California | 20-8859754 | |
(State or other jurisdiction of incorporation) | (IRS Employer Identification No.) | |
504 Redwood Blvd., Suite 100, Novato, CA | 94947 | |
(Address of principal executive office) | (Zip Code) |
Check the appropriate box below if the Form 8-K filing is to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | |
o Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425) | |
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o Pre-commencement communications pursuant to Rule 13e-4(c)) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. | |
Emerging growth company o | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o |
Item 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
Item 8.01 | Other Events |
Item 9.01 | FINANCIAL STATEMENTS AND EXHIBITS |
99.1 | Press Release dated April 23, 2018. |
Dated: April 23, 2018 | BANK OF MARIN BANCORP | |
by: | /s/ Tani Girton_____ | |
Tani Girton | ||
Executive Vice President and | ||
Chief Financial Officer |
EXHIBIT INDEX | ||
Exhibit No. | Description | Page Number |
99.1 | 1-9 |
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FOR IMMEDIATE RELEASE | MEDIA CONTACT: |
Beth Drummey | |
Marketing & Community Relations Manager | |
415-763-4529 | bethdrummey@bankofmarin.com |
• | Pre-tax net income was up $1.5 million from the fourth quarter of 2017. Reported net interest margin increased 11 basis points (tax equivalent net interest margin increased five basis points) as the result of higher loan and investment yields and increased earning assets from the Bank of Napa acquisition. |
• | Total deposits increased $37.9 million in the first quarter to $2,186.6 million. Non-interest bearing deposits represented 48.7% of total deposits and the cost of total deposits for both the current quarter and last quarter was 0.08%, up one basis point from first quarter of last year. |
• | Loans totaled $1,671.7 million at March 31, 2018, compared to $1,679.0 million at December 31, 2017. New loan volume of $37.4 million in the first quarter of 2018 was partially offset by payoffs of $31.5 million, and combined with changes in lines of credit utilization and amortization on existing loans, resulted in the net decrease of $7.3 million. |
• | Strong credit quality remains a cornerstone of the Bank's consistent performance. Non-accrual loans represented 0.02% of the Bank's loan portfolio as of March 31, 2018. There were no provisions for loan losses or off-balance sheet commitments recorded in the first quarter of 2018. |
• | All capital ratios are well above regulatory requirements for a well-capitalized institution. The total risk-based capital ratio for Bancorp was 15.1% at March 31, 2018, compared to 14.9% at December 31, 2017. Tangible common equity to tangible assets was 10.6% at March 31, 2018, compared to 10.7% at December 31, 2017 (refer to footnote 3 on page 6 for a definition of this non-GAAP financial measure.) |
Three months ended | ||||||||||||||||||||||
March 31, 2018 | December 31, 2017 | March 31, 2017 | ||||||||||||||||||||
(dollars in thousands; unaudited) | Dollar Amount | Basis point impact to net interest margin | Dollar Amount | Basis point impact to net interest margin | Dollar Amount | Basis point impact to net interest margin | ||||||||||||||||
Accretion on PCI loans 1 | $ | 112 | 2 bps | $ | 85 | 2 bps | $ | 90 | 2 bps | |||||||||||||
Accretion on non-PCI loans 2 | $ | 99 | 2 bps | $ | 110 | 2 bps | $ | 150 | 3 bps | |||||||||||||
Gains on payoffs of PCI loans | $ | 128 | 2 bps | $ | 100 | 2 bps | $ | — | 0 bps |
BANK OF MARIN BANCORP | |||||||||||||||
FINANCIAL HIGHLIGHTS | |||||||||||||||
