We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bank of Marin Bancorp | NASDAQ:BMRC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 14.81 | 14.00 | 14.96 | 0 | 12:00:08 |
|
California
(State or other jurisdiction of incorporation or organization) |
| |
6022
(Primary Standard Industrial Classification Code No.) |
| |
20-8859754
(I.R.S. Employer Identification No.) |
|
|
with a copy to:
|
| |||
|
Kenneth E. Moore, Esq.
Michael K. Staub, Esq. Stuart | Moore | Staub 641 Higuera Street, Suite 302 San Luis Obispo, CA 93401 (805) 545-8590 |
| |
Gordon M. Bava, Esq.
Craig D. Miller, Esq. Manatt, Phelps & Phillips, LLP One Embarcadero Center, 30th Floor San Francisco, CA 94111 (415) 291-7400 |
|
| Large accelerated filer ☐ | | | Accelerated Filer ☒ | |
| Non-accelerated filer ☐ (Do not check if a smaller reporting company) | | | Smaller reporting company ☐ | |
| | | | Emerging growth company ☐ | |
|
Calculation of Registration Fee
|
| ||||||||||||||||||||||||||||
|
Title of Each Class of Securities
to be Registered |
| | |
Amount to be
Registered(1) |
| | |
Proposed Maximum
Offering Price Per Share or Unit(2) |
| | |
Proposed Maximum
Aggregate Offering Price(2) |
| | |
Amount of
Registration Fee |
| ||||||||||||
|
Common Stock, no par value
|
| | | | | 3,451,000 | | | | | | | N/A | | | | | | $ | 117,161,450 | | | | | | $ | 12,783 | | |
|
|
| |
|
|
|
Proxy Statement of American River Bankshares
|
| |
Prospectus of Bank of Marin Bancorp
Proxy Statement of Bank of Marin Bancorp |
|
| REFERENCES TO ADDITIONAL INFORMATION | | | | | | | |
| | | | | 1 | | | |
| | | | | 7 | | | |
| | | | | 16 | | | |
| | | | | 17 | | | |
| | | | | 21 | | | |
| | | | | 23 | | | |
| | | | | 24 | | | |
| | | | | 24 | | | |
| | | | | 24 | | | |
| | | | | 24 | | | |
| | | | | 24 | | | |
| | | | | 24 | | | |
| | | | | 24 | | | |
| | | | | 24 | | | |
| | | | | 25 | | | |
| | | | | 25 | | | |
| | | | | 26 | | | |
| | | | | 27 | | | |
| | | | | 27 | | | |
| | | | | 28 | | | |
| | | | | 28 | | | |
| | | | | 28 | | | |
| | | | | 28 | | | |
| | | | | 28 | | | |
| | | | | 28 | | | |
| | | | | 28 | | | |
| | | | | 29 | | | |
| | | | | 29 | | | |
| | | | | 29 | | | |
| | | | | 30 | | | |
| | | | | 31 | | | |
| | | | | 31 | | | |
| | | | | 31 | | | |
| | | | | 32 | | | |
| | | | | 32 | | | |
| | | | | 32 | | | |
| | | | | 36 | | | |
| | | | | 37 | | | |
| | | | | 39 | | | |
| | | | | 49 | | | |
| | | | | 60 | | |
| | | | | 61 | | | |
| | | | | 62 | | | |
| | | | | 64 | | | |
| | | | | 65 | | | |
| | | | | 67 | | | |
| | | | | 69 | | | |
| | | | | 69 | | | |
| | | | | 70 | | | |
| | | | | 70 | | | |
| | | | | 71 | | | |
| | | | | 71 | | | |
| | | | | 72 | | | |
| | | | | 72 | | | |
| | | | | 73 | | | |
| | | | | 80 | | | |
| | | | | 83 | | | |
| | | | | 83 | | | |
| | | | | 83 | | | |
| | | | | 84 | | | |
| | | | | 84 | | | |
| | | | | 85 | | | |
| | | | | 86 | | | |
| | | | | 87 | | | |
| | | | | 97 | | | |
| | | | | 97 | | | |
| | | | | 98 | | | |
| | | | | 98 | | | |
| | | | | 98 | | | |
| | | | | 98 | | | |
| | | | | 99 | | | |
| | | | | 100 | | | |
| | | | | 100 | | | |
| | | | | 100 | | | |
| | | | | 100 | | | |
| | | | | 100 | | | |
| | | | | 100 | | | |
| | | | | 101 | | | |
| | | | | 101 | | | |
| | | | | 101 | | | |
| | | | | 101 | | | |
| | | | | 101 | | | |
| | | | | 102 | | | |
| | | | | 102 | | |
| | | | | 102 | | | |
| | | | | 103 | | | |
| | | | | 103 | | | |
| | | | | 104 | | | |
| | | | | 106 | | | |
| | | | | 108 | | | |
| | | | | 108 | | | |
| | | | | 108 | | | |
| | | | | 109 | | | |
| | | | | 110 | | | |
| | | | | 111 | | | |
| | | | | 112 | | | |
| | | | | 113 | | | |
| | | | | 114 | | | |
| | | | | 115 | | | |
| | | | | 116 | | | |
| | | | | 116 | | |
| | | | ||
| | | | ||
| | | |
| For AMRB Shareholders: | | | For BMRC Shareholders: | |
| American River Bankshares | | | Bank of Marin Bancorp | |
| 3100 Zinfandel Drive, Suite 450 | | | 504 Redwood Blvd., Suite 100 | |
| Rancho Cordova, CA 95670 | | | Novato, California 94947 | |
| Attention: Kimberly A. Box | | | Attention: Nancy Rinaldi Boatright | |
| | |
BMRC
Historical |
| |
AMRB
Historical |
| |
Combined
Pro Forma Amounts for BMRC(1) |
| |
Pro
Forma Equivalent Per AMRB Share(2) |
| ||||||||||||
Book value per share: | | | | | | | | | | | | | | | | | | | | | | | | | |
at March 31, 2021
|
| | | $ | 26.29 | | | | | $ | 15.58 | | | | | $ | 27.29 | | | | | $ | 15.69 | | |
at December 31, 2020
|
| | | $ | 26.54 | | | | | $ | 15.68 | | | | | $ | N/A | | | | | $ | N/A | | |
Cash dividends per share(3): | | | | | | | | | | | | | | | | | | | | | | | | | |
Three months ended March 31, 2021
|
| | | $ | 0.23 | | | | | $ | 0.07 | | | | | $ | 0.23 | | | | | $ | 0.13 | | |
Year ended December 31, 2020
|
| | | $ | 0.92 | | | | | $ | 0.28 | | | | | $ | 0.92 | | | | | $ | 0.53 | | |
Basic earnings per share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Three months ended March 31, 2021
|
| | | $ | 0.67 | | | | | $ | 0.45 | | | | | $ | 0.67 | | | | | $ | 0.39 | | |
Year ended December 31, 2020
|
| | | $ | 2.24 | | | | | $ | 1.20 | | | | | $ | 1.54 | | | | | $ | 0.89 | | |
Diluted earnings per share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Three months ended March 31, 2021
|
| | | $ | 0.66 | | | | | $ | 0.45 | | | | | $ | 0.66 | | | | | $ | 0.38 | | |
Year ended December 31, 2020
|
| | | $ | 2.22 | | | | | $ | 1.20 | | | | | $ | 1.53 | | | | | $ | 0.88 | | |
| | |
BMRC
|
| |
Selected Companies
|
| |||||||||
|
25th
Percentile |
| |
Median
|
| |
Average
|
| |
75th
Percentile |
| |||||
MRQ Core Return on Average Assets(1)
|
| |
1.12%
|
| |
0.96%
|
| |
1.15%
|
| |
1.16%
|
| |
1.35%
|
|
MRQ Core Return on Average Tangible Common Equity(1)
|
| |
10.19%
|
| |
10.70%
|
| |
13.43%
|
| |
12.90%
|
| |
15.64%
|
|
MRQ Net Interest Margin
|
| |
3.40%
|
| |
3.17%
|
| |
3.46%
|
| |
3.49%
|
| |
3.90%
|
|
MRQ Fee Income / Revenue Ratio(2)
|
| |
7.2%
|
| |
8.0%
|
| |
13.4%
|
| |
18.7%
|
| |
18.9%
|
|
MRQ Noninterest Expense / Average Assets
|
| |
1.92%
|
| |
2.54%
|
| |
2.36%
|
| |
2.64%
|
| |
2.10%
|
|
MRQ Efficiency Ratio
|
| |
54.4%
|
| |
65.1%
|
| |
61.9%
|
| |
60.9%
|
| |
55.8%
|
|
| | |
BMRC
|
| |
Selected Companies
|
| |||||||||
|
25th
Percentile |
| |
Median
|
| |
Average
|
| |
75th
Percentile |
| |||||
Tangible Common Equity / Tangible Assets
|
| |
11.27%
|
| |
8.59%
|
| |
9.56%
|
| |
9.20%
|
| |
10.03%
|
|
Total Capital Ratio
|
| |
16.03%
|
| |
13.51%
|
| |
15.58%
|
| |
15.58%
|
| |
16.67%
|
|
Loans HFI / Deposits
|
| |
83.4%
|
| |
91.6%
|
| |
79.1%
|
| |
81.1%
|
| |
70.8%
|
|
Loan Loss Reserves / Gross Loans
|
| |
1.10%
|
| |
1.09%
|
| |
1.30%
|
| |
1.29%
|
| |
1.38%
|
|
Nonperforming Assets / Loans + OREO
|
| |
0.68%
|
| |
0.94%
|
| |
0.58%
|
| |
0.68%
|
| |
0.28%
|
|
MRQ Net Charge-offs / Average Loans
