Bank of Marin Bancorp reported earnings of $7.2 million for the first quarter of 2020. Net income was impacted by a $2.2 million provision for loan losses related to COVID-19 and increases in non-interest expenses. These were partially offset by gains on investment securities sales and accelerated discount accretion from an investment security call.
Loans totaled $1,843.9 million, an increase of $574 thousand.
Total deposits decreased to $2,307.1 million.
Non-accrual loans represented 0.09% of the Bank's loan portfolio.
The Board of Directors declared a cash dividend of $0.23 per share.
The pandemic is expected to result in lower interest rates, higher volatility and some deterioration in household, business, and market conditions that will impact the company in the coming quarters.
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