BMRC - Earnings call transcript Q4 2021

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Andrea Henderson

Good morning and thank you for joining Bank of Marin Bancorp's Earnings Call for the Fourth Quarter and Year Ended December 31, 2021. I am Andrea Henderson, Director of Marketing for Bank of Marin.

During the presentation, all participants will be in a listen-only mode. After the call, we will conduct a question-and-answer session. [Operator Instructions] This conference call is being recorded on January 24, 2022.

call Girton, Tim Officer. Executive the CEO, President on Tani and President, us today Myers, are and Joining Chief Financial

earnings at we found which is press morning, webcast. Our be can also issued being on where bankofmarin.com, this website this call our release,

some non-GAAP refer of get discussing and to both table page I X the press will started, on release GAAP measures we to note reconciliation financial Before we the the for that measures. want be non-GAAP call. Please on

discussion and the is involve on forward-looking Additionally, forth results this on based set such Friday, that those Actual in information call of as statements. may January we from differ risks statements may know and uncertainties. XX, materially XXXX, contain

review For as a the press our as disclosure well discussion release earnings in of statements these please SEC uncertainties, forward-looking filings. our risks and

our available remarks, Tim like turn be the Following call now, to answer and will to I'd Tim, questions. And to prepared over Tani your Myers.

Timothy Myers

morning generated long capital the credit and for value driving shareholders. results we are the while our communities, These quarter remain consistent quality. CEO consistently the on for you, Marin that of affirming and liquidity as our fourth Thank our customers by full serving We welcome Bank performance. XXXX, call term of overall year solid maintaining and like Good of hallmarks call. to laser my earnings to while Andrea. of first begin and I'd focused

River of California. American XXXX of into one in the acquisition Our regions Sacramento, our Bankshares growing in expanded footprint fastest Greater

as future. River the to late provided systems and us growth efficiencies is we The into conversion core of it better in integration scale American March. approach maximize Importantly, with on track drive

Greater area. to develop initiatives guide attract of moment including great With strong region, created new position, to as a is learning strategic a track Sacramento record across make growth. the us of expertise, late and have banking hires our banking Banking We of our bank's experience the Manager. Sacramento he of continue grow. to well we one newly nearly in initiatives. Several teams our entire commercial them. the been XX like commercial has This footprint. successful In he President, acquisition our Commercial will He I'd deep take Deepak will talent years and in Deepak growth we XXXX, continue to Sales Greater growth teams. the efforts also Senior our In key as hired Vice support building oversee a as this helps highlight we and to Bhakoo of expands client serve hires example

new We, Walnut we bank generated bringing year, in with drive will to necessary to our and past along in over manage momentum gained XXXX value great for to deal I with shareholders but and the business continue continue. continue is growth. accelerate through past as customers, we adapt pandemic confident a the beyond. for still year ongoing years. The to am learned generate For a in our have notable us, these to production two we the the deliver in Oakland Late including and in fourth our Napa, Sacramento, and quarter, and relationships. markets, in efforts and the were Marin, lift the full year, successful commercial we existing expanding banking Creek. production key that loan teams loan strong other the expect These in clients helped

of on year highlights. share, the income key $XX.X full X.XX% and per X.X%. on was or return for Net equity for $X.XX a assets of some return Now representing million

Year-over-year $X.X originations by average X.XX%. forgiveness, X.XX% $X.X billion non-PPP ongoing average American return X% XXXX, and up at by XXXX. and million Excluding a and billion River across one-time footprint. would growth real income conversion Loans and non-PPP on were representing estate of asset estate equity year-end loans. net to XX, merger-related per the loan which majority on was assets have been commercial deleveraging. $XX.X million $XXX.X from costs, share, distributed $X.XX or real of to at payoffs return December investor sales of commercial offset commercial growth due borrower loan driven PPP was the origination, were commercial of acquisition our Loan increased