|
| |
(0.00%)
|
| |
0.05%
|
| |
0.01%
|
| |
0.05%
|
| |
(0.00%)
|
|
| | |
BMRC
|
| |
Selected Companies
|
| ||||||||||||||||||||||||
|
25th
Percentile |
| |
Median
|
| |
Average
|
| |
75th
Percentile |
| ||||||||||||||||||||
One-Year Stock Price Change
|
| | | | 19.5% | | | | | | 42.5% | | | | | | 51.4% | | | | | | 58.8% | | | | | | 75.0% | | |
Year-To-Date Stock Price Change
|
| | | | 13.4% | | | | | | 10.7% | | | | | | 21.5% | | | | | | 22.3% | | | | | | 30.8% | | |
Price / Tangible Book Value per Share
|
| | | | 1.62x | | | | | | 1.12x | | | | | | 1.29x | | | | | | 1.41x | | | | | | 1.54x | | |
Price / LTM EPS
|
| | | | 17.5x | | | | | | 9.9x | | | | | | 13.3x | | | | | | 13.6x | | | | | | 15.7x | | |
Price / 2021 EPS Estimate
|
| | | | 19.1x | | | | | | 10.3x | | | | | | 11.7x | | | | | | 13.3x | | | | | | 17.2x | | |
Price / 2022 EPS Estimate
|
| | | | 19.2x | | | | | | 10.5x | | | | | | 13.3x | | | | | | 13.1x | | | | | | 14.2x | | |
Dividend Yield
|
| | | | 2.4% | | | | | | 0.7% | | | | | | 1.8% | | | | | | 2.1% | | | | | | 3.2% | | |
LTM Dividend Payout Ratio
|
| | | | 41.4% | | | | | | 6.2% | | | | | | 24.5% | | | | | | 26.5% | | | | | | 30.8% | | |
| | |
American
River |
| |
Selected Companies
|
| |||||||||
|
25th
Percentile |
| |
Median
|
| |
Average
|
| |
75th
Percentile |
| |||||
MRQ Core Return on Average Assets(1)
|
| |
0.96%
|
| |
0.98%
|
| |
1.16%
|
| |
1.15%
|
| |
1.42%
|
|
MRQ Core Return on Average Tangible Common Equity(1)
|
| |
11.16%
|
| |
10.82%
|
| |
14.50%
|
| |
13.20%
|
| |
16.74%
|
|
MRQ Net Interest Margin
|
| |
3.46%
|
| |
3.26%
|
| |
3.48%
|
| |
3.56%
|
| |
3.93%
|
|
MRQ Fee Income / Revenue Ratio(2)
|
| |
5.0%
|
| |
6.7%
|
| |
10.0%
|
| |
17.4%
|
| |
20.3%
|
|
MRQ Noninterest Expense / Average Assets
|
| |
1.99%
|
| |
2.74%
|
| |
2.32%
|
| |
2.62%
|
| |
2.16%
|
|
MRQ Efficiency Ratio
|
| |
58.7%
|
| |
66.3%
|
| |
60.4%
|
| |
60.5%
|
| |
54.2%
|
|
| | |
American
River |
| |
Selected Companies
|
| |||||||||
|
25th
Percentile |
| |
Median
|
| |
Average
|
| |
75th Percentile
|
| |||||
Tangible Common Equity / Tangible Assets
|
| |
9.00%
|
| |
8.08%
|
| |
8.97%
|
| |
8.92%
|
| |
9.98%
|
|
Total Capital Ratio
|
| |
16.21%
|
| |
12.80%
|
| |
13.22%
|
| |
14.03%
|
| |
15.57%
|
|
Loans HFI / Deposits
|
| |
64.3%
|
| |
102.5%
|
| |
85.7%
|
| |
88.3%
|
| |
73.9%
|
|
Loan Loss Reserves / Gross Loans
|
| |
1.39%
|
| |
1.10%
|
| |
1.22%
|
| |
1.19%
|
| |
1.32%
|
|
Nonperforming Assets / Loans + OREO
|
| |
1.39%
|
| |
0.92%
|
| |
0.56%
|
| |
0.68%
|
| |
0.20%
|
|
MRQ Net Charge-offs / Average Loans
|
| |
0.02%
|
| |
0.04%
|
| |
0.00%
|
| |
0.05%
|
| |
(0.01)%
|
|
| | |
American
River |
| |
Selected Companies
|
| ||||||||||||||||||||||||
|
25th
Percentile |
| |
Median
|
| |
Average
|
| |
75th
Percentile |
| ||||||||||||||||||||
One-Year Stock Price Change
|
| | | | 57.0% | | | | | | 41.4% | | | | | | 68.6% | | | | | | 66.1% | | | | | | 96.8% | | |
Year-To-Date Stock Price Change
|
| | | | 21.6% | | | | | | 10.1% | | | | | | 22.9% | | | | | | 21.6% | | | | | | 30.4% | | |
Price / Tangible Book Value per Share
|
| | | | 1.24x | | | | | | 1.14x | | | | | | 1.25x | | | | | | 1.34x | | | | | | 1.46x | | |
Price / LTM EPS
|
| | | | 13.3x | | | | | | 9.7x | | | | | | 11.9x | | | | | | 12.6x | | | | | | 15.1x | | |
Price / 2021 EPS Estimate
|
| | | | 12.1x | | | | | | 9.6x | | | | | | 13.5x | | | | | | 13.2x | | | | | | 16.7x | | |
Price / 2022 EPS Estimate
|
| | | | 12.2x | | | | | | 10.2x | | | | | | 13.3x | | | | | | 12.3x | | | | | | 13.4x | | |
Dividend Yield
|
| | | | 1.8% | | | | | | 1.2% | | | | | | 1.8% | | | | | | 1.9% | | | | | | 2.2% | | |
LTM Dividend Payout Ratio
|
| | | | 23.3% | | | | | | 9.3% | | | | | | 18.4% | | | | | | 22.2% | | | | | | 25.9% | | |
Acquiror
|
| |
Acquired Company
|
| |
Announcement Date
|
|
VyStar Credit Union | | |
Heritage Southeast Bancorporation, Inc.
|
| | 03/31/2021 | |
Seacoast Banking Corporation of Florida | | | Legacy Bank of Florida | | | 03/23/2021 | |
Shore Bancshares, Inc. | | | Severn Bancorp, Inc. | | | 03/03/2021 | |
Stock Yards Bancorp, Inc. | | | Kentucky Bancshares, Inc. | | | 01/27/2021 | |
First Busey Corporation | | | Cummins-American Corp. | | | 01/19/2021 | |
BancorpSouth Bank | | | FNS Bancshares, Inc. | | | 01/13/2021 | |
BancorpSouth Bank | | | National United Bancshares, Inc. | | | 12/02/2020 | |
First Mid Bancshares, Inc. | | | LINCO Bancshares, Inc. | | | 09/28/2020 | |
Dollar Mutual Bancorp | | | Standard AVB Financial Corp. | | | 09/25/2020 | |
Enterprise Financial Services Corp | | | Seacoast Commerce Banc Holdings | | | 08/20/2020 | |
Blue Ridge Bankshares, Inc. | | | Bay Banks of Virginia, Inc. | | | 08/13/2020 | |
United Community Banks, Inc. | | | Three Shores Bancorporation, | | | 03/09/2020 | |
LendingClub Corporation | | | Radius Bancorp, Inc. | | | 02/18/2020 | |
Norwood Financial Corp. Inc. | | | UpState New York Bancorp, Inc. | | | 01/09/2020 | |
| | | | | | | | |
Selected Transactions
|
| |||||||||||||||||||||
| | |
BMRC /
AMRB |
| |
25th
Percentile |
| |
Median
|
| |
Average
|
| |
75th
Percentile |
| |||||||||||||||
Price / Tangible Book Value per Share
|
| | | | 1.74x | | | | | | 1.16x | | | | | | 1.53x | | | | | | 1.44x | | | | | | 1.76x | | |
Price / LTM EPS
|
| | | | 15.9x | | | | | | 16.1x | | | | | | 17.3x | | | | | | 17.8x | | | | | | 21.3x | | |
Core Deposit Premium
|
| | | | 7.9% | | | | | | 4.7% | | | | | | 6.6% | | | | | | 7.0% | | | | | | 8.9% | | |
One-Day Market Premium
|
| | | | 40.0% | | | | | | 28.7% | | | | | | 37.3% | | | | | | 42.0% | | | | | | 70.6% | | |
| | |
BMRC
% of Total |
| |
AMRB
% of Total |
|
Ownership at 0.575x merger exchange ratio:
|
| |
~80%
|
| |
~20%
|
|
Market Information: | | | | | | | |
Pre-Transaction Market Capitalization
|
| |
84%
|
| |
16%
|
|
Balance Sheet: | | | | | | | |
Total Assets
|
| |
77%
|
| |
23%
|
|
Gross Loans Held for Investment
|
| |
82%
|
| |
18%
|
|
Total Deposits
|
| |
77%
|
| |
23%
|
|
Tangible Common Equity
|
| |
81%
|
| |
19%
|
|
Income Statement: | | | | | | | |
2021 Estimated Earnings
|
| |
78%
|
| |
22%
|
|
2022 Estimated Earnings
|
| |
78%
|
| |
22%
|
|
|
Transaction Price / Tangible Book Value per Share
|
| | | | 174% | | |
|
Transaction Price / LTM Earnings per Share
|
| | | | 18.8x | | |
|
Transaction Price / 2021E Mean Consensus EPS
|
| | | | 17.2x | | |
|
Tangible Book Premium / Core Deposits (CDs > $250K)(1)
|
| | | | 8.3% | | |
|
Premium to AMRB Market Price
|
| | | | 39.5% | | |
| | |
Beginning Value
April 15, 2020 |
| |
Ending Value
April 15, 2021 |
|
AMRB
|
| |
100%
|
| |
158.6%
|
|
AMRB Peer Group
|
| |
100%
|
| |
157.8%
|
|
S&P 500 Index
|
| |
100%
|
| |
149.8%
|
|
NASDAQ Bank Index
|
| |
100%
|
| |
193.8%
|
|
| | |
Beginning Value
