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UPDATE: D.A. Davidson Downgrades Bank of Marin Bancorp Following Q2'13 EPS Report

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In a report published Tuesday, D.A. Davidson analyst Jeff Rulis downgraded Bank of Marin Bancorp (NASDAQ: BMRC) from Buy to Neutral, but reiterated the $47.00 price target.

In the report, D.A. Davidson noted, “Bank of Marin reported Q2'13 EPS of $0.55 versus our estimate of $0.76 and the Street consensus of $0.77. A larger than expected loan loss provision and elevated operating expenses drove the sizeable miss. Other notable items included solid loan growth and anticipated NIM compression. A jump in the provision level to $1.1 million drove the largest negative variance in the quarter. The company stated the increased LLP was tied to a single land development loan which was brought on non accrual during the quarter (and has been in multiple buy and sell agreements). The loan was said to not be indicative of overall credit quality. NPAs increased from 1.07% of loans to 1.29% with the addition of the $4.8 million credit. Supporting management's claim on otherwise good credit trends, classified assets actually declined in the quarter over 10%. Reserve levels rose as a percent of loans to 1.32% from 1.25%.”

Bank of Marin Bancorp closed on Monday at $45.12.

Latest Ratings for BMRC

DateFirmActionFromTo
Jan 2017PiperJaffrayInitiates Coverage OnNeutral
Oct 2015Keefe Bruyette & WoodsMaintainsMarket Perform
Jan 2015FIG PartnersDowngradesOutperformMarket Perform

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Posted-In: D.A. Davidson Jeff RulisAnalyst Color Downgrades Analyst Ratings

 

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