Bank of Marin Bancorp Declares Cash Dividend, Payable on February 10, 2017; Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016
January 23, 2017 at 06:30 pm IST
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The Board of Directors of Bank of Marin Bancorp declared a cash dividend of $0.27 per share on January 20, 2017. The cash dividend is payable on February 10, 2017, to shareholders of record at the close of business on February 3, 2017.
The company reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company's net interest income was $17,976,000 against $17,243,000 a year ago. Net interest income after provision for loan losses was $18,276,000 against $16,743,000 a year ago. Income before provision for income taxes was $8,984,000 against $7,706,000 a year ago. Net income was $5,687,000 or $0.93 diluted per share against $4,925,000 or $0.81 diluted per share a year ago. Return on average assets was 1.11% against 0.98% for the same period of last year. Return on average equity was 9.74% against 9.12% for the same period of last year.
For the year, the company's net interest income was $73,161,000 against $67,187,000 a year ago. Net interest income after provision for loan losses was $75,011,000 against $66,687,000 a year ago. Income before provision for income taxes was $36,480,000 against $28,931,000 a year ago. Net income was $23,134,000 or $3.78 diluted per share against $18,441,000 or $3.04 diluted per share a year ago. Return on average assets was 1.15% against 0.98% for the same period of last year. Return on average equity was 10.23% against 8.84% for the same period of last year. Book value per share was $37.63 as at Dec. 31, 2016 against $35.34 as at Dec. 31, 2015. The increase of $6.0 million of net interest income in 2016 is primarily due to an increase in earning assets of $120 million, the $1.4 million interest recovery, and greater gains on payoffs and accretion on purchased loans, partially offset by lower average rates on loans and investment securities.
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 Declares Cash Dividend, Payable on February 10, 2017; Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016