April 15, 2018 |
| |
Ending Value
April 15, 2021 |
|
AMRB
|
| |
100%
|
| |
105.4%
|
|
AMRB Peer Group
|
| |
100%
|
| |
107.4%
|
|
S&P 500 Index
|
| |
100%
|
| |
157.0%
|
|
NASDAQ Bank Index
|
| |
100%
|
| |
112.7%
|
|
| | |
Beginning Value
April 15, 2020 |
| |
Ending Value
April 15, 2021 |
|
BMRC
|
| |
100%
|
| |
127.8%
|
|
BMRC Peer Group
|
| |
100%
|
| |
160.3%
|
|
S&P 500 Index
|
| |
100%
|
| |
149.8%
|
|
NASDAQ Bank Index
|
| |
100%
|
| |
193.8%
|
|
| | |
Beginning Value
April 15, 2018 |
| |
Ending Value
April 15, 2021 |
|
BMRC
|
| |
100%
|
| |
111.8%
|
|
BMRC Peer Group
|
| |
100%
|
| |
96.4%
|
|
S&P 500 Index
|
| |
100%
|
| |
157.0%
|
|
NASDAQ Bank Index
|
| |
100%
|
| |
112.7%
|
|
| 1st Capital Bancorp | | | Pinnacle Bank | |
| American Riviera Bank | | | Plumas Bancorp | |
| Bank of San Francisco | | | Summit State Bank | |
| Bay Community Bancorp | | | Suncrest Bank | |
| Communities First Financial Corporation | | | United Security Bancshares | |
| Community West Bancshares | | | US Metro Bank | |
| Pacific Enterprise Bancorp | | | Valley Republic Bancorp | |
| | |
AMRB
|
| |
AMRB
Peer Group Median |
| |
AMRB
Peer Group Mean |
| |
AMRB
Peer Group Low |
| |
AMRB
Peer Group High |
|
Total assets ($mm)
|
| |
869
|
| |
869
|
| |
893
|
| |
604
|
| |
1,246
|
|
Market value ($mm)
|
| |
95
|
| |
97
|
| |
97
|
| |
51
|
| |
155
|
|
Price/Tangible book value (%)
|
| |
125
|
| |
119
|
| |
122
|
| |
88
|
| |
181
|
|
Price/ LTM Earnings per share (x)
|
| |
13.5
|
| |
12.4
|
| |
13.0
|
| |
9.3
|
| |
18.9
|
|
Current Dividend Yield (%)
|
| |
1.7
|
| |
0.0
|
| |
0.9
|
| |
0.0
|
| |
5.6
|
|
One Year Price Change (%)
|
| |
58.6
|
| |
57.8
|
| |
62.7
|
| |
21.8
|
| |
117.6
|
|
LTM Efficiency ratio (%)
|
| |
59
|
| |
57
|
| |
58
|
| |
45
|
| |
73
|
|
LTM Net interest margin (%)
|
| |
3.52
|
| |
3.77
|
| |
3.71
|
| |
3.13
|
| |
4.10
|
|
LTM Return on average assets (%)
|
| |
0.86
|
| |
0.85
|
| |
0.96
|
| |
0.51
|
| |
1.60
|
|
LTM Return on average equity (%)
|
| |
7.9
|
| |
8.8
|
| |
10.3
|
| |
5.2
|
| |
19.3
|
|
Tangible common equity/Tangible assets (%)
|
| |
9.0
|
| |
8.9
|
| |
8.9
|
| |
6.8
|
| |
11.4
|
|
Loans / Deposits (%)
|
| |
64
|
| |
87
|
| |
90
|
| |
69
|
| |
118
|
|
Non-performing assets / Total assets (%)
|
| |
0.77
|
| |
0.31
|
| |
0.36
|
| |
0.00
|
| |
1.56
|
|
| Central Pacific Financial Corp. | | | Sierra Bancorp | |
| Central Valley Community Bancorp | | | TriCo Bancshares | |
| Heritage Commerce Corp | | | Westamerica Bancorporation | |
| Heritage Financial Corporation | | | | |
| | |
BMRC
|
| |
BMRC
Peer Group Median |
| |
BMRC
Peer Group Mean |
| |
BMRC
Peer Group Low |
| |
BMRC
Peer Group High |
|
Total assets ($mm)
|
| |
2,912
|
| |
6,595
|
| |
5,351
|
| |
2,004
|
| |
7,640
|
|
Market value ($mm)
|
| |
523
|
| |
771
|
| |
896
|
| |
244
|
| |
1,715
|
|
Price/Tangible book value (%)
|
| |
163
|
| |
179
|
| |
172
|
| |
128
|
| |
238
|
|
Price/ LTM Earnings per share (x)
|
| |
17.6
|
| |
20.6
|
| |
18.4
|
| |
11.6
|
| |
21.9
|
|
Price/ 2021E Mean Analyst Earnings per
share (x) |
| |
18.8
|
| |
15.8
|
| |
15.9
|
| |
10.5
|
| |
21.9
|
|
Current Dividend Yield (%)
|
| |
2.3
|
| |
2.8
|
| |
2.9
|
| |
2.1
|
| |
4.3
|
|
One Year Price Change (%)
|
| |
27.8
|
| |
60.3
|
| |
57.6
|
| |
8.6
|
| |
88.9
|
|
LTM Efficiency ratio (%)
|
| |
55
|
| |
57
|
| |
58
|
| |
47
|
| |
64
|
|
LTM Net interest margin (%)
|
| |
3.61
|
| |
3.60
|
| |
3.58
|
| |
2.91
|
| |
3.96
|
|
LTM Return on average assets (%)
|
| |
1.04
|
| |
0.91
|
| |
0.95
|
| |
0.58
|
| |
1.30
|
|
LTM Return on average equity (%)
|
| |
8.6
|
| |
7.2
|
| |
8.1
|
| |
5.8
|
| |
11.3
|
|
Tangible common equity/Tangible assets (%)
|
| |
11.3
|
| |
9.3
|
| |
9.4
|
| |
8.3
|
| |
10.9
|
|
Loans / Deposits (%)
|
| |
83
|
| |
73
|
| |
69
|
| |
22
|
| |
94
|
|
MRQ Cost of Funds (%)
|
| |
0.08
|
| |
0.13
|
| |
0.12
|
| |
0.03
|
| |
0.19
|
|
Noninterest-bearing deposits/ Total deposits (%)
|
| |
54
|
| |
40
|
| |
40
|
| |
31
|
| |
48
|
|
Non-performing assets / Total assets (%)
|
| |
0.49
|
| |
0.44
|
| |
0.51
|
| |
0.11
|
| |
1.46
|
|
Acquiror
|
| |
Target
|
|
Stock Yards Bancorp, Inc. | | | Kentucky Bancshares, Inc. | |
BancorpSouth Bank | | | FNS Bancshares, Inc. | |
BancorpSouth Bank | | | National United Bancshares, Inc. | |
Virginia National Bankshares Corporation | | | Fauquier Bankshares, Inc. | |
First Mid Bancshares, Inc. | | | LINCO Bancshares, Inc. | |
Blue Ridge Bankshares, Inc. | | | Bay Banks of Virginia, Inc. | |
| | |
BMRC/
AMRB |
| |
Nationwide Precedent Transactions
|
| |||||||||
|
Median
|
| |
Mean
|
| |
Low
|
| |
High
|
| |||||
Transaction Price / LTM Earnings
Per Share (x) |
| |
18.8
|
| |
17.1
|
| |
16.7
|
| |
10.1
|
| |
21.0
|
|
Transaction Price / Tangible Book Value Per Share (%)
|
| |
174
|
| |
130
|
| |
126
|
| |
81
|
| |
171
|
|
Tangible Book Value Premium
to Core Deposits (%) |
| |
8.3
|
| |
4.0
|
| |
3.3
|
| |
(-2.8)
|
| |
9.5
|
|
1-Day Market Premium (%)
|
| |
39.5
|
| |
28.2
|
| |
33.3
|
| |
8.1
|
| |
68.8
|
|
|
Discount
Rate |
| |
10.0x
|
| |
11.5x
|
| |
13.0x
|
| |
14.5x
|
| |
16.0x
|
| |
17.5x
|
| ||||||||||||||||||
|
9.0%
|
| | | $ | 11.12 | | | | | $ | 12.63 | | | | | $ | 14.14 | | | | | $ | 15.65 | | | | | $ | 17.16 | | | | | $ | 18.67 | | |
| 10.0% | | | | | 10.66 | | | | | | 12.11 | | | | | | 13.56 | | | | | | 15.00 | | | | | | 16.45 | | | | | | 17.90 | | |
| 11.0% | | | | | 10.23 | | | | | | 11.62 | | | | | | 13.00 | | | | | | 14.39 | | | | | | 15.78 | | | | | | 17.16 | | |
| 12.0% | | | | | 9.82 | | | | | | 11.15 | | | | | | 12.48 | | | | | | 13.81 | | | | | | 15.14 | | | | | | 16.46 | | |
| 13.0% | | | | | 9.44 | | | | | | 10.71 | | | | | | 11.98 | | | | | | 13.25 | | | | | | 14.53 | | | | | | 15.80 | | |
| 14.0% | | | | | 9.07 | | | | | | 10.29 | | | | | | 11.51 | | | | | | 12.73 | | | | | | 13.95 | | | | | | 15.17 | | |
| 15.0% | | | | | 8.71 | | | | | | 9.89 | | | | | | 11.06 | | | | | | 12.23 | | | | | | 13.40 | | | | | | 14.57 | | |
|
Discount
Rate |
| |
100%
|
| |
110%
|
| |
120%
|
| |
130%
|
| |
140%
|
| |
150%
|
| ||||||||||||||||||
|
9.0%
|
| | | $ | 13.08 | | | | | $ | 14.29 | | | | | $ | 15.49 | | | | | $ | 16.69 | | | | | $ | 17.90 | | | | | $ | 19.10 | | |
| 10.0% | | | | | 12.55 | | | | | | 13.70 | | | | | | 14.85 | | | | | | 16.00 | | | | | | 17.16 | | | | | | 18.31 | | |
| 11.0% | | | | | 12.04 | | | | | | 13.14 | | | | | | 14.24 | | | | | | 15.35 | | | | | | 16.45 | | | | | | 17.56 | | |
| 12.0% | | | | | 11.55 | | | | | | 12.61 | | | | | | 13.67 | | | | | | 14.73 | | | | | | 15.78 | | | | | | 16.84 | | |
| 13.0% | | | | | 11.09 | | | | | | 12.11 | | | | | | 13.12 | | | | | | 14.14 | | | | | | 15.15 | | | | | | 16.16 | | |
| 14.0% | | | | | 10.66 | | | | | | 11.63 | | | | | | 12.60 | | | | | | 13.57 | | | | | | 14.55 | | | | | | 15.52 | | |
