NASDAQ$BMRC

Bank of Marin Bancorp · Q1 2022 earnings

Q1 2022 earnings · · Investor relations

Briefing

Reported earnings of $10.5 million, driven by new loan production and disciplined expense management, with the successful completion of the American River Bankshares system conversion.

Bank of Marin Bancorp reported first quarter earnings of $10.5 million, with diluted earnings per share of $0.66. The quarter was marked by the successful completion of the American River Bankshares system conversion and a net decrease in loans, offset by an increase in traditional commercial loans. Deposits grew, and credit quality remained strong.

  • Successfully completed the system conversion of American River Bankshares with minimal customer disruption.
  • Merger-related one-time and conversion costs reduced net income by $385 thousand, or $0.02 per share.
  • Loan balances included an increase in traditional commercial loans and a decrease in SBA PPP loans.
  • Deposits grew by $52.8 million, with non-interest bearing deposits making up 51% of total deposits.

Headline financials

Total Revenue

$32.8M

Previous: $23.9M+37.3%
EPS (adj)

$0.68

Previous: $0.66+3.0%
Efficiency Ratio

59.1%

Previous: 62.1%-4.8%
Net Interest Margin

3.0%

Previous: 3.2%-7.2%
Cost of Deposits

0.1%

Previous: 0.1%-14.3%
Non-accrual Loans to Loans

0.3%

Previous: 0.4%-18.6%
Loan Loss Allowance % Loans

1.0%

No prior period
Loan-to-Deposit Ratio

57.0%

Previous: 79.9%-28.7%
Risk Capital Ratio - Bancorp

14.4%

Previous: 15.7%-8.3%
Capital Expenditures

-$130K

Previous: -$144K+9.7%
Free Cash Flow

$10.3M

Previous: $8.8M+17.4%
Net Income

$10.5M

Previous: $8.95M+17.0%
Operating Income

$30.8M

Previous: $18.3M+68.9%
Gross Profit

$32.3M

Previous: $20.9M+54.2%
Cash & Equivalents

$171M

Previous: $143M+19.7%
Total Assets

$4.33B

Previous: $3.06B+41.6%
Stock-Based Comp

$237K

Previous: $615K-61.5%

Revenue & EPS history

Bank of Marin · Revenue · Quarterly

$32.8M

Q1 2022+37.3%vs Q1 2021
Beat estimate in 9 of 16 quarters(56%)
ActualEstimate

Revenue by segment

Bank of Marin · $2.12B total across 7 segments · Q1 2021

  • RE - Investor Owned
    $955M
  • Commercial & Industrial
    $545M
  • RE - Owner Occupied
    $308M
  • Other Residential
    $124M
  • Home Equity
    $96.6M
  • Construction
    $71.1M
  • Consumer Loans
    $21.4M

Forward guidance

This release may contain certain forward-looking statements that are based on management's current expectations regarding economic, legislative, and regulatory issues that may impact Bancorp's earnings in future periods.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q1 2022

Historical avgQ1 2022

+0.3%

Avg return

Earnings day

-0.4%

Avg return

5 days after

+1.0%

Avg return

30 days after

56%

37 / 66 earnings

Positive

+8.6%

Q3 2015

Best reaction

-11.5%

Q1 2023

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026-2.1%+0.0%+0.5%
Q4 2025+3.6%+1.6%+0.2%
Q3 2025+4.9%+5.2%+10.5%
Q2 2025-0.7%-2.1%+5.6%
Q1 2025+0.7%+2.6%+0.0%
Q4 2024+5.6%+5.3%+1.3%
Q3 2024+5.0%+1.6%+17.4%
Q2 2024-4.6%-16.4%-7.7%
Q1 2024-7.0%+0.8%-2.1%
Q4 2023-3.8%-11.0%-21.5%
Q3 2023-5.2%-2.6%+8.1%
Q2 2023-0.5%+7.1%-4.0%
Q1 2023-11.5%-15.0%-15.7%
Q4 2022-5.4%-6.1%-6.5%
Q3 2022+6.2%+13.4%+7.5%
Q2 2022+2.6%+2.0%-2.6%
Q1 2022-7.0%-5.2%-1.4%
Q4 2021+1.9%-2.0%-6.0%
Q3 2021+2.8%+0.2%-2.9%
Q2 2021+3.6%+2.5%+12.3%
Q1 2021-10.0%-8.0%-10.4%
Q4 2020-0.3%-6.8%-3.8%
Q3 2020-7.5%-8.0%+15.3%
Q2 2020+2.9%+1.2%+0.9%
Q1 2020-0.3%+0.9%+0.6%
Q4 2019+3.1%-0.2%-7.2%
Q3 2019+4.5%+3.8%+8.0%
Q2 2019+1.6%+3.5%-1.7%
Q1 2019-0.4%+0.0%-2.9%
Q4 2018+1.3%-0.2%+4.8%
Q3 2018+2.3%+3.5%+2.8%
Q2 2018+5.6%+6.4%+7.8%
Q1 2018+8.4%+7.1%+12.2%
Q4 2017-2.3%-2.7%-3.1%
Q3 2017+3.6%+5.6%+0.1%
Q2 2017+2.8%+7.0%+3.3%
Q1 2017-1.3%-8.1%-9.9%
Q4 2016+4.9%+2.1%+2.5%
Q3 2016+0.7%+0.2%+33.9%
Q2 2016-2.8%-4.3%-5.3%
Q1 2016+1.4%
Q4 2015+2.7%
Q3 2015+8.6%
Q2 2015-4.2%
Q1 2015+1.6%
Q4 2014-3.9%
Q3 2014+0.5%
Q2 2014+2.8%
Q1 2014-0.2%
Q4 2013-0.4%
Q3 2013-0.1%
Q2 2013-7.1%
Q1 2013+2.8%
Q4 2012+2.7%
Q3 2012-1.8%
Q2 2012+0.1%
Q1 2011+0.0%
Q1 2012+0.5%
Q4 2009+1.7%
Q4 2011+1.7%
Q4 2010+1.7%
Q3 2011-1.3%
Q3 2010-1.3%
Q2 2011+4.0%
Q2 2010+4.0%
Q1 2010-2.4%

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