Bank of Marin Bancorp (BMRC) has reported an 1.68 percent fall in profit for the quarter ended Mar. 31, 2015. The company has earned $4.46 million, or $0.74 a share in the quarter, compared with $4.53 million, or $0.76 a share for the same period last year. Revenue during the quarter dropped 5.88 percent to $18.79 million from $19.96 million in the previous year period. Net interest income for the quarter dropped 7.24 percent over the prior year period to $16.60 million. Non-interest income for the quarter fell 1.22 percent over the last year period to $2.19 million.
Net interest margin contracted to 3.90 percent in the quarter from 4.17 percent in the last year period. Efficiency ratio for the quarter improved to 63.07 percent from 63.86 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
“Our relationship banking focus is yielding a strong pipeline as we move into the second quarter. At the same time, we are experiencing loan payoffs similar to other banks in the Bay Area," said Russell A. Colombo, president and chief executive officer. "We have had numerous customers sell properties and businesses to take advantage of the high valuations prevalent in today’s market. We remain optimistic about 2015.”
Total assets stood at $1,826.15 million as on Mar. 31, 2015, up 1.57 percent compared with $1,797.85 million on Mar. 31, 2014. On the other hand, total liabilities stood at $1,621.64 million as on Mar. 31, 2015, up 0.62 percent from $1,611.69 million on Mar. 31, 2014.
Net loans stood at $1,331.33 million as on Mar. 31, 2015, up 5.35 percent compared with $1,263.76 million on Mar. 31, 2014. Deposits stood at $1,585.12 million as on Mar. 31, 2015, up 0.56 percent compared with $1,576.34 million on Mar. 31, 2014.
Loans to deposits ratio was 84.90 percent for the quarter, up from 81.10 percent for the previous year quarter.
Noninterest-bearing deposit liabilities were $716.72 million of total deposits on Mar. 31, 2015, compared with $701.56 million of total deposits on Mar. 31, 2014.
Investments stood at $312.16 million as on Mar. 31, 2015, down 13.85 percent or $50.20 million from year-ago. Shareholders equity stood at $204.51 million as on Mar. 31, 2015, up 9.85 percent or $18.34 million from year-ago.
Return on average assets moved down to 1 percent in the quarter from 1.01 percent in the last year period. At the same time, return on average equity decreased to 8.92 percent in the quarter from 9.97 percent in the last year period.
Book value per share was $34.27 for the quarter, up 8.76 percent or $2.76 compared to $31.51 for the same period last year.
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