$X.X As $X.X totaling unrecognized $XXX acquired Deposits million of billion, net Bank of loans from American billion XXX XXXX XX% million SBA River up outstanding, or made cost. $XXX on and XXXX, million, $X.X August in million deposits in total December XX% XX, grew increased deposits Non-interest and PPP there were fees $XXX in of to year-end. X. bearing including at

by of cost secured year reported to the XX substandard in basis We decreased from to of XXXX. basis fourth XXXX, low for a already further full two investor quarter, down in in loans increase negatively due points net were with affected one points X loans real pandemic. the Our that primarily estate borrower deposits the commercial

were of of Marin quarter loan estate status continue XXXX. fourth only the bank's as XXX,XXX The which $X.X However, year-end $X.X the loans share of totaling placed on Bancorp in in owner totaling secured loans, Bank its portfolio XX. commercial represented loans million occupied December of real XXXX. million, repurchasing non-accrual non-accrual two million X.XX% at quarter non-accrual of in fourth $X.X shares, repurchase included the program,

a solid on consecutive Bank XXth and by our Given Bancorp. of quarterly dividend dividend XXXX XXXX. cash represents Board per XX, position January Directors declared the of Marin capital $X.XX paid our strong of This continued share results,

I'll Tani our discuss Now, the results. to to over hand financial call

Tani Girton

of combined million in $X.X million River Bank full River quarter increased you, Thank the Bank and Bank. and Net fourth Fourth $X.X the of from quarter $X.X everyone. third the quarter Good Tim. American the income million morning, of quarter of Marin in XXXX. represented XXXX assets first with

and million costs, assets the for X.XX% shown X.X% of and been would income $XX.X share earnings conversion earnings non-GAAP As been without the and equity reconciliation costs. fourth Return average have return those on have GAAP would measures, would merger-related the per quarter on the $X.XX X.X% been fourth of in X.XX%. have release and net without one-time quarter

quarter, the million to million originations loan PPP loans was million quarter from million of non-PPP million utilization. loan and yield payoff the $XX significantly related and off. by $XX originations due increased $XX due payoff mostly in fourth While PPP total XXXX. loans the decreased fourth up amortization for increased in to exceeded by points and loan quarter in lower $XX Quarter-over-quarter, to non-PPP XX million the scheduled loan changes average to $XX in basis balances paying rate X.XX%, $X

to lower balance proportion balances interest income increased of XX point XXXX point quarter Net XXXX an X.X% income interest over our expense originations led and and the conversion while more $XX.X sheet $X.X same Fourth million in basis the quarter $X balances interest compared in rates. income and the investment year the $XX.X to mostly basis the the $X.X in Overall, yield, XX primarily average of prior third asset year-end XXXX. added expense and collected sheet. loan fourth salaries $XX of equivalent in net lower XX $X.X resulted on true-ups fourth investment yield. increased decrease balances a third the assets million the $X.X to points, to prior benefit higher growing to quarter average insurance million XXXX. of despite for came million non-interest X.XX% $X.X from million payoff. The increase XX million the owned categories from quarter well average continues conversion year and The prior was increased Full-year decreased and merger-related effect. fourth reduced in contributed increase increased was opposite net the to million over quarter of rising significantly quarter. bank average to to most third to costs loan XXXX. of XXXX the which million basis expanded benefits benefits, portfolio XXXX the a to due million higher third $X.X higher increased totaled spread incentives from on and was activity a earning interest in due and from acquisition-related declined quarter over last from the quarter loan basis point from across due While to investment interest quarter million the quarter quarter largely costs. $X.X yields life quarter and of deferred the Non-interest in loan were benefits million related securities deposit billion. decrease that due largely costs. $XX the over quarter Higher X.XX% in quarterly in accelerated compared the and net and from Incremental securities decline increase one-time of had fee resulting income interest net The positioned $X.X in margin one-time the of quarter. $X.X fourth balance same in quarter base. fourth be million The PPP sensitive income. fourth Non-interest higher from The the fourth quarter, ago the to to quarter of million interest tax recognition

of costs to due larger included consulting with also higher to the true-ups deferred Other loan The to increased pandemic. annual the closing, increased while and challenges effective and data quarter Several contributions XX to tax increases merger-related non-deductible XX.X%, a Additional long-term the personnel navigated to XX% other efficiency and third contributions for PPP charitable lower year-end was bank's committed related points from associated XXXX, merger-related one-time expenses the XX% to underlying size expense rate transaction we increased of both merger, costs and categories merit conversion processing primarily result incentive origination to XXXX activity. quarter quarter decreased The and increases, our in the supplemental salaries principles from benefits. the forgiveness in ratio due success. XXXX presented related and and XXXX. and opportunities, increased effectively environment and XX.X% In in excluding basis fourth the improved expenses. staying as

to and We these And take are Tim ready the Year. would some results now, on like final share comments. New pleased with are to

Timothy Myers

Marin and solid needs our post the Tani. our customers' expanding while as our ability and we footprint. confident respond our pandemic to to continue the deliver stages of economy. remaining growing continued in pandemic you, a Thank transition performance XXXX, to We in to XXXX Bank entered of navigate

ongoing the call drive Northern generating out attract across revenue will interest efforts on and build our call today's that, in California. Sacramento acquisition will to questions. your River, our skilled our of to With open everyone Thanks talent further team your we and to leaders help for American us growth Following and support.

