Bank of Marin Bancorp (NASDAQ:BMRC) Q3 2019 Earnings Conference Call - Final Transcript
Oct 21, 2019 • 11:30 am ET
insurance fund was above its required reserve ratio. With the first nine months of the year, non-interest expense was up less than $100,000 from last year. The modest increase coupled with revenue growth resulted in an efficiency ratio of 56.8%, which is a testament to our ongoing focus on expense control.
In conclusion, our strong operating fundamentals, excellent credit quality, steady balance sheet growth and prudent expense management should continue to position Bank of Marin for long-term success. Now, Russ, would like to share some closing comments.
Russell A. Colombo
Thank you. Tani. We are optimistic about the balance of the year based on our strong performance in the third quarter, which is a direct reflection of our consistent business practices. We are gaining traction in all of our key markets and our team is successfully winning new business. We have an exceptionally strong base of low cost, non-interest bearing deposits that should allow us to deliver consistent performance in any interest rate environment. We are disciplined in our underwriting and our focus will always be on building long-term customer relationships, based on service and market expertise.
Before I open up the call to questions, I want to comment on my plans to retire. As you may have seen, we recently announced that our Board of Directors, has engaged Korn-Ferry to conduct a search for my successor. No date has been set for my retirement and I plan to continue to serve as CEO until my successor is appointed and in place. It has been a privilege to lead Bank of Marin for more than 13 years and I'm committed to making sure that we have a smooth and successful transition. Thank you for your time this morning and now we will open it up to answer questions.