------- ---------- ---------- ---------
NET INCOME $8,405,000 $6,853,000 $1,552,000 22.65%
DILUTED EARNINGS PER
SHARE(1) $1.60 $1.33 $0.27 20.30%
RETURN ON ASSETS
(ROA) 1.42% 1.35% 0.07% 5.19%
RETURN ON EQUITY
(ROE) 15.80% 15.36% 0.44% 2.86%
Sept. 30, Sept. 30,
AT PERIOD END 2005 2004 CHANGE % CHANGE
------------- ------------ ------------ ------------ ---------
TOTAL ASSETS $850,055,000 $723,290,000 $126,765,000 17.53%
TOTAL DEPOSITS $756,264,000 $635,456,000 $120,808,000 19.01%
TOTAL LOANS $681,778,000 $559,025,000 $122,753,000 21.96%
LOAN LOSS RESERVE
TO LOANS(2) 1.11% 1.10% 0.01% 0.91%
TOTAL NONPERFORMING
LOANS $393,000 $0 $393,000 100.00%
SHAREHOLDERS'
EQUITY $75,329,000 $62,376,000 $12,953,000 20.77%
BOOK VALUE PER
SHARE(1) $15.21 $12.96 $2.25 17.36%
TOTAL CAPITAL TO
ASSETS 8.86% 8.62% 0.24% 2.67%
TOTAL RISK BASED
CAPITAL RATIO 11.09% 11.07% 0.02% 0.18%
(1) Restated for the 5% stock dividend declared in April 2005
(2) Including reserve for loan commitments
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion