Bank Of Marin Bancorp Records Mixed Q2 Performance; Plans New Share Repurchase Program

Bank Of Marin Bancorp BMRC reported Q2 revenues of $26.87 million, beating the consensus of $26.30 million

Quarterly EPS of $0.28 missed the street view of $0.43.

Lackluster earnings performance stemmed from the cost of interest-bearing deposits catching up to market interest rates and higher average balances on borrowings.

BMRC recorded a $500 thousand provision for credit losses on loans for the second quarter, compared to $350 thousand for the previous quarter. The credit losses were owing to continued negative trends in adversely graded loans and collateral values. 

The company exited the quarter with cash and equivalents worth $39.7 million.

Total Deposits were $3.325 billion on June 30, 2023, up $74.6 million from $3.251 billion at March 31, 2023. 

Dividend

The Board of Directors declared a cash dividend of $0.25 per share on July 21, 2023. The dividend is payable on August 11, 2023, to shareholders of record at the close of business on August 4, 2023.

Share Repurchase 

Bancorp's share repurchase program had $34.7 million available for repurchase as of June 30, 2023. 

On July 21, 2023, the Board of Directors approved adopting a new share repurchase program for up to $25 million and expiring on July 31, 2025.

Price Action: BMRC shares are trading higher by 1.35% to $19.88 on the last check Monday.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsEquitiesNewsDividendsBuybacksSmall CapMarketsGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!