Business
Bank of Marin Bancorp Reports Record Third Quarter Earnings of $12.2 Million
NOVATO, Calif.--(BUSINESS WIRE)-- Bank of Marin Bancorp, “Bancorp” (Nasdaq: BMRC), parent company of Bank of Marin, “Bank,” announced record earnings of
About this update from Bank Of Marin Bancorp
[{"type":"text","content":" NOVATO, Calif.--(BUSINESS WIRE)--\nBank of Marin Bancorp, “Bancorp” (Nasdaq: BMRC), parent company of Bank of Marin, “Bank,” announced record earnings of $12.2 million for the third quarter, compared to $11.1 million for the second quarter of 2022. Diluted earnings per share were $0.76 for the third quarter, compared to $0.69 for the preceding quarter. Earnings for the first nine months of 2022 totaled $33.7 million, compared to $23.5 million for the same period last year. Diluted earnings per share were $2.11 and $1.69 for the first nine months of 2022 and 2021, respectively. Certain periods of earnings presented were impacted by the costs associated with our acquisition of American River Bank (“ARB”), the details of which are discussed in this release. In particular, non-GAAP diluted earnings per share for the first nine months of 2022 would have increased by 16 cents per share over 2021 without those costs (refer to pages 2 and 3 for a discussion of this non-GAAP financial measure).\n\n“Our strong third quarter results highlighted our unwavering commitment to disciplined fundamentals, which drove solid loan originations, excellent credit quality, and improved efficiency,” said Tim Myers, President and Chief Executive Officer. “Our relationship banking model has yielded a loyal customer base, providing robust core deposits that allow us to generate steady loan production and keep funding costs low.”\n\nBancorp also provided the following highlights from the third quarter of 2022:\n\n\nReturn on average assets was 1.11% for the third quarter of 2022, compared to 1.03% for the second quarter of 2022 and return on average equity was 11.65%, compared to 10.74% for the prior quarter.\n\n\n\nThe efficiency ratio for the third quarter of 2022 was 52.24%, compared to 55.73% for the second quarter of 2022. The improvement from the prior quarter was primarily due to the increase in net interest income while non-interest expense was slightly lower.\n\n\n\nThe third quarter tax-equivalent net interest margin improved 11 basis points over the preceding quarter from 3.05% to 3.16%, as rising interest rates positively impacted the Bank's earning asset portfolio while the cost of deposits remained flat.\n\n\n\nDeposits increased by $72.0 million to $3.903 billion at September 30, 2022, compared to $3.831 billion at June 30, 2022. Non-interes...