| 15.0% | | | | | 10.24 | | | | | | 11.17 | | | | | | 12.11 | | | | | | 13.04 | | | | | | 13.97 | | | | | | 14.91 | | |
|
Annual
Estimate Variance |
| |
10.0x
|
| |
11.5x
|
| |
13.0x
|
| |
14.5x
|
| |
16.0x
|
| |
17.5x
|
| ||||||||||||||||||
|
(15.0)%
|
| | | $ | 8.11 | | | | | $ | 9.19 | | | | | $ | 10.26 | | | | | $ | 11.34 | | | | | $ | 12.41 | | | | | $ | 13.48 | | |
|
(10.0)%
|
| | | | 8.53 | | | | | | 9.67 | | | | | | 10.81 | | | | | | 11.95 | | | | | | 13.08 | | | | | | 14.22 | | |
|
(5.0)%
|
| | | | 8.95 | | | | | | 10.15 | | | | | | 11.36 | | | | | | 12.56 | | | | | | 13.76 | | | | | | 14.96 | | |
|
0.0%
|
| | | | 9.38 | | | | | | 10.64 | | | | | | 11.90 | | | | | | 13.17 | | | | | | 14.43 | | | | | | 15.70 | | |
|
5.0%
|
| | | | 9.80 | | | | | | 11.12 | | | | | | 12.45 | | | | | | 13.78 | | | | | | 15.11 | | | | | | 16.44 | | |
|
10.0%
|
| | | | 10.22 | | | | | | 11.61 | | | | | | 13.00 | | | | | | 14.39 | | | | | | 15.78 | | | | | | 17.17 | | |
|
15.0%
|
| | | | 10.64 | | | | | | 12.09 | | | | | | 13.55 | | | | | | 15.00 | | | | | | 16.46 | | | | | | 17.91 | | |
|
Discount
Rate |
| |
12.0x
|
| |
14.0x
|
| |
16.0x
|
| |
18.0x
|
| |
20.0x
|
| |
22.0x
|
| ||||||||||||||||||
|
8.0%
|
| | | $ | 27.70 | | | | | $ | 30.95 | | | | | $ | 34.21 | | | | | $ | 37.47 | | | | | $ | 40.73 | | | | | $ | 43.99 | | |
|
9.0%
|
| | | | 26.72 | | | | | | 29.84 | | | | | | 32.96 | | | | | | 36.08 | | | | | | 39.19 | | | | | | 42.31 | | |
|
10.0%
|
| | | | 25.79 | | | | | | 28.78 | | | | | | 31.77 | | | | | | 34.75 | | | | | | 37.74 | | | | | | 40.72 | | |
|
11.0%
|
| | | | 24.91 | | | | | | 27.77 | | | | | | 30.63 | | | | | | 33.49 | | | | | | 36.35 | | | | | | 39.21 | | |
|
12.0%
|
| | | | 24.07 | | | | | | 26.81 | | | | | | 29.55 | | | | | | 32.29 | | | | | | 35.04 | | | | | | 37.78 | | |
|
13.0%
|
| | | | 23.27 | | | | | | 25.90 | | | | | | 28.53 | | | | | | 31.15 | | | | | | 33.78 | | | | | | 36.41 | | |
|
14.0%
|
| | | | 22.51 | | | | | | 25.03 | | | | | | 27.55 | | | | | | 30.07 | | | | | | 32.59 | | | | | | 35.11 | | |
|
Discount
Rate |
| |
125%
|
| |
145%
|
| |
165%
|
| |
185%
|
| |
205%
|
| |
225%
|
| ||||||||||||||||||
|
8.0%
|
| | | $ | 29.71 | | | | | $ | 33.15 | | | | | $ | 36.59 | | | | | $ | 40.03 | | | | | $ | 43.47 | | | | | $ | 46.91 | | |
|
9.0%
|
| | | | 28.65 | | | | | | 31.94 | | | | | | 35.24 | | | | | | 38.53 | | | | | | 41.82 | | | | | | 45.11 | | |
|
10.0%
|
| | | | 27.64 | | | | | | 30.79 | | | | | | 33.95 | | | | | | 37.10 | | | | | | 40.25 | | | | | | 43.41 | | |
|
11.0%
|
| | | | 26.68 | | | | | | 29.70 | | | | | | 32.72 | | | | | | 35.74 | | | | | | 38.76 | | | | | | 41.79 | | |
|
12.0%
|
| | | | 25.77 | | | | | | 28.66 | | | | | | 31.56 | | | | | | 34.45 | | | | | | 37.35 | | | | | | 40.24 | | |
|
13.0%
|
| | | | 24.90 | | | | | | 27.68 | | | | | | 30.45 | | | | | | 33.23 | | | | | | 36.00 | | | | | | 38.78 | | |
|
14.0%
|
| | | | 24.07 | | | | | | 26.74 | | | | | | 29.40 | | | | | | 32.06 | | | | | | 34.72 | | | | | | 37.38 | | |
|
Annual
Estimate Variance |
| |
12.0x
|
| |
14.0x
|
| |
16.0x
|
| |
18.0x
|
| |
20.0x
|
| |
22.0x
|
| ||||||||||||||||||
|
(15.0)%
|
| | | $ | 22.23 | | | | | $ | 24.65 | | | | | $ | 27.06 | | | | | $ | 29.48 | | | | | $ | 31.90 | | | | | $ | 34.31 | | |
|
(10.0)%
|
| | | | 23.08 | | | | | | 25.64 | | | | | | 28.20 | | | | | | 30.76 | | | | | | 33.32 | | | | | | 35.88 | | |
|
(5.0)%
|
| | | | 23.94 | | | | | | 26.64 | | | | | | 29.34 | | | | | | 32.04 | | | | | | 34.74 | | | | | | 37.44 | | |
|
0.0%
|
| | | | 24.79 | | | | | | 27.63 | | | | | | 30.47 | | | | | | 33.32 | | | | | | 36.16 | | | | | | 39.00 | | |
|
5.0%
|
| | | | 25.64 | | | | | | 28.63 | | | | | | 31.61 | | | | | | 34.60 | | | | | | 37.58 | | | | | | 40.57 | | |
|
10.0%
|
| | | | 26.49 | | | | | | 29.62 | | | | | | 32.75 | | | | | | 35.88 | | | | | | 39.00 | | | | | | 42.13 | | |
|
15.0%
|
| | | | 27.35 | | | | | | 30.62 | | | | | | 33.89 | | | | | | 37.15 | | | | | | 40.42 | | | | | | 43.69 | | |
| | |
BMRC
Common Stock |
| |
AMRB
Common Stock |
| |
Equivalent Market
Value Per Share of AMRB |
| |||||||||
At April 16, 2021
|
| | | $ | 39.06 | | | | | $ | 16.35 | | | | | $ | 22.46 | | |
At [*]
|
| | | $ | [*] | | | | | $ | [*] | | | | | $ | [*] | | |
Name
|
| |
Restricted
Shares (#) |
| |
Value ($)
|
| | | ||||||||||
Non-Employee Directors(1) | | | | | | | | ||||||||||||
Nicolas C. Anderson
|
| | | | 3,266 | | | | | $ | 64,308 | | | | | ||||
Kimberly A. Box
|
| | | | 3,266 | | | | | $ | 64,308 | | | | | ||||
Charles D. Fite
|
| | | | 3,711 | | | | | $ | 73,070 | | | | | ||||
Jeffery Owensby
|
| | | | 3,266 | | | | | $ | 64,308 | | | | | ||||
Julie A. Raney
|
| | | | 1,661 | | | | | $ | 32,705 | | | | | ||||
William A. Robotham
|
| | | | 3,266 | | | | | $ | 64,308 | | | | | ||||
Philip A. Wright
|
| | | | 3,266 | | | | | $ | 64,308 | | | | |
Executive
Officer |
| |
Base
Salary ($)(1) |
| |
Cash Incentive
Compensation ($) (2) |
| |
COBRA
Payments ($)(3) |
| |
Salary
Continuation Plan Payments ($)(4) |
| |
Restricted
Stock ($)(5) |
| |
Stock
Options ($)(6) |
| |
Total
Termination Benefits ($) (7) |
| |||||||||||||||||||||
David E. Ritchie, Jr. (8)
|
| | | $ | 730,000 | | | | | $ | 442,664 | | | | | $ | 47,952 | | | | | | — | | | | | $ | 213,715 | | | | | | _ | | | | | $ | 1,434,331 | | |
Mitchell A. Derenzo (9)
|
| | | | 397,500 | | | | | | 46,375 | | | | | | — | | | | | $ | 525,000 | | | | | | 138,834 | | | | | $ | 49,667 | | | | | | 1,157,376 | | |
Kevin B. Bender (9)
|
| | | | 390,000 | | | | | | 45,500 | | | | | | — | | | | | | 525,000 | | | | | | 138,834 | | | | | | 152,476 | | | | | | 1,251,810 | | |
Dan C. McGregor (9)
|
| | | | 361,500 | | | | | | 42,175 | | | | | | — | | | | | | — | | | | | | 110,185 | | | | | | — | | | | | | 513,860 | | |
Messrs.
|
| |
Ritchie
|
| |
Derenzo
|
| |
Bender
|
| |
McGregor
|
| ||||||||||||
Target Incentive Compensation (% of Base Salary)
|
| | | | 50% | | | | | | 30% | | | | | | 30% | | | | | | 30% | | |
Named Executive Officer
|
| |
Target Levels
|
| |
Prorated
|
| ||||||
|
Cash
|
| |
Cash Bonus
|
| ||||||||
David E. Ritchie, Jr.
|
| | | $ | 182,500 | | | | | $ | 106,453 | | |
Mitchell A. Derenzo
|
| | | $ | 79,500 | | | | | $ | 46,375 | | |
Kevin B. Bender
|
| | | $ | 78,000 | | | | | $ | 45,500 | | |
Dan. C. McGregor
|
| | | $ | 72,300 | | | | | $ | 42,175 | | |
Name
|
| |
Number of
shares of AMRB stock underlying stock options subject to cash payment (#) |
| |
Value of
payment for stock options ($) |
| |
Number of
Unvested AMRB Restricted Shares Subject to Acceleration (#) |
| |
Value of
Accelerated AMRB Restricted Share Vesting ($) |
| |
Total Value of
Stock Option Payment and Unvested Equity Acceleration ($) |
| |||||||||||||||
David E. Ritchie, Jr.
