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Bank of Marin Bancorp Reports Third Quarter Earnings of $5.3 Million
Deposit Stability and Strong Credit NOVATO, Calif.--(BUSINESS WIRE)-- Bank of Marin Bancorp, "Bancorp" (Nasdaq: BMRC), parent company of Bank of Marin,
About this update from Bank Of Marin Bancorp
[{"type":"text","content":"\nDeposit Stability and Strong Credit\n\n\n NOVATO, Calif.--(BUSINESS WIRE)--\nBank of Marin Bancorp, \"Bancorp\" (Nasdaq: BMRC), parent company of Bank of Marin, \"Bank,\" announced earnings of $5.3 million for the third quarter of 2023, compared to $4.6 million for the second quarter of 2023. Diluted earnings per share were $0.33 for the third quarter, compared to $0.28 for the prior quarter. Earnings for the first nine months of 2023 totaled $19.3 million, compared to $33.7 million for the same period in 2022. Diluted earnings per share were $1.20 and $2.11 for the first nine months of 2023 and 2022, respectively. Earnings reported for 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 third quarter 2023 earnings call. The earnings release and presentation slides are intended to be reviewed together and can be found online on Bank of Marin’s website at www.bankofmarin.com. under “Investor Relations.”\n\n\n“We expanded net interest margin and improved our interest rate risk and liquidity positions in the third quarter by reducing borrowings and investments, increasing deposits and cash, and executing balance sheet hedges,” said Tim Myers, President and Chief Executive Officer. “We continued to generate strong deposit growth in the quarter, emphasizing our relationship-based banking model to attract new clients and expand our relationships with existing customers. While the macroeconomic picture remains somewhat uncertain, our loan pipeline is robust, and fourth quarter loan production is shaping up to be strong.”\n\n\nBancorp also provided the following highlights for the third quarter of 2023:\n\n\n\nThe third quarter tax-equivalent net interest margin increased 3 basis points to 2.48% from 2.45% in the previous quarter due primarily to higher rates on interest-bearing cash balances generated from securities sales.\n\n\n\n\nOur experienced team of bankers continued to build upon our strong deposit franchise with consistent growth from proactive outreach to both existing and prospective customers in all of our markets. As a result, total deposits increased by $118.5 million to $3.444 billion as of S...