Operator

Instructions]. [Operator

comes of D.A. question the Rulis, first Jeff Our Davidson. line from

Jeff Rulis

into the Wanted to expenses. get

on on had saves we how running American time. the capturing little core you're been well? cost Maybe you've cost get and March. is I up think Can – mentioned the to might think the to – do I River what just a to date of anticipated. occurring successful than lower catch I ahead the number Tani that obtaining conversion the saves in then as What absolute

Timothy Myers

start and I'll Tani high take level can over. then

tracking give any costs saves So, as we're plan of ahead specifics there. now, on can going and right cost Tani one-time forward. of

Tani Girton

quarter I and one-time of included that's expenses a estimate of acquisition would over accrued the up QX, in Also, first of the to course you say, if quarter, pretty you conversion. good look might over fourth is of of what be because a course if cost, that that's run were rate. the going the conversion look expensed indicator conversion what good is at in show our indicator at the best what our without the the the

Jeff Rulis

something back non-one-time from below the of it merger is that costs, and million if I offset it's get Or that we the conversion, by second guess, and is we go? quarter? on just kind core, you is that to think focused sort so run $XX to just be core there there If million rate, sort rate if the from and carries get there, $XX on to of into going others, stages as of more run maybe wage we post inflation then

Tani Girton

absolute of go sort for we saves, will increase with up to we over But when cost the obviously, model merit because time same over time, expenses, and reasons. increases and model inflationary thing. our those that Well, those

Jeff Rulis

So, then, if some wouldn't conversion, I the it you reverts read time, to run post and rate anticipate probably you meaningfully growth. disrupted to over right, be

Tani Girton

That correct. is

Jeff Rulis

build, the what's well of the understandable as Switching the investment that and margin with liquidity. gears, on loans transaction with just on as happening securities

you additional there Just securities of to does But the see interest how Is answer wanted the think balance would be XXXX, about short probably manage? preferred portfolio? the in loans. you you remain that I how be? manage? the versus rates, said And think margin balance positioned would how what on sheet you've that the output with manage the backdrop you the well on

Timothy Myers

rather putting point to prefer more say, would to and I'll in work targeting much just money about, loans. are Jeff, we quickly your

So, hammer sales Bhakoo security which talked Deepak has relationship the a correctly consistent about across hiring home to Tani disciplined, release, we process lot the yield. the banking, the have helps in with to the a done But side. footprint, really do on certainly

Jeff Rulis

The we first point remains static asset mentioned. XXX sensitive, up of environment balance I and NII year balance an And increase quarter, sheet year sheet in and X.X%, basis as a reported second in on last about X.X%. the in

that's heavily deployed asset balance well rate balanced a we sensitivity securities. static than of some environment, lower weighted we probably pretty then that's little increasing bit towards but So, cash our But an sheet. a remember, on and little because into a have were bit we're

cost liquidity. we million fees away, with a definitely that is net about that that going interest up, that we've will bit us. But headwind. for we a tailwind that a to have ton $X.X grow that's that's got rates goes in probability After we've the of extent of amortize. tailwind another improved. a got of So, left the loans, to is loans, PPP Also, be go to

the So when able that we've is our cash portfolio way the to with recently, ability the on we've deposit point up up, at yield been as into higher that lag a most rates deployed the on that rates do yield is then rates And that increase. supports portfolio, to the investment last average than interest

Jeff Rulis

the on mix growing – and that outlook volume rate sounds you're on good going the loans, like on That in some to term securities near the sounds NII forward.

appreciate I detail. the So

Operator

next the James. Our of question line from Feaster Raymond comes David with

David Feaster

do you paydowns on in organic the really Maybe start Looks Great and fourth to a about headwind. dropped with to wanted just puts growth are But accelerated think outlook. pay-offs how quarter. a you into XXXX? the the still see kind the heading talk and some basis hires. can like takes just Why growth of we've organic I about and as think of we're new originations on just loan core you looking forward? here growth