|
| | | | — | | | | | | — | | | | | | 10,854 | | | | | $ | 213,715 | | | | | $ | 213,715 | | |
Mitchell A. Derenzo
|
| | | | 4,903 | | | | | $ | 49,667 | | | | | | 7,051 | | | | | $ | 138,834 | | | | | $ | 188,501 | | |
Kevin B. Bender
|
| | | | 13,838 | | | | | $ | 152,476 | | | | | | 7,051 | | | | | $ | 138,834 | | | | | $ | 291,310 | | |
Dan C. McGregor
|
| | | | — | | | | | | — | | | | | | 5,596 | | | | | $ | 110,185 | | | | | $ | 110,185 | | |
As of March 31, 2021
|
| ||||||||||||||||||||||||||||||
(in thousands, except share data)
|
| |
Historical
BMRC |
| |
Historical
AMRB |
| |
Transaction
Accounting Adjustments |
| |
Note
|
| |
Pro Forma
Combined |
| |||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash, cash equivalents and restricted cash
|
| | | $ | 142,819 | | | | | $ | 97,798 | | | | | | (7,547) | | | | | | (1) | | | | | $ | 233,070 | | |
Investment securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Held-to-maturity, at amortized cost (net of zero allowance for credit losses)
|
| | | | 151,970 | | | | | | 10 | | | | | | — | | | | | | | | | | | | 151,980 | | |
Available-for-sale, at fair value (net of zero allowance for credit losses)
|
| | | | 518,568 | | | | | | 301,628 | | | | | | | | | | | | | | | | | | 820,196 | | |
Total investment securities
|
| | | | 670,538 | | | | | | 301,638 | | | | | | | | | | | | | | | | | | 972,176 | | |
Loans, at amortized cost
|
| | | | 2,121,772 | | | | | | 475,414 | | | | | | (2,437) | | | | | | (2) | | | | | | 2,594,749 | | |
Allowance for credit losses
|
| | | | (19,958) | | | | | | (6,696) | | | | | | 1,743 | | | | | | (3) | | | | | | (24,911) | | |
Loans, net of allowance for credit losses
|
| | | | 2,101,814 | | | | | | 468,718 | | | | | | (694) | | | | | | | | | | | | 2,569,838 | | |
Bank premises and equipment, net
|
| | | | 4,604 | | | | | | 956 | | | | | | 1,419 | | | | | | (4) | | | | | | 6,979 | | |
Goodwill
|
| | | | 30,140 | | | | | | 16,321 | | | | | | 21,380 | | | | | | (5) | | | | | | 67,841 | | |
Core deposit intangible
|
| | | | 3,627 | | | | | | — | | | | | | 1,235 | | | | | | (6) | | | | | | 4,862 | | |
Operating lease right-of-use assets
|
| | | | 24,559 | | | | | | 2,551 | | | | | | (137) | | | | | | (7) | | | | | | 26,973 | | |
Interest receivable and other assets
|
| | | | 80,032 | | | | | | 28,081 | | | | | | (194) | | | | | | (8) | | | | | | 107,919 | | |
Total assets
|
| | | $ | 3,058,133 | | | | | $ | 916,063 | | | | | $ | 15,462 | | | | | | | | | | | $ | 3,989,658 | | |
Liabilities and Stockholders’ Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-interest bearing
|
| | | $ | 1,445,282 | | | | | $ | 339,714 | | | | | $ | — | | | | | | | | | | | $ | 1,784,996 | | |
Interest bearing
|
| | | | 1,210,917 | | | | | | 448,855 | | | | | | 454 | | | | | | (9) | | | | | | 1,660,226 | | |
Total deposits
|
| | | | 2,656,199 | | | | | | 788,569 | | | | | | 454 | | | | | | | | | | | | 3,445,222 | | |
Borrowings and other obligations
|
| | | | 30 | | | | | | 20,787 | | | | | | 133 | | | | | | (10) | | | | | | 20,950 | | |
Operating lease liabilities
|
| | | | 25,993 | | | | | | 2,730 | | | | | | 157 | | | | | | (7) | | | | | | 28,880 | | |
Interest payable and other liabilities
|
| | | | 25,619 | | | | | | 11,086 | | | | | | 282 | | | | | | (11) | | | | | | 36,987 | | |
Total liabilities
|
| | | | 2,707,841 | | | | | | 823,172 | | | | | | 1,026 | | | | | | | | | | |
|
3,532,039
|
| |
Stockholders’ Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | |
Common stock
|
| | | | 118,386 | | | | | | 31,066 | | | | | | 86,588 | | | | | | (12) | | | | | | 236,040 | | |
Retained earnings
|
| | | | 225,600 | | | | | | 58,209 | | | | | | (68,536) | | | | | | (13) | | | | | | 215,273 | | |
Accumulated other comprehensive income, net
of taxes |
| | | | 6,306 | | | | | | 3,616 | | | | | | (3,616) | | | | | | (14) | | | | | | 6,306 | | |
Total stockholders’ equity
|
| | | | 350,292 | | | | | | 92,891 | | | | | | 14,436 | | | | | | | | | | |
|
457,619
|
| |
Total liabilities and stockholders’
equity |
| | | $ | 3,058,133 | | | | | $ | 916,063 | | | | | $ | 15,462 | | | | | | | | | | | $ | 3,989,658 | | |
For the quarter ended March 31, 2021
|
| | ||||||||||||||||||||||||||||||||
(in thousands, except per share amounts; unaudited)
|
| |
Historical
BMRC |
| |
Historical
AMRB |
| |
Transaction
Accounting Adjustments |
| |
Note
|
| |
Pro
Forma Combined |
| | |||||||||||||||||
Interest income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Interest and fees on loans
|
| | | $ | 20,661 | | | | | $ | 5,797 | | | | | $ | (474) | | | | | | (15) | | | | | $ | 25,984 | | | | ||
Interest on investment securities
|
| | | | 3,129 | | | | | | 1,549 | | | | | | | | | | | | | | | | | | 4,678 | | | | ||
Interest on federal funds sold and due from
banks |
| | | | 42 | | | | | | 8 | | | | | | — | | | | | | | | | | | | 50 | | | | ||
Total interest income
|
| | | | 23,832 | | | | | | 7,354 | | | | | | (474) | | | | | | | | | | | | 30,712 | | | | ||
Interest expense: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Interest on interest-bearing deposits
|
| | | | 440 | | | | | | 160 | | | | | | 9 | | | | | | (16) | | | | | | 609 | | | | ||
Interest on borrowings and other obligations
|
| | | | — | | | | | | 62 | | | | | | 16 | | | | | | (17) | | | | | | 78 | | | | ||
Interest on subordinated debenture
|
| | | | 1,361 | | | | | | — | | | | | | — | | | | | | | | | | | | 1,361 | | | | ||
Total interest expense
|
| | | | 1,801 | | | | | | 222 | | | | | | 25 | | | | | | | | | | | | 2,048 | | | | ||
Net interest income
|
| | | | 22,031 | | | | | | 7,132 | | | | | | (499) | | | | | | | | | | | | 28,664 | | | | ||
(Reversal of) provision for credit losses on loans
|
| | | | (2,929) | | | | | | — | | | | | | — | | | | | | | | | | | | (2,929) | | | | ||
Net interest income after (reversal of) provision for credit losses
|
| | | | 24,960 | | | | | | 7,132 | | | | | | (499) | | | | | | | | | | | | 31,593 | | | | ||
Total non-interest income
|
| | | | 1,826 | | | | | | 591 | | | | | | — | | | | | | | | | | | | 2,417 | | | | ||
Non-interest expense: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Salaries and related benefits
|
| | | | 9,208 | | | | | | 2,762 | | | | | | 5 | | | | | | (19) | | | | | | 11,975 | | | | ||
Occupancy and equipment
|
| | | | 1,751 | | | | | | 393 | | | | | | (25) | | | | | | (20) | | | | | | 2,119 | | | | ||
Amortization of core deposit intangible
|
| | | | 204 | | | | | | — | | | | | | 51 | | | | | | (21) | | | | | | 255 | | | | ||
Other expense
|
| | | | 3,659 | | | | | | 908 | | | | | | — | | | | | | | | | | | | 4,567 | | | | | |
Total non-interest expense
|
| | | | 14,822 | | | | | | 4,063 | | | | | | 31 | | | | | | | | | | | | 18,916 | | | | ||
Income before provision for income taxes
|
| | | | 11,964 | | | | | | 3,660 | | | | | | (530) | | | | | | | | | | | | 15,094 | | | | ||
Provision for income taxes
|
| | | | 3,017 | | | | | | 1,013 | | | | | | (157) | | | | | | (23) | | | | | | 3,873 | | | | ||
Net income
|
| | | $ | 8,947 | | | | | $ | 2,647 | | | | | $ | (373) | | | | | | | | | | | $ | 11,221 | | | | ||
Net income per common share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Basic
|
| | | $ | 0.67 | | | | | $ | 0.45 | | | | | | | | | | | | (24) | | | | | $ | 0.67 | | | | | |
Diluted
|
| | | $ | 0.66 | | | | | $ | 0.45 | | | | | | | | | | | | (24) | | | | | $ | 0.66 | | | | | |
Weighted average shares: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Basic
|
| | | | 13,363 | | | | | | 5,886 | | | | | | | | | | | | (24) | | | | | | 16,802 | | | | | |
Diluted
|
| | | | 13,469 | | | | | | 5,922 | | | | | | | | | | | | (24) | | | | | | 16,908 | | | | | |
For the year ended December 31, 2020
|
| | ||||||||||||||||||||||||||||||||
(in thousands, except per share amounts; unaudited)
|
| |
Historical
BMRC |
| |
Historical
AMRB |
| |
Transaction
Accounting Adjustments |
| |
Note
|
| |
Pro
Forma Combined |
| | |||||||||||||||||
Interest income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Interest and fees on loans
|
| | | $ | 84,674 | | | | | $ | 21,266 | | | | | $ | (619) | | | | | | (15) | | | | | $ | 105,321 | | | | ||
Interest on investment securities
|
| | | | 14,503 | | | | | | 6,546 | | | | | | — | | | | | | | | | | | | 21,049 | | | | ||
Interest on federal funds sold and due from banks
|
| | | | 461 | | | | | | 88 | | | | | | — | | | | | | | | | | | | 549 | | | | ||
Total interest income
|
| | | | 99,638 | | | | | | 27,900 | | | | | | (619) | | | | | | | | | | | | 126,919 | | | | ||
Interest expense: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Interest on interest-bearing deposits
|
| | | | 2,817 | | | | | | 1,274 | | | | | | 417 | | | | | | (16) | | | | | | 4,508 | | | | ||
Interest on borrowings and other obligations
|
| | | | 4 | | | | | | 308 | | | | | | 106 | | | | | | (17) | | | | | | 418 | | | | ||
Interest on subordinated debenture
|
| | | | 158 | | | | | | — | | | | | | — | | | | | | | | | | | | 158 | | | | ||
Total interest expense
|
| | | | 2,979 | | | | | | 1,582 | | | | | | 523 | | | | | | | | | | | | 5,084 | | | | ||
Net interest income
|
| | | | 96,659 | | | | | | 26,318 | | | | | | (1,142) | | | | | | | | | | | | 121,835 | | | | ||
Provision for credit losses on loans
|
| | | | 4,594 | | | | | | 1,520 | | | | | | 3,501 | | | | | | (18) | | | | | | 9,615 | | | | ||
Net interest income after provision for credit
losses |
| | | | 92,065 | | | | | | 24,798 | | | | | | (4,643) | | | | | | | | | | | | 112,220 | | | | ||
Total non-interest income
|
| | | | 8,550 | | | | | | 1,526 | | | | | | — | | | | | | | | | | | | 10,076 | | | | ||
Non-interest expense: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Salaries and related benefits
|
| | | | 34,393 | | | | | | 11,202 | | | | | | 3,992 | | | | | | (19) | | | | | | 49,587 | | | | ||
Occupancy and equipment
|
| | | | 6,943 | | | | | | 1,589 | | | | | | (101) | | | | | | (20) | | | | | | 8,431 | | | | ||
Amortization of core deposit intangible
|
| | | | 853 | | | | | | — | | | | | | 225 | | | | | | (21) | | | | | | 1,078 | | | | ||
Other expense
|
| | | | 17,839 | | | | | | 3,922 | | | | | | 6,024 | | | | | | (22) | | | | | | 27,785 | | | | ||
Total non-interest expense
|
| | | | 60,028 | | | | | | 16,713 | | | | | | 10,140 | | | | | | | | | | | | 86,881 | | | | ||
Income before provision for income taxes
|
| | | | 40,587 | | | | | | 9,611 | | | | | | (14,783) | | | | | | | | | | | | 35,415 | | | | ||
