Bank of Marin (BMRC) could be a solid addition to your portfolio given a notable revision in the company's earnings estimates. While the stock has been gaining lately, the trend might continue since its earnings outlook is still improving. Analysts' growing optimism on the earnings prospects of this bank holding company is driving estimates higher, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-te ...

Bank of Marin Bancorp (NASDAQ:BMRC) Q2 2024 Earnings Conference Call July 29, 2024 11:30 AM ET Company Participants Krissy Meyer - Corporate Secretary Tim Myers - President and CEO Tani Girton - EVP and CFO Misako Stewart - Chief Credit Officer Conference Call Participants Matthew Clark - Piper Jaffray Andrew Terrell - Stephens Woody Lay - KBW David Feaster - Raymond James Tim Coffey - Janney Krissy Meyer Good morning, and thank you for joining Bank of Marin Bancorp's Earnings Call for the Second Quarter en ...

Core Insights - The company reported a revenue of $25.25 million for the quarter ended June 2024, reflecting a year-over-year decline of 6% [5] - Earnings per share (EPS) for the same period was $0.06, down from $0.28 a year ago, indicating a significant decrease in profitability [5] - The reported revenue was below the Zacks Consensus Estimate of $25.85 million, resulting in a revenue surprise of -2.31% [3] - The company experienced an EPS surprise of -68.42%, with the consensus EPS estimate being $0.19 [3] Financial Metrics - Net interest margin (FTE) was reported at 2.5%, slightly below the estimated 2.6% [2] - The efficiency ratio was reported at -300.4%, significantly worse than the average estimate of 80.8% [2] - Average balance of total interest-earning assets was $3.56 billion, compared to the estimated $3.60 billion [2] - Total non-accrual loans amounted to $33.68 million, far exceeding the average estimate of $6.67 million [2] - Net interest income was reported at $22.47 million, below the average estimate of $22.88 million [2] - Total non-interest income was $2.79 million, slightly above the estimated $2.77 million [2] - Net interest income (FTE) was $22.64 million, compared to the average estimate of $23.06 million [2] Stock Performance - Shares of Bank of Marin have returned +38.1% over the past month, outperforming the Zacks S&P 500 composite, which saw a -0.2% change [4] - The stock currently holds a Zacks Rank 1 (Strong Buy), suggesting potential for outperformance in the near term [4]

This quarterly report represents an earnings surprise of -68.42%. A quarter ago, it was expected that this bank holding company would post earnings of $0.28 per share when it actually produced earnings of $0.18, delivering a surprise of -35.71%. Bank of Marin, which belongs to the Zacks Banks - West industry, posted revenues of $25.25 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 2.31%. This compares to year-ago revenues of $26.87 million. The company has topped consensus ...

Financial Performance - Bank of Marin Bancorp reported a net loss of $21.9 million for Q2 2024, compared to a net income of $2.9 million in Q1 2024, resulting in a diluted loss per share of $(1.36) for the quarter[2]. - Net loss income (GAAP) for the three months ended June 30, 2024, was $(21.902) million compared to a net income of $13.991 million for the same period in 2023[56]. - Comparable net income (non-GAAP) for the three months ended June 30, 2024, was $1.020 million, down from $13.991 million in the same period last year[56]. - The net loss for the three months ended June 30, 2024, was $21,902 thousand, compared to a net income of $2,922 thousand in the previous quarter[65]. - The company reported a basic net loss per common share of $1.36 for the three months ended June 30, 2024, compared to earnings of $0.18 in the previous quarter[65]. - Return on average assets decreased to (2.35)% from 0.31% year-over-year[69]. Credit Losses and Loan Performance - The provision for credit losses on loans increased to $5.2 million in Q2 2024, up from $350 thousand in the previous quarter, raising the allowance for credit losses to 1.47% of total loans[7]. - Non-accrual loans rose to 1.62% of total loans at the end of Q2 2024, up from 0.31% at the end of Q1 2024, primarily due to one commercial real estate loan totaling $16.7 million[8]. - Total loans increased by $27.4 million in Q2 2024, reaching a balance of $2.082 billion, with loan originations of $64.1 million for the quarter[10]. - The allowance for credit losses on loans rose to $30,675 as of June 30, 2024, from $25,172 at December 31, 2023[70]. - Non-accrual loans to total loans ratio rose to 1.62% from 0.31% in the previous year[69]. Deposits and Funding - Total deposits decreased by $70.3 million to $3.214 billion as of June 30, 2024, with non-interest bearing deposits comprising 44.1% of total deposits[11]. - Total deposits decreased to $3,213,777 thousand from $3,290,075 thousand, a decline of approximately 2.3% year-over-year[64]. - Deposits totaled $3.214 billion at June 30, 2024, a decrease from $3.284 billion at March 31, 2024, with non-interest bearing deposits comprising 44.1% of total deposits[36]. Interest Income and Margin - The tax-equivalent net interest margin improved to 2.52% from 2.50% in Q1 2024, with 69% of loan fundings occurring in June, indicating potential for expanded net interest income[13]. - Net interest income for the second quarter of 2024 was $22.5 million, a slight decrease from $22.7 million in the prior quarter, primarily due to a $356 thousand increase in interest expense on deposits[44]. - The tax-equivalent net interest margin was 2.52% for the second quarter of 2024, compared to 2.50% for the prior quarter, with higher loan yields contributing positively[46]. - The average yield on loans for the six months ended June 30, 2024, was 4.83%, up from 4.62% for the same period in 2023[73]. Capital and Equity - The bank's total risk-based capital ratios were 16.46% for Bancorp and 15.54% for the Bank as of June 30, 2024, indicating strong capital levels[16]. - The total risk-based capital ratio for Bancorp was 16.46% at June 30, 2024, down from 17.05% at March 31, 2024, due to losses realized on securities sales[41]. - Bancorp's tangible common equity to tangible assets ratio was 9.92% at June 30, 2024, slightly up from 9.76% at March 31, 2024, due to a decrease in tangible risk-weighted assets[42]. - Total stockholders' equity decreased to $434.943 million as of June 30, 2024, from $439.062 million on December 31, 2023[56]. - The company’s total risk-based capital ratio was 15.54%, down from 16.62% a year earlier[69]. Operational Efficiency - The efficiency ratio for Q2 2024 was (300.37)%, compared to 83.18% for the prior quarter, with a significant impact from the loss on security sales[15]. - The efficiency ratio (non-GAAP) improved to 86.70% for the three months ended June 30, 2024, compared to 67.74% for the same period in 2023[56]. - Non-interest expense increased to $21.9 million for the second quarter of 2024, up from $21.2 million in the prior quarter, driven by higher charitable contributions and salaries[50]. Investment and Securities - The investment securities portfolio decreased to $1.158 billion at June 30, 2024, down $293.9 million from March 31, 2024, due to the sale of $325.2 million in available-for-sale securities, resulting in a pre-tax loss of $32.5 million[35]. - Total interest-earning assets were $3,557,998 for the three months ended June 30, 2024, compared to $3,620,855 for the previous quarter[73]. - Investment securities totaled $1,157,527 as of June 30, 2024, down from $1,477,226 at the end of 2023[70]. Shareholder Returns and Programs - A cash dividend of $0.25 per share was declared, marking the 77th consecutive quarterly dividend paid by Bancorp[19]. - The Board of Directors approved a share repurchase program for up to $25.0 million, expiring on July 31, 2025[57]. Market Position and Outlook - The company is included in the Russell 2000 Small-Cap Index and Nasdaq ABA Community Bank Index, reflecting its market position[60]. - Forward-looking statements indicate potential impacts from economic conditions, regulatory changes, and competition on future earnings[61].

