Bank of Marin Bancorp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017
January 22, 2018 at 08:00 am
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Bank of Marin Bancorp reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company’s total interest income was $20,650,000 against $18,408,000 a year ago. Net interest income was $20,139,000 against $17,976,000 a year ago. Net interest income after provision for loan losses was $19,639,000 against $18,276,000 a year ago. Income before provision for income taxes was $6,526,000 against $8,984,000 a year ago. Net income was $1,110,000 or $0.17 per basic and diluted share against $5,687,000 or $0.93 per basic and diluted share a year ago. Return on average assets was 0.19% against 1.11% a year ago. Return on average equity was 1.63% against 9.74% a year ago. The increase in net interest income was primarily relates to a $116.2 million increase in earning assets which includes the acquisition. Comparable net income (non-GAAP) was $5,236,000 or $0.80 per diluted share against $5,687,000 or $0.93 per diluted share a year ago.
For the year, the company’s total interest income was $76,596,000 against $75,430,000 a year ago. Net interest income was $74,852,000 against $73,161,000 a year ago. Net interest income after provision for loan losses was $74,352,000 against $75,011,000 a year ago. Income before provision for income taxes was $28,838,000 against $36,480,000 a year ago. Net income was $15,976,000 or $2.55 per diluted share against $23,134,000 or $3.78 per diluted share a year ago. Return on average assets was 0.75% against 1.15% a year ago. Return on average equity was 6.49% against 10.23% a year ago. Book value per share as at December 31, 2017 was $42.91 against $37.63 as at December 31, 2016. The increase of $1.7 million in net interest income is primarily due to an increase in earning assets of $114.4 million, partially offset by a decrease in gains on payoffs and accretion on purchased loans, and a $1.4 million interest recovery in 2016. Comparable net income (non-GAAP) was $20,545,000 or $3.28 per diluted share against $23,134,000 or $3.78 per diluted share a year ago.
Bank of Marin Bancorp is a holding company for Bank of Marin (the Bank). The Bank offers a suite of business and personal financial products and services designed to meet the needs of its customers. Its lending categories include commercial real estate loans, commercial and industrial loans, construction financing, consumer loans and home equity lines of credit. Through third-party vendors, it offers merchant and payroll services, a commercial equipment leasing program and credit cards. Its other products and services include payment solutions (mobile deposit and Zelle) and a wide array of treasury management services. It offers personal and business checking and savings accounts, and a number of time deposit alternatives, including time certificates of deposit, Individual Retirement Accounts (IRAs), Health Savings Accounts (HSA), Certificate of Deposit Account Registry Service (CDARS), Insured Cash Sweep (ICS), and Demand Deposit Marketplace (DDM Sweep) accounts.
BANK OF MARIN BANCORP 