Provision (benefit) for income taxes
|
| | | | 10,345 | | | | | | 2,556 | | | | | | (3,578) | | | | | | (23) | | | | | | 9,323 | | | | ||
Net income
|
| | | $ | 30,242 | | | | | $ | 7,055 | | | | | $ | (11,205) | | | | | | | | | | | $ | 26,092 | | | | ||
Net income per common share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Basic
|
| | | $ | 2.24 | | | | | $ | 1.20 | | | | | | | | | | | | (24) | | | | | $ | 1.54 | | | | | |
Diluted
|
| | | $ | 2.22 | | | | | $ | 1.20 | | | | | | | | | | | | (24) | | | | | $ | 1.53 | | | | | |
Weighted average shares: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Basic
|
| | | | 13,525 | | | | | | 5,871 | | | | | | | | | | | | (24) | | | | | | 16,964 | | | | | |
Diluted
|
| | | | 13,617 | | | | | | 5,888 | | | | | | | | | | | | (24) | | | | | | 17,056 | | | | | |
(in thousands, except per share amounts; unaudited)
|
| |
BMRC Share
Price as of June 4, 2021 |
| |
10% Increase
|
| |
10% Decrease
|
| |||||||||
Shares of AMRB
|
| | | | 5,980 | | | | | | 5,980 | | | | | | 5,980 | | |
Exchange ratio
|
| | | | 0.575 | | | | | | 0.575 | | | | | | 0.575 | | |
BMRC shares to be issued
|
| | | | 3,439 | | | | | | 3,439 | | | | | | 3,439 | | |
Price per share of BMRC common stock on June 4, 2021
|
| | | $ | 33.99 | | | | | $ | 37.39 | | | | | $ | 30.59 | | |
Preliminary consideration for common stock
|
| | | $ | 116,892 | | | | | $ | 128,584 | | | | | $ | 105,199 | | |
Consideration for option awards
|
| | | $ | 223 | | | | | $ | 265 | | | | | $ | 182 | | |
Total pro forma purchase price consideration
|
| | | $ | 117,115 | | | | | $ | 128,849 | | | | | $ | 105,381 | | |
Preliminary goodwill
|
| | | $ | 37,701 | | | | | | 49,435 | | | | | | 25,967 | | |
(in thousands)
|
| | | | | | |
Total preliminary pro forma purchase price consideration
|
| | | | 117,115 | | |
Assets acquired: | | | | | | | |
Cash, cash equivalents and restricted cash
|
| | | | 97,798 | | |
Investment securities
|
| | | | 301,638 | | |
Loans
|
| | | | 471,525 | | |
Core deposit intangible
|
| | | | 1,235 | | |
Bank premises and equipment
|
| | | | 2,375 | | |
Operating lease right-of-use assets
|
| | | | 2,414 | | |
Other assets
|
| | | | 26,627 | | |
Total assets acquired
|
| | | | 903,612 | | |
Liabilities assumed: | | | | | | | |
Deposits
|
| | | | 789,023 | | |
Borrowings and other obligations
|
| | | | 20,920 | | |
Operating lease liabilities
|
| | | | 2,887 | | |
Other liabilities
|
| | | | 11,368 | | |
Total liabilities assumed
|
| | | | 824,198 | | |
Net assets acquired at fair value
|
| | | | 79,414 | | |
Preliminary goodwill
|
| | | $ | 37,701 | | |
(in thousands)
|
| |
March 31, 2021
|
| |||
Estimated transaction costs comprised of investment banker and other professional fees of $4.5 million, personnel and change in control costs of $3.2 million, and data processing, contract termination and other costs of $1.5 million, net $1.9 million of tax benefits.
|
| | | $ | (7,324) | | |
Cash settlement of AMRB stock option awards
|
| | | | (223) | | |
Net adjustments
|
| | | $ | (7,547) | | |
(in thousands)
|
| |
March 31, 2021
|
| |||
Reversal of historical AMRB loan origination fees/costs and purchase premiums
|
| | | $ | 415 | | |
Increase in loans resulting from the gross-up of estimated credit losses on PCD loans
|
| | | | 1,452 | | |
Establish fair value discount on AMRB’s loans
|
| | | | (4,304) | | |
Net adjustments
|
| | | $ | (2,437) | | |
(in thousands)
|
| |
March 31, 2021
|
| |||
Reversal of historical AMRB allowance for credit losses on loans
|
| | | $ | 6,696 | | |
Gross-up for estimated credit losses on PCD loans
|
| | | | (1,452) | | |
Provision for estimated credit losses on non-PCD loans
|
| | | | (3,501) | | |
Net adjustments
|
| | | $ | 1,743 | | |
(in thousands)
|
| |
March 31, 2021
|
| |||
Elimination of AMRB’s retained earnings
|
| | | $ | (58,209) | | |
Transaction costs, net of tax
|
| | | | (7,861) | | |
Provision for estimated credit losses on non-PCD loans, net of tax
|
| | | | (2,466) | | |
Net adjustments
|
| | | $ | (69,536) | | |
(in thousands)
|
| |
Three
Months Ended March 31, 2021 |
| |
Year Ended
December 31, 2020 |
|
Reversal of historical AMRB net amortization of loan origination fees/costs and purchase premiums
|
| |
$(523)
|
| |
$(810)
|
|
Estimated accretion of the fair value discount on acquired loans
|
| |
49
|
| |
191
|
|
Net adjustments
|
| |
$(474)
|
| |
$(619)
|
|
(in thousands)
|
| |
Three
Months Ended March 31, 2021 |
| |
Year Ended
December 31, 2020 |
|
Depreciation of premises fair value adjustment
|
| |
$7
|
| |
$27
|
|
Amortization of adjustments to lease right-of-use assets due to favorable or unfavorable contractual lease terms when compared to market
|
| |
(32)
|
| |
(128)
|
|
Net adjustments
|
| |
$(25)
|
| |
$(101)
|
|
(in thousands, except per share amounts; unaudited)
|
| |
Three Months Ended
March 31, 2021 |
| |
Year Ended
December 31, 2020 |
| ||||||||||||||||||
|
Basic
Shares Outstanding |
| |
Diluted
Shares Outstanding |
| |
Basic
Shares Outstanding |
| |
Diluted
Shares Outstanding |
| ||||||||||||||
Weighted average common shares outstanding: | | | | | | | | | | | | | | | | | | | | | | | | | |
BMRC common shares
|
| | | | 13,363 | | | | | | 13,469 | | | | | | 13,525 | | | | | | 13,617 | | |
AMRB common shares
|
| | | | 5,886 | | | | | | 5,922 | | | | | | 5,871 | | | | | | 5,888 | | |
Combined weighted average shares outstanding
|
| | | | 19,249 | | | | | | 19,391 | | | | | | 19,396 | | | | | | 19,505 | | |
Eliminate AMRB’s weighted average shares outstanding
|
| | | | (5,886) | | | | | | (5,922) | | | | | | (5,871) | | | | | | (5,888) | | |
Record issuance of new BMRC common shares in the merger at the 0.575 exchange ratio
|
| | | | 3,439 | | | | | | 3,439 | | | | | | 3,439 | | | | | | 3,439 | | |
Net pro forma adjustments
|
| | | | (2,477) | | | | | | (2,483) | | | | | | (2,432) | | | | | | (2,449) | | |
Pro forma combined weighted average common shares outstanding
|
| | | | 16,802 | | | | | | 16,908 | | | | | | 16,964 | | | | | | 17,056 | | |
Pro forma net income attributable to common shares
|
| | | $ | 11,221 | | | | | $ | 11,221 | | | | | $ | 26,092 | | | | | $ | 26,092 | | |
Pro forma earnings per share
|
| | | $ | 0.67 | | | | | $ | 0.66 | | | | | $ | 1.54 | | | | | $ | 1.53 | | |
|
AMRB
|
| |
BMRC
|
|
|
Nomination of Director Candidates by Shareholders
|
| |||
| AMRB’s bylaws permit shareholders who are entitled to vote in the meeting of shareholders to nominate a director for election if notice is delivered to the president of the corporation not less than 21 days, nor more than 60 days prior to any meeting of shareholders called for the election of directors, with the notice period varying for certain instances as set forth in the bylaws. | | | BMRC’s bylaws permit shareholders who are entitled to vote in the meeting of shareholders to nominate a director for election if notice is delivered to the president of the corporation not less than 14 days, nor more than 50 days prior to any meeting of shareholders called for the election of directors, with the notice period varying for certain instances as set forth in the bylaws. | |
|
Shareholder Action Without a Meeting
|
| |||
| According to AMRB’s bylaws, any action required or permitted to be taken at any annual or special shareholders’ meeting may be taken without a meeting, without prior notice and without a vote, if a consent in writing is signed by the number of shareholders whose affirmative vote would be required to take such action at a meeting at which all shares entitled to vote thereon were present and voted, except that unanimous written consent is required for election of directors to non-vacant positions. | | | According to BMRC’s bylaws, any action required or permitted to be taken at any annual or special shareholders’ meeting may be taken without a meeting, without prior notice and without a vote, if a consent in writing is signed by the number of shareholders whose affirmative vote would be required to take such action at a meeting at which all shares entitled to vote thereon were present and voted, except that unanimous written consent is required for election of directors to non-vacant positions. | |
|
Special Meetings of Shareholders
|
| |||
| AMRB may call a special shareholders meeting upon the request of a majority of the board of directors, the chairperson of the board of directors, the president, or of the AMRB shareholders who together hold not less than ten percent of the outstanding shares of AMRB stock that would be entitled to vote at such a meeting. | | | BMRC may call a special shareholders meeting upon the request of a majority of the board of directors, the chairman of the board of directors, the president, or of the BMRC shareholders who together hold not less than ten percent of the outstanding shares of BMRC stock that would be entitled to vote at such a meeting. | |
|
Indemnification of Directors and Officers
|
| |||
| AMRB’s articles of incorporation provide that the liability of the directors of the corporation for monetary damages shall be eliminated to the fullest extent permissible under California law and that AMRB is authorized to provide indemnification to the fullest extent permitted by applicable law of agents of AMRB through by-law provisions, agreements with such agents or other persons, or otherwise, with respect to actions for breach of duty to AMRB, its shareholders, and others. AMRB has also entered into indemnification agreements with its directors and executive officers. In addition, AMRB maintains directors’ and officers’ liability insurance. | | | BMRC’s articles of incorporation provide that the liability of the directors of the corporation for monetary damages shall be eliminated to the fullest extent permissible under California law and that BMRC is authorized to provide indemnification to the fullest extent permitted by applicable law of agents of BMRC through by-law provisions, agreements with such agents or other persons, or otherwise, with respect to actions for breach of duty to BMRC, its shareholders, and others. BMRC has also entered into indemnification agreements with its directors and executive officers. In addition, BMRC maintains directors’ and officers’ liability insurance. | |
|
Amendments to Articles of Incorporation and Bylaws
|
| |||
|
AMRB’s articles of incorporation may be amended in any manner allowed under California law.