March 31, 2018 | |||||||||||||||
(dollars in thousands, except per share data; unaudited) | |||||||||||||||
QUARTER-TO-DATE | March 31, 2018 | December 31, 2017 | March 31, 2017 | ||||||||||||
NET INCOME | $ | 6,389 | $ | 1,110 | $ | 4,548 | |||||||||
DILUTED EARNINGS PER COMMON SHARE | $ | 0.91 | $ | 0.17 | $ | 0.74 | |||||||||
RETURN ON AVERAGE ASSETS (ROA) | 1.05 | % | 0.19 | % | 0.91 | % | |||||||||
RETURN ON AVERAGE EQUITY (ROE) | 8.70 | % | 1.63 | % | 7.92 | % | |||||||||
EFFICIENCY RATIO | 66.64 | % | 68.25 | % | 65.92 | % | |||||||||
TAX-EQUIVALENT NET INTEREST MARGIN1 | 3.85 | % | 3.80 | % | 3.79 | % | |||||||||
NET CHARGE-OFFS (RECOVERIES) | $ | (4 | ) | $ | (21 | ) | $ | 223 | |||||||
NET CHARGE-OFFS (RECOVERIES) TO AVERAGE LOANS | — | % | — | % | 0.02 | % | |||||||||
AT PERIOD END | |||||||||||||||
TOTAL ASSETS | $ | 2,510,043 | $ | 2,468,154 | $ | 2,033,708 | |||||||||
LOANS: | |||||||||||||||
COMMERCIAL AND INDUSTRIAL | $ | 231,680 | $ | 231,166 | $ | 219,760 | |||||||||
REAL ESTATE | |||||||||||||||
COMMERCIAL OWNER-OCCUPIED | $ | 300,377 | $ | 268,872 | $ | 254,180 | |||||||||
COMMERCIAL INVESTOR-OWNED | $ | 828,945 | $ | 858,603 | $ | 712,081 | |||||||||
CONSTRUCTION | $ | 64,978 | $ | 63,828 | $ | 67,162 | |||||||||
HOME EQUITY | $ | 124,699 | $ | 132,466 | $ | 115,180 | |||||||||
OTHER RESIDENTIAL | $ | 95,621 | $ | 96,668 | $ | 84,720 | |||||||||
INSTALLMENT AND OTHER CONSUMER LOANS | $ | 25,440 | $ | 27,410 | $ | 24,487 | |||||||||
TOTAL LOANS | $ | 1,671,740 | $ | 1,679,013 | $ | 1,477,570 | |||||||||
NON-PERFORMING LOANS2: | |||||||||||||||
REAL ESTATE | |||||||||||||||
COMMERCIAL INVESTOR-OWNED | $ | — | $ | — | $ | 1,076 | |||||||||
HOME EQUITY | $ | 392 | $ | 406 | $ | 87 | |||||||||
INSTALLMENT AND OTHER CONSUMER LOANS | $ | — | $ | — | $ | 52 | |||||||||
TOTAL NON-ACCRUAL LOANS | $ | 392 | $ | 406 | $ | 1,215 | |||||||||
CLASSIFIED LOANS (GRADED SUBSTANDARD & DOUBTFUL) | $ | 27,807 | $ | 27,906 | $ | 30,230 | |||||||||
TOTAL ACCRUING LOANS 30-89 DAYS PAST DUE | $ | 388 | $ | 1,925 | $ | 834 | |||||||||
LOAN LOSS RESERVE TO LOANS | 0.94 | % | 0.94 | % | 1.03 | % | |||||||||
LOAN LOSS RESERVE TO NON-ACCRUAL LOANS | 40.26 | x | 38.88 | x | 12.52 | x | |||||||||
NON-ACCRUAL LOANS TO TOTAL LOANS | 0.02 | % | 0.02 | % | 0.08 | % | |||||||||
TOTAL DEPOSITS | $ | 2,186,594 | $ | 2,148,670 | $ | 1,779,269 | |||||||||
LOAN-TO-DEPOSIT RATIO | 76.5 | % | 78.1 | % | 83.0 | % | |||||||||
STOCKHOLDERS' EQUITY | $ | 298,464 | $ | 297,025 | $ | 234,986 | |||||||||
BOOK VALUE PER SHARE | $ | 42.73 | $ | 42.91 | $ | 38.22 | |||||||||
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS3 | 10.6 | % | 10.7 | % | 11.2 | % | |||||||||
TOTAL RISK BASED CAPITAL RATIO-BANK | 14.7 | % | 14.7 | % | 14.3 | % | |||||||||
TOTAL RISK BASED CAPITAL RATIO-BANCORP | 15.1 | % | 14.9 | % | 14.7 | % | |||||||||
FULL-TIME EQUIVALENT EMPLOYEES | 288 | 291 | 262 | ||||||||||||
1 Net interest income is annualized by dividing actual number of days in the period times 360 days. | |||||||||||||||
2 Excludes accruing troubled-debt restructured loans of $16.2 million, $16.5 million and $17.2 million at March 31, 2018, December 31, 2017 and March 31, 2017, respectively. Excludes purchased credit-impaired (PCI) loans with carrying values of $2.1 million, $2.1 million and $2.9 million that were accreting interest at March 31, 2018, December 31, 2017 and March 31, 2017, respectively. These amounts are excluded as PCI loan accretable yield interest recognition is independent from the underlying contractual loan delinquency status. | |||||||||||||||
