Bank of Marin Bancorp (NASDAQ:BMRC) Files An 8-K Results of Operations and Financial ConditionItem 2.02
RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On April23, 2018, Bank of Marin Bancorp, "Bancorp" (NASDAQ: BMRC), parent company of Bank of Marin, released its financial results for the quarter ended March31, 2018. A copy of the press release is included as Exhibit 99.1.
Section 8 – Other Events
In the press release, Bancorp also announced that on April20, 2018, its Board of Directors approved a quarterly cash dividend of $0.31 per share, a $0.02 increase from prior quarter. The cash dividend is payable to shareholders of record at the close of business on May 4, 2018 and will be payable on May 11, 2018.
Bancorp also announced that on April20, 2018, its Board of Directors approved the repurchase of up to $25 million of the Bancorp’s common stock through May 1, 2019.
Under the stock repurchase program, Bancorp may purchase shares of its common stock through various means such as open market transactions, including block purchases, and privately negotiated transactions. The number of shares repurchased and the timing, manner, price and amount of any repurchases will be determined at the Company’s discretion. Factors include, but are not limited to, stock price, trading volume and general market conditions, along with Bancorp’s general business conditions. The program may be suspended or discontinued at any time and does not obligate the company to acquire any specific number of shares of its common stock.
As part of the stock repurchase program, Bancorp is entering into a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The 10b5-1 trading plan would permit common stock to be repurchased at a time that Bancorp might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions. The 10b5-1 trading plan is administered by an independent broker and is subject to price, market volume and timing restrictions.
A copy of the press release is attached to this report as Exhibit 99.1.
Section 9 – Financial Statements and Exhibits
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Item 9.01 |
FINANCIAL STATEMENTS AND EXHIBITS |
(d)Exhibits.
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99.1 |
Press Release dated April23, 2018. |
Bank of Marin Bancorp ExhibitEX-99.1 2 earningsrelease-exhibit991.htm EXHIBIT 99.1 Exhibit EXHIBIT 99.1 FOR IMMEDIATE RELEASE MEDIA CONTACT: Beth Drummey Marketing & Community Relations Manager 415-763-4529 | bethdrummey@bankofmarin.comBANK OF MARIN BANCORP REPORTS FIRST QUARTER EARNINGS OF $6.4 MILLIONANNOUNCES $25 MILLION SHARE REPURCHASE PROGRAM AND QUARTERLY DIVIDEND INCREASENOVATO,…To view the full exhibit click here
About Bank of Marin Bancorp (NASDAQ:BMRC)
Bank of Marin Bancorp (Bancorp) is the holding company for Bank of Marin (the Bank). The Company’s customer base is made up of business and personal banking relationships from the communities near the branch office locations. Its business banking focus is on small to medium-sized businesses, professionals and not-for-profit organizations. The Company operates through approximately 20 offices in Marin, Sonoma, San Francisco, Napa and Alameda counties, with a focus on supporting the local communities. It makes international banking services available to its customers indirectly through other financial institutions, with whom it has correspondent banking relationships. It offers a range of commercial and retail deposit and lending programs. Its lending categories include commercial real estate loans, commercial and industrial loans, construction financing, consumer loans and home equity lines of credit. It also offers Wealth Management and Trust Services (WMTS).