BMRC — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-08

• Net income for the first quarter of 2026 was $8.5 million, compared to net income of $4.9 million for the same quarter in the prior year, and a quarterly loss of $39.5 million in the prior quarter. On a non-GAAP basis, excluding the losses on sale of securities of $69.5 million net of taxes, net inc…

• 1 Non-GAAP ratios exclude the loss on security sales, and all other factors unchanged. See complete Reconciliation of GAAP and Non-GAAP Financial Measures below

• •The tax-equivalent net interest margin increased to 3.24% in the first quarter of 2026 from 3.18% in the prior quarter, an improvement of 6 basis points. The increase was largely due to the effects of the securities repositioning in the fourth quarter of 2025, which provided a 21 basis point increa…

• •Despite a reduction in the average cost of interest bearing deposits from 2.16% to 2.10% in the first quarter of 2026 compared to the prior quarter, the average cost of total deposits remained flat at 1.35% due to a reduction in non-interest bearing deposits. Non-interest bearing deposits continued…

• •Total deposits were $3.428 billion as of March 31, 2026, compared to $3.416 billion as of December 31, 2025, an increase of $12.6 million, due largely to inflows from existing customers as well as new relationships to the Bank in the first quarter. This growth excludes the additional $27.3 million …

Text removed vs the prior filing · source: 10-Q · 2025-11-07

• Net income for the third quarter of 2025 was $7.5 million, compared to a net loss of $8.5 million for the prior quarter. Diluted earnings per share was $0.47 for the third quarter of 2025, compared to diluted loss per share of $0.53 for the prior quarter. Net income for the nine months ended Septemb…

• See complete Reconciliation of GAAP and Non-GAAP Financial Measures below

• •The tax-equivalent net interest margin increased to 3.08% in the third quarter of 2025 from 2.93% in the prior quarter. The repositioning of securities added 13 basis points to the margin and the higher average interest-earning deposit balances at the Federal Reserve Bank increased the margin by 10…

• •Total deposits were $3.383 billion as of September 30, 2025, compared to $3.220 billion as of December 31, 2024, an increase of $162.6 million. The primary recipient of the deposit growth was money market accounts which increased by $144.0 million during the nine months ended September 30, 2025. We…

• •The average cost of total deposits increased by one basis point to 1.29% in the third quarter of 2025, compared to the prior quarter. The average cost of interest-bearing deposits was 2.24%, in the third quarter of 2025, consistent with the prior quarter. The average cost of total deposits was 1.28…

Text added vs the prior filing · source: 10-Q · 2026-05-08

• As previously reported in our Annual Report on Form 10-K filed with the SEC on March 13, 2026, we identified a material weakness in internal control over financial reporting. Management did not design and implement adequate control activities related to the accounting for and classification of certa…

• Since identifying the material weakness, management, under the oversight of the Audit Committee has committed to remediate this deficiency. The Company continues to execute on its remediation plan, which includes implementing controls to:

• •Enhance risk assessment procedures over reciprocal deposit networks to identify whether additional control activities are needed to conform to our accounting policies;

• •Increase involvement of technical accounting resources for complex areas at initial onboarding and for periodic review; and

• •Require formal documentation of technical conclusion and evidence of supervisory oversight for third party reciprocal deposit networks.

Text removed vs the prior filing · source: 10-Q · 2025-11-07

• During the quarter ended September 30, 2025, there were no significant changes that materially affected, or are reasonably likely to affect, our internal control over financial reporting. The term internal control over financial reporting, as defined by Rule 15d-15(f) of the Act, is a process design…

• Refer to Note 12 to the Consolidated Financial Statements in Item 8 of our 2024 Form 10-K and Note 8 to the Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q.

• Our business is influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our control. In evaluating an investment in Bancorp's common stock, investors should consider, among other things, the risks previously discl…

• Bancorp repurchased 50,000 shares totaling $1.1 million at an average price of $22.33 per share during the third quarter of 2025. As announced in the Form 8-K filed July 28, 2025, the board of directors authorized the repurchase of up to $25.0 million of its common stock effective July 24, 2025 thro…

• The following table sets forth for the indicated period, share repurchases of our common stock:

Text added vs the prior filing · source: 10-Q · 2026-05-08

• Our business is influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our control. In evaluating an investment in Bancorp's common stock,

• investors should consider, among other things, the risks previously disclosed in Part I, Item 1A, "Risk Factors" of our 2025 Form 10-K, and the information contained in this quarterly report on Form 10-Q and other reports and registration statements filed with the SEC, which are incorporated herein …

• On July 24, 2025, the board of directors authorized the repurchase of up to $25.0 million of its common stock effective July 24, 2025 through July 31, 2027. The only activity under the program was in the third quarter of 2025. Cumulative shares repurchased under the current program total 50,000 shar…

• 6.750% Fixed-to-Floating Rate Subordinated Note due December 1, 2035

• Subordinated Note Purchase Agreement, dated as of November 19, 2025

Text removed vs the prior filing · source: 10-Q · 2025-11-07

• Our business is influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our control. In evaluating an investment in Bancorp's common stock, investors should consider, among other things, the risks previously discl…

• Bancorp repurchased 50,000 shares totaling $1.1 million at an average price of $22.33 per share during the third quarter of 2025. As announced in the Form 8-K filed July 28, 2025, the board of directors authorized the repurchase of up to $25.0 million of its common stock effective July 24, 2025 thro…

• The following table sets forth for the indicated period, share repurchases of our common stock:

• (in thousands, except per share data)Total Number of Shares Purchased

• Total Number of Shares Purchased as Part of Publicly Announced Programs

Text added vs the prior filing · source: 10-Q · 2026-05-08

• 6.750% Fixed-to-Floating Rate Subordinated Note due December 1, 2035

• Subordinated Note Purchase Agreement, dated as of November 19, 2025