Core Insights - Five stocks in the financial sector are showing signs of being overbought, which may concern momentum-focused investors [1][2] Company Summaries - **Columbia Banking System Inc (COLB)**: Reported better-than-expected Q2 earnings with a stock gain of approximately 36% over the past month and a closing price of $26.99. The RSI value is 86.63, indicating overbought conditions [3] - **Hartford Financial Services Group Inc (HIG)**: Achieved better-than-expected Q2 results with a trailing 12-month core earnings ROE of 17.4%. The stock rose about 8% in the last five days, closing at $109.63, with an RSI value of 79.84 [4] - **KeyCorp (KEY)**: Reported better-than-expected quarterly sales, with a stock increase of around 16% over the past month, closing at $16.46. The RSI value stands at 70.06 [5] - **Zions Bancorporation (ZION)**: Delivered better-than-expected quarterly results, with a stock jump of approximately 21% over the past month, closing at $52.29. The RSI value is 71.11 [6] - **Bank of Marin Bancorp (BMRC)**: Maintained an Outperform rating with a price target of $21. The stock surged about 36% over the past month, closing at $22.35, with an RSI value of 72.99 [7]

Bank of Marin (BMRC) shares soared 5.5% in the last trading session to close at $17.40. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 11.3% gain over the past four weeks. Shares of Bank of Marin rallied for the third straight trading session. With the Federal Reserve keeping an eye on employment reports and cooling inflation numbers, market participants are projecting interest rate cuts as soon as during the September FOMC meet ...

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Registrant's telephone number, including area code: (415) 763-4520 FORM 10-Q (Mark One) Commission File Number 001-33572 Bank of Marin Bancorp (Exact name of Registrant as specified in its charter) Not Applicable (Former name, former address and formal fiscal year, if changed since ...

Bank of Marin Bancorp (NASDAQ:BMRC) Q1 2024 Earnings Conference Call April 29, 2024 11:30 AM ET Company Participants Yahaira Garcia-Perea - Marketing and Corporate Communications Manager Tim Myers - President and Chief Executive Officer Tani Girton - Executive Vice President and Chief Financial Officer Misako Stewart - Executive Vice President and Chief Credit Officer Conference Call Participants Jeffrey Rulis - D.A. Davidson David Feaster - Raymond James Andrew Terrell - Stephens Woody Lay - KBW Yahaira Ga ...

For the quarter ended March 2024, Bank of Marin (BMRC) reported revenue of $25.45 million, down 22.5% over the same period last year. EPS came in at $0.18, compared to $0.59 in the year-ago quarter.The reported revenue represents a surprise of -5.40% over the Zacks Consensus Estimate of $26.9 million. With the consensus EPS estimate being $0.28, the EPS surprise was -35.71%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street ...