3 Tangible common equity to tangible assets is considered to be a meaningful non-GAAP financial measure of capital adequacy and is useful for investors to assess Bancorp's ability to absorb potential losses. Tangible common equity includes common stock, retained earnings and unrealized gain on available for sale securities, net of tax, less goodwill and intangible assets of $36.4 million, $36.6 million and $8.9 million at March 31, 2018, December 31, 2017 and March 31, 2017, respectively. Tangible assets exclude goodwill and intangible assets. |
BANK OF MARIN BANCORP CONSOLIDATED STATEMENTS OF CONDITION |
At March 31, 2018, December 31, 2017 and March 31, 2017 |
(in thousands, except share data; unaudited) | March 31, 2018 | December 31, 2017 | March 31, 2017 | ||||||
Assets | |||||||||
Cash and due from banks | $ | 159,347 | $ | 203,545 | $ | 73,162 | |||
Investment securities | |||||||||
Held-to-maturity, at amortized cost | 149,013 | 151,032 | 172,272 | ||||||
Available-for-sale (at fair value; amortized cost $431,871, $334,285 and $242,650 at March 31, 2018, December 31, 2017 and March 31, 2017, respectively) | 423,882 | 332,467 | 241,684 | ||||||
Total investment securities | 572,895 | 483,499 | 413,956 | ||||||
Loans, net of allowance for loan losses of $15,771, $15,767 and $15,219 at March 31, 2018, December 31, 2017 and March 31, 2017, respectively | 1,655,969 | 1,663,246 | 1,462,351 | ||||||
Bank premises and equipment, net | 8,297 | 8,612 | 8,336 | ||||||
Goodwill | 30,140 | 30,140 | 6,436 | ||||||
Core deposit intangible | 6,262 | 6,492 | 2,462 | ||||||
Interest receivable and other assets | 77,133 | 72,620 | 67,005 | ||||||
Total assets | $ | 2,510,043 | $ | 2,468,154 | $ | 2,033,708 | |||
Liabilities and Stockholders' Equity | |||||||||
Liabilities | |||||||||
Deposits | |||||||||
Non-interest bearing | $ | 1,065,470 | $ | 1,014,103 | $ | 878,416 | |||
Interest bearing | |||||||||
Transaction accounts | 166,117 | 169,195 | 100,628 | ||||||
Savings accounts | 180,730 | 178,473 | 159,889 | ||||||
Money market accounts | 628,335 | 626,783 | 494,324 | ||||||
Time accounts | 145,942 | 160,116 | 146,012 | ||||||
Total deposits | 2,186,594 | 2,148,670 | 1,779,269 | ||||||
Subordinated debentures | 5,772 | 5,739 | 5,628 | ||||||
Interest payable and other liabilities | 19,213 | 16,720 | 13,825 | ||||||
Total liabilities | 2,211,579 | 2,171,129 | 1,798,722 | ||||||
Stockholders' Equity | |||||||||
Preferred stock, no par value, Authorized - 5,000,000 shares, none issued | — | — | — | ||||||
Common stock, no par value, Authorized - 15,000,000 shares; Issued and outstanding - 6,985,126, 6,921,542 and 6,148,486 at March 31, 2018, December 31, 2017 and March 31, 2017, respectively | 145,282 | 143,967 | 87,911 | ||||||
Retained earnings | 160,556 | 155,544 | 149,357 | ||||||
Accumulated other comprehensive loss, net of taxes | (7,374 | ) | (2,486 | ) | (2,282 | ) | |||
Total stockholders' equity | 298,464 | 297,025 | 234,986 | ||||||
Total liabilities and stockholders' equity | $ | 2,510,043 | $ | 2,468,154 | $ | 2,033,708 |
BANK OF MARIN BANCORP CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
Three months ended | |||||||||
(in thousands, except per share amounts; unaudited) | March 31, 2018 | December 31, 2017 | March 31, 2017 | ||||||
Interest income | |||||||||
Interest and fees on loans | $ | 18,887 | $ | 17,789 | $ | 15,849 | |||
Interest on investment securities | |||||||||
Securities of U.S. government agencies | 2,475 | 1,886 | 1,518 | ||||||
Obligations of state and political subdivisions | 638 | 563 | 568 | ||||||
Corporate debt securities and other | 44 | 40 | 37 | ||||||
