Bank of Marin Q4 2023 EPS $0.04 vs $0.33 prior; restructures with $131.9M securities sale

Bank of Marin Bancorp

2023-FY EPS reported $1.24

Q4 net income $610K ($0.04 diluted EPS) down from $5.3M ($0.33) in Q3; full-year 2023 earnings $19.9M vs $46.6M in 2022.
Sold $131.9M of AFS securities for $5.9M pretax loss; proceeds used to pay down borrowings and fund loans.
Provision for credit losses on loans rose to $1.3M; ACL ratio 1.21% vs 1.16% prior quarter; non-accrual loans 0.39% of loans.
Deposits declined $153.6M to $3.29B; borrowings reduced $94.0M to $26.0M; net interest margin improved 5 bps to 2.53%.
Board declared $0.25/share dividend, payable Feb 15 to holders of record Feb 8; 75th consecutive quarterly dividend.

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 fourth quarter and year ended December 31, 2023 results: net income $610 thousand, EPS $0.04.

Period: fourth quarter and year ended December 31, 2023
Net income: $610 thousand
EPS: $0.04
Result: reported results

Exact text from the filing

Bank of Marin Bancorp, "Bancorp" (Nasdaq: BMRC), parent company of Bank of Marin, "Bank," today announced earnings of $610 thousand for the fourth quarter of 2023, compared to $5.3 million for the third quarter of 2023. Diluted earnings per share were $0.04 for the fourth quarter of 2023, compared to $0.33 for the prior quarter. Full year 2023 earnings were $19.9 million, compared to $46.6 million for 2022. Diluted earnings per share were $1.24 and $2.92 for the years ended December 31, 2023 and December 31, 2022, respectively.

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Source: SEC EDGAR

accession 0001403475-24-000004

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