Timothy Myers

on across key look even ours, one banking things year. if That's the you focus a Certainly, nice basis we by much commercial more production of a of office our group the had David. network, group in

the were year, Marin total offices seeing mean, not our the newer some for of third I really offices So we're where production. a of full was just that Marin – the

year time banking which to was this the PPP. So, in better commercial a is which a right Mateo, we're the production decline good Walnut relationship really our of the was had PPP San office horrible in out start pandemic, with – completely years on good of activity Napa, time team. banking but as seeing the them to San started seeing that some was production model. was regions the middle We're in Walnut pandemic a demands and Creek like Oakland, shortly before like one Creek also They of and key Mateo. started diverted areas

a that us Deepak think paydowns fairly want. and continue Certainly, growth. of sales have of feel very I to cash large we our that in The headwinds. coming are sales opportunity asset control and drive kind growth of to leveraging, did third-party that It of even consistent an a we drive out de there but refinancing. to loan with really have more payoffs, targeted about I process, good the those due lot been gives amount So, with

that making of on in also made but getting of in you really – see of to front and calling that some loan put tackle more we're attempt It an better aggressive in attract our on customers, we customers. yield, sure So terms NIM is loan is to and work in the to loan. money retain new to targeted that areas the pricing being decline, in issues,

to approaches So, we will organic continue those growth. the all continue

loans to healthy on good fund. good But those that a has funded to a new right just in the we've team have comment we'll amounts. QX, pipeline developed have hammer on already. expecting hired don't out amount that continue We a key We pipeline And of now. Sacramento despite we amounts in factors. The we're

David Feaster

Maybe just disruption lot new the on any market. been hires. There's thoughts in the of additional a

hires you you're how whether more seeing just hires new think curious and going about Just forward. opportunity new for

Timothy Myers

goes really disruption good had good both and had both We've It's team come, ways, But aggressive leave. is good David. an that market. again, we've us And Well, that a Sacramento works people for people against us. that, in example. ways, that

the prior to allows like attract considerable to regions, out I in out there'll And have a well. well our ability loans us that very other said, to as Sacramento do in people market And pipeline. in Deepak's had they our that pushing role, jobs. scale, done already be Our

So, But forward. and certainly we've again, it fill still we can work positions are both looking benefited key going ways. to

David Feaster

of one. coming guess, just And the of kind should of Can that you that first million in that quick bump back a seasonal quarter to you'd other I remind One in bit before expenses talking the about? you us expect maybe rate that $XX upper expect of were a little kind first we run quarter?

Tani Girton

Yeah, right. the payouts in quarter and the We to typically XXX(k) the contributions a first related resets that's payments relative exactly have do bonus that. with the associated of XXX(k) to bump

point. that is fourth run rate a $XX we correct. webcast that the that cyclical on $XX would million not include expenses, sort that's really had first acquisition that million if And a But as the minus was question regarding based of So, per quarter well, good quarter bump. on quarter asking the and

Operator

Clark comes Piper of line Matthew the from next Sandler. Our question with

Matthew Clark

we $X.X the think million the what to out when guess, to done? so all and of much more and said is discussion annualized get expense million $X.X just upside Maybe related it's And you the saves that cost far? of how realized round do I specific.

Tani Girton

I'm not is Sorry, $X.X from. where sure Matthew, million coming the

You're that based to American on merger? prior number the Bank's River were running what costs

Matthew Clark

on I different it four might using relative be guess their but to based months, percentage I'm the last you guys… targeted what

Tani Girton

just Yeah. we'll talk conceptually. So,

first cost we savings a in of when And we consensus about the quarter. So, only ran all, estimated we model. of used our XX% realization first estimates

early to I looks the those most now, is And look look saves. where we're in headed, salaries when post over conversion, we at we we're like cost benefits. where going at So, are and the it acquisition where the of it's we and come saves think, projected – and general, course of right cost But in very days from on exceed that. so when

modeled also of The in those XXXX. increase the in investor that we're realization We a presentation, remember, quoted in basis. XX% we in fully on a numbers phased

XXX% And we've in quarter because of phased so, XXXX. fully realized got XXXX. would in And be in that's a conversion

Matthew Clark

in portfolio I that comfortable the think of coverage mix loan your of what feel quarter, well, do guess a your longer for you you're targeting bump ratio I in reserves on and term? term The this loan based what with longer terms as on last mix

Timothy Myers

feel like in It The were model have We in factors. credit mentioned we did in that increase in have the really release, quality the We of not reserves we our factors one necessarily management, to but portfolio. other downgrade, an about due the feel the the the a arms earnings quality. credit the the adjustment around that. was really we to good CECL reflection

So, I continue. will to there's or any don't think think worsen reason that

our good feel credits terms materially these about when of very of mix see anything we loan and would plans portfolio, that. deteriorate, You quality will but can't impact in portfolio in predict that don't credit our some

Matthew Clark

using if loan the the XXX deposit up it that your points, beta underlying for have to you're basis margin sensitivity, and gears you and to asset what's Shifting outlook offhand?

