Business
Bank of Marin Bancorp Reports Record Fourth Quarter and Full Year 2022 Earnings; Optimizes Branch Delivery Model
NOVATO, Calif.--(BUSINESS WIRE)-- Bank of Marin Bancorp, "Bancorp" (Nasdaq: BMRC), parent company of Bank of Marin, "Bank," announced earnings of $12.9
About this update from Bank Of Marin Bancorp
[{"type":"text","content":"\n \n\n NOVATO, Calif.--(BUSINESS WIRE)--\nBank of Marin Bancorp, \"Bancorp\" (Nasdaq: BMRC), parent company of Bank of Marin, \"Bank,\" announced earnings of $12.9 million in the fourth quarter of 2022, compared to $12.2 million in the third quarter of 2022. Diluted earnings per share were $0.81 in the fourth quarter of 2022, compared to $0.76 in the prior quarter and $0.61 the same quarter a year ago. Annual earnings were $46.6 million in 2022, compared to $33.2 million in 2021. Diluted earnings per share were $2.92 for the year ended December 31, 2022, compared to $2.30 per share for the year ended December 31, 2021. Certain periods of earnings presented were impacted by the costs associated with our acquisition of American River Bankshares (\"AMRB\"), the details of which are discussed in this release. In particular, non-GAAP diluted earnings per share for full-year 2022 was $2.96 per share, compared to $2.64 for 2021 without those costs (refer below for a discussion of this non-GAAP financial measure).\n\n“The fourth quarter and full year record results are a direct reflection of our commitment to disciplined banking fundamentals and our relationship banking model. We achieved expected earnings contribution from our American River Bank acquisition, maintained our low cost of deposits with strong liquidity, and we continue to improve our credit risk profile ahead of any potential downturn in the overall economic environment,” said Tim Myers, President and Chief Executive Officer. “We are committed to gaining further operating efficiencies, and are announcing the closure of two branches in markets redundant with legacy American River Bank branches, as well as two additional branches in markets with nearby locations to meet all our customers’ needs. These cost savings will be reinvested in our business, both through technology and talent.”\n\nBancorp also provided the following highlights for the fourth quarter and year ended December 31, 2022:\n\n\nReturn on average assets (\"ROA\") was 1.21% for the fourth quarter 2022, compared to 1.11% for the prior quarter, and return on average equity (\"ROE\") was 12.77%, compared to 11.65% for the prior quarter.\n\n\n\nThe efficiency ratio for the fourth quarter of 2022 was 50.92%, compared to 52.24% for the prior quarter of 2022. The improvement from the prior quarter was primarily du...