Business
Bank of Marin Bancorp Reports First Quarter Earnings of $9.4 Million
Strong Balance Sheet Management Provides Ample Liquidity NOVATO, Calif.--(BUSINESS WIRE)-- Bank of Marin Bancorp, "Bancorp" (Nasdaq: BMRC), parent company of
About this update from Bank Of Marin Bancorp
[{"type":"text","content":"\nStrong Balance Sheet Management Provides Ample Liquidity\n\n\n NOVATO, Calif.--(BUSINESS WIRE)--\nBank of Marin Bancorp, \"Bancorp\" (Nasdaq: BMRC), parent company of Bank of Marin, \"Bank,\" announced earnings of $9.4 million in the first quarter of 2023, compared to $12.9 million in the fourth quarter of 2022 and $10.5 million in the first quarter of 2022. The decline in earnings was a result of higher interest expense reflecting higher market interest rates on a lagged basis. Diluted earnings per share were $0.59 in the first quarter, compared to $0.81 in the prior quarter, and $0.66 in the same quarter last year.\n\n\nBancorp issued an earnings presentation, concurrently with this release, to provide additional financial detail for items that will be discussed during the first quarter 2023 earnings call. The earnings release and presentation slides are intended to be reviewed together. The presentation can be found online through Bank of Marin’s website at www.bankofmarin.com. under “Investor Relations.”\n\n\n“Given industry volatility in mid-March, we expanded strategic pricing conversations already underway with customers to alleviate concerns and reinforce their confidence in our financial strength, ample liquidity and robust capital levels,” said Tim Myers, President and Chief Executive Officer. “While it is not unusual for us to experience a decline in deposits in the first quarter, customer insights and daily transaction monitoring helped us to understand this year's more-pronounced activity. We are pleased to report that our deposit balances have been stable since March 22nd, which we believe is a reflection of our effective relationship management and strong, diversified deposit franchise.”\n\n\nBancorp also provided the following highlights from the first quarter of 2023:\n\n\n\nFollowing recent industry events, our deposit franchise remained strong at $3.251 billion on March 31, 2023, a decrease of $322.8 million from $3.573 billion at December 31, 2022. While there have been some outflows related to industry concerns in March and pandemic surge deposits redeploying to money market funds, the largest transactions were related to the normal operating activities of our customers. Those activities include vendor payments, taxes, payroll and singular events such as disbursement of proceeds from the sale of a business...