Bank of Marin reports Q4 EPS 86c, consensus 77c Earnings reflect a $1M pre-tax gain on the pay-off of a purchased-credit impaired loan. This gain increased Q4 EPS by 12c on an after-tax basis. The allowance for loan losses totaled 1.27% of loans at December 31, 2012. Reports Q4 net charge-offs $178,000.
On The Fly: Analyst Downgrade Summary Today's noteworthy downgrades include: AbbVie (ABBV) downgraded to Neutral from Buy at Guggenheim... BHP Billiton (BHP) downgraded to Hold from Buy at Jefferies... Bank of Marin (BMRC) downgraded to Market Perform from Outperform at Keefe Bruyette... Cobalt (CIE) downgraded to Speculative Buy from Buy at Global Hunter... Consolidated Edison (ED) downgraded to Underweight at Morgan Stanley... Deutsche Post (DPSGY) downgraded to Hold from Buy at Deutsche Bank... HCP (HCP) downgraded to Hold from Buy at Jefferies... IBM (IBM) downgraded to Hold from Buy at Evercore... Inland Real Estate (IRC) downgraded to Underperform from Neutral at BofA/Merrill... PerkinElmer (PKI) downgraded to Neutral from Buy at Janney Capital... Philips (PHG) downgraded to Neutral at UBS... QEP Midstream Partners (QEPM) downgraded to Market Perform at Wells Fargo... Rent-A-Center (RCII) downgraded to Market Perform from Outperform at Raymond James... Rhino Resources (RNO) downgraded to Underperform from Market Perform at Raymond James... Universal Forest (UFPI) downgraded to Neutral from Buy at Sterne Agee.
Bank of Marin downgraded to Market Perform from Outperform at Keefe Bruyette Keefe Bruyette downgraded Bank of Marin to Market Perform citing valuation following the company's Q3 results. The firm has a $50 price target for shares.
Bank of Marin reports Q3 EPS 89c, consensus 85c Bank of Marin reports Q3 net interest income $17.5M Reports Q3 non-interest expense totaled $11.4M. Reports Q3 gross loans increased $22.5 from the prior quarter. There was no provision for loan losses in the third quarter of 2014 compared to $600 thousand in the prior quarter.