Tani Girton

some you, papers. that to go going just pull have I for I'm Matt. through to

So, give on a me that. minute

Matthew Clark

buyback. you, away for on Tani. shift the to Maybe, try from questions I'll Tim,

back under think, You still $XX the I price? current which will left your have, longer stock? a what's authorization. guess, buy I limit sensitivity you there at to million about Is no

Timothy Myers

our volume going as look million investment. slowed. approved on Yeah, about to to But has we're relative repurchase have $XX and other we I forward, the think we program, the Matthew, go activity left

that point of I'm on price. because just say going So, this pace, irrespective ready to to they're at we're continue approved, not that

go looking investment right we priorities is. have XXXX as and and to where into So the what to our are weigh we ahead thing do

Matthew Clark

from happen the in Tani. one last me, one purchase American income for for have follow-up you accounting interest quarter this Do to accretion River? embedded The

Tani Girton

off beta. is call back That one, I you that and the you got get years, my six to of but wrong. here, quote don't the to don't on. beta, same got have and because head which to average want say I've I want a number top will the have to I the life I roughly to And half with a

you So I'll those questions. be on back to

Operator

question Terrell with Next from line the of Andrew Stephens.

Andrew Terrell

Tim, now. provide thinking or asked an Most appetite and focused M&A Maybe going But, of XXXX maybe can M&A just kind been be kind are just how you helpful. of have be was hoping answered color update how or mine you would into you're on might conversations any update just on already. on of right an where about just and

Timothy Myers

River Our conversion legacy Bank. focus now American completing is of integrating XXX% right the and on successful

So, at that our intense the is total time. focus

But banks the Going know, the immediate you bought, not banks you do always there's CEOs is of there, forward, so works. investment can't talking Part continue I sold, control so. will out my and nothing to job be to to timing. in as other and really and are

are We XXX% integrating focused on ARB.

Andrew Terrell

have Tani. in it you securities of Maybe the with fourth the to Do average square the new for the one purchase quarter, just kind for yield margin?

Tani Girton

me. I have that, not but with here

Because get I you're So, back talking about entire on that. to you can right? quarter, the

Andrew Terrell

Yeah. That's right.

works. that Okay,

Operator

Our Stuart with the Lotz line next question comes from of KBW.

Stuart Lotz

would reprice detail, do March, and of a in trying hike here Tani, quickly kind rate. on just in composition guess, asset between about floating piece to particularly all of that overall the book of if terms sensitivity. appreciate fixed But do your get together, how we how kind we your loan just think the I all

Tani Girton

a of doesn't If or year. obviously, book about XX% our And you whole look together, at loans equal than securities. repriced include that the less in

or roughly a the is on lot that of the that of we is the X% of points. book that And And of one-third on duration the of to years. then, portfolio, in less portfolio. reprice basis up floors. cash upwards once pretty would in get rates XX reprices short, than go securities loan XX% five portfolio equal off and Only Our money

two-thirds, a of percentage that's The But small the other overall XXX. pretty portfolio.

Stuart Lotz

from is the when cash. how sensitivity, of from that And And do upside most asset deposit today, an quickly book? Just really employing with you driven money back into from screen, just see the your can to you cash securities Is X% you trending? put that by inflows? run where better use in

Tani Girton

few investments to We couple are, mentioned. we bit which with we a rates is third continue the more where have beginning of to here popped deposit want quarter as end why of It weeks, when up the little sure then, to had And hard of rates in invest recently, again, keep the and quarter. fourth last the the quite we is at it, again. up a you inflows, given opportunistically, make and that

that. try So to we manage

if rely lot at off can a have the We balance on, have liquidity of that too rates. invest sheet we higher to we opportunity

yeah, it's deposit time full the [indiscernible]. So, keeping job a

Stuart Lotz

more back If driven outlook, provision me. stronger this go just the we just maybe the think production. probably by I quarter And one reserve the was for to

maybe So, a loan near kind growth remain provision improve. to how charge-offs are thinking do quarterly in and zero guys run XXXX you see at about as of start we rate

of kind any Just color there.