Interest on Federal funds sold and due from banks | 403 | 372 | 60 | ||||||
Total interest income | 22,447 | 20,650 | 18,032 | ||||||
Interest expense | |||||||||
Interest on interest-bearing transaction accounts | 52 | 34 | 29 | ||||||
Interest on savings accounts | 18 | 18 | 15 | ||||||
Interest on money market accounts | 216 | 195 | 113 | ||||||
Interest on time accounts | 156 | 153 | 146 | ||||||
Interest on subordinated debentures | 114 | 111 | 108 | ||||||
Total interest expense | 556 | 511 | 411 | ||||||
Net interest income | 21,891 | 20,139 | 17,621 | ||||||
Provision for loan losses | — | 500 | — | ||||||
Net interest income after provision for loan losses | 21,891 | 19,639 | 17,621 | ||||||
Non-interest income | |||||||||
Service charges on deposit accounts | 477 | 447 | 452 | ||||||
Wealth Management and Trust Services | 515 | 544 | 503 | ||||||
Debit card interchange fees | 396 | 385 | 372 | ||||||
Merchant interchange fees | 80 | 102 | 96 | ||||||
Earnings on bank-owned life insurance | 228 | 217 | 209 | ||||||
Dividends on FHLB stock | 196 | 181 | 232 | ||||||
Losses on investment securities, net | — | (195 | ) | — | |||||
Other income | 350 | 310 | 251 | ||||||
Total non-interest income | 2,242 | 1,991 | 2,115 | ||||||
Non-interest expense | |||||||||
Salaries and related benefits | 9,017 | 7,852 | 7,475 | ||||||
Occupancy and equipment | 1,507 | 1,409 | 1,319 | ||||||
Depreciation and amortization | 547 | 508 | 481 | ||||||
Federal Deposit Insurance Corporation insurance | 191 | 176 | 161 | ||||||
Data processing | 1,381 | 2,058 | 939 | ||||||
Professional services | 1,299 | 1,013 | 522 | ||||||
Directors' expense | 174 | 163 | 158 | ||||||
Information technology | 269 | 206 | 198 | ||||||
Provision for losses on off-balance sheet commitments | — | — | 165 | ||||||
Other expense | 1,696 | 1,719 | 1,593 | ||||||
Total non-interest expense | 16,081 | 15,104 | 13,011 | ||||||
Income before provision for income taxes | 8,052 | 6,526 | 6,725 | ||||||
Provision for income taxes | 1,663 | 5,416 | 2,177 | ||||||
Net income | $ | 6,389 | $ | 1,110 | $ | 4,548 | |||
Net income per common share: | |||||||||
Basic | $ | 0.92 | $ | 0.17 | $ | 0.75 | |||
Diluted | $ | 0.91 | $ | 0.17 | $ | 0.74 | |||
Weighted average shares: | |||||||||
Basic | 6,914 | 6,455 | 6,092 | ||||||
Diluted | 7,006 | 6,550 | 6,172 | ||||||
Dividends declared per common share | $ | 0.29 | $ | 0.29 | $ | 0.27 | |||
Comprehensive income: | |||||||||
Net income | $ | 6,389 | $ | 1,110 | $ | 4,548 | |||
Other comprehensive (loss) income | |||||||||
Change in net unrealized gain or loss on available-for-sale securities | (6,170 | ) | (2,637 | ) | 4,710 | ||||
Reclassification adjustment for losses on available-for-sale securities in net income | — | 195 | — | ||||||
Net unrealized loss on securities transferred from available-for-sale to held-to-maturity | — | — | (3,036 | ) | |||||
Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity | 136 | 126 | 41 | ||||||
Subtotal | (6,034 | ) | (2,316 | ) | 1,715 | ||||
Deferred tax (benefit) expense | (1,784 | ) | (1,060 | ) | 704 | ||||
Other comprehensive (loss) income, net of tax | (4,250 | ) | (1,256 | ) | 1,011 | ||||
Comprehensive income | $ | 2,139 | $ | (146 | ) | $ | 5,559 |
BANK OF MARIN BANCORP |
AVERAGE STATEMENTS OF CONDITION AND ANALYSIS OF NET INTEREST INCOME |
Three months ended | Three months ended | Three months ended | |||||||||||||||||||||||
March 31, 2018 | December 31, 2017 | March 31, 2017 | |||||||||||||||||||||||
Interest | Interest | Interest | |||||||||||||||||||||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | Average | Income/ | Yield/ | |||||||||||||||||