AMRB’s bylaws may be amended by the board of directors, but the shareholders entitled to vote may adopt additional bylaws and may amend or repeal any bylaw whether or not adopted by them and only |
| |
BMRC’s articles of incorporation may be amended in any manner allowed under California law.
BMRC’s bylaws may be amended by the board of directors, but the shareholders entitled to vote may adopt additional bylaws and may amend or repeal
|
|
|
AMRB
|
| |
BMRC
|
|
| the shareholders may adopt, amend or repeal any bylaw which specifies or changes the fixed number of directors or the minimum or maximum number of directors on a variable-number board of directors. | | | any bylaw whether or not adopted by them and only the shareholders may adopt, amend or repeal any bylaw which specifies or changes the fixed number of directors or the minimum or maximum number of directors on a variable-number board of directors. | |
|
Tax Treatment
|
| |||
| AMRB is a Subchapter C corporation, which means that AMRB is taxed as a separate entity from its shareholders, and its earnings are not taxed on an individual shareholder basis. | | | BMRC is a Subchapter C corporation, which means that BMRC is taxed as a separate entity from its shareholders, and its earnings are not taxed on an individual shareholder basis. | |
|
Dividends
|
| |||
|
The CGCL permits a California corporation to declare and pay dividends if the amount of retained earnings of the corporation immediately prior to the dividend payment exceeds the sum of the proposed dividend distribution plus the amount, if any, of cumulative dividends in arrears on all shares having a preference with respect to payment of dividends over the class or series to which the applicable dividend is being made. Alternatively, the CGCL permits a California corporation to declare and pay dividends to the extent that corporation’s assets equal or exceed the sum of its total liabilities plus the amount that would be needed if the corporation were to be dissolved at the time of the dividend to satisfy the preferential rights, including accrued but unpaid dividends, of other shareholders upon dissolution that are superior to the rights of the shareholders receiving the dividend. The CGCL also prohibits dividend distributions if either the corporation or any of its subsidiaries would be unable to meet liabilities as they mature.
Further, it is the policy of the Federal Reserve that bank holding companies, such as AMRB, should generally pay dividends on common stock only out of income available over the past year, and only if prospective earnings retention is consistent with the organization’s expected future needs and financial condition. It is also the Federal Reserve’s policy that bank holding companies should not maintain dividend levels that undermine their ability to be a source of strength to its banking subsidiaries.
|
| |
The CGCL permits a California corporation to declare and pay dividends if the amount of retained earnings of the corporation immediately prior to the dividend payment exceeds the sum of the proposed dividend distribution plus the amount, if any, of cumulative dividends in arrears on all shares having a preference with respect to payment of dividends over the class or series to which the applicable dividend is being made. Alternatively, the CGCL permits a California corporation to declare and pay dividends to the extent that corporation’s assets equal or exceed the sum of its total liabilities plus the amount that would be needed if the corporation were to be dissolved at the time of the dividend to satisfy the preferential rights, including accrued but unpaid dividends, of other shareholders upon dissolution that are superior to the rights of the shareholders receiving the dividend. The CGCL also prohibits dividend distributions if either the corporation or any of its subsidiaries would be unable to meet liabilities as they mature.
Further, it is the policy of the Federal Reserve that bank holding companies, such as BMRC, should generally pay dividends on common stock only out of income available over the past year, and only if prospective earnings retention is consistent with the organization’s expected future needs and financial condition. It is also the Federal Reserve’s policy that bank holding companies should not maintain dividend levels that undermine their ability to be a source of strength to its banking subsidiaries.
|
|
|
Liquidation Preferences
|
| |||
| AMRB’s articles of incorporation do not provide for any liquidation preferences on shares of common stock, but do provide that the board of directors may, in regards to undesignated preferred shares, determine preferences and privileges, which includes liquidation preferences, for such preferred shares. | | | BMRC’s articles of incorporation do not provide for any liquidation preferences on shares of common stock, but do provide that the board of directors may, in regards to undesignated preferred shares, determine preferences and privileges, which includes liquidation preferences, for such preferred shares. | |
|
AMRB
|
| |
BMRC
|
|
|
Redemption
|
| |||
| AMRB’s articles of incorporation do not provide for any redemption of shares of common stock, but do provide that the board of directors may, in regards to undesignated preferred shares, determine preferences and privileges, which includes redemption preferences, for such preferred shares. | | | BMRC’s articles of incorporation do not provide for any redemption of shares of common stock, but do provide that the board of directors may, in regards to undesignated preferred shares, determine preferences and privileges, which includes redemption preferences, for such preferred shares. | |
|
Shareholders’ Rights Plan
|
| |||
| AMRB does not have a shareholders’ rights plan. | | | BMRC does have a shareholders’ rights plan designed to avoid takeovers that involve abusive tactics and/or do not provide fair value for shareholders. See “Description of BMRC Capital Stock — Shareholder Rights Plan.” | |
Name and Address*
|
| |
Amount and Nature of Beneficial Ownership
|
| |||||||||||||||||||||||||||
|
Sole Voting &
Investment Power(1) |
| |
Shared Voting &
Investment Power(1) |
| |
Option to acquire
within sixty days of June 2, 2021 |
| |
Total
|
| |
Percent of
Common Stock |
| |||||||||||||||||
Steven I. Barlow
|
| | | | 3,314(2) | | | | | | — | | | | | | 6,759 | | | | | | 10,073 | | | | | | 0.08% | | |
Russell A. Colombo
|
| | | | 63,489 | | | | | | 13,266(3) | | | | | | 96,044 | | | | | | 172,799 | | | | | | 1.30% | | |
James C. Hale
|
| | | | 9,873 | | | | | | — | | | | | | 22,189 | | | | | | 32,062 | | | | | | 0.24% | | |
Robert Heller
|
| | | | — | | | | | | 13,623(4) | | | | | | 4,799 | | | | | | 18,422 | | | | | | 0.14% | | |
Norma J. Howard
|
| | | | — | | | | | | 34,273(4) | | | | | | — | | | | | | 34,273 | | | | | | 0.26% | | |
Kevin R. Kennedy
|
| | | | 10,180(5) | | | | | | 15,500(4) | | | | | | 10,969 | | | | | | 36,649 | | | | | | 0.28% | | |
William H. McDevitt, Jr.
|
| | | | 11,500(6) | | | | | | 22,465(7) | | | | | | 11,304 | | | | | | 45,269 | | | | | | 0.34% | | |
Leslie E. Murphy
|
| | | | 13,920 | | | | | | — | | | | | | — | | | | | | 13,920 | | | | | | 0.11% | | |
Sanjiv S. Sanghvi
|
| | | | — | | | | | | — | | | | | | — | | | | | | 0 | | | | | | —% | | |
Joel Sklar, MD
|
| | | | — | | | | | | 116,617(4) | | | | | | — | | | | | | 116,617 | | | | | | 0.88% | | |
Brian M. Sobel
|
| | | | 24,895 | | | | | | — | | | | | | — | | | | | | 24,895 | | | | | | 0.19% | | |
Secil Tabli Watson
|
| | | | — | | | | | | — | | | | | | — | | | | | | 0 | | | | | | -% | | |
James T. Burke
|
| | | | 16,036 | | | | | | 3,705(8) | | | | | | — | | | | | | 19,741 | | | | | | 0.15% | | |
Tani Girton
|
| | | | 40,753 | | | | | | 3,840(3) | | | | | | 32,976 | | | | | | 77,569 | | | | | | 0.59% | | |
Robert Gotelli
|
| | | | 16,476 | | | | | | 13,202(3) | | | | | | 15,439 | | | | | | 45,117 | | | | | | 0.34% | | |
Richard L. Lewis
|
| | | | 1,518 | | | | | | — | | | | | | — | | | | | | 1,518 | | | | | | 0.01% | | |
Tim Myers
|
| | | | 18,554 | | | | | | 11,046(3) | | | | | | 24,410 | | | | | | 54,010 | | | | | | 0.41% | | |
Elizabeth Reizman
|
| | | | 11,361 | | | | | | 43,219(9) | | | | | | 30,372 | | | | | | 84,952 | | | | | | 0.64% | | |
Nicolette Sloan
|
| | | | 2,400 | | | | | | — | | | | | | — | | | | | | 2,400 | | | | | | 0.02% | | |
All directors and executive officers as a
group (19 persons) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 5.96% | | |
Name and Address(1) of
Beneficial Owner |
| |
Amount and Nature of
Beneficial Ownership |
| |
Percent of
Class(2) |
| ||||||
Nicolas C. Anderson
|
| | | | 7,461(3) | | | | | | 0.1% | | |
Kevin B. Bender
|
| | | | 40,338(4) | | | | | | 0.7% | | |
Kimberly A. Box
|
| | | | 24,506(3) | | | | | | 0.4% | | |
Mitchell A. Derenzo
|
| | | | 84,793(5) | | | | | | 1.4% | | |
Charles D. Fite
|
| | | | 179,663(6) | | | | | | 3.0% | | |
Dan C. McGregor
|
| | | | 8,863(7) | | | | | | 0.2% | | |
Jeffery Owensby
|
| | | | 14,147(3) | | | | | | 0.2% | | |
Julie A. Raney
|
| | | | 4,037(8) | | | | | | 0.1% | | |
David E. Ritchie, Jr.