Timothy Myers

Tani the some expectation. provision let answer We of change charge-off numbers. ongoing expect don't any the I'll in

Timothy Myers

the With dependent CECL, economic a lot more on forecast. that underlying is model

very the we're fluctuations. with get you portion And change where quantitative if calculated then, that's any some the CECL, the of associated obviously, based to on analysis. the get we high going with would percentage that. Normally, So, of portfolio, provision or is grow

we few the earlier, all However, in ARB elements right change team as to that. now Tim integration mentioned, qualitative in underwriting mentioned terms of the and there the in the due of a management, quite of as have executive

bump risk. that's qualitative tend to or chief just last just because let's during we those transitions We So, credit officer. officer did acquisitions to factors there's prior another up little bit, what typical a credit a say,X the from more to chief one, little during

is Another element that And did of the classified on of factors reduction the and the in there risk. some because factors, will qualitative though, some have we doubtful. the some also in qualitative notice, risks improvement you was model

Timothy Myers

take in to culture, a changes leadership, credit of ARB on try integration cetera. et outlook team, We conservative the

So, that significant drove the increase. a part of

Stuart Lotz

and kind update of any fourth here. quarter those have of into are just improvement one we utilization where Maybe and more seen in trending rates and Any on the kind going XXXX?

Timothy Myers

Stuart, Unfortunately, No. no.

our think sits did XX% X% quarter-over-quarter. XX% that level, I it utilization portfolio from overall at declined where to And XX/XX/XXXX. exactly it at

has had we've we still liquid. it just months where of considerable though. But had around, bounced customers are We've remain So, the our improvement. very – lot a like banks,

lot And trend so, liquidity trying really a to of There's predict and reverse out when is utilization that might tough. there everywhere.

flat from So, September to XX%, drive I think December, XX% went that as you but continues year-over-year. to usage think levels. I to But

Tani Girton

waiting get about from Stephens the purchased to While I'll securities back the quarter. The on over on question, X.X% average. was next for the we're Andrew yield

So, obviously, the average for some lower, that the but some was higher, quarter.

Operator

line Janney the We Montgomery of do have a question Coffey from Scott. Tim with

Timothy Coffey

in the quarter. they about the I originated you talk kind where yield? you the to Can question had on on yields of relative were period-end loans a loan the

Timothy Myers

see numbers won't I investor Yeah, I on here. we in a new give have numbers. exact a yields, particularly real some estate. But production did loan on decline

highly out the we've work, a to offers push bit just we from Some see mentioned occupied some of call, little competitive earlier, cash the play market. the defense to owner I real had in a but as really on in put not estate,

did estate, owner relatively estate did occupied we a of go real loan close. lower with So, yield we real see decline But some those. in out on others that are a Most the of primarily. investor

Timothy Coffey

there kind is Or at these The talked on this aggressive rates? this about market way how be pricing you're you kind Are in pricing, like should or of now, I teaser wanting say. least approaching to get market on offensive of competitive now? to out more the right right

Timothy Myers

relatively No, market. in rates. bucket for small to had relative we're being strong is do allocated competitive teaser a a strong just customer, don't the But what for we we that. seeing This that prospect, we

have We focus our at model, banking market yields an relationship want get and, portfolio continue can yield. premium we overall on a that to to improve to so intense certainly,

continue balances. not grow let's maintain on We're explicitly be It's to necessary focus just the saying we where that. So being to aggressive loan competitive consistently. and

Timothy Coffey

good going about in last the your forward, tax two the Tani, what's volatility a seen to quarters? think rate we've way given

Tani Girton

it ratchet non-deductible little merger year full We bit the because versus we would XXXX want expenses. had to down a some

points was on going in betas. say, to full that come would I back Matthew's to year, So, about basis And XX I'm the effective rate. worth for the the tax question

the average risk And portfolio that accounts. our XX%. interest analytics includes So, for beta our in money on a apply market we the beta that XX% is rate

Operator

to it And we turn to the have phone I'll appear on our closing remarks. speakers line. back for questions any no further

Timothy Myers

much you questions, know. call. joining very it. appreciate I follow-up let If any us on anyone has the Thank for please us

Operator

disconnect That today's participation thank Thank you line. for your We call. you concludes please and your to you. ask

Bank of Marin Bancorp (BMRC) 24 Jan 222021 Q4 Earnings call transcript