(dollars in thousands) | Balance | Expense | Rate | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||||
Assets | |||||||||||||||||||||||||
Interest-bearing due from banks 1 | $ | 104,850 | $ | 403 | 1.54 | % | $ | 108,255 | $ | 372 | 1.34 | % | $ | 29,339 | $ | 60 | 0.82 | % | |||||||
Investment securities 2, 3 | 532,544 | 3,276 | 2.46 | % | 455,706 | 2,722 | 2.39 | % | 414,552 | 2,361 | 2.28 | % | |||||||||||||
Loans 1, 3, 4 | 1,675,490 | 19,119 | 4.56 | % | 1,578,959 | 18,245 | 4.52 | % | 1,478,487 | 16,222 | 4.39 | % | |||||||||||||
Total interest-earning assets 1 | 2,312,884 | 22,798 | 3.94 | % | 2,142,920 | 21,339 | 3.89 | % | 1,922,378 | 18,643 | 3.88 | % | |||||||||||||
Cash and non-interest-bearing due from banks | 45,815 | 40,648 | 38,131 | ||||||||||||||||||||||
Bank premises and equipment, net | 8,501 | 8,384 | 8,440 | ||||||||||||||||||||||
Interest receivable and other assets, net | 89,018 | 74,299 | 58,014 | ||||||||||||||||||||||
Total assets | $ | 2,456,218 | $ | 2,266,251 | $ | 2,026,963 | |||||||||||||||||||
Liabilities and Stockholders' Equity | |||||||||||||||||||||||||
Interest-bearing transaction accounts | $ | 168,371 | $ | 52 | 0.13 | % | $ | 129,538 | $ | 34 | 0.10 | % | $ | 101,121 | $ | 29 | 0.12 | % | |||||||
Savings accounts | 180,253 | 18 | 0.04 | % | 173,057 | 18 | 0.04 | % | 160,913 | 15 | 0.04 | % | |||||||||||||
Money market accounts | 582,961 | 216 | 0.15 | % | 551,591 | 195 | 0.14 | % | 518,540 | 113 | 0.09 | % | |||||||||||||
Time accounts including CDARS | 154,543 | 156 | 0.41 | % | 150,552 | 153 | 0.40 | % | 146,966 | 146 | 0.40 | % | |||||||||||||
Overnight borrowings 1 | — | — | — | % | 6 | — | 1.75 | % | — | — | — | % | |||||||||||||
Subordinated debentures 1 | 5,753 | 114 | 7.90 | % | 5,720 | 111 | 7.63 | % | 5,607 | 108 | 7.74 | % | |||||||||||||
Total interest-bearing liabilities | 1,091,881 | 556 | 0.21 | % | 1,010,464 | 511 | 0.20 | % | 933,147 | 411 | 0.18 | % | |||||||||||||
Demand accounts | 1,049,502 | 971,381 | 846,316 | ||||||||||||||||||||||
Interest payable and other liabilities | 16,903 | 14,558 | 14,645 | ||||||||||||||||||||||
Stockholders' equity | 297,932 | 269,848 | 232,855 | ||||||||||||||||||||||
Total liabilities & stockholders' equity | $ | 2,456,218 | $ | 2,266,251 | $ | 2,026,963 | |||||||||||||||||||
Tax-equivalent net interest income/margin 1 | $ | 22,242 | 3.85 | % | $ | 20,828 | 3.80 | % | $ | 18,232 | 3.79 | % | |||||||||||||
Reported net interest income/margin 1 | $ | 21,891 | 3.79 | % | $ | 20,139 | 3.68 | % | $ | 17,621 | 3.67 | % | |||||||||||||
Tax-equivalent net interest rate spread | 3.74 | % | 3.69 | % | 3.70 | % | |||||||||||||||||||
1 Interest income/expense is divided by actual number of days in the period times 360 days to correspond to stated interest rate terms, where applicable. | |||||||||||||||||||||||||
2 Yields on available-for-sale securities are calculated based on amortized cost balances rather than fair value, as changes in fair value are reflected as a component of stockholders' equity. Investment security interest is earned on 30/360 day basis monthly. | |||||||||||||||||||||||||
3 Yields and interest income on tax-exempt securities and loans are presented on a taxable-equivalent basis using the Federal statutory rate of 21 percent in 2018 and 35 percent in 2017. | |||||||||||||||||||||||||
4 Average balances on loans outstanding include non-performing loans. The amortized portion of net loan origination fees is included in interest income on loans, representing an adjustment to the yield. |
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