CEO Tim Myers cited progress on balance-sheet restructuring, credit quality, and capital ratios.
Quarterly results and margin expansion
Bank of Marin Bancorp posted GAAP net income of $9.2 million, lifting diluted EPS 9.4% to $0.58 from the prior quarter.
Tax-equivalent net interest margin widened 14 basis points to 3.38%, driven by higher loan yields and targeted deposit rate cuts.
Non-interest income fell to $3.2 million from the prior quarter, reflecting a lower FHLB stock dividend and no repeat of prior-period insurance death benefits.
Loans, deposits and balance sheet update
Loans slipped $14.7 million to $2.1 billion.
Deposits declined 1.7% to $3.37 billion, mainly from seasonal outflows and a small number of relationships.
BMRC•
