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Bank of Marin Bancorp Reports Second Quarter Earnings of $4.6 Million
Strong Deposit Growth Bolsters Balance Sheet NOVATO, Calif.--(BUSINESS WIRE)-- Bank of Marin Bancorp, "Bancorp" (Nasdaq: BMRC), parent company of Bank of
About this update from Bank Of Marin Bancorp
[{"type":"text","content":"\nStrong Deposit Growth Bolsters Balance Sheet\n\n\n NOVATO, Calif.--(BUSINESS WIRE)--\nBank of Marin Bancorp, \"Bancorp\" (Nasdaq: BMRC), parent company of Bank of Marin, \"Bank,\" announced earnings of $4.6 million for the second quarter of 2023, compared to $9.4 million for the first quarter of 2023. The decline in earnings stemmed from the cost of interest bearing deposits catching up to market interest rates and higher average balances on borrowings. Diluted earnings per share were $0.28 for the second quarter, compared to $0.59 for the prior quarter. Earnings for the first six months of 2023 totaled $14.0 million, compared to $21.5 million for the same period last year. Diluted earnings per share were $0.87 and $1.35 for the first six months of 2023 and 2022, respectively. Periods of earnings presented from 2022 were impacted by the costs associated with our most recent acquisition, the details of which were discussed in previous filings.\n\n\nConcurrent with this release, Bancorp issued presentation slides providing supplemental information, some of which will be discussed during the second quarter 2023 earnings call. The earnings release and presentation slides are intended to be reviewed together and can be found online through Bank of Marin’s website at www.bankofmarin.com, under “Investor Relations.”\n\n\n“Our relationship banking model enabled our teams to meaningfully increase deposits in the second quarter and thereafter through existing customer growth and new customer acquisitions. We have robust liquidity and capital levels, and maintain a strong credit risk profile,” said Tim Myers, President and Chief Executive Officer. “While the economic environment presents elevated uncertainty, and higher interest rates and market disruptions have impacted both our funding costs and lending activity, we are well-positioned to navigate current market conditions and further position the Bank for improved, sustainable profitability.”\n\n\nBancorp also provided the following highlights from the second quarter of 2023:\n\n\n\nOur deposit franchise has exhibited good growth in new and existing relationships consistent with characteristic customer activity and supplemented with results of proactive customer and prospect outreach, increasing total deposits $74.6 million to $3.325 billion on June 30, 2023 from $3.251 billion at Mar...