|
| | | | 36,568(9) | | | | | | 0.6% | | |
William A. Robotham
|
| | | | 116,980(3) | | | | | | 2.0% | | |
Philip A. Wright
|
| | | | 101,369(3) | | | | | | 1.7% | | |
All directors, director-nominees, and executive officers as a group (11 persons)
|
| | | | 618,725(10) | | | | | | 10.3% | | |
5% or Greater Owners of Voting Securities
Name and Address of Beneficial Owner |
| |
Amount and Nature of
Beneficial Ownership |
| |
Percent of
Class |
| ||||||
Dimensional Fund Advisors LP
6300 Bee Cave Road Building One Austin, TX 78746 |
| | | | 357,666(11) | | | | | | 6.0% | | |
Manulife Financial Corporation
200 Bloor Street East, Toronto, Ontario, Canada, M4W 1E5 |
| | | | 337,685(12) | | | | | | 5.6% | | |
| “RESOLVED, that the compensation that will or may be paid or become payable to the AMRB named executive officers, in connection with the merger, and the agreements or understandings pursuant to which such compensation will or may be paid or become payable, in each case as disclosed pursuant to Item 402(t) of Regulation S-K in “Joint Proposal I — The Merger — Interests of Certain AMRB Officers and Directors in the Merger — Golden Parachute Compensation” are hereby APPROVED.” | |
|
Bank of Marin Bancorp
504 Redwood Blvd., Suite 100 Novato, California 94947 Attention: Investor Relations (415) 763-4520 |
| |
American River Bankshares
3100 Zinfandel Dr. Rancho Cordova, California 95670 Attention: Investor Relations (916) 851-0123 |
|
| | | | | A-2 | | | |
| | | | | A-2 | | | |
| | | | | A-8 | | | |
| | | | | A-8 | | | |
| | | | | A-8 | | | |
| | | | | A-8 | | | |
| | | | | A-8 | | | |
| | | | | A-9 | | | |
| | | | | A-9 | | | |
| | | | | A-9 | | | |
| | | | | A-9 | | | |
| | | | | A-11 | | | |
| | | | | A-11 | | | |
| | | | | A-13 | | | |
| | | | | A-14 | | | |
| | | | | A-14 | | | |
| | | | | A-14 | | | |
| | | | | A-24 | | | |
| | | | | A-28 | | | |
| | | | | A-28 | | | |
| | | | | A-28 | | | |
| | | | | A-29 | | | |
| | | | | A-30 | | | |
| | | | | A-30 | | | |
| | | | | A-30 | | | |
| | | | | A-31 | | | |
| | | | | A-31 | | | |
| | | | | A-32 | | | |
| | | | | A-33 | | | |
| | | | | A-34 | | | |
| | | | | A-34 | | | |
| | | | | A-34 | | | |
| | | | | A-34 | | | |
| | | | | A-35 | | | |
| | | | | A-35 | | | |
| | | | | A-35 | | | |
| | | | | A-35 | | | |
| | | | | A-36 | | | |
| | | | | A-36 | | | |
| | | | | A-37 | | | |
| | | | | A-37 | | |
| | | | | A-37 | | | |
| | | | | A-37 | | | |
| | | | | A-37 | | | |
| | | | | A-38 | | | |
| | | | | A-38 | | | |
| | | | | A-38 | | | |
| | | | | A-39 | | | |
| | | | | A-40 | | | |
| | | | | A-40 | | | |
| | | | | A-40 | | | |
| | | | | A-40 | | | |
| | | | | A-41 | | | |
| | | | | A-41 | | | |
| | | | | A-42 | | | |
| | | | | A-42 | | | |
| | | | | A-42 | | | |
| | | | | A-42 | | | |
| | | | | A-42 | | | |
| | | | | A-43 | | | |
| | | | | A-43 | | | |
| | | | | A-44 | | | |
| | | | | A-44 | | | |
| | | | | A-44 | | | |
| | | | | A-44 | | | |
| | | | | A-44 | | | |
| | | | | A-44 | | | |
| | | | | A-44 | | | |
| | | | | A-44 | | | |
| | | | | A-45 | | |
| | | | American River Bankshares | |
| | | |
By:
Name:
David E. Ritchie, Jr.
|
|
| | | |
Title:
President and Chief Executive Officer
|
|
| | | | Bank of Marin Bancorp | |
| | | |
By:
Name:
Russell A. Colombo
|
|
| | | |
Title:
President and Chief Executive Officer
|
|
| | | | Shareholder | |
| | | |
(Signature)
|
|
| | | | Address: | |
| | | |
|
|
| | | |
|
|
| | | |
|
|
|
Name of Shareholder
|
| |
Shares of
ARB Common Stock Beneficially Owned |
|
| | | | | |
| | | | American River Bankshares | |
| | | |
By:
Name:
David E. Ritchie, Jr.
|
|
| | | |
Title:
President and Chief Executive Officer
|
|
| | | | Bank of Marin Bancorp | |
| | | |
By:
Name:
Russell A. Colombo
|
|
| | | |
Title:
President and Chief Executive Officer
|
|
| | | | Shareholder | |
| | | |
(Signature)
|
|
| | | | Address: | |
| | | |
|
|
| | | |
|
|
| | | |
|
|
|
Name of Shareholder
|
| |
Shares of
Parent Common Stock Beneficially Owned |
|
| | | | | |
|
|
|
|
Exhibit
Number |
| | | | |
Incorporated by Reference
|
| | |||||||||||
|
Exhibit Description
|
| |
Form
|
| |
File No.
|
| |
Exhibit
|
| |
Filing Date
|
| |
Herewith
|
| ||
2.01
|
| | Agreement to Merge and Plan of Reorganization dated April 16, 2021 (included as Appendix A of the joint proxy statement/prospectus) | | | | | | | | | | | | | | |
Filed
|
|
3.01
|
| | | | | | | | | | | | | | | |
Filed
|
| |
3.02
|
| | | | | | | | | | | | | | | |
Filed
|
| |
4.01
|
| | | |
8-A12B
|
| |
001-33572
|
| |
4.1
|
| |
July 7, 2017
|
| | | | |
4.02
|
| | | |
10-K
|
| |
001-33572
|
| |
4.02
|
| |
March 13, 2020
|
| | | | |
5.01
|
| |
Opinion of
Stuart | Moore | Staub |
| | | | | | | | | | | | | |
Filed
|
|
8.01
|
| | | | | | | | | | | | | | | |
Filed
|
| |
8.02
|
| | | | | | | | | | | | | | | |
Filed
|
| |
10.01
|
| | | |
S-8
|
| |
333-218274
|
| |
4.1
|
| |
May 26, 2017
|
| | | | |
10.02
|
| | | |
S-8
|
| |
333-221219
|
| |
4.1
|
| |
October 30, 2017
|
| | | | |
10.03
|
| | | |
S-8
|
| |
333-227840
|
| |
4.1
|
| |
June 30, 2017
|
| | | | |
10.04
|
| | | |
S-8
|
| |
333-239555
|
| |
4.1
|
| |
June 30, 2020
|
| | | | |
10.05
|
| | | |
10-Q
|
| |
001-33572
|
| |
10.06
|
| |
November 7, 2007
|
| | | | |
10.06
|
| | | |
8-K
|
| |
001-33572
|
| |
10.1
|
| |
January 26, 2009
|
| | | | |
10.07
|
| | | |
8-K
|
| |
001-33572
|
| |
99.1
|
| |
October 21, 2010
|
| | | | |
10.08
|
| | | |
8-K
|
| |
001-33572
|
| |
10.1
|
| |
January 6, 2011
|
| | | | |
10.09
|
| | | |
8-K
|
| |
001-33572
|
| |
10.2
|
| |
November 4, 2014
|
| | | | |
10.10
|
| | | |
8-K
|
| |
001-33572
|
| |
10.3
|
| |
November 4, 2014
|
| | | |
Exhibit
Number |
| | | | |
Incorporated by Reference
|
| | |||||||||||
|
Exhibit Description
|
| |
Form
|
| |
File No.
|
| |
Exhibit
|
| |
Filing Date
|
| |
Herewith
|
| ||
10.11
|
| | | |
8-K
|
| |
001-33572
|
| |
10.4
|
| |
June 2, 2015
|
| | | | |
10.12
|
| | | |
8-K
|
| |
001-33572
|
| |
10.1
|
| |
October 31, 2007
|
| | | | |
10.13
|
| | | |
10-K
|
| |
001-33572
|
| |
10.13
|
| |
March 15, 2021
|
| | | | |
23.01
|
| | | | | | | | | | | | | | | |
Filed
|
| |
23.02
|
| | | | | | | | | | | | | | | |
Filed
|
| |
23.03
|
| | | | | | | | | | | | | | | |
Filed
|
| |
23.04
|
| |
Consent of
Stuart | Moore | Staub (included in Exhibit 5.01) |
| | | | | | | | | | | | | |
Filed
|
|
23.05
|
| | | | | | | | | | | | | | | |
Filed
|
| |
24.01
|
| | | | | | | | | | | | | | | |
Filed
|
| |
99.01
|
| | | | | | | | | | | | | | | |
Filed
|
| |
99.02
|
| | | | | | | | | | | | | | | |
Filed
|
| |
99.03
|
| | | | | | | | | | | | | | | |
Filed
|
| |
99.04
|
| | | | | | | | | | | | | | | |
Filed
|
| |
99.05
|
| | | | | | | | | | | | | | | |
Filed
|
| |
99.06
|
| | | | | | | | | | | | | | | |
Filed
|
|
| | | | Bank of Marin Bancorp | |
|
Dated: June 11, 2021
|
| |
/s/ Russell A. Colombo
Russell A. Colombo
Chief Executive Officer and Director (Principal Executive Officer) |
|
|
Dated: June 11, 2021
|
| |
/s/ Tani Girton
Tani Girton
Executive Vice President & Chief Financial Officer (Principal Financial Officer) |
|
|
Dated: June 11, 2021
|
| |
/s/ David A. Merck
David A.Merck
Vice President & Financial Reporting Manager (Principal Accounting Officer) |
|
|
Dated: June 11, 2021
|
| |
/s/ Brian M. Sobel
Brian M. Sobel
Chairman of the Board |
|
|
Dated: June 11, 2021
|
| |
/s/ Steven I. Barlow
Steven I. Barlow
|
|
|
Dated: June 11, 2021
|
| |
/s/ James C. Hale
James C. Hale
|
|
|
Dated: June 11, 2021
|
| |
/s/ Robert Heller
Robert Heller
|
|
|
Dated: June 11, 2021
|
| |
/s/ Norma J. Howard
Norma J. Howard
|
|
|
Dated: June 11, 2021
|
| |
/s/ Kevin R. Kennedy
Kevin R. Kennedy
|
|
|
Dated: June 11, 2021
|
| |
/s/ William H. McDevitt, Jr.
William H. McDevitt, Jr.
|
|
|
Dated: June 11, 2021
|
| |
/s/ Leslie E. Murphy
Leslie E. Murphy
|
|
|
Dated: June 11, 2021
|
| |
/s/ Sanjiv S. Sanghvi
Sanjiv S. Sanghvi
|
|
|
Dated: June 11, 2021
|
| |
/s/ Joel Sklar
Joel Sklar, M.D.
|
|
|
Dated: June 11, 2021
|
| |
/s/ Secil Tabli Watson
Secil Tabli Watson
|
|
1 Year Bank of Marin Bancorp Chart |
1 Month Bank of Marin Bancorp Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions