Bank of Marin Bancorp (BMRC): auditor change — Bank of Marin restates financials due to deposit misclassification; net income unchanged

Bank of Marin Bancorp

Board concluded previously issued financials for FY2023, FY2024, and Q1-Q3 2025 should not be relied upon.
Errors reclassified reciprocal deposits: for FY2025 year-end, $237.8M moved from non-interest to interest-bearing deposits.
Net income and EPS unchanged for all affected periods; adjustments affect NIM, cost of deposits, efficiency ratio.
Preliminary adjustments show FY2025 net interest margin (reported) drops 12bps to 2.92%; cost of deposits rises 13bps to 1.39%.
Management is evaluating internal control over financial reporting for potential material weakness as of Dec 31, 2025.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Bank of Marin Bancorp reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

(a) Restatement of Historical Financial Results On February 23, 2026, the Board of Directors (the “Board”) of Bank of Marin Bancorp (the “Company”), based on the recommendation of, and after consultation with, the Board’s Audit Committee, the Company’s management and the Company’s independent registered public accounting firm, Baker Tilly, concluded that the Company’s previously issued audited consolidated financial statements as of and for the years ended December 31, 2024 and 2023 and the unaudited financial statements as of and for the interim periods ended September 30, 2025, June 30, 2025, March 31, 2025, September 30, 2024, June 30, 2024, and March 31, 2024 (the “Affected Periods”) included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and the Company’s Quarterly Reports on Form 10-Q for each of the applicable interim periods (the financial statem

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Source: SEC EDGAR

accession 0001403475-26-000011

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