Bank of Marin Q2 net income $4.6M ($0.28 EPS) vs $9.4M ($0.59 EPS) in Q1; deposits up 2%

Bank of Marin Bancorp

2023-Q2 EPS reported $0.87

Net income fell to $4.6M from $9.4M QoQ; EPS $0.28 vs $0.59; NIM declined 59bp to 2.45%.
Total deposits grew $74.6M to $3.325B; non-interest bearing deposits 47.8% of total.
Board declared $0.25 dividend payable Aug 11 to holders of record Aug 4.
New $25M share repurchase program authorized through July 31, 2025.
Loan balances decreased $9.5M to $2.103B; classified loans 1.81% of total.

item 2.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Bank of Marin Bancorp reported the second quarter of 2023 results: net income $4.6 million, EPS $0.28.

Period: the second quarter of 2023
Net income: $4.6 million
EPS: $0.28
Result: reported results

Exact text from the filing

BANK OF MARIN BANCORP REPORTS SECOND QUARTER EARNINGS OF $4.6 MILLION STRONG DEPOSIT GROWTH BOLSTERS BALANCE SHEET NOVATO, CA, July 24, 2023 - Bank 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.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Bank of Marin Bancorp reported the first six months of 2023 results: net income $14.0 million, EPS $0.87.

Period: the first six months of 2023
Net income: $14.0 million
EPS: $0.87
Result: reported results

Exact text from the filing

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.

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8 earnings releases filed in the last 30 days. Browse all earnings releases →

Bank of Marin Bancorp filing history →

Source: SEC EDGAR

accession 0